Skip to main content

tv   Tech Check  CNBC  November 5, 2021 11:00am-12:01pm EDT

11:00 am
last night we received promising news about another potent and potential covid treatment. a pill, a pill developed by pfizer that may dramatically reduce the risk of being hospitalized or dying when taken shortly after infection, if you're infected. if authorized by the fda, we may soon have pills that may treat the virus of those who become infected we have already secured millions of doses and the therapy would be another tool in our tool box to protect people from what the worst outcomes of covid. but, look, it's important to remember we need to prevent infections not wait to treat them once they happen vaccination remains the best way to do that the pandemic is not yet behind us but within this week's announcements, vaccines for kids, more adults getting vaccinated, potential treatment for those who get sick, we're accelerating our path out of this pandemic. the second way to make sure
11:01 am
recovery is fully felt is to pass our bipartisan, my bipartisan infrastructure agreement and my build back better plan which is debate it now and i'll be heading over there quickly, shortly after i do this to make some calls i want to say very clearly, if your number one issue is the cost of living, the number one priority should be seeing congress pass these bills. 17 nobel prize winners in economics have said spontaneously wrote to me together and said this will lower inflationary pressure on the economy when we pass my bills. a new analysis from wall street firm of moody's analytics found it will ease the financial burden for middle class families put another way. these will, these bills with ilprovide families or as my dad used to say just a little more breathing room that's because the build back better framework lowers your
11:02 am
bills for healthcare, child care, prescription drugs and preschool. and families get a tax cut that's how you end some of the anxiety people are feeling about the economy. that's how we give people some breathing room that's in addition to the infrastructure bill that will create millions of jobs rebuilding the arteries of oour economy. by the way, these two bills add up to the largest effort to combat climate change in the history of the united states of america. right now, we stand on the cusp of historic economic progress. two bills that together will create millions of jobs, grow the economy and invest in our nation and people and lower cost for families and turn climate crisis into an opportunity put us in a path not only to com compete, but to win the economic competition for the 21st century against all. in passing these bills will say clearly to the american people, we hear your voices.
11:03 am
we're going to invest in your hopes. help you secure a brighter future for yourself and for your families and make sure that america wins the future in the process. i'm asking every house member, member of the house of representatives to vote yes on both these bills right now send the infrastructure bill to my desk. send the build back better bill to the senate. let's build an incredible economic progress. build on what we've already done because this will be such a boost when it occurs let's show the world that america's democracy can deliver and propelour economy forward. let's get this done. i'll be back to answer some of your questions when they pass. may god bless you all and may god protect our troops thank you. mr. president with a little shout out to pfizer's antiviral pill data today and also trying to draw a line between the jobs
11:04 am
number today, the rescue plan from earlier in the year the 200 million shots in arms. he said the united states is the world's fastest growing economy and u.s. stocks certainly are beating the rest of the world at the fastest pace since 1997. good friday morning, welcome to "techcheck." i'm carl quintanilla today peloton plummeting why that stock is down more than 30% today. then recalibrating the reopening trade. the ceo of airbnb is straight ahead. also ahead the ceo of dropbox and microchip on what is an incredibly busy day for earnings and tech, guys. we'll start with peloton getting crushed this morning as you probably know by now wider than expected loss weakening sales growth sending shares down 30%. bunch of analyst downgrades follow that. revenue growth of 6 not what you're expecting from a company expansion mode and the ever growing list of supply chain challenges as a reason to lower
11:05 am
guidance last time we saw a move like this in the stock, november of last year, when shares fell more than 20% post earnings stock had already been cut in half since january going into that print it is now the biggest loser, d, on the ndx this year >> how fortunes have changed as we look at peloton in a world of pain this morning. planet fitness at an all-time high as that reopening play takes play in the markets. i'm someone who moved out of a major city to the suburbs so i think that there are a lot of people who are going back and we're seeing evidence of this whether that's peloton or zoom or some of the other pandemic darlings that have seen the deep reversal sales and marketing costs, carl mentioned this, they account for more than a third of total revenue and that trajectory expected to increase through the holiday season >> yeah, and that factor is
11:06 am
going to continue to weigh on that company's balance sheet, along with the commodity costs and, of course, all those interruptions to shipping and if you think people might be interested in getting peloton and look at the fact it could take a long time to get here you could imagine, carl, that could hold people back from making that decision seems like a perfect storm of factors and hope at one point that peloton could mark a real transformation and perhaps as people start to be able to get back to gyms, it's going to be more of a blip than a seat change, carl >> you take a look at a stock like airbnb, very different story here it is proven to be resilient as a pandemic and post-pandemic play shares this morning are shooting higher on the back of revenue and record net income and record bookings here. shares are up more than 10% and really this is a story as the travel industry recovers home sharing is sticking as a
11:07 am
trend. and this certainly wasn't a point that was lost on expedia ceo, he spoke to "fast money" yesterday and his company is moving into had home sharing space over the last few years. they reported strong earnings last night but also suggested that expedia's breath may be better positioned than airbnb. have a listen. >> we focus on the whole business which is we also offer great hotel rooms and great airplane rides and greatic activities we are a more complete company, we think we offer everything to everybody. >> well, i caught up with airbnb brian chesky last night and i asked him to respond to those comments >> i would say that we have a really focus strategy. we were focused before the pandemic on doing a lot of things including transportation and other initiatives and we had to scale back and get focused as the crisis of the pandemic ensued and then something happened
11:08 am
the more we got focused, the faster growth occurred in our core area. we are focused we created this category of travel it is the most unique category of travel and the reason why we're most well known brand name in our category. we're a noun and verb used all over the world and i see a huge amount of upside we'll continue to focus on what we do best and if we do, then i think people are going to come to us direct that's why 90% of our traffic is free or unpaid because people love what we have. >> so, there's this whole idea of focus versus breadth and extremely strong brand and investors have certainly rewarded airbnb's focus. look at the key multiples. they don't even come close look at airbnb in the thousands and many multiples that of expedia and booking. >> but, when you look at this, deidre, you were just talking about the costs that peloton has to bear in terms of marketing.
11:09 am
what a huge advantage airbnb has. it has become the verb the thing that people go to directly carl, you have to keep in mind here that as people transition to a hybrid work environment, airbnb could continue to benefit if people have long weekends and they could work remotely from an airbnb say on a friday >> then you look at adjusted ebitda margins going back six years or so anywhere from minus ten to plus five and year to date so far, julia, 28%. so even on a margin standpoint, you can argue at least some of that multiple is getting deserved >> and profitable for sharing economy -- >> yeah, shocking. think about all the people who are introduced to airbnb during the pandemic and then become frequent users now shifting gears over to pinterest. that stock, that social media company seeing a boost this morning after beating investor expectations on earnings and revenue.
11:10 am
the outlook was not entirely rosy, though the company did miss estimates from monthly active users. it actually lost 10 million amus over the course of the third quarter. not seeing any gains among its u.s. user base in the first month of the fourth quarter either but pinterest pointed to supply chain constraints and affected spending and so much information about what users are looking for its ads are less impacted by apple's operating system change which has hurt the targeting abilities of facebook and snap looking ahead still various factors causing uncertainty around ad spending while user trends do seem to be stabilizing. additionally, the company did not directly address reports from last month about a potential takeover from paypal the stock down nearly 20% since then ceo ben silverman did say he thinks the company is well positioned to be a stand-alone business d, i guess the question is here if you look at the ad supported
11:11 am
businesses insulation from the ad solutions and its user numbers are declining right now. >> yeah. i mean, this is still an advertising business but as we talked about in the last few weeks ever since that report came out from interest from paypal, what if this was more of a payments company and developed its own payment system we certainly saw what that had done for ebay. this is an ecommerce company and in the era of social commerce. what is stopping pinterest the payment system we have paypal coming up and unlikely to say anything either. this idea still lingers. >> yep and then, you know, the ad component of all of this, julia, i'd be curious to know what you think because we lived through snap's print and roku and now pins and it's all going to lead us up to what disney says next week >> yeah, disney still doesn't have that exposure to advertising, even though it is shifting more towards that direct to consumer subscription model, d >> i mentioned payments.
11:12 am
so, let's turn to square now paypal rival eps missing by a penny revenue also falling short of analysts estimates. gross profits up 43% year over year but the company saying bitcoin revenue was down from last quarter due to a drop in price volatility those shares down more than 2% on the earnings call jack dorsy adding the company will release more details on its plan to build a decentralized bitcoin exchange later this month. the stock, though, guys, this is important. still important compared to its peers. trading at a key multiple of over 120 yes, this quarter didn't exactly excite investors but you do take a look at it compared to the major fintechs and payment companies. positive on the year by about 12%. visa, mastercard, carl those. paypal they're all negative focusing on the bitcoin revenue and the fact that their cfo said that they wouldn't necessarily look to put other crypto currencies on the platform kind of tells you that square
11:13 am
isn't sort of in this meme stock or meme coin phrase. they got their start and they expanded so much into financial services and fintech and buy now, pay later is a big theme for them they don't need that meme stock or crypto revenue. >> which is why it is so curious still and to this day, julia jack dorsy's sweet about hyperinflation when it came out a few days ago the working theory was well, maybe seeing through some of square's metrics that playing out in the broader economy but that tweet in particular is going to act as a bit of an overhang for those who are trying to dive into square's internals. >> yeah. and i did think it was really interesting that square effectively blamed bitcoin as you mentioned, deidre, for its miss the rest of the companies exposed to bitcoin do not seem to be suffering today. you have to wonder how important bitcoin is going to be for square going forward perhaps a real divergence there, carl >> yeah. still to come this morning,
11:14 am
so much to get to. software stocks, semis, the ad-base business models. ceos with us as we got the s&p above 4700 a big hour of "techcheckis stetngtaed" it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates,
11:15 am
whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. moving is a handful. whose resumes on indeed match your job criteria. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services
11:16 am
to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving.
11:17 am
shares of uber up 6.5% today. the core business continues to stabilize post pandemic. revenue beat is calling it the first profitable quarter on that adjusted basis what is getting adjusted is kind of the issue uber booked a $3 billion loss from ride hailing company didi which has famously fallen off a cliff. other line item weighing on investors is the company issuing this disappointing forecast for the rest of the year the optimism about the reopening. >> the rebound is unmistakable the human condition of wanting to move and wanting to travel and wanting to get out of the house. it's true for everyone and it's universal. >> unmistakable and by that, d, he is talking about corporate travel up 60% in a couple months >> yeah, you know, we just talked about focus when it came
11:18 am
to expedia and airbnb. investors have rewarded lyft's focus and they focus on one thing. that's ride sharing. you mentioned the didi stake uber took a $3 billion plus write down on that stake and also focused on that competition with doordash, julia the recovery is going to be bumpier for them than perhaps a lyft and it's amazing to see those valuations between the two of those narrowing a bit over the last 18 months >> but i think that was one of the things that was such a big surprise here, deidre. we shouldn't be surprised that as the economy reopens people get out there, yes, travel is going to be increasing in terms of uber mobility but the fact that uber eats and the fact that people still want to order things continues and continues to grow despite the fact that people are spending more time out and about. i think that's really notable and that shows that maybe people have been converted to new behavior whether ordering
11:19 am
groceries or ordering food, deidre >> some of those habits sticking but also i meant to mention that adjusted ebitda profitability, too. lyft getting to that point faster and meantime as carl said earlier, lots of earnings to get to let's get to drop box. shares falling 8% despite reporting a beat joining us now is drew houston but keep in mind it outperformed this year. drew, great to see you this morning. something you said on the earnings call last night stuck out to me. you said you're now focused on solving the 2021 version of the same problem that you saw back in 2007. what did you mean by that? what does it mean for the business going forward >> great to be here. i'm really excited to what dropbox can do to improve hybrid work i think we feel our hybrid lives
11:20 am
can be overwhelming with tools scattered everywhere and as a result we're all living in this crazy world where it's easier to search human knowledge with a google search or even search your own stuff so, we think drop box can help in the beginning we helped you sync your files and helped everything in one place and what used to be 100 files on your desktop and dropbox doing more to keep on top of everything and syncing files and all your cloud content. that is why i think this 2021 version we saw back in 2007 and help you keep track of all of your stuff including your cloud tools and we're really excited about that direction >> right helping to organize just the massive amounts ofdata that we all collected over the last 18 months and some kind of remote or hybrid working model. what has been the response so far and in the early days, drew, you had a lot of success bringing free users in and in the year since, a bit more
11:21 am
trouble monetizing them and getting them to be paid users. do you think in this next phase of more organization and more data analytics, how do you plan to better monetize those for users? >> well, by doing more for our customers. i think this is what i just described is a problem we all have no one's solving it. and we're making some good, early progress last quarter we launched new features that help you organize your drop box in a more automated way things like automated folder and tagging your content in new ways so that you don't have to rely so much on filing things in the folders or doing these work flows manually we also bought a company called commandi which is a universal search and productivity company. they are helping build that universal search box and identify the same problem and we're really looking forward to scaling that up. >> drew, i want to ask you to look a little bit further out at the future of work and how the future of work is going to play out in the metaverse
11:22 am
mark zuckerberg announced you would be able to use drop box in vr and you, of course, are on the board of meta, the company formerly known as facebook what is your sense of how big a financial opportunity this could be for you >> well, i think the metaverse is really exciting and you even just think about the last 12 months or last 18 months so many of us have shifted to primarily working out of offices to working at screens but then when you think of the future beyond that, i think we would all love to be in immersive environments and the vision is really exciting. one use case that is really promising is for work and imagine, instead of being just in your home where everybody is a 2d tile imagine being in the 3d environment that is one thing dropbox is building for that and while it's pretty early one thing that is very clear is in the virtual world you need your digital stuff.
11:23 am
dropbox can help a lot making sure you can get to your content in the metaverse and really wherever you work. >> drew, at the risk of asking a dumb question, one of the things that sort of haunted more immersive technology is the notion that motion sickness, quite frankly, is an issue, especially for older people. i'm not saying that is going to be a huge dynamic, but has there been progress on that front? >> yeah, for sure there has been progress i think while i don't think these problems are totally or completely solved, i think when you look at the hardware, the experience has got more comfortable and gotten faster and the screens have gotten better and work on different elements that will all improve this will also be a long-term journey. we're not going to go from everybody working, you know, on screens to everybody working in the metaverse overnight. >> right metaverse aside, drew, you guys and your team really pioneered the virtual first model. you said on the call last night that you were surprised and
11:24 am
perhaps didn't anticipate the degree to which people have actually spread out. how do you balance, what have you learned so far how are you balancing that remote or virtual first model with the in-person conductivity. how do you think that is going to play out at a broader level across workforces at other companies? >> sure. well, i think we've all been surprised by the degree to which people have embraced flexibility and have spread out. they've in many cases, companies of all shapes and sizes, including companies that would have been very antiremote two years ago are finding they're on the way to have double-digit percent of employees that have moved outside of commuting distance of an office. that has a lot of implications, right. it proposes challenges for, i think where every company is figuring out how to integrate this and build cohesive teams and how do you make sure an in-person experience and that is really important but i think it's something that
11:25 am
everybody has to tackle and our virtual first model is a good fit for this because we're not asking people to commute into the office every week because the problem with that approach is you, as many people that are commuting and going into their office are finding they have to be back on zoom to accommodate the person who moved away. that's not a great experience. but as we hopefully reopen more next year, we'll be able to introduce the in-person experience and get better answers to a lot of these questions. >> you guys gave up that big headquarters just down a few streets in san francisco to put offices throughout the country so, big experiment for everyone. drew, thank you for being with us again today we'll talk to you again soon >> sounds good when facebook did change its name to meta, it seems like they wanted you to stay home. but now physical meta stores may come soon. the first brick and mortar location could be slated for california stock is obviously bouncing back
11:26 am
this week. 320. looks like it might have been the median term low. stay with us
11:27 am
11:28 am
11:29 am
welcome back to "techcheck." i'm julia boorstin nasdaq trading around all-time highs. more on that in just a minute. but, first, let's get a news update with sue herera >> hi, julia good morning, everyone here's what's happening at this hour pfizer shares up 9% this morning. the anti-viral pill for covid patients cut rates by 90%. pfizer shares are now up about 80% from their march lows. the u.s. economy added 531,000 jobs in october, significantly more than expected revisions to the previous months added nearly a quarter million
11:30 am
more jobs, as well the unemployment rate sank to 4.6% president biden says unemployment is coming down far more quickly than expected >> before we pass the rescue plan, forecasters said it would take to the end of 2023 to the end of 2023 to get to 4.6 unemployment rate. today we've reached that rate two years before forecasters thought it was possible. i would humbly suggest this is significant improvement from when i took office and a sign that we're on the right track. and canada goose shooting up 16% after posting a surprise profit for the quarter the winter wearmaker says it expects strong demand in china and significantly that it has not been impacted by global supply chain issues. you are up to date i'll see you again in an hour. carl, back to you. >> sue, thanks so much. peloton as you know falling fast today slashing full-year outlook our next guest while downgrading
11:31 am
the stock from hold to buy still holding on hope for the company saying the home fitness trend is here to stay joining us this morning morning. thanks for joining us this morning. >> thanks, carl. >> how long-term positive can you be when you're essentially cutting your price target in half >> that's fair these guys have their work cut out for them it will take them two or three quarters before we start seeing numbers starting to improve. i think there are two issues one is the reopening that is clearly having much more of an impact than what we and others have thought and you can see that in the traffic to their website and the traffic to the store the other one ris really the price drop to their original bike which hurt margins more than we thought and will continue to over the next couple
11:32 am
quarters particularly at a time at while there was a pickup in demand, the pickup in demand was not that much to offset the price drop the tread was somewhat while we think it's great and i'm a user of it, but we don't think management has put a lot of fire power behind it. so you take all that stuff and you put all that together and, you know, the p&l did not look that good and there isn't a lot for us to hang our hat on. longer term and what i mean is a year plus. you know, the fitness and wellness industry is still very strong we think this is a secular trend industry and peloton is, still, honestly, the higher quality player in it. and for the tread was 89% for a product that was only launched three months ago so, i think that's pretty significant. >> hey, it's deidre.
11:33 am
good morning what is the biggest threat bigger physical places or apple plus >> i think honestly it's both. on the one hand i said the reopening is having a bigger impact and that speaks to the first part of your statement, which is, you know, physical gyms are getting a bit of a resurgeance. but at the same time, there are a lot of ankle biters, and, you know, some big players like ifit parent company of nordicfit. i think ultimately the competition will only intensify. these guys did have a lead over the others, which they lost to a certain degree and certainly with the guidance from yesterday they're going to lose it even more so, you know, next two or three quarters lack of visibility and we still think overall the industry is big enough to
11:34 am
support multiple success stories and i think peloton should be one of them. >> long said the goal is to replace not just bikes but the gym experience, as well. we'll see, youseff thanks so much good to see you. >> thanks. getting a check on shares of draft kings as we head to break. a wider than expected loss and shares lower in the premarket. and lower again at the moment. the stock negative on the year "techcheck" is back right after this to balance risk and rewar. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage.
11:35 am
the internet wasn't built to be a place of walls. but then the walls went up and choice became limited. until now. now we're in a new digital landscape of emerging channels, data-driven campaigns and measurable outcomes. welcome to now - the new open web. powered by people-based software from viant - a new standard in media. the upgrade marketers deserve. viant. built for now. ♪♪
11:36 am
11:37 am
take a look at shares of lions gate that stock up over 12% the company says it is officially considering spinning off or selling starz, putting that division in play. called out the multiples we've seen in recent dials like amazon/mgm and their range of types of companies that could be interested a traditional media giant such as a viacom/cbs or tech company like amazon or taken private by a fund like a blackstone type financial planner and then, of course, an ipo carl >> meantime in other semi conductor stock making a move higher microchip tech making higher results. company sees net sales increase 26% year on year ticker mchp and trading at new
11:38 am
all-time highs and going back to the ipo at 93. good to have you thanks so much >> good morning to everyone. >> you make the point that autos and cars are sort of the locust of all the discussion regarding the shortage, but it goes way beyond that and it doesn't sound like you see relief next year really >> that is correct so, all end markets are feeling the constraints and so autos have the most noise in terms of where the media reporting goes in to and not an end market that we see that is not facing some type of shortage and some type of constraint, as well that constraint has been growing for the last year. and we expect as we look forward that through much of 2022, these constraints are going to stick >> yeah, you make the point five, i didn't realize this, five consecutive quarters of unsupported backlog. this is a problem that didn't just show up overnight, right? >> correct
11:39 am
support for us means what did not ship in a quarter that a customer wanted shipped in a quarter and that number has continued to expand every quarter for the last five quarters >> and, ganesh, i'm curious if you can put this in context. the distributors at 19 days a record low from 20 days and if you look at your plans and how you are addressing the supply constraints. what is it going to look like going into next year >> so, inventory distribution are, in fact, at historic lows they should be at the 30 to 35 range. we have been adding capacity internally for the better part of 12 months and it's coming online and the fact that we're growing 26% year over year shows we brought capacity on and we'll bring more on in '22 and into '23, but we can't keep up at the rate which demand is going up. demand is going up substantially faster than we're able to bring
11:40 am
capacity online. that is both working with our partners on the external capacity through the manufacturing supply chain it's just demand is so strong. it is overwhelming any capacity increases we have been able to bring up >> good morn,ing, it's deidre a different note when it came to inventory and stockpiling suggesting it is starting to occur and i just wonder what is the risk that we could see a glut, not a shortage, but glut when supply chains got rolling smoothly again >> you know, eventually that may ha happen i don't see that in the near term we still are embroiled in significant number of customer escalations and shortages and, you know, major program issues that they're running in to you know, in any cycle we know that supply will continue to grow and we're far from those two coming in balance. the in balance has grown for
11:41 am
five consecutive quarters and when we look at the line of sight we have to what capacity we are bringing on and demand is already on our books and what more we're expecting we don't see that curve bending in much of '22 >> is it a, is it a dumb question to ask whether or not you prefer this environment to the old classic cyclical environment of gluts and price cuts >> you know, there's a strong demand environment is always a great environment to be in so in that sense, i would much rather prefer this than other environments that said, a lot of strain and stress on the organization and on our chain of partners and all of that. in the problems we're trying to deal with. and, of course, strain on our customers, as well i would prefer that perhaps it didn't have so much stress and strain, but a strong business environment is always a good business environment >> all right if only we had a little more balance. that will take time. we really appreciate that kind
11:42 am
of color and helpful to our viewers. thank you so much. iacc doubling the s&p gains over the last month with so much focus on ad revenue, apple, meta we'll talk to ceo joey levine about all of that. stay with us o the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling? sure thing. up top. high thryv! payments? high thryv! promotions? high thryv! email marketing? almost there, hold on. wait for it. high thryv! manage my customer list? can do. will do. high thryv! post on social media? hash-tag high thryv my friend! get a free demo at thryv.com. hi, my name is tony cooper, and i'm 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
11:43 am
original medicare you are 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 supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals stays, doctor office visits and your original medicare deductibles are covered. and, of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2020, humana medicare advantage prescription drug plan members saved an estimated $8,400 on average on their prescription costs. most humana medicare
11:44 am
advantage plans include a silver sneakers fitness program at no extra cost. dental, vision and hearing coverage is included with most humana medicare advantage plans. and you get telehealth coverage with a zero-dollar copay. you get all of this for as low as a zero-dollar monthly plan premium in many areas; and your doctor and hospital may already be a part of humana's large network. if you want the facts, call right now for the free decision guide from humana. there is no obligation, so call the number on your screen right now to see if your doctor is in our network; to find out if you could save on your prescriptions, and to get our free decision guide. humana, a more human way to healthcare. let's get a gut check on nvidia trading at record levels
11:45 am
this week, oh, just up another 5% today the stock has been on a tear and it's on track for seven straight days of gains. it is up more than 50% in just a month. take a look at that market cap north of $750 billion. nvidia is now the seventh largest company in the u.s. and just passed berkshire hathaway this week to take that title the stock has been a relentless winner and that's why we talk about it so much up well over 1,000% in the past five years and we now passed the street's average target price of $236, well above that. so, we'll have to see when the analysts catch up. wells fargo upped its price target to 320 bucks this week. what a run, carl >> amazing just amazing meantime, a lot of enthusiasm for ev stocks, as well as you know nikola not one of them they say 2022 will be a transition year for hydrogen and
11:46 am
they take the stock to neutral big beats from software companies datadog and mongobd. we'll talk about that as ten year back to 145 "techcheck" straight ahead
11:47 am
moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that,
11:48 am
you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. iac posting better than expected third quarter results driven from angi home services
11:49 am
business in the company's search segment. quarterly revenue came in at 924 million up 30% from a year earlier and well above the street consensus forecast. joining us now to discuss is iac ceo joey levin thank you for being with us today and i want to start out with your ad performance seemed unperfected by apple's operating system and changed the ability of so many other platforms to target ads i'm curious if you could weigh in on that and also whether you're seeing any impact from the supply chain constraints holding back advertising >> sure. i think actually, so, dot dash was a beneficiary of some of that dot dash one of our bigger advertising platforms and dot dash is the beneficiary of that because they don't use any, they don't need to use any personal identifying information for their ads to perform so, when a lot of these ad dollars are looking for a home, i think that ends up being a beneficiary there. dot dash publishes the kind of content intent driven media and
11:50 am
when there is intent like what to cook for dinner or how to plan a trip or planning a wedding or things like this. what ends up happening is that person is actually demonstrating what their intent is so the their intent is and so t advertiser can reach that user at that point without having to need their personal information and that's worked out well for dash for our other properties, on the supply chain issue, we definitely see issues there and certain experience some of these supply chain issues and professionals are busy they're very busy and we're very busy or they can't get the supply, we do see that impacting our business to some extent, and advertisers, too some of the performance marketing that we do where a user lands on our side andgoes straight to an advertiser. when those advertisers are out of stock that has an impact on the business so we do see a
11:51 am
little bit of that, for the most part, we're on the privacy issue and we're a beneficiary. >> yeah. certainly a very different story than we've seen from the likes of facebook and s.n.a.p. with doordash getting much bigger with the acquisition of meredith you'll be going head to head with the like of meta or facebook as on the facebook platform how do you see your ability to compete specifically with that giant platform as you get even bigger >> there's three big trends that are -- that dash has been a beneficiary and i think meredith will continue that at a greater scale. there's curation, so all these platforms are so big with so much information and the key that dash provides is the ability to cure eate that when you have unlimited information and somebody like that that's come in with trusted
11:52 am
brands that on a related topic is trust. some of these social platforms, they say don't trust our content. we don't stand behind our content. our content is not to be trusted and on your own you have to figure out what to trust and what not to trust. we stand behind the content and the content that we write is by medical experts and it's reviewed by experts in their respective fields and so we stand behind that, and i think that resonates and will continue to resonate with users and advertisers. the last thing the topic we recover side privacy and that's one that benefits us, too, and all of that is under this umbrella of intent where we're delivering the user's intent, delivering a user where it can be much more relevant for them >> the way that you're describing intent-driven media sounds a lot how nerd wallet pitched itself to investors and
11:53 am
it went public yesterday and a very warm reception from markets valued at more than $2 billion does that bode well for your publishing holdings or does it entice you to pick up more of this kind of, i guess, some could also call it weaponized content? >> i'm trying not to weaponize anything, but here's what we love about that. nerd wallet is in the financial services category and the thing that we're doing in financial services, we have a property called investment media and another one called the balance which are phenomenal little properties we look at that and say in financial services, we can build a business like the one we just described in size or better. in health, we can build a business like that, in health and food so we look at each of these categories and content innovation and making that content more and more valuable to the user and more and more valuable to the advertiser and
11:54 am
in each of those things there's unlimited upside that meredith pursues. >> yeah. it is so interesting, joey you've weighed in specifically on the antitrust ricksk of googe now as we see facebook which has its own antitrust concerns moving into the metaverse. i'm wondering what that all means to you do you think there's advertising opportunity for metaverse, focusing on that means they'll bedistracted from competing with you >> look, facebook is a phenomenal company and has done phenomenally well, and they are way at the front edge of the innovation curve on everything, so i, just as a -- i'm just excited to see what they come up with in the metaverse, and i'm sure that will create lots of opportunities for lots of people, lots of companies and i'm not sure exactly how that will fit in there, and i'm
11:55 am
excited to see them innovating and coming up with bold, new things which is what they've done historically and done successfully >> it will be interesting to see how all of your different platforms and brands move into that world, as well. joey, thanks so much for joining us today >> thanks for having me. bye. closing this part of the show, don't forget to follow and subscribe to our podcast and listen any time anywhere download wherever you download podcasts "tech check" is back in just a moment workday. how do they make better decisions faster? workday. it's got to be something workday. 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.
11:56 am
11:57 am
11:58 am
i think the bottom line is theend of the end of the pandemic at least as it relates to the united states in sight right now given all of the tools that we have to combat this disease. >> quite the sound bite this morning from cnbc contributor dr. scott gottlieb former fda commissioner commenting on the viral drug saying that combined with the vaccine rate could mean the pandemic as we know it would be overcome january. that along with the strong jobs number, part of the reason why stocks are at all-time highs this morning and also part of the reason why zoom, peloton, docusign and the stay-at-home names have seen cuts
11:59 am
pfizer, even off of the intraday high this morning, the best performance since the highest levels since august. >> a lot of hope and optimism that we are permanently entering a new hybrid world and deirdre, the key thing to watch is how the tech stocks are positioned to be in a more hybrid environment and airbnb or peloton, they're considered part of the stay-at-home play that doesn't have as much opportunity going forward. >> don't forget the mega-caps. they're all higher today and really seen as a value play in the next leg of this, and so you're seeing that bifurcation play out in today's market certainly, one more thing that we do want to hit. newly elected new york city mayor eric adams plans to convert his first paychecks into bitcoin to make the city more welcoming to crypto. adams tweeted he would take his first paychecks in bitcoin when he becomes mayor responding to
12:00 pm
francis suarez who says he will also take his paycheck in bitcoin. still very unclear what the framework is for public officials to receive salaries in cryptocurrency and what that is and could be it feels like a pr move in that sense. >> still a nice little war between new york and miami see you next week. let's get to the half. all right, carl. thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, new record for stocks and optimism for the country as the jobs report easily tops expectations and pfizer reports incredible news for its covid pill. the investment committee now debating how far this rally can go we will hear momentarily from strategist tom lee who called this record run. joining me for the hour today, brynn talkington, jim sapperstein, jim lebenthal

7 Views

info Stream Only

Uploaded by TV Archive on