shopify warns 2022 revenue won't rise as much as last year.tock down shopify's harley finkelstein is with us shortly. >> and dig into airbnb shares. edging higher on back of earnings topping wall street estimates. driving results, airbnb's average daily rates up 20% year over year. up 36% over two years. caught up last night with the ceo brian chesky he attributed this to inflation and told me rising inflation could be an opportunity to attract more hosts to the platform have a listen. >> the only other thing i'd say about inflation, hitting families and people around the world hard just like people were financially constrained in the 2008 economic crisis turned to hosting. an opportunity for many to consider hosting. >> in miami as part of his own airbnb tour told me he plans on listing his own home to understand the supply side of the business better and platform also seeing increase in every length of stay nearly half nights booked on the platform are for one week or longer i asked him about some of the opportunities beyond the core, like,

i want to stick with shopify, bringing the president on. you beat on the quarter but it is the outlook that investors are concerned about. what is your reaction to this big drop in the stock? >> let's talk quickly about the quarter because i think it is important. revenue was over 130 -- $1.3 billion. if you look at the year though, revenue was $4.6 billion, which is 67% year over year 2020. so i think what you are seeing is the merchants, we have millions, have proven resilience and e-commerce is doing really well. the 2021 annual revenue was triple what it was before the pandemic. i think what -- certainly the q4 earnings and full-year results show modern retail and e-commerce are doing really well, and people remember that the business model is virtuous cycles of entrepreneurship. we do well when merchants do well, then we can reimburse -- reinvest back in them. we are excited about the year ahead. emily: so clearly, shoppers are there, it is happening. the question is growth. you are talking about inflation impacting consumer habits. th

we are growing extraordinarily well within shopify. shopify just reported, which makes sense. we are gaining excellent traction with the merchants. we have worked with walmart.com and amazon, target, large partners and hundreds of thousands of smaller merchants. the coverage they and the expansion is not limited by the growth in commerce. it is how much share we are taken away from other payment methods, credit cards in particular, and how we are helping consumers buy by creating transactions that were not exist at all. the affirm affect was not there before. i feel very good about our growth prospects with our major and small partners, but also within their overall volume. i think in terms of the payout to investors, if you look at the transaction costs and look at the trends of the volume we are producing, multiplied a couple of years, you will see a staggering amount of free cash flow. that is where we are heading to. i'm not going to promise on this date you will start seeing positive numbers, but that is a huge goal for any compan

best core number in almost a year meantime earnings for shopify are not well received. road map begins with the reopening trade and the stay at

stick around let's hit shopify. they're before the bell tomorrow morning.n commerce giant is 50% off the highs. what do we watch for in the report >> yeah. that's right another big pandemic winner and it's been a growth story watch that growth rate that's been one of the big reasons the stock is down about 50% from the all-time high people are worried about growth. rising interest rates. so eps is expected to fall to about $0.30 from $0.99 a year ago. tough comparison that's something to keep in mind margins are key here gross merchandise volume also known as gmv, a key metric the amount of sales and then finally the outlook. people are really desperate to hear from a lot of these tech companies, what is this next calendar year going to look like listen for the outlook if it's not in the earnings release, any sort of color on the earnings call tomorrow >> somehow i have a feeling you're not going to be a buyer of shopify am i right >> that's right. you know, while we appreciate the fact that they're growing at twice the rate of the e-commerce, i have been a

amazon and shopify now appearing to pick up slack lenders have been slowly shaking off relying on peloton a big thing to watch what percentage of revenue came from peloton especially as that company sees a slowdown lately. and affirm, went puckly, context, peloton one-third of revenue but falling. talked about moving away from it prior quarter, 10% revenue shopify the big story last quarter and helped them grow to more than 100,000 merchants. propelling that company to the sort of level of 15,000. competition fear it square, block bought after pay. a lot of big global buy now, pay later. amazon, of course, the huge focus for today. that exclusive partnership went into effect in november. first quarter we'll see it play out and how significant this is. holiday shopping season tends to be for payment companies as well analysts say amazon will take over biggest slice for affirm. kemptigs big and guidance. what the company is looking for. fin i fintech, paypal. regulatory headwinds for affirm. >> yes probably around for some time. david, would you buy the stock do you own the stock >> no. we

shopify, wednesday cisco, nvidia and dropbox to close out the week dee, i'll be looking at roblox andtaverse versus the universe roblox is where it was where it was trading a few months ago and airbnb is a little beneath its march 2020 level, i believe. i don't know >> you have to guess that check offy has a metaverse somewhere we still have software names to in especially from the art complex that follows where growth is going, but given that we do -- we did have two bright spots this week. twilio and data dog, those shares came up here which probably sums up john next week, but to that point, twilio and data dog reported this week, better-than-expected results and mizuho says that that may be a reminder that there's value here and there's fundamentals and that could bring greater confidence to the small and big-cap growth sector. does brian check sky, and he ad someone to the board on that note, too. >> we'll leave it there. halftime report starts now >>> all right, john. thanks so much welcome to "the halftime report. i'm scott wapner we are live outside sofi stadium in los angeles

you get companies like shopify. you realize what a mistake it was to put them down.p 8 1/3 percent. reno the federal reserve is about to raise rates. any wage increases people would take to shop may be eaten up by inflation on things they have to pay for what they want. >> we are seeing the beginning of the peak of inflation. that will take care of a lot of the inflation we are seeing. so that will help. don't forget the inflation is not the only factor. you have consumers flush with cash because they haven't been able to go anywhere. but on the shopify, the stock has dropped 11 times. the annual return is still over 100% a year. the software company has an unbelievably way to grow revenues spreading out across the world. they have pricing power. clorox got clobbered today. they are directly impacted by inflation. companies like shopify can pass it on to consumers and grow their earnings. >> great point about coca-cola. coke comes out with earnings next week, so does pfizer and twter. it will be a huge and volatile week. as we watch these markets. the dow just turned

on shopify, how could they be winners?unately, i can't really espouse an opinion on shopify. i don't cover the stock. we do cover amazon a key piece is amazon has the most user attention, customer attention in terms of online commerce, certainly in the united states and growing outside the united states. to the degree that they can continue to leverage to drive more ad dollars, we think that's a winning formula longer term. edge certainly a massive amount of value in all that data. brad, thank you so much for joining us and sharing your perspective here and reply chains issues, down more than 44% this morning we're going to watch that, as we go into the second half hour the nasdaq closes in on a 1% loss more "techcheck" in a moment [copy machine printing] ♪ ♪ who would've thought printing... could lead to growing trees. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match you

romaine: one thing we are seeing differently, and you mentioned the investment from shopify and you haven doing a lot of work through operation hope itself, but we have seen big banks recognize not only funding entrepreneurship overall, but redefining the way big banks think about it. we are seeing some of these banks look at silver writers, as smaller businesses will probably always be small, and they are saying, that is a via wave business and of bio away -- and a viable way of business and a viable way of life. john: in atlanta last week, making a $20 million investment -- not a gift, not charity, but an investment into the black business growth, he thinks the investment was a small one. we agree. the ceo of truest bank believes half their growth could come from emerging markets. they are not saying community investments, this is somehow philanthropy or charity, they are saying, nurture these entrepreneurs from the bottom up. this could be an emerging market from the future. something like renewable philanthropy. doing one and doing good. help these folks come up, but you might end up

shopify down 20%. don't confuse that with spotify. you have roblox down 26%, drafting 20%. the previous members of the 20% plunge club, netflix, paypal, meta platforms. be of a says we haven't seen this many blowups since the dot.com stock bubble, not just growth stock but paramount global said we are bringing in subscribers. we need to spend more on content. they took stocks down 18%, spent much of the last decade hearing from netflix. lots of subscribers are coming in but rates of change to now that interest rates are expected to rise. they want free cash flow, reasonable valuation at a pat on the head into tomi kick. i don't know what they want. jack: what about a great story? these are story stocks. is that dead? jack: nobody wants to hear the story. they want to see the cash, the growth. jack: the only good news is from carleton. thank you for being a cheery moment on the show. travel stocks not too bad. i gather people are finally traveling again. carleton: we are seeing return to normal and the new normal. airbnb gets a quarter on people staying 28 days. why is that?

still looking for shopify details as well.ping quite quickly with shopify all of the numbers in the quarter look great it's just the guidance that probably is reducing the enthusiasm >> in terms of looking out to the future, how do you view a company that's never operated in a bad economic environment because now we're on the cusp of declining credit quality we're on the cusp of increasing delinquencies and how do you view affirm's ability to navigate that? >> that's why i was on the sidelines for so long as i watched the stock run post amazon last fall i couldn't get comfortable with the credit risk that wasn't quite in the multiple. now it's a lot more reasonably valued which is why i decided to get back on board, but you're right. credit can only get worse from here it did include good details on the credit quality by vintage year on this supplemental earnings release the provisions came in lower than estimates, so the current markers look good, and then the key will be affirm's ability to navigate the waters going forward.

earnings, a little bit rough roblox, shopify, macro data, not too bad.'s got that hey, rick. >> hi, carl. oh, my gosh. up, 2.1% for december, business inventories. have to go back well over 40 years to find a higher inventory-building level this is incredible think about it we were up 1.3%. that was the highest last month since '82. the reason it's so important is because year-end inventory building really boosted gdp. this is a december number. this is going to add into gdp. last month they went up from 1.3 to 1.5 here's fly in the ointment are we going to be taking away with respect to q1 big question and an even bigger question, how long are prices affected what's going on in housing for that, we're going head to diana olick of the housing builders association >> it fell one point in february to 82. right in line with expectations. that is the second straight month of declines. anything above 50 is considered positive builders are blaming big supply chain issues production disruptions are so severe that many builders are waiting months to receive cabi

amazon and shopify appear to be picking up some of that slack.off its reliance on peloton when affirm went public last year, peloton accounted for about a third of revenue at the time, that was really a good thing it sold a lot of bikes and subscriptions during the pandemic, but as we know, sales have slowed significantly. as of the third quarter, peloton only made up about 10% of revenue for affirm that's coming down shopify, meanwhile, really has stepped up for affirm in a big way to help affirm grow to more than 100,000 merchants last year the big story today when we get those numbers after the bell, how much will amazon add to that picture? affirm's exclusive partnership with e-commerce giant ticked off around the holiday shopping season last year in surveyed some users who also shop on amazon hof those more than half say they reported already having checked out using affirm analyst dan is among those predicting amazon will unseat peloton affirm's biggest driver of sales and raised gmz and price target as a result affirm still not the biggest

shopify did not do as well as etsy i'm rather buy amazon right here i'm not kidding. let's go to cindy in oklahoma. >> caller: hi. i'm a 71-year-old retired educator i consider you a fellow educator in the course of wall street thank you. thank you. >> thank you >> caller: here's my question. you recommendsed american eagle outfitters, aeo in recent months i would like your current thought ons on the stock >> thank you for the kind words. matthew boss, great retailer this one yields almost 4%. it does report next week it's sickening to me that it's going down so much retail has been a hard place to be the dividend is safe at this point, i think you have some real yield support down here almost yielding 4% it's been a pathetic parody the man should come on they should come on "mad money" when they report period, end of story ted in south carolina. ted. >> caller: great to be on the line with you. how are you? >> i am good how about you? >> caller: fine. thanks you see the traditional auto makers launching electric vehicles to the market they're answering the tesla bell

shopify is on fire so we are super excited about putting in an office and investing in canada beyondservices to consumers. greg: before he let you go to provide the service you need to source funds as well. many has been cheap for a while now because of the pandemic. i said earlier we are getting clear signals from central banks about cheap money coming to an end. does that change the business for you? sebastian: we are actually fully regulated bank. not everybody knows that. as part of our yearly capital calculations and risk calculations we are looking at how sensitive are we to interest rate changes? because we turnaround our balance sheet 12 times a year, which is more frequent than your average bank. 75% of our balance sheet has a duration shorter than three months. the difference as a consequence our exposures to costs by competitors of a typical bank. we also have the ability to change the financing cost to be fairly low. we have depositors sharing savings with us and allowing us to keep the value at a low level. we don't necessarily foresee this could be a major impact on us.

>> the fundmamentals for nvidia or roblox or shopify the expectations are 2022 are softer these are greatom the long-term perspective. i might sit on the sidelines for another quarter to see how the global macro environment impacts the business and where multiples come in. >> elliott, good to see you. >>> when we come back, charlie munger is speaking out on the u.s. tension with china and why he is doubling down on alibaba >>> and tom fanning is here to weigh in on earnings he will talk fed and energy prices and much more of "squawk box" will be right back. >> announcer: this cnbc program is sponsored by truist securities experience, expertise, expectation. your shipping manager left to “find themself.” leaving you lost. 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 ♪♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace b

and growth stocks like roblox and shopify hit hard on back of disappointing earnings. >> a big show coming up. and a take on the market and if fed needs to act quicker to combat inflation and weighing in on cdc's new guidance for the cruises industry and cisco, door it dash and nvidia. >> and mike santelli tracking market action as always for us and on google's new privacy measures michael, start with you. what's called the bounce >> firmed up, sara fed doesn't have anything incrementally alarming giving the fact the market was already geared for aggressive fed right hikes. enough like two-year yields come in a little and stocks drift a little higher. only real takeaway i have on that just in general, in terms of position, pointing out rally we got off the lows didn't prove a lot. stayed below sort of 4,600 level and alert to the idea still up 5% from the intraday lows three, four weeks ago since those lows priced in one to two rate hikes. fourth biggest stock in s&p imploded, facebook, down by one-third of value alert to the idea market is showing traction here even when it has additional

the pandemic boost was permanent and how much is fleeting today digital economy darlings roblox and shopifyceo who says that innovation is needed to keep it going. >> fran sois locoh-donou is ceo of f5 to help secures deliver to customers. francois' journey started in togo he had a vertical integration strategy >> i had to go get the feed fo farmer and a vertical integration strategy. >> get feed for chicken. you wanted chicken to be effective laying eggs, eight eggs, a certain pack of feed have to get that from a place down in togo a veterinarian to come and vaccinate your young chickens. again, all kinds of diseases, against all diseases and a big part of the cost at some point i wanted to become a veterinarian because it cost me so much to get the veterinarian there i thought i won't be a chicken farmer and also veterinarian and biggest portion of my costs will go away. >> in chicken farming, protect ma margins. moved to france got an engineering degree and pushed his way into the tech industry and leading f5. meanwhile, leaning into so software particular need for stability and security

solved the until tiktok amazon solved e-commerce before shopify, so what about the process for finding time on the calendar for that important call jon fortt has more with the ceo who is working that problem with a $3 billion startup, not a company i knew about, but apparently, one you know and use. >> yes, indeed, tyler. now you might have heard about calendly last week when a twitter rant bashing the scheduling startup went viral when users defended it not only do i happen to use calendly, i caught up with the founder and ceo. as you might expect, he's lived life a bit ahead of schedule he grew up in nigeria where he went to high school two years early and had to learn to socialize when he didn't fit in. >> my mom was a really, really strict person so as soon as school was over, i went home and stayed home and played in the neighborhood with my neighborhood kids, but i wasn't allowed to go to parties with my school friends i think what it just gave me is just, i had to rely on, i had to rely on you know, charisma, maybe a little bit of a sense of humor to become friends with people w

so every name within that category look at shopify. peak so they've gotten killed, and we think that within that wreckage there is some names that are very interesting. >> yeah. one thing we do in good times and -- well, my son has a book called "everybody poops," but we won't go into that what we all do in good times and bad times is produce waste, and you think gcn and some of the other waste management companies -- you know where i was going, karen, don't worry. >> i got you. >> -- maybe not recession-proof but maybe putin-proof. >> yeah, exactly so there are names i put on my list waste management isa company that's growing nicely. it's domestic. it focuses on mid-sized cities there are inflation clause if you think about the pandemic, we didn't produce within commercial settings the type of trash we normally do that's starting to come back we think that waste connection is the type of stock that performs well in an uncertain environmental, particularly one with international, you know, kind of stirrings and ramifications. i also p

be coming in less than an hour, we did get some earnings out on top of five -- on shop if i -- on shopifywhat a lot of people are focused on here, not where the consumer spending is strong, but whether it is able to keep pace with other pandemic levels. macy's shares are higher on the day right now by about 3%. this is primarily on an upgrade at evercore isi. we got airbnb numbers last night. i know you have probably never stated in airbnb, but they are doing pretty well, i about 80% growth year-over-year. tom: we rent out the place on airbnb, but we don't get a good price because it is a sixth floor walk-up. the guy below me is making the rent, and six floors, they just won't walk-up. thank you so much. we've got cyber headlines out of ukraine that can wait, to be honest. michael collins is more important. i would note that the secretary of state of the united states, mr. blinken, condemns duma resolution on eastern ukraine. jonathan: i thought you said that could wait? [laughter] tom: that is one headline. that is not on cyber. jonathan: let's read the cyber ones. they say the attack co

fliers that really didn't bounce back that much to start february i'm looking at some names like shopifytflix, paypal, roku, all of those still down about 30% year to date is that kind of what you're talking about? even outside the category of big tech and, you know, these things getting re-rated all at once >> yeah. and i think people are on the defensive in terms of wanting to wade back in and say, you have to have some kind of a clear view that these stocks can rebuild back to those premium valuations in the next several quarters, let's say. and i think that when you see something like paypal the stock was already on the defensive people already were moderating their expectations for near-term growth and got a report that said actually we hadn't priced it in yet. i think until that dynamic breaks a little bit, maybe it's in the process of doing that we have seen some of the real once growth stocks try to find their footing it's understandable they would not necessarily spring back. look, an old saying the stock doesn't really care where it's been you know, in terms of when you buy it

where we shine is we're the shopify, we're helping all of those existing hospitals and group practicesigitize their practice, we had a record number of doctors do telehealth visits with us last quarter 350,000 unique providers, which is more than we have ever seen what we see is a shift in not only the primary care doctors, alsoons using telehealth so we're excited to keep leaning into health, the existing healthcare system digitize. >> the number that really jumped out at me was your 171% net revenue retention. showing just the loyalty and the ability to sort of add on as your customers see more value in what it is, you know, full portfolio that you offer my question is, when you look at the growth opportunity, how much of it is that broader portfolio that you can offer, how much of it is geographic expansion when perhaps outside of, you know, your core markets, the spend might not be as strong from the hospital side. >> yeah, carl, great question. >> it's jon. >> sorry sorry, jon i can't see. 71% growth, yeah, in the existing clients, we grew 79% in the last year, so most of that gro

>> i mean, for instance, you know, i would say companies like shopify, for instance, which have beentructurally -- really changed the economy, right they've made it easier for merchants to do business i mean, these are companies that are going to have permanent benefit in the future. but, you know, they've had to correct something. that's a name that comes to mind you know, i mean, i don't know the valuation of companies like zoom, so i don't look at these names that carefully, but, you know, it's part of the everyday lexicon. it is something that has traction beyond the pandemic i think investors have to do their own homework because it is sort of like sifting through rubble >> yeah. i mean, peloton and its massive re-rating showed companies that pitched themselves as tech companies during the pandemic may have gone that valuation at one point but haven't lived up to it. are there any other industries that could see the re-rating, as well something coming to mind is maybe ride-sharing but it hasn't run up at all during the pandemic do you think it is having more trouble showing that

shopify having the second worst day ever it's down almost 10% stitch fix, etsy, way fair, all in the red and social media selling off as well pinterest coming off at seven straight months of losses. twitter hasn't had a positive month since last summer. meta or facebook earnings tonight. we'll have more on that in a bit. pinterest down about 9% right now. the stay at home stocks are also getting slammed with peloton, spotify, netflix, and zoom all lower. spotify also reports today we see declines of about 5% to 6 %. let's get and get a news update. >> here's what's happen agent this hour. a rez dugs of dueling lawsuits a jury has found no defamation occurred between a republican u.s. senate candidate and the woman who accused him of molesting her when she was 14. the allegations up ended his campaign and he lost >>> more than 100 million people are under winter weather alerts. heavy snow already falling in central illinois up to 15 inches is expected. more than 1800 flights have been cancelled across the country and nearly 1900 flights have been cancelled for tomorrow >>> on the news

are you looking in the enterprise space we talk pollton, shopify, so what are those best models withhe best fundamentals. >> fair enough in the short run, the bigger risk is with the some of the consumer oriented b2c companies and we're focused on the enterprise space, companies like bill.com, this is a company they have a business model where 70% of their revenue is actually tied to a small take rate. every time a small business pays their bills, bill.com gets paid. additionally, bill.com has a business where if the fed funds rate continues to go up, every 100 bases point rate hike they get about 30 to $35 million in incremental revenue. one of the few cloud names that benefit from a raising rate environment. so bill.com is one of our favorite names in the space. another company is called pro-core they do construction software, this is a business that has majority of their revenue as a take rate but instead recognize their revenue when you buy that sweater online, they're recognizing the revenue over a five-year period it takes to build a $100 million building we like the business m

we saw this with shopify yesterday as well but the thing with roblox, if you take a step back, thinkt would be the size of canada, that country would have grown 40% year-over-year. this is a very important asset. it is not quite the metaverse. still web 2.0 because it is centralized but if i'm mark zuckerberg spending $20 million a quarter buying my own stock back and my stock keeps dropping. i would look at asset of roblox, 50 million kids under age of 13 on my platform generating two billion dollars a year in revenue, massive free cash flow, this will satisfy the shareholders when wilt you make money in the metaverse? is the perfect on ramp. charles: he is all in. maybe he will do that. keith, one not working for palantir. it keeps getting whacked. do you ever consider throwing in the towel on this thing? >> if it were any other stock i would frankly thrown in the towel a long time ago to a point you and i talked about for many, many months, the institutions have been using low prices constantly increase their holdings they're buying in. it is only a matter of time before it is gam

shopify, they reported before the bell this morning. they're down 14%. what happened? susan: yeah.the first half of this year. and they barely beat in the holiday shopping period where they should be putting in amazon-like numbers. they didn't. sales will be down the first quarter of this year, and they'll be highest in the final quarter of 2022. so you get that? there'll be improvement along the year, and this is because it's hard to compare, they said, during covid when merchants were all just scrambling to get online. they're also a building out fulfillment centers which takes up cash, as you can imagine. they're trying to offer merchants an amazon-like service to help store and ship out their goods. shopify's more like -- they're the second largest e-commerce player, but they provide the front-end payment system. stuart: okay. a totally different company, lay z boy. i think they reported, was ited to or earlier this morning, what happened there? susan yeah. they missed badly on profits and supply chain issues means they can't make enough of their iconic furniture to shift. and

nice tailwinds to at that business, particularly the firm that had great partnerships with amazon, shopifya very compelling user experience, strong followship by users but what they're facing going forward, a lot more competition that will put pressure on their pricing. regulatory, the cfpb is starting to look at underlying credit dynamics in these businesses as well as probably a weakening consumer credit environment coming out of the pandemic. so it is not as easy of a road they have had in the past. so you have to be a little cautious. it is an interesting long-term play but you have to be a little cautious there yeah. i mean our favorites as you know are visa and mastercard, as boring as they are. while everyone else is coming to a crash landing coming off the pandemic they're just seeing tailwinds in their businesses because they're so tied to travel, we're just seeing the beginning of travel coming back, visa, mastercard, amex, 25% of revenue was from travel that is coming back. those are nice easy to beat over the next 12 months. charles: their numbers were phenomenal. i can't remem

through a number of earnings reports today and not so many banner ones and still under pressure with shopify, roblox and wynn the halftime starts now. let's get to the judge. >>> carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center the eye of the storm. why one top wall street watcher says why stocks are there, we will debate the road ahead for your money, kari firestone, rob sechin and joe teranova, and pete najarian. nasdaq's down by about 1%, barely hanging on it 14,000. there is the russell ten-year note yield 204 wooe hanging out where yields are above 2% we want to get right to our headliner, though because he's making a big call today. he is jonathan krinsky, btig's chief market technician. jonathan krinsky, are you there? >> i'm here. >> congratulations on your new gig. you have an eye-opening call and it's good to have you back you say we're in the eye of the storm and things will get rocky again and a sub s&p 4000 is reasonable >> thanks, judge happy belated birthday to you. >> thank you >> we see the nasdaq 100, but i think looking for an analog

from crow founder and ceo brian chesky and he'll sit down and talk about the quarterly numbers and shopifyott was a big story today talking about people starting to get out and travel and some limitations in the number of new rooms that the industry has been able to build because of the limitations on construction during covid of course, airbnb is the magic of the model >> that's the struggle, too. keeping that supply high as you have competitors on the market airbnb has been such a fascinating story throughout the pandemic it's been able to benefit from the domestic travel. airbnb is awarded a much higher valuation in the otas and hotel and it has to keep that and we are expecting a big number for bookings and we'll see if travel demand has held up as well as the long term stays and that's the future of travel is that people will stay in one spot and work from home or from their airbnbs which he himself is doing at the moment. >> it's an important bellwether in this economy as we look forward to warmer weather. hopefully more opening back up of -- i don't want to say post-covid because yo

we were just talking to shopify about this yesterday >> yeah. they're spending big or logistics. mentioned public companies, but there's also a whole host of private companies backed by vc dollars in the space, jon and carl i wonder if this is another race to the bottom? some analysts think so, right, now that doordash is getting into convenience and groceries, the margins are difficult. you're also focussing on speed you have a host of companies promising 10 and 15-minute deliveri deliveries you saw that, carl, pull through in doordash's earnings adjusted ebitda increased as they invest in this space, which has yet to be profitable but it was so interesting the stock reaction i was scratching my head at first. the results they weren't that good, but as jon said, the shares really have been beaten down and the results also we should note did look quite good in comparison to uber and its eats platform. >> yeah. that was the comparisons to what we have been through the last 48 hours is one potential reason for the positive stock reaction. along with, jon, the guide for the march qu

underweight these names and as it relates to our benchmark, we believe in the business models of twilio and shopify and we're okay with that and it's tough feeling the pain on the way down, but you have to make sure you're right sizing these positions and understanding what's going on from a macro perspective. >> i want to hit draft kings quickly, and i want to come back with you, josh, because you asked quite specifically, and i thought very well, by the way, a question of cathie wood and referred to them as a quote, unquote, bookie and the lack of innovation leading some to question why a company that you say lacks innovation would be included in an innovation fund now draft kings are down substantially today and i don't know if you noticed, but our guru on this topic, contessa brewer introduced this made-up metric essentially calling contribution positive well, the whole issue, josh, with draft kings is the spend on the marketing and that's a legitimate, relevant part of the business as they try to deal with competition and to gain new users and keep the existing users in which they have make th

of this russian-ukraine drama, either way, erases the fact that the pandemic darlings -- roblox, shopify, palantir, roku -- are getting swallowed in quicksand as the issues that made them so high are starting to recede. let's get right to the floor show traders, phil flynn and sarge. you guys, a lot to deal with at the moment. phil, i'll begin with you. can you game the move in nat gas and oil if russia invades ukraine? >> i think if we get an invasion, russia on ukraine, we're going to see $100 a barrel oil. and actually some of the physical markets overseas in europe with, they're already paying $100 a barrel because they're fearful they won't be able to get supplies next week or the week after. so we're already seeing some panic buying. natural gas here in the united states, even though it's influenced by what's happening overseas, it's still disconnected a little bit. it's more of a domestic market. but even there, we could see natural gas prices get up towards $4-5. we're getting a pullback today because the polar vortex is going to ease off just a little bit, that's bringing prices

last couple months into new yearly lows, microsoft, breaking the longer term 200-day moving average, shopifylast i looked was down 160 and down 60% from the highs. i think we're still in a bear market for tech. the great news is, when everything turns technology will lead, again back to the patience. i hopefully find not only double and triples but five-baggers and 10-baggers over the next decade. that is where it usually comes from. these companies grow their business 100% a year, 200%, usually it is in technology. so that that is where we'll keep looking. as you used the term, diamonds in the rough but right now they continue to be under pressure. charles: i have got a minute to go. phil, i'm a good poker player when four or five of us together, i will win. i've been to some tournaments. i don't have the patience for it. i bring this up, i think this market is where you can sit on cash, at least i know i can but many investors can't. what do you say to people who are getting antsy, either want to get in the action now or want to walk away? >> i wouldn't want to walk a way, you have a chanc

to the prime pricing that takes subscribers out of the mix which could hurt the retail business in shopifyy i'm not sure the dominance of the retail over the long run. stuart: i don't know anybody will cancel prime with going up $20 a year but maybe i'm wrong. i am out of time. what is comin up the chairman of the joint chief general milley says ukraine's capital could fall within 72 hours if russia invades. what is the strategy behind saying something like that in public. kt mcfarland will join us with an answer. the school mask mandate, that is was a medical expert are saying and we will cover the story after this. ♪ ancestry's helped me really understand my family's immigration experience. ♪♪ i've been able to explore and learn a tremendous amount about how chinese americans have experienced civil rights and immigrant rights and what life must have been like for them. and as i pass it on to my daughter, it's an important part of understanding who we are. ♪♪ stuart: new jersey governor phil murphy announced he will be indeed the state school mask mandate. it's over in the second week of

best core number in almost a year meantime earnings for shopify are not well received.

shopify down 10% zoom off 5%. stocks selling from lower highs it's not constructive. >> in fact, arc innovation etf down 5%. 1% move up in the s&p. every one of those stocks down now. ecommerce names you mentioned leading the charge speaking of good earnings stories, amd jumping after reporting strong fourth quarter results after the bell yesterday. the company posting earnings and revenue that beetle estimates as well as a strong sales outlook for 2022 ceo lisa su joining cnbc earlier to talk about macro factors that help deliver the strong results. >> a great market backdrop for tech tech no question. within that partnership with our customers, execution of products and just being able to deliver on the supply as well. given how much demand is out there. all of those aspects are key to be ale to grow significantly above the market. >> that's strong forecast boosting all semiconductor names practically today including qualcomm right on top along with xilinx, micron how do you big the winners stocks beaten up and

shopify signalled it a lot of companies said e commerce is not strong we know that this is one where the e commerce is accelerating. etsy is a secular winner they're going after men now. they have so many cohorts they're beginning to do. josh is a wonder person in terms of his vision and what he's trying to do and i have to tell you, i think it's a buy even here. >> okay. well, you can see, obviously, it's going to be up sharply today. we have more stocks to watch this morning we have earnings from dell that'll be down. i'm going to be talking about zen desk that monster quarter that potential deal with constellation. >> i have a little bit of insight. it goes a long way we're back after this. every big idea every game changer every "how'd they do that?" starts here the blank page artists and writers know the tyranny of it well but so do developers, data scientists, ctos the new creators to them, we say let's create something that changes everything ♪ ♪ ♪ ibm let's create hi, my name is cherrie. i'm 76 and i live on the oregon coast. my husband, sam, we've been married 53 years. we l

. >> it would include roblox, shopify and now we're adding roku, draftkings that's a lot of tmt damage>> cathie wood just blew out a lot of her -- one of her biggest stocks their conference call, when elon musk was putting up numbers at the beginning, he had conference calls that are were kind of basically rubbing it in people's faces. palentir conference call, this guy starts out by saying, listen, i know a a lot of people think i'm blank, blank crazy and then he doesn't really disagree with himself. >> you saw -- cathie wood saw following that >> this conference was an abomination. it made me feel like this company is having a party, having a good time -- having a party -- what's the matter having a party, having a good time like sam cook that's them. it's a sam cook company. >> look at that thing. >> and he's pushing the chain gang that guy doesn't know much about history or geography. >> who is that guy he doesn't >> the conference call was like -- i was like -- i want -- i thought he did the -- it was incredible. >> you can't fault the guy for wanting to have a good time. >> we wi

of names in there beaten up the hardest are working, like draftkings up 7% coinbase up, palantir, shopify about two minutes to go here in the trading day. we have a dow up 300 points. this feels very different. what are we at now up more than 5% gains in the last three sessions. it's been a stunning comeback. >> oh, yeah, the s&p is up more than 7%, i think, from the intraday lows last monday. you have really taken it back in a hurry. that kind of happens when you're in that intense stressed sell-off mode, but the internals look good. it's a broad rally it even was before when the s&p was more or less flat. better than 3.5-1. that's fairly solid. look at the two-year note yield. it did sort of peak in the morning on friday, about 1.22%, and it has settled back. it's obviously not given back a lot of the massive six-month gains. people still expect a few fed rate hikes it's calmed itself down and kept wall street from sort of getting ahead of itself in anticipating even more hikes than have been handicapped so far voltill hae has been crushed it's now a pretty good spike on the chart, down

look at a company like shopify, which is considered a very innovative company that stock is down 1,100 math there. that was not on the company, that was not on wall street analysts that was on investors looking to pay whatever the heck they wanted to pay for what they thought was growth at any price. and so to me, i think the lesson of this crash and the market, despite the fact that the s&p is down less than 10% from its all-time high is investor greed. it's not about the wall street machine this time. i don't mind to sound like a wall street apologist, i'm just telling you. we've been flagging this for the last month and it had little to do with the analysts pumping the table. to me, this is investors >> does crypto fit into there, too, dan it sold off, but held together a bit better than ipos, spacs, nfts >> yeah, let's talk about what's going on with nfts i think there's some graeat projects there but do eight pictures deserve to be trading at $3 million of course not. and it's just, we've just hit a period of unusual speculation. i've been in the business for 25 years. i've never

look at shopify, down 45%.. they provide software for small businesses. and finally look at this. that is a cloud company, they provide cloud content, it is just getting crushed today down 30%. so many brokers cutting their price targets on the stock. stuart: first time in a long time i heard a cloud company head south big time. you say the word cloud, thank you very much. we all spent big last year and racked up a ton of credit card debt. you are still there. how much are we talking about? lauren: debt increased by $52 billion bringing credit card balance for last year. why is that important? the biggest increase in the federal reserve bank, goes back 22 years. pre-pandemic we held a lot of debt. it got better during the pandemic when we were getting government checks. things cost more and we are taking out the plastic to pay for it. stuart: we have an economics professor. brian: you got is via christmas shopper. everybody bought for the christmas holidays and prices were up, you put it on your credit card. no

now to company news since the height of covid, some market high fliers have seen shares drop like shopifyl yesterday that beat on both the top and bottom line. should say by the way up 16% in the premarket this morning josh silverman, ceo of etsy. great to see you this morning. i want to talk about your earnings but how you see the marketplace and value, and valuation for your company and others like it >> yeah, thanks for having me. i think we've seen an indiscriminate pull back across all the pandemic stocks, and i think the market is maybe scared about whether all the pandemic gains are going to dissipate and so it's going to take some time for the market to sort out winners from losers. what i'll say about etsy is we think the earnings report we gave yesterday demonstrated the durability of etsy's growth. etsy is now more than twice as big as it was pre-pandemic in fact, we're twice as big in the u.s. we're four times as big as we were pre-pandemic in the u.k we've got more than 5 million sellers, more than $90 million buyers, and we're showing the gains we made over the period of the