tv Squawk on the Street CNBC August 12, 2021 9:00am-11:00am EDT
higher, the s&p 500 off marginally about 2 points, the nasdaq looking to open down, though, about 29 points this morning. we'll show you the 10-year note as well. we'll flip the board around and you're right now looking at that 10-year note at, voila, there it is, 1.364. i want to thank melissa and the judge, mr. wapner. we'll see you all tomorrow make sure you join us then "squawk on the street" begins right now. good thursday morning. welcome to "squawk on the street." the dow, s&p have a decent shot at record highs at the open, despite producer prices running a bit hot, signs of cooling in e-commerce and travel spend. jobless claims is a new low at 375,000. we begin with that hotter than expected ppi data and what it's
signaling to the fed. plus the fda preparing to clear the way for vaccine booster shots for some americans as covid cases continue to rise across the united states. and reopening plans shifting a bit. more companies announcing delays in return to office, including our own. we'll get details on that. jim, i guess ppi really didn't come as too much of a surprise to people. >> no, but i think that we're all kind of -- we're all just saying, you know what, we're going to get an increase we're getting some decent numbers. these numbers are a little too high but it's just a question of when what i like is the idea that when you all know it's coming, then it just doesn't hurt us it's the surprise that's bad now, janet yellen did in 2015, said everybody knows it and then the commodity prices plummeted and she -- well, i won't say she got freaked out but realized maybe we didn't need it. jay wants to be absolutely sure.
i think jay is not dumb. he's looking at the delta numbers and looking at the monoclonal antibodies. you know, this is what you get when you get sick. what are they doing in louisiana, what are they doing in texas they're ordering the monoclonal ae antibodies. >> that's good when you get the delta variant, if you get in immediately and get infused with the monoclonal antibody you're talking about. >> but you've got to get tested quickly. it no longer matters if you get tested once a week. >> what does that have to do with janet yellen. >> she's going to china. no i'm saying when you move too fast on rate increases, it can really hurt the economy. jay found that out during his rookie year. during his rookie year, he was swinging at everything, right? what did he go on, like ellen and said he was going to raise rates? that turned to be ill informed ellen tends not to be the venue -- i don't know. that would not be the best like the mike douglas show hey, you know what
now he's using -- he's much better just like he knew to go on the "today" show and absolutely called the bottom. he just said, listen, this is it we're done with this he's understood that the way you get this out is use these various minions that he likes, and now he's a seasoned pro. so he's basically said, look, when we're absolutely certain that delta is not going to take over our country, we'll do what's necessary but that -- unfortunately that absolutely certain is beginning to worry people. a lot of people feel that we're all going to burn out 1919 style and other people say, listen, there's going to be another quick flash when kids go back to school and then we'll see. i think that jay is saying why don't we wait and see. let's wait a couple months. >> although there's been a trio of fed officials in the past 24 hours who say we'd rather not wait daly is on the tape, barkin saying we're closing in and kaplan, take a listen to kaplan. >> i'd rather take the foot off the accelerator soon and reduce
the rpms and as we're on more level terrain. i think it will give us more flexibility down the road to have patience on the fed funds rate but what i don't want to do is keep running at this speed for too long and then we're going to have to take more aggressive action down the road >> i think kaplan has been dead right on all this thing, other than the fact that rpm has been a very bad stock and a lot of that is because of the higher price of plastics. look, when i look at the situation, i hear all these guys say it what that gives is the cover when jay says, listen, i've listened to everyone and you know what, i'm going to have to taper a little if it comes as a surprise to you, then i don't know where you've been. where have you been, david, if you haven't heard this >> living in a bunker somewhere. >> right yeah, a bunker yeah >> with what, what kind of machine guns do you have >> i don't know. i'm not that familiar with that.
>> i hope you have a lot of canned goods. >> what? >> a lot of canned goods some of your favorite, spam products. >> i like spam, i like hormel, i don't like campbell's. >> you had the pumpkin spam. >> get ready for the pumpkin catapult that lisa is setting up when it comes to october. >> soon enough we'll be there, yes. get your pumpkin latte spice, whatever that's called. >> in the bunker, what i mean is you really, if you're a money manager or a hedge fundi manager the taper tantrum -- can we drop that let's just drop that from the vocabulary, david. >> i haven't used it you mean generally, not just you and me and carl. >> yes let's drop it. next time i hear it, i'm going to tweet that that person is irrelevant. >> you think it's a straw man argument >> yes it's a straw man i'm going to use that language when people say why did you trash me i'll say listen, you should have
been reason just like the taper. you should have been ready for me to attack you for using the term taper tantrum how do you like that >> i like it. >> thank you. >> that was randy crossner's point yesterday is that this descent, quote unquote, gives him cover if he needs to turn tail. >> it's perfect. jay has got this thing so right. yet person after person comes on and says he's not doing the job. i mean think about what he's done has anyone noticed -- not that he's doing it for the stock market but we have not had a 5% decline in ten months. a lot of this is because, well, he's pumping the money in because we do have real problems in the economy hey listen, every day i am now getting companies that are saying things are a little bit softer i did the work on that jpmorgan report that you had, credit card data. >> b of a with their own credit card chart again, both services and goods. >> and what happens in september when the bountiful employment benefits come off. are we all going to go drive ubers? >> there is still an unmet need
for employment right now, don't you believe? there's still a lot of jobs that are empty that people are hiring for. but to yyour point, we were talking about this yesterday, the realtime data that a lot of people track is certainly showing things are starting to soften a couple of months out maybe in terms of plans that might otherwise have been made that are not being made right now. >> right. >> we see it with all these companies that are pushing back -- coming back to the office and now they're talking mid-october. >> secretary raimondo is saying get kids to school and women will rejoin the workforce in record numbers obviously we have to say that we've seen from uber that when people get off the benefits, they go back to work you've seen that in all the cities he's made that clear i'm hearing that from a lot of people that once the benefits go away, people come -- >> although it's not as clear as you may think it is. >> no, it actually is. >> i'm not sure. carl has said different things. >> there's been conflicting
data. >> i have current -- todd from wendy's says it's much easier to hire people. okay, so it's split. wendy's should be hirie higher did you see the memes, the apes when they got ahold of it? >> a couple of day phenomena there. >> that one-time spac that briefly had a moment, that stock is well below 10 again. >> i just think todd would not go there and say it was a pump and dump >> upgraded today over at evercore. >> good, i saw that. that was a very smart upgrade. they don't get the respect they should the numbers have been extraordinary there. meantime, new developments regarding the vaccine, whaurkd know about the fda is on the verge of authorizing a third dose for immun immunocompromised people doctors say those people are still vulnerable to infection even after vaccination because of their weakened immune responses. that approval is expected as
soon as today. gottlieb on "squawk talk" talking about the prospect for boosters and how it all plays into how much time was between your first and second dose and it was different at pfizer than moderna. >> he's making it enclosure that if you're immunocompromised and it's gone seven months, you ought to go do something deb who owns senior living places, they have had almost no instances. she says that they're the safest place. frank del rio says his ships ar the safest place obviously you've got to go to senior living or on a cruise if you want to be safe. you go on the subway i don't hear anyone saying that's a safe place. but i believe it is if you wear a mask. >> i do wear a mask. >> do you have k-95? i bought like a hundred of them. >> there are a number of people who aren't wearing masks, which is disconcerting. >> how is that possible? oh, that guy asking about the
taper. >> there have been a number of other people. >> how do you feel about that? >> i'm not happy about it, but what are you going to do i'm not going to get in arguments with everybody, am i >> no, you can't i've changed and become much more careful again i'm going to go -- >> vaccine mandates at the stock exchange here. mcdonald's for office workers, nbc universal of course, our employer, capital one, so ft has a big piece today, a wave of employer mandates. >> i think there's been such cowardice. there's a lot of people who are afraid initially when you do it, the anti-vaxxers come out in full force and just totally intimidate you it can make life miserable for you and your company. >> it can. there's a lot coming out of corporate america in terms of return to work first it was also just dealing with what are we really going to look like, what do we feel like
we need in terms of how many days a week do we want people back in full when our workforce is telling us, and this is really the case more often than not, that they don't want to be back full time in the office, they want some sort of hybrid approach. and now you're layering on mandating vaccines some people may not want to get them for reasons that are not necessarily commensurate with what might be an exemption and then you've got to think about firing those people or telling them that they no longer are fitting in as a result of their inability to come to the office so there's a lot -- it's not easy navigating all these things, let alone just the return to work itself before we had to worry about the delta variant. >> i'm going to be talking to mr. chappin tonight from disney. >> i'm aware of that actually. i can't say that i'm happy about it i've been tracking it closely. i've been tracking it closely and i was aware of that. >> let's get away from your personal jealousy -- >> i don't think we can. i don't think we can >> all right look at that lineup.
>> that's a good lineup. >> it is a good lineup i'm glad you got chapek. disney is reporting numbers after the bell. >> they're worried about -- you've got to get vaccinated if you work there they'll give you a little time, 60 days. but i think you ought to be very, very careful if you're bob chapek he wants to be as safe as possible >> the man in the evidence lab is saying the evidence lab -- >> they're good. that's csi >> u.p.s. does reiterate a buy. >> data checks point to improvement in july. somebody stamped this with evidence lab this has to be true. >> i think they're going to have a great quarter and i think they're doing everything right i think they're making the places safe. i think the parks are doing great. i think the movies are doing great. i think that the $30 black widow was terrific i love that movie. i watched it twice. >> so it's going to be a really easy interview you give chapek tonight, isn't it? how do you do it bob >> does it ever get old, bob
>> have you been watching my show >> scarlett johansson, the back and forth was good for everybody. you're amazing. >> i was so mean to some people this week. i couldn't even bear myself. >> we shouldn't miss the chance to listen to what frank del rio told you last night about vaccine mandates and leadership in general around covid. take a listen. >> i'm so disappointed in government, at the local level, state level, federal, that we don't have mandates. whatever happened to good ole leadership in this country there is a pandemic going on imagine if 600,000, 700,000 people have died of anything else in this country other than covid, there would be an uproar. over 35 million confirmed cases, you ask dr. gottlieb and he'll tell you it's over 100 million cases. it's got to stop if we don't take leadership here, this is going to go on forever and ever and ever. >> look, dr. gottlieb was the head of the panel that analyzed what frank should do for
norwegian, okay? co-chair and dr. gottlieb, whom i think among us at cnbc i keep hearing i feel has great authority said, look, we've got to vaccinate both sides but the governor of florida, perhaps not as good a doctor as gottlieb, right? the governor in florida fought frank tooth and nail to make it so that everybody who has covid has a right to sail. there it is. the right to sail for covid people that's a standard. that's what i want from leaders, the right. what is that what is that >> somebody running for president. >> i'll tell you who it is. >> that's who it is. >> he's one of those jeopardy people that got a goose egg. i'm going mad. i have to use every analogy. but frank del rio is furious because the governor tried to make it so -- >> and listen, he's a forceful proponent for it >> there was considered
distribution. >> they have the preliminary injunction against it so they're going to be able to follow the mandates they want to, but it's going to go to court we'll see. >> no, he's going to win it's impossible to overturn that 99%. the governor had -- the law was passed, frank would tell you, basically to stop him from trying to get people vaccinated. now, that man wants to be president in the worst way i mean the worst and i just -- look, i'm taking it from a business point of view i would rather go on carnival than anybody else. because he will not let children on, and children are becoming superspreaders david. >> well, del rio actually talked to you about the prospect of appeals and how surprised he was to hear about the state's resolute stance. here's what he said about that >> you know, we're dumb founded and even more dumbfounded that after the court's decision this past weekend that the state decided to appeal. you would think that they would
just, you know, lick their wounds a little bit and step aside. but no, we're going to fight them in appeals. >> we're seeing the same dynamic play out in texas regarding masks. >> right. >> and mandates and cities like houston and dallas. >> i think the justices -- the opinion is going to resonate it's one of the great smackdowns it basically says that the florida governor is off base on every single point and on everything from the notion of you have the right to free speech to be able to make it so people who are not vaccinated have every right to go on, to the idea that people who are not vaccinated are a protected class. she laughs at that how did that happen? the idea that there's privacy, the privacy, she says there is a national imperative to beat this and the governor seems to be against the national imperative. now, another way to read it was she was saying if you have covid, you have every right to give it to everybody on a
norwegian cruise, including the haven level, which is really nice. >> is it >> yeah, the haven level, david, is where i was going to go before all this happened not the emt -- the electric musical cruise that my daughter was on for $300 a night. >> edm. >> edm now, candidly, someone -- someone died on the one that she was at, jumped off. >> thanks for sharing. >> i know, i'm just saying. >> we've got to go. >> we've got to go to break. >> he said it. you've said plenty >> we will take a break here take a look at futures there's actually a lot of calls to get to and a small group of downgrades of names like american eagle, american express, and the big one is micron we'll get to that after a break.
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take a look at some of the premarket laggards micron is going to lead you to the downside as morgan stanley goes to equal weight from overo overweight the title of their report is "winter is coming" as they see a cyclic dntalowurn beginning in q1 countdown to the opening bell in a moment p with that. okay, imagine this...
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we've got a mad dash coming up sorry. he can be funny too. i swear he really can. i get to get to your mad dash. utz. >> so it's a classic name. it is just unbelievably good i love the cheese balls, david i love the potato chips. count me in, all right but, david, this is what's going on in corporate america. they took the numbers looking for 70, 75 cents now it's down to 55, 60. by the way, this was a spac. why? higher transport, higher labor, hire commodity inflation get used to that troica of pain. >> but that gets back to our long running debate of
transitory or not. >> i'm going to give you another side of the trade. let's say you own frito-lay. >> yes, you're pepsi. >> and you're starting to get irritated by utz do you think you don't have the ability to cut price, do whatever you want, make this even more of a -- i am saying that frito-lay has unbelievable scale and they're able to deal with this. they can deal with all three of those but an outfit like utz can't. with a name like utz, it's got to be good. >> so does that mean more of the same or do we feel 19 sort -- >> it's going to be mots. >> more of the same. >> yes get used to it campbell's had it. and i love these guys. i've had them on every quarter because i love the idea that there was a spac that was just -- >> it's a quality chip too
it's a quality chip. you know what, i'm going to give you a nice -- a good spac story this morning, how do you like that >> jovie >> no. >> if you're doing blaze -- >> no. you're not going to get that one either. >> they sent out 200,000 people. you better be vaccinated and that's good because i didn't want to go on a plane. how do i know the other people in the helicopter are -- >> you've got to know. >> they could be like the subway with you >> we've got an opening bell coming up. five minutes before we get started with trading right here at the new york stock exchange don't forget, you can catch us any time, anywhere, listen to and follow the "squawk on the street" opening llodstbe pca
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we mentioned that downgrade of micron earlier this morning as morgan stanley cuts to equal weight they go to 75, jim, they were at 105 as they see q1 turning on a macro level, at least for memory. >> this was a fabulous report. very long. a little bit of war at peace to it but it did say don't fade the
group yet, but the rate -- this is like a calculus term, but the rate of rate of change -- >> second derivative. >> second derivative is showing that you've got to get out of these stocks now it's a classic piece of research that unless you think this time is different and micron is more secular, then this is the end. for this particular part of the cycle they do come back. i don't particularly like drams. i don't think this is wrong. people have to recognize he's not talking about nvidia that's a different story it's more related, david, to your world and arm holdings and what's going to happen. >> well, listen, other than nvidia, there are very few people who study these antitrust matters and believe that they are going to get the necessary approvals from both the uk and china. we'll see. >> what does that mean, first of all? >> we will see
softbank would like to monetize the asset, there's no doubt. i would need to do -- make more calls. what are you shaking your head like that for? [ bell ringing ] >> i think that you should make more calls. >> okay. if but the problem is getting people to call you back. >> well, you've got to give them your number. >> i've had a hard time with that. >> the reason i'm looking at softbank is we have not found out why they needed to dump so furiously -- >> you've had this question f a few days. >> someone must have said, you know what, maybe we need a cash cushion. >> yeah, there are still some questions about the sale of the 45 million shares of uber. obviously we know softbank has been hard by their position, and didi and olalibaba.
they would tell you the value of softbank versus the value of our assets, we're still well below you're right, they also have t-mobile shares, don't forget. and that is something else that at some point they could monetize they have that agreement with deutschetel to sell a good amount at a specified price and others they don't have to sell at a specified price because that price is below the market price but they have a lot of leverage to pull it's worth digging in a little bit on arm, jim, may not happen so i don't know what they do after that >> by the way, opening bell this morning, at the big board it's chip maker rockle the list maker. we haven't really gotten to sonos, bumble, palantir, ebay. >> ebay by its own admission had some weakness. i do believe you have the ceo of ebay coming on. >> yes, we do. >> because they said it was a slight miss.
now, the issue here is promoted listing volumes. they're saying don't worry about it, we made money, but the volumes are down, and down significantly, i think when it comes to bumble -- >> well, they had tough comparisons at ebay and the stock is actually up but they did, you're right a year ago everybody was at home >> right >> buying stuff online. >> that's a problem with a lot of these we look at -- i have all these companies on all the time. but what's an opening story is bumble i look forward to speaking to them because they have a premium that's doing incredibly well it's down. >> unforgiving market. >> yeah. >> because that was a good quarter. i'm sorry, i'm not going to back away from that sonos, if that is down that's the end because sonos quarter was by far the best and thank heavens it's up $3 palantir, good revenue quarter that's an ape stock. it's a black fox.
>> i went to look for the filing but it hadn't been filed yet all you're going to dweal with a palantir is one page it gives you some numbers and gives you an outlook. >> i have a handout. >> look at him, he's always more prepared than i am. >> palantir with this move today will go back into the black for the year. >> that's important because this is a stock that represented a whole new class of companies that were i'll call them -- this was like an original woodstock. >> remember, it was a direct listing so it didn't actually raise capital through the sale of the stock, but they obviously had a lot of selling shareholders because it had been a private company for 20 years a very long period of time. >> one that i'm interested in is roblox the stock was up six crazily
last week. roblox is my pick in the cnbc contest that we had. >> really? >> yeah, that was my pick. i'm up nicely. >> that was your pick? >> yeah. >> you didn't like my draft? >> yeah, the draft. >> what did you pick >> i got palantir. >> with sonos comes a move to buy best buy this is again up -- by the way, these are all things that make it so that your house is nicer asek up $2.80. i use that at my house after doing a wood deck three straight times. i decided to go to theirs. so you've got that remodel trade that's back on i think that's important because home is where the money is. >> it doesn't hurt that lumber prices are now lower than they were on election day
that market definitely caught up. >> i think that when lennar is an unbelievable good stock to own here i think the toll brothers -- i typically do not recommend the housing stocks but toll brothers is a really interesting place. ten times earnings, great balance sheet and a ceo, doug yearley, i would put him in the top quadrant >> yeah? >> yeah. >> you've got a lot of people in that quadrant. >> not that many. >> no? >> no. who do you think was the best performer yesterday in terms of actual numbers the rule of 140, not the rule of 40 >> i don't know. >> stated it in the form of a question doximity that is one amazing company. do you remember all these people that were detail people? my wife is a detail person this is where the doctors are now getting advertising.
people are reaching -- the medical pharmacies are reaching docs through this. detail people cost a fortune my wife was selling reslane. >> what is that for? >> wrinkles right here she was crushing it. she had brooklyn and the bronx now they would probably just advertise with docimity. >> the entire sales force? >> i think my wife would have been replaced by them. >> we had the ceo on tech check yesterday. it's proving to be a sticky platform i mean this went -- came to market at, what, opened at 41 last june. >> yeah. this is a great, great company it's one of the few that almost any -- if you go to a high level doctor, they're going to say i love doximity. one of the features they have is you can make a call if you're a
doctor and it blocks your number so doctors who are often frequently bombarded if they give you their number, this allows you to call your patient and they don't see your phone number >> interesting >> interesting no, excellent. >> revolutionary, what what do you want me to say i'm going with interesting. >> if you had an ounce of enthusiasm -- their enthusiasm >> they're enthusiastic. you know, it's funny, i mentioned the spac that was going to be up perhaps a lack of enthusiasm it looked like kano health the company is interesting, they run primary care provider for seniors in underserved communities and they did announce numbers that were better than expected they gave guidance the stock is up 3%, but it looked like in the early going, jim, it was going to be up about 10%. interesting stats, though, in another area you care about. they have obviously a lot of practice down in florida and as of august 9th, they have
observed a seven-day average of 14.3 cases compared to a seven-day daily average of 24 cases at cano's peak so they're doing better than the state in keeping their population both vaccinated and not getting sick only 7.5 covid hospitalization admissions as compared to 1,000. and it's 50% lower than the senior population in florida overall. >> that's very good. >> so they're touting those numbers. >> this market, though, likes low price-to-earnings and also stocks where the yield curve might be going a little more jpmorgan, look at the stock of jpmorgan that stock was at 151 just a few days ago it's back to 162 now, it's expensive there, but -- >> it is the financials overall, i keep -- i mean morgan stanley creeping up on a $200 billion market value. >> they have a service revenue
stream, david. he's a service company >> yeah? >> this is getting -- it doesn't have a service multiple yet. >> no. >> that's why it's going to go higher. >> all-time highs for both ms and gs. >> yes. >> as goldman crossed 400 and left it in the dust a couple of weeks ago. >> their model is turning out to be a lot less episodic is the word that i said to david solomon. >> that's what they're trying to do and they're also trying to communicate that to the investment community i mean their line is basically, hey, there's a blackstone hidden inside gold man sacks. >> i've been communicating. >> they have been using you to communicate. >> i'm a mouthpiece for you, for disney who else am i a mouthpiece for >> it's a very long list. >> you know the s&p 500. >> i'm looking forward to the chapek interview i am i am >> one of these days, right in the kisser
>> yeah, to the moon, alice. if you want to sit here and irritate me all day. >> really? because earlier you comply i don't ever make calls. i got the implication. so you're coming back at me a little bit today. >> you push my buttons. >> you know how to push mine too. by the way, i was watching tape yesterday. i was -- of us from 20 years ago. do you know this has been going on over 20 years >> 20 years of you being snide and -- >> more than 20 years ago. >> 20 years ago he was like -- >> i wish i had it we'll show it. it was hilarious you look exactly the same, by the way. >> oh, come on, you looked younger and that's when i was calling you john garfield. doesn't he look like garfield, body and soul? you know, gaurfield, they naile him as a communist, which he wasn't, died at a very young age. speaking of blowing through 400, moderna is trying to find some legs, jim between it and biontech, 60 billion in market cap losses the
last couple of days. >> that's been brutal. i think it's now heavily shorted. it can't see because of its price maybe the meme people, the apes have not endorsed it. the apes are doing everything they can to keep a couple of other stocks in the air. they must be happy with palantir. >> the business is amazing, the stock is one of the great performers it's up 450% over the last 12 mo months just the other day i was saying it was bigger than merck. >> i don't understand why people don't buy pfizer pfizer had an awful -- now they have all kinds of money. they can buy whatever they want and therefore, eliminate the patent cliff. >> pfizer got past its 20 -year high. >> really? >> yeah. >> the 20-year viagra high. >> yeah. 20 years for pfizer, finally broke out.
>> the semis are down hard. >> i like looking at a pfizer 20-year because i know it drives him crazy. >> who >> fiezer. >> it's a viagra stock i was with you, on set with you. you were making fun of me when they had the viagra breakout. >> right >> pfizer and yahoo! broke out at the same time >> that's right. i remember that. that's right >> same time >> and then mark cuban decided to sell broadcast.com -- >> for $5.2 billion in yahoo! stock. >> how timely. >> and collared it smart guy. >> but you don't know what the rest of his life is. there's no reason to be jealous of a guy who's cool looking and rich -- >> bought a basketball team at the right time. >> there's no reason to be jealous of that guy who is unbelievable on "shark tank" and is funny david, there's not a single reason to envy him, not one. >> i like that. >> not one. >> not one. >> not one >> the thing about mark, he'll still sit down and ask you a lot of questions
he's always trying to learn. >> mark is great i had him at indiana when i did my college tour and he did a baseline shot. boom. >> nothing but net >> nothing but net but that's not a reason to be jealous of him. >> you're right about my cimicr though, that's going to take you back to december. >> man, the company historically cyclical, a lot of people thought this time would be different. sanjay, first of all, is fabulous but they spent a lot of money to try to make it so their chips are no longer what i call dumb chips some people call them full featured chips but in the end, there's a tipping point. and we've reached it please don't sell every semiconductor off that semiconductors are no longer -- look, i sound like utz where chips are chips. >> well, qualcomm got a price target increase. they go to 225. >> three upgrades.
qualcomm is the one to buy if it goes down to 144 i'd buy that one because it has nothing to do with these others. advanced microha has a bit of a meme hangover when the apes didn't understand arbitrage, david. >> no, they didn't >> apes have been doing very funny pictures of me. >> really? >> with love, right? it's a sign of affection >> oh, it's always done with love. >> they really don't like you. >> i just think those deliverance pictures don't add up to much, frankly. >> no, they don't. >> it's disgusting, it's misogynist and if i were ned siegel right now, who i do love ned, i think he should have a person who just looks at what they post and deletes them because i -- the misogynist nature of it is
unforgiving and it's going to hit twitter's brand. twitter has lagged -- >> got a new font at least did you see that >> yes, yes. and we all like it but it's time for them to have a service which i begged him i'd pay more in order to make sure these people cannot be on this site again. every time i asked for concierge service -- twitter is great, they just have that one problem. >> it is a problem. >> twitter also at a multi-month low, almost a six-week low at 64 so even though we're down a few points, we're really not that far from record highs at the dow at least let's get to bob pisani. hey, bob. >> hi, guys. we are sessentially at new highs i know it seems quiet but there's a lot of percolation and rotation going on at the surface. banks have had a very good week overall, they're the market
lee leaders trending up. materials are having a good week overall. there is some legs in that infrastructure trade even though most of it happened earlier in the year industrials also doing well. tech has been lagging because interest rates are a little higher i'll show you that in a minute right now everybody is talking about the variant and the impacts and the other is interest rate. right now the market is still acting like we are going to go towards peak variant, as people like to call it, in the next several weeks. who knows if that's the case but the market is acting like that as for interest rates, they're trending higher here we continue to see strong momentum in home improvement, banks, industrials, materials and some downward momentum in the consumer stap les names. let me show you what i mean to put some flesh on the bones here consumer stocks here, big momentum in costco and sherwin-williams still and nike. walmart one of the few consumer staples names that's really been doing well, but that's the exception in the consumer staples group.
financials are doing well because interest rates are rising we're seeing some funds doing well actually. t. rowe price has been doing great. that's one of the leaders in low cost, no-load funds doing well nasdaq has been doing really well and you mentioned the banks, morgan stanley, wells fargo, goldman sachs also having a nice quarter. the big industrial and material names, newcore and dover, techstron and deere. who knew there was legs left in that infrastructure trade. martin marietta and vulcan have moved up the last couple of weeks. a lot of people thought that play was exhausted but there's still some legs left in that infrastructure play. we're seeing downward momentum in the last couple of weeks in consumer names so the liquor companies are not doing too great. constellation, brown foreman, kraft heinz, clorox, campbell's soup all looking considerably softly no surprise as the economy tends to reopen, these stocks, it makes some sense as a play, have
been waning quite some time. the big debate is around tech. tech is sensitive to higher interest rates so it's been either side i'm talking the last several weeks, to see how this plays out, since really the jobs report came out. so paypal, intel, nvidia, microsoft. super mega caps have been a bit stronger, microsoft and apple, for example. but either side a positive or negative let's say that that debate is not yet over again i think the key here, carl, is higher rates have basically helped the market look through the whole delta variant story and that's been a major story. on the delta variant, still, slowing, not derailing the recovery and the key question is what exactly do you mean by slowing. you can change behavior without going through lockdowns and that's what we're debating right now, how much are we changing behavior carl, back to you. >> thank you, bob pisani. still to come this morning, earnings, e-commerce trends and
the pandemic, a first on cnbc interview with the ceo of ebay. first time for the bond report, take a look at treasuries are doing ever since we get ppi just over an hour ago. 10-year is hanging in there at 1.37 across the atlantic some new data showing that eurozone industrial production fell unexpectedly in june the uk economy grew 4.8 in q2 after a decline in q1. the dow is down 35 we're back in a moment i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind. but that one call got her a tow and rental... ...paid her claim... ...and we even pulled a few strings. making it easy to make things right:
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a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq bank of america out with a chart today looking at the decline in credit card spend they point out airlines specifically the biggest deceleration continues to be in spending on airfare which we think reflects concerns over the delta variant. a lot of the legacy carriers down 1 to 2% "stop trading" with jim in a moment ♪♪
nvidia reflects the man i call da vinci and what he has accomplished don't sell that off of micron, for heaven's sake. they will do just fine. >> you got disney tonight. >> yeah, i got to suck up to why did you say that >> now you are going to be tough. >> bob chapek. whitney wolfe herd and david foulkes, brunswick the stock doesn't get the respect, like rodney dangerfield. and then david facebook are from a picture i just tweeted >> yeah, it was funny. i was looking through the old archives yesterday. >> reminiscing near the end? >> closer to the end than the beginning, my friend >> back nine, they call that, david, if you played golf. >> if i played golf, i would be. >> what can i say? david's right. no more free passes.
talk to some of the people i interviewed this week who are, like - >> you surprise them sometimes that's for sure. they don't see that left coming out of nowhere. >> on the canvas, david. yeah, when you have a plan, doesn't mean anything when that punch hits you. >> jim, we will see you tonight. can't wait "mad money" 6:00 p.m. with jim cramer whene meac wco bk first on cnbc interview with the ceo of ebay as the dow's down 80 what happens when we welcome change?
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♪ good thursday morning. welcome to another hour of "squawk on the street. i'm carl quintanilla with morgan brennan and david faber live at post 9 on the new york stock exchange we were on the cusp of fresh highs, but we have settled back a touch. producer prices did run hot and evidence of declining credit card spend in areas like travel. >> 30 minutes into the trading session. three of the big movers that we are watching this morning. we start with palantir matching earnings estimates with revenue jumping 49% from a year ago, including a 32% jump in commercial revenue which investors are focused on
90% for u.s. commercial customers. company at the quick of the earnings call laying out the meta constellation of 237 satellites as they partner with other commercial space companies. so think a.i. in space of course, also on the call my favorite part of this, giving a shout out to the, quote, hobbits who crushed hack week's present and past long live the fellow shim exactly what you expect from a company named for "lord of the rings. sonos a surprise profit of 12 cents per share. the maker of home audio equipment issuing strong current quarter guidance more folks buying more sound systems for streaming at home. shares up nearly 7%. and micron getting a downgrade at morgan brenstanley. they will face a challenging backdrop for forward returns saying that winter is coming for the global -- global memory chip
sector. president biden commenting on the economic recovery and inflation saying to trust the fed. >> right now our experts believe the major independent forecasters agree as well these bottlenecks and price spikes will reduce as the economy continues to heal. while today's consumer price report points in that direction, we will keep a careful eye on inflation each month and trust the fed to take appropriate action if and when it's needed >> joining us now is joseph amato, president and chief investment officer, and our own steve liesman. steve, i am going to kick off with you those comments from president biden especially in light of the fact that we have been getting a number of fed officials, i could think of one interview you were involved in yesterday, a number of fed officials signaling it's time potentially to start tapering
>> yeah, i thought it was interesting when i look at those and heard those remarks. i wonder if you would interpret that as a fed official as a kind of pass to do what you need to do they have it anyway, but they wouldn't mind hearing it from the president the idea, you know, the fed does what is necessary to do. i would think in the face of inflation that would be to somehow ease back on the stimulus to the economy. and that's, i think, where the fed is heading i think the upshot of the remarks, i don't think the fed moves in october as kaplan wants, the ddallas fed president th they have been successful at moving the yardstick for the beginning of the taper back to sometime into this year rather than next year. >> over, what is an investor to do thousand? we are seeing inflation numbers, ppi this morning, for example, running hot. and, yes, you can make an agreement that cpi yesterday suggested you are starting to
see the worst over with. who knows? 5.4% year on year still sounds hefty in light of everything we are talking about and seeing with the economy reopening but what are you suggesting? how are you navigating this with markets near record highs? >> good to be with you this morning. thanks for having me we are certainly watching the economic stats quite closely, particularly the trends, the consumer level, given this delta variant. that is something that, you know, could put a kink in the armor here with respect to the acceleration of the economic activity we think the inflation numbers are, to use the word, transitory we do think things will ease off today's number, we're digging into, but certainly yesterday's number was cooler than expected and you had a strong employment report last friday so we think the economic activity going to continue we think the fed will certainly
have a challenge with respect to shifting policy because ultimately we keep asking ourselves the question, can the fed normalize policy without meaningfully tightening financial conditions and i think, so, to steve's point earlier, it may be a little bit slower than the market may be expecting and rates will end up lower than the are market is expecting in our view. >> you could make the argument we have seen the whiss of a reflation trade re-emerging in the markets. is that where an investor should be putting their money to work right now? is it sustainable? >> we think the economy will be trend line for a continued period of time so with above trend line economic growth you want exposure to the cyclical sectors of the equity market, whether it's financials, industrials, materials, et cetera so that's where we are we still want exposure to those
sectors that will benefit from accelerating economic growth at some point that clslows down but we don't think that time has come yet. >> steve, there has been a lot of discussion about whether or not infection data is a good concurrent proxy for economic growth jpmorgan out today looking at the contrast between the u.s. and europe in terms of hospitalization rates. they say it's striking i just wonder, can we use it as a canary to look where we might see growth or outperformance at least in developed markets >> i think so. obviously, that's been the rub the whole time here, carl, is that investors have to be epidemiologists and they ought to approach that job with a little bit of humility the doctors aren't 100% going on and i don't think investors should be either
but, yeah, the next thing ong my bucket list, the things i need to do, carl, to see if we can start to correlate what we have seen in terms of infections with economic activity. for example, i was looking at the jpmorgan credit card data which seems to be doing pretty well so far. it's flattened a little bit in terms of the gains that have been made, but it's early days yet. it just seems like the reality of recognizing the reality and what's going on can the delta variant has just sort of overcome us. it looks like officials are just now reacting and the first thing we are seeing is these debates over vaccine mandates and mask mandates what we haven't heard a lot yet but could be coming, carl, are the new lockdowns. i have heard things like jazz fest being canceled, can conferences being canceled when that happens, we wonder and worry about what it would appear in the economic data. >> that's a key question to
raise, and, joseph, even if you weren't necessarily to see lockdowns or major meaningful shut-in activity here in the u.s., looking to china or some of the other major economies around the world and given the fact that we are talking about u.s. multinationals in some cases that bring in so much revenue from other places around the world, how could that affect markets if it, indeed, comes to pass >> well, i think the infection trends are of course a very, very important indicator that developed economies have generally done a better job of getting higher percentage of the population vaccinated. that's the area we will see more accelerated growth coming up if you look at the u.k., fringes, and the dropoff of delta variant infections, that could be a good leading indicator how the u.s. may see a peaking out, whether that's later this month or september. that's generally our point of view you are also seeing a pickup in valuation rates in the u.s.
which may get us on a pathry to herd immunity cerner than expected the area of tconcern is the emerging world where vaik penetration is not as high so the e.m. world is a bit of a challenge right now. sort of the emerging world ex-china to a large extent that's what we're more concerned about than the developed world at this stage. >> gentlemen, thanks for kicking off the hour with us. as we head to break, here is a look at our roadmap for the rest of the hour a closer look at the moderna madness, the stock trying to rebound after yesterday's 15% drop in what has been a volatile week for the biotech meme. >> and wyoming and texas are attracting more crypto firms and investors while paving the way for new regulation. and the ceo of ebay, we will talk about earnings from the e-commerce company, trends, a
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let's start off on the quarter itself as i said, the stock down bait not too much but you didn't give guidance one analyst is saying your third quarter volume at least the guidance that they have is down low-to-mid teens, which is below expectations what's going on here >> yeah, well, first, we did guide q3 and it's guided how we thought it would be for the back half of the year, similar to q2. q2 was a very strong quarter for us on all metrics across the board, beat on revenue, beat on eps, and we are delivering on the tech-led reimagination we rolled out last july importantly, in the quarter we also closed on our ad event deal and announced the sale of our korea business $3 billion for 80% of our korea business to e mart if you look at the focus simplification, david, from the stubhub transaction through the announcement of korea, we have created $20 billion in value for
shareholders, which is great the other thing is it allowed us to focus on the core the core strategy is working we are coming out of pandemic stronger than we did coming into and feel great about where the business is. the innovation playbook we rolled out is working. >> all right let's talk about that because i can remember our first conversation when you used that term tech-led reimagination. it's been a year or more since you said that. what can we look at in terms of evidence for that? your focus has been, for example, on high-value buyers, buyers buying over $800 or more than six times a year. or even buyers who sell. tell me, jamie, how is the tech-led reimagination being reflected a year later in the current numbers? >> that strategy is working. if you look at the high value buyers, i like to talk to them they wake up, they get a cup of coffee and get on ebay what we see is that what's great is they come into a shopping in one category and start shopping across the whole experience. those 20% of high-value buyers are 75% of our gmv
what's great is the strategy of focusing on category by category is really working. we have talked in the past about niek sneakers and watches. this quarter authentication of handbags over $500 if you look at luxury watch buyers, they come in and buy a high-end watch on ebay, they start buying other watches then they buy 50 other items totaling $9,000. so this focused strategy of going after high-value buyers, getting people to shop across categories, is healthy for the ecosystem, great for our sellers on ebay. >> does it require your shareholder base to focus on different metrics than they have in the past perhaps, not as much on overall growth and gmv as opposed to perhaps margin itself >> if you look at the focused categories, watches and sneakers, they are still growing double digits ahead of the overall marketplace. our customer satisfaction in the categories that we are focused on is over 90.
and this playbook, we have only rolled it out to 10% of the site we will be at 20% by the end of the year we think it's applicable to every category take motors, parts and accessories. this is a great category for ebay we rolled out a motorcycle parts finder in some of our countries. that's performing really well. and we're launching new features in collectibles. we talked last time about collectibles our trading parts business has already done $2 billion this year and we just launched new features this quarter, price guide. david, nobody has the level of data and information on pricing that ebay has. we have 25 years of data so putting that back in the hands of buyers and sellers has been a game changer. we also launched a my collections feature. enthusiasts can bring their collections on we are leaning into thes areas and the underlying health of the business is stronger >> and you have confidence as well, jamie, that, you know, this continued enthusiasm, for
example, in cards is going to continue, or is it simply within collectibles something else, if that were to slow down, will replace it >> the beauty of ebay is we see different strength in different categories our collectibles business is strong, trading cards is strong. i don't see that slowing down. the beauty of ebay is the cross-category of shopping we will acquire a gen "z" who spends $500 in sneakers and then $2,000 in other categories across the site. that's a great benefit of ebay the other huge benefit is 80% of traffic is organic they come and type in ebay.com and they may come in looking for one item and buy many other items across the site. it's a huge benefit. think about the scale of 159 million buyers, we are a platform that nobody else has that kind of scale an average seller like you or i could get access to thand coo of
demand. >> jamie, it's morgan. what is your response to investors that are going through this earnings season focused in on e-commerce platforms and trying to parse what could be post-pandemic stabilization versus slowdown? >> what we saw in the quarter was as mobility increased in the countries that actually impacted our business as well, that's why we guided q3 the way we did, you look at u.k. arnd germany, it's mainly back to normal there. some other markets like australia, things are more locked down. it depends we are focused on the long-term underlying health of the business so we continue to believe there will be short-term fluctuations because of the pandemic. but we are exiting this pandemic stronger than we came into it. if you look at, we have modest positive underlying growth which is great to see and the strategy is working so the strategy of focusing on focused categories, we're really leaning into our c to c business, consumer to consumer business, that continues to grow
and outgrow our business to consumer business which is really fantastic and in terms of being the seller platform of choice, we are really leaning into to help our sellers. we launched coded coupons this squares. sellers can go tout to repeat buyers and actually purchase in a million buyers have already used those coupons great savings. we will see how the pandemic plays out. hopefully, it will be over sooner rather than later but the underlying health of our business is strong. >> the other thing playing out is the parting of ways with paypal and we saw that surface in that company's earnings and some discussion there about this disentanglement, if you will, happening more quickly than they certainly expected how does this proceed within ebay and what does that longer term strategy look like? what does it enable for the company? >> great question. our managed payments is performing well. we migrated 71% of payments on to ebay.
next quarter we are projecting 90%. paypal continues to be a partner of ours and a choice of payment on the platform. by enabling commerce and payments to come together we are simplifying the experience for our customers. now buyers don't have to accept seth up a separate account, nor do sellers importantly, we are able to change the game. sellers were frustrated when they had an unpaid item. we have gotten rid of 99% of unpaid items because we are managing payments. we are thrilled with the progress we are live in every country and we will be completing the rollout of managed payments by the end of the year. >> jamie, on the subject of payments, i feel like we once discussed crypto you sort of were non-committal any further thoughts in terms of whether you would take bitcoin, for example? >> no updates on crypto. as you know, there is a lot of regulations around cryptocurrencies so we are not accepting it at this point we did expand payment tiypes to include google pay and apple pay. we will continue to look at
options for our buyers and sellers. >> finally, on capital allocation, you mentioned raising as much as $20 billion from the sales of assets, increased the buy back from 2 to 5 billion. any thoughts of m&a, adjacencies that might be attractive and help you further the strategy you have articulated here? >> our first priority is reinvesting in the core business we will look at inorganic and organic opportunities to do so when you look at the free cash flow that wove, the divestitures that we have created, we have the ability do it all. look at m&a and find great opportunities consistent with our strategy, always doing it in an asset way that rurnls value to the shareholders while being shareholder friendly, buying back stock and dividends if you look at since we separated from paypal we bought back or through dividends $23 billion for our shareholders over that time period. well continue to be shareholder friendly and look for opportunities on m&a. >> yeah. and the same shareholders,
hopefully, held on to their paypal shares as well. jamie, thank you always appreciate your time. >> thanks for having me on, david. after the break we will take you live to wyoming with a look at how that state is paving the way for crypto regulation as crypto returns to a $2 trillion market cap for the firstim ncmay.e we're back in a moment
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welcome back to "squawk on the street." with all of the drama in washington over how to regulate cryptocurrencies and the role in infrastructure and the infrastructure bill some states are taking the spotlight in regulating this industry kate ruooney is live from wyomig with more. hi, kate. >> hey, morgan, good morning we are here in cheyenne, wyoming, the state's capital it's looking to become the crypto capital of the united states one of the big reasons, a lot of these tech companies have been moving here, friendly regulation the state has passed more than two dozen bills related to blockchain, the biggest so far aimed at quick approval for new crypto banks >> what wyoming did was just
create a welcoming legal environment just clarifying that this industry is lawful and does exist in a recognized manner most of the crypto industry in other states is just in a legal and regulatory gray area >> on top of that regulatory environment, guys, there is no personal income tax here wyoming also has abundant and cheap energy sources and that is key for the crypto mining companies. and it turns out the internet speed here it pretty good as well so country's largest data centers, including microsoft, are in cheyenne. wyoming's senator cynthia lummis, while, among thfighting for a crypto amendment the state is bringing in more revenue and tech jobs thanks to crypto and she says it could be a sandbox for action in d.c. >> there has been a long delay in getting action and we're trying to encourage the fed to
move it along so these companies are not burning through their capital trying to get a charter. they can actually begin to conduct business >> wyoming has a history of pioneering new laws. it was the first to have llcs, also the first state to allow women the right to vote. other states are following pretty quickly we have got texas, necbraska, north dakota, illinois passing crypto bills recently. a couple of tech companies we talked to that moved out here say that competition between the states is really a good thing. it puts pressure on some other states to innovate and possibly the fed government at some point. for now they say wyoming has enough of an edge, they don't plan on moving anytime soon. back to you. >> kate, how important is it i mean, you touched on it a little bit but the energy piece of this puzzle whether it's hydropower or other potential alternative energy sources that wyoming is sitting on as well, i guess
how -- just how many crypto miners are flocking to the state because of that, and is that something from an infrastructure standpoint the ostate is looking build to out >> it's really important states like texas that has been what they are competing on as china shuts down a lot of the miners there you have miners looking to relocate to the u.s., looking for that as the main thing, cheap and abundant energy sources and crypto-friendly regulations. so texas and wyoming are going head-to-head when it comes to crypto mining. they are looking to diversify into crypto. regulation is the other big one. there is some crypto banks moving here. those are the two biggest industries cryptocurrency, digital asset banks, and miners. >> what an amazing story fits in the rise of the rest, not just a coastal story by any means.
a news update this morning rahel solomon has that for us. >> good morning. the taliban sweep across afghanistan has prompted hundreds of thousands of people to leave their homes unicef says over 400,000 people been displaced in the country. another 18 million need humanitarian assistance. taliban have captured a tenth provincial capital cut offering the main route between kabul and the southern regions. wildfires in southern italy. firefighters used planes to drop water to support ground teams in cicely one weather station in cicely reports that the temperature reached almost 120 degrees on wednesday. if confirmed, it would be a record high. a massive fight over congressional redistricting with this afternoon's release of 2020 census release the data will be used to re-draw district maps influences election results for the next decade. and a cargo ship has
delivered a pizza kit, fresh fruit to the international space station the biggest cargo loot so far got have to fresh fruit. back to you. after the break, a closer look at moderna's wild week. the company's stock trying to rebound a bit in today's session. you see it right the, %.reup 2 we are back in two minutes nothing rhymes with liberty mutual. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ 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.
the moderna vaccine was approved later so it wasn't distributed to the nursing homes initially and health care workers in the same quantities as pfizer and it was also initially distributed through community sites with might have been healthier patients. the extent we are seeing declining efficacy, i believe it's a class effect -- >> that was dr. gottlieb talking about vaccine efficacy with the fda moving closer to authorizing booster shots for the immunocompromised as moderna tries to rebound following yesterday's massive job.
they have lost 60 billion over a couple of days joining us onnenheimer that looks timed what didn't you like about the move aside from the valuation? >> yeah, thank you so very much. i mean, i think we got a little r lucky there. there is a great company, great signs, great clinical execution management team is really forward thinking and you know they are doing great work, literally saving the planet with pfizer and biontech and other companies. i think we got lucky i think what's going on with the stock is the attention between forward expectations, you know, and what people think they can deliver for covid-19 versus the pipeline the company's trading more on covid-19 expectations now. those might be fully discounted in the share price and people are thinking what's next that's going to take a little bit of time to figure out.
>> what is your take on this booster news and does it lead to a wider discussion about boozs in the coming weeks? >> we have been talking about boosters close to a year you know, if you are a person that gets the flu vaccine, you get it once a year most viruses -- or there are a lot of viruses where you need consistent injections against that virus of vaccines we have been expecting boosters to be a part of the story going forward. i think maybe the broader public is seeing that coming about. i think boosters will be important for moderna and biontech and pfizer and it will be a part of the reason why i think they will, you know, stave -- have a scary value attached for a couple of years, i don't think any other company will have mrna boosters like they do. >> to go back to moderna specifically for a minute, year to data gain of 275% over the past 12 months, more than 460%
this is a company that up until its covid-19 vaccine didn't have a product on the market. so we are talking about at least right now for now one big blockbuster product. what is going to be next for the company? how does it sustain these valuations >> morgan, great question. i just want to give a little bit of context, right. when they got their first product commercialized over the next five years, you know, they were up 500%, a couple of hundred percentage points. regeneron, 700% between commercialization and their peak moderna got their first product commercialized in one year because of covid-19, the pandemic the numbers that you stated sound fantastic in a one-year move, but if you annualize them over five, seven years, it's not that out of the ordinary they did what alexei i don't
know or regeneron took many years to do. that doesn't -- that really does not bother me that much. our downgrade is what is next and i think we will start seeing the con stours of that at the rd day on december 6th and going forward the next two to four quarters. >> on that note, you say in your note, other modalities, is what you are sort of looking for progress in terms of their pipeline can you give us a sense as to what you will be focused on on that r&d in terms of their development, other modalities, as you say, the dream to unfold? >> yeah. so, you know, modality is a fancy way of saying other diseases i apologize. we got biotech folks get jargony sometimes. they have a great infectious disease franchise with covid-19, they are developing a flu vaccine, you know, against a virus called cytomeg low virus for women of childbearing potential. also in the rare disease area there are about 650 rare diseases where a protein is
deficient or enzyme missing, afflicts the younger folks who don't have long life spans i think those two areas in the next year we will see a lot of movement, potentially cancer vaccines, biontech has focused loot of effort there the last few years. >> the overarching bear scenario for the market in equities is the idea that eventually with so little of the emerging world vaccinated that there is runway for the virus to mutate to a point that it could penetrate vaccine efficacy is that a reasonable fear? >> you know, i will tdefer to te experts on this. i will say having covered a lot of companies that are involved, regeneron, gilliard with the small molecule approach with remedies veer, i think we can take it for granted it it will mutate i think within our treatments
moderna, pfizer/biontech gilead will be taable to keep the virus under control. our lives might be a little more complicated the next few years, but i don't think it will be any worse. >> we were just talking about this trajectory in moderna stock and the fact that it's similar to some of the other names that you cover over the years as well what's the next name that you have your sights set on where there is a potential blockbuster drug or therapy in the pipeline where you could see a similar type of stock move in the future >> you know, look, we don't have to look that far it's right a couple hours from me here in new york, regeneron you know, this is a company, been around a long title like gilliard last year and moderna and pfizer biontech they were able to get a therapy approved people in the hospital or might have mild or moderate version of the deal, they get the cocktail antibody and have a good chance of living and getting out of the hospital they had a huge order from the
u.s. government recently they got an injection sort of format approved. before that it was iv, called sub-cue. from what we are hearing in our checks physicians are becoming more comfortable it's low-single digit penetration to low double-digit penetration in the hospitals we expect more orders from rt government next year it's growing 20% on the top, 30% on the bottom line layer on more covid-19 antibody on top of that, any generalist who knows covid-19 should be looking at the stock seriously. >> wow really good tough s really helpful stuff. what a ride it's been over the past couple of weeks thank you. >> thank you appreciate it. all right. looking at what and how some health professionals are getting vaccine hold-outs to get their shots. better that.
>> you know, dpafd, in investing we talk about fear versus greed. for vaccine hold-outs fear is powerful hold-outs at elmont they have seen a 25% pick up as patients are more worried about the delta variant and in many cases about losing their job amid growing workplace mandates. >> the patients, you know, that's why they're coming in for bork purposes. some jobs are saying that they have to have weekly covid-19 testing. and to avoid that, you know. so patients are just like, you know what? i'll just get vaccinated >> at ozarks health in west plains, missouri, when covid rates spiked 30% in july pharmacists kept hearing from patients who wanted the vaccine but feared the backlash from friends and loved ones who are opposed to it.
so they put out the word to on facebook they will offer the shot in private settings >> they might have a spouse away at work. they want to get in while they are at work so their spouse doesn't know we have people who don't want their friends to know. they will continue to tell their friends they are not vaccinated. >> over the last month, the local outbreak in the secret vaccines have helped push vaccination rates at ozarks up fourfold in unvaccinated, under vaccinated areas, still only 22% are vaccinated 30%, including those with one dose now it's starting to move the needle, but there is a long way to go. >> thank you for bringing us the latest we see this trend emerging now. as we head to break, watching shares of open door today on track for the best day since april after the home buying and selling company posted a smaller than expected
loss and a beat on revenue the company also issued an upbeat current sales forecast. housing. we have been talking about it. it's been strong even for the home flipper. more "squawk othsteton e heside of this break at usaa, we've been called too exclusive. because we only serve those who honorably served. all ranks, all branches, and their families. are we still exclusive? absolutely. and that's exactly why you should join. what happens when we welcome change? are we still exclusive? absolutely. we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect.
one market group may be able to weather rising risks tied to fed policy and the delta variant. that story and more on tradingnation.cnbc.com more "squawk on the street" ahead. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management.
more "squawk on the street" time for "etf spotlight. christina looking at the delta variant's impact on oil demand. >> so oil prices slightly lower after the international energy agency warned the spread of the delta variant would slow the global oil demand recovery west texas crude which is showing on the screen down slightly now, well above 40% the paris-based organization
says the worsening of the pandemic means their 2021 forecast for demand was cut by 100,000 barrels day. they upgraded their 2022 forecast wi wildly perceived to those seeking the energy component is one of the oldest etfs the etf is trading slightly lower. let's see how it's doing versus its peers, vanguard and i share on a year-to-date basis, also, and this is xle, the most concentrated with 22 stocks in the portfolio with no exposure to small caps. and oih another etf has a strong bias towards u.s. energy firms a note said that the energy sector would be one of the most likely areas to outperform this year according to them highlighting vaneck as a good measure of return. >> thank you
after the break, another first on cnbc's earnings interview. this time with the ceo of goodrx that stock is up 2% right now. we'll be right back. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq when traders tell us how to make thinkorswim even better, like you we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders - they're made by them. thinkorswim trading. from td ameritrade. jerry is here!
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welcome back goodrx out with second quarter results, recording an increase in prescription revenue. headwinds as consumers continue to delay doctors visits and decrease prescription volume joined by goodrx co-founder and co-ceo doug kirsch prescription drug prices this morning. it is great to have you back on the show on the heels of those earnings, certainly reporting record revenue, record profit, record users, but the fact that covid still seems to be an issue, a head wind if you will, walk us through that and what you expect that to evolve into over the coming months. >> first and foremost, i'm so proud of what we have been able to do to help americans with this covid pandemic. we built this incredible vaccine fighter, more recently rolled out a vaccine passport we can
help americans to be able to show their vaccination status when necessary honestly, it was a head wind for us i think we're at the end of that in the terms that are -- as you said, we had record revenue, record profit, 20 million people a month are using our product. doctors and prescribers, over 400,000 doctors distributing the content. the momentum is huge with this company. i'm so excited the covid is a question mark for everybody. but we're feeling really good at this point that we continue to help people with covid and we're super excited about the new products and services that we're rolling out soon to help americans across other pain points. >> let's talk about some of the products and services. i think a lot of folks know good rx is the place to go to shop around on prices for prescriptions, but what are some of the other offeringofferings. how do they expand your possible revenue streams? >> sure, sure. first and foremost, we have good rx gold, our prescription product, i'm proud to announce
that rite aid is making it that much more valuable and all the pharmacies are part of gold. we announced partnerships with doordash and usaa, providing gold discounts to members, a whole other constituency that can benefit from gold rx gold and the prices we have a huge effort we have been doing on brand drugs where we have been working with manufacturers and working with 95% of the top 20 manufacturers who have integrations on good rx, where for consumers you can find very expensive brand, as low as $0 on good rx and we're proud of that, and it is so small, so much more that we can do lastly, sure scripps, we announced a partnership with sure scripps, delivered 2 billion prescriptions last year and we're integrated into that doctor/patient/pharmacy experience >> and yet we have president biden, we talked about it, speaking the next hour on prescription drug costs. something like 300 price increases from companies ranging from pfizer to glaxosmithkline
reported why do we continue to see the prices inch higher and what does that mean for your business? >> we have been around for almost a decade now. i can remember when the aca was out, and trum had his orders and biden had efforts it has no impact on our business most of the efforts you're seeing are around a small set of very, very expensive drugs good rx helped and we're on the same page with that one. we're trying to reduce costs for americans. one of the things we really support which i think the biden administration is also a fan of is more transparency and helping consumers have the tool sets they need, they can make the smart decisions whenever they're choosing any purchase in healthcare i think we're on the same side and i don't see any material impact for our business at all from what we see out there, if the stuff put out there now even comes to pass. >> when it comes to your business, doug, some people perceive amazon and walmart down the road as a threat you said previously i think on our our that amazon is perceived
to be going head to head with us, but it is not. why isn't it >> no competitor has any material impact on our business and our company's history. there is a lot of talk about amazon reshaping the entire prescription world, the reality is mail remains a very, very small part of the way consumers purchase prescriptions i think at retail the moves amazon is making, no one has actually seen what they're doing in retail and it doesn't actually even work within the existing model they have so we're very confident, our relationships with retailers have never been stronger our relationships with insurance companies have never been stronger we're going to be doing a lot more with insurance. i just feel very, very confident our prospects. i'm very excited about the new things we're doing here. and we're looking up, i feel really good about the future. >> talk me through telemedicine, which i know you expanded into as well. we heard from some other companies that some of the demand for those types of offeringings has decreased as we
have seen reopenings has that been the case >> i've always felt there is a place for telemedicine in care but not all medicine is moving to telemedicine. we have been thoughtful and strategic about where we roll out telemedicine when a consumer can't get to a doctor or certain conditions where they can be safely diagnosed and medication shipped to their house we think it is very important for a consumer to have a consistent relationship with a primary care physician we have created a thoughtful and credible business for people to use and they can get a doctor visit $20 to $40 the starting point without insurance. there is more room for telemedicine to grow in certain categories and we'll be there to serve americans with really great products and services. >> doug hirsh, thank you for joining us, fresh off of earnings with the stock up 5% new. >> thank you a big show coming up on "techcheck," an interview with service now ceo bill mcdermott
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today. i will be there, filling in on closing bell again don't miss disney bob chapek later on ""mad money." >> looking forward to that interview. direct to consumer is so important for disney what are the numbers going to look like, what are they going to say also in return to the parks, vaccine mandates so many different things that disney intersects with in terms of what is going on now, beyond direct to consumer, which, again, is the main thing that investors are focused on, even though espn doesn't get nearly as much focus as it once did for obvious reasons. >> curious to see how much they're spending on content too and that that looks like since that's a robust number looking across all the different companies that are making their marks in streaming right now. >> yeah. spending is enormous it is enormous they're being rewarded for it and disney has been the stock up 34% over the last year
and they'll probably also get a bit into, i would assume that dispute between disney and scarlett johansson >> that's right. >> no one came out looking good from the back and forth there. the compensation for stars is an interesting subject at this point, given it's changed in terms of how you make money on the so-called back end >> reminds me of the music industry. >> yeah. which you know a lot about that does it for us on "squawk on the street. have a great week. "techcheck" starts now happy thursday welcome to "techcheck. i'm jon fortt with carl quintanilla and deirdre bosa the senate might agree on more that be roads and bridges. a bipartisan bill introduced taking aim at apple and google's