it is not apple's game. i think the reason they partnered with globalstar, they are probably one of the weaker players in terms of their current revenue and their customer profile within the mobile satellite spectrum industry. what they do have is a very good spectrum position. if they eventually use the full aspect of that spectrum, there is the potential to offer a higher data rate, service certainly nothing that would compare with the starlink service, but maybe even a lower-level 5g service in the longer term. emily: alright, fascinating to look that far out, if you will. chris quilty, quilty analytics co-founder, thank you. we will be more back with "bloomberg technology." this is bloomberg. ♪ >> these incredible products each offers so many great capabilities and work seamlessly together in a way that only apple can deliver. emily: the apple ceo tim cook there. before we go, i want to recap the day's event. i am joined by mark gurman, our resident apple expert, and julie. mark, i want to start with y

apple 0.4%. on seven occasions over the past decade when apple has unveiled a new generation of handsets, the stock has actually declined and closed lower, so it was interesting to see that. this is a satellite operator that was down 16% at one point during apple's presentation and then jumped up 44%, ultimately closing down 1.4%. it has a pact to support the satellite and tech services apple is going to offer. garmin did not react but it is competing with the apple watch. the technology sector was helped by a pause in the selloff that we have seen in the bond market. outperformance on the nasdaq 100. tech-heavy, of course. and u.s. listed shares of chinese companies, the golden dragon china index. but all about apple today. interesting to see that it is still down year-to-date, outperforming the s&p 500, but still on track for its first annual decline since 2018. emily: all right, ed, we will check in with you lower initial. i want to bring in our guest who is here with me, at apple headquarters

kriti: apple now announcing the new apple watch series 8. what is fascinating is the affordability at a time of inflation. i am curious how much of a hike apple will have at the end of the day when they are considered a luxury company. ed: emphasis on the pro. apple has designed three products it labels as "pro" it labels toward professionals. high-performance hardware for their work. that is how they have managed to justify the higher price points. it is interesting on the iphone lineup, the expectation is there is not a mini version of the iphone 14 like there was with the iphone 13. a slightly more smaller, more affordable model. apple is not just going in the direction of the rpo products to boost the price. there is also an emphasis on a much bigger screen size, 6.1, 6.5 or 6.7 inches. something reflected by samsung, as well. kriti: ed, as you were speaking, we were looking at a video of tim cook. some of this was pre-recorded. we will keep you up-to-date with all the news. ed ludlow will join us later in the hour, as well. thank you fo

than apple? >> most consumers of apple are rich people and they will continue to buy apple, and look at year-over-year comparison, is high single digits. when you look at microsoft it is low double digits, at least for that timeframe. even without buying deep, they can surprise on the outside because of cloud or any other reason. this is not counting the acquisition of activision. they have better enterprise items. ed: there is one key market we are zero in on right now, that is china. where does china fit in this idea that microsoft may be better positioned right now in some says relative to apple -- sense relative to apple? >> if you look apple it is very close to the china region generating 20% of its revenues there. a bulk of their phones come out of china, any disruptions of covid reasons or g applicable regions -- reasons, -- geopolitical reasons apple have a hard time. when you look at microsoft, does look to china for expansion of its cloud data centers, other than that it generates much

the i phone is apple's flagship product. nothing else means more to be american tech giant than the iphone does. almost $41000000000.00 worth of iphones were sold last quarter. that was just under half of apples. total revenue. i phone production is almost entirely based in china. and apple is becoming where you have this dependency. china 0 koby policy and strict locked downs paralyzed. it's partner fox con, which makes the phones that complicates things for apple industry. experts think apple has become more reliant on china in the 11 years since tim cook became ceo. he outsource more and more production there to cut costs and increase efficiency. but now, chinese labor costs are on the rise. so it's time for a course correction. apple is expanding in india and vietnam, where workers are much cheaper. well for more than this, we go to fraser, how he is a china analyst and the author of the book read capitalism. frasier, thanks for joining us. why has apple under tim cook been so drawn to china? look, i think it's a similar

so apple just caught up in the wider cell off there. but the new iphones, as we mentioned, were introduced today. but we also talked or with dan, i've just now about the importance of software. so are these events for these big new phones and fancy new hardware as pivotal as they once were? well overall, those events are still very important. but if you look at the stock price in the reaction on the wall street, usually there isn't such a big reaction, at least on the day when those new products are shown and are coming out. it will be much more important to see in the next couple of weeks the next, when we get the next earnings report to how well those products actually sell. and if we talk about this wind state event, the biggest news so to speak was something that apple did not change. and that was the price for the new iphone generation. so that at least for consumers, if a good sign. but with those economic pressure in china, especially in europe, we will have to see how well those products really sell. yeah, it'll be interesting t

and it goes back to 99 percent of apple customers stay with apple. and that continues to be a big part of their success. ok, so very good brand loyalty there and room to go up in terms of how much money that they can get out of their customers. but their room is also the apple is looking for the next industry to disrupt where it can make i phone style gains could be virtual reality, a car, even top tier gaming. where could they or, or should they go next? you know, i think, and i think they've already started to build it. and in early 2023 we, we the release of glass which would be the a r v our heads. and i never can be significant in terms of next product release. dead dead ultimately is really going to go more and more in the metaphors for apple . and then i believe the big product in 2025. we think that's when they come out with the apple car. they like we partnered the wakes dw on one day or potentially other car. you know other players out there in the o. e. m space. but did you shoes the innovation is going to continue. apple and i think many

what is cool about apple tv as they have a feature called apple tv channels. let's say amazon or another provider gets a really cool deal with one of the bigger sports leagues. potentially that can be passed through to the apple tv. you can access the apple services, apple partnerships, many of those -- maybe those from nbc, amazon and the likes of those as well. >> the broader strategy, talk to me about sunday ticket and nfl. is tim cook and co. willing to spend those -- that cash? they have cash to burn. >> they have a lot of cash and they want use that cash to make more cash. they are making $20 billion a quarter on home services, $80 billion a year. imagine that $2.5 billion investment what that will do for apple's bottom line. maybe one day will be talking about 90 billion or $100 billion annual income from services -- four services with nfl sunday ticket just being the beginning of that. it is a holy grail of all sports. even nba does not want to broadcaster games to go up against sunday nfl games. >> how often does it go to cash to cash to cash? thank y

shery: apple unveils the latest devices including the iphone 14 and the ultra apple watch. u.s. futures opened to a slight upside after the s&p 500 saw the best day in almost one month, 95% of companies on the s&p 500 actually moving higher. of course, energy was the only sector under pressure today, given the plunge in oil prices, the most since january. we are seeing concerns about recession, covid lockdowns in china. that is all affecting prices now. at the nasdaq 100 is outperforming in the new york session. apple gaining almost 1% given the product lineup they unveiled. overall, we are hearing from goldman sachs that we not be -- might not be there yet when it comes to positioning, valuations. we are not at extreme levels yet. looking at the 10 year yield, we had it fall today halting the gains. the price of oil falling lessening inflation expectations. look at this chart on the bloomberg. given the rally in oil prices, the energy sector has outperformed any other sector. continue? all this is in question when you have recession fears. can you continue the narrative that en

apple saying the airpods are the most popular they're emblematic of cook's apple. sell for and then promote more services to generate growth. no real surprise, but that's the recipe cook has been using. >> the biggest surprise was prices department go up in the u.s. on the phone itself, but it seems like we should be thinking of this more as a basket strategy maybe it makes it more likely that the customer attaches a watch or airpods or maybe multiple if they're buying gifts. >> exactly it's all about the lock-in i was speaking to the cfo about that i asked him about price increases. he said, look, it's going to be okay with the price in the u.s. but he did hint we could see price increases across other regions like the uk and japan where the dollar is a little stronger in terms of currency there and that's exactly what happened yesterday. >> steve kovach, thank you. >> carl, that's a wrap it's been a busy few days. i was on the east coast. you came over on the west coast. conference season is only getting started. i mean, we're going to be busy. >> it's true we've

what does all this mean for apple? also resolved between the 2, i from 1314, almost sworn did 55 and or 1000000 i phones. it speaks to ultimately they are in a pent up demand cycle and them not raising prices was a shock, but it just shows them further flexing their muscles in the supply chain craziness . so it seems to be that apple needs to go more in the direction of squeezing revenues from existing customers through software and services, and they are already positioning themselves in that direction. so how can they maximize their potential revenue? this book services business here as you point out in service is going to be in 90 billing in the our revenue stream annually will be over a 100000000000 and you were gone to 18 months. yeah, i think that from evaluation perspective is actually worth 1.2 to one point. 4 trillion. that's a big reason. the stocks don't word as but if you look at the install base, they're still only 15. 20 percent penetrated and they have an unparalleled install base in terms of monetize a

i spoke to apple as well and apple confirmed blevins would be leaving. ed: those are the latest details on that report. mark gurman, thank you. we will be right back. this is bloomberg. ♪ ♪ ed: amazon boosting pay for hourly workers in the u.s.. the online retail giant says -- average starting wage for employees in warehouse and transportation to $19 an hour. bloomberg has learned amazon will close all but one of its u.s. call centers and shift hundreds of office and ways to remote work. that would would health -- that move would help save money on real estate. there are headwinds that elizabeth warrens of massachusetts says she and other lawmakers have asked the ftc to reject amazon's proposal to buy irobot. last week, the -- asked amazon and irobot to send additional information about the proposal. wednesday, amazon's senior vice president and advisor told me he feels confident the deal will go through. softbank has begun laying off employees at its vision fund. sources say softbank expense to cut at least 30% of its staff. the london-based visions

these apple reports as we know from watching them over the years and seems to me like if apple is, indeed, tracking for flat units year over year, that would be a huge victory. i think what we saw at the beginning with the launch is this strong skew in preference toward the pro and pro max in terms of demand and what apple has done is in essence boost the price in some markets overseas and also skew the line so that you're going to be paying more if you're buying an iphone overall and their margins are probably going to be better. so i don't know what people were expecting if, you know, they thought that apple was going to do a lot more units but that certainly would be unusual in a year like this and not what it seems like apple was depending on. >> yeah, that's exactly right and kind of why we're seeing, jon, the street push back on the bloomberg report a little bit saying it's nothing to really worry about and to your point, yes, if those iphone pros are, in fact, selling as well as we're getting the early data on, then that boost, the average selling price for every iphone sold, and t

apple unveils the latest devices including the iphone 14 and an ultra apple watch. and skips raising prices. shery: apple gaining about 1% in the new york session for that lineup of audits. over all the same has been the text selloff that continues. apple is still down about 12% year to date. u.s. futures really muted after the opening. lacking clear direction after 95% of companies on the s&p 500 moving higher with the nasdaq 100 outperforming. after what happened with apple. pressure on oil prices across the market as well, perhaps more expectations of a less hawkish fed. the 10 year yield, treasury yields across the board, stalling today for multiyear highs. oil prices in the new york session down below $85 per barrel. in the asian session below $82 per barrel. we have not seen these sort of levels since january or earlier this year. we have -- we might see more pressure on oil prices because we crossed a key level with the 50 day moving average below the 200 day moving average. we may not see such a hawkish fed. today it emphasized the need to bring prices again

keep an eye on apple shares. i'll send things back over to you. >> and apple is the biggest hold organize the top three or five holdings in 150 to 300 major etfs even if you don't apple directly, apple's down move is taking down your portfolio with it >> anybody who owns an s&p index etf for that matter. >> this is what happens when -- somebody described it once as a bowling ball sitting on top of a pencil, and those big tech stocks the bowling ball. dom chu, thank you very much >>> all right, well, the market already taking its cue from this morning's economic data. despite a growing number of companies reporting layoffs amid the downturn, jobless claims fell last week to their lowest level in five months but that wasn't maybe the only bad news for central banks we'll explain why it was bad news in a second personal consumer expenditure, a favorite inflation gauge for the fed, rose in the second quarter, up 7.3% year over year that is higher than the last two second quarter pce estimates, of course very backward

it grows the demand for apple fitness, apple tv, apple music, apple care, apple pay. your prior guest on the previous show spoke about the fact that apple pay has now exceeded mastercard in the total number of payment transactions so people are using these contactless payment processes in are being built into smart wearables and phones. liz: martin, we'd be remiss if we didn't get to the air pods pro 2, they launch september 23, $249. we talked about this on our tiktok this morning, the rumor and the leaked feature was that it would have the find my feature embedded within it because who hasn't lost their air pod case. this is the kind of accessory that adds so much to the bottom line even though at $249 a pop, you get the sense that it's not a huge big move there but still, how do you view the air pod evolution? >> i think it's a very incremental improvements from the first generation, but it has many welcoming features that consumers were looking for in the past two years like the lenders that can go with the case and speakers are adding to the case to find them muc

microsoft came in a little bit apple is. below apple in recent trading sessions. are investors just more focused on microsoft's near term? what it is doing right now rather than what it could do? >> in both cases microsoft has not disappointed anybody in the last quarter. if you go into next quarter, they have not realized their guidance. the dollar is an issue so translation risk is there. if you look at constant currency growth, we see no reason why microsoft can't grow 12% to 15% in the next two quarters. even if we hit a bad recession next year, we still argue that can grow north of 10% of constant currency. it has a very diverse set of software products. a mixture of all those should allow them to grow north of 10%. ed: if you are into the idea of being recession proof, or at least better positioned to whether a recession, microsoft and apple do have different businesses. why is microsoft better positioned to weather a recession than apple? >> in the case of apple, most consumers of apple are rich people and they will continue to buy iphones. if you look at t

another big breaking story of the day apple unveiling a new iphone >> apple just wrapped up the iphone 14 and i'm watching they're just about to unveil the pros as far as the 14 goes, it is coming in a new size the iphone 14, and the cool new feature they're highlighting this time is this satellite sos feature meaning if you're in an area without any cell service the phone can help you detect a satellite in the sky and send either a message or a voice memo to emergency services if you need help. those are the big things on top of that the air pods pro, the new version, the first time they've had a first version of the air pods pro, better noise cancelling and better life, but overall pretty similar to the current version and like you said, apple watch is the big one being apple watch ultra and an $800 watch catering to extreme athletes who like to go mountain climbing, diving and walking through snowstorms and other extreme sports and that's a niche product, but they did spend a long time talking about it, court. >> talk to me about apple's move to a bigger form factor, a bigger size o

what to expect at the apple event. how much is it going to set you back and what else might be unveiled we'll get you ready for the event and what it means for the stock, next. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. only at vanguard, you're more than just an investor—you're an owner. we got this, babe. that means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership. online sports betting to fund real solutions to the homelessness crisis. so how will that new revenue be spent? new housing units in all 58 counties, including: permanent supportive housing, tiny homes communities, project roomkey supportive hotel units... and intensive mental health and addic

apple is a global company. >> for apple, 43% of sales come from europe and china combined. those are regions that are struggling. europe is going to have bigger issues in the near term with fuel prices and energy prices going up. this is one of the reasons we set, year-over-year, we don't see iphone sales going more than one -- 1% or 2%. honestly, it is not bad at all in a downward market. you're not going to see negative sales compared to last year. all in all, it is a good cycle. next year, we think it is going to be a much bigger refresh for the iphone. as far as the watch, it is a beautiful watch. it is an $800 watch. it is amazing. emily: carolina, does that jive with your projections? carolina: it does. next year for sure, the upgrade will be higher not just because of the hardware, but a step forward in processing power. especially for markets that seem to be struggling this year from eight financial perspective, china is getting a lot of attention, and the inside, not just the look and feel of the outside, that will matter a law and i tend to agree that generally, w

my hunch is to leave apple alone. it is not at a juncture where making a big make a lot of sense. >> mike, what do you think? >> the trade we were taking a look at for apple was a put spread. it has run down to a level where it is trying to take money off the table with that put spread. i would say that the stock's performance this week, given the announcement they made, is pretty poor. you would hope that something like that would propel it to outperformance. it didn't. i wouldn't be a buyer here. despite the fact that it has been tough to bet against this company for a number of years. >> i mean, a lot of investors think that apple is the end all be all when it comes to defensive stocks. it has a lot of cash on the balance sheet. it has dividends. it is an executor, in terms of delivering. yet, here we are. it does seem like it is more of an apple specific problem, because of the relevance to big cap tech this week. >> no arguing against any of those points you have made. i will say, probably, from a slightly differ

emily: talk to us about apple's role. how much funding they provide and how much influence they exert. >> i spoke with a lead of former -- a lot of former employees and people familiar with the dynamics of the group. they confirmed apple makes up more than half of their annual contributions. in 2020, that means apple was giving at least $4.5 million. that is a pretty large price tag when it comes to washington trade association. the highest are usually between $1 million to $2 million should former employees i spoke to said a percentage of their contribution is probably much higher. in my conversations, i learned apple lobbyists and lawyers regularly weigh in on regular policy positions the group should take and areas the group should focus on. if you look at what the group advocates on the most, it is antitrust obviously as the top priority for apple, patents, certain kind of patent reform apple has prioritized. broadband, also something apple is interested in. there is putting much a one-to-one relationship between poli

i don't know if it's sustainable. >> apple is the market, the market is apple. the way the market goes, apple is going to follow that. it's not enough to have a good news with apple and a bad news for the overall market apple is just going to go the same way as the overmarket. >> we are in a situation maybe pre-recessionary any other consumer stocks you are eying that could ride out the storm? >> i have to go with mcdonald's. what has been the major source of inflation food, energy if you want to feed a family -- i have a family of six i'm always out with my kids. i am guilty of going through the drive-through and for 18 bucks i'm feeding my family. >> guilty of what, man >> of not cooking a home cooked meal like our moms kooktd rkt i have been in the back seat of your ukraine force baseball gear and mcdonald's bags. >> any other consumer picks? >> this was my boring is beautiful stock the other night. when we are talking about ex poke you're to the consumer we want defense and auto zone i think is that. if you go back the last number of recessions the outperfor

we talked about apple. alphabet, everybody owns it, everybody loves it same thing like amazon and i just feel like there's a bargain here now -- i might be waiting really long time for it, but that's the way i invest. >> we got to bounce. mike santoli is with us next for his midday word. (driver) conventional thinking would say verizon has the largest and fastest 5g network. but, they don't. they only cover select cities with 5g. so, for me and the hundreds of drivers in my fleet, staying connected, cutting downtime, and n time depends on t-mobile 5g. and with coverage of over 96% of interstate highway miles, they've got us covered. (vo) unconventional thinking delivers four times the 5g coverage of verizon. and it's ready right now. t-mobile for business. this is not just laundry. this is laundry that's smarter than the dial, with ge profile smarter wash technology. more care for your cashmere. more power for your workout gear. this is smarter sensing and dispensing. fully optimized cleaning, no more guess

what makes you so confident apple can pull it off again. >> this is what apple does every year releases a new iphone, incremental, for sure. the company still manages to be a powerhouse you're looking at $190 billion in iphone sales last year. and if you take the iphone 13, it doesn't look different than the 1. and i don't anticipate the 14 is going to look much different than the 13, but even with the incremental updates, you still see the company act as a powerhouse truckload ofiphones after truckloads i think that's what's going to happen this year as well. >> okay. i was looking at analyst notes last night most wall street strategists are expect a $100 increase for the new iphone, more or less is that what you're forecasting? >> it's meant as being done, but i think the earlier point, most investors expect this incremental, not a dramatic change. i think largely incremental changes versus anything dramatically different. >> okay, alex, this is the first in-person meeting since the pandemic ho . >> how incremental is it for the investors as well? >> they don't matter as much as they

it's apple divided by the s&p, and what the line reveals is how apple is performing relative to the xpx. let's put a line on that, it's the perfect trend line literally to the penny it has bounced. let's put another line on that look at the top. it just broke out the definition it's not extended, final chart is a little bit longer term. i think apple is telling us that it's the place to be if one wants to be anywhere now, i respect the other side of the argument and we heard it earlier this is the last one to go apple is just not extended, and i'd rather be there than a lot of other things. >> mike, what's your take and what's the trade >> yeah, so the first thing i would say i mean you already heard me say i think there's potentially further down side, maybe even a lot more downside for equities and it's hard for me to imagine how apple remains equity immune. they're not exposed to enterprise and we're entering a strong season for apple, and their latest product is one of the biggest drivers for them here's something to think about. yesterday the stock was trading i think it hit a high

i apple feels like — think? i do think so. i apple feels like it— think? i do think so. i apple feels like it a _ think? i do think so. i apple feels like it a lot _ think? i do think so. i apple feels like it a lot control- feels like it a lot control over the marketplace and used to take more and more presented from android, but at this point given the economy, given all the unfairness in the world right now, i think they didn't want to take the pr hit of raising prices yet again and sticking with where they are at i think is the smart move. are you going to lose any sleep over apple's profit margin? i think they will be ok! 0h, they will be fine. i think they probably will.— probably will. thank you so much for — probably will. thank you so much for your _ probably will. thank you so much for your time - probably will. thank you so much for your time and i probably will. thank you sol much for your time and your analysis there. we do have plenty more if you are interested on all our business news on our website. let's see how the asian markets are faring today. yo

but any way, let's talk about apple. and listen, this one makes -- you ran around the desk and everybody not sanguine that's fine. just know this before we look at the charts of the eox, only two stocks were up this week, pepsi and lilly. of the 98 others the one that was down the least, apple. on a trailing 12-month basis there's only 20 up on a trailing 12-month basis and they're all utilities, staple, health care, and energy but there's one that isn't, apple. it has dropped 15% hunch so to play it as a safety trade if one is looking to play anything look at a chart or two the first is apple itself. it is range bound. that's the definition of benign to my eye. let's look at relative charts. the next is just that, a ratio apple divided by the s&p and what the line reveals is how apple is performing relative to the spx. put a line on that it's a perfect trend line. let's put another line on that look at the top. it just broke out. that's the definition of a pendant. final chart is longer term i think apple is telling us

the first rule of the apple club is you don't talk to the apple club they will lose the business if you speak to the press i once got a supplier in huge trouble bedemanding on air they tell me how apple is dog i think i cost the source tens of millions of dollars so no suppliers will speak to the press when they get a call about apple which means the stories are hit and miss and i'm being polite there here is what i really know there is no important slowdown at apple things are on plan there have been no calls otherwise because apple seems confident that things are good for the high-end phones, where the real money is if the less expensive phones are indeed in flux or might have access inventory. what should you do with the stock more importantly listen, practically every new iphone has been met with these stories. each time selling the stock on these hit pieces was a mistake let me put it this way, i meet people in the street all the time and sometimes they ask me how i knew to stay long apple since it was trading at $5 they kept trading in and out, in and out. i tell them because i ig

apple hangs in there under that scenario apple goes to tim's levels. everybody loves apple. i'm a hater. >> why are you >> i'm not sometime it is obvious. >> what year is that ipad? >> '08. >> no. >> not in the upgrade cycle. mid single revenue growth. you have back out the cash i get it who knows if that's a good thing or not i think it should trade lower. >> it is not cheap but it has a premium multiple deserves it. we talked about the services evolution and that deserves a different multiple you know i think -- i'm not -- i'm long it could trade down. one thing that i don't love of the analyst community. 37 out of 50 with buys ten neutral. two sells. that's a lot of downgrades yet to come. >> it is relative compared to the coverage universe. >> i don't understand what you say. >> if an analyst covers hardware stocks, they have to have buys, sells and holds relative to each other. >> not just on their own. >> yeah. >> i don't know they are relative to but in that camp they could downgrade we'll see it this week right? >> absolutely. absolutely. >> we could see more of it >

the big challenge for apple is the strong u.s. dollar, so to what stenlt might it price the product materially different in the uk, where or in japan, where the dollar is strong against the yen. lastly, i'm looking for a new value product. it looks like they're giving up on the lower-priced iphones haven't done amazingly well, but i think the setup is good for the stock. what are you expecting or hoping for? >> i think this cycle will be more about the more expensive pro model, trying to get more money out of the customers, squeezing the apple for more juice. that's been so important in this cycle going back to the 12, the 13 model, investors, and analysts are betting that can continue another year, even if unit sales slow or don't grow, the expectations is revenue can grow >> i guess we still call it a phone, is there a limit? at some point in the next couple years, will we have a $2,000 phone, because nobody will care, they're just going to pay the monthly bill, not the total price? >> there is a limit. i like the comments from

buy apple products. they are buying a watch, signing up for apple one. they are more likely to be an ios smartphone owner. apple predicted they would have converted more android users this year and they have a very deep lineup that is capable of competing at lower price points. i don't know what was going on when they did the forecast. 6 million is not a big number on top of 90, you know? it is not 10%. it is not a big number. ed: when you talk about the prospects of a recession, we are trying to look for clues about what is happening with the global consumer. what do you see broadly in the smartphone market, globally? are their spending habits that are changing? julie: yes, i think certainly when we look at the numbers and we are talking to consumers -- what concerns you? food is more expensive. rents are up. there are quite a few categories i would say or more essential than having the latest and greatest smartphone but keep in mind the upgrades -- these phones are amazing feats of engineering. they ar

adp, ibm and apple adp and ibm have basically point to point this year been about the same stock apple has outperformed, they're not being treated as traditional tech stocks within the index the lower valuations for one thing, steadier businesses so you have this real bifurcation in the market. apple is the most interesting example of this because it's so huge within the tech sector, and within the nasdaq itself, somehow it's diverging from the average stock there. financial attributes matter a lot more than sector where the earnings are coming from ibm incidental that it happens to be in the technology business right now. it's more of a contrarian value of restructuring type story instead. >> mike, i'm looking at the ten-year yield today which was above three, 3.5 at one point. what do you think that correlation is heading into the back half of this year usually, you know, at least for the first half of the year, tech stocks have really gone lower on the back of those rising yields. but are investors being a little more comfortable >> it's one of the bigger drivers of a general negati

just take a look at apple and apple's suppliers. you're going to go a long time before you see apple is the worst performing stock on the s&p 500, and most of the suppliers are also, like, taiwan semi, also on that list of worst-performing on the s&p 500 as well. you won't see that very often. of course, on that story that apple will decide to maintain production for the iphone 14, not increase demand for it notably, you're getting pushback from some of the big bulls on apple, some of the big analysts that are out there i see dan ives at webush this means much higher asps, that's average selling prices, and a clear tailwind for apple into fy23 at this pace so the bulls are still out there. the question is, what are they willing to pay for it? and apple's down about $4. s&p 500, well see if we can hold up here, down six days in a row. that is a fairly rare occurrence it's only happened 20 other times since 1950 and for those of you who are worried about what it means, generally, you're higher a year later. 90% of the time, we're high

and they've also unveiled a new apple watch. apple watch alt right now. this apple watch. it has a titanium case. this is really for somebody that wants to ryan that wants to go on the back roads and maybe wants to run a marathon. it has pin point gps for and one of the big things scuba diving. let's say if you're going out into the water, this watch can also serve as a dive computer there's an app that you will have to get. that's a part of that will most likely cost some money. but that is a huge benefit because you think if you're somebody out there that scuba dived, a dive computer is very expensive. so the fact that you're not going be able to use your watch as a dive is big news in the last one that's moved the air pods. they have 2 times new airpods pro the noise cancellation. they've upgraded the noise cancellation, it's 2 times better than one before. and you can also use your apple watch charger to actually charge the case for these air pods pro. so a lot of new technology that they've added to all of these products that they've unveiled, but hoping that they hel

you see the piece today about apple overtaking android in the u.s. with 50% share on things that move very glacially great long weekend let's get to the judge and the half >>> carl, thanks very much welcome, everybody, to this friday edition of "halftime report" from the new york stock exchange front and center this hour, a goldilocks jobs report is that what we got? and if so, what does it mean for your money in the weeks ahead? is it time to bet more heavily on a soft landing? rob, josh brown with me jenny harrington and jim lebenthal let's take a look at the friday trade. we're green across the board 350 for the dow, we're above 32,000 s&p is above 4000, that's 1.25% and yields hold at 3.23. 50, maybe more likely in september than 75 and thus as i said at the top those soft landing hopes alive. this has to be pleasing to you and your point of view. >> it is i'm going to take the bait i think it is a goldilocks report but a week ago we were here and listening to jay powell's reports we were dissecting it and i need to see the totality of data befor

it does seem it's more of an apple specific problem because of the under-performance relative to big cap tech this week >> sure, no argument to any of those points you made. i will say i'm probably going to agree with them but probably from a slightly different lens here if you're owning the index or the s&p overall you're already quite long a bit of apple. so adding to that existing position to me and essentially going overweight the name doesn't make a whole lot of sense. i don't need to tell you i think the market is headed lower i've been that way for quite some time here i will say on a relative basis, yes, i like apple a lot more than i like other pockets of the market but, again, that's a relative value trade. but here looking to own apple i don't see a compelling reason to own it at this level or at these valuations >> mike? >> yeah, i mean that's the other thing that in terms of valuations this name, and i think we've previously mentioned companies like microsoft for a long time unzuvdly traded at big discounts to the market overall. it no longer does, and you really need to

it is the exact opposite with apple. i know bk tried to be positive, but the fact that it has held up and the rest of the market has not is exactly what gives me downside concern. >> clean sweep, negativity of apple. speak of apple, do not miss carter taking down technical stock. time for the final trade let's go around the horn bk, brian kelly. >> yeah, i'm back to negativity on this one. you want to sell fcx copper not so shiny. >> bonawyn. >> take a look at pvi. >> jeff mills? >> surprise, surprise i'm a seller of apple here i think it breaks 150. there's a catchup trade to the downside. >> have a great weekend, diageo might help. >> that does it for us don't go anywhere. options option is up next. e's in the perfect cup of coffee and her museum of personal computers. and you can find her, and millions of other talented pros, right now on upwork.com power e*trade's easy-to-use tools make complex trading less complicated custom scans help you find new trading opportunities while an earnings tool helps you plan your tra

we're talking about apple before a stock like apple it deserves trading in the market but the premium now is the highest it's been in ten years. so understandably investors are starting to question that heading into an earnings report next month so they're taking more of a wait and see approach, understandably cautious >> thank you very much paul hickey as we go into the bells it's microsoft, apple and adobe weighing on the nasdaq there's the dow, down 157. so we're off the lows of the day but well off the highs could not hold the morning gains we had for a little bit earlier. united, health and goldman are the contributors higher on the nasdaq that's it for me on "closing bell." see you tomorrow everyone. into overtime now with scott wapner >>> sara, thank you. welcome to overtime i'm scott wapner, you just heard the bells we're just getting started i'll speak to mark newton whose new know is all about the state of the tech wreck and whether it is about to get worse. he will tell us what the charts are telling him. we'll start with whether the fed is about to send stocks into a tailw

if that was that was one apple pie kuda. the program has become a crucial safety net in a country where poverty and hunger ever present at this children's clinic health work as a treat in cases of malnourishment, which can be devastating for child's development. now it's feared soaring food prices could make the problem even worse in markets around the country. local staples like duck eggs and cooking oil have shot up, leaving parents with tough choices to feed their families. go and get my kids are growing. what i so we have to find enough food for them to eat, because they're at that growing age and need to study. so we parents sometimes have to reduce our own portion that will type her parents are putting their kids 1st to ensure them a better future at a time of so much uncertainty and cambodia and with the next empty ball never far away. and you can get more on any of our stories today on our website, the w dot com slash asia. otherwise we'll be back tomorrow. same time, same place. you been with the landscape, a reflec

apple ceo tim cook heading to new york's flagship apple store on fifth avenue. check this out, to check the sales out for himself. but as the apple faithful chair on the launch day for the iphone 14, wall street is boo'ing apple now replacing tesla as the most-heavily short ed stock. with the closing bell ringing in just over 45 minutes and the dow down 180 we're going to take you live to the fifth avenue apple store next, to get a read from customers. that when the "clayman countdown" returns after this quick break. ♪ ♪ ♪ ♪ ♪ ♪ go. go scientist. go software. go cure. go production. go faster and safer. emerson automation software helps breakthrough medicines get to market at warp speed. go human go. go boldly. emerson. like many families, the auburns value time spent together. to share wisdom... i got some of my gold before i came to this country. i got some of my gold before you passed the bread. encourage one another... i can buy gold for this?! you can buy gold for this. and talk about life's wins and misses. responsibly sourced like my gold but

but it was -- it's a disaster there. >> apple's a disaster. >> you look at apple apple's down another 3%. the nasdaq is down about 30.6% for the year, and obviously, we know many of the growth stocks that were the high flyers, and many others, are down well more than even the 30% that the nasdaq is down for the year. you know, it's funny, because i did -- well, not necessarily funny. i did ask jon gray, who runs blackstone day-to-day, steve schwartzman's still ceo, about, you know, their private equity business and where and if they're seeing opportunity, particularly because the cost of capital, obviously, is going up, and so that does affect the return parameters for any deal you might consider i thought his answer was interesting because it ended up that perhaps there is value in the public markets take a listen. >> best opportunities today tend to be on the screen, because the markets tend to throw the baby out with the bathwater they take speculative tech companies or tech companies that are making a lot of money and say, you know, i'm nervous, i don't want to own anything and so