And too early for the bears to start thinking about hibernation. Julia, a cool breeze from snap indeed. Well kick off todays feed with the ad market slowdown snap plunging this morning after missing estimates and reporting its slowest Revenue Growth ever and the ceo blaming the bliss on platform policy changes and increasing competition for ad dollars warning it will likely take some time before we see significant improvements and when you factor in twitter and a surprise loss driven by, you guessed it, a weakening ad market, many investors wondering this morning what it means for the likes of meta, google and more companies that are reporting next week and the following. You know, jon, we were talking about this earlier, but i have to say i know there are these broader Macro Economic pressures and i do expect to see some impact on all of the different adsupported players and the real question here is who is best positioned . There was a really interesting note from baird this morning that tasers are so worried about roi theyll be increasingly focused on targeting and measurement and weve been talking for years about how the apple operating system changed and i would anticipate that google with search ads will be well positioned now and amazon it has a fastgrowing ad business jon, dont you think that they could come out on top here yeah, but its a question of well positioned or relatively well positioned, right the thing that stood out for me on snaps call is some of the comments from the cfo laying out what was part of the competition and called out tiktok and also bigger social players out there and also saying there was this real difficulty in optionbased advertising where it was a few levers when inflation is high and costs are high to pull back on spending, so i wonder and i think this is going to be the theme next week. Is this an issue of smaller players like a twitter, like a snap losing out to the metas and the falphabets of the world and is this a digital option versus a advertising thing or is this a broad, Digital Marketing ad collapse it could be any of the three, but if its more the first two, then the larger players might do just fine, julia. Yeah. The larger players may be better insulated and you raise a really good point one of the advantages of snap and many of the other platforms is they automated ad buys and the companies of any size could start advertising on snap very quickly e and with the ability to quickly start advertising, theres also the ability to start advertising and effectively what snap was saying, if its easy to start and stop, thats the money that will be quickly pulled because a lot of these brands are doing television ads, and its locked in months and months in advance and the Macro Economic environment right now might look a lot worse than three or four months ago and well see how theyre holding up, as well. Theres also this question of whats the marketing and whats the advertising these Companies Need to do to just basically run their business and bring in revenue and whats the marketing that they do chasing possible new users that they dont absolutely have to do. The stuff that they can shut off and say, lets focus on our core whats the stuff that they need to do to keep the core running lets take a look at snap and bring in the manager and cnbc contributor casey newton, a platformer casey, i dont know if you have any particular insights into which of these buckets it might be competition, kind of an auction recession or a broad, digital ad collapse and the implications are huge depending on which it is. Absolutely. When i had been reading my analyst this morning im really leaning toward this being an apple issue. When it changed the way that advertisers are able to measure the e fffectiveness of their ad it took the wind out of the market and it will take years for the ad industry to get the measurement tools back to where they need to be. In the meantime it will be a world of pain for Companies Like twitter that are relying on it it does seem like theres this issue of Companies Pulling back their spend, not necessarily having to do with targeting, specifically. Companies are going to be pulling back their spend in general and as you said, the easiest money to turn off is going to be the first, but i do think its really important, and im glad we got snap and twitter backtoback because on the surface level they looked very similar. Hundreds of millions of users, slowing Revenue Growth and theyre both caught in the middle of apple, facebook, google, tiktok than most competitive ecosystems ever, but i do think snap is actually well positioned for the future, and i know that sounds ridiculous when the stock is down 38 today, but again, here you have a company with a strong, engaged user base and a history of Product Innovation and delivering on it and i think investors because q3 and q4 and maybe q1 into next year are impossible to forecast based on any models based from the prior decade, i think you have to look at which companies are genuinely positioned to succeed in a world where tracking will never be the same. Casey, im curious what you think about what he just said. Do you have similar optimism about snaps ability to keep innovating and are you surprised that this apple targeting issue is so persistent theyve been working to work around it. Would you have thought they would have made more progress by now . Somewhat, and the reason is that these Companies Keep telling us that its all going to be all right. I think snap down played what the impact of this will be and theyve spent the past year having to amend their guidance time after time. Shame on the companies for not being straight with us and they were surprised at what theyd seen, too. There is reason for optimism with snap. This is a company that has the attention of a younger generation, and i think snap, along with tiktok are best positioned to keep that intention through the next, lets say, half a decade snap will have to figure out how to execute on it yeah, thats right, casey and worth noting that snap added more users than expected in the Second Quarter and is forecasting the growth of more users in the Third Quarter and back to the optimism about snap. Casey merchandisoned tiktok and the more competitive ad environment. How do you play out when theyll have to pull back spending on some of these things that were longer term bets yeah. I think again, whats really important is Revenue Diversification will be difficult for everyone and when were talking about ios 14 and apple changing everything, i agree. It changed everything. I dont think were ever going back to the world of perfectly efficient, precision tracking and measurement that marketers got addicted to in the 2010s i think well have to move away towards a more brandoriented world and thats exactly where i think snap is very well positioned again, snap like sponsored lenses was introduced in 2015, and i think it was one of the more innovative ad products ive seen because everyone was solely focused on performance well see more and more, and people are working around api, and capi and all of these other technologies and i dont think were ever going back to that world and i think companies that have genuine Product Innovation and a strong user base as casey said in a stronger, younger, active, engaged user base and thats why snap is well positioned but, ronjon, here is a question of broader concern about what you have about whats going on in the economy right now and its the speed of the revenue deceleration that snap noted. They were growing 30 in april, midteens in may and Single Digits in june and flat in july. Thats based on what businesses are spending to attract consumers. We keep hearing all of the consumers are still spending down the savings, sure, racking up credit card bills, sure the consumers feeling pretty good what if the consumer hits the brakes, decelerates heading into q4 as quickly as we see some businesses doing with the marketing . I think the consumer will, and i believe this is where you brought up well positioned and relatively well positioned this is where i think snap is well positioned and one thing, honestly as casey said, everyone is trying to brush this under the rug or said they had an answer for it. The most surprising thing is you have a management team, ceo and the cto in his mid30s and theyre being incredibly mature about this and issuing midquarter guidance down and starting toward the market and this is happening before anyone else was mature. The ceo and cto, spiegel and bobby murphy saying theyll be on another four years. Compared to twitters leadership stability is another story and theyre telling us things are another story. Heres our plan and the assets we have in place to get us wherever the world is going next and relatively, theyre small and agile enough versus a meta they have engaged user base and its a pure social Network Versus a ticktock in 2023, and 24 theyre very well positioned. Casey, the Market Action over the last few days i dont think is based on the idea that the consumers will slam on the brakes the way businesses have on marketsing spending at least when it comes to snap. Is it worth thinking about what other Tech Companies are reliant either on the consumer or not seeing this sort of quic slamming on the brakes yeah you look across the board at tech stocks and theres a broadbased concern and no matter the businesses. Multiples are being slashed. This is a time of great uncertainty. I think the market has gone way too far in the other trekd, but it will be a while before that anxiety gets the ecosystem. Im wondering if the market didnt bounce back too fast. Say more about that we see it inching back had 4,000 and the consumer is still spending, still spending you snap to see if their customers slam the brake, any it seems like some of the market will keep spending consumers at the rate they have been. This is interesting, jon. Deadcat bounce watch snap shares down 37. 5 today and you know, i know ronjons bullish here and both of you see optimism for the innovation at these companies, but i have to ask, looking at snaps results and also at twitters results and taking a step back, what can we read from these two companies about the broader ad market and well for from alphabet and youtube on tuesday and meta on wednesday. These are two companies that are similarly exposed to the broader ad market and meta has the challenge of that apple operating system change impacting, and targeting and measurement, and im wondering whether we can take the massive decline and the screeching to a halt of growth we saw at snap at a sign that well see negative results next week. Ill start with this one it sure seems that way. I myself am expecting these companies to have disappointing earnings and thats why were seeing them diversify its revenues and the twitter did the same thing last quarter. I think that as this ad market, recession recession hits for these companies theyll start to make money. Ronjon, well give you the last word on this one. What are you taking from the companies that just reported and how are you reading the tea leaves for the rest of the adsupported players i think it is still to segment, facebook with snap, and its performancedriven, targeted advertising amazon has a toe within the ecosystem advertising so theyre probably not getting its all First Party Data youtube is its own world, but Google Search is intent based. We will see the first deceleration in facebooks history and overall i think investors revenue models, and what these companies do look like struck rally and it is going to be different and simply taking a backward looking mod will, i dont know will be a successful way to invest ronjon, casey, thank you. And taking a step back it has been a strong week and strong month for stocks, but is sf snap now down 37. 5 . The fact that its now over for tech well discuss. Tech check is just getting started. Welcome back. You have disappointing results and its been a strong week for tech though. Nasdaqs up 13 from the lows above 12k for the first time in a month and a half, but with a lot of big names reporting next week, could there now be trouble ahead . Dom chu joins us with a breakdown ahead. Thats why traders and investors are trying to read through some of the tea leaves especially when it comes to snap even though its not in the s p 500 and its a smaller player, but twitter is certainly a part of that conversation but you take a look at snap. Its a very, very tough story. The narrative is not good there, and the stock reactions even worse because now were down to close to 38 and just near session lows at this point so does some of the concern about Online Advertising carry through to people who do matter more stocks that do matter a little bit more to the overall market narrative . Its important because if you take a look at some of the fallout. We are seeing the sympathy move and the downward move in prices and some of the other big social media and Online Advertising adjacenttype players. Meta platforms and alphabet are the two biggest ones out there and theyre down 6 for meta and roughly 4 for alphabet. These are not small moves were talking about. Pinterest is down 12 and twitter, maybe less fundamental factors in that trade, more uncertainty about elon musk and what this report has done to solidify any kind of case one way or the other, but i want to focus on these two right here, right . Because in the Communications Services sector, Meta Platforms and alphabet are the two biggest weightings those two combined make up roughly 42 of the overall Communication Services index so as go these stocks, as go the sector if you take a look at the way that it performed so far, including todays downward move. What they can say is traders are still trying to figure out whether or not Meta Platforms and alphabet, the Parent Company of google and if theres any kind of a move that would solidify a trend to the down side right now what youre seeing is bakley a move in the middle of the trading range that youve seen for both of the stocks. Todays move hasnt changed that narrative, but maybe it could be the sign of something worse, thats something to keep an eye on and then for sure, the thing that you want to keep a close eye on is whether or not we are seeing any broader weakness in the nasdaq trade jon mentioned julia that were off 15 from the lows just in the last couple of weeks here in that big trade, but remember, this is still a 25 drop from the highs that weve seen recordwise from the invesco qqq trust. So right now middle of the range. Todays staggering downside move in snapchat, yes, does put a little bit more of the negative spin on things, julia, but it has not done enough damage to make it that the broader tech sector takes a hit on this whole thing. Dom, thanks so much for that insight. Our next guest just upgraded the tech sector to neutral from overweight citing a macro environment, and keithlerer in joins us to discuss that call. Keith, lay out your perspective here what is going on with the macro trends that you think will be beneficial for tech . Sure. Great to be with you even though its a challenging day in Technology Today at this point in the cycle weve been underweight tech, and we asked ourselves do we want to be underweight now and our answer is no. So we moved it up to a neutral there are still challenges as were seeing today and what were seeing now is were seeing a Global Growth outlook change, and its changing for the worst. What the challenge for tech this year is you had Global Growth trends at the same time and inflation and Interest Rates were moving up and now we have slowing growth and Interest Rates easing and look at the tenyear were at 2. 79 way off the highs and Inflation Expectations going in and what we think will happen and weve thought to look for Growth Opportunities and growth will become more scarce in that Environment Technology and big Balance Sheets and big Cash Holdings are somewhat better and today, if you look at the tech sector specifically and the run that weve had is actually holding up relatively well so, keith, we spent the first part of the show talking about it, and i wonder how spending is holding up with the inflationary pressures. Are you concerned that that could end up weighing on the sector yeah. I think in general we will see a slowdown in spending and the question becomes where is it going to be more acute we are still under weight the communication sector so some people think about that as tech and thats an area weve been underweight all year and what were seeing with snap and other names and Enterprise Spending will pull back and well say advertising which is more cyclical and think of the software sides and it is more likely that those things are going to stay because it will help with productivity and labor trends are still pretty tight as a whole. So its going to slow down, across the board and we think there will be areas where it slows down less and relative to other sectors, we think tech will hold up somewhat better and its a neutral and there are still some concerns out there and we do not want to be underweight especially after jon mentioned and well see the last point and the valuation reset weve seen of more than 25 over the last year is the most significant since late 2018 and another concern about the fed monetary policy. Well, keith what im concerned about here and i wonder if you can shed light on whether im concerned about it and maybe im inventing a term here. Relative volatility, because in part of the subscription models that weve seen in the past or that were seeing now and because of the Consumption Models that were seeing in tech now, do you end up with a case with certain types of things where people say ill delay the purchase of that switch or ill delay the purchase of that server and extend the life more than i otherwise would now theyre locked into paying for that over time and so theyve got to quickly react and pull back spending where they can. Are you going to see more volatility and revenue in the things even in technology that companies can control the spend of because theres a bigger block of things where theyre paying consistently over time . Yeah, jon, i think thats a great term spot on. Maybe that will be used in the future and we can coin it under your name and i think theres more volatility because like i said, a lot of the contracts in the longer term, and the labor force will start to soften and were seeing signs of that you need some of these tools to enable productivity and move forward. I think youre right like were seeing today in advertising. Where will we cut back instead so that will create more divergences and even with the upgrade with the technology to more neutral its going to be more divergences within the sector and thats why were leaning to the bigger Cap Companies and have more diverse Business Models and have stronger Balance Sheets because the one thing that we feel confident about is things are going to continue to slow as we have all of this timing working its way through the system so the Global Economy will slow and thats why you want to be in tech keith, well be watching to see if some of those tech giants are better insulated than some of the smaller players keith, thanks so much for joining us thanks so much. Revenue volatility and you heard it here first and well see if it sticks. 13 analysts downgrades and citing sentiment shift we will break down the quarter with two of them next. Dont go away. How will your business adapt to change . You could hire an office full of peyton mannings. Whats up, peyton . Good morning, peyton. Hold for peyton. Theyd huddle. Welcome to the peytonverse. Such a visionary. Game plan. You go. No, you go and call audibles. Double our investment in omaha omaha omaha omaha or you could use workday. Omaha. The finance, hr and Planning System used by over half of the fortune 500. For a beagilelikeanmvp world. Workday. For a changing world. Welcome back to tech check. Im bertha coombs. Heres whats happening at this hour a beacon of relief in a world that needs it more than ever thats the United Nations secretarygeneral praising russia and ukraine for signing separate deals today with the u. N. And turkey clearing the way for grain exports on the black sea. The war had blocked millions of tons of grain from leaving ports contributing to Food Shortages around the globe in an indication western sanctions are having a Significant Impact on russias economy, that countrys central bank is cutting its key Interest Rates by 1. 5 Percentage Points its citing what it calls a challenging external environment that continues to significantly constrain economic activity. The cut is three times larger than what analysts and the reuters poll had been expecting. And steve bannon a riefred this morning for his contempt of congress trial, over compliance with the law his defense attorney argued a staffer who handled details of the subpoena issued by the houses january 6th committee was politically biassed. Julia . Back to you. Bertha, thanks so much now were going to turn back to snap the social Media Company has lost more than a third of its value in just the past 24 hours. This after dismal results missed analyst estimates. The street is reacting harshly with at least 13 downgrades that weve counted this morning two of those analysts join us now. Guggenheims Michael Moore and mark kelly thank you both so much for being here i want to start with you, michael, downgrading to buy. A 12 price target down from 18. Why are you not putting a sell on the stock whats the long term opportunity here sure. To be clear, we downgraded to neutral from buy we have a 12 price target i think we always try to be looking forward. The markets obviously telling us we cant make a decision to go back yesterday on what we learned, but one thing that we still do like at the core of the business is the very large, dedicated user base that they have and that 13 to 24 demographic and the revenue of the company that im sure well talk about when we talk about the Intrinsic Value of the asset we do believe that that value is there as long as they continue to be a necessary activity for the group and thats why were neutral on the back of when we learned last week rather than going to the full sell your price is still 14, 4 ahead of where the stock is trading right now. How concerned are you that some of these issues that snap reported are specific to snap and not just these broader, Macro Economic trends . Good morning. Thanks for having me great question i think theyre snapspecific given a google or facebook and instagram, for example so when budgets are growing, but growing in a slower pace you tend to see advertisers focus in areas where they are more comfortable and maybe have a lot more history and i would put Google Search in that camp as well as facebook and instagram i do think the company talked about Competitive Pressures and i do think its a larger incumbent more so than tiktok because i would put tiktok in the experimental camp. Michael, the deceleration the revenue deceleration that snap saw from april through july was so dramatic, and i its happening in the context of whats being described as a strong consumer. Businesses, at least some of them, are getting cautious even in the face of a strong consumer, so given that, if the consumer weakenes at all heading into q4, what do you expect to see . I think that across the board you will continue to see a pullback in advertising spend and a company like snap wont be immune to that as peers wont either i would point out just in the context of your question and how rapidly snaps advertising slowed down, we try to track data away from the company that really shows how many of their advertising partners are actually use the service and going to the portal and we really saw that slow down in may and june which foretold this pullback a bit and i think you have to keep in mind, snap has fewer advertisers than most of the large distribution platforms or social platforms and they have arguably had a bigger concentration in 2021 in some of the categories that had weakened more significantly than a broader platform like facebook for example, crypto and perhaps more sensitive tech that had a lot of money to be spent on advertising in 2021 and that pulled back in 2022 and it didnt pull back a little bit and it pulled back dramatically and thats what happened to snap in the Second Quarter. Mark, on the call, the cfo of snap outlined a couple of reasons for the revenue shortfall. One was competition. Another one was what was happening specifically in options and a third possibility is this is just the beginning stages of a broader, digital ad collapse what particular metric should investors watch from the larger players in the coming days to determine which of the three this is . I think the third component of that is in Digital Advertising and theres a big disconnect between snap and the ad agencies and well call it relatively stable and if theyre trimming estimates for the year its marginal. Google had a really good quarter and actually raised their outlook for the year so i think theres a bit of of a disconnect and i just think the Purse Strings are tightening a bit and when that happens the larger tech platforms do well. One number i would point you to and this is something that i heard when we talked to advertisers and when we do our check leading into a quarter, unemployment needs to be 7 for a recession to occur and thats according to industry sources that we spoke to which i think is important thats one metric were keeping an eye on for the industry as a whole. Interesting, mark the question of whether theres an ad recession and the other factor that were watching here not just for snap, but for many of the other social media platforms is the impact of the operating system change and making it harder to target and measure the impact of advertising. Michael, im curious if you had any thoughts on how big of a factor it was for this quarter for snap and what that could mean for other players like meta next week . Sure. I think it was a sizeable factor for snap this quarter. I think what weve seen across the industry undoubtedly is weakness in this performance or direct response advertising categories because of the limited amount of measurement off of platform as a result of apples changes. In the case of meta, that company saw the impact very slightly in the quarter of 2021 and started speaking to the impact and the Company Started talking about the things they were doing to mitigate and move past, but also very clearly warning the street about what that impact would be in the case of snap, i dont want to say that they didnt address it at all or talk about it as a challenge, but clearly the impact of it has been lagging with respect to snaps results, perhaps because of steps theyve been able to take and the advertiser basis not necessarily clear, but i will say last night what the company spoke to were challenges they were facing in the direct response, and they had the privacy and that surprised people because we thought, i think the street expected brand advertising and to see it in response was incremental and an incremental negative very interesting. Worth noting that meta shares are down over 7 this morning. Michael and mark, thank you both so much for talking to us today. Thank you thank you 7 unemployment for an advertising recession. I wonder if thats different with inflation if we have some people effectively unemployed even if theyre still working because costs are so high. Amazons deal yesterday boosting name across health care. Cano health is a company that popped on the news we have the ceo next stay with us amazons impact is being felt across the industry as yesterdays nearly 4 billion deal for one medical boosted stocks across the space and that includes cano health, a primary care and Health ManagementCompany Whose shares jumped on the news trading at its highest levels since april joining us is cano health ceo Marlo Hernandez. Is it doing what it has with cerner i think so and what it shows is the attractiveness of the primary care market and the need to have that critical provider base because as we all know the Healthcare System is broken and inequitable and ripe for disruption and what youre seeing now is a convergence of health care, tech, consumerism, retail because we have 850 billion were wasting per year and the company who is able to connect the system and make it more accessible and affordable will be the ones that not only lead the way in the Health Care Transformation that is occurring today, but the ones that will benefit from it. Okay. So what is your Technology Strategy if you will remain independent if it will allow you to compete with the biggest database cloud applications in the world . What i would say there is the single limiting factor and dare i say, the most important, is the base of the pyramid. That provider base you cannot replace that clinical visit, those relationships that youre forming with the primary care provider and yeah, sure were tech enabled, but what is at the heart of this transformation, this paradigm shift is having a Health Care Model and the actual, direct provision of services that measurably improved care while decreasing cost and its a core competency that not Many Companies have and you have a core competency and wanting to get into because its critical for growth and margins and why is that . Because its critical to control their own health costs and its critical to leverage their own Customer Base and sure, to disrupt this 4 trillion expenditure per year that is absolutely going to happen and you want to be a part. Yeah, marlo, its so interesting. Theres such massive demand for that disruption, massive demand to align the interests of the providers and the people, you know, getting the care for these long term benefits to the consumer, but i wonder, you know, if i look at the numbers and im fascinatedby this question of scale. Your business is still relatively small membership in the 300,000 range and amazon is a company that just operates at a massive scale. Do you think its possible that amazons acquisition here could help sort of drive this whole sector to scale much more quickly and what will it take to be able to reach scale for these types of businesses . Sure. Well, theres certainly acceleration in this paradigm shift that we find ourselves on with this primary care at the center and what you are going to see is continued growth and son soldation. Today is a tiny space and were one of the largest scales and you take on the sector and we have 5 market share and long term it will be effective lie the entire market. So, sure, youre going to need to get to scale and you will need to get to scale quickly, but there are multiple avenues of getting there Strategic Partnerships are an area focused for us in order to leverage our clinical capacity and leverage our core competency and provide solutions to companies and entire communities and a huge scarcity for providers that have the primary care base that have figured out that model and that have measurably improved quality while improving cost and there will be room for a lot of folks, but tiny today, scarce, scarce resource and hence, why its so exciting to be in the space. It certainly seems like the pace is about to pick up Marlo Hernandez of cano health, thank you. Thank you as we head into the weekend, check out thebiggest gainers o the nasdaq this week netflix and Tesla Holding on to their gains and double digits since monday we see netflix up 16 . More Market Action ahead stay with us shares of chinese search giant baidu have popped double digits over the last three months and still remain 20 off their highs of theia year. Could a big bet on Autonomous Vehicles make it higher . Take a listen. Im in the backseat of a baidu, and lets see how this goes baidus selfdriving taxi are in ten cities to make it into a leader of the driving technology the fleet has 20 million test miles and 1 million rides and is expected to be in 25 cities by 2025 the car weaves through traffic and dont ask to make a lastminute pit stop safety personnel tag along in the passenger seat the total trip cost me about . 37. The robo taxi as part of the greater ambition to capitalize to sell to carmakers and tieups, to make its own cars. The taxis chief engineer unveiled the newest version at 37,000, the apollo rt six is out next year, with a big change. No Steering Wheel. You can put a desk here, or a fridge. The final frontier of economists right hailing is to get around without a Steering Wheel he says. The holy grail for all the competitors on this crowded path. Like other tech giants, they have faced government scrutiny but the project chief told me that because the government prioritizes autonomous driving, he doesnt think there will be many hurdles in the future, and the Regulatory Environment is going to be very supportive. John . Another great report. I want to ask you a more broad question. Because we saw this rapid deceleration in snap revenue since april, it reminded me of that great report you brought us wednesday about what seemed to be perhaps a rapid deceleration in tech and china, can you say more about what seems to be happening on the ground there, hopefully no rapid deceleration in that Autonomous Vehicle you were in, but in the tech sector there, is there the sense that the brakes have been put on rather quickly . There is a lot of concern, about what the Economic Situation is going to be like going forward, like i was talking about in the Previous Report that i did, people are really worried about the job situation for the tech sector, on the one hand you see a lot of these regulations coming in and because of that, and because they have touched nearly every single part of technology, whether or not it is a vacation or Live Streaming for example, that has weighed on the ability for a lot of these companies to expand and to invest and so you have that going on. On the other hand a lot of these companies are trying to survive so they are trying to go ahead just like with baidu in an area where the government is very supportive, say for example with autonomous drivin , with the latest version of this robo taxi, it will move very aggressively, in fact, it is going to roll out this car with a detachable Steering Wheel next year which is a year ahead of tesla. Their big pitch is that this car is going to be half the price of its current robo taxi which is 37,000 which they say is going to allow it to mass produce this thing. They are trying to find ways to survive. John . So important especially because the rumor is apple also looking to produce an Autonomous Vehicle with no Steering Wheel and pedals, and china for us. Keep an eye on smh giving some of its gains this morning, best month since november 2020, and that is the semiconductor etf, big moves this week, from asm l, helping things for that, we are back in 2. Psst. Girl. You can do better. Ok. Wow. Im right here. And you can do better, too. At least with your big name wireless carrier. With xfinity mobile, you can get unlimited for 30 per month on the nations most reliable 5g network. They can even save you hundreds a year on your wireless bill, over tmobile, at t and verizon. Wow. I can do better. Yes, you can. I can do better, too. Break free from the big three and switch to xfinity mobile. Lets get a check on seagate, another miss, another company blaming the weak consumer, the stock thinking this morning down nearly 9 , the key driver, a big slowdown in its consumer focused hardware segment. Consumer demand down more than anticipated, and worryingly, the company says the issues have not abated. A quote from the ceo, the confluence omaretef c lad challenges is continuing into the september quarter. We will be back in a moment. Dont touch my piano. Kick pain in the aspercreme. vo get Verizon Business unlimited from the Network Businesses rely on. Dont touch my piano. Like manny. Event planning with our best plan ever. manny yeah, thats what i do. vo with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. Get Verizon Business unlimited from the Network Businesses rely on. One more thing before we go, and that is insta card, this morning cutting its evaluation by double digits, for the second time in just four months, now down to 15 billion, and no word on a coming ipo of course either, this is a company that is clearly suffering from two factors, consumer pull back lightly on inflationary pressures and the fact that people get out and about and maybe they just want to go to restaurants. A year and a half ago, the valuation was at 39 billion, it had sort of doubled twice during covid19, it is coming down. Julia, thanks. Lets get scott in the house. John, thank you very much welcome everybody to the halftime report. Item scott walker front and center this hour. Ahead of the most critical week for stocks as mega cap earnings and another meeting with large, we debate the road ahead, for your money with the investment committee. Rob here along with steve, shannon, and jim, lets check the markets here, take you to the wall, 12 noon in the east, we are still looking at the second positive week in the past three for stocks. The 10 year note