Big Tech on Deck, Facebook Facing Headwinds & Unpacking Amazon

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 25 October 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors start off this busy week of tech earnings with the details on Snap feeling the impact of Apple’s privacy changes in its latest earnings report. Then, Plexo Capital Managing Partner Lo Toney joins for more on what to expect out of earnings this week. Plus, a number of new reports are out on Facebook this morning ahead of the company’s earnings slated for after the bell. Platformer Editor Casey Newton, who has access to the documents providing the basis of the new reports, joins the conversation for more on Facebook’s headwinds. Also, CNBC’s Phil LeBeau is here with the story on Hertz ordering 100,000 Tesla Model 3 vehicles. Next, Fast Company Editor-in-Chief Stephanie Mehta joins on the magazine’s November issue unpacking Amazon and its broadening reach ahead of the company’s earnings report this week. And later, Mizuho Securities Managing Director Vijay Rakesh is here to share why he is downgrading semiconductors. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm John Fort. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:28.7	Happy Monday. Welcome to Tech Check. I'm John Ford. Carl Kingtonia and Drew Roborston. Deirdre is off.
0:33.6	Today, the snap heard across Wall Street, a reset for valuations across ad-based stocks.
0:38.9	Facebook is after the bell, so is now the time to buy or to stay away. And then what about software instead? The investing case for enterprise payment stocks that don't buy themselves
0:44.4	lock in a heated competition with Apple or with other issues. And then finally, Hertz
0:49.4	telling Tesla, you're the one that I want. That is electrifying that stuff already hitting all-time highs later this hour, Julia.
0:58.8	Plus, it's the busiest week of earnings so far with tech's biggest players set to report results, Facebook this afternoon, then Google and Microsoft tomorrow, and Apple and Amazon on Thursday.
1:16.9	Thank you. and Google and Microsoft tomorrow and Apple and Amazon on Thursday. We're going to start, though, with the Snap reset and what it means for tech this week.
1:20.3	Snap closed down 27 percent, lost $32 billion in market cap following that warning
1:25.5	that Apple's new privacy changes and supply
1:28.0	chain bottlenecks were weighing on advertising spend. And that outlook did cast a shadow on Google,
1:32.8	Facebook, Twitter, Pinterest, who all report results this week and all fell between three and five
1:38.4	percent each. In total, erasing about $142 billion in value between the five names.
1:44.7	So with Facebook earnings after the bell, is this an historic buying opportunity?
1:48.8	Take a look at this chart.
1:49.8	It is now at some of the cheapest levels since the IPO.
1:53.4	If you look at its price to sales ratio, bare case, on the other hand, made obvious by Snap
1:57.7	is that tough comps and obvious reputational headwinds are going to be at play.
2:02.5	John, this morning looking at Morgan Stanley, we think the market is overly concerned about IDFA and macro.
2:08.5	We're bullish FB, 20% upside.
2:10.9	They really believe that a lot of this was SNAP specific.
2:14.2	Yeah, there is that.
	...

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