tv Tech Check CNBC January 5, 2022 11:00am-12:01pm EST
also that's up about 5.5%, too ev very much in focus, david >> we'll keep watching shares of ford, fascinating given that 18% move in just two plus trading days that will do it for us on "squawk on the street. "techcheck" starts now. good wednesday morning, welcome to "techcheck. i'm carl quintanilla with deidre bosa coming off the worst day since mid december fintechand cloud are some of the hardest hit sectors. china stocks haven't favored much better although turning around this morning. have we hit a bottom we'll discuss. then consumer tech week
continues and a big hour ahead interviews with qualcomm ceocristiano amon and dave limp and another exclusive with the ceo of hp enrique lores. all that coming your way in just a moment, d. >> big show coming up. we'll start with negative sentiment for tech and that's really a continuation of what we've seen the first few days of this year. nasdaq falling more than 1% as the ten-year treasury rose as high as 1.7% yesterday ubs among those bearish downgrading tech sector to neutral and specifically citing tech hardware and putting out notes downgrading adobe and salesforce and sales and marketing was pulled forward over the past couple years they say growth rates could be under pressure in 2022 they do recommend microsoft and service now as potential defensive plays given current rates. let's bring in mike santolli mike, as we look across the tech
landscape and the nasdaq underperforming and we continue to see the legacy names perhaps provide more value, which is what they're looking for early this year. >> yeah, i mean, it's obviously running from expensive overowned, crowded big-cap tech names into areas that maybe seem less exploited you know, the most positive net beneficiary to the nasdaq is intel. that gets to your point. microsoft the biggest negative down .5% in the three days of trading this year. down a little more off of its high and not because of anything changed with microsoft and not much changed last year when it was up and kind of a reprioritizization of what people want. what i find interesting let's look at the russell 1000 value against the nasdaq 100 this is what we're talking about in this rotation we've seen recently have we seen something like this
before multiple times you've seen waxing and waning of enthusiasm a lot of people are thinking the macro inputs are there for this toic a actually catch more momem and go higher and you have to separate it out from the new year and new performance year and new tax year effects allocating towards areas that are maybe fitting into an economy that are reaccelerating. it looked like we were going to get something like this in late november and then omicron kind of got in the way of a lot of it within technology, what is also interesting is there has really been a rush towards hardware and cyclical plays as opposed to software and internet. this is a two-year chart i kind of wanted to show where i've been. they've mostly been tracking that semi conductor index. this is computer networking. ciscos and this is software and that's internet. so, that's the separation that we've seen in the last two
months as the market wants to kind of play economic energy as opposed to safety and high profit margins of software the question is, how much of this has already been rung out the cloud group looking stretched to the downside on a short-term tactical basis and that's the question as we get deeper into january, guys. >> why it is such a complicated trade right now, mike. ubs in the midst of downgrading says that tech hardware is the most vulnerable. on the other hand, it's software that can argue an annuity model. a lot of cross currents. >> without a doubt in a year where in general you're talking about a deceleration of earnings growth and probably not as much breadth in earnings momentum because earnings have been up so much. you have a lot of people out there saying buy quality quality companies are the type to do it the quality factor of the s&p
500 perfectly tracks the nasdaq 100. so, if you're buying quality and you're saying that mega cap software and internet looks a little bit expensive, you're not really, you're saying two conflicting things >> right but, mike, sort of key differentiation here between the short-term play and potential value traps. you take a look at ibm which has been outperforming, especially those higher growth names over the last few weeks than even months a headline this morning axios saying still trying to sell its watson health unit kind of indicative of how sort of over the longer term it doesn't always get these trends right and nothing fundamentally has really changed there how do you avoid the value traps when you're looking at the sort of dinosaur tech names >> yeah, i mean, we're in the zone right now where it is mostly about reverse and saying let's not bet too hard against it ibm on a one-month basis, but take it back a few years and you see all you're doing is picking
up a little bit of what's been lost along the way ibm is cosmetically looked cheap for a very long period of time but that hasn't necessarily helped you look at total return cisco, free cash flow and, you know, people, the management doing some things that seem pretty shareholder friendly. >> all right mike, thank you. and with that, let's move into talking to a specific tech name qualcomm announcing it is working on next gen ar glasses and expanding automotive presence with the likes of volvo and honda. live from las vegas for a first time on cnbc interview cristiano amon good to see you. how is it there in vegas >> good morning from vegas good to see you, too i'm sad you're not here. it's been great. good to be around people and lots of exciting new stuff from qualcomm and so far very happy with the show. >> i want is to start off with
autos because i know you're talking quite a bit about that the analyst notes have been interesting lately i've been engaging with them they've been tending to put you in an infotainment category and not as much in the autonomous driving category you have digital cockpit which is some of that entertainment and also digital explain how you look at this consumer market. >> look, this is an excellent question what i saw during the press conference yesterday for the first time manyl analysts came t me and said, i got it. now i understand it. tackle everything as a system and look at technology disruption so, what we have done and the reason we have been so successful in automotive in a very short period of time. we look at what is the automotive industry needs. they build platforms they don't build components,
they build platkeep formplatfor engine and they build a chassis and they build platform. so we know that the most important assets of the cars now are the digital components that's what we built we built an entire digital chassis that a carmaker can innovate upon that and use it across generations after generations and across every single car the chassis has everything you need it has connectivity of the car with the cloud it has the service platform as the car becomes a service hub for distribution of media for data analytics and everything. has the digital cockpit and aut autonomy and as we explain to the show, we also show the increasing momentum more and more automakers signing up for the digital chassis. we talk about that more new york analysts and since that time within a few months, we continue
to see more traction so we announced the increased traction with digital chassis and all the design win around it >> cristiano, if i was an investor and, of course, i'm not, i'm a business journalist but my concern would be the car companies historically have taken a long time to build in technologies, the refresh cycle hasn't been great and even now what you have is people bringing smartphones into cars and those have pushed the carmakers into wanting to innovate more quickly. of course, qualcomm did very well in smartphones and now you're expanding but how do you model what the opportunity is when the cycles for cars are so long and people don't swap them out necessarily as often they do funds >> well, look, i wish i had more time i could talk to you about that for days but maybe it will highlight a few things the reason this is getting traction is because exactly that's the problem when you look at the valuation of tesla and car companies
understand they are going to become tech companies. they need a platform for innovation not a about a singal component, but, we're designing because as pervasive as airbags and premium cars and can they have a platform for innovation that over the lifetime of the car, they continue to add services and upgrades and new capabilities eventually, the service revenue from the car could be as big, if not higher than the profit of selling the car in the first place. and i think that's the reason our solution is resonating and we're getting traction we're working now with all the carmakers and we are super excited about the traction now, one thing i want to tell you, i heard you mention about qualcomm is people look at qualcomm as entertainment, that's a mistake when we had panelist we
announced bmw selected qualcomm for their autonomy platform. then just in a month we had a tech summit with super cruise gm with qualcomm and then in the show today, we have like new companies adopting the entire chassis. so we're seeing traction continue to add including autonomy from qualcomm >> right cristiano, good morning. it's deidre. certainly the role of chips in the auto industry has never been so important i guess i wonder how far do the automakers take it do you envision a world where they're bringing more chip design where they started to in house? what does that mean for you and the chipmaking space in terms of talent and these partnerships?
we dealt with this in a mobile space, as well at the end of the day, if chips are important and the innovation cycle is important, companies are very focused on this like qualcomm. going to be a place for us but i think the biggest challenge for the automakers is not to have their own chip absolutely not the case. the biggest challenge for the automaker right now can they add technology to the car since digital becomes the most important part of building a car and the car ownership experience going forward. can they bring new software capabilities and new services to the car. that's a much higher priority than having their own chip what we have seen is the opposite what they have in the past relegated the chip relationship to their supply chain. tier one and tier two. now, every carmaker wants to have a direct relationship with the car company and i think that's how that fit into qualcomm model very nice
>> but cristiano, i want to talk pcs for a moment because you have been pushing into that space, partnerships with microsoft among others here's what i wonder you outline that as 5g gets more into laptop type devices and you have some advantage there and qualcomm chips, snapdragon, powerful clearly but how do you avoid that kind of chromebook trap of, yes, it's connected but underpowered versus what main stream x 86 or even what apple is doing in max versus that because certainly during the pandemic when people shifted towards productivity, there is an uptick in interest in power, not just connectivity and portability. >> look, it's -- we see demand for, you know, tablets and chromebooks and pcs, windows pc and we continue to support it. but that's not what we're chasing. we're really building the next
generation laptop for productivity and entertainment there is a lot of things that is completely changing what the pc is just like right now we're using pcs as a communication device. number one use case of pc right now is communication the work from anywhere require all of your data to be in the cloud. you either have connectivity everywhere, camera is important and ai is important and gaming used to be a unique thing for desktop and gaming pcs as gaming becomes streaming and over time is going to be like watching a netflix movie. that's going to change the use case, as well. and we are building since we made the acquisition and we're building a platform to be the leadership in performance. what we did at the show is announce, you know, we've been talking about this for a while we know whats going to happen. the transition is inevitable we announced a support of broad
system, microsoft and hb and lenovo that we're going to build next generation laptops moving to arm and i think that's an exciting opportunity >> well, we got enrique lores from hp coming up in the show and mary barr is one of the customers on the auto side >> yes, absolutely >> we have mary barra coming up. phil lebeau has an interview with her at 2:15 another company along with qualcomm, of course, innovating in autos cristiano, thanks for being with us >> thank you pleased to be here and please tell both of them i said hello >> we will, thank you. speaking of which, two more exclusives amazon head of devices and services plus, we'll sit down with hp a big hour of "techcheck" is just getting started
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sources told us exclusively the numbers for 2021 the full-year 2021 the firm had negative 39.3% returns. now, it's important to put these in context because if you exclude january, which was the month that we saw the huge run up, you can see it there on your chart. huge run up in gamestop in late january. if you exclude that month entirely from february 1st to december 31st, the firm had gains of 33.2% in december alone, the gains were 3.7%. the firm actually ended with aum of $11.7 billion if you kind of compare that to where they were in january, they ended that month with about $8 billion in assets having started 2021 with assets of roughly $12.5 billion. so, slightly down, maybe down less than a billion in aum from where they were at this time last year. clearly gamestop having a big role to play
they were famously short and had put options in gamestop shares so then they got caught on the other side of the short squeeze leading to major losses in the first quarter of the year. trying to recoup them, but still not entirely recouping them for the full year down 39.3% according to a source familiar with the numbers >> last january, yeah, it seems like a longer time ago leslie picker, thank you a multi-year partner to introduce connected experiences across millions of vehicles starting in 2024 joining us now in an exclusive interview sop of devices and services david limp. if i'm like a lot of americans when i read, i was like, who this was when fiat chrysler and
we were just talking cristiano about car innovation and you're doing this deal and focusing on firetv in car. why so much car news now >> well, i think it's the next place for us where we think this idea of ambient computing makes sense. there will be a day when cars are fully autonomous you want to keep your hands on the wheel and looking out and being safe and nothing better than kind of voice interface we do think that by taking some of the learnings that we had at amazon and working close ly get stellantis and jeep and chrysler and really reflect their brand to their customers we're working on in-cabin software for them for the first time and really excited about it >> ecommerce a big part of what amazon does. but as you move under to devices and services more and more deeply, it's not just about the
computer, it's about the home, you have ring and security stuff you have been irk wworking on what does data show you how people want to use these and voice as an interface and where are you focusing your innovation now? >> i think it's sort of peak voice, if you will and the home has become, as we talked about in the past, so important. coming up on the two-year anniversary of this pandemic where we're all working from our homes and sool schools and movie theaters and the idea that you want to surround yourself with technology that can make your life easier is never more important. ring that makes your neighborhood and house more secure and gives you more peace of mind and give you better connectivity in your home so you can do all those tasks simul simultaneously we just crossed 150 million firetv devices sold coming out
of the last holiday and customers have never been streaming media more than they have this is really just sort of golden age of what technology can do in your home. >> dave, good morning, it's de deidre for years you and amazon have been talking about all the things that alexa can do and be used for and the list is growing. a recent report kind of showed that people are still using it for sort of the same tasks that they have been for years play music, set timers, turn on the lights what can you tell us about engagement and what are some of the other major use cases right now? >> they must be looking at different data that i am it continues to grow at a pace that i think anybody would admire and i think the thing that has happened over the last six, seven years from alexa is it's gone from just a service to
be able to stream music from amazon music and spotify and others to a service that has a broad level of applicability so, kids are using it for homework help, people are using it on firetv to help them find the streaming media. so much choice out there today from streaming media being able to use a voice assistant to help you navigate what to watch next is really important. as you mentioned, the smarthome becomes incredibly important as we move forward. controlling your house without pulling your phone out and get that app connected and say, hey, let's turn on the lights or open a door and that's super convenient now as we move into the car, thinking about being able to just say, hey, give me directions to the nearest starbucks and the navigation system in a stellantis car automatically does that. i think we're just at the tip of the iceberg of what we should be able to do >> but, again, dave, i just wonder what are some of the new
use cases. we really haven't seen any in case you have in the data, what are some of the newer ones the smart home is something people have already been using alexa for. >> i think shopping has taken off. especially, you know, in two key aspects. reordering people love to, you know, the things that you want to get most commonly whether it's dog food or cat food or consumables and also creating lists. you know, we're seeing a huge uptake of that which is as i'm trying to navigate what dprodp groceries do i want and what else do i want and seeing alexa create the lists around shopping i think the list would show that shopping is on an upward trend as new services emerge, they start getting voice uptick, as well for a long time it was music and now you start seeing people using podcasts more than ever before you see music more than ever before you start seeing people playing games in and around their home
with their alexa and i mention things like the knowledge and the ability to answer questions. that becomes equally important as people are doing more research and more homework in the home and that's on the uptick, as well. >> when you think about your customer base and the group that is really driving voice usage. is it about age and younger people, is it about income or whether they have kids in the household or something else? >> it's incredibly broad demographic. and it holds true internationally, as well as in the u.s., as well. what is nice about it and about this idea of the ambien intelligence is that there basically is no learning curve you don't have to pull out a manual and get trained by somebody as you might have to do with a phone or computer or something like that. you can just walk up to it so, kids are incredibly curious around alexa alexa gets smarter every day and what i want to know about new
features i often ask my kids because they're the people trying things over and over again. they don't get worried when something fails one day and the next day it works. they keep trying it. we see a broad group of people that are sort of as they get older in life that they see a lot of value in this, as well. because it allows you to live longer well. you know, you can talk to alexa and alexa can help you communicate with friends and family very easily and features like alexa together allow us to be able to do that it really is a broad use case across a lot of different customers. >> dave, that doesn't seem right. my kids ask me about new technology but you're asking your kids. i don't know >> i never want to be your i.t. director for your kid. >> i want to ask you about astro. when i visited you in the fall your new robot was getting shown off for the first time what is the timeline and aspect
of broader release and availability of astro? >> when we spoke we were just opening up for invites i would say the invites, again, i don't know how you forecast something that's completely new to world, but it blew away all my expectations of the forecast i thought that we would have in terms of number of people that requested invites. it was five to six times my most optimistic projections and the team did a lot of work before the holidays and started shipping the first units to customers. it's still in very small numbers. but the early signs from the customers that have received it in their homes and these are not beta customers, these are actual amazon customers in the field have been really interesting and really good. it starts becoming part of your family in a strange way, unexpected way we started seeing that from some of the early customers, as well.
i don't want to make any long-term predictions yet because it's still so early but i love to see the first anecdotes coming back. >> it hasn't peed on any carpets or chewed any slippers >> it's well behaved >> dave, thanks. >> thanks. as we head to break, check out shares of roku underweight at a 136 price target. concerned about international growth. and then after the break, hp with a big product launch. consumer tech week continues with ceo enrique les ayitusor ll prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.
first news update with rahel solomon. >> here's what's happening big win for boeing allegiant is buying jets and now the company has used airbus planes boeing is up 2% today and among the stocks leading the dow winter weather in parts of the country helping drive up flight cancellations again more than 1,400 u.s. flights have been canceled so far today close to yesterday's total southwest has the most canceled flights with 455 according to tracking site flight aware the u.s. added more than 800,000 private sector jobs in december adp monthly job survey showed more than twice as much job growth stocks are mixed as traders wait for the jobs report on friday. and kfc, kentucky fried chicken will start selling meatless fried chicken from beyond meat. the new item goes on sale on monday at 4,000 locations but they will only be available for a limited time beyond meat shares are up 2%
today but are still down about 50% over the last year and for what it's worth, deidre, i'm very excited about this news the only reason i go to burger king is for the impossible whopper. listen, i'm here for it. >> i'm a little skeptical. you go to kfc for that recipe so maybe that could make anything taste good. >> and the mashed potatoes and biscuit. >> there you go. rahel, thank you. hp having its biggest launch to date providing new ways to collaborate, create and play the launch includes new desktops, expansion of video conferencing tools and new gaming products. joining us now in an exclusive interview hp ceo enrique lores good morning thanks for being with us you're not in vegas, are you just checking. >> thank you for having me here. >> are you in vegas or are you
remote >> i am, we are working remotely so, given the situation with omicron, we decided to keep the focus this year as we did last year remote. but we expect this to be a great show for us as you share, we are announcing 50 new products, new technology and really a great show for us. >> yeah, i want to get your take something we talked about at the start of the show. a ubs note downgrading the tech sector and they called out tech hardware as the most vulnerable. what is your outlook has demand been pulled forward over the last few years? >> we continue to see strong demand for our products, both on the commercial side and on the consumer side. on the commercial side as offices are starting to reopen and companies are equipping their employees to be able to continue to work in a hybrid way is a great opportunity for us and on the consumer side, we continue to see very strong demanding categories like gaming on high-end computer and devices.
we are really optimistic about the future of the pcs this year and we had a great '21 and we expect to have a very strong '22. >> yeah, certainly we're talking about the future and next generation technologies we had qualcomm cristiano amon and dave limp on the show. both companies making big bets on auto and other technologies like ar and vr how is hp positioned in the next areas of growth beyond pcs and printers and accessories, what is the opportunity for you for things like vehicles and headsets >> we really see a lot of opportunity driven by what we call the hybrid way of working most of the companies have announced that they're going to be allowing their employees to work both from home and from the office and this really creates opportunities for us to create new products, new services, new experiences. and this is true for personal systems for what we call and we just have very broad category of
accessories that you need to connect and to communicate and some opportunities for printing and we are driving a big transformation to a subscription model. so, across the portfolio of the company, we see opportunities to continue to grow in this new hybrid world >> increnrique, i wanted to talo you about that specifically. the hp, the ink program where you pay a monthly fee and you send new ink when you're running out. i am wondering about hybrid and how it might be changing the pc refresh cycle. it seems to me a lot of businesses would have low-end desktops for employees and kind of hand out laptops occasionally and now with hybrid and the uncertainty of where people are going to be working from, i'm hearing more and more about companies that they need to equip employees with laptops and laptops that have decent cameras built in and perhaps more storage. is that happening in the data?
is that durable? is it changing the refresh cycle, do you think? >> so, what we are seeing very strong demand coming from the commercial side and from the office side driven by the factors that you would explain companies are equipping their employees with new equipment so they can connect, collaborate working both from the office and at home and this is from d desktops and continue to grow. we have seen, we saw in '21 30% increase from the space and we think that these new level of demand is going to stay and this is what we have been expecting and what we're seeing from the demand perspective >> enrique, i'm wondering how you're thinking about hardware production right now especially in various countries and they're relaxing some restrictions but a lot of the market is focused on zero covid case tolerance in southeast asia
how much of that could weigh on production this year >> we continue to see the industrywide challenges that we have seen in supply chain, but every quarter we continue to make progress. demand continues to be strong and this is what is driving the performance and the success of the company at this point. >> enrique, there was a lot of constraint in supply that affected the commercial pc market in 2021 and i'm hearing that part of what's happened is the supply that exists is getting allocated to higher-end systems which is boosting asps and perhaps, you know, ends up being good for companies. how that will affect the commercial market and how are the asps trending as far as the types of devices that the available supply is going into >> we have seen in the last
quarters an increase of the average prices really driven by a change of companies and people are buying better pcs with more memory, better display and we expect these to continue to happen during 2022. this is also has opened an opportunity to introduce new innovation as innovation that we are creating and introducing and really driven and created to enable customers to have better experiences as they need to connect, communicate and actually also play with equipment. >> enrique, thanks so much for being with us this morning enjoy the rest >> thank you now another call on, jeffries initiated applied materials and lam research and kla. they say anywhere from 19% to 24% upside to those names. the stocks holding on to positive gains for the year as
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meta all down dramatically in the last 12 months pinterest up half and snap down 12 now new reports point to potential growth and julia has a look at that today hey, j.b >> well, carl, the question is whether there is potential particularly in ecommerce and that could mean that there is an opportunity in the selloff and social stock that sell in off in part to apple's operating change now pinterest shares dropping 9% rebounding today up 2% earlier. that rebound is on a pipeler sandler upgrade improving user trends this year and opportunity in ecommerce saying they see pinterest continue to make progress and shopping with an increase in the number of companies that are uploading their catalogs and doubling product searches from last year and on platform transactions on track to be tested by year end
now, accenture just released massive growth and social commerce and discovering a product to checking out takes place on a social media platform social commerce will grow three times as fast astroditional ecommerce from half a trillion dollars this year to $1.2 trillion in 2025 predicting that social commerce will shift the power from companies to creators as influencers and individuals increasingly are the ones driving sales and consumers are looking for curated recommendations. this trend does bode well for the social media platforms meta, snap, twitter along with youtube. all companies have been investing in ecommerce tools for both brands and for creators dfc analyst tells us that his favorite social commerce play is alphabet because youtube is remaining relevant to younger
generations and his skills of tapping into viral influencer content. >> julia, you saw the variety piece yesterday that basically said americans are spending as much time watching user generated content than scripted or streaming content >> yeah. when you see a headline like that so dramatic what does it mean for advertising think about linear television and not just from the likes of netflix but all the content on tiktok and youtube ads will be shifting to those platforms, as well, huge opportunity if you're an influencer with millions of followers or you can recommend products to your friends if you can do it all without ever leaving instagram, can you imagine how valuable that is for instagram compared to the ad-targeting models?
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just might be the answer. time now for a gut check on team now for a gut check on a few of these names alibaba getting a vote of confidence from chalrlie munger doubling his share according to sec filings. jd.com they are all up in today's trading, bucking a broader trend. take a look also at the shares with the etf also seeing modest gains this morning key word here is modest. we mention so often that this one is down more than 55% over the last year. lots of chances, carl for investors to get rope into dead-cat bounces, so far, at least. >> i get a check on a few ev
names and a busy week for the auto space tesla reversing earlier gains and lucent and rivian down big as traditional automakers are ramping up the competition and making noise at cvs. we'll get more on that in a moment when "tech check" comes back we lis 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.
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keynote. phil lebeau is with us now as more companies double down on their ev commitments and just technology upgrades inside autos in general, bill sure >> john, for general motors and for mary barra this is a big opportunity to make some news here to say, look, we have the models that are coming and people will want to focus on us. three things we expect mary barra to touch on during her keynote. we know she'll unveil the new silverado ce in 2023 do they accelerate new models? we know they have 30 coming by 2025 did they say, look, we know the demand is out there, can we accelerate it? that is the platform that all of their electric vehicles will be built on and they believe that will give them a leg up on the competition. remember, they're unveiling 30 -- 30 electric vehicles worldwide by 2025. take a look at gm versus ford, versus tesla we're just showing you the last six months
what's interesting here when you look at this chart gm is lagging both ford and tesla, when you talk to gm executives they kind of sit there and say we know there are a lot of headlines that are going to ford and tesla has been dominating evs we will be the number one ev automaker later on this decade they're adamant about that don't forget we'll be talking with mary barra. we'll talk about the claim that she has made before that they will be number one that's going to be part of the topic of the interview coming up at 2:15 on "power lunch. guys, let's see that silverado ev let's see what kind of buzz that generates. >> we'll see how hard she throws down that gauntlet >> if you missed part of the show, follow and subscribe to our podcast. listen any time, anywhere wherever you download podcasts "tech check" is back in a ment th you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies
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force mr. cantor off current and future cases is misguided and reflects what appears to be a willful misunderstanding and misrepresentation of federal ethics mandates. your efforts to sideline key federal regulators by facebook and amazon simply serve as further evidence that you will go to all lengths to ward off necessary scrutiny of your immense market power you can read more about that on cnbc.com, john remarkable back and forth not just between google and the hill, but facebook as she mentioned and some others. >> everybody hates big tech, but they just hate them in different ways for different reasons, d. all of that hate hasn't yet crystallized into actually hurting the companies. not saying that i'm looking to jinx that for anybody. you never know what's going to happen, but it's '22 there are midterms coming up >> lawmakers users are a different story here, but this is a tactic,
carl, that big tech companies aren't fooling anyone like amazon and facebook. they want recused. >> especially for a non-profitable tech. we'll watch that all eyes will be on the fed minutes this afternoon the s&p was green for about five minutes. cramer is with the judge let's get to the half. ♪ carl, thanks so much welcome to "the halftime report." i'm scott wapner front and center, your money, your market and where stocks are heading in the weeks ahead, whether this rally is about to run out of gas we'll debate that with jim cramer and the investment committee. jim also giving his own stock summit picks today and we're excited about that stephanie link, joe teranova, jon najarian co-founder of market rebellion.com and jim cramer, the host of "mad money" and the cnbc investment club i can go on and on and on. the dow is green, and not at the best levels. as carl said, the s&p is negative and there's the ten-year note yield