they will soon find out. >> josh lipton on apple, thank you. guy adami, high expectations going into this quarter. we have the stock here higher on the back of this >> incredible. the one that sticks out to me, consumer services, the revenue is now 22% of their overall revenue, that's trending in the right direction. tim can speak to this, that's why they're getting the multiple they probably deserve. it's interesting, the last week, i think it was the 24th, and look, i was on record saying i thought the stock would trade back down to 325, you would get another opportunity to buy it on that all-time high but on that day, the stock was trading in the mid-350s. it was down precipitously over a few trading days and now we're up again this is the fifth split they have done in their history my sense is, it will happen at the end of august, the stock probably meanders on either side of 400 there's nothing not to like about this quarter >> tim >> the numbers are extraordinary, not just 22%, they grew 15%, if you think about it, it's a 56, $57 billion

lipton has more on what investors should watch hi, josh >> check out that stock. it's up more than 30% already this year. easily outpacing the broad mork. the ceo has strong tailwinds at his back, offering products and services that should benefit as more of us work, learn and play at home. the street thinking azure will continue to perform strong her they'll also focus on office 365, and teams competents with rival services slack just accused microsoft of andy-competitive behavior in a new eu complaint, but microsoft firing right back, telling cnbc with covid-19 the market has embraced teams, it says, in record numbers, while slack suffered from the absence of -- and then there's gaming, which represented about 9% of the company's revenue. it should also outperform as people now search for in-home entertainment due to the pandemic there are potential challenges, though, too. after this kind of stock surge, and analysts say there could be noise around certain business segments, too, impacted, guys, back to you. >> so the megacap tech companies they definitely -- i

lipton on apple we were just seeing a shot of the hearing room as well eamon, we may lack some of the visual drama given the remote locations of the ceos, however there will still be plenty of theater given the star power we expect. >> yeah, look, scott, this is scuff iconic moments in business history. starting with big to bako, the big banks, the pharmaceuticals, they've all been through this big moment where all of the leaders of those industries are on the capitol hill raising their hands in the air testifying before congress this one won't have quite the sting of that for a couple reasons. i don't think you can say the technology industry is as unpopular as the industries were and that huge user base i think will go a long way also, you have this idea which you were talking about these guys are going to be testifying remotely. there's a bit of distance that's going to go a long way here, in terms of softening some of the blows. i'm going to be watching the document discovery, whether or not the committee has gotten any e-mails or documents that may put these ceos on the hot seat

. >>> we have a news alert on apple, and we go to josh lipton. josh >> tyler, apple just now announcing new features for apple news and apple news plus here are the features. they're going to include audio stories of some of the best feature stories from apple news, in other words, audio versions of some of the stories published by, for example, essence, fast company and gq this is something others are doing, too, by the way, like the "new york times" which bought autumn, the audio app. interestingly, remember, the "new york times" recently pulled out of its partnership with apple news there will also be a daily audio news briefing hosted by apple news editors and curated local news starting in five regions. apple news, we know, has 125 million monthly readers. the company does not break out users, though, for apple news plus the subscription costs $20 a month. one user says apple news is not important in and of itself but it is part of that bigger, broader strategy for apple finding services to build and monetize guys, back to you. >> thank you

first to josh lipton with more on amd's quarter josh >> reporter: i caught up with rbc's mitch steeves, an amd bull he calls this a monster beat and raise, nothing negative in the print. mitch says that he can see full raise to 32% growth, up from 25% growth. gross margins also expected to expand that's due to the continued strength in server chips mitch saying amd clearly gaining share on intel just talking more about the report and the guidance. calling for about $2.55 billion, better than expected, closer to $2.3 billion they expect '22 revenue to grow 32%. they call out strength in pc gaming and data center products. as for the two big segments in the quarter computing and graphics, $1.37 billion that would include chips for pcs and graphics chips for gaming. that is the enterprise embedded and semicustom division, better than expected. $565 million that includes chips for the data center and also chips for game consoles and, by the way, tomorrow morning must-see tv, amd ceo will be on cnbc to talk more about the print. melissa, back to you >> thank you very much, josh lipton this

let's get to josh lipton for more >> there's real tension breaking out here between the mayor of atlanta and the governor of georgia. so the mayor of that night is preparing to roll back the city's reopening plans as coronavirus cases surge, that the city will go back to phase one. that's where all residents are ordered to stay home except for essential trips. atlanta entered phase two at the end of may however the governor of georgia firing back saying that her action is non-binding and legally unenforceable. saying she should start enforcing state restrictions tough words being exchanged between the mayor of atlanta and the governor of georgia trying to deal with these surging coronavirus cases there. >> the atlanta mayor notable in recent days because she tested positive for coronavirus herself. psychologically for the markets, we've seen this sort of rollback of reopening plans at this point. does this put a damper on the market or do you think the market has come to accept that there will be ebbs and flows in the fight against coronavirus? >> i think it has kind of accepted that fac

josh lipton is here with the key numbers to watch. >> that's right. apple stock has enjoyed a strong run here, climbing about 30% in the past three months alone, though some pressure here recently, down about 6% from the most recent all-time high hit on july 13th. so what to watch for in this print. the focus will be on iphone revenue, maybe even more so than usual, becausen don't think you're going to get guidance today. the expectation is for $22.4 billi billion in the quarter 689 suggesting that the annual iphone phone release is still largely on track services revenue the street thinking will clock in at 13.2 billion. morgan stanley estimated the app store did grow 30% in the june quarter, its fastest quarterly growth in thee years as more of us stay home due to the pandemic that's another question for investors, the work from home trend, and did that provide any tailwind to the mac. >> not to mention the better the app store does, the more scrutiny they may face josh, we look forward to that this afternoon thank you, sir >>> coming up, investors

lipton on apple julia on facebook. bob, let's start with you. >> kelly, earnings are a little bitter than expected the market is holding up pretty well because of that the big winner here remains technology stocks. why shouldn't it just look at the second quarter earnings estimate. you heard of what a disaster the sec quarter is 38% for the second quarter this is almost the same for the second quarter technology will have a small decline. that's why tech keeps winning. look at lam research they make semiconductor equipment. the ceo said covid-19 has underscore the rapid growing on reliance look at the chart up 28% good earnings report but straight up since the bottom in march. telemedicine is killing it look at these numbers here 2.8 million visits in the second quarter. 200% growth. they raised their guidance shares are up 176. that's not tarypo. it's been up every single day since the covid-19 epidemic started hitting in february. there's the chart for teledoc. q3 numbers al going up a bit back to you. >> thank you >

continue to climb josh lipton has the details on this josh >> yeah, that's right, tyler this news coming from apple. apple will be reclosing more stores, 30 more stores closing tomorrow that will include 15 in southern california all of the stores in las vegas and georgia. remember, earlier this week apple closed stores in texas, in florida, in utah so apple has re-closed 77 stores in total in the u.s. that means the majority of its 271 stores here do remain open to some degree that could mean obviously just curbside pickup. remember apple has said they'll follow the data. if the company felt like it needed to safeguard the health and welfare of its employees and customers, that's what they're doing. back to you. josh, apple shares still up about a third of a period. the nasdaq is up nearly 1% the dow is hanging on to positive territory here. still ahead, gold is near its highest levels could the precious metals rally be a warning sign for the markets? the traders weigh in >>> beyond meat is going with alibaba. we'll tell you what it means for the beyond meat stock. much more after "powe

back to you. >> josh lipton, thank you. going back to the apple closure or what josh was saying there's been a push/pull you had promising coronavirus data from pfizer this morning, solid economic data, ism manufacturing. as the day wore on, we had ongoing concerns around resurgent coronavirus cases. total growth in the u.s. hit a new single day record. it's the first time we've seen that in a week of course more pauses and scaling become of some of these state reopenings so it seems like a lot for investors to juggle here at the end of the day, what is priced in? >> yeah. absolutely i think generally speaking when we think about what we've just been through in the last couple of quarters, down 30% q1, up 20% q2 when we look forward, we don't see the same volatility going forward. while we don't see another, for example, 35% rally off that march 23rd low we just got, we do continue to see the market could grind higher going forward. it does seem like the trend is upward we do have to get through some of these walls of worry

. ♪ >>> welcome back we have a market flash onned video games hitting new highs today josh lipton has more for us josh >> so, kelly, check out the big video game publishers hitting new 52-week highs in today's trade. ac activision and blizzard. same goes for electronic arts. trading at levels we have not seen since the summer of 2018. and take two is actually trading here at all time high levels since the ipo. that was back in 1997. of course, investors bid up the stocks all year long betting as people stay home, look for in home entertainment due to the pandemic back to you. >> josh, thank you >> cloud company rack space filing for a new ipo second time entering the public market leslie picker has more on this >> hi. that's right in case you heard that story before, it's the second time apollo backed rack space disclosed the ipo pro inspectous today. they provide cloud services and post $2 billion in annualized reoccurring revenue. the first time they went public was in 2008. it was then acquired by apollo today's filing did not diz close the sides of the deal. reports indicate it co

josh lipton spoke to time cook last night >>> it was a decent quarter, that is how tim cook described it to me, a fresh record high that has now climbed 40% the iphone returning to growth and blowing past the street's expectations tim cook telling me the iphone 11 is the most popular iphone. we had a great launch in the quarter. it was also very strong. we had a very nice uptick on a year over year basis on switchers that we were very, very happy to see. and the iphone se is clearly helping with that. that gives a boost to i pad saling we see them picking up share we saw the biggest pick up than we ever had if is the combination of those two things coming together that at the same time are producing those results. demand from the education sector is so strong that he is supply constrained with macs and ipads. i asked him about business trends over there. they grew 2% in real dollars we saw china come back, a big increase, he said, from where it was in the quarter before. apple remained open, they didn't have to close like they did here getting the stores open again was key. we have ab

let's get to josh lipton with the numbers. josh >> sara, amd reporting q-2 eps of 18 cents. that is versus expectations of 16 cents revenue clocks in at $1.93 billion. the street is at $1.86 billion so beats there on the bottom and the top. guidance, q-3. they say look for revenue around $2.55 billion. analysts are looking for closer to $3.3 billion. for 2020, they expect revenue to grow 32% they call out strength in pc gaming and data center products. look at the segments in the quarter. computing and graphic segments, $1.37 billion. that is in line with expectations that will include chips for pcs and graphics chips for gaming as well custom division though that, is better than expected at 5$565 million. you see the game stock ripping higher heading into this print, it was already up about 30% just this month. guys, back to you. >> josh lipton, thank you so much for that extraordinary moves for a stock as you said that's been on a terror already. don't miss an exclusive interview with the ceo tomorrow at 9:15 a.m. on "squawk on the street." we'll discuss that one in more d

josh lipton has details. >> it is a hot trade that is losing steam here. that is the etf that tracks those cloud names. it is down about 6% this week. this is the worst week since mid march and set to snap a four week winning streak. among the hardest hit cloud names this week, salesforce, amazon, drop box, adobe and docusign this comes after a big run with the etf still up 75% from the march lows ahead of the earnings season, some investors are betting a smart time that books and profit here, guys back to you. >> josh lipton, thank you. keith bliss, with all the cloud stocks of the year, would you go back in on this debt >> i will be buying right now. and we're seeing in broader tech right now. netflix. you know, is there a traditional metrics that have not worked for a long time. we look at the price to earnings multiples. we just shake our head in disbelief. yet they keep going up think of the demographic trends that we're seeing around the world not only here in the united states but certainly covid-19 has now accelerated that thinking and the trend. m

josh lipton with a review. no pressure there, josh. >> q4 eps of buck 34 of revenue, the stock up more than 30% so far this year. easily besting the broad market. there is a range of products and services that should benefit as more people are working and playing at home. a big number to watch here, revenue for the commercial cloud segment, that would include cloud properties like azure and 365 commercial stifel looking for gross margin in the mid to upper 60% range. back to you. >> josh lipton, thanks so much tesla also set to report after the close. >> will they report a profit, that is the question everybody is asking right now. the estimate, the consensus is for a profit of 3 cents a share. but let's be honest, a penny or two cents will be enough to get people excited remember, when you are looking at the q2 results, three things to focus on. do they post a profit which clears the path presumably for addition to the s&p, what will they say about a second manufacturing plant here in the united states. and th

remember, the question is not just here, we'll see what cook has to say on monday >> thank you, josh lipton. >>> bill voting against companies with too much debt, saying don't count on the fed to bail him out >>> plus, retail will never be the same and brands can no longer depend on malls and department stores. a dying note on the sector >>> it's hard to start with sports, but they're trying it with a new device. what it does and if it can work, ahead. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. in a highly-connected lexus vehicle at the golden opportunity sales event. lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer. save without even expleaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term cont

. >>> i got to talk to tim cook, with josh lipton before the close of the market. when i saw the numbers, i said geez, this really is just an unbelievable company i look at a company like an amazon or an apple or a facebook or even an alphabet, and i'm in awe. and i admit that i'm not a kid in the candy store. but there are some times when you see businesses and people who run businesses like tim cook and you just say, you know what? these are america's best it's a bright light. they are bright lights they are cities on hills it's the same that the washington feels like they have to pull them down. it's wrong they're just great business people that we should admire and think good things about. >>> i like to say there's always a bull market somewhere and i promise to find it for you here on "mad money. i'm jim cramer and i'll see you next time >> welcome to the shark tank, where entrepreneurs seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪ is a grown-up

. >> josh lipton has the numbers. >> apple reporting before we get to the results, let's get to this news apple's board approved a four for one stock split. and request now? apple saying it's to make this stock more accessible to a broader base of investors. as for the results, they're better than expected q-3 earnings per share, $2.58. street was at $2.04. revenue up 11% to $59.7 billion. that is verse expectations of $52.3 billion. so better on the top and bottom gross margins come in at 38% as for the segments, iphone revenue in the quarter, $26.4 billion. versus expectations of $22.4 billion. services up 15% to $13.2 billion. wearables home an accessories, $6.5 billion mac and ipad, better than the excrete street is looking for. and greater china sales which you mentioned actually grew. grew 10% and apple not providing q-4 guidance at this time. back to you. >> yeah. nice 5% move higher for apple after hours. four for one stock split stephanie, i'm sorry to cut you off before will let's give you the first word here. it's 18% earnings growth to new june quarter records i was looki

for bundling made easy, go to geico.com >>> welcome back let's get back to cnbc josh lipton taking a look at apple with the company's app store most likely in focus if for today's hearing. josh >> a uniquely american company that's how tim cook is going to describe apple today at this hearing. telling lawmakers that apple does not have dominant market share in any market where apple does business. saying, as much as we believe the iphone provides the best user experience, we know it is far from the only choice available to consumers cook will also make the case that competition is alive and well on his app store. noting, after beginning with 500 apps, today the app store boasts more than 1.7 million, only 60 of which are apple software. as for app store fees, cook is going to push back, arguing that for the vast majority apps developers keep 100% of the money they make and that when apple does charge a commission, it's comparable to or lower than most rivals. so is that going to be enough, though, to satisfy critics listen, we know there's no doubt the app store is a power house sens

. >> josh lipton, thank you. >>> this is a stock that had nice earnings, but it did have a couple of misses on key line items that investors were watching, and that would be azure. also, the business process segment shy of consensus revenues, operating margin was also below consensus so karen, where do we go with this stock down here 2% after hours? >> well, give than it's had an enormous run and that they didn't sort of knock the lights out in every single category, i think it's actually hanging in there pretty well. i thought it was a really good quarter. it had to be a really good quarter. so down this much is really i don't think a big deal i'll be interested to see how analysts look at it tomorrow, whether they've changed their outlook at all the stock got expensive 30 some odd times. i'm long, i'm sort of thinking, all right, i'm going to hang onto it. if it's going to trade down a little bit, i probably won't buy more it would have to trade down significant le for me to think i want to have a bigger position at this price. i'm still optimistic on cloud and i come back to it ag

lipton for that. josh >> so let's start with the unusual options activity we saw in today's trading for that, we turn to chris hayes, who breaks out the names for us helen of troy, mohawk industries, upwork and e.l.f. beauty and what was popular on robinhood, including nio, amazon, tesla and ala baba needham initiating coverage with a buy rating, price target of $275 citing alibaba's ecosystem and strategic position in the e-commerce value chain back to you. >> thank you, josh let's dive deeper. here is a question from james in arizona. >> my name is james murray and i'm a 24-year-old musician and investor from phoenix, arizona check out my band jam now. i'm calling in about ticker symbol baba. i wanted to see if it was a good long-term play, even with these escalating tensions with china thank you. >> i'll go to the guy in a band himself, tim >> rock on, dude by the way, we need to hear some of those tapes if you looked at the price-to-earnings ratio, this is trading inside of one, as far as i'm conc

josh lipton with the details josh >> so sarah, investors keep piling into nvidia the this year that stock has already soared more than 70% and remember that is coming off a blockbuster run in 2019. it soared 80%. i checked in with tech analyst and he says nvidia is benefiting here from two big broad trends one, the chips are used in data center investors are betting as more people work, learn, and play at home, that can result in greater demand for the cloud services that rely on its technology. two, the chips are used to improve video game performance in pcs and note books. that's a big deal. more people are now looking for in home entertainment due to the pandemic nvidia actually surpassed intel in market cap. patrick morehead says down the count intel out. he says intel has certainly bounced back plenty of times throughout the long history. guys, back to you. >> hot stock josh, thank you very much. stephanie, i know you're bullish. as a bull, you have to be relieved to see the action in semis lately they're cyclical, as you know. they're sending strong signals in terms of the share pri

let's get to josh lipton who is tracking the trades. josh >> so melissa, a few stocks that retail buyers were big on today. let's run through them nio, vbi, nikola and alibaba vbi vaccines is higher worth mentioning, jim cramer talks about what he calls super speculative names, classic lotto stocks is how jim puts it and does include this name one that didn't fair as well, an online fashion decembstination. two others rising would be clean energy fuels and the eng lir come p - english company. blue city made the public debut. the owner is described as the biggest gay dating app surging higher and nikola consistent member of the most popular list soaring today as a team at j.p. morgan did hike their rating on the electric vehicle company to over weight. back to you. >> thank you let start there with nikola because that's where the first question is from it's on nikola let's take a listen. >> hi, i'm eric from wisconsin and my question is on nikola we have a controversial valuation without real financials to support them yet although, the

josh lipton explains. >> apple news is getting a suite of new features including a new podcast called apple news today hosted by apple news editors that will be free to all listeners, about eight minutes long it's going to guide listeners with stories and how reporters are covering them. that wasn't all. apple produced about 20 audio stories a week for apple news plus subscribers remember the subscription service costing $10 a month. apple news introduced a new curated local news featuring content to publishers. during the pandemic and economic lockdowns people are more interested in local updates. apple news isn't in and of itself a financial mover for the company but part of faster growing higher margin segment. as many investors excite about this stock, surged nearly 40% in just the last three months guys, back to you. >> josh, thank you cybersecurity firm crowdstrike one of the hottest we'll ask the ceo about hackers trying to take advantage of people working from home tomorrow, cnbc in partnership with acorns is sponsoring virtual live town hall it's a special and features americ

lipton on apple my biggest question, we'll start, deirdre with amazon they did face tough questions here i think about dominance and abuse of power it's coming at a time when more americans are using amazon and needing amazon we're home and during the pandemic we're not in life as normal. i wonder if this accomplishes anything, sway public opinion against these companies that particular drive any action. >> sara, it's a good point i like the way josh brown put it there seems to be two dual tracks, one focused on antitrust which they set out to do, the other on privacy and politics and whether google algorithm, help joe biden win an election i think the latter half distracted from what congress is trying to do here, which is put in place new legislation that would reshape digital landscape. when it comes to amazon and jeff bezos, this is the first time we've seen him in front of congress did he perform in the jury is still out. he faced tough questions particularly from representative jayap jayapal, she's from washington, met with amazon executives in the past she really grilled him