tv Closing Bell CNBC November 2, 2021 3:00pm-5:00pm EDT
they were buying and selling virtual sheep and livestock back in the day the meta verse enables this hypothetically in the future. >> you are -- sufficiently caveated all right. thank you for watching "power lunch." >> "closing bell" starts right now. hello and welcome to "closing bell. i'm sara eisen here at new york stock exchange another set of record on wall street with the russell 2000 joining the all-time high party. the dow up triple digits. >> i'm wilfred frost look at when's driving the action we are seeing massive moves off the back of results. avis and under armour are soars. crypto's having a strong session. ether with a record high and bitcoin with a boost president biden is expected to hold a news conference at this
hour as the future of the spending bill hangs in the balance. >> ceos, just a few minutes, under armour on the results. then chegg ceo as the ed tech name falls off a cliff the ceos of t-mobile, mondelez and zillow join us. >> let's start with the big stories. phil lebeau with tesla and the order from hertz and meg tirrell with the fizz earnings as the cdc meets this hour. phil >> take a look at what this stock has done today it is not as low as earlier today but it's sold off relative to where it was at the end of yesterday and the reason for the selloff is simple. look what happened in the last week, a huge run-up in part
because a week ago the news about hertz ordering 100,000 tesla model 3s musk tweeted out last night there is not a signed deal with hertz. left people confused overnight and this morning and hertz said the deliveries have begun and the company says that it does plan to take delivery of 100,000 model 3s so signed contract or not it looks like the deliveries go forward from here. i think that elon musk saw the questions especially on twitter from people saying did you sell them at a discount will it hurt margins or the growth and wanted to reassure the investors they're not selling them at a discount and put out the tweet and caused the confusion with shares of tesla. >> extraordinary that all unfolded off 3% is a win given the surge today but a tiny surge relative
to avis today. what is going on there >> look. far better sh far better q3 earnings than anybody expected 42% above the consensus estimate revenue much better than expected record pricing in the third quarter. and then they also washed out a fair number of shorts. going into yesterday a lot of those people had to cover positions today. that's why you see that spike. i think it was up over or close to $500 a share and up 100% today even with the pullback from 500, up 100% for the day. >> looking meme. so much drama lately after very sleepy period. thank you. >> yep. turning to pfizer having a strong session as the cdc meets to talk about the vaccine for
kids meg with details on both meg? >> a huge day for potentially kids getting access to the vaccine. also for pfizer's earnings blowing out expectations on the back of the covid vaccine. coming in a billion dollars ahead of expectations raising the full year foirk to $36 billion in revenue on the doses for contracts signed in 2021 and projecting $29 billion in revenue so far from contracts for 202 2k that's $7 billion ahead of what analysts were looking for so the ability to strike a lot more deals to supply the world with vaccine. we talked with the ceo earlier about the anti-viral pill they will develop for covid, asked him act the merck results and how they bode for pfizer >> i see the data of merck and congratulate them. it's a great data.
50% efficacy is a significant contribution and i wish them best luck in their data with the fda, et cetera we are manufacturing so i hope we are successful because we will have quantities even this year if we are successful. >> and of course that cdc meeting now. a vote is expected around 4:15 if they stay on time, if that vote is positive, then the cdc director needs to adopt that recommendation and kids could get the vaccine tomorrow morning. guys >> meg tirrell, thank you. after the break, our stellar lineup of ceo interviews with an exclusive conversation with the ceo of under armour. his take on the numbers shlg the supply chain and much more going forward quadruple record close you're watching "closing bell" on cnbc.
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>> thank you >> so a beat and a raise despite a tricky environment relating to the supply chain talk us through what's giving you the confidence to keep the outlook strong in this kind of environment. >> i think this is on the back of four years now of transformation work we have done and really of course benefiting a little bit from the trend in performance that persists after the pandemic and through the remains of the pandemic. but it's also a testament to the operating model where we are able to get things shipped to the right place at the right time even during the very difficult logistics and supply chain things that we are starting to see really materialize here in the later half of the year but i would say our ability to spend against the brand and the actions taken to reinvest into the brand here on the back half in combination with better product and a very consistent and disciplined execution. >> it's really been a comeback
story that you have implemented and reset the brand around covid after years of nike killing it on the styles and adidas taking share in the u.s is this the brand back and where does that go >> yeah. we like to think so. we are confident in the outlook that we provided today and continue to perform here in the back half. and we also mentioned it is more difficult next year and coming on the back of the constraints that we are seeing especially in supply chain as it relates to logistics and shipping but as it relates to the brand we have consistently seen improvements in the consumer responding to what we do right now in terms of both product as well as the messaging that we have and the fact that we are visible. we are back on tv. we are back in social media. we are back in every which way where we can connect with the consumer and doing it in a
consistent way with the message that resonates and as a consequence the consumer really likes what they see right now. >> is the easiest part of the margin improvement now behind you? >> we believe that we are going to be able to improve the margins going forward. a lot of what we see right now is an ability for us also to maintain pricing in terms of promotions, less discounts as the brand continues to elevate and we stay more premium so for us becoming less promotional is part of the plan all along and see that reflected in the inventory levels last quarter we reported under armour down 26%. we guided to a flattish projection for the inventories on a growth of 25% so we have been able to manage the inventory levels well and now seeing that translate into a better pricing ability for the
brand and the marketplace. >> if you had to pick one weak spot, some point to e-commerce and we did see sales declines moderate but still down. why is that? >> i think for us what we are excited about with the e-commerce is the fact that we have been able to stabilize at a higher level than 2019 so we are now at a different level which we find really exciting. i think when you look at a brand like this and look at how we try to connect with consumers it is important to look across not just one area of distribution. you need to look and understand how that's playing out globally so what we are seeing right now is a very interesting phenomenon in consumer traffic. for example in europe where you see the consumer gravitating strongly back into brick and mortar after having been
incredibly digital during all of 2020 and the early part of 2021 when the uk was basically closed down. >> stop you there to pause and just bring everyone's attention to president biden holding a press conference in glascow. he is there for cop26, of course, the u.n. climate conference where we'll monitor it for you and bring you highlights as soon as we get them sorry to cut you off there just wanted to hit the president. i'll let you finish the thoughts on the traffic patterns you were seeing in the u.s. and talk to us how much of the quarter with that in mind is driven by back to school and back to school and after school sports and all of that. >> we were so excited about the fact that we saw kids get back on the pitch again and athletes in general and sports are being played and of course it was a dramatic difference especially here in the u.s. where basically the entire sporting world woke
up and we have seen that, of course, translate into great performance for under armour, especially in the category of team sports so if you think about the cleated business and basketball business, across the board we have done really well and very exciting with a lot of new product out there. one of the great successes we see is the new women's break through basketball shoe which is doing fantastic and all of the american football cleats or baseball cleats is doing well and youth performed well in back to school and very excited about that that kind of normalization again in back to school and we have benefited from that. >> patrick, this earnings season everyone's mentioning supply disruptions. clearly you're feeling it, too, but when you gauge the scale with which others and rivals feel the issues whether you feel them less than some rivals.
>> i think our sourcing strategy is well balanced we have about 50% of everything we make coming out of apac and then split evenly of middle east, europe and latin america if we're impacted the combination to understand demand and planning the business very well all through the pandemic and now also for the current situation with factories having been closed and then now opening up again and then on the other hand seeing inbound and some degree also outbound traffic being verychallenged i think we are mitigating where we can and i think we are doing a good job of that and proud of the teams and the work we have done i'll let the other brands speak for how they navigate the time we have right now. >> they're all feeling it.
no doubt on footwear, a question, you saw nice gains there apparel is really the story and a bulk of the revenues what is working? the new currys signatures shoes how are you looking to compete with nike and adidas now that it's growing again >> it is very exciting what you are seeing is really a good balance our apparel is growing our footwear is growing. our wholesale is growing the great consumer is growing and all very well balanced in terms of footwear we talked about it already the team sports part of the business is back on fire which is encouraging to see but we have also continued the work and had great success in the run category the new velocity, $160 shoe released this spring on the new platform performed together with
another model released on that platform of velocity se and the hover family and also some of the specifics around the curry business and the rock business are also working really well so again very well balanced many things firing right now and also, what's so incredibly encouraging for the brand is the fact to spend behind it so having under armour back on tv during prime time football games, college games, basketball, it et cetera, is reenergizing the brand in the excuse me's eyes and minds. >> thank you for joining us today. we appreciate the time. >> thank you, sara. >> all the analysts love it. favorite turn around story and it has been. >> hence the price share reaction don't love chegg
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shares of chegg cratering today. earnings matched ers mates but revenue below forecast it was the q4 revenue guidance that came in way below street expectations with forecasting 194 to $196 million versus 241.7 million estimates. joining us is chegg chairman and ceo daniel rosenstein. thank you for coming on in good times and bad. tough day for you.
explain why everyone was so caught off guard by what's happening in the business right now. >> yeah. a couple of things first of all, i think you can tell from the reaction of the stock it is significantly o overblown. not that it went down but at the level and the volume because we feel very confident about the future of the company. where we're going, the opportunity, the international growth but what caught us off guard and therefore everybody else was the fact that much like young people going back to the office, they don't want to go, college enrollment is substantially down, down three years in a row. normally in a recession it goes up which is last year and because of covid it didn't and went down. international students didn't come this year because the economy is so strong that ambitious students like the ones that use chegg chose not to go back to school but to go work because the salaries are so high they also have hildren
so we have child care issues because 60 some odd percent of college students are women the average is 25. we serve people that are balancing family workplace and school and community college is literally, you know, feel like they're empty in terms of people making different choices this semester add fatigue to that which is even those student that is chose to go back are taking nearly 10% fewer classes per student, 16% of students are making more pass/fail than in the past and it was just a bunch of things we didn't anticipate doing phenomenally well all year somewhere around mid-september when it normally picks up it didn't and enrollment and fatigue and people taking jobs where they can get paid more money than they had been paid and along with the fact that we
can see from the usage of chegg that professors are assigning less it's not sustainable and the good news is outside of north america, international growth is great. inside north america, conversion is up. renewals is up cancels are down the core is fine we need a bigger top of the funnel right now building out the new growth areas. >> i think a problem and an analysts is the lack of visibility to return are you expecting to wait until next fall? does enrollment go up in spring quarters what are you saying about when some trends might turn around or do you have no idea? >> the truth is we can't we didn't know this and learned this about 30 days ago and in the quiet period and we actually had a good q3 overall so you can
see that it was going great. here's what we expect. so this school year is different than the calendar year so this is the big start of the school year. obviously much smaller than we and all colleges expect and you can see it from the pieces of data they're down we are down less and likely gaining market share because leading companies do that. so the weird paret of this is yu expect august or september but because the students are community college students and online students and go to four-year schools where they're not trying to get a degree but taking courses, those could come back earlier we don't know. the logical thing is a company that's beat and raised not to put ourselves in a situation to be wrong again and wait until february to give guidance. most companies didn't give goons in the pandemic. we did for the whole year and
now getting our pandemic hit now versus when everybody else did with the long-term proposition of the business is the same. we see the vectors doing really well just was a surprise and we are doing the best we can in this moment. >> so i know no formal guidance but confident to be top line growth or not even confidence of that >> what i can say without getting myself in too much trouble is the fact that we are seeing subscriber growth outside of north america that's excellent, rpu growth, improvements in the u.s. because stuptds are taking the 1995 versus 14.95 renewals are you believe we imagine for the long term to be a -- continue to be a growth company. we see revenue increase as profit increase. we are probably the only ed tech
company ebb das positive, cash flow positive. we are in great shape to handle this moment in time and has to and will pass and we keep to execute and investing in this time to capture the future growth in the u.s. but outside the u.s. we see excellent growth. >> so long term, next calendar year could be a revenue decline? >> look. anything can happen. that's what we learned here and seems highly unlikely to me given the success outside of north america and the increases in the clegg study pack. but if we have learned anything we don't know what will happen with the college market. i anticipate that this is short lived because it is unsustainable. after the supply chain issues and the holidays i imagine things get back to normal in '22
sooner than we think and too soon to predict. >> is this an industry wide problem? is there anything chegg specific here >> only thing chegg specific is doing better against renewals and tape rate and the good stuff. this is absolutely 100% industry specific you can look at any of the traffic to free sites, paid sides, they're significantly done you can look at the college enrollment numbers the bookstores, everybody's acknowledging that enrollment is down way more than they expected so it feels like people who don't want do go back to the office didn't want to go back to school either. it's a moment in time. it is not sustainable and feel very good and confident about the business and 100% industry wide we checked every number. you know i know everybody in the industry and called everybody.
we looked at the companies in this period. somewhere around mid-september, end of september it was clear that enrollment wasn't going to pick up. >> we are looking at enrollments and declining for years now. in fact they look better than last year in the pandemic. what about those that are wondering given the trend maybe chegg is near saturation point for the u.s. and maybe that came sooner than people expected if we continue to see enrollment falling year after year? >> look. we are only about 25% penetrated and have more to go. the second thing is a lot of these people will come back. these are more adult learners. younger learner i agree. they have an opportunity to make money. the chegg customer is ambitious customer that wants to work making more money and not take
on debt but in addition to that there's so many vectors of growth for chegg domestically and internationally. domestically there's student problems that chegg continues to solve that we have yet to bring out and increased the personalization increasing engagement and many more services to be bringing through so with the homework help specifically there's years to come of growth but in addition to that there's so much more to do and revenue groit side we are seeing rpu growth with students take the more expensive version so there's revenue growth and cash flow growth and we think there's growth domestically and substantial growth internationally and we imagine it being bigger than domestic with more people. >> dan, thank you for coming on. we appreciate the time especially on a day like today. >> i appreciate the opportunity. thank you. >> ceo of chegg.
shares down 47%. crazy move. more big earnings and interviews of the bell results from t-mobile, mondelez and zillow and the ceos of each of those companies ahead of the calls with analysts. hire's a check on bond yields. 10-year about 1.55 let's listen in to q&a with president biden at cop in glascow. >> -- problem. that circumstance is all nations
that we have not only gotten countries off the sideline in terms of making significant financial contributions but literally, literally trillions of dollars worth of the private sector jumping in knowing they've got to play an incredibly positive part in dealing with these problems. it's real. it's genuine and so, i just think that old bad expression the proof of the pudding is in the eating you know i feel very confident we'll get done what we have to do at home in order to deliver. and lastly, you know, if you take a look at what economy's growing, the united states it's growing it has problems. mainly because of covid and supply chain but it's growing. we have created over 6 million jobs leading the world in terms of the fastest growing major
economy. so i think, you know, we are going through a difficult time in the world because of covid, because of supply chain consequences, because of the environment. and all that's occurred the way it imploded in the near term but as i said to you earlier and i really mean it i think you present a gigantic opportunity, an opportunity to in a sense press the restart button and move in a direction that i think the vast majority of countries and look. i'm sure you interview other word leaders that are here the vast majority think this is an opportunity not quite sure exactly what to do, exactly how to do it not that i have all the answers. not implying that. but they know that growth rests in dealing with the economy in a way that affects the whole notion of what we're going to do
about climate change it's a gigantic opportunity. okay i called on "wall street journal," katherine. i got the wrong one. let's try the real "wall street journal." >> thank you very much we are the real "wall street journal. mr. president, you tweeted earlier asking virginia voters to vote. terry mcauliffe is trailing. could this signal your real losses for democrats in the midterms >> we are going to win i think we are going to win in virginia and you know you're reporting it being close. the race is very close so it's about who shows up and turns out. i did win by a large margin but i think that this is going to be what we all knew from the beginning. a tight race and it is tight. it's going to get down to
turnout and my guess is i'm going to be landing at 1:00 in the morning east coast time and probably about the time to hear what the final results are i think we'll win new jersey, as well the off year is always unpredictable, especially when we don't have a general election going on at the same time. that's been the case up and down for a long time. especially virginia's turned more and more blue but having said that, i don't believe and i have not seen any evidence that whether or not i am doing well or poorly, whether or not i have my agenda passeded or not is going to have any real impact on winning or losing. even if we had passed my agenda i wouldn't claim we won because of biden's agenda passed but i think it's going to be very close. i think it's going to get down
as you all know turnout and i think that based on what i have heard so far it's awful hard for me to be prognosticating as i don't like to do as president from overseas but i think -- i hope that every eligible voter in virginia and new jersey shows up and votes and the more of them that do the better off i think our chances are and i think we're going to win okay all right. npr, scott >> you mentioned climate activists before and i want to ask about them you have touted world agreements and the environment is skeptical and angry. activists feel like decades and decades of cops led to broken promises and it's just not
enough right now and i wonder what you say to the people angry at the conference at this moment where joe manchin expressed and created more doubt that the climate legislation will pass and a conservative supreme court about to take a look at whether the epa can regulate greenhouse gas emissions. what is the message for people that worry that this isn't enough given the crisis? >> i think anyone who is focused on the environment should be worried. we have more to do beyond what we have done we have done more than we have done that's the point and more has to be done. and i don't find -- i didn't have a single member of the -- this conference come up to me and say, are you going to pass what you have? what do you think? how's that going effect it what will you do what they look at is what happened in terms of everything from dealing with deforation to what we'll do on bill back
better and how we have been able to focus when's the last time you heard world leaders sit down together and agree that what they're going to do is when they deal with the needs of the infrastructure of other countries to focus first and foremost on whether or not what the climate impact is on that? so i think, look this is a -- there's a reason for people to be worried i'm worried. i'm worried if don't continue to move forward and make the kind of progress we are now making that it is going to -- we've thrown into jeopardy the prospect to keep the temperature from rising above 1.5 degrees celsius. but i'm optimistic because i think there's a -- how can i say it i guess maybe the best way to say to you is what i feel is
that the populations of each of our countries have a different perspective than they did at cop25. i think there is -- i mean, not because of necessarily any of the leaders of the country including mine that all of a sudden people are seeing the things happening they never thought would happen, people drown in the base. s in queens, new york, because of flooding and rain they're seeing that, you know, more territory burned down in the united states since the first of the year than makes up the entire land mass of new jersey they have seen hurricane with winds topping 178 miles per hour so they're looking at these things and seeing more waters warming. seeing the rang of things occurring around the world that haven't happened and it is sort of like, whoa. whoa because i don't get what i used
to get when i started to -- there's no reason why anyone would remember this but back when a fine republican of dick luger was from the state of indiana and heand i were eithe the chairman or ranking members of the foreign relations committee over 20 years ago we proposed and it worked but no enthusiasm a thing for debt or nature swaps. people looked at me like why in the hell are you forgiving the debt of brazil why are you doing that so they'll do -- now, everybody goes, whoa what else can you do what else can you do so i think there's a whole different attitude out there i think this is being led. i'm not being solicitous
this is led by my granddaughter and their friends. that generation. they have a profound impact on their parents and grant grand parents of what's happening and then these climatic things have happened that people are now paying attention like they never did before so you know, there's a lot more to do. and it's going to determine whether or not we are going to be able to fund what we're talking about. but for example, even if the funding didn't come from some of the governments, you have the private sector now engaged and talking about investing literally the need to invest over trillions of dollars off the sidelines. it's bankers that are now deciding they got to -- i talked a long time ago about that you have major corporate america pricing in the price of carbon it matters so things are changing we have to have the right
stewardship and sense as world leaders do get it done thank you so much. appreciate it. >> president biden taking questions from reporters at a news conference where cop26 is held in glascow. taking questions on everything from climate change to the virginia governor race going on today. thinks mcauliffe will win that by a bit we have seen youngkin gaining in the polls and asked about the federal reserve decision and thinking about that a lot. says that he will be making that decision and that announcement about that nomination fairly quickly. and that he expressed there's plenty of time to get these nominations passed because of course they have to go through senate approval. that's the biggest headline. also said it was a mistake for
china not to show up at cop26 and not a date set for an it have virtual meeting set to meet. >> they have competition between them and doesn't need to go to conflict i do think it's interesting of course that most of the questions if not all were not on cop. highlights - >> he doesn't give a lot of press conferences. >> compared to paris and interesting to give it there and abroad and not here often. and the questions on powell most notable to our audience and didn't confirm powell or give a hint to head that way and expectations startingto shift perhaps that it won't be him. >> he has other nominations to make a plural word because he has to do a vice chair for supervision and could nominate someone more
progressive there. but yeah brainard's odds -- i haven't looked lately but considered the front-runner to powell and also very dovish. not expected to change policy too much and might not be itching to raise rates like powell. >> probably give us more tomorrow, powell >> correct. >> a must watch event live on "closing bell" and "power lunch" before it tomorrow meanwhile lyft gearing up to report after the bell. a preview of what investors are working for in the market zone watch or listen to us on the go on the cnbc app. we will be right back.
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just over 11 minutes left in the trading day. now in the "closing bell" market zone commercial free coverage of the action going into the close. we have barbara duran andgreg branch with us, as well. let's kick things off with the broader market the nasdaq higher for the seventh straight day all three on track for record closes once again. barb, are you concerned we have overheated a bit >> when you had a big run you sound cautious to say there's more to come but i'm constructive into year end one, earnings have come in very positively with two thirds of the s&p having reported some 80%
have beaten and by as much as the low double digits, number one. number two, you see the huge fund flows of retail and that's going to continue. if you look at the recent macro data, housing, manufacturing, unemployment claims is trending in the right direction and if you look ahead we'll have an infrastructure bill and takes a while to play out and corporate taxes are off the table and the original proposal looked like to take a nick of 4% in corporate earnings so that seems to be off the table and you have an ongoing innovation in technology and digitization so there's positive things. one big thing is inflation and i know that the expectations, a lot of people are worried the fed is behind the curve. expectations for interest rates next year moved up in timing and frequency so this is something we don't know when there's a
fright in the market i don't see it happening through this quarter but around christmastime when all is done and earnings, we'll see but constructive for now for sure. >> greg, russell 2000 doesn't look like we'll close at a record high. a few points away. and yes, avis is there with the 100% surge and rogers bought by dupont but is this breakout time for the small cops haven't seen a record close there since march. the others are all there. >> i actually think that we're going to derisk moderately in the coming weeks i agree with much of what barbara said particularly about innovation and technology driving and sector tail winds but there are some negative catalysts on the horizon just like we are now anticipating interest rate hikes sooner and of greater magnitude
than we originally thought i think that the fed will obviously announce a tapering plan and might be more aggressive than people thought and driven by the fact to look at 3% core pce and 4% core cpi much of next year and higher than the fed anticipated and hitting 5% pce this year and 6% overall cpi this year and sub stan yate the need to tighten and raise rates earlier than consensus is expects and if we see that we'll see derisking on the top line we have dipped down below the mid-80s beat number of last quarter and i suspect as the other companies come in we'll hear like with apple and with amazon about significant impacts, the continued inflationary and the
wage pressure side. >> the global chip shortage continuing to hit apple hard josh lipton has the story for us. >> apple is curting back production of ipods according to a new record from the nikkei tim cook making the move to allocate more components to the iphone 13 with strong demand production down 15%. according to the paper remember on the recent earnings call apple did emphasize it was impacted and apple said would be larger in the current quarter and apple still expected to achieve very solid year over year rev knew growth back to you all. >> thank you so much for that one. do you think this is an issue now fully priced in, barb, and will prove to be only temporary?
>> yes and yes i think that it's temporary is of course elongated and could be more than a quarter or two but company managements are seeing the pressures easing in the first half for apple the longer term story is so poweful with the ecosystem and the lending and the margin business but any selloff on a temporary issue is a buy. >> ralph lauren under strong pressure today down 9% despite posting solid earnings this morning and talked to the ceo. he emphasized a few key improvements of business and bringing in new, younger, higher value customers, a key priorit to execute on and elevated product and fewer promotions and breadth of the portfolio play in outer wear and home and
dress up digital reset is a big theme and did in covid-19 pandemic and saw 45% growth this quarter despite stores reopening and the fourth pillar is key city approach with recent openings in beijing and shanghai with the brand stores also around omnichannel and noted two key head winds could be pressuring the stock. inflationary pressures and supply chain both of which he said were manageable ralph lauren did keep guidance unchanged because they keep passing on higher prices and getting rid of promotions and no noted the 18th quarter of growth overall feels good about the holiday season which is sb interesting to see the stock reaction down 9%
it is a stock up 75% in the last year with today's decline of almost 10%. >> i think that's fairly classic. call on the news and they have two big things going for them and getting much more aggressive in the omnichannel and that's an important thing and sounds like they're able to pass on the costs in higher pricing and what you look for in this moment of time and some supply chain control which it sounds like they do. >> i would note he said to tuxedos and ball gowns are doing the best in history and not necessarily material for ralph lauren but we know we're going through a wedding boom and people are spending to go out. >> the change in the consumer of the pandemic i need to buy myself a new one i did have one >> gaining weight? >> yeah. >> you need to buy a one because you're getting married. >> not in a tux? >> not in a tux? >> i do for the event coming on
and tried it on recently and need a new one which is a shame. >> times are changing. denim is a new trend and sizes have changed. >> denim is not appropriate for a wedding. lyft one of several big names to report after the bell. deirdre bosa has a preview. >> you can wear a canadian tuxedo, all denim. drive shortage in focus. uber and lyft poured in incentives and weighing on the preferred measure of profitability. last quarter lyft said higher driver costs could weigh on revenue per ride neither is a good bet this year. lyft the less ugly play and uber down nearly 17% year to date
guys >> d, thank you so much for that down 2%. what are the expectations on this one uber or lyft or neither? >> i would stand back. even though we know long run there's a huge opportunity and i like uber because they had a good balance in terms of being able to operate -- there's a real uncertainty of how long to take riders to get back into the swing of things and the pricing is so much higher and that has to affect buying and not to mention the driver supply shortage we'll learn a lot and see what they have to report. uber in two days and what they have to say looking forward. >> greg, very quickly, any opportunities here on the stocks p punished for the guidance and most of the disappointment lately >> no.
i think that the -- what we are hearing will only intensify. on the one hand to hear for some sectors and companies that feel that the rising wage pressures more acutely and then continue to see top lines constrained by availability, margins continue to be strained and eroded by high shipping costs, by wage inflation. so i think that as long as we continue to hear the refrains it's going to add in and contribute to the derisking i expect in the coming weeks. >> mondelez, t-mobile and zillow after the bell and the ceos joining us after the reports we are looking at a quadruple record close there's the dow up 143 points right now. and you are seeing continued strength s&p 500 heading for a ror. every sector higher but energy and consumer discretionary nasdaq also record territory
there up a third of 1% technology joining the rally today. but still doing well and the russell -- will close at a record high. the russell small caps first record close since back in march. joining the party. welcome to "closing bell." i'm wilfred frost along with sara eisen sara mentioned, three record closes dow, s&p and nasdaq up about a third of 1%. two sectors negative, energy and consumer discretionary and other nine higher. materials the best today up 1.1% don't go anywhere. we have got a huge hour of earnings with various ceo interviews coming your way
instant analysis when the names cross. the ceos will join us to break down their results ahead of their analyst conference calls barbara duran and gregory branch still with us. guys, clearly records again, gregory. it seems to just keep on going i wonder whether these press conferences from central banks and the fed tomorrow is something you get worried about at the record highs or have you been encouragedby the way the market has taken in yields picking up of the last month >> yeah. it's defied what i expected given the data we have and although we continue to have an 80% of companies beating the earnings which is in line with the third quarter the top line beats have abated some from the mid-80s to the 70s low 70s. which is still above the
five-year average and i think is atelltale sign that some inflationary pressures are taking the toll and hearing this from apple and amazon and others talking about multibillion dollar hits, the top line being constrained and margin erosion that will continue to be the tale as we have companies report in the next few weeks. we'll continue to see pressures build. i think we'll continue to see far more -- many more million jobs offered than workers to take the jobs up and continues the wage pressure we see and so i expect the news print, the tape and the discussion to be decidedly negative and the company outlooks to probably be less than we were originally expecting and so for those reasons and specific catalysts like a debt ceiling battle coming up again i expect us to take some risk off the table in the coming weeks. >> it is an interesting setup
for a fed meeting expecting the chair to announce tapering and he'll get a lot of questions about when that liftoff happens, when interest rates rise and probably play down but how can the market is set up for tomorrow and what could surprise >> yeah. it is interesting. what would be a total surprise if the fed chair said we are raising rates tomorrow but this fed is trance parent, telegraphed the moves and all the markets made new highs taking into account that he is going to announce a tapering interest rates, he's always been cagey about that, but i think the tapering news is taken in stride and the market will continue i don't see any big surprises tomorrow and hopefully i'm ready. >> let's get to t-mobile numbers just crossing.
julia boorstin >> earnings estimates beating. revenues coming in a bit short 19.62 billion versus 20.19 billion estimated and signs of strength in the company. reporting postpaid net additions of 1.3 million, the best in the industry they say. 1.3 million number, the analyst expectation is 1.23 million. so surpassing expectations there. the company also crucially here raising the third -- guidance for the third consecutive quarter. saying that their record high service revenues grew more than 4% and pointing to other areas of strength. the stock is trading pretty much
flat in after hours. guys >> thank you there after the initial slight decline. the ceo will be joining us just moments from now to discuss the results ahead of the analyst conference call. what is your take on t-mobile? >> what i was expecting is that or at least what the market was expecting and the stock down 20% since july 1 is shared gain was going to abait, particularly when we saw at&t crush the consensus with 1.2 million postpaid ads so i think that this is a very powerful result. all eyes focused on that ad number at 1.3 million surpassing consensus and came down from that original 1.5. i think this is a strong result. i think there's other things to like here and want to see what the churn is in the postpaid numbers. last quarter down to 87 basis points and very close to
industry leader verizon and a lot of other things to like. the execution is strong. about 80% of the sprint customers floating on the t-mobile network 5g mid band covering 3 million they are executing on time and the market will be encouraged as i think it expected abated earnings >> mondelez coming in. a beat on revenue. 7.1 billion. expectation was around 7 billion. if you dig through the numbers everyone goes first to the margins because that was the big worry with the supply chain and inflation issues 38.3% adjusted gross margin and what wall street was expecting so very in line quarter. as far as organic revenue growth strong better than expected
looking at the strength in latin america. 26% growth asia and africa a beat north america weaker for mondelez and it looks like raising the 2021 net revenue growth outlook to 4.5%. we'll talk to the ceo of mondelez in a few moments and joining us exclusively ahead of his earnings call. >> yeah. we'll dive into these in more detail lyft, deirdre? >> shares turned lower and now up about 3.5% a beat on the top and bottom lines 5 cents at a loss expected adjusted ebitda of $67.3 million better than expected and the second straight quarter that this metric of profitability is
positive revenue beating. coming in at 864.4 million active riders also actually this is a little light. 19.7 was expected. coming in at 18.9. average revenue per id radioer better than expected also had a chance to catch up with president and co-founder john zimmer of lyft said they're focused on transportation implying that's an advantage and said that the active drivers and this is key because supply is a problem here and labor and active drivers up 45% year over year and the mark place is getting to a better equilibrium and maybe lower wait times he also suggested they be able to ease back on incentives in the current quarter. we don't get the guidance until the call kicks off but shares up about 2.5%
back to you. >> thank you so much for that. don't miss a first on cnbc ceo zimmer tomorrow on "squak box. let's get zillow earnings. closing the office business and the headline in this release revenue 1.7 billion. the forecast is 2 billion. eps a loss of 95 cents a share the forecast is a gain forecast for positive 113 million. the miss coming really in the homes business 1.2 billion of revenue includes a $500 million write down because of the shutdown of zillow office which of course and the write down of the existing homes inventory over the next two quarters to involve a reduction in the workforce of 25% over the next few quarters and some really interesting
headlines in the initial release here rich barton will join us shortly to discuss this and said we determined the unpredictability far exceeds what we anticipated and continuing to scale zillow office is too much earnings and balance sheet volatility they have to sell down the inventory and does feel like it's got repercussions for the industry and the house prices hot since the pandemic lows and we are seeing the share decline of 6% following a decline. >> this is plaguing the stock for a while now ever since we heard that they were going to take down the hot home buying program because of whatever reason there's reports today on bloomberg and how severe it's been for that. >> the announcement to put it on
pause suggested that's because of shortages, supply chain shortages and couldn't refurbish the houses and will hear from barton, sounds like this is really an admission that they should never have got in the business and preannouncement with a bit of an it's temporary and because of supply chain shortages and now coming out to say right now that this is a much bigger factor and we basically shouldn't have done this and also we'll get a guide with that interview does this mean it's the top of the housing market as well all to come with the interview with zillow. big miss there and shutting down zillow homes thank you for joining us we have to leave it there. >> thank you. >> so many earnings, not enough time. >> let's get to t-mobile down 1.3% in after hours but did
beatestimates but missed on revenues joining us now mike see bert from t-mobile why thank you for joining us. >> hi, great to be here. >> let's touch if we can just on the subscriber growth and the themes you are seeing there in mobile in particular. >> absolutely. this was a quarter where we beat the entire industry yet again. like we have done every single quarter and beat on growth, core ebitda growth and year over year free cash flow growth and this machine of reliable market leading growth is really working. >> in terms of the competition you see out there at the moment i guess between the big three and mobile, but also, the kind of threat you see from the
tradi traditional fixed players, has the period of being four main players down to three passed and back into fierce competition >> we have always been in a competitive market and we created this environment of competition and the more jump balls out there the more people question if they're with the right carrier the more fuel we have 1.3 million net new postpaid subscribers this quarter and within that 268,000 new account relationships. also market leading. that was the best qur q3 on three accounts in three years and the uncarrier is tackling the biggest pain point and people notice. >> at&t and verizon also had the best growth in years this year and why expectations lowered for you. what's going on here all three seeing the huge
wireless gains can't be sustainable. >> i don't know whether it's sustainable. i can tell you that unlike at&t and verizon, t-mobile has major growth vectors ahead we're unpenetrated in rural areas, 40% of the country. in enterprises and government. 90% of them at the other guys and yet we got there without being the network leader which we are room to run there. so i think as the competition heats up what investors have to figure out who has the hand of cards to profitably deliver growth an enthat's t-mobile. >> what are the consequences of the data hack you experienced? did it damage consumer relationships? >> it's something that obviously
the world took notice of and our customers have shown us a tremendous amount of patience and understanding. i think customers know that these things happen and they have happened before we saw that in the results things were normalized we had a nice entry into q4. so while this is something that customers shouldn't have had to endure i think they understand that their data is already out there and doesn't look to us like it makes long term changes in the consideration rates. >> what happened to revenue growth which was a bit of a miss >> that top line revenue is not what you want to look at but service revenue growth where on the postpaid front we yet again beat the industry. everyone out there that service revenue number is so important because the difference is phone sales and phone sales were affected by supply and not where we derive the profit overall beating the industry on
postpaid service growth and ebitda growth and core cash flow show that is the model is working. unlike the other guys we are paying for all promotions as we go along and doing big device deals for strategic reasons, to get people on 5g where the lead is so strong. >> what are you seeing from apple seeing shortages and took the market by surprise >> we saw that warning that you mentioned but we are in very close partnership with apple and talk to them on a regular basis. we've seen supply arrangements to t-mobile continue to improve. we don't see material impacts on q4 or beyond there will always be things here and there. will we get every model and order and color like we ordered. we don't see that this quarter. >> stock is down 2% despite that beat on postpaids.
thank you for joining us >> all right thank you. up next, mondelez ceo on the company's earnings beat and how rising commodity costs impact the business and zil row noechlt rich barton on the decision to close the home buying business your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
mondelez out with the earnings posting a beat on the top and bottom line. the stock higher by about 1% on the results. for more let's bring in mondelez chairman and ceo dirk van de put. welcome back good to see you. >> hi, sara. hi, wilfred. >> looks like an inline quarter i would say relating to margins and profits and sales. talk to us about what you're seeing from consumers around the world as we are sort of in this limbo herd out of covid so that hurts the at-home business and then normal life
what does that mean for snacking >> consumers are getting more confident. they're feeling better about their lives around the world i would say. they can see how the vaccines are helping them they can get a better feel for their personal finances. their mobility is coming back. overall we can see that and that means that they'll snack more when they're out and about going to work or school and so on so that helps our market why the other thing we see is that the time that the consumer spent at home which went up quite a bit in the pandemic, that rem remains. the average consumer around the world spends 15% more time at home than before and happens that the categories biscuits and chocolate are also something that is more consumed at home and see the categories around
the world accelerated in the pandemic and that's good for us. and on top of that our market share versus where it was in 2019 remains high. we are up or increased market share of 75% of the market so overall good news on snacking i would say. >> margins a bit in line with expectations what are you seeing and experiencing with regard to supply chain costs, issues, any shortages, anything like that? >> oh yes. you must have had an earful with the different earnings and quite extraordinary what's going on and if you heard it everywhere what we are seeing particularly related to us is the commodity prices higher than anybody would expect we see particularly oils, also packaging is up and then transportation not only costs up only siems
70%, 80% in the u.s. but a shortage of drivers and trucks and difficult to keep the clients well stocked our on shelf availability is nowhere near where we would like it to be and havingan affect o us we're trying to limit the range of supplies to sell so you can keep it in stock we are also trying to offset some of those costs through price. to absorb those extra costs. and then overall we are trying to find more long term solutions for some of those transportation issues like starting a shipping route and trucking routes in u.s. the problems are worse in the u.s. than in the rest of the world but you can feel the almost everywhere around the world i would say. >> that's so interesting that
it's most pronoused here to what level of price increase might it lead to >> what we certainly are seeing is that the level of growth of the input cost which is significant in 2021 not going to slow down in 2022. it's higher i would say. not a lot but higher so looking at inputt cost inflation of 6% next year and going to see price increases. we at the moment are looking at starting off 2022 with a 7% price increase in the u.s. and then see what happens to the different costs in the year with another price increase would be needed. >> u.s. numbers were light on the organic revenue growth what do you see in sales that you don't see around the world
where you saw strong growth? >> you have to look at the u.s. on a two-year category because last year the u.s. outstanding performance. very high growth in snacking so comparing to last year is a little bit -- probably not the best comparison. comparing to 2019, our business in u.s. is up close to 4%. so on a yearly basis so that's very strong. having said that, we do see an effect of what i was talking about with transportation issues which giving us problems to keep the products in stock and then some strikes in our plans which have all been resolved but affecting the top line so those are the three reasons why the u.s. looks off this quarter. >> halloween is in this current quarter. thank you for joining us whatever you just said the stock is up 4.5%
took a big jump. >> that's good to hear. >> ceo of mondelez. >> thank you for having me >> always come on "closing bell" each quarter. >> strong price increases that he was talking about 7% and able to pass on to consumer welcomed news and kept the guidance on earnings. >> one stock moving in the opposite direction is zillow announcing to close the home buying business and the kreechlt will join us to explain that decision plus also on allbirds ipo pricing watch and bring you atth highly anticipated price as soon as we have it.
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have a quick check on the big after hours earnings mover just lyft higher reporting an unexpected profit activision higher after a beat t-mobile with stronger profit and missed but up 1% zillow is flat of course it was sharply lower in the session it was about 5% lower initially after the results but recovered to be flat and closing down its home buying business we'll discuss with the ceo
barton in just a few moments time. activision blizzard, josh has the numbers. >> reporting q3 results, 72 cents versus expectation 70 cents. q4 guidance 1.29 versus expectations of 1.39 and guidance 2.78 billion versus 2.93 billion the ceo saying he is pleased to report strong results ahead. we are excited about this week's call of duty launch and expect continued success in the fourth quarter. the stock down about 20% year to date 25% off the february high and higher here initially. back to you. >> thank you so much up 3%.
caesar's is out. >> $1.3 billion than the comp rabl period previous year and the gaming industry ebitda is the problem here $882 million versus the consensus of 937 truly dragged down by a loss in digital of $164 million. we've heard the ceo say they're going full force on digital, on sports betting, i gaming we expect to hear more about the marketing spend and why the loss is happening you can see the stock is off by more than 5% at this point >> contessa, thank you very much and another afterhours mover which is bed bath & beyond announcing a few changes to try to speed up growth and one is
interesting. they're announcing a new partnership with kroger which is the biggest grocery chain in the u.s. and stock up 41%. so apparently how it works is they will collaborate where kroger customers on kroger.com have access to bed bath & beyond products from home goods, baby products so it's a multicategory omnichannel collaboration with all sorts of popular things like bedding to furniture and baby gear and test out the physical store collaborations and the key is online. now they'll direct the products to kroger.com. kroger with 2800 stores in 35 states and teaming up with a giant to increase access and expand the customer count. stock is loving it. >> up 50%. zillow closing the home buying business officially
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it is time now for a cnbc news update with shepard smith. >> thanks. here's what's happening now. a monumental day in the course of the pandemic. that quote from the cdc director today as she addressed the vaccine advisory panel the group meeting at this hour to decide whether the pfizer vaccine is safe and effective for kids 5 to 11 approval could come today and set the stage for children to receive the shot sometime this week the white house says 15 million doses are already on the way to doctors and pharmacies
across the country. the biden administration announcing plans for new regulations on methane emissions from oil and gas it's just one initiative that the president announced today. president biden says that the goal here is to reduce methane emissions by at least 30% in america by 2030. he called the investment in clean energy a moral and economic imperative. and the senate majority leader schumer says there is a deal to lower prescription drug prices although scaled back from the original proposal. leader schumer says it will be included in the president's social spending package. first, it is designed to anow medicare to negotiate drug prices, stops drug companies from hiking prices at a rate higher than inflation and it caps out of pocket medicare costs for seniors. like so much else far from a
done deal and no vote scheduled. tonight election night in america. we are tracking the big races and ballot questions including in virginia where the polls showing a dead heat for the governor's mansion that's on "the news" 7:00 eastern cnbc back to you. >> shep, thank you so much see you later. shares of zillow lower after earnings missed. the company is getting out of the home flipping business joining us now is zillow ceo rich barton. thank you so much for joining us. >> thank you for having me on. >> so let's talk about exiting the zillow homes business and the home flipping as we just described it as. is this a full scale admission that you should never have gone in that business initially >> it was a really tough but necessary decision i guess the first and foremost,
the decision to wind down our zillow operation involves a layoff of about 25% of the workforce and that is a heavy, heavy thing given the people involved and all of the work they have put in and we are committed to smooth transition there so i just wanted to say that up front but this was a necessary decision we just determined that being an i-buyer is too risky, too volatile and addressed too few customers. too narrow. >> i guess some could have suggested to you before you did that it is volatile and unpredictable and change the pre predictability of the earnings flow how much is this an i told you so moment?
>> imsure there are those that told me so and justified we went into the business as a big swing. on the bet that we could actually predict the price of a home six months into the future and do so with a very narrow margin of error a sven the hold times be very short and what's happened is covid happened we got a global pandemic we've had a housing market that froze up initially and now we have seen a growth rate, an acceleration rate in the market we never witnessed in history and made predicting the price of a home six months into the future really difficult and doing it at a scale that's one tenth what it needs to be to get to the scale we think we need to offer good prices. we assessed. we looked at the volatility in the earnings reporting today and we said, we don't need to be do
ing this we sit in a privileged spot in a mover's decision making process. we look at the movers and have the tools that we can get them to move in a more asset light way. >> as a result, bloom albuquerque is reporting that you have 7,000 homes to sell for $2.8 billion and pitching it to all sorts of institutional investors. can you confirm that a key bank analyst said moist of the homes are underwater. >> we have always sold the homes that we have had in inventory in all ways including the regular market and to these kinds of buyers we have always done that and not -- we are not in a fire sale move we'll do it in an orderly fashion. they're appreciating homes, real
asets and will wind down the inventory in an orderly way. we are in a big hurry to do is get them ready to be sold and closed to get them ren vatded and to get them back on the market >> rich, i totally get the point that the pandemic changed everything in all sorts of business lines and a big impact whether or not this i-selling business to work or not. is it not fair to say it only worked long term if prices continued to steadily increase always over the long term even if you're the best to pick houses in the business and need that sort of long term trend to be there is this an admission that this is the end of the cycle and realized that cycles don't go on forever? you kind of calling the top of the housing market for three to five years >> that's not what we are doing with the move.
with this decision we are not making a call on the housing markts the fundamentals of the housing market are actually quite strong what this move is about is that the observed volatility in pricing and the ability to predict future pricing we weren't able to do it within the narrow guardrails we set we missed -- overprofited in the first half of the year and taking a big write down and have done so by a point we did not mod yell this is not naive and thinking that this kind of price movement could not happen again. this is us acting like the long term shareholders we are and the investors we are in this company and saying, it just doesn't work for us we have a great core business to fall back on one that this year will have over $800 million in profits up 3 1/2 times when we started
zillows offers so the logic is clear. the emotion is difficult this is a tough decision to make because of the people. >> open door, a competitor, will continue doing this business and i'm wondering if you think that's a mistake or an executional error at zillow and couldn't make it work? >> look. our -- i can only speak to our calculus and can't speak to other's calculus we poured a lot of investment and focus into a solution in i-buying to solve seller move problem just a solution that fundamentally turned out to be too narrow we were actually only able to convert 10% of the people that asked for an offer into transactions and the only 90% walked away as you might imagine unsatisfied and unhappy. overall the number was small what this move is about for us,
the calculus is different. zooming into the larger seller problem. looking at all sellers we have the new tools to putt the tools together in new more aset light way just we can go back and fall back on the huge partner network that we have and look to a really interesting future of growth. >> can i just clarify that you hit the $500 million write down in this quarter. does that factor in already any potential loss in the prices you might sell the inventory that we earlier referenced for or about closing down the business line itself >> that is the couple of quarters it factors in -- it basically represents what we think the value of the home that is we have in inventory is today and again, we feel really fortunate to have a great business to fall back on and
equity in the homes that we have in inventory and we estimate that through the end of the wind down period we'll be cash neutral from a balance sheet perspective because we'll take on some more homes and sell the homes and be cash genitive why the company is in good cash shape with $3.2 billion of cash right now. >> final question, rich. if rates picked up in the short term more than you currently expect would that worry you? >> if mortgage rates, wilf >> sorry i didn't hear that someone talked to me at the same time >> no. rates are quite low. we see the housing market as being constructive for quite sometime this is not about -- this decision is not about that this is about us getting back to solving a broader set of consumer needs in an asset light way. >> thank you for joining us.
>> thank you. we are getting some order sales numbers and phil lebeau has those for us. >> motor intelligence which is a consulting firm that krumpbls the monthly sales data from the united states automakers is out with the pace of sales for october at 13.12 million vehicles good news/bad news better than we saw in september when the pace of sales 12.4 million. but compared to a year ago that's the bad news. a year ago the pace of sales -- 2019 last year. a little bit of an improvement but still way far below what the industry is usually doing. >> got it. phil, thank you. it's been a wild hour of earnings next lyft's numbers, what investors need to know ahead of uber on thursday and then bed
bath & beyond surging with a collaboration on kroger and expects to complete the buy back plan two years ahead of schedule by the end of fiscal year 2021 the stock is up 57%. good luck to the shorts who are still in that name we'll be right back. after my dvt blood clot... i was uncertain... was another around the corner? or could things take a different turn? i wanted to help protect myself. my doctor recommended eliquis. eliquis is proven to treat and help prevent another dvt or pe blood clot. almost 98 percent of patients on eliquis didn't experience another. ...and eliquis has significantly less major bleeding than the standard treatment. eliquis is fda-approved and has both. don't stop eliquis unless your doctor tells you to.
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up 7.7%. senior analyst bernie joining us now. what is your take? >> i think q3 results are good enough off lowered expectations. lifrt stock underperformed uber by about 20 percent taj points expectations lyft underperformed uber by about 20 percentage points since september 1. profitability continues to be good it was record profits on the quarter. 70 to 75% contribution if you look relative to last year i think that's why you are seeing the stock jump here >> and more drivers, 20% more drivers during the quarter how does that set us up for uber thursday >> we have seen some improvement since labor day. we have done some proprietary
work which has shown a 10% improvement in prices and wait time, but we are still 20 to 30% above what people were paying prior to the pandemic. this quarter lyft's riders were just below the peak. lyft says supply can come back naturally. that speaks to good profitability in our mind and one of the things we are looking at >> look for those from uber as well thank you. much more on this afternoon's wild action including act vision and zillow which are driving moves. when we come back. sure thing. up top. high thryv! payments? high thryv!
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a look at what we can expect >> native footwear and apparel company. investors were asked to value it as high as $2 billion. it is marketing its deal around sustainability saying the average pair of allbirds are 30% less than a standard pair of sneakers they are expected to announce an ipo price sometime this evening. shares will be listed under the nasdaq symbol bird >> another busy day of earnings on tap tomorrow -- investors will be watching the feds decision as well. the conference from j. powell
and whether he will continue his term in february when his term is up. $15 billion is expected by the market rate which they would scale back the market stimulus which they would look to end by the end of the year. >> they pulled back a little bit and then jumped again. we will see what kind of tapering is already priced in. either way the market doesn't care record highs, with the trifecta. >> i think it depends what he says about inflation if he is concerned about it, perhaps the market is comfortable, maybe that would disrupt interest rates either that or the market with slower growth. >> an extraordinary move
we saw it in the session today >> i think there was 50% increase -- >> now 80. >> i ndersold it zillow moving in the opposite. >> and the partnership with kroger >> the kroger partnership is the big thing. "fast money" is next thanks for watching. live on the nasdaq market on new york times shares, this is "fast money. we are all over the after hours market action. plus, a stock that more than tripled today. how it caught one of our trader