shopify is more than an e-commerce provider or a pandemic story. we are the world's retail operating system. look at your favorite brands, you will start seeing shop pay, you will see shopify power those brands. that is the reason why our future is bright. emily: i want to ask about your evolving governance story. shopify made changes to enhance the ceos power. some shareholders did oppose these changes. what are you hearing from shareholders in terms of concerns about this change and what has been shopify's response? harley: i spent the last few weeks with our largest investors and a lot of investors generally. we are grateful for their trust. the goal was modernizing our governance structure. we want to be a100 your company. we have 84 years to go. we want to run our business and make good long-term decisions for investors, merchants, every stakeholder involved with shopify and we think this modernization around the governance structure allows us to do that. i will also tell you that some investors that have been with us the last seven years sinc

flows through shopify. we were one single aggregated store we would be the second-largest online store in america. but the key here is that commerce in the future will happen everywhere. we announced on the show and talked about our integrations with google and facebook and instagram and tiktok to embed commerce there and the newest one we are embedding the newest , partner is twitter. they are in the news a lot lately, but if you think about where commerce used to happen, it was around the town square. where the bakers sold bread and they sold shoes. twitter is the modern-day digital town square. so, embedding commerce into twitter so you can turn conversation into commerce powered by shopify we think is a great thing and whether or not they have a new owner in the future or not, i think commerce will play a role in twitter's future. emily: i recently interviewed amazon ceo, andy jassy, and i'm not sure if you caught this but what i asked about amazon's relationship with third-party sellers and the tension

shopify president harley finkels tein is next.7 minutes away we have the dow comfortably higher by 148 points the s&p better by 32 and the nasdaq is a percentage winner at this hour at 167 points or 1.5%. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. liz: yes, well we told you that at the top of the show

kriti: for shopify, he is going to stick around. this is bloomberg. ♪ mark: here is the first word.r putin's warning for key sectors of his country's economy is facing major slowdowns. he majored out the auto industry where the car plans are shut down because of a lack of imported parts. the country is facing one of the steepest downturns in years. at a meeting vladimir putin also said there was work at low unemployment and the strength of the ruble. boris johnson plans

shopify is rallying as the company hosts its investor rally, though it's still down a whopping 70% on the year we'll tell you what's sending that stock higher today. >>> later, tony dwyer explains his thinking on the rkmaet and why he says conditions are still ripe for a continued summer rally. we'll be right back. 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 think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and yo

tomorrow shopify voters will vote on their 10-1 split it will be interesting but shopify, that splitays stock would be about $35 a pop which is much lower than the median share price in the s&p that really goes to show that some of these splits were thought of during much better times, if you're along in the market >> true. let's focus in on amazon for a moment this is really an important moment i think for andy. i don't want to say defining moment but both of these guys have left as ceo world wide consumer, jeff wilke over a year ago kind of on par with andy and now david clark took that position, he's leaving both of those guys have been around at amazon since 1999. just a little less than andy how does he handed their departures who gets those jobs? you have to do that in way so you don't get people who get passed over leaving. they are caught in these cross currents still believing that's the future. what happens next, who gets elevated and what the message is going to be important again especially as that business is going through a bit of a transition as we head the break, chec

not everybody is shopify not everybody is toby. again, i think the track record of shopify, going up against amazon and others, some people try to tell me they're not up against amazon yes, they are, and creating this new option for small and medium business to get online and control their own destiny, whether they want to sell on amazon or through google or through facebook, et cetera. that's been a real winner, and i think there's a real question, can they take that to yet another level, and in order to do that, toby would argue you need to give him the reins, keep him in the driver's seat >> why not let the markets decide, right? why does he need that? >> well, i think it's fair to say, if you look at apple and the doubts around the iphone early on, they should have licensed ios to others they shouldn't do vertical integration. retail is a boondoggle the markets don't know everything >> fair. long-term plans. >> meanwhile, mongodb, we mentioned, also hosting itsd investor day today that's where we find our frank holland who join

this is too much power for shopify's founder.de where with innovative companies, the only way they can save them from short-term thinking is hand over our rights you know who doesn't have shareholder rights jeff bezos but he's built a reputation. shareholdersi shareholders listen when they want to do something i know the markets have changed in the 15, 20 year since bezos and jobs were making their bets. what have they done that they couldn't have done without sergey brin's control. and companies are innovative, and their founders are valuable, but these special classes are creating a market where rich overlords are having to convince the shareholders who made them rich in the first place. >> it does seem if you've got the goods you don't need someone telling you that you have voting rights people are going to go along with you >> sometimes i start off writing these thinking one thing and i end up thinking another thing. this is tough. >> if shareholders vote to do it, who cares. as long as you ask permission. it's not like they

our next guest helps companies like shopify, zillow, and linkedin gain sales insights based on customert a better picture of what to expect in volatile times. joining us now, gong cofounder and ceo. good to see you. we first chatted a couple months ago, and we were talking about what you guys do with data to help companies understand how well sales is going, improve their sales process. and i want to get to your news, but before we get to that, i really want to talk about guidance because the investors who are watching cnbc are kind of caught up in trying to see what guidance is going to do. how important is forecasting sales to that process? and why is that harder at a time of high inflation and uncertain demand >> well, this question couldn't be more timely, jon. first, like everybody, all investors are watching earnings reports like a hawk. and everyone is trying to analyze what's going on, even companies themselves that makes ceos and cfos extremely nervous because they want to set the expectation right. they want to know what they should expect. and forecasting is always hard becau

. >> i'm calling about shopify you know you've had great things to say about them. you even had their president on the show a few times heck, you even mentioned your wife use theirs platform i know you like them but we're down, what, 80% from pandemic-level highs we're trading back essentially to late 2019 levels, and with the current forward ratio of close to 300, i'm thinking it's really expensive do you see some up side to this? >> you read it right in another market -- look, i think these guys are fantastic yes, we use their pod but here's the problem. we are not buying on this show, we are not buying expensive stocks, we're buying the stocks of companies that make things and do stuff, that return some capital and are valued at a reasonable level and 424 times earnings is not reasonable let's go to jimmy in kentucky. jimmy? >> hey, jim, thanks for all you do fort little man >> my pleasure >> jim, i'm at 16, do you see some better days >> i am anxious to buy that ford stock back why? they've got the product line that everyone wants. that still matters these are n

let's take a look at the ark innovation etf and nearly all comp are lower shopify down 11% of course etf did see that nice bounce of 7% yesterday but with this we've gone negative on the week with a loss, tyler, of more than 5%. >>> up next, tonic or tired stocks we'll highlight three names that are bouncing back from recent lows in today's three-stock lunch. we've got best buy, we've got your bath and body works and t. rowe we'll be right back. space. the boundary of human achievement. the new frontier. ♪♪ eh. ♪♪ it's not time to escape. it's time to engage. it's time to plant more trees. hoo! ♪♪ time to build more trust. time to make more space for all of us. so while the others look to the metaverse and mars, let's stay here and restore ours. yeah, it's time to blaze our trail. 'cause the new frontier? it ain't rocket science. ♪♪ it's right here. ♪♪ >>> welcome back, everybody. time for three-stock lunch and there's a list of stocks leading the bear market bounce but with more room to run they're all still 30% off their 200-day moving average but have a consensus buy rating on the

coinbase stock and that's up 7% from the may lows daniel eck bought $50 million of his own stock and shopifyce from its own ceo who bought $10 million worth of that stock. best buy chairman amer ity us richard schulze buying bbb stock up 20% from its may lows on the buying basis, it is half the loss of 2020, but insiders tend to be a good signal of where the market is near the top and near the bottom and they called it back in march 2020, and we'll see here >> everyone who was upset they missed the sales last year, here's your chance to buy if you want to follow them now. thanks, robert frank. >>> with the firm sinking thoday that's ahead on "power lunch" which begins right now ♪ ♪ >>> and kelly, we'll see you in just a moment. meanwhile, welcome, everybody, to "power lunch. i'm tyler matheson here's what's ahead, an economic hurricane. that's what jamie dimon says that's ahead and investors should brace themselves. his two big concerns is the fed and the ukraine war. plus short energy, it is a bold, bold call on this year's best performing sector so far we've got the technician behind the r

you look at shopify between 300 and 400 for the fast few months. it is different, creating the small business medium marketplace versus an etsy there are questions about their fees that get paid here. how the stores themselves get squeezed, what is investors make moves on here remember wal-mart with bonnobo, they may be right for the picking, carl. >> that goes back a few years. we go to break, get a check on qualcomm bofa represents the best buy-rated ideas. stongs down 30% for the year this morning [music - cover of blondie's “dreaming”] [music playing] ♪ dreaming. ♪ ♪ dreaming is free. ♪ >>> after a very calm day yesterday, markets moving this morning rather quickly s&p now down 1%. nasdaq down 1 and three-quarters percent. carl, we'll see where this goes the rest of the day. not this kind of velocity yesterday. >> that's when they sold into that morning rally, that's for sure turning to the mark, the big question remains, are we headed for a recession or in one? consumer confidence came in weak today. take a look at cathie wood this morning on

interested in affirm because they've got fantastic user consumer base, great partnerships with amazon with shopifyample. and really more management of whether they would be willing to sell or if they prefer to go it alone. we think somebody like an american express would make a fantastic suitor for somebody like affirm. but any of the traditional credit card issuers could be soorters or someone like a pay pal. it's probably more in the hands of affirm's management and board, their willingness to go in that direction. >> could be a catalyst but i'm sure not many want to speculate on that front. thanks for all your thoughts the affirm co founder and ceo will be on tech check monday at 11:00 a.m. eastern coming up, here to rethookt latest jobs report and give us her outlook for rate hikes and in the meantime, energy prices keep soerg parked around $119 a barrel. more inkrcreases in gasoline futures. and chevron ceo saying there might never be another refinery built in the u.s as we head to break, a quick look at the dow heat map as it's down 250 points. only a handful of names in the green. we're bac

shopify being one of the first partners. pay later is incredible.lity to buy something and break it up into four payments and there is no additional interest on top of this? i'm curious as to how they are making this happen. it is a huge win for suppliers and developers. they are doing payment and order tracking on the backend. you will get the tracking capability inside. apple pay on the wallet. then of course the ideas with the states of arizona and maryland putting the drivers licenses and also tsa allowing to use those ids to be able to travel around -- these are game changers in the marketplace. >> something else people are curious about is the ar/vr future with apple. we may or may not get some details on that today. does the company have to start roadmapping a little bit more to give us a taste of what they expect this to represent and look like? >> yes. they've been strangely silent about the metaverse economy. we are curious to see all the assets that apple has been building around ar/vr capabilities. and the rumored hardware that might be

purchasing abilities i think so far you have seen that more on the consumer side, with some names like shopify and adobe, but the enterprise segment has been a little less impacted >> tyler, when you talk about software and the idea that multi-product platforms are going to hold up better, who among the pandemic darlings do you think have been able to keep their foot on the gas among the zooms, the docusigns, et cetera have done a good job expanding their businesses and who hasn't? >> yeah. you know, those two companies, i would say neither of them has really demonstrated that they're more than kind of certainly they have more than one product, zoom has zoom phone, zoom rooms, and they're starting to build out call center, but the vast majority of their revenue and also the vast majority of docusign revenue is that single product company. certainly, i think you could make the argument that some companies outside of zoom and docusign benefitted from the pandemic to a certain extent if you look, you know, the data management space, some of the cloud-based vendors such as snowflake and some of th

bitcoin hovering right around the $20,000 mark and later, shopify's -- amazon's audio service inks a big deal with two of the most popular podcasters it's wednesday, june 22, 2022, you're watching "worldwide exchange" right here on cnbc good morning, welcome to the show i'm dominic chu in for bernie sa brian sullivan president biden officially calling on congress to suspend the gasoline tax a amon afters is standing by with those details. >> what we know right now is that president biden is going to call on congress to suspend that gasoline tax, 18 cents a gallon, through september. so the president is going to ask congress to suspend the tax. we know about the president's plan right now, calling for the taxes to be suspended three three months asking states to suspend similar taxes or find similar relief asking the industry to put record profits on work calling on retailers to lower their prices that's an 18 cent tax on gasoline, 24 cents on diesel he's calling for no affect on the highway trust fund those taxes go into the highway trust fund to pay for improvements in the highway s

if you look at other -- shopify is down by two thirds. this is an amazing business. it is going to continue to deliver, there is just a difference between the market valuations and expectations. emily: you have been around a long time, you've got folks out there comparing this to the.com bust. do you think that that is overblown? michael: i think it is totally overblown. the reality is that these are substantial companies. they are leading in a lot of cases. they're having moats around their business which makes it difficult to compete against them. it is a totally different situation. now, if you look at the 2008, 2009, you see a number of companies that were started in those days and it gives you a sense. there is likely to be -- if you looked at square and others, airbnb, they were starting in that time during the last recession. so we should see a lot more innovation and a lot more activity, but these companies are substantial and they are going to stay substantial. emily: what do you think about the market? we've seen this massive rod, vmware deal. i wonder if t

shopify bouncing a bit after ruling out new features, but those shares are down more than 70% this yearr is up after reporting that they will give you learn musk whatever he wants to see in terms of data over the weekend, and elon musk was trying to back out of the price tag he had by asking for more -- that is my interpretation. looking at banks, given the fact that they will be rolling out buyback plans, interesting to see that citi is not participating. how much has been already baked in? bank of america is up 0.4%, jp morgan as well. how much can these banks reprise the value of their shares given their stocks are down so far year to date, and they still have billions of dollars of suspected share buybacks coming? tom: thank you so much. jan hatzius of goldman sachs research has been about acuity. we will look at his work. we will go to one number, your q4 number. they marched down gross domestic product from a sterling 1.3% to sub 1%. that gives you direction of the recession call. but at the same time, jan hatzius calls for a shallow recession. if we get a shallow recession, quant

. >> shopify, a global commerce software company bought enough to remove 50,000 tons of carbon from thephere. and in turn, drone seed is replanting 300 forest lost in orange's creek fire years ago. >> that benefit planting trees and drawing down carbon is what we are purchasing through our carbon credit purchase an and is so, that allows us unabatable missions. >> panic bached by social capital, spiro, and tech stars forest restoration is increasingly pofrpt because of now climate change is increasing the severely of tooe fires in the pant, less severe fires would leave soil n tops of trees but the increased temperatures burn all the way up to tops of trees and destroy steeds in the soil so there is much more less naurn generation, shep >>> diana olick, thank you >>> a historic dead default what is what is topping cnpc's "on the money. russia defaulted on its foreign debt the russians missed an overdue interest payment on two foreign ko kournsy bonds. they total about $100 million but erns have the cash but westerns cutthem out of international payment systems. >>> nearly two thirds of

carbon credits which is purchased by the locks of shopify.h to remove 50,000 tons of carbon from the atmosphere and in turn, drone seed is replanting 300 acres of forest lost in oregon's beachy creek fire two years ago >> that climate benefit, planting those trees and drying down carbon is what we're purchasing through our carbon credit purchase, and so that allows us to balance out our unabatable emissions from our corporate footprint. >> drone seed is backed by 776 dbl partners, social capital, spero ventures and techstars total funding to date $36 million. forest restoration is increasingly important now because of how climate change is increasing the severity of fires. in the past, lessee isser have fires would leave the seed in the toil and at the tops of trees and the high-severity fires we're seeing now due to increase temperatures burn the tops of trees and destroy the seeds in the soil and there's so much match rl regeneration. >> and it destroys what we see in the level of soil as well so it takes out all of the new rients they seem

that said, e-commerce names big and small have taken a hit this year shopify's down more than 70% etsyzon, the biggest laggard in faang, behind netflix, carl but hey, past performance no guarantee of future results. that kind of means something different in this context, right? >> exactly right and we got yet another sell on netflix today at a benchmark this time, jon, but it does seem like there's a bit of a piling on now, especially given so much we don't understand how the consumer will turn to streaming for entertainment if things get worse. when we come back, are the best days behind best buy b of a cuts the name to neutral. they forecast a possible reversion to pre-covid growth, and that said, shares are a tad higher in what's not a great take dow is down 117. joel, since kansas, we've taken our own path. we've never done what everyone else did. we took on the fear. we ignored the doubt. we loved the excitement. we believed. even when our path didn't make sense to everyone else, we kept going. we keep going. until our path is the one they wished they had taken. ♪♪ think he's post

platforms continue to gain share from traditional advertising twitter which announced a partnership with shopifye in cannes, they told us they're reassuring advertisers that they're committed to building businesses and brand safety owe the platform despite the noise around elon musk's pending purchase to the company. >> we've built a very robust ads business, one that for any buyer that were to take over this company would also want to maintain as a healthy part of a multi-faceted diverse business and that is one of the things that we've shared with our customers and why we are so committed still to the commitments that we've made around brand safety. >> tiktok is here for the second time and its ad chief telling me they continue to see massive growth potential brands, chase consumers on to the platform despite the broader headwinds. another company with the fast-growing ad business is spotify and it's the leading audio platform with its massive presence, post malone will be appearing in just a couple of hours. i sat down with don ostruf she says her business is benefitting from that shift from

the second largest e-commerce player after amazon in north america, shopify wants to split at some point have become. roughly 13 times, 17 times next year's earnings. if you believe the earnings the price might not be attractive. stuart: salesforce up huge last time we checked. susan: the peak was 15%. the salesforce, profit guidance for the year, and the price target cuts of this morning, most are still predicting 20% upside from the year and salesforce cloud strength lifting other cloud plays like snowflake. stuart: finally what do you have? susan: streamers versus theaters. a check on the consumer because stranger things for record viewership 250 hours this weekend, top gun 2, $150 million plus ticket sales. you can also filter in as well, 5 million went into the theaters in north america. it tells me consumption is strong and the breakout mentality, want to do something that is dominating. stuart: theaters coming back, 5 million went to the movies. top gun was the big deal. susan: if you think about netflix is it really dying? 250 million hours streamed for one show. lauren: stranger

shopify and tesla might break into smaller pieces. stuart: next, gamestop. is the meme trade the over? susan: well, no. you know, that's interesting because with gamestop actually, i would say, had a pretty good first quarter. they narrowed their loss, smaller than what wall street had anticipated. they're, from what i see they had strong sales growth. that was higher hand what wall street had penciled in. yeah, okay, you have losses still, but they're saying those losses will narrow as the year goes on. people are, by the way, shopping and going back into the stores. you have this turn around taking place with ryan cohen, chewy's cofounder, and i understand he also wants to start an nft marketplace by the end of the second quarter. but, again, i think this is the microsoft effect where everything is just going down right now in the technology and nasdaq. stuart: if microsoft adjusts its forecast down, everybody else follows suit maybe. snap and pinterest. both of them are have had pretty rough years. have they got any decent news on the horizon? susan: pipe

one of the great things about shopify and adobe is you can look like a major hardware store. >> rightyeah. yeah but the target thing was meant to be the state of american retail when you get rid of the felony if you steal a lot. >> it's an issue we know that and not just with target >> i mean, i think it's more endemic of the drugstores. i'mpicking on target i shouldn't. they were there. >> everything in cvs is under lock and key it's anoising. >> so many things are under lock and key, when they open things, i was able to grab the grapes. it's a huge issue everywhere let's get the opening bell here and the cnbc real time exchange at the big board it's decking company, celebrating its second listing anniversary. we'll talk to the ceo in a i little more than an hour the east coast bank celebrating its 120th anniversary, and 3805 at the open. that will be a fresh intraday low of the year. >> right, and by the way, jesse cink, he's appeared on the show a number of times. it's a really great barometer for housing so you'll have a terrific guess because this is decking. i think that this is

stuart: how about shopify, they are up.y are all doing it. 72% of teenagers say they have no knowledge about trading stocks and etfs. they think investing is too confusing, we are on the story. forget defund the police, a new poll shows people in la want more cops because of skyrocketing crime. it is out of control. larry elder joins us on that. treasury secretary yellen testifying on capitol hill days after she admits the inflation forecast was wrong. we bring you the headlines after this. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. dad! a dinosaur! it's just a movie. no dad, a real dinosaur! show doorbell cam

the gamestop trading app robinhood earlier this year cutting 300 positions or 9% and then bolt a shopifyich is a private unicorn darling cut 250 jobs recently and of course the housing online sellers like better, remember that company fired thousands with that zoom call on the ceo simultaneously? also redfin shedding a lot of jobs but the bottom line is jobs are still available and you heard that from jay powell the federal reserve chair saying there are two positions for every applicant out there and that means for tech players and tech jobs, there are still jobs. you're not going to get the out sized bonuses and salaries. they aren't as lofty as they once were. ashley: and it's not just in this country. let me have a look at tesla if we can. that company having issues with hiring people in germany. what's the problem there? >> gig a berlin is finding it difficult to find the thousands of personnel to fill those positions because it needs to start making cars and batteries at a gigafactory as it's called apparently tesla is not paying enough, not paying competitively to attract skilled