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tv   Tech Check  CNBC  October 8, 2021 11:00am-12:01pm EDT

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>>ic loo looks like an upweek. those yields are interesting 1.6 on the tenure and making it the banks and cyclicals doing well today >> that will do it for us here on "squawk on the street." have a great weekend, everybody. "techcheck" starts now. good friday morning. welcome to "techcheck. today the job's number is definitely in focus. dow on pace for the best week since june tech stocks in the green to wrap up a rough week for that sector, though are they oversold. tesla investors and what we learned from elon musk last night. later on facebook may be weaker than we thought we'll talk to kevin russ of
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"times." first, a tricky week for tech investors the nasdaq swinging 100 points between yesterday's lows and monday's highs dom chu will break things down >> that nasdaq trade has been one, yes, we have seen massive moves to the downside on monday to see a more constructive move to the upside over the course of the next four days including today, which puts us, by the way, net net up 0.5% on a one-week basis even after all the hoopla now on a year-to-date basis to give you an idea where we are all the etfs that track it we're just now half a percent below. 0.5% below the record highs that we saw over the course of, you know, just the 5% below the record highs and about 0.5% some of the moving averages some folks are looking at 5% below record highs and seeing if it can make another campaign towards that level and we'll see if that sticks now where the action has been,
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of course, very much so in the mega cap technology trade. certainly wants to watch on a one-week basis if you take a look at the trade for apple, microsoft and alphabet, very respectable. apple up half a percent but microsoft up 2% and alphabet,a well the three biggest companies in the s&p 500 turning in a positive week along with a broader market for the nasdaq. meanwhile, take a look at some of the other star performers those are good and, yes, they carry a lot of weight. but if you take a look at the trades that really panned out for the nasdaq these ones in the nasdaq 100 advance micro all chip companies and a strong week. marvel up 9% and advanced micro up 3.5%. some of the biggest gainers on a one-week basis the biggest gainers within the nasdaq trade, chinese internet it's been a while since we talked about those stocks, but, yes, they dipped a lot over the course of the year, but look up 15% on the week. up 11 and, yes, that tech
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trade, john, very much in focus with some more attention being paid to those big chinese internet names listed here in the u.s. i'll send things back over to you. >> with marvel investor day this week that probably helped, as well meanwhile the lone star state getting a little less lonely as tesla moves its headquarters to texas. phil lebeau has a recap of last night's annual shareholder meeting. >> the headquarter move did get most of the headlines and that's understandable that's a big deal when a company as big as tesla says we're not going to stay in silicon valley, we're going to go to texas some other news investors are focusing on. a lot having to do with manufacturing and where the company is right now as it continues to ramp up its production it will begin production at the giga factory outside of austin this year. but you're not going to see the cybertruck this year, we'll talk about that in a little bit the supply chain remains under pressure, according to elon
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musk they're seeing that in a variety of areas in terms of their costs moving higher. their headquarters, yes, moving from california to austin in part because of costs. he said it's cheaper housing down in texas and little more space. for a lot of reasons it makes sense but they are not, not giving up on california completely >> we will be continuing to expand our activities in california this is not a matter of sort of tesla leaving california our attention is to actually increase output from fremont and from nevada by 50% >> and they expect that their sales will continue to grow at a pretty strong clip provided they have the semi conductors that they need. i want to show you this. this is the ev market share. according to llmc automotive which crunched the numbers and tesla has the dominant share in this market. the model y, according to elon musk, the top-selling vehicle within the next couple years of all vehicles worldwide
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real quick take a look at shares of tesla up to 940 from 760 and with regard to the cybertruck, guys, we will not see it go into production until the end of next year remember originally they said w might be able to build a few in 2021 that's not going to happen production will not start until late next year and really ramp up in 2023 >> question on the labor aspect of this tesla headquarters move. of course, we just saw the jobs numbers this morning really tight labor market, so you need to cater to the workforce and its needs. how much of a sense do you have or what are you going to be watching to see whether this is more of a tax move of, yes, moving their headquarters but they still have a huge presence in california or if this really is a significant move of the workforce to texas >> well, i think, you know, it depends on how many of the workers while they are claiming that they're part of the headquarters, but they have offices over at the fremont
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plant. look, that fremont plant, john, last time i was out there, ridiculous how packed in it is it is bursting at the seams. so, they are land locked there, as you know. not much room to move around the question becomes as they hire more engineers and hires others working on r&d and will they put them at the fremont plant or by the headquarters outside of austin, texas i wouldn't be surprised if they put them by the headquarters in austin, texas, that is a greenfield project and a lot of room to grow there >> phil, great stuff thanks so much busy week between gm and tesla our phil lebeau. third quarter results roll in, a lot of analysts cutting their earning estimates including facebook, amazon, google but our next guest says it's excessively pessimistic and these companies could be poised to beat the street joining us this morning nick, what a pleasure to have you back good morning >> good morning. >> i love your line from earlier
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in the week, i believe in 30 years of covering u.s. equity markets we can't think of a time when an analyst underestimated u.s. corporate earning power in any given year. are you referring to tech or the market at large? >> it is actually both you know, at the start of the year for the s&p, the street was looking for like $167 a share. we're going to do 200 plus this year and that's been the reason the market has gone up it was exactly the same way for tech every quarter this group in the market as a whole has outperformed earning expectations and we think it will happen again this quarter >> we've seen a few examples outside of tech so far this week pepsi, constellation, levi's better than expected commentary on margins and supply. do you think that's the canary for the quarter? >> it is companies do have to face a lot of logistic challenges and we heard some prereleases in the last month that warned about that but at the same time, now we're
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walking into the bulk of earning season and the numbers and we're talking about tech mostly and in every single case the q3 numbers are below the q2 actuals every big tech apple, amazon and so forth that seems very low given we had economic growth and better employment data and global growth so, the backdrop is very positive and the numbers are still quite low. >> nick, do you think it's possible that we'll see these tech giants not move together after earnings and that we'll see a divergence because they are facing wildly different issues i mean, just look at facebook versus say amazon. >> yeah. exactly so and amazon really hasn't been the standout by the way for analysts cutting numbers at the beginning of this quarter they were looking for $15 a share. down to $99 a share now because the company has been talking about logistic challenges. that is sort of the downside story in tech. but you do have more cyclical components google being an example where numbers came down for google over the last 30 days, but a
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very cyclicy oriented ad-based company where spending by corporations should be rising as the economy recovers so, i think your point is well taken. a divergence and with amazon, especially, it already has been. >> nick, i'm hearing a lot of concerns from ceos about supply chain but specifically about labor's role whether it's trucking or shipping issues. just the ability to get stuff to places do you see tech as eventually being affected by that perhaps of labor costs, the cost of talent or is it insulated because software, you know, it's bits and bites. >> so far tech has largely been isolated except for some of the more physical items within tech. and let's not forget with facebook or google or these companies. we're talking about companies with very high gross margins and very high net margins and so they do have the ability to pay a little bit more or recruit where they have to to get the jobs done and continue to see the growth so, i'm not too worried about
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margin compression in tech relative to industrials or the more cyclical areas that don't have that kind of incredibly strong margin structure. >> well, i know we were just talking about tesla, nick, i know you made your bones covering the auto sector years ago. i wonder, i mean, to what degree should we worry about chip supply, whether it's coming from overseas or even the time that would be involved in repatriating a lot of those supply chains. >> you're right. it is a big issue. i expect to see the auto industry and industrial companies generally try to figure out the supply chain issues by onsourcing or insourcing or having suppliers build plants to where production is these global supply chains really snapped this year and that's been the big take away from 2021 and some measure of readjustments over the next five or ten years to bring those supply chains closer the production system really kicked ed things off in the 50d we become full circle where
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manufacturers want supplies closer to where the end product is assembled >> supply chain resilience, as well as efficiency going to be fascinating over the next few years nick, great insight, as always great to see you have a good weekend. >> you, too. and speaking of big tech, google making headlines after announcing it would no longer allow ads or monetizamonetizatin the new policy that will impact publishers and even youtube creators now their reasoning is that a growing number of advertising partners simply don't want their ads to appear next to this content. this policy will be enforce would a blend of algorithms and human moderators and will go into effect next month now, john, what's notable here is that this means that people won't be able to make money on climate change denial content, but still be able to put it up on youtube and you have to wonder if maybe appropriate for google to think about actually
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censoring some of this stuff and then you get into all these complicated issues about what they should censor and what they shouldn't. >> i want to come at this from another side it does make sense that if they no longer put advertising next to it, it's disincentvising for people to create this cont tent if they want to make money but if their reasoning, to me based on advertisers and not based on science and fact, what other content do they perhaps stop putting advertising next to because they say, well, it's not popular with companies that seems like perhaps a slippery slope >> yeah. and it's very close to what mark zuckerberg's blog post was all about. look, we're not in the business of creating content that advertisers don't want to be seen next to curious in the case of google, julia, we were last week when the headline out of youtube they were restricting content that led to false information regarding vaccines
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it is interesting to see youtube in a couple weeks make two very significant steps. >> very significant steps, carl. but i would note these are in different categories right. i do think that advertisers and historically, john,e advertisers say i am advertising for a kid and there is the advertising question which is a strategic one and really the more ethical question and i think that's where they're going to face more challenges navigating that line. but increasingly whether it's about vaccines, climate change denial or the kind of content that could incite violence, something that facebook had to reckon with. >> what i wonder if they could have just said we're going to make it easier for our advertisers to say they don't want to be next to this content ask the nones that don't mind could be next to it. more to it than that. the ceo of service now is
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time for a gut check alibaba having a good week three-day win streak with shares up over 11% week to date the stock getting a boost yesterday alongside other chinese tech names on news that
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president biden and president xi jingping plan to hold a virtual meeting before the end of the year alibaba a top stock on wall street bets and still 50% off its high for the year. and servicenow announcing a new partnership with $11 billion german software company celonis to redefine how work flows combine the prosecution execution capabilities with work flow platform to provide new solutions to customers let's figure out what all that means bill mcdermott and alex rinke. guys, welcome. bill, you're also making an investment in celonis as part of this and this is really deep into the data that runs business so, what is this going to allow servicenow's customers to do what is it going to do for the attractiveness of building on the servicenow platform? >> thank you, john as you know digital transformation is the opportunity of this generation and if you look at the market
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for hyperautomation platforms like servicenow and like celonis, we are the ones that effect the business processes that have been broken for a long time the x-ray that celonis provides studies the problem and where the business processes are blocked and then the action platform of servicenow redefines the process and how the work flows to get stuff done. so, this is really a big win for our customers. >> alex, i'm hearing more and more in the marketplace about servicenow's reach as a platform versus salesforce versus some other places what is this deal going to do for you as you try to grow this company and, you know, the use of the tools datawise that you're offering? >> yeah, thank you, john i mean, i couldn't be more excited to jump into this partnership with bill. we go way back together.
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we partnered before. and i think he is, you know, a tremendous executive but servicenow is a tremendous platform really a platform that companies embed across all of the different processes. on top of any system in any industry to execute modern, digital work flows i think it's the number one platform in that space so, what celonis does is we bring all the data and insight into these business processes so that companies can combine the realtime insight and action across any different business processes no matter which systems they use currently and i think, you know, mentioned the market and it's growing very, very quickly i think this combination is by far the most interesting and leading platform in this space and allow our customers to establish a new kind of operating system for their business >> and, alexander, you recently
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partnered with ibm, as well. tell us about the strategy of doing these partnerships as opposed to making acquisitions or trying to build some of these tools internally >> yes, so, i think our customers is expecting a connected ecosystem of leading technology companies and services companies like you mentioned ibm to deliver digital transformation to them we want to build the best technology in what we do execution management and partner with the best, you know, both software companies and service providers to allow our customers. >> bill, we're in a light labor market as the morning's job numbers show and you're very much in the intellectual property business. how is that influencing the way you hire, where you hire are you staying in california? are you growing in california as fast as other places >> yeah, john, we are very committed to california.
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you know, we were founded in san diego. we have a big office in santa clara and those are the biggest locations we have for developing software around the world. so, we'll continue to focus on california's home base you know, it's pretty clear to me it is on and you have to have a leading platform and highly innovative company to attract the best talent. it's harder to get into service now than it is stanford. we're pretty proud of the fact that we've been able to attract the very best and we have increased jobs by the thousands since the pandemic started and i thank alex very much for his kind remarks he has a great platform and complements us beautifully and i think the ecosystem specific of young talent coming out of universities and looking at platforms like celonis and servicenow these are the 21st century leaders and i want to be with the 21st century winner and that's why we're attracting the
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best growing jobs and serving customers very well based upon our results. >> let me close this out with you given that you're dealing with you're building a platform for realtime information so that companies can make decisions what are the types of decisions perhaps different from a couple years ago that customers are needing to make and that they're leaning on you to give you more tools to make in the future. >> great question, john. so, it's really across the business customers have to have data in realtime embedded in every decision and every action. because, a, the competitive pressure is higher than ever customers expect better experiences and also the world is changing fast so, let me give you an example we see massive adoption of celonis in the supply chain. now with inflationary pressures, customers want to exactly understand when which material in realtime so that they can get the best price how do they need to adjust their
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a automanagement processes to make sure they're not losing money? other examples on the customer experience when the customer calls you, you want all the data to take the right action to make the customer happy i think it is across the enterprise and the idea is to embed in every idea all the way from the leadership down to the individual contributor >> all right we'll see how celonis and servicenow work this together. alex, bill, thank you. >> thank you, john >> thank you, it was a pleasure. keep an eye on apple today morgan stanley says demand for the 13 off to a solid start. lead for the pro and pro max the longest of any model over the last five years at this point in the cycle. plus, investors own tesla for the same reason ted asso wins television according to our next guest want to hear why it's coming up after the break yo
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welcome back to "techcheck" we're resetting near the bottom of the hour. i'm carl quintanilla with julia boorstin let's get an update with frank >> nonfarm payrolls increased by 194,000 well below what economists expected. but unemployment rate fell to the lowest level since february of 2020 just before the pandemic hit the u.s. crude oil tops $80 a barrel in the u.s. today. first time that happened since 2014 opec has been keeping supplies tight, even as global demand increases. 80% of cfos responding to a cnbc survey say they totally support president biden's push for covid mandates for the second straight quarter
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ranked the covid pandemic as the biggest external risk factor facing their companies much more on that survey later today. >> great stuff, frank. and certainly a threat to everyone, indeed meanwhile, tesla held its annual shareholder meeting in austin, texas, monday. ceo elon musk confirming the company's move to the lone star state as tesla continues to face cost pressure from the global chip shortage. >> our goal really is to make the cars as affordable as possible we are seeing significant cost pressure in our supply chain and so we've had to increase prices and at least temporarily but we do hope to actually reduce the prices over time and make them more affordable. >> our next guest thinks that most tesla shareholders don't hold on because of fundamentals, just like ted lasso, they just
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believe. joining us now new yorker contributor charles duhig. charles, explain to us why you're comparing elon musk with a fictional soccer coach from an apple tv series. >> deciding the way you win is simply to believe strong enough. a great way to win soccer games on a tv show in the real world a terrible way to choose which stocks to own. at the end of the day, there are these fundamental truths which regardless of how much you believe and how strongly you want it to be true, the market doesn't care and tesla is going to succeed and fail and its price is going to go up or down and probably down because it couldn't possibly go up any more se sensibly not because people believe in it, but because of market fundamentals >> well, charles, i got to push you here on basic facts around the big news they're moving to texas and have lower taxes and maybe easier access to labor. you know, better ability to hire
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as they deal with trying to scale and musk addressed their competitive advantage and he said if they're only going to be able to maintain a compettive advantage if they could have a competitive advantage in manufacturing. all cars will be electric and eventually all cars will be autonomous not sure if that is entirely the case but how do you address the fact that he is making this move to help the financials with the business >> for the next year or so, sure, that's fine. but the question isn't what happens in the next year no company suddenly becomes more profitable because it moves to texas. if that was true, all silicon valley would have moved to texas. what matters much more is this question of elon musk disciplined enough to take advantage of this advantage that he has right. we've seen this play out in the 1950s henry ford created an amazing car company he popularized and proved that you could mass produce automobiles and then alfred sloane at gm was a fast follower
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he looked at what henry ford did and he said, you know, i'm more disciplined. i can do this better and gm sped past ford and never looked back. that's exactly whaut's happenin right now. elon musk has proven that you can build electric cars at scale and there is market for them gm and every car company is going to be a fast follower. they announced they'll spend billions of dollars and sell electric cars for less and the question is is elon musk disciplined enough to press the advantage now that he has it just talking for me, i know more about elon musk's personal life than i know about my brother's personal life. they just got hit with $137 million judgment for having racist work policies in one of their plants he's someone who spends most of his time talking about going to space and trying to thumb his nose at california and say he's moving to texas because he thinks california is too mean to him. that doesn't seem like a disciplined ceo.
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and going forward, the question is, if you have to bet, do you bet on the disciplined company or do you bet on the company that's run by this really entertaining, great character to watch but you're not certain what he's going to do next week much more next year. >> i get it, charles but we've literally have been saying that for years and i think others would argue that his ability to ramp up does imply some level of discipline the exact thing he says he doesn't have >> well, just to be clear, the car company, the tesla only sold half a million cars last year. right. compared to general motors selling 6.8 million cars and tesla right now valued ten times gm so, although he has been somewhat disciplined, i think the bigger question is, what should we expect going forward and you're right, we have underestimated elon musk at every step of the way and the shareholders who own those shares right now, they're not going to abandon him because they're not trying to decide whether to invest in gm or tesla
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but buy more dungeons or dragons dice there are people not looking at market fundamentals to figure out where to invest. for your audience and all of us, we should take a step back the biggest risk as i see it is that elon musk keeps on making the bigger and bigger promises they will roll out fully automated driving next year that will let you move the car without putting your hands on the steering wheel or having to think about it if 99% of those go well and one results in a death, which one do you think will get all the attention and all of the coverage >> sure, sure. but we've seen that happen in the past i listen to what you say, got to take the other side, though. it keeps it interesting. people said steve jobs was tilting at windmills and people said, hey, the ipod, where do you go from there? still just a tiny piece of the pc market and that is really what matters but really a platform being built. nobody sped past apple in
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smartphones. samsung was supposed to do it. we were talking about how much samsung is down. why can't that be the case here if tesla is not just building cars but an autonomous driving platform and juggernaut. >> i love to believe, too. i think it's fun so i'm so glad elon musk exists. in a fantasy world, i would love to believe that. >> not just belief, but he's actually built a company that stands for those things and a brand, in and of himself that gets people to pay attention to those things that is real value, right? >> he said they're going to sell 20 million vehicles per year by 2030, which means they would need to built simply to hit those numbers build 36 new giga plants over the next eight or nine years there's no indication that they managed to do that in the past, right. so, even if he wildly, wildl exceeds the expectations of most people, he's still falling short for what he says he wants to do.
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maybe we should applaud him for being audacious. i do but at the same time looking at the stock price right now. no way to say that that stock price makes any sense unless every single thing goes exactly right. i'm not saying tesla is going to disappear. i am saying that we should take everything he says with a grain of salt and the best authority on this is elon musk himself he has said in the past that he says things that aren't true that he tweets things that he doesn't believe. he has said that his stock, he believes his stock price is out of whack that it's too high because he's someone who dreams and he believes. >> he actually reiterated that at code last week. i don't know if you know this, we're reporting this morning that spacex has hit $100 billion valuation after a secondary share sale and i wonder whether or not you think in some time he turns his attentionto starlink and space and the falcon and turns tesla production over to a real operator. >> possibly.
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that's exactly what he did with spacex gwen does an amazing job running spacex and i reported on spacex and tesla and what i was told there are rules about elon musk about not being able to hire and fire people inside spacex because everybody realizes guan is the operator. if he did the same thing with tesla, it would be amazing i'm not saying he hasn't done amazing things, i'm saying when you're trying to figure out what the future looks like, it's wonderful to believe particularly in an environment where we haven't had a recession in so long that it seems like we're living in a fantasy land right now. but at some point just like rockets, everything comes down to earth >> yeah. >> i'm not certain that elon musk is the guy who's ten years from now we'll look back and say, actually -- >> self landing and reusable rockets. >> trats true. that's true. they had a lot of explosions along the way. my guess is that tesla will have some gravel in the road that no one's expecting right now.
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>> well, we appreciate you coming on to talk to us this morning, charles for what it's worth, tesla shares are down about 1% right now. now one of the hottest new areas in tech is industrials seema mody has details for us. >> supply chain start ups are being chased by venture capital money. so far around $45 billion raised in 2021. that is a new record surpassing last year's $34 billion. that data according now general catalyst bessemer trust and bill gates among the prominent names backing start ups offering supply chain solutions just this year lux capital allocating 150 to $200 million in start ups like nozomi specializes in cybersecurity for the industrial sector. just raised $100 million in series d and then fictiv which
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anticipates supply chain shocks raising money from a number of investors including honeywell. the major publicly listed industrials have been very active in the private market this year. general electric, john deere for $250 million which specializes in camera sensors that enable tractors to work in a field autonomously in the past getting acquired has been the go-to strategy for these industrial tech firms but with this surge that we're seeing in venture capital funding and supply chain just becoming a bigger issue across many different sectors including agriculture, retail, shipping, a number of companies going public this year. many taking the spac route and glenn solomon says he sees it picking up pace in the next couple months. >> thank you very much, seema. meantime, heard of momentum global the stock is popping after a board potential sale of its company survey monkey after
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receiving takeover interest. shares up as you can see this morning. we'll watch that as "techcheck" is back in two
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start ups in latin america
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are seeing more investment dollars than ever. kate rooney joins us now with that story >> venture capital investors are flooding into latin america and see big opportunities there especially in fintech and ecommerce so far the region has brought in just under $15 billion in vc funding up three fold from a year ago, according to cb insights and fintech in particular is booming. in the third quarter of this year more than 50 latin america fintech at more than $3 billion, according to pitch book. investors and i have been talking to point to a young mobile native population with some of the highest internet penetration and engagement rates in the world but ecommerce there has lagged historically until the pandemic, though, that really forced a lot of the world to start using delivery services and moving most of their financial lives online investors also point to a lack of existing infrastructure, as well as a large underbanked population and as sequoia put
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it, that makes it ideal setting for the internet economy to disrupt the real economy especially right for digital banks. the regulatory regime there especially in venezuela and mexico is pretty supportive of what is called open banking. those two countries in particular have new laws that make it easier for new digital banks to come on the scene arge argentina, chile and perrue are expected to follow new bank one of the most valuable private companies in the world at this point. $30 billion valuation and berkshire hathaway is among its backers after a recent funding round and it's not just private markets but public and delocal is a hot ipo and sometimes calls the square of latam we also have melly on that list and visa and mastercards on the list with a
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growing presence in latein america. back to you. >> i wonder how the folks on the street feel about this thank you. and after the break, is the storm around facebook a cloud of extential dread? kevin rouse joins us next. delivt experience from anywhere. ♪ (whistle) ♪ going to tell you about exciting medicare advantage plans that can provide broad coverage, and still may save you money on monthly premiums and prescription drugs. with original medicare, you're covered for hospital stays and doctor office visits. but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare
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tesla to texas sign up for new cnbc investing club daily e-mails from jim delivered straight to your inbox exclusive insight on the good, bad and ugly in today's market just go to or scan the qr code on your screen to learn a bit more we are, once again, just south of 4400. "techcheck" is back after a quick break.the ri [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. the internet wasn't built to be a place of walls. but then the walls went up and choice became limited.
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what a week it's been for facebook large-scale outage on monday spanning instagram and whatsapp and a lot of potential regulation on the way. our next guest says and on the " magazine here to discuss it is kevin ruse great to have you. you talk about in your word, a steady decline that anyone who has ever seen a dying company up close can recognize. what leads you to that >> if you look underneath the surface of the facebook files where there is instagram and going after younger kids and what we find is a business story that is pretty challenging for facebook they are losing younger users fast in the u.s. their own internal researchers predicted teenagers' use of facebook would decline by 45% in the next two years that's a big numr and what you see overall is a lot of the company's moves are not
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offensive and they're defensive and desperately trying to get them back. >> others might say, look, revenue doubling in three years. an incredible print onearnings just in q2 would belie that. they're still making plenty of money and there is a real sense of desperation at the company especially among executives who see the cultural influence decline which is usually a leading indicator of where money and earnings are going go. they really haven't been able to introduce anything nearly as compelling as instagram for quite some time and their users are flocking elsewhere >> now, kevin, truist, one of the analysts that covers facebook closely came out and said that regulation will be a great thing for facebook and all of this criticism will drive the company to be stronger and more successful over time what about that argument >> sure, it's possible that
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regulation could enfrench incumbents like facebook, it often does and we've seen that in the banking sector and other sectors, as well, but the thing that is really bothering people at facebook is they don't feel like they have any wind at their sails. people are leaving a lot of top executives have left in the past couple of months and their recruiters are having a hard time getting called back and it's just not a popular place to be right now, and so i think that is actually worrying executives there more than the actual financials right now. >> kevin, no argument that facebook is under a lot of pressure right now and faces a lot of potential bad actions against it, but i think we can tend to be too binary when we call whatever it is, you know, is dead. pcs are dead, microsoft is dead, facebook is not dead messenger is doing fine. if you look at the numbers on how people feel and employees feel about mark zuckerberg and they're as high as they used to
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be and they're still pretty high might we be overdoing it here because that's the popular narrative? >> it's certainly possible, but the popular narrative is that facebook is an unstoppable juggernaut that needs to heal with aggressive regulation, but i think the counter argument to that is maybe they're just going to be competed out of existence like any other social network ever has and we forg edet that o social network lasts forever and there was facebook and some day there will be something else >> to that end, i wonder whether or not the likes of a tiktok or a snap chat have to capitalize on this impending weakness, if, in fact, it does happen. >> yeah. there's a strong case to be made that tiktok is eating instagram's lunch right now. there's some data in the facebook files that suggested that users, especially younger users are spending way more time on tiktok than instagram and
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posting original content and that's a challenge for them and the other challenges that historically, the way that facebook has reversed slides and usage is by acquiring its way out. it has acquired instagram and other fledgling apps that are popular with young pem i just don't think today's regulatory environment is one where they can acquire another popular social network i don't think regulators will let them do it >> and so, kevin -- >> go ahead, julia >> i was just going to say, what do you think they're going to do, then >> i think they'll try to monetize the users they have around the rest of the world remember, more than 90% of facebook users are outside of the u.s. they're don't bring in nearly as much revenue per user, but there are a lot of them and facebook will try to monetize that audience more heavily. >> yeah. definitely the m and a drawer does seem to be closing.
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great provocative piece. >> good to see you >> with "the new york times qwest qwest. if you missed anything on facebook, listen to techcheck, stny time, anywhere, wherever you download podcasts we'll be back in just a moment i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world.
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>> and one more thing after an 18-month delay, mgm's james bond's "no time to die" finally hits theaters and it opens this weekend and ticket presales are outstripping sony's venom. it set a pandemic record with $90 million opening last weekend. the question is whether bond gets anywhere near that number expectations are in the 60 million to $70 million range after the film grossed $120 million internationally last weekend. it is distributed by universal which is cnbc's sister company internationally. bond's performance hinges largely on whether older audiences feel comfortable returning to theaters. the franchise traditionally does particularly well with men over the age of 45.
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guggenheim says if bond nears venom's number is because the cautious older adult demos finally stampeded to the multiplex during covid and that would provide hope to those distributors with oscar bait releases theater chains, cinemark, amc are watching closely for indication of what is to come for this fall and winter the film does have a lot in its favor. why its release of any bond movie on over 15,000 screens it's the first bond to be shot in imax and only available in theaters and no simultaneous release and 14 brand partners including mega watches, and smirnoff vodka and those campaigns are valued at $1 15 million. so, don, will you be one of those that will go to see it this weekend >> not this weekend. the demographic that likes bond movies and also the demographic
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that can get vaccinated. this isn't a kids movie and you know, people want to have some fun. >> i saw a screening on monday night, and i have to say as soon as it started i had a feeling that it's something that you cannot re-create in your movie theater at home. we'll see what the numbers look like next week have a good weekend, guys. let's get to the half. carl, thanks so much welcome to the halftime report i'm scott wapner and the jobs sxhis what that means to your money and what matters most in the market brynn talkington, and jim lebenthal and jon najarian let's start with a check on the markets. what a volatile week it has been as we wrap it all up the dow's good for eight s&p's down a couple and the nasdaq is where the action's been and the volatility is down 1/3 of 1% and approaching 160 approaching 16


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