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tv   Tech Check  CNBC  August 4, 2021 11:00am-12:01pm EDT

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also recheck, double check, triple check making sure they've got the correct response as well that was great something i'll never forget. >> awesome to watch and certainly we'll keep watching throughout the week. market does it that does it for "squawk on the street," "techcheck" starts now. ♪ good morning welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today, oh, the people-ryes robinhood surges as traders find a new name to chase. then this stock is crashes after earnings why investors pulled a u-ton
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u-turn today. >> and starting with robinhood volatile mork for what appears to be the next hot spot, the most mentioned name on multiple platforms today following a 24% surge in shares to close yesterday's trade on volume robinhood has already traded more than a half of its 30-day average. the stock currently up 33.5% to $ 62.50 in a stock halted. >> another one of though days. bring in one of the first analysts to publish on the stock. are we seeing a different kind of meme stock here one that, dare i say, could be based on fundamentals or maybe a better case for fundamentals talked about a huge, young user base that may be going to robinhood in the future for more financial products, if they can
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deliver? >> absolutely. i can't help but wonder that there is some sort of poetic justice for robinhood. helped start the meme stock on a trade earlier this year and now want to become a meme stock. some level of poetic justice and also from a fundamental standpoint, it's hard to put your arms around it and see what is happening on trading. some infusion standpoints seeing more short covering here so this is just going to keep people away of smart money, future investors, a little skittish from touching robinhood over the near term >> rohit, is it poetic justice or irony looking at the wall street bets forum on reddit. a lot of hatred for robinhood. business model and what happened earlier in the year with trading
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halt. >> yeah. again, it's hard to see how robinhood can sustain these valuation, to be honest. again, there are fundamental question marks in the business model ash the sustainability of the business and how simply good they are with market makers right now. small changes in the payment rell lation could -- regulation could mean good for the business a lot of promise and a classic story stock in my opinion. but the skittishness, adding to that of investors. >> rohit, what is a meme stock in danger using that for anything that is popular and goes volatile. it's not clear to me who is moving this. is this institutions is it investors? at the retail level? is it some sort of a short trade gone wrong
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it's not clear to me that we know yet >> it is too early to tell from our standpoint, from our trading desk, we are seeing more short covering again it is very hard to short a new ipo, but to the extent people could and given what's happened in the last 48 hours they are covering the short. on top of that, vulnerability is probably only driven by retail investors. again that is two new factors in my opinion significant retail volume coming in on the very -- i feel people are discovering this. >> and rohit, some argued maybe this should not have come as that much a surprise given the calendar of options trading. certainly a dynamic worth following on the other meme names like i'amc and gamestop would you watch that closely >> actually i am
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new markets tend to slowly build out end of first month, second month, so on and so forth. for a company like robinhood it's still in early days, but that will give us more window into how investor are looking at it if there is significant option activity >> yes rohit, back to my first question do you think robinhood can capitalize on a huge younger user base or does it risk becoming a feeder for other players in the situation whether that's traditional or the big syntec ones? >> so far, robinhood has expanded the market for everybody in the space as in i think in the ipo, an interesting chart. they showed, in the last -- in the first ten years of this venture, all the big houses averaged 4 million users the last five years, 20 million users. half of them have come to
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robinhood. so robinhood is enabling this expansion. not just for themselves but for everybody, and if you have drawn that straight line out, then they can add more layers to the story, but that's where it become as storied stock. so far they've done an okay job doing this, but, again, other levels, we don't know how much stay tuned. >> a key question. will users do more than trading, perhaps? rohit, thanks for being wis you from mkm partners. the stock hit $84 this morning. >> got other attention at the open for shoe, de. and chief investment officer, robinhood bear i wonder, you know, market cap at $50 billion-plus, closing in now on half of a goldman i guess a comment on how these kinds of names will be valued against legacy financial services
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>> you know, i think robinhood acts, much as it sounds like i'm a hater, robinhood actually could become a $100 billion company. now, they would have to totally change their ways. there's about four things they would have to do, i think, to eventually get there. and they're unlikely to do these. the field is the final confetti cannon, marking the top of this robinhood ipo. who knows? could be a relentless march up four things to do. first, start being totally honest, or stop being dishonest, take your pick you guys remember back when they promised 3% risk-free yields, or they've been on a lot of the networks saying most of their investors are buy and hold obviously that's not true. right? start being honest to customers and secondsecondarily, move fas break things works in a lot of areas of the economy but not
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when dealing with people's money. when they got fined by the government recently they had tens of thousands of unreported customer complaints. not one or two tens of thousands on top of that we all know the story about the poor kid who took his life when his balance was wrong. having this mentality is important. three, no one really understands payment for order flow and short lending on the investor's side, but what they care about is you're not screwing them over. so i don't think most people care if you're selling all your order flows to citadel and don't care lending all stocks to hedge funds. they care that you keep all of it talked about it before funds like ours do short lending but return it all to the shareholders robinhood does have to return all of it. return maybe half. that would make impact on the customer for life. and cultural, hire a behavioral psychology libd rke richard tay.
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on the podcast today come in say every fork in the road, push you in the right direction. instead of crappy coining, what you don't understand, optimal a market account, we'll push you into doing the right thing most pornd and either a $1 >> bill: co billion company or zero. remember the stocks that -- they disclosed what percentage of their customers made money in their annual reports. it was 2%, because consistently turned them, opted into leverage the same fate. much as a hater as i sound like could, have a really positive future or a gravestone. >> yeah. obviously, disclosure is going to take a step higher because they're now a public company i hear you saying, be less aggressive on customer acquisition or retention clearly, that's what the
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street's counting on. >> no. i think as an investor, never a better time to be an investor. when you haves 10 million, 20 million new investors, they claim half of new investors, you need to have some fiduciary duty to those customers, my opinion not just throw hem to the wolves full casino, do whatever you want trade 80 times much as the average schwab customer and you'll eventually churn your way to zero. let me be very clear this has been an amazing business, same way the casino is an amazing business and, look, fantastic investment for vcs, and early investors. it is horrible for the average consumer the average investor on the p platform. >> how much easier or harder, maybe harder does it make it for robinhood to make those changes, which start leaning into them, when the stock spikes like this? certainly there were seeming to
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leanen in that direction on ipo day and the road leading up to it talking less about the risky activity and the confetti and more about areas like 401(k)s they might want to get into, but lats not what's been making this company money up to this point >> yeah. i mean, it's hard when your income depends on it right? they make a ton of money, as we saw in the recent disclosures. it's from options trading. how many investors actually understand options trading i guess a small percentage they could flip it overnight you wanted, $50 billion, a $75 billion company, do this in a week they have resources. it's a question are desire do they want to. right? look at vanguard a lot of these companies mu multi-trillion dollar asset managers and at every potential fork, they're trying to do the right thing. most in this industry are trying to, but it's a question of just desire do they want to? and i think up to this point it
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doesn't seem like any signs show that that's their intent >> still early days. just a few days post-ipo your point, sir, obviously important to a lot of our viewers. appreciate it very much. guys, one more stock i want to hit is on the move. not at much as robinhood look at lyft shares. down sharply this morning. actually popped nearly 8% when results first crossed yesterday. now down more than 8 despite revenue jumping 125% and reaching adjusted ebitda probability metric the drop today might be because of new costs for the business and issues with driver supply and demand, which co-founder jon zimmer spoke about this morning. >> it is getting better. quarter over quarter we welcomed 50% more drivers than last quarter. and, again, able to hit just about ebitda profitability with driver earning at an all-time
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high. >> so they hit 50% more drivers than the previous quarter. yet, important part of this, lyft says they still have to spend money to incentivize even more drivers to get back on the platform and, jon, we may see the new price wars play out in ride sharing uber reports tonight see what they say, but they've already spent hundreds of millions of dollars on driver incentives and that shortage is still there. demand, at least, for now, they said even though the delta variant is throwing the reopening into question, they still said in the month of july demand continued to pick up. the question is going forward, can they continue to have a measure of profitability >> well, you know, my question, too, is, is the model broken in some way i mean, wooey is it so hard to find drivers to drive people but apparently not as hard to find drivers to drive food right? i mean -- we saw food deliveries surge during the pandemic. you know, doordash, uber eats, et cetera, seemed to be able to fulfill on that.
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so what makes the people part so much harder and even when there is demand, and describers are willing to go out on the road, the model they've chosen on surge prices doesn't reward the driver can they fix that? i don't know >> yeah. >> it's rewarding right now. but carl, rewarding now. erpings for these drivers have never been higher, but it you're an investor, and revenue per rider is declining when you actually get from the company in terms of their top and bottom lines >> that said, guys, a number of price target increases on the street today from jefferies. 78 mkm, 64. credit suisse 84 keep our eye on that the worst day for the dow in a little over two weeks. "techcheck" is just getting started.
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the etf that launched last month and former head of strategy. great to you have back good morning >> good morning. >> before we talk in gaming, love to give viewers who are wondering, what's metaverse again? your marketing material has a pretty nice definition a successor state to today's mobile internet which will involve countless interoperable and persistent virtual worlds. put this in language maybe the lay person can understand? >> sure. so the easiest way to understand the mobile internet compared to the internet was shifting where the devices we used were located. and going to persistent connectivity to say, you no longer need it to come home. no longer need it to dial into the internet the difference between mobile internet and metaverse is we will exist and internet with the internet through simulation. through virtual representations of ourselves, the world around us, and many of the purchases we make are not ecommerce transactions to buy things that
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exist in the real world, and bring them to us through the internet but to purchasing that exists exclusively there. >> evolves ecommerce, careerly involves social media. i assume gaming. what part of this pod does gaming make up >> easiest way to think about it we're the notice sophisticated simulations exist today? the most simulated in a ka negleckanetic environment. starting to light up the rest of the world. seeing gaming adjacent use cases such as fitness and meditation start to use simulation. seeing industrial use cases, such as plants and factories, construction move to simulations, and we're going to see far more over time, including education and health c care. >> matthew, on the facebook earnings call, i don't know how many times metaverse was
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mentioned but it was a lot a recent interview mark zuckerberg talk and missing out on developing the smartphone platforms because facebook was just coming of age that's why he is so focused on being at the forefront and building out the metaverse do we really want mark zuckerberg and facebook to build this would that look like a more open or closed system, do you think >> i think we can think about this in two ways today there's a hedge of about two operating systems in mobile era. i think generally we would prefer there are more players producing more hardware, more operating systems in greater competition for developers that very premise is going to be good for batting down the right-seeking behavior of apple or goggle. that's where i start second thing, understand that facebook is fairly permissive and interoperable. facebook's connect platform is identity service already runs a large portion of the social internet and a reason why tinder uses the facebook identity and
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facebook does not charge for that start from perspective more competition is good and a lot of precedent here is already strong facebook already learned what happens when you aren't developer centric. i take mark at heart trying to try a different approach going forward. >> is that going to be good for the investor for the business model, when they create the metaverse and how do you think road blocks and "fortnight" feel about that? would they want to dot it on their own? >> here's a difference of opinion. roadblocks sees it as a self-contained metaverse preferring all businesses and creations happen within roadblock's platform epic takes a different approach. ken sweeny publicly endorsed zuckerberg's approach tometaver. their perspective, the more sharing, inevating is good for all of us.
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as long as that approach is taken, we should all benefit. >> a bit of a curveball. here to talk gaming and meta can i get your view on back-end compensation will turn into now that we have a dispute at disney >> sure. seeing this transition a number of years when you start in with netflix. doing pure buyouts then started seeing more introduction of performance-based compensation around awards. then we saw an expansion into whether or not you listed in the top ten and for how long disney came out with a more complicated points based system and the xscarlett johansson wil change that. my quick answer, see a continuing shift towards more performance-based compensation forced but happening essentially since "house of cards" began. >> i'm not sure people counted on it being quite so ugly.
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a national evolution as tech nothing changes. >> for sure. >> matt, thank you, great stuff as always. >> thank you. carl, we spoke about facebook with ath mumatthew as . and carolyn eberson, social network's former ad chief and high-profile figure at facebook joins the grocery delivery app as president next month. the news after days previously head of facebook app took over the ceo role on monday sigh is instacart so appealing to facebook's toll tp talent i asked her that. >> look at last year actually brought in an equal number of people from facebook, google, amazon, and i think when we talk about diversity, i think it's really important to talk not just about diversity of gender and race but also diversity of stocks. it's really important for the to attract people from very different companies that are very different with experiences and i think the fact carolyn and
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i, were so excited about working to join instacart strength of the business and see what instacart has in front of it what also may be appealing to those executives jumping ship from big tech, instacart's valuation, doubled in less than a year one of this year's most highly anticipated ipos and increasing its focus on a higher margin ad business not your typical gig economy, you could argue. a lot of instacart's growth over the past year and a half due to the pandemic and now she is seeing a pick-up in demand for supplies related to covid as the delta variant threatens reopening. >> starting to see demand spikes for masks, for hand sanitizer, and so we're, you know, standing ready to help consumers during this time, but obviously, like everyone else, hopes that there
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won't be a surge like we've seen earlier in the year. and, really, we're focusing on being ready in case it happens, but yielding capabilities for the long term. >> and, of course, instacart built up a lot of those capabilities last year the delta variant pushing back reopening plans for tech companies here on the west coast. microsoft the latest to postpone its return to office saying it will require proof of vaccinations for anyone entering their buildings. jon, i tried to order groceries this week from another platform. i can't get a time you know, feels like we are almost back to last year, and especially here in san francisco. everyone pretty much everyone, masked up again. >> right back to the issue we talked about demand spike and disparate impact on different companies. instacart saying, yes, increased demand for our services. other food delivery probably seeing that, too lyft, see how uber does, having
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trouble. on the facebook exodus headlines i looked at. facebook exodus becoming an epidemic facebook management, continues exodus, surprise departure of two executives, heralding a terp be turbulent last years. >> be careful about narratives that move around the stock from 180 to 150 when headlines out. now, of course, above 300. not everybody's gone. >> i would say some of more important than other she was seen as a big loss as potentially the successor to mark zuckerberg. ran and built the facebook app had a huge part in it. jon, talked about it with amazon as well. seems every once in a while the stories come around, carl, about an exodus from a big tech company. when you look at them hitting record highs they run so much, start-ups could be more
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appealing in terms of what they can do in terms of control and what they can make especially. >> yeah, jon, you said it. not everybody's gone. >> indeed. meanwhile, two former disney execs, did leave disney. kevin mayer and tom staggs pap new immediate gentlemen venture with reese witherspoon pap new partner and both joining us other side of this break don't go anywhere. sofi is a one-stop shop for your finances designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi.
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really out there exploring optionality, you know, the media space is just rabidly changing and growing, and it just felt like a unique opportunity to really partner strategically to scale and grow, and bring our mission to even more audiences worldwide. >> that bas reese witherspoon
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yesterday on this show discussing the sale of hello sunshine speaking of which, julia brings us the co-owners on the other side of the deal in a minute first an update from rahel sullivan. >> the services index jumps to an all-time jump service industries a boost spending away from goods and higher prices and supply from the streets. private sector job growth slowing sharply. companies added just 330,000 new jobs in jewel. half the rate of june and half what was forecast. the slowdown comes despite record job openings. shares of gm falling about 8% despite mixed quarterly results and raised guidance. expects pricing vehicles this year but cfo describes the company's outlook as cautious. and a big real estate deal on the las vegas strip. buying mgm broke properties and a deal valued over $17 billion
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the deal transforms it into as 45ds billion real estate investment trust largest focus on consumer experiences. julia, back to you. >> thanks re, rahel. and a blackstone-backed media adventure acquiring reese witherspoon's hello sunshine valuing at nearly $900 million joining us, kevin mayer along with former disney coo tom staggs thank you both for joining us today. >> thank you. >> thanks, julia. >> thank you. >> tom, kick it off with you what is this new company i understand you don't have a name for it, but what is it and what is your plan to what you'll build and how it's going to fit into the landscape >> something kevin and i worked on together for quite time and have tremendous conviction around value of great content
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that commands attention in the community and commerce opportunities that come from that, and hello sunshine, they create category-defined content. an audience that fits right into the center of that piece hello sunshine is really emblematic what we're doing here and the kind of business that we want to be a part of >> kevin, i want to get some light from you on valuation here $900 million where's the growth opportunity what is the total addressable market in terms of potential revenue for this company at a timewhen this is a pretty crowded media landscape here >> women, look, we're not confirming the consideration that is being paid for the company, but it is quite valuable, as tom said. it's a category defining company. it's a brand that is poised to grow and become quite meaningful with its women-led audience and really serving and under served
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area it does extends beyond content as tom said. retail, there's an opportunity to extend that relationship with the consumer and that reese, reese witherspoon and sarah harden, ceo of the company have demonstrably achieved so far in media, social media and having connection with the audiencesened a two-way relationship, opportunities for direct to consumer, interactions, and we think this is highly valuable look, we've always been willing to pay for quality over the -- time of my career, bought pixar, marvel, all part of disney. star wars each and every time claimed we overpaid. we like our track record we like the fact we're bringing quality assets into a new company. configured for the digital future and it has enormous growth potential. >> what other types of companies are you looking to buy next? this is only one piece of what you're going to build with this
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backing from blackstone. tom what types of assets are you looking at say, lebron james media company? what other type things >> great thing about partnering with blackstone, the largest alternative investment company in the world, they have the same conviction we have around this kind of content. so, again, we're going it look at high-quality content that is categorically defining and drives social engagement, social influence and, therefore, those commerce opportunities that are related. so this is a great one to start with we think there are other really interesting companies out there. not going to name them today, of course, but we're excited about the prospect of adding more as we go along. >> well, as you work to build this company i think we have to address the elephant in the room a transformation of the media industry former employer disney at the center of it and a lawsuit just in the past couple days with one
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of biggest movie stars in the world suing the biggest movie studio, scarlett johansson suing disney at center, a question whether media giants are prioritizing streaming subscribers above all else and that's gawoing to makei hard for deals go to you, kevin what do you think of this, since you were instrumental in building disney plus >> we consider that the question of how talent will now be compensated appropriately. two sides to this argument and both have relevance. on one hand, wouldn't have a disney plus or a netflix or any other creative products without the talent the talent is the basis for entertainment that we enjoy on these services without question they deserve a large amount of the value that's created on the other hand companies like the walt disney company, netflix, amazon, have put billions and billions of risk
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capital into this, into building these businesses and deserve to have a return on that capital and the infrastructure and goodwill through brands and other things built with audiences over a long period of time also a vary-sharing equation, based on one set of metrics easilyidentifiable in the past box office now metrics will shift and the degree of success and resonance that a creative product has on the streaming service will have to be brought into the equation. a bit of turbulence as it gets figured out. both sides of needed both sides of an important part of the equation and ultimately there will be a fair split of value as in the past. >> interesting tom, i want to get your thoughts ton this lawsuit as well scarlett johansson asserting that the media companies don't care about the box office anymore. just driven to increase streaming numbers. as you look at both hello sunshine and other media companies, do you think scarlett johansson is right and what types of platforms do
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you want to be creating content for? >> i won't comment on specifics of this, but, look, maic making surety creators can capitalize on their work is it considericcal to success folks that appreciate that and certain they want to work hard for a constructive resolution on this and hopeful they'll be able to do that look, as we look at hello sunshine, we couldn't be more excited. this is a talent centric company. they've built it that way from the beginning. very potentially and methodically a voice that attracts creators that's part of what we got excited about, and i think that some have underestimated, you know, these women, and what they've built and how far they're going to take it our partners at blackstone haven't and think the future's really bright here. >> looking forward to see what you do next. with hello sunshine and future acquisitions content
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the three pillars you talked a lot about, kevin and tom, and we look forward to hearing more thanks for joining us today. >> thanks so much. and coverage all week. really we are keeping our eye on robinhood. take a look at shares. they hit $85 this morning. eased off down a little but up more than 25%. more on this morning's move, right after the break.
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check out robinhood. showed you before the break, shares still spiking halted several times this morning for volatility up almost 30% now. kate rooney is with us in-person at our brand new one market. in the studio. talk about meme stocks, short selling a big part of it usually. with robinhood too soon after the ipo. >> went public just last week. too soon not enough to buy. the most asked questions gettal emails left and right short interest more interest than there are share the out there to borrow and short. might be penal ouople out thwant do this.
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investors can't shell. hard to short. seeing dramatic and retail interest as well. >> is it possible to see some retail investors, the reddit crowd actually short robinhood wouldn't that be ironic and go against everything said same time, you've been monitoring the forum as well a lot of folks really do not like robinhood. >> some conflicted ooh, still don't like what they're doing with payment for order flow, and back in january, with gamestop, but want in on the volatility momentum, seen it with crypto. people tend to jump on the stocks with a dramatic move like we see with robinhood now. >> and talking about start of the show, saying robinhood is grade for the citadels bad for the average investor o platform anotice d a post this morning. and investors, where they want
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to be. gamification, whether you agree with it or not robinhood investors like trading and perhaps an avenue to learn >> mobile interface getting a lot of raez on reddit. people realizing they like the way they interact with robinhood versus the old school brokerage firms, schwab and others, heard through different analysts throughout the saga with gamestop some are specifically designed to not change don't want updates to upset investors so used to using those platforms. a big part of that, but also a down side when you think about benefitting the retail investors, if it become as meme stock. tends to me a lot of institutional investors, start with amc and gamestop, one mp the down sides may raise a ton of money some institutional money might flee saying, ooh, a little too volatile. >> made that point earlier,
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bullish on the stock great to see you jon, back to you. >> ceo, other side of this break. stock slightly earnings up a lot more "techcheck" straight ahead. stay with us your family is on the move, so keep up with t-mobile - america's largest 5g network. with our new magenta max plan, you get unlimited premium data that can't slow you down based on how much smartphone data you use.
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welcome back education technology, ed tech, a lot of focus and capital in 2020 alone ed tech start-ups brought in more than $2.2 billion in venture and private equity capital across 130 deals. a major player in the space coursera, public less than six months reported record earnings. positive posting revenue of 102 million up 38% providing guidance topping wall street's estimates. also a good time to check in on duo lili duolingo trading on day one joining now, coursera ceo jeff maggioncalda good to see you. the degrees business dealing with institutions on a percentage basis that grew a lot. but the more consumer end that
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added the most dollars to your beat here, and interestingly to me, it was professional certifications kind of at the entry level that were popular. what does that say about what's driving the business >> it's hard to say for sure over the long term when we think why people need to be getting more education for more of their lives, it comes down to a world that's changing faster and faster. technology changing the way businesses run and people do jobs globalization changing who does those jobs and where? now a pandemic that's done two things forced a lot of people online to learn. that's been a new experience for many individuals and institutions but a second piece of this, too which is that it's creating a whole new ability to work remotely now anyone has access to learning opportunities,and increasingly, more people are getting access to job opportunities, if only they learn the skills to do those jobs learn those kind of skills on
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platforms like coursera. >> one mpt themes seeing in the technology earnings season, importance of software for business continuity, regardless of what happens during the delta variant and when we're truly out of this. i wonder how you see that play out as you make those sales calls to institutions you make s calls to institutions particularly in higher ed that might not know exactly how the next semester looks. are they likely to lean into investing in software like yours because of that? >> yeah, i think it's a combination of investing in software so that people can learn online but frankly a lot of it is is the content on the platform, the same way is spotify is technology but you go there to listen to music. coursera is technology but you go there to learn from the educators, top university and industry partners. we are seeing schools realize that this pandemic is coming in successive waves the variants present all sorts
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of tricky surprises. and it's not clear really when we're hitting some normal. i think higher education looks at this as this might be a long-term proposition, this pandemic and hybrid learning that we have to do on campus also online >> what about the corporate side of this? you know, i've been following gild education quite a while last week the announcement with wal-mart about free tuition and books as benefit today target with gild in a similar announcement you have a business you're building out with corporations as well. is the thinking shifting how is the thinking shifting around education as a benefit in this tight labor market? >> well, i think, yeah, i think education as a benefit is becoming more important. partly because all the companies are realizing, to your point, companies that don't have a digital capability, don't run services in the cloud, don't build experiences in the cloud, don't know how to find customers
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online, can't run digital supply chains they are falling behind. they need all employees to learn new skills to do the jobs and also front line workers as those jobs are automatic automated, increased education and college degrees those are important to create more opportunities, job and career opportunities for people on the front lines. that's what we're seeing at wal-mart and target and many companies around the world >> look forward to seeing how you try to lean into that as you grow the company >> thanks. >> meanwhile, amazon down about 7% over the last week. luke capital says now is the time to buy. read why at, as the selling accelerates dow down 300 points worst day in a couple of weeks back in a moment
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well, it's been a tough week for a lot of investors, looking for something a bit more casual with dating stocks match group the worst performer in the nasdaq, bumable a bit above february price don't forget to follow and subscribe the podcast. "techcheck" is back in just a moment
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i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me.
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it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪ welcome back something we are keeping an eye. huawei cfo, daughter and founder of the ceo returning to a courtroom in canada for the final week of her u.s. kprapgs proceedings. this began at the vancouver international airport on a
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warrant from the united states at the height of the trade war with china she is alleged to have miss led about business deals in iran and attempts to get around sanctions. her lawyers say she was up-front about dealings meng and ha wau have been fighting the case more than two and a half years if she lose this is round she is huyer to appeal. does the biden administration want to win this as badly, carl, as the trump administration did? >> yeah, all interesting cross-current wrapped up in there dee. one thing clear, the tensions between the u.s. and china as it relates to capital markets and trade haven't faded >> yeah, and this is part of the tech story huawei is not public, a private company. one of the biggest in china. her father and father and herself are seen as important to the tech industry. major geopolitical implications here, carl >> a lot of interesting things to watch keep your eye on the second half
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of the session gm awfully close to a five-month low. we're watching robinhood dow, am again about 100 points of the loss. lopsided ea, uber, roku, western dij. gets to the judge >> i'm scott wapner. front and center this hour, the selloff? stocks and rise in robinhood what each say about your money's move we debate with the investment company mpt liz young, joe terranova. jim lebenthal. the stocks are lower adp big miss the conditions to raise rates could be met next year robinhood ripping again today. we start there because steve weiss is playing in this sand box i was surprised to hear about this, steve. you bought it yesterday. you sold it. and then you bought it bac


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