the apple watch as well. he said he couldn't be more bull bullish about apple's future. a new story coming to thailand. half of a apple stores are utes the yuss us. here is cook speaking about the quarter. >> this year we shipped our two billionth i.o.s. device, celebrated the 10th anniversary of the app score and achieved the strongest earnings in apple history. in fiscal year 2018 our revenue grew by $34.6 billion. that is the equivalent of a fortune 100 company in a single year. and we are capping all that off with our best september quarter ever. ♪ >> apple's earnings call is still under way. the c.f.o. says apple now has more than 330 million paid subscriptions as part of its services business. some headlines coming in from paypal co-founder peter teal. he is speaking at the "new york times" deal book conference in new york. he said he would still support president trump if given the chance again and that the president's tax reform was a major achievement. facebook board members spoke at the 2016 natio

and i am waiting for final numbers on apple we will get the 10 q out later on i believe apple bought back close to 20 billion in stock, 19 more accurate number, as well as $4 billion in dividends they handed out apple has $62 billion in buy backs this year. that's a remarkable number by end of the year, probably $82 billion in buy backs to give you a sense of that, that's 8 to 10% of all buy backs that will occur, not announce, actually occur is apple and the important thing is, those buy backs, the corporate buyers are the nominal buyers of the market, the most important thing in the market in five or six years. more important eft influence, a lot of inflows because people take money out of mutual funds and putting them in efts corporate buying has been really important. and i guarantee you the market would be lower if we had no corporate buy backs in the last knife yea-- five years. it would be lower than now. >> you say marginal buyer, that's what you mean. >> the people coming in making a difference in the market >> and you are one of the first to report this should we talk more

they said products like the apple watch and some of their cables, the apple pencil, the , ands tool for the ipad the mac mini would be impacted but the holy grail, the iphone, was left out of that, which is good news for investors at the time. now, we have today's news, which is why the stock is falling after hours. caroline: in the last -- weeks, the last several apple shares have lost a few hundred billion dollars in market cap and the concern is demand for the new iphones. given the anxiety already about apple's ability to sell would an phones, what additional price crease thanks to the tariffs mean for consumer inclination to buy them versus a competitor? mark: the past two months have not been good. a halfber 3, a month and ago, apple hit its peak at around $233 per share. brieflyhey were surpassed by microsoft in the low 800 billion in terms of market capitalization. in terms of what it would do to iphone pricing, the question we have to ask is, have iphone prices already priced in these tariffs? has apple already gradually constructed these bigger prices, higher prices to work ar

all eyes today on apple earnings. his apple can is apple to make or break the market. they are gaining about a third of 1% each. facebook a big story there. the nasdaq jumped 2%. still down 9% for the month of october. in europe these are how the markets are starting november. it was a really rough october for asian stocks. we will see how this month shapes up. you can see they lost more than 1%. and netflix has its eye on the oscars. we are gonna tell you about a strategy to win. fbn:am continues right now. is coming up on 5:30 in the morning. it's thursday november 1. i met goodbye october. what a month october was. we can't say bye to that month faster. there was the worst october since all three indices. today with apple. they're coming out with their earnings report after the close. it could easily be the most anticipated earnings report this season. it's one of the most widely held stocks. they do say a good result from apple today could spark an entire marketplace. that is why apple is worth a trillion dollars. we're joined now. why is so so much emphasis on app

to apples and doesn't work. and to dig deeper on this and more we are pleased to be joined by the intrepid author of bet the farm how food stop being food fred kaufman bread ice ice a intrepid because you really took on the largest food companies that in the world in your book and i love that you took them on and i love your book and we're glad that your day first of all what you make of that survey fred well i think marion nestle is absolutely right it's apples and oranges by the same token i think what we're seeing is that fast food as a whole is becoming better it's becoming healthier and becoming more focused on retail need and i think everybody is just pressed for time i mean that's the bottom line apples and oranges apples and oranges if you ate apples and oranges you'd be very healthy but i can tell you even if you have a little more money once in a while you can still go to fast foods to spite your health fred let's talk about a different kind of fast food companies are increasing trying to bring product

wozniak had to say pete what do you think of apple? is it the most important stock in the market and how it goes so goes the rest of the market? >> it is absolutely influential beyond words, scott. when you look at yesterday alone, we talked at the top of the snow when we talked about looking at the market watching the nasdaq as it was falling and the different components feed or come from some sort of arms and tentacles of apple i think what we're seeing in apple now we're seeing that -- we've seen this time and time again in the past where we've seen angst, folks getting a little nervous and pressing on the stock. i continue to stare at it. i mean literally i can't wait for the opportunity. i have not seen the options market tell me that maybe now is the time, scott. i'm waiting, still holding, because i actually believe in, hey, the revenues were unbelievable from the iphone everybody's focus is on, well, but they did miss on the top line, the unit growth. i think they make sense going off units themselves and they're multiplying by

apple mavs was a disaster, apple music was a disaster -- maps was a disaster, apple music was a disaster. people don't care about the software. the hardware is relatively high-margin relative to other providers. the earbuds have done well. the watch has done very well. romaine: why can't they do better on some of these other things? they did do apple music or try to do it a couple of times. they have users, but it is not the reach of some of these -- leigh: anything apple launches they will have a ton of users immediately because of the embedded nature of the hardware, but when i look at it, and here's the biggest one, when has apple gotten any of the ai stuff right? siri is a disaster. joe: why? is it is culturally? leigh: here is the big thing, when you go to work for netflix and you are a stark developer, you are allowed to go to a ton of conferences, all of this stuff. that is where people want to work. google, thinking. when you go to work for apple, they allow none of it. you are put into a box like ibm and for 20 years you are thrown in a back room and you come out with something.

apple is the stock to watch. shares down big following the latest earnings report. >>> all three major averages are on a three-day winning streak. will it go to four >>> oil sinking to a seven-month low as the oil market braces for new iran sanctions. >>> starbucks shares soaring after knocking it out of the park the last quarter. >>> and the big number you need to watch as we count down to today's payroll report it's friday november 2, 2018 "worldwide exchange" begins right

and kittlaus did not stop with apple. he is continuing to lead with viv labs, the company behind samsung's bit speed. i set down with dag kittlaus to talk steve jobs and the future of technology. take a listen. dag: it started out with a phone call. he literally called me out of the blue and said, "we love what you are doing." and "could you come over to my house tomorrow, i'd love to talk about it with you." emily: did you fall out of your chair? dag: a little bit. it is not the normal startup routine. two weeks after you launch your first app on the app store, to have steve jobs call you and invite you over to his house. but, yeah, we were flattered, but we were very interested the what they wanted. emily: so you went, you met with him -- what happened? dag: we had, like, a three-hour discussion in front of his fireplace. putting our feet up there and chatting about the future. he was convincing us that they were going to win the smartphone wars. we called ite -- throwing in together -- that we could really build a new

got killed because of apple. jonathon ian thank you guys so much. >> thank you. >> and vice president pence in japan keeping up the pressure on country to cut its trade surplus with the u.s. listen. >> the united states is had a trade imbalance with japan for too long. american products and services too often face barriers to compete fairly in japanese markets. mr. prime minister, we welcome the decision that you and president trump reached in september to begin negotiations on a bilateral trade agreement. >> meanwhile treasury secretary steven mnuchin has reportedly resumed trade talks with his chinese counterparts saying asking chip to put forward an offer before trade negotiations begin but beijing wants to talk first before making a proposal. elections one week ago but they're still counting votes and in thes are declaring a major victory in arizona. democrats kyrsten sinema beating martha mcsally in senate race there. taking the seat being vacated by retiring republican senator jeff flake. >> arizona rejecte

services and apple apps. that is the big difference between the two companies. microsoft works on every platform. google for its part works on every platform. whereas apple is very much glued to its own hardware and microsoft is clearly winning for itself on that approach whereas apple for the last few years has been winning on its approach too. i think there is room for both. that's why microsoft has been so successful lately in addition to their infrastructure around services and servers. emily: alphabet and amazon not far behind them. do we really see these four companies trading at a group closer to the top and will it not be clear who has the title and you know going forward will we see these shift over and over again? mark: i think we'll see this happening for the next several months or even a couple years where it is the big four companies all vying for the top spot. i mean, some days when we're talking about this it could be amazon and other days apple and other days like today could be microsoft. emi

so what is apple going to say? well, a key thing to watch for is its performance in china, where revenues rose i9% to nearly $10 billion in the previous quarter. but goldman sachs predicts a fall by as much as 15% in the three months to september. earlier this week, apple launched it's latest range of computers and ipads. the boss, tim cook, explained why people might be inclined to help the company boost sales during the all important christmas period. the all—new macbook air, thinner and lighter, now with touch id and this beautiful retina display. and our most loved mac is now our greenest mac. and the new mac mini, it's the lightest and most mac mini ever. and the new mac pro, with great features, and the most powerful chip with ever created. tim cook, the boss of apple, with his exuberant explanation of those new products. mike weston is managing director of the marketing firm agillic. good to see you. the results, will apple deliver in terms of the high expectations this time? it does have to go above and b

the whole thing cramer says, don't trade apple, own apple >> you have to respect the chart. this is a falling knife. it's that simple >> why, why, why >> there are fundamental reasons, and we covered them at the top of the hour. >> lack of transparency? >> why aren't you buying it here >> they're not going to give you iphone numbers so you're going to run for the hills >> yes it's empirically based. >> he's right. everybody talks about the middle class and china. making less than $10,000 a year. it's not the middle class here i've even seen $3,000 a year you have competing phones. you don't have the ecosystem you could buy a phone, one with more features on it for $200 >> and as a trader you might say i'm not buying apple because i don't see it go higher why will it turn around tomorrow and go up 10%, 15% is not there. >> i have no intention of selling my whole position. i do look out a few years. >> didn't you just criticize me for saying that? >> no. i criticize you every chance i want >> i have to say this conversation isn't making me more bullish on apple. >> there is a

apple down 20% in october. apple is down 3%. >> facebook was down 7.7% for the month of october. apple was only down 3.1% in october. melissa: let's go to susan li with a few more details. >> melissa, what is helping the stock is cash return. apple wants to return $100 billion back to shareholders. they pretty much affirmed that, returned $23 billion of cash to shareholders, in the form of dividends, strong buybacks, total capital, almost 90 approximately dollars. that is probably the main driver as opposed to sales so far for the stock in 2018. connell: what do you think of that, adam? >> think about that as opposed to company like ibm which had a horrible report, they have such financial strength so i agree. they have the ability to put a bottom on this sort of, on selling if it is going to happen. there isn't a whole lot of reason for it to happen. connell: we'll see how this holiday quarter goes out. that is the other thing, we're heading in. that is what the forecast is for. does it worry you heather at all, many numbers, reasons you could look at stock would be higher. many

apple fell amid talks

care, apple pay, the app store, the apple music. that's a $9 billion business growing by 30%. that's where it's shifting to. that's story i think musk is missing and a lot of shareholders also. >> gary, what happened to you? [laughter] you used to be the one that was so -- to me, apple is one of the more dangerous stocks to own right now. this, to me, is very much like microsoft or cisco was in 1999 and 2000. this was a stock that the no one questioned, everyone owned, it was value funds, growth funds, and today's move is really quite remarkable because apple had been really one of the -- this isn't any company, guys. this is 4% of s&p, it's 12% of the nasdaq, i think 6% of the dow jones industrial. as apple goes, i think so goes the nation, or at least so goes the stock market. >> one thing i'll point out, gary b., you mentioned the services business like apple pay and the music subscription service. revenue was up double digits, but it was growing slower in the most recent quarter than it has been recently. and then you start tell

a. -- apple 8. i think apple has the ability to better withstand tariffs than their competitors. brad: let's put the potential impact aside. do you think the president really means this? >> absolutely. to date, you have had multiple rounds of tariffs. you had one tariff in place today that escalates from a 10% tariff 25% tariff on january 1. a 25% tariffff to on january 1. at this point in time, you have to make the assumption tariffs are real and there is more to come. as far as what more could be tariffed, you have to consider may be subject to a tariff. brad: tim cook is spending quality time with the ivanka trump. will that make a difference? does tim have the currency with the administration to make an impact here? >> i think they do. if you solid happened in -- if you saw what happened in early september, apple put out a statement saying two of their most valuable products would be impacted by the tariffs. a couple of days later, not long after that, the trump administration said we are not go

including motorcyclist and apple. it's encouraging people are saying i want to be back in the market we are seeing a little we didn't see a huge spike in volatility last tuesday we were at 23 vix today when we were off 160 we were off 120 and finished around the 19 level, somewhere in there. it tells me there is still volatility, yes, extreme moves intraday but the interesting thing today there were buyers when we were down. >> we're all constructive what's going on, which means the opposite is the danger here. if you come out of the g20 with absolutely no deal and raising tariffs, then all of a sudden the fed says we're not done, the kbhee is ripping we are raising. >> from the federal -- >> i don't think they are doing it. >> what we heard today, the fed basically they don't want to get politicized. >> we will hear powell tomorrow. >> we didn't want to be put in a corner but we are. >> you think they are going to hold. >> i think raising no matter what >> then they go back to the whole idea of we're a data dependent

we had records across the board from the app store to apple music to apple pay to apple care we have over 330 million subscriptions between our services and third party it is up 50% year over year. back to you. >> thank you very much all right. first to you we had average selling price $7.93. it is a little above the estimate 46.9 iphones sold. are you happy with that? it seems a little below consensus. >> yeah. >> a little disappointed with iphone sales >> yeah. a little disappointed. the drum roll in terms of guidance there were words they would guide below the street asp is the key here. >> i'm looking at the guidance too. is that disappointing? >> it is light on revenue. we have to tuesday out of it is how much of is it apple conservatism the revenue forecast is there. >> it is a $4 billion range though it is 89 to 93 billion >> yeah. >> okay. good, bad? it missed a little bit of what dan's estimates were >> the numbers are coming in strong here. we are living a lot here that have come in so much stronger and they are trading a lot lower. we'll see the opposite here with apple. i

apple tanks and brings the of the sector down with it. what will it take for tech to regain its footing and what happens if it doesn't? >>> california burning. fires are spreading, cost estimates are rising and statei ies are coming under scrutiny. those stories anduch more tonight on "nightly business report" for this monday, november 12th. g,>>> good even everyone, and welcome. it was an ugly day on wall street. stocks fell hard, led lower by a sell offin technology, but there was more to it, a lot more. the declines quicklypread throughout the market and the end result was a broad selloff that took dn just about everything. let's get right to the final numbers for you. the dow jones industrial average slid 602 points to 25,387. the d nasdaq wasn 206 points or 2.8% and the s&p 5 fell 54. boisani reports from the center of itll at the new york stock exchange. >>> it was a sea of red today on wall street with the dow plunging more than 600 points. the markets are boxed in because they're worried about global liowth and the federal reserve

it's not just apple. if you look at the s&p 500 information-technology index today, every single one of the 67 members are currently in the red. you also have consumer discretionary and you look at communication services and those areas are taking a beatj down as well. on: just reading what you put together, it felt like a broader question people are asking about whether or not the proper growth we have consistently seen from these technology companies can continue at the pace we have seen in the past. >> that's absolutely the worry for the wider public market. obviously, these companies have done well to this point but many about what'sking going to happen going forward and especially in a rising interest rate environment. people might not want to take as much risk with these high-growth companies. i went out to silicon valley and it's interesting because for the , people still have some optimism but at the same time, you are starting to see early signs emerge the some of the large angel investors, the s

this has been needling at apple for a long time. i still don't see the path where apple is going to get meaningful traction in india. they just simply don't have the brand in india that they have in the rest of the world. emily: all right. gene munster, always great to have your thoughts here on the program. thank you so much for stopping by. still ahead, elon musk wants to provide global internet coverage from space. and his company space x just crossed a major regulatory hurdle needed to do so. next.l discuss, this is bloomberg. next. this is bloomberg. this is bloomberg. emily: elon musk spacex has won permission to deploy more than 7,000 satellites from u.s. regulators who also moved to reduce a growing risk from space debris as skies get more crowded. that is far more than all operating spacecraft currently alot of. the satellites are expected to provide broadband services to residential, commercial, and government customers in the united states next year. sticking with musk the tesla c.e.o. announced on twitter thursday the co

apple is the last sort of apple to fall today. the rest of the f.a.n.g. names have been rerated as has tech. what tech has done the last month or so is catch up with the rest of the market, scott. you can look at industrials, at health care which has gotten a lot of applause for being a strong sector. there's a lot of stocks down 20%. all of this happened in the last month, tech has caught up with the rest of the market, and by doing so, that actually resets things and can let things go higher the thing i'm most worried about, we can look at the stock mark and say it's cheap, fine. it's cheap based on projections going forward. what is our degree of confidence >> we have to be careful he's not saying rich -- rich is not saying the stock market is cheap. it is cheaper relative to where it was there can still be a debate if it's too expensive where growth, where some people think growth and earnings will be >> i take your point >> on the s&p 500 next year over this year, 16 times multiple i'm going to call that cheap i'm not going to slam the table and say

in the next hour, apple misses the company. -- apple misses. at iphonesrice year failed to spark excitement? plus, google walk out. protests against sexual misconduct. we will discuss google's reaction to its reports of coverups of multiple claims of executives. and spotify reveals plans to boost spending to drive growth. wall street is dancing to a different beat. shares slump surrounding the revenue forecast. first, to the top story. apple shares are falling after reporting an underwhelming forecast for the holiday period. earnings suggest a weaker than expected demand for their price year new iphones. in terms of the fourth quarter, sales rose to $62.9 billion in profit came in at two bond $91 -- $2.91 per share. joining us now in boston is our --lyst and in it seems to be a mixed bag. we had the current quarter beat on the top and bottom, but the forecast was underwhelming. what is your take? >> i think we had a great thed-quarter in terms of fourth fiscal the guidance here little bit. it looks to be perhaps indicating the emerging market .

the apple iphone. and 2.3% ahead of earnings japan downdown and 9.5%. 50% of revenue comes from apple itself, it is one to watch. also looking at the automakers as well in the region. after sources telling bloomberg the white house is circulating a draft report on whether to impose tariffs on auto imports due to national security concerns. we did see the carmakers fall off at 2.5%. this is mike hence, the u.s. vice president arriving in asia speaking to pry minister shinzo abe and ripping japan and saying u.s. companies are unfairly treated in japan to compete. not exactly helping the trade discussion in japan. manus. thank you. let's get a first word news update. >> tensions between the u.s. and longtime ally saudi arabia are rising after president trump slams the kingdom's proposal to curb oil production year. should notthat happen and prices should be lower by some supply, he posted the message hours after saudi arabia said opec and its allies should reverse -- reverse half the increase that they ma

is it apple's fault? dag: to some extent. but i think they just had a different focus than where we started it originally. emily: what would you have liked to see apple do differently? dag: i would like to have seen them open up a third party ecosystem earlier. that is something we are doing now. we think that is the big missing piece. if you look at something like the app store, it is a perfect metaphor for this. so the iphone actually launched in 2007 with a just few apple apps on it -- you know, weather and basic things. when the apps store opened, it unleashed the creativity of developers around the world. that changed the world. emily: you took the rare step of selling your next start up to samsung and not a major u.s. tech company. why? dag: one of the big focuses for us in the viv world was ubiquity. when you look at the fact samsung sells 500 million devices a year, of all different types, we saw an opportunity to take our technology and really put it in place where it can affect many millions of people around the wor

of apple. ibm, chevron, mcdonald's boosting the dow jones industrial average mcdonald's at another all-time high much more on the markets, midterms and more coming up on "power lunch". ♪ ♪ ♪ ♪ ♪ comfort. what we deliver by delivering. >>> you know, when you look at the dow and it's higher, you think wow. look at what's happening with apple. apple as you can see is dpegett bruised again following the second downgrade it's down five straight weeks. iphone demand continuing to be the front and center investor idea reports the company is cancelling production or production boost for the iphone xr on weakening demand a different report from a hong kong based company says iphone sales in india may be set to fall for the first time in four years. and today apple shows the 10 k showing their account. the stock needs to be above $210 to regain the market cap it's below it right now. apple has lost more than 30 billion in the market cap since friday get this big apple investor, warren buffett,

missing apple later the way lower -- we are seeing apple lead the way lower. coming up, it is not just the tech names. financials are in the red, along with other sectors. we will get a check on what is driving the banking industry lower. this is bloomberg. ♪ caroline: time for our top calls with big movers on the back of an list recommendations. -- analyst recommendations. wells fargo is boosting the price target to a street high of $55 a share. analysts say it is one of the most interesting names heading into next year. next come and apple a blanketing downgraded to neutral from -- and apples of player getting downgraded to neutral tfrom buy. finally, bank of america-merrill lynch downgrading our company -- company to neutral. those are some of your top calls . scarlet: homebuilders and tech not the only sectors getting burned. banks are in the red, with goldman sachs leading the way. you can see goldman is off by 7.3% at the moment, trading at the lowest level in two years. financials, red across the board, but gold in particular getting punished. >> what

yvonne: apple shares slumped and a week forecast for apple sales in the holiday. risk.g the shares at investors are worried about the decision to stop reporting how many mobile devices it delivers, which some say is an attempt to hide smartphone demand. the world's most viable company says first-quarter revenue will be between $89 billion and $93 billion. analysts forecast $92.7 billion. google staff walked out around the world as a protest of how it claimed to handle sexual harassment. social media posted photos with the #googlewalkout. it was sparked by reports google paid millions of dollars to executives in secret exit packages. global news, 24 hours a day on air and at tic-toc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. thank you very much, yvonne man joining us from hong kong. up next, on not so happy christmas for apple, shares sinking, after hours trade. we'll discuss that next. this is bloomberg. ♪ matt: this is the european open. i'm matt miller in berlin alongside anna edwards in londo

apple shares times five percent in the u.s. dragging other tech shares down all over the world today suppliers of mobile phone the globe said that the largest customer widely taken to be apple asked them to materially reduce shipments investors now fear that the popular i phone is not selling as well as in the past apple is already under pressure to post a disappointing earnings this month but then apple said that it would no longer reported sales numbers for its flagship smartphone in the bestest criticize the decision fearing a lack of transparency in the company's books. go straight to our markets first one and done a cope in front of. forty billion dollars market value is that syria is all just chickenfeed for a company that big. well i'm sure it was a really dark day yesterday for investors holding apple shares when their share was really a dropping by a five percent i've already taken a look at the performance off of the apple shares this year there were actually gaining by ten per cent so certainly this is not going to m

apple always guides conservatively. tim cook is probably the most conservative ceo in corporate america. but i also agree with what john said before. i think more transparency is always better than less. and when you are the world's largest and most highly valued company, i think you have a responsibility to your shareholder base to provide more information so they can better value the investment that they are making. i am a little disappointed in the fact that they will be cutting -- or doing away with the guidance. on the that is weighing stock. i think the quarter was good. i do believe they will have a very strong holiday season. the sales demanded the new iphones is very good. i thought the services revenue was slightly better than estimated. i think it came a -- under 10 million. the estimate was just under 9 billion. this service growth remains strong. the profitability on services is tremendous. the run rates probably takes them to close to a $50 billion a year business. which is more than probably over 400 plus

consider the plans which will make waves for economies on both sides of the channel coming up once the apple of wall street's i now couple shares to drag down the markets dropping five percent in one day and made in europe germany says it wants europe to produce a third of the world's electric car back streets wrestling market dominance away from asia. this is your business update on how the home frame but then glad you could join me the european union and britain have struck a draw deal on the terms of a briggs it withdrawn agreement the withdrawn agreement includes how to guarantee there will be no physical border checks reintroduced in northern ireland a major sticking point in recent weeks british prime minister isa may scheduled a crunch cabinet meeting wednesday to face a stiff opposition from some of her colleagues. and a you ministers will be meeting as well to greenlight the latest brags that proposals businesses in both island and northern ireland are awaiting terms of the agreement with bated breath. that you call a cab and. taylor has worked at warrenpoint harbor for more than th

apple is the stock to watch. shares down big following the latest earnings report. >>> all three major averages are on a three-day winning streak. will it go to four >>> oil sinking to a seven-month low as the oil market braces for new iran sanctions. >>> starbucks shares soaring after knocking it out of the park the last quarter. >>> and the big number you need to watch as we count down to today's payroll report it's friday november 2, 2018 "worldwide exchange" begins right now. ♪ >>> good morning a warm welcome to "worldwide exchange" live from london i'm wilfred frost sitting in for brian sullivan for the final time this week let's check in on futures. pointing higher. it's a positive move, as it has been for the last three sessions and continuing with some positive impetus around possible trade tensions easing with china. that's led to big gains in asian markets, which we'll come to in a moment the dow is up 185 points nasdaq up 18 s&p up 17 points we're looking at between a half percent and 1% of gains for

you know the apple story. the question is, how does apple impact trading? that will be a key question. you can find our charts in the library. the issue here is that value and growth has been the story. we did see a big value close. it confirms that story. had new york trade falling to a low. concerns around sanctions and the effectiveness there. su: you have traders getting the most bearish in almost a year. a lot of it has to do with the fact that because we are seeing -- supplies rise, it is taking off concerned that sanctions would reduce. look at some of the headlines that have come out. to theing production highest level since 2016. russia was said to raise output. being offset by u.s. supplies. gold had the biggest spike in three weeks. such as jpmorgan warning that this could be limited. it seems to be that old bulls are in the driver's seat. haidi: thank you so much. talking aboutp the u.s. border despite the caravan being a thousand miles from the border. reporter in our washington. greg, what did president trump threaten? >> he was speaking at an

the apple watch with the ekg in it. apple is still at the front of consumer devices globally. that will continue to pay off in the macro. the stock day in and day out is not my expertise, but i feel in gut this is an overreaction. emily: overall we have seen it faang stocks take a beating over the past couple of weeks. do we see any signs of that changing now that we are through the midterms? n: these stocks will not be too impacted by the midterms. if there is a move towards privacy and data regulation, that separate thing. i think you will see some analysts come in and see if they can find some bargains. i talked to some semi conductor analysts who think they see some really good values following the big drop in october and going into november. the fact that there is slowing iphone demand, apple is such a big player in the technology ecosystem that this is going to be felt broadly. david, you are talking about the future of technology here. te iphone is a huge part of transformationech's -- technologies transformation because it enables some of that. iphone is the catalytic

but the biggest drag is apple. it is unquestionably the break down in the stock it's on pace for the worst month since the financial crisis ten years ago single handedly responsible for a third of the nasdaq and the s&p's decline this month apple stock is now in bear market territory down more than 20% from highs. it does remain up for the year and up 18% from the year's low in the stock in february but fears of that apple iphone growth slump are weighingon tech overall and combing through the wreckage of the large caps in the nasdaq 100, i could only find a hand full of stocks, tech stocks particularly, that are not in correction, still within 10% of their highs. among those with relative strength, most of them trading down today t mobile is up about 2% year to date xilinx up near to date and sit rix up 20 % year to date last i checked sysco moved out of correction but still trading lower. >> a lot of movement bertha, thank you for that let's drill down on the fang trade. since the close yesterday take a look at t

welcome to the business so apple shares tanked five percent in the u.s. dragging other tech shares down all of the well today suppliers of mobile phone parts had said that their largest customer widely taken to be apple ask them to materially reduce shipments investors now have fear that the popular i phone is not selling as well as in the past apple is already under pressure after posting disappointing earnings earlier this month back then apple said that it would no longer report sales numbers for its flagship smartphone investors criticize the lack of transparency. so how serious is that forty billion dollar loss for apple our financial correspondent studier corp told us this from france that. during a one day thing. going to. look really something to worry about a week ago look. here's. more than. a week take a closer look at the current. volatility we are a member of. the most companies in the world. to deliver and deliver. the new one product coming up or forming a strong. word. over react. financial correspondent there in frankfurt well i'm a song

two lower courts disagreed to apple's role apple said just by ordering your app through the app store doesn't make consumers direct buyers of the app and therefore consumers could only sue the developers not apple in today's arguments the liberal justices were much more active in questioning apple justice sotomayor noted the commission charges and the fact you could only buy apps on the app store bakes it a chosed wheel. justice kay again suggested that there's only one step then you are transacting with the monopoly in the counter argument, justice gore suggested the precedent still applies. iphone users should have the beef with app developers and not apple and maybe developers have a case against apple and not the iphone users the developers would be biting the hand that feeds them, right carl >> absolutely. perhaps one reason apple has gone red today thank you very much. for more let's bring in column business school law professor, he joins us here welcome back so your thoughts of what we learned today so far >> it looks like as predicted the liberal justices are taking the side o

bracing for apple results. the world's most valuable company reveals how it performed in the three months to september — has it hit a stumbling block in china? live from london, that's our top story on thursday 1st november. depending on how its done, in the three months to september apple's results have the power to lift confidence in tech stocks and even global markets but there are concerns about it's sales in china. also in the programme, there are reports of a deal between the eu and the uk on financial services — sending the pound higher. we have got all the details on that story and this is how we are looking in the markets. and we'll be getting the inside track on health tracking apps — the founder of diabetes.co.uk will tell us how he built a community of over half a million members. sorry is the hardest word. the retailer anthropology apologise after it sold good that imitated an artist's designs without her permission. we are asking you today with the company has done you wrong, how has it said

apple has a discussion i was listening to about apple, you need to keep in mind the apple supply chain has been protected so far by both the united states and china. hard to know how that'll play out after january 1. connell: that's right. they've been exempt from all this. i have the whole idea of putting onto something on my mind because of chris wallace's big exchange of the president over the weekend in their interview. do you come question would be what i was would you put on the january 1 threaten tariffs going into place, knowing everything we know or don't know now had a g20. >> well come a footnote for everything were going to say and starts with at the top. one never knows day-to-day or our tower. at the moment and certainly the events he discussed a few minutes ago at the apec meeting, the administration number one does need to have attacked together. and i think they are united as somebody mentioned, your reporter mentioned they couldn't put a statement out a month ago in china. i think there's general agreement, certainly it looks as if that the case which had to have been

cheryl: outlook from apple hurting stocks overnight. apple down little more than 5% in premarket. lauren: look at, this dow futures are higher in big way, up 212 points ahead of october job's report, that's due in just a few hours. cheryl: all of this moving europe as well, easing trade tensions reported on between u.s. and china pushing european stocks higher at the open, all of those indices are substantially higher right now. lauren: in asia, shanghai, stocks jumping almost 3% and in hong kong up 4.2%. cheryl: tsl, pumpkin spice latte might have been a treat for shareholders, fbn:am continues right now. ♪ lauren: 5:31 a.m. in new york, it is friday november 2nd i'm lauren simonetti. cheryl: good morning, everybody, i'm cheryl casone, i might need psl for the markets today? [laughter] lauren: i think they already had a psl because there's certainly a charge this morning, it's a good week. cheryl: yeah, has been a good week, investors -- let's start with rougher news here, investors would hope investors rally instead apple warned that future revenue may not be as robust as we a

apple shares are down this morning. all this comes after president trump threatened to slam a 10% tariff on all iphones imported from china president trump, tim cook on line one let's get more on this story with tracie potts live for you in washington, d.c >> you mentioned those apple shares the iphone could cost more based on this latest tariff threat by president trump. he tells the "wall street journal" that not only does he not expect to be able to work something out on the current tariffs, the 25% that kicks in in january on 2$200 billion worh of chinese goods, but now he's saying a third round of tariffs is possible. he doesn't know if that would be at the 10% or 25% level but it would affect 2$267 billion worth of goods the president not expressing confidence that he'll be able to make a deal with china when they meet on the sidelines of the g20 summit in argentina later this week the hope was that they would avoid the tariffs kicking in and tamp down this trade war president trump saying maybe we'll make a deal,

everyone is assuming that is apple. you could see the other suppliers for apple, corvo, cirrus logic, jabil trading to the downside we've had a valuation reset, which is what i'm calling it again today. you see everything down 2%, 3% or 4%. what is going on the market issues right now. number one in my mind is the tech valuation reset i don't know where that will end up but that's number one that we've got. number two is the trade war. is the trade war going to continue into 2019 or are we going to see a true sometime the end of the month, maybe we don't get tariffs in the beginning of january. the oil weak as soon as a mystery to everybody people say it's a supply problem, others say the overall commodity market is terrible the other commodities aren't doing well it's signaling global slowdown that's a big issue overall energy stocks today a 1% rally in crude for the first time ever, and we're not doing too much cabot, a gas oriented stock, eqt not down as much schlumberger is down 20% and a lot of discussion about the

look like apple has flushed? and the can the markets bounce if apple sits it out. >> we are talking about the flush as in what we saw in 2007 -- or 0u, 2009 with you are no where near. that's not the correction we are looking at i think the correction is more of a cyclical unwind apple is getting close can i definitively say that's the bottom no but i think you are close i'd be a the better buyer than seller at leaves levels. >> you think we chopped enough wood to the downside. >> chopping wood, great terms tonight. >> it's a oversold on the short-term basis. >> looking at the technical on the market as a whole -- i trade them as little grains of sand within the overall market. when you see the market is flattened to the point of the flush, you sort of need all those heavy lifters. amazon is up 28%ier to date. the conversation of what does year to date matter because you still have have a lot of fat to trim from people have not thrown in the towel. >> lots of people bought stocks back in '16, to '18. the year to

care that they -- it's mandatory that you have apple care when you use the apple upgrade program. that's working right into the services i think over the next couple years if units do flatten out or start to decline a bit, the company starts talking about how much revenue they get peruser per year and that's something i think is a shift over the next couple years. >> the other things from services it's a little bit concerning how much a new screen costs $200 that's a big part of it opinion. and the tim cook talked about the fourth quarter a tough comp. but last year -- fiscal calendar fourth fiscal q 1 for the company has a bumbled release. there were bottle next it wasn't a mooting number it's not like q 1 is that historic it made fiscal q 2, the january quarter or the end of the first quarter a much better number bottom line this is four% of the s&p and 11% of the qs. it's a big deal. i don't get the sense -- karen said wait for the call -- but that there is something systemic in the business or outside of the emerging markets that -- >> that hasn't been priced in. >> which didn

production type are cracking apple's payload to stop the supply apple products lucky not core bochum algae display, sky works, they'll put different products in different items and materials within the iphone. they're all getting slashed anywhere from two and a quarter% to 4.5%. really not just apples the players getting dragged down, but the whole set are plummeting. facebook is kind of hard to put it within amazon, netflix and google because facebook hasn't no drama and story. as you know, facebook has been hammered for not revealing details and not handling the russia treats and scandals on the facebook pages. right now faced with downed percentage points or $132.45 at amazon downside%. who we are still a very close tie on the dow. could we see things turn around for the market later this week? why not. we could look at history. since 2012 the s&p 500 has actually ended up. every week of thanksgiving since 2012 when it's finished every wednesday through friday higher during the holiday week here at markets are closed on thursday, open on friday. can the markets finished the week s

he-he-he-he. . >>> dow down 400 big reason is goldman, sachs another is apple look at faang stocks apple down as stocks sell off. is this a watershed moment for tech valuations in 2018? kara swisher, editor at large and co-founder of recode a provocative piece she's written about amazon good to have you back. >> good to see you. >> you walk into work this morning, find another analyst trimming price target on apple, another supplier talking about supply issues regarding apple, not by name of course. is this death by a thousand cuts >> i think apple had such a run up as you know and went to the trillion dollar status and everything i'm not surprised there's pull back, especially when it is not clear what products are next this is the latest product for example, did you buy the latest iphone? i didn't i kept the current one i had i think it is a question of exciting products moving forward, and in that interim period, there's a selloff given how much it is run up. overall in general in tech we're sort of in a period now where there are a lot of negatives and not many positives to look forw

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