where does this once hot ev maker go from here joining us is wedbush's dan ives dan, great to have youtradiction from what i heard and read i did not listen to the conference call. i read about the highlights afterwards orders are strong. not just from retail customers, but also from amazon and on the electric truck side. they are seeing strong demand for the product itself what do you think is the problem with the equity? >> the biggest problem is since the ipo, this has been a train wreck. i think a big part that have has been the communication for management the ability to control the supply chain, some out of their hands. investors do not have confidence that they have been able to navigate ultimately the price increase and they took back the price increase a comedy of errors it feels like they are slowly moving around the corner in the right direction. demand is there. reservations is 90,000 it is a different market this is a penalty box stock right now. >> i did a panel with gm ceo mary barra last week she was not knocking rivian, but companies like rivian out of the blue startup

dan ives, wedbush securities senior equity research analyst, is on with us next.omberg. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ ritika: keeping you up to date with news from around the world, with the first word, i'm a good. the u.k. will -- i'm ritika gupta. the u.k. will impose a so-called windfall tax on oil and gas companies to pay for a one-time grant of about $120 to more than 8 million low income households. prime minister boris johnson's government is under pressure to help struggling britons. u.s. corporate profits fell the most in more than two years. english and adjusted gdp decreased at a one point 5% annualized rate. corporate profits decreased an annualized 2.3% from the prior

well, that's why i mentioned the poop emoji pretty untraditional stuff dan, thank you dan ives of wedbushcks now mixed after the s&p 500 posted its sixth straight weekly loss last week mike santoli is looking at how the recent sell-off has affected valuations of stocks and their market caps. >> yeah, there's been this undertow of valuation drag that's been going on in the markets for about six months now, mostly affecting the smaller stocks here you have it broken down here's the s&p 500 got under 17 times forward earnings the equal weighted s&p is a couple of points below that. look at small and midcap stocks. those indexes are now basically where they traded, you know, back toward the 2020 low obviously that was just a snapshot moment but it shows you that the smaller stocks seen as less able to withstand inflationary pressures, less pricing power, also sectors skew that too it does show you that the overall market might not look very cheap but below the surface there's a lot that's starting to. >> but is it recessionary? >> well, you see the market get in front of that recessionary pos

than expected revenue guidance some on wall street are starting to turn a bit more cautious, like wedbush mike, the stock has recovered a lot, it's barely down right now, but has there been a big change in thinking about this company >> not in terms of formal sell side approach to amazon, no. this is kind of a lukewarm downgrade of an outlook, but it's not -- it's not to a sell you've still got 48 out of 52 analysts with buy ratings, four holds. so in other words you almost like to see more downgrades. the stock is a third off of its highs, and so it still seems as if just the multi-year brute force appreciation in amazon seems to have completelygotten analysts in this mode of not wanting to fight the stock i'm not saying you have to capitulate and turn negative but it seems like it's not necessarily going to be the play caller on where this one moves next. >> what is valuation telling us about amazon what's it discounting at this point? >> it's always tricky in terms of figuring out valuation. amazon's earnings are kind of a residual for how much they're investing in a given quarter ther

we managing director of wedbush securities. we are 32 minutes away from cpi in america.q 100 up by 1.42%. yields heading south. they are not heading higher. euro-dollar, talked a lot about the cost of things at the pump. diesel, cast prices, record highs. 10404 on wti, up by 3.4%. mohamed el-erian writes in that some of us still like thai yellow ribbon. what is that song? tom: are you serious? jonathan: never heard of it. give us a flavor of it, just a little bit. tom: hostages in iran. very seriously, all across america, people thai yellow ribbons across trees for support. jonathan: i've got that bit. i did not know this on. tom: around the old oak tree. jonathan: nice. what is next? [laughter] tom: i don't know. mohamed el-erian was just like this. can we move on? jonathan: of course. tom: here to save the show, someone else who does not know tony orlando. kriti gupta with us. kriti: at least i have an excuse. i am young and inexperienced in music. the cost at the pump, how much the consumer's facing right now. let's talk about how much corporate america is facing righ

wedbush says $54.20 is out the window musk tries to walk and use this spam account issue as the scapegoatpting a lower bid price would be a much better alternative for the board, wedbush argues as for tesla, a couple of interesting things, david, one is cathie wood bought 16,000 shares of tesla and then bernstein comes out and says that a fall to 400 on tesla would require musk to sell about 13 million shares. we continue to watch his risk here as he tries to buy this company. >> yeah, listen, you know, respectfully many would disagree with that and would go back to the contract which is straightforward and requires mr. musk to buy this company at $54.20, and it would have to be fraud on the part of twitter, essentially, knowing that, in fact, they were misstating the number of bot accounts or fake accounts on the platform could be very difficult for him to prove that. but, again, nothing says that if you're twitter, you don't say, all right, give you a little bit of the discount if you will give us a far larger reserve break fee and promise in no way or how are you ever getting out of it

netflix, the stock is up, wedbush upgraded them to outperform. helps keeps scribers. reports that netflix is working on live stream, contests, vote essentially in real time on some of their reality shows. then there is this, netflix updated corporate culture guidelines for the first time in five years. they say, be prepared to work on content you may not agree with and if you don't like that, you can quit. how do you like that, ashley? they're saying it for viewers to determine what they want to see. ashley: fair enough. short, sharp, sweet, says it all. if you don't like it, quit. i kind of agree with them there. lauren, thank you very much. i do barbecue on occasion in florida. anyway, move on, take a look at the airlines. they're facing a severe shortage, pilot shortage that is. do they have any solutions or you know, take a crash course, that is a terrible phrase for a pilot. lauren: some of it sounds like that. the best solution so far is raising the retirement age by two years to 67. but there is also talk of dropping some of the requiremen

docusign down for percent after a downgrade over at wedbush.ves saying this is one of the areas of the tech space that will have more pain. carvana down the better part of 5% after getting cut at wells fargo to equal weight. this stock down 83% since its peak last august. tom: carvana, come on. help me with this. it operates an online platform? lisa: for cars. very --kailey: for cars. very popular during the pandemic, but a story that has changed dramatically as the world emerges from the height of covid-19. tom: it is a font of free cash flow. let us not forget, kailey leinz, "crypto," is this today? kailey: it is, what a clock p.m. eastern on bloomberg tv. thanks for the plug. jonathan: why do you seem so confused by this? tom: i'm not so confused. i cancel the "surveillance" nap to watch "crypto." jonathan: is matt back today? kailey: he is not, kriti gupta will be in the hot seat. jonathan: you've got friends. kailey: lots of friends. [laughter] jonathan: lots of friends. tom: lara rhame joins us of at have -- of fs investments area this we

dan ives of wedbush as well, and julie beale of kayne anderson resnick. a lot to break down.: i am particularly focused on dan ives, on his reaffirmation of tech resiliency here. as david stubbs said, if you are looking out a three year, five year view, that is complete you different than trying to game the fed to july 27. jonathan: we have been looking at the carnage year to date, down 25% on the nasdaq 100. what a move. lisa: has this basically been capitulation? i was looking at some forecasts, including from peter oppenheimer, who said it is time to come in and start buying. how many other people like david stubbs are saying maybe in the short-term, but over the longer term, how much do those growth concerns start to rear their heads as we head towards the end of the year? jonathan: what is interesting is it was bonds. the 10 year down another step in basis points right now -- another seven basis points right now. lisa: which catches my attention because people are looking at the reaction function as a haven which is not served for the bulk of this year. jonathan: we will

. >> maybe one reason that wedbush said earlier in the week that $54.20 is out the window we'll watchf hours, nvidia and snowflake as we get a mixed market that's been lasting all morning long we sending it to the half. >> carl, thanks so much. welcome to "the halftime report." i'm scott wapner front and center the stateof the tech trade nvidia earnings looming large. we'll discuss what is at stake for the much troubled tech sector with the investment committee. joining me for the hour, carrie firestone, joe terranova and pete najarian. i'll show you the markets, 12:00 noon in the east trying to build some gains together the dow is higher by about 40 or so s&p 15 1/2, we'll call it 3957 but watching that

meanwhile, netflix moving higher after wedbush out performed from neutral and saying investor confidenceo be restored and carv a, na issued a new operating plan to rapidly reduce expenses it's down 80% year to date and eli lilly, following fda approval of the type 2 diboaties treatment. out performing the bottom markets this year. up 12% let's now get to tyler matheson for a cnbc news update >>> thank you very much. and here is your cnbc news update at this hour. the suspect in this wekd's california church shooting has been charged with one count of murder and five counts of attempted murder he's being held on $1 million bail they don't yet know of any motive for the shooting that occurred at a church in laguna woods, california. police have now released the identities of the ten people who died in a mass shooting in a buffalo, new york supermarket on saturday three others were injured. majority of the victims were black and officials are investigating it as a possible hate crime they say the suspect, who has pleaded not guilty planned to continue his rampage nearby if he has not been a

. >> maybe one reason that wedbush said earlier in the week that $54.20 is out the window we'll watch that, guys, fed minutes in a couple of hours, nvidia and snowflake as we get a mixed market that's been lasting all morning long we sending it to the half. >> carl, thanks so much. welcome to "the halftime report." i'm scott wapner front and center the stateof the tech trade nvidia earnings looming large. we'll discuss what is at stake for the much troubled tech sector with the investment committee. joining me for the hour, carrie firestone, joe terranova and pete najarian. i'll show you the markets, 12:00 noon in the east trying to build some gains together the dow is higher by about 40 or so s&p 15 1/2, we'll call it 3957 but watching that 3900 level for obvious reasons. let's see if we can work back towards 4000 as well there's the nasdaq really the place to watch every single day, considering the fact how much it has been down. 2.75 is the 10-year note all right, pete, so the nasdaq, we'll call it down 30% from its highs. while you were rewarded on the way up by the generals, the

and you also have the smh etf having its best month since november another note that came out from wedbush china over the weekend and this bodes well for the iphone 14. we also know tesla shanghai manufacturing building added a second shift so we're seeing production ramp up over there, so these bode well for the entire sector. lastly, on the nasdaq, some of the strongest names today are the chinese e-commerce companies like jd.com, like baidu. you can see jd.com up about 5% big question, though, sara, will the chinese consumer be like the u.s. consumer? will demand surge once people can headout to the stores and shop and buy all these goods we'll see. >> no, it seems like there would be a lot of pent-up demand after people have been locked in for 60 days or so. kristina partsinevelos, thank you. i also look at yinn which is the triple china bull etf. it's up 10% or so. i guess the question is, is this a great opportunity as we saw when the u.s. emerged from lockdowns, or is there just too big of a risk as long as china sticks with the zero covid policy they just go straight back into it >

. >> we don't know what's going on with the deal with twitter i guess the concern is china wedbush anding the flag on china. >> i hate the fact that it's a top six name in the qqq. i think it's going to drop out of that top six in the not-so-distant future. i think the stock has a lot of room to run. if a large part of the premium in this stock is because of the aura of elon musk, he's unraveling before our eyes on twitter. the company that he wants to personally buy but can't afford to buy it because tesla stock keeps going lower. so i think this is a big mess. i'll just say the last thing i've been in the markets 25 years, sara. every single mania and every cult stock leader have all imploded this is the last one and i think it's starting to happen. i would not be buying this whatever he thinks is funny about the price of the stock. >> okay. let's hit the broader market because we have seen a pretty strong rebound into the close. huge intraday comeback dow, s&p 500 and nasdaq on track for reekly losses. real estate, health care, energy higher consumer discretionary and industrials ar

and even a major reversal by noted netflix bear and wedbush analyst michael pachter not doing much to lift up netflix shares, upgrading his neutral rating on netflix to outperform citing the streaming companies decision to now spread out its content. he says that's going to limit subscriber churn which in turn may help netflix exceed second quarter guidance, but netflix only getting a pop of just under a quarter of a percent. last week stablecoin collapse may have shaken out more than just the speculators in the space. venture capital legend and bitcoin believer tim draper declaring there's no point in a crypto peg to the u.s. dollar. i caught up with tim today at the 2022 draper home security token summit here in new york city. up next, wait until you hear what he has to say about unstable stablecoins, his big bitcoin price prediction plus an early investor in crypto exchange coinbase, what did he make of the ceo declaring coinbase is at no risk of bankruptcy. we are 49 minutes away from the closing bell ringing dow is holding on to gains of 176 points, you're watching the "clayman c

wedbush upgrading netflix, after holding steady at an under perform since 2011 that's more than ten years today's over valued, undervalued. bullish on the platform adopting ad supported subscriptions saying netflix is in a position to exceed its second quarter guidance adding that the company's staggered release of "stranger things" and "ozark" could reduce churn as well live streaming for unscripted shows and standup specials, that first reported by deadline yet another potential business line, but on the other hand they are still facing a lot of post-pandemic headwinds, tough competition, slowing growth, falling subs that stock as you probably know is down more than 70% since november as the investor optimism on the netflix story, john has done a complete 180 it's more common to hear now, it's streaming even a good business, but where netflix was leading the way for so many years, all of these things kind of feel like it's catching up. ad-supported model, live streaming, even gaming. >> while this market tries to take companies from hero to goat pretty quick that's not always that simpl

this morning come in a wedbush note, bearish note, removing them from the best ideas list.take our money and grow at the same time. we use it all the time but they're facing inflation as well. stuart: these analysts are predicting it goes well above 3,000 bucks. lauren: the average price target is 3580. they're at 2447 now. stuart: we'll see if they have another look at it soon. what about roku? they are up. lauren: apple music is available on the roku streaming platform. that is a win for roku up 6%. stuart: global payments, don't know them. what do they do? lauren: point of sale company, number one in terms of losers on s&p 500. look, their profits rose 24%. sales grew 8%. outlook, investors didn't like it. down the stock. stuart: food prices, usda said we'll be paying more for meat this summer, certainly by the end of the year. we're paying a lot already. lydia hu is at a meat market in queen. how much is the owner raising meat prices? tell me. reporter: stuart, the owner here told me is forced to raise prices five and 10% across the board. that is impressive it is not m

to store, give and receive cryptocurrencies without leaving their web browsers that was monday s wedbushg saying their fry cash flow burn was $496 million in fiscal 21 just saying. first, though, as we go to break, a message from cnbc contributor, as cnbc celebrates asian american and pacific islander heritage. >> when i moved from india at 12, i was raging at the world. as i slowly assimilated, i came to under it was important to understand other people's views, cultures, but yet also maintain your own in today's environment, it's important to make sure you keep your own identity. you don't always have to assimilate that doesn't necessarily mean you have to disagree it means be your own person, have your own ideas. self-driving cars. our power grid. water treatment plants. hospital systems. they're all connected to the internet... and vladimir putin or a terrorist could cause them all to self-destruct... a cyber 9-11 that would destroy our country. i'm dan o'dowd and i wrote the software that keeps our air defenses secure. i approved this message because i need your vote for u.s. senate

wedbush saying a lot of work ahead on the supply chain.irm's -- stabilizing expectations rbc, saying wiping away the mud a, number of of positives. they have $17 billion in cash on hand they say that will be enough to get them through the buildout of the georgia facility, and the yafrp-up to the r2 models, the next generation of models, not coming until 2025. it's going to be a while before we see profitability that's what the analysts are talking about this morning, and yes, the stock is getting a little bit, little bit of a bounce but way down from its ipo. >> the stock is a bounce, speaks to what we've seen in recent months lucid is up 14%, leading the nasdaq 100 higher. we've talked about this before, phil, there are some fundamental issues facing this industry that will not go away battery supply and the materials going into those batteries. >> there's two points there, morgan, first of all, in terms of the raw materials that go into those batteries there's not enough mining that's going on around the world and the prices are going to

dan ives of wedbush said we're only 40% there. >> at a high level, we still think the cloud is one of drivers that said the cloud is not immunity, right and amazon being the largest so to the extent we see a slowdown, we saw it out of alibaba. we actually lowered our cloud estimates, that was somewhat of a surprise, and we think you're going to see probably the same thing coming out of aws we art -- art so far it's temporary. >> the stock got a pop last week and up against, in the hopes it may truly be coming to an end, what are your thoughts >> i think what we saw last week was a relief rally the numb ers and if you go back most analysts, honestly lower expe expectationsll i did indications are things are starting to improve. beijing we're starting to see increased mobility particularly the platform economy, and all the delist ing. >> we seem to be -- we're cautiously optimistic. we spent time last week with the ongoing losses,. >> yeah, so on the first issue, we do believe we talked to a lot of industry players. it seems to me that what snap has seen is not 100% specific to snap, mo

twitter analyst dan ives of wedbush, he continues to believe the twitter deal is 100, 150-dollar overhang due to musk's leverage. wrong deal, wrong time. if he walks away, pays the billion dollar breakup fee it will be challenged in court by twitter board and management. the twitter deal expects it to go through 54.20. twitter got a whole lot cheaper in the social media selloff, snap's warning, missing guidance for the year. meta, google, everybody else seemed to drop in the session. $135 billion market cap wiped out by snap's 40% drop. ad sales, ad sales are not growing like they used to, because of a slowing global economy and ukraine. now twitter, neil, depends mostly on ad revenues so a lot of people think that 54.20 looking pretty pricey here. neil: a long way from that as we speak. susan, thank you very much, great reporting my friend. ray wang, constellation research, ceo, great author. ray, i wonder whether this twitter thing will ever happen with musk. what do you think? >>> you know i think it is a negotiating tactic right now. valuations susan was talking about, they're really

. >>> joining us now is dan ives of wedbush security.a couple of different views already this morning. hearing a second bear market and someone else said, no, this is a situation where it is a great buying opportunity i know you are saying people should be buying these things. do you have conviction on all of these now? >> you look at enterprise. cloud, microsoft when we stress test our model, we are buyers here we are going to be the haves and have notes of tech you want to be playing advertising software we were bullish and hand holding. it is just fearful of an environment going back to 08 and 09 from the names in our playbook >> we just talked to uber. they are saying, look, things are going to be different. there is not going to be a situation of seeing those losses you look at shopifies and they are making money >> that's just it. you look at names like microsoft and palo alto and apple across the board. you cannot just sit here and say tech is done i think you have to separate it. a lot of people are yelling fire in the crowd thea

we're at more of a stock picker's market, but the nasdaq extending its losses >>> let's bring in wedbush week we've had and the weeks to come. a lot has been made of relative strength in cloud, or at least enterprise demand. i wonder if you think that's at risk now, if asset values and budgets get a harder look going into the second half good morning thanks for having me on. i think one theme of earning season has corporate cloud demand has been robust so i think cloud demand is not going away we'll still see shifting to the cloud in the years ahead, but clearly you want to stick to a more valued names in that basket i was looking at my screen yesterday, and snowflake was probably the most inbound that i got from my clients. there were three stocks that were trading north of 40 times sales -- snowflake, cloudflare, and look at them today there's just no appetite for these stocks still trading at elevated valuations just kind of amazing how quickly, you know, sentiment has shifted since the powell and fed took a different path in late q4. >> right is there a good explanation why inflows h

. >> today wedbush removes amazon -- >> other than the fact, look, just read the first six paragraphs in the amazon report, we sold a lot. why am i in this what's the point >> given what's happened to s&p earnings yields which we'll talk about after the break, a lot of people may be asking that same question when we come back as we said, david is at milken today with the ceos of apollo global and carlisle and goldman, that's all coming up this hour next take a look at the premarket april just a brutal month, and we'll see what we can get may started with with the dow futures turning a little bit more green we're back in a moment >> of course bonds can swindle the equity investor, do everything, inflation, i should say swindles the bond investor too, and it swindles the person who keeps their cash you should their mattress it swindles almost everybody, and t and the problem, if you have a business that doesn't take any capital, and let's just say the dollar deappreciates, you can charge ten times as much, and u' kt ur relative position, but most businesses take some capital. as a busin

now according to wedbush, we could be looking at some fireworks, because you have that signed twitternow put that on hold so how many actual real users are there? i think that's the big question mark at the shareholders meeting stuart: will they get an answer? >> musk says 20% you have twitter saying it's 5% and they say that through their sample, the random sampling that's the number they are sticking with. i'll tell you this that wall street doesn't think this deal is going to go through at 54.20 no way, we were trading at $35 yesterday, so do we get a lower offer, does he walk away? i'll tell you this also is that the snap crash effected everybody obviously. all the social media stocks fell , so meta, twitter, even google and alphabet had one of its worst day since 2020 because of that falling guidance from snap talking about the macroeconomic environment and how gloomy it looks out there. stuart: i think you could call snap a crash. when a stock loses over 40% in one day, i believe that's a legit to call that a crash. >> just the bottom markets because we talked about the fact tha