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tv   Tech Check  CNBC  November 9, 2021 11:00am-12:01pm EST

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ways the end of an era for the industrial conglomerates that we talked about in yesteryear. >> yes there is certainly a conglomerate discount, very hard to find any sort of premium that any investors would acourt to companies like ge. that will do it for us on "squawk on the street. "techcheck" starts you ♪ ♪ good tuesday morning welcome to "techcheck. i'm carl quintanilla in new york deirdre bosa in san francisco, jon fortt is in washington today. chapter and metaverse, a break down of by roblox stock is up. hood gets hacked millions of customers' day is the exposed. paypal turns around.
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nvidia rips higher again, dee. >> carl, we led yesterday with losers we'll start today with a huge winner, roblox shares are surging after seeing revenue more than double year over year alongside of boost and daily active users the company overcoming a speed bump from last month after a three-day outage led to an estimated loss of $25 million worth of bookings, excluding $6 million that arrived during the outage itself. comes amid recent boost for chip makers fueling the metaverse like nvidia and amd as well as unity. guys, many people were expecting a dropoff here like we've seen the likes of peloton and zoom, but you know, as kids went back to school but roblox has seen the numbers increase i know talking ad nauseam about the metaverse, but here is the play, right? you talk about concerts in the metaverse that are already happening, not so far off thing and brand getting into it like netflix and vans in terms of
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roblox metaverse there's a lot already happening while some others are talking about what will happen >> i don't think there is, dee i'm going to be the metaverse bear, i guess. i don't think the metaverse is a thing. roblox is a game it's very successful game. it's an immersive game there are lots of immersive games like it. fortnite ea, working on immersive games what does that have to do with ar and vr hardware and equipment which is what some other companies are working on what does that have to do with microsoft's hallow lens, nothing really zuckerberg had a big role creating this narrative trying to link these things together. roblox is doing really well. ar and vr equipment is not doing really well. any expectation that some overall metaverse trend is going to lift both things, not necessarily true so i think investors need to be really, really careful. >> jon, can't you have a metaverse without the ar/vr goggles. i know kids, including my nephews already living in this
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virtual reality. metaverse that exists right now. doesn't have to have the goggles. >> well, then why call it a metaverse? they're playing a game right? a very successful game, maybe that's got a console, that's got some accessory connected to it, but this metaverse narrative is linking these things together for, you know, understandable reasons. people who want to whip up investor attention around these things but not necessarily a real thing, carl. i think we still have to see if these companies can prove out that the metaverse is a hardware, software, service ecosystem that all works together the way mobile did, the way cloud did. it hasn't happened yet >> yeah. we can talk about the metaverse, but as far as today's action goes, it's the number on the right side of your screen right there. hours engaged. 11.2 billion the street was looking for just 10.5 >> wild number. >> we talked so much, jon about work from home affecting names
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getting people out of the house, impacting engagement and so, unlike a lot of other names, stock kind of went into the print a little cold and we're seeing bounce out of it. >> yeah. that outage certainly didn't help either. but, as we saw from the results, temporary blip, you know, analysts saying that that engagement seems to be coming back strong. speaking of engagement or lack thereof, meantime, robinhood shares are lower after they disclosed a data security breach kate rooney has that story for us kate >> hey, jon. third party pretending to be a robinhood customer support employee and got access to internal customer support systems. this happened last wednesday robinhood says the hack has since been contained but the hacker got off with about 5 million email addresses and full names for another 2 million. for context, robinhood has about 22 million funded accounts right now. more limited group, 310 total had, quote, additional information leaked, so names,
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birthdays and zip codes and another ten has, quote, more extensive account details revealed didn't give specifics there but robinhood saying no social security numbers, bank account numbers or debit card numbers were exposed and there's been no financial loss, they say to any customers. the hacker also demanding a ransom and extortion payment no word if robinhood paid that they're working with law enforcement. a third party security firm. this comes as robinhood tripled its customer support staff last year to keep up with some of the new customer growth and introduced 24-hour bone support. robinhood flagged cyber security as a risk in its s1 and said new york's department of financial services was also investigating its cyber security practices robinhood shares dropping after hours yesterday as this news broke. cathy wood swooping in to buy back 91,000 shares of the trading app yesterday.
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guys >> kate, thank you carl, i think why this is bad, yes, robinhood is saying that there was no financial loss specifically but this customer data, these millions of email addresses, are one important piece of data that hackers use linking with other pieces of data that they have to do further incursions, to actually take financial information and for a company like robinhood, that is dealing with crypto currencies that is dealing with brokerage accounts, you really want to see better security than this >> yep buried under all of this is this story this morning that the eu, part of their update could include a ban on payment for order flow dee, we know what -- that's sort of been the existential risk to the business model, the idea has been out there for a quite a while, but the bloomberg story suggests the eu is moving further in that direction? >> you know, there was so much excitement about robinhood and
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still is about what it can achieve but bogged down for payment for order flow, now this hack the question is we're used to talking about hacks, how common is this among brokerages wasn't any financial loss but raises this question. jim cramer said is robinhood ready for the growth it has seen, does it have anything in place? >> meanwhile, turn to paypal, stock saw initial surge after earnings last night, but it has fallen off a cliff in early trading today. down 12% at the moment disappointing revenue guidance for next year. the chief catalyst there paypal preparing for a future without ebay, announcing a partnership with amazon that will allow purchases to be made through venmo. good results in that business. venmo saw payment volume jump 36% in the quarter paypal shares are down 12% right now. guys, paypal really the underperforming fintech when you look at it compared to square. and the venmo amazon news, i know that dan shulman led the
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call with this saying it was big. they've been working on it for some time, but it's very, very different than a company that was built with paypal as the back end financial payment system amazon, jon, has our payment information. who will want to sign in on venmo when they already pioneered -- amazon pioneered the one-click heck-out and has all of that data >> yeah. i imagine there will be people who want to and maybe they'll even allow venmo to be one of the options that you can pay with under the one-click that will default either to a credit card or what other payment system you have in there. there are a bunch of people who will say maybe this is why they're so interested in pinterest. they're looking for volume coming in with this projection that they have in the next year that kind of post-pandemic, people are going to get outand physically shop and they're not as strong in the physical world as they are in the digital world. but, once again, i mean, this is a company that's got so many different points of competition,
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carl, across fintech, whether it's buy now/pay later whether it is brokerage that they have hinted that they want to get into. we still want to, i think, as analysts were telling us yesterday, see what the strategic focus is going to be from paypal so they can take most advantage of that >> yep it's one reason why, you know, we hear about anti-trust concerns on all sorts of area of consumer tech, but payments is still fiercely competitive the b. of a. trading note, paypal secured the most important real estate in the world with the amazon deal but the guide took people by surprise you can see the shares down 12%. speaking of paypal and crypto, apple's tim cook sat down and andrew asked him if he is looking at accepting bitcoin on apple pay here is what he said >> it's something that we're looking at it's not something we have immediate plans to do.
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i would sort of characterize it as there are things that i wouldn't do like our cash balance. i wouldn't go invest that in crypto not because i wouldn't invest my own money in crypto, but because i don't think people buy in apple stock to get exposure to crypto and so if they want to do that, they can, you know, invest directly in crypto through other means. so i wouldn't do that. and i'm not planning to in the immediate future to take crypto for our products, as a mean of tender but there are other things that we're definitely looking at. >> like what >> like i wouldn't have anything to announce today. >> let me ask you a different question because you just said that you might not do it personally, do you own crypto in any bitcoin, would you play around with this >> i do, yeah. i think it's reasonable to own it as a part of a diversified
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portfolio. and i'm not giving anybody investment advice, by the way. >> asked if he's a bitcoin bull, says i don't know. don't want to put labels on me but that did get some attention on the wires this morning, jon by the way, coin-based earnings tonight after the bell >> yeah. tim cook is a financially conservative guy and that's part of the reason why apple has done what it has done as a company, as a stock. any guy who hates inventory because he wants -- that's conservatism you wouldn't expect apple to be on the bleeding edge when it comes to crypto from a product perspective. interesting that he's messing around it with a little bit on an individual perspective. but not recommending it. but, yes, that's very much what apple has been one can argue something like facetime, given the riese of zoom, apple has been too conservative product design and hardware and
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software a little cutting edge. >> it looked like he was reluctant to say this isn't investment advice he owns bitcoin. i think that's fascinating think we're still at the very early stages of this and you kind of get an insight into ceo's personal philosophies brian told me last week that they're also very, very interested in crypto didn't say whether or not he owned it, he said it's something he's interested in because it's democratizing industries you think if this progresses, they continue to stay interested, it's not unfathomable that eventually you'll see their businesses dipping into it. speaking of deal book, that was tim cook at deal book. andrew ross sorkin is now sitting down adam neumann who has not given a sit-down interview in years after being pushed out from the company that he founded let's listen in. >> lost their job, whose options effectively became worthless at that $47 billion valuation who look at you and say, not only
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did this all happen under your watch, but you walked away with more than a billion dollars. >> so first of all, andrew, i understand i understand that that's the feeling and understand that that would be the perception. as i said, i didn't speak for two years. so i haven't had the chance to say anything if i can just give a little context. so actually three groups of employees. employees started with me, the original wework employees actually when the ipo happened 150 of them celebrated together with miguel and i. we did a little event for it it was really nice they're all in the money anybody who came before 2015 was in the money and made a return on this ipo. the employees right now in wework, all part of the company going public and their success will take it to the next level, and i think it's important to state that the current management team has done an amazing job walking through the pandemic that is not an easy thing, one of the biggest challenges in commercial real estate, so those employees are now getting compensated. there is a group of employees between 2016 and 2019 that came
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at the same time that masa came in with the high valuations that, of course, is under water and from a $47 billion valuation to you said 9 billion, went public, they're under water. but i think what you're really saying is this feeling i walked away with money that maybe i didn't earn or didn't deserve. wework sold $4 billion of secondary in its history until it went public out of that 4 billion, i, adam, sold 870 million employees were about 550 million. not including miguel and investors were about 2.3 billion, almost three times as much as me all those people sold their proportionate share when it was the time to sell it all happened. the last time i sold, highest valuation was 17 billion and that was in 2017 and that was almost four and a half years ago. >> okay. but there's two issues here. there's the money that you took out then and then there's the money that you were able to keep in this company today, which is now worth more than a billion
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dollars, i think and it's those investors and employees who got in as you said 2015 after that who have nothing. >> so, first of all, andrew, again, i understand the perception if you go into the details a little bit, when you own a company as a founder, i owned 30% of the company secondary events people can sell so those events people had the opportunity to sell. when a company goes public, whatever equity you're left with is your equity every single thing is the equity i had to start and diluted as investments came through this perception that as the company went from a $47 billion valuation down to 9, that i profited somehow while the company was going down is completely false >> i think the perception is that when the company was effectively taken over by softbank, somehow you were able to extract the equivalent of a billion dollars for what was a company that then some people thought would have otherwise
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gone bankrupt. >> i understand. thank you for clarifying yes, that would sound very bad that's not what happened what really happened is -- so the numbers are around billion 817 they sold plus softbank paid me about 180 million as the consulting, non-compete fee. so the 180 million is softbank's money. they paid it to get control of the company, it was a transaction. the 870, half of it was sold in the secondaries over the course of seven years and the other half was just now about three months ago the zan dard we did that perception of billion dollars when it went down was a false narrative. because i wasn't speaking we weren't able to correct. >> but what do you tell the employees then who came after 2015, who don't have their jobs now, and many of whom would say that they took lower salaries during that period and stock because they believed, they were believers and that you made them
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believers. >> i would say first of all that i understand and i'm very disappointed for them and with them it was never my intention for the company not to succeed as much as it did it was -- you have to remember the time that they came in, the investors were behind us corporate america was behind us. the banks were behind us we had enterprise. we had apple we had google, facebook and microsoft gives us tremendous real pieces of their real estate portfolio for us to manage our brand, our product was liked by consumers literally globally. so we all believed when they came in and they got the pay and -- again, saying if the pay was high or low, we would have to go into the details i think by 2016, 2017 we started being very good payer. but i don't know the exact details. but, when you take equity, andrew, and you join a startup, you take a risk. now, i wish it would have worked out differently for everybody, but the market now decides that it's worth 9 billion and getting measured on a daily basis and i actually think wework today has
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a bigger opportunity than back then. >> i still want to go backwards still to try to understand -- >> fascinating conversation, guys adam neumann, the ousted ceo and co-founder of wework defending his stake. the money that he has received from founding that company you know what's so interesting, that last comment from him when you invest in a startup or you go work for a startup, you're taking on a certain amount of risk that is true but we have not seen a startup quite like wework in many years, carl, and the story still remains to be seen, but you can see it's trading under that $10 mark that it went public at via spac and worth about $10 billion today. at the peak it was worth $47 billion, jon >> yeah. i think the tldr on this one, dee, is don't hate the player, hate the game, right he's arguing, yeah, i got billions of dollars, but there are other people who sold out at
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different times and, yeah the little guy kind of got screwed hey, that's the risk you take. hey. >> i'm surprised he didn't throw masasan under the bus here because a lot of this story is what happened when softbank came into the picture, carl, and supercharged growth. from comments from adam neumann and comments from masanan on adam neumann, they have that friendly relationship or at least civil one despite everything that's happened >> he's clearly listing the constituencies that were behind the company at the time, although that answer to andrew right there is probably the closest we've seen to a mea culpa out of neumann. still to come what's the better chip stock to own, nvidia or amd we'll debate that on the other side of this break ♪
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in business, setbacks change everything.
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matchin so get comcastription. business internet and add securityedge. it helps keep your network safe by scanning for threats every 10 minutes. and unlike some cybersecurity options, this helps protect every connected device. yours, your employees' and even your customers'. so you can stay ahead. get started with a great offer and ask how you can add comcast business securityedge. plus for a limited time, ask how to get a $500 prepaid card when you upgrade. call today. time for a gut check on palantir shares are under pressure despite an earnings beat and strong forecast. josh lipton has a breakdown for us josh >> so, jon, palantir ceo alex karp was not on that conference call other executives saying this was a fantastic quarter. numbers, q3 eps in line. revenue beat q4 revenue forecast also a beat.
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revenue for the full year expected to be 1.53 billion a jump of 40%. and karp's company reaffirming it does expect annual revenue growth of 30% or more through 2025 but rbc's saying a red flag to him in this report, decelerating growth on the government side but also he says on the commercial side if you back out the spacs, he says, palantir has become a big investor in tech companies that are themselves getting ready to go public palantir sector perform yes, deep customer relationships but also says there's a rich valuation on this one and he does have concerns about long-term growth post pandemic on the other hand, jeffries takes the other side of this trade. he says palantir is a buy. bottom line he says expectations were high heading into this print. that explains some of the decline this morning the key metric of financial health brent argues is backlog growth for this software company and that is accelerating jumping more than 170% back to you all.
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>> thanks, josh. shares down today but still up about 65% year to date meantime, amd and nvidia, two names betting big on the metaverse we so often talk about have seen massive gains over the last month amd is now up 2,000% over the last five years, nvidia up some 1,300% in the same time frame. yesterday amd announced partnership with meta around metaverse data center ship this morning it's a partnership nvidia and luminar moving those stocks which is the better buy? aaron, do you pick up both of them >> yeah, we actually like both they're little different stories. nvidia is much or after deepening platform narrative you know, you talked about metaverse, their omniverse and amd is what we saw yesterday
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was just this expansion of their data center product portfolio and confidence that this company continues to be a solid market share taker in the data center, the server cpu and gpu markets. >> right we're constantly talking about nvidia and its proximity to the metaverse, but the recent announcement was about its partnership with luminar i wonder is this another big play for nvidia? is it actually, you know, one of the better ways to play the ev and autonomous driving market? >> yeah. so i think that's definitely a longer-term growth driver. our view is that becomes more material as we look out to 2024 -- >> longer than metaverse >> yeah. i do believe i actually think that for femme they talk about $8 billion pipeline of opportunities in the auto area over the next couple of years we think metaverse starts or omniverse is a revenue contributor as we move into next year today they announced they've gotten over 70,000 downloads of
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their omniverse platform, working with companies like adobe. 500 valuations under way we believe that omniverse and that platform strategy starts to become more visible into 2022. >> aaron, how are you modelling the metaverse? i consider myself a metaverse skeptic. gaming i understand. data center, a.i., i understand. this metaverse narrative and concept that's been brought up, i'm not sure how financial analysts can model it because some of it seems to be a collection of ideas and a.r. and v.r. that some of these companies have been talking about for years that just really haven't reached escape velocity. >> yeah. i think it's difficult you know, i think one of the things that you have to consider is i think, one, metaverse is somewhat loosely defined i think it's different depending on what company you're looking at and who has their positions
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for that opportunity when you look at nvidia, they want to be a platform guy that enables the content creators, right? allowing adobe software, blender, et cetera, they have 30 different software isv partners to allow their software stack to work on top of omni verse to enable that collaborative 3d design virtual world so the metrics that have been thrown around haven't given defined tam opportunity they talked today 40 million content creators and designers as an opportunity set for them to subscribe a subscription license model with and you start to kind of run the numbers that, at the low end that's $9,000 per year on a base of 40 million opportunity, that could be a big number and importantly adjacent incremental revenue stream that would be reoccurring in nature for the company. >> aaron, thanks for your insights we'll talk to you soon >> thank you we will come back to roblo
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in a bit stock as you know by now had a banner day, up 34% so far this morning. we'll dive into a amc's results. zillow bull will tell you why to buy now when "techcheck" is back in a moment. ♪
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♪ welcome back to "techcheck" i'm carl quintanilla with deirdre bosa, jon fortt and julia boorstin this morning. stocks are in the red after the nasdaq saw itself 11th straight session in the green s&p seeing its longest consecutive all-time high streak since '97. keep an eye on amc today julia will have more on those results last night in a moment first news update with rahel solomon. >> hi, carl. good morning one of the original dow stocks is breaking up general electric was once a conglomerate that built everything from lightbulbs and jet engines to table tv networks including this one ge says it will split into three separate companies to unlock value and shares are up about 4% on the news today.
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but they are still less than a quarter of what they were 20 years ago. at that time, ge was one of the most valuable companies in the world. wholesale inflation ticking up in october fueled by higher vehicle and gas costs. prices rose 0.6% in line with expectations over the last year producer prices were up 8.6% that's tied with the all-time high set last month. comcast xfinity cable service suffering widespread outages around the country xfinity says it is working hard to restore service but thousands of customers have reported losing internet and tv connections. comcast is also the parent of cnbc and charging station network ev go shooting up about 20%. the company inking deal with general motors to build more charging stalls nationwide those shares have doubled in less than three weeks. you're now up to date, jon i'll send it back to you. >> rahel, thank you. meanwhile shares of video game company roblox soaring after the company reported
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results that impressed analysts. with us now to talk more about roblox is vc invest eor, unicor founder rahul. i said i'm a metaverse skeptic, not that i don't believe in gaming i do not that i don't believe in immersive experiences those are doing well there's this attempt lately to bridge that over into lots of different things and create this overarching narrative. i'm not sure how do you look at the gaming market right now and some of the opportunities there that we see roblox creating versus some of the a.r., v.r. immersive corporate experience that's being talked up? >> yeah. well, look, you know, i think obviously metaverse is being thrown around quite a bit since facebook and microsoft came up with their announcements there's really lots of ways to look at what the metaverse is.
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roblox has its own little world that it's building and it's a really cool world you know, it's sort of like mindcraft meets lego meets gethub for young kids. but the thing about roblox is it's a closed ecosystem. and you know, the future of gaming, i believe, is where the assets are decentralized and there's open economies and there's open ways for people to earn while they play and participate as like first class citizens in an environment that they have ownership in. so, you know, i hope that sort of makes sense of where i'm going, but essentially i think that there's worlds where you have augmented reality experiences. you can have vr experiences. and then you can take your assets from different metaverses to other places as well. >> that's an interesting vision,
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rahul. and you know, you talk about roblox being closed, some of the open kind of potential beneficiaries of that, if that pans out, seem to me to be unity, which is public epic which is not at this point. the players that have tools that multiple gaming and 3d players are using to build out experiences. that also how you would look at it from an investor perspective? >> yeah. absolutely i would think that companies like apple, you know, obviously facebook, obviously microsoft, twitter by the way is probably one company that no one thinks about but they probably know this space better than anyone in terms of what the players want and how to engage that audience because twitter is very much engaged in the block chain ecosystem. when you talk about metaverse, really you're talking about nonfungible tokens you can take with you in game and across metaverses obviously nvidia is big one as
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well i think twitter is the most underlooked, i suppose, in this space as far as public companies go >> underlooked or underrated i was actually rahul going to mention snap they're developing all of these augmented reality tools and letting users use them right now. they're also capturing, you know, younger generation >> yeah. i mean, sure you know, i just don't know that snap has kind of a clear vision about how this space will work you know, how exactly what is the metaverse, although years ago i think they acquired a company that did glasses they created their snap glasses and facebook now has their's with rayban and that sort of thing. at the end of the day, these different companies are all coming up with various ways to participate in what is being described as a metaverse this is something that i've always believed that gaming is going to a metaverse it's going to more sort of a
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world where people kind of play to earn and that sort of thing and they have ownership of their assets i've always believed that this was coming you know, and i think there's not going to be one winner or one owner of this space. >> yeah. rahul, i know you're a cereal entrepreneur and you're working in that play to earn space right now as well as block chain look forward to talking to you more about that. rahul, thank you for being with us >> thank you thank you. few different stocks tied to gaming are on the move today unity software has earnings later on don't miss the ceo tomorrow here on "techcheck. after the break, though, all the surprises from amc's quarter, crypto, popcorn and how the theater business is actually doing inside the stock 30-year yid el1.8. we're back in a minute ♪
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take a look at next door shares are powering higher again coupled with yesterday's gains the stock is up more than 20% since listing. ticker kind over 13 bucks, jon >> yeah. meanwhile, shares of theater chain and meme stock amc on the flip side are under a lot of pressure, down about 9% despite smaller than expected losses julia boorstin's got details on that for us. julia, what happened >> well, jon, amc did beat expectations on both the top and
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the bottom line, but ceo adam aaron warning that there are still challenges ahead saying, quote, the virus continues to be with us. we need to sell more tickets in future quarters than we did in the recent quarter an unusual note of caution there from him but aaron made three announcements targeting the retail investors who own about 80% of amc's float saying they are not only exploring accepting different crypto currency but considering launching amc's own crypto currency saying they're working on creating commemorative nfts and they're in discussion with credit card issuers about launching credit card some time next year. analysts are largely bearish, two thirds have a sell rating. one third has a hold rating. no buy ratings wedbush saying amc's valuation is out of reach, projecting that it and its competitors will continue to consolidate while pushing deeper into alternative content to help drive attendance
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meanwhile, credit swiss upgrading rival cinemark the best positioned u.s. theater chain. guys >> julia, while i have you, new blog post out of twitter that twitter blue, the premium product now available in the u.s. and new zealand across ios android and the web sh what does this mean? what do you get? >> well, what you get for $3 a month, that's the thing you do have to pay. this is all about launching a subscription service getting twitter's biggest fans to pay a monthly fee, $3 a month, the interesting thing here is you get access to content, news articles from 300 different publications including "the washington post," the hollywood reporter, usa today. so that's a key piece of it. i think one of the most interesting things is you get the ability to delete tweets, something that people have been wanting for a while and also the ability to read threads in a more comprehensive streamlined way and they added some new things to the feature which they had just been piloting in a couple of countries.
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now you can upload as many as ten minutes of a video as opposed to two-minute videos all about getting the people who use twitter the most to pay and try to diversify twitter's revenue streams. >> but know editing, right, julia? i didn't hear you mention that >> well, if you can delete a tweet, that's kind of the same thing, right >> i know people looking for that editing function. julia, thanks so much for that we'll talk to you soon meanwhile, seeing strong results thanks to growing ad revenues rallying today but shares still off their highs by more than a third. plus, online fashion resellers are on the move this morning. we'll tell you why after the break. stay with us
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dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade. let's turn to ecommerce and take a look at these movers today. realreal and threadup rallying poshmark getting a boost as well but in the past six months these stocks have massively underperformed one interesting angle to keep in mind, investors continue to watch the holiday season impact with supply chain slow downs and item shortages will more shoppers turn to secondhand shopping the street is getting bullish. btic upgrading realreal with buy today with price target of 21 buck we'll see how pashmarks q3 reports later today and we'll see how they compare these are the anti-supply chain problem plays. >> indeed.
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still a factor as we work our way through more q3. virgin galactic in the green. another stock down almost 45% in about three months little lessthan that plus f you invested in uber back in 2019, kind of back where you started. our next guest calls it a top pick we'll tell you right after the break. don't go away.
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like zillow, uber and now metta platforms have been beaten up lately zillow is off 70%. the highs. uber hovering around $45 a share. ipo price back in 2019 and facebook as you know, continues to face scrutiny and a severe valuation haircut compared to its peers. is now the time to buy in our next guest says yes. let's talk about it with evercore's mark mahaney whose new book "nothing, but net" is out today. congratulations on that. i know you've been working on it for a long time. good to see you. >> thanks, carl. thanks for the time. >> we're calling these hard to love stocks. are they hard to love and which one do you love the best >> well, the ones you mentioned, i like facebook and i think it's a high-quality asset that's dislocated and i like uber and it's a future asset that's still misunderstood and it's got an enormous growth runway ahead of it and what i try to highlight
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is dislocated high-quality stocks and it's dislocated given all of that controversy. uber has yet to prove itself as a high-quality stock and it's an incredibly strong value proposition. >> i wonder what you make of the growing universe market. i know they're not in your coverage universe, but names that are severely punished because of the outlook today it's paypal, but it's been peloton and names that are suffering from dislocations that are lasting a lot longer than people thought you know, one of the biggest questions i have when i look at these dislocations and stocks trading off, are we talking about a fundamentals correction or an expectations correction? the latter is what you want to step in on and buy if you believe in the long-term vision of the company you want to be really careful about. i'm on the sidelines on zillow and it's a stock that i downgraded and got the stock wrong. i thought they had a reasonable path of profit ability and they
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blew that opportunity and i blew the call, but that's an asset that will be interesting to track and once we have the catastrophe and there may be interesting on the other side. that's a fundamentals correction, when we have these expectations corrections like you had with netflix recently, amazon or facebook you see the stocks can move up over time because investors can step in on what is perceived to be high-quality assets hi, mark it's john, so you like meta, but i wonder how are you modeling the metaverse? i'm saying i'm a metaverse skeptic because people are lumping in immersive gaming with arvr stuff like the likes of facebook that hasn't taken off they've changed their name, but is there more reason than there was in the past that this is going to become a business in the near to medium term? >> i think it's long term, but john, you and i are looking at a
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data point from last night that speaks something of the power of the metaverse and that's roblox. the younger generation than us that are using roblox and using it intensively and five to ten years from now their ability to go from gaming virtually to working and living virtually in presence that, to me, is one of the interesting data points that i've seen. i don't know if there's a there there with metaverse, with microsoft and facebook putting a lot of dollars behind it, and i see adoption and usage of these oculus devices that facebook has. so i'm intrigued by the opportunity. it's a big bet, and it may be more sizeable and i'm totally comfortable with, and facebook should be trying to help this option value, so yeah, i'm along for the ride of it and the core business is one of the strongest you can find in tech >> the digital advertising business >> mark, i want to ask you and go back to uber a little bit i know you've been misunderstood
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and you've been bullish on the stock for a while and he's a real operator and he's applying the playbook that he has through growth through acquisitions and uber you say the market opportunity is large and he's competing against founders in the space. i wonder if you think with uber with him at the helm is in the best position to capitalize on that opportunity >> you're asking the right question the track record's pretty clear that the best wealth creation is found with tech companies and my hedge here that i've known and tracked them for 20 years and i think he did a reasonably good job at expedia and there are a lot of things that needed to be done to improve costs taken up and the discipline to bring into uber and then, of course, covid came and knocked the heck out of that fundamental step. one business is more impacted than any other they cover is
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ride share it's dramatically below pre-covid levels, but i think it will come back the value proposition is compelling, and i think they've done most of the right things and cut costs and reduced the asset footprint that this company had and the sell-off, and underperforming assets around the world and i think what will come out of this is the super app, and that's one of the reasons i like the stock ask it's dislocated, as one of the highest quality assets out there. >> interesting we look forward to hearing more about the book over the next few week, mark nothing but net goes out today congratulations. that's mark mahaney. >> thanks, carl. it could be one of the biggest listings of the year we'll have more on that next cr credit suisse seeing a start-up rally nearly 70% this year and that's fisker. read that call at cnbc.com/pro
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"tech check" is back in a moment
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- [narrator] introducing the grubhub guarantee: our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order. one more thing, and that's the so-called next tesla pricing tonight ahead of its debut
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tomorrow phil lebeau has more on the ipo. >> hi, we're talking about the rivan, and the pricing will be interesting because, look, they've raised the range $10 to $15 in the last week and a half. $72 to $74 a share and they're selling 135 million a share and valuation could be up to $65 billion. a lot of people look at rivan and it's not just an ev company and they have the pickup truck and they've started deliveries on these they had a test drive last week and remember, they've got 48,000 orders for these and plan to deliver a thousand by the end of the year amazon is the other angle here that perhaps is not appreciated enough amazon has a 20% stake in rivan and has ordered $100,000 electric delivery vans and likely will order more in the future and is doubling down on the ipo looking to buy more shares and for rj scaringe, he
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started this company in 2009 so we'llee what ha see what haph the pricing after the bell. >> what a fascinating tale and amazon, phil, we can't wait. in addition to coin tonight, dash, win and cpi tomorrow let's get to the judge thanks welcome to "the halftime report." i'm scott wapner front and center, why stocks keep rising and interest rates keep falling and what that says for your moining joining me, stephanie link, sarat, s co-founder of market r rebellion.com. it's been an interesting one for sure you have the dow, the s&p and the nasdaq all negative, but look at those stocks in the bottom because we have big stories developing today ge splitting the company and we'll talk about that, obviously, roblox, a huge winner

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