good morning. 8:00 a.m. at apple headquarters. 11:00 a.m. here an wall street. "squawk alley" is live.

good tuesday morning. welcome to "squawk alley," joining us this morning, what a treat, walter isaacson. author of the "innovator." joins us at post nine. walter, great to see you. kayla tow shi, jon fortt as always. dow up 95. shares in rally mode. many firms hiking price targets on apple today. goldman, morgan stanley, just a few of the names upping prices this morning. and walter, i know you don't like to be turned to on apple all the time. but we're at an interesting stage for this company. >> and apple should be proud. it's just staggering the numbers as tim cook said. and i haven't yet had a chance to get my new iphone. but clearly these are things we

all want and they are really cracking real quell. >> in the book you write it is not just a product. it is the team. >> and i asked steve at one point, what product are you most proud of? i thought he would say the iphone or maybe the ipad. he said making a the product is hard but making a team, a company that will continue to make products is the big thing. i'm most proud of having made apple. so this why you watch apple today. >> i wonder if we're now seeing the results of that team. >> it is always a team. i've written this new book and it is about that. that's something i learned from steve jobs, where he said yeah i was a the visionary but it only worked because we had a team that could execute it. and i think you have one of the best and most loyal teams in the business with apple today. >> what do you make of the mark newsom coming on with johnny ive

right now. >> it is a good question. and every now and then you just have to say i don't know. i don't have great inside information. i obviously respect johnny and newsom. i think if you had to sum up apple's credo it's beauty matters. connecting it to the content and the integration. and that's what they have always done and they have had great designers all along. i'm excited new ones are coming along. >> shareholders like carl icahn are saying it's my dividend that matters. tim cook almost seemed exasperated last night saying we can't really do much more. do you see that as a distraction. >> i would much rather have tim cook running my company than carl icahn that.

notion of let's give buy backs and give back as to the notion where we can keep running this company. every great innovator. steve jobs or anybody. the guys at google or whatever. mark zuckerberg at facebook. we have to run the company for the long-term and build value. and that is one of the problems of being, you know, right here on this floor. is that the names like carl icahn spring up much more loudly than perhaps they should when running a the great industrial corporation like apple. >> it's interesting that apple in all their expertise still admit to a learning curve on, say, the replacement cycle of an ipad. how often are we goingo replace something like that. they are still figuring that. >> i have two. three or four years now. and as i said my fingers are itchy to get the new iphone. but i'm not yet. and that's fine.

but i do think at some point apple will as it always does say here is a new product category. >> i wonder about the ipad, walter. as you mention the replacement cycle hasn't been what people expected in the past there was software that pushed had edge of performance that made you say i want to run the new software so i need the new hardware. is that the issue here? >> there are two or three issues. one of them is now that i have the new phone and now that it's getting bigger. i travel and cdo everything on y iphone. i find i'm carrying my ipad with me a little less. i may carry a laptop and a iphone. when it was originally introduced, it was a question of is there that category between the phone and the laptop. the answer was yes. but now as the phones get a little bigger and cooler, maybe that place is shrinking. >> do you think they have the

bravado to kale product category like the ipod? seems people now get that service from the phone. they created it. how willing do you see them being to actually kill it at the end of the day? >> one of the things that steve jobs did when he had the ipod. he said well, what's going to kill us is somebody who's not brain dead will figure how outhow do this on the phone. he should do this. and they said that will cannibalize it. and he said if we don't, somebody else will. that is the mark of a great company that doesn't get stuck in the innovators dilemma. go ahead innovate, even if it cannibalizes some of your earlier product categories. >> we want to get your take about the book and the nature of the innovation in this age. >> no i'm no longer an insider on apple so. >> i know. so before we do that.

a lot of green on the screen this morning. bob pisani on the floor with that. >> third day in a row we've been a lot calmer. volume dropped a little bit. three reasons. one, the feds remaining dovish. two, oil has stabilized and it's actually up around $82. and the ebola fears have ebbed a bit. the stock market. this eog. they went from $100 to 80 last week. now it's essentially back close to 100. that is a big move around here. transports, 8500, to 7700. a decline of about 9% in two weeks. bottom line it is essentially back again. transports up 225 points today. another good example, the home builders. xhb. we were at 31, then 28, down 10%. now we're essentially back. it is essentially 31. we've come completely back.

whole series of groups have been down 15% and come back just in the last three or four days here. on top of that decent earnings report. illinois tool and united tech. illinois tool works, 30% of its revenues in europe. and united technologies 20% in europe. neither one lowered their guidance. back to you. >> thank you. ibm a rough start to the week. after earnings yesterday were amiss. david faber sat down with the ceo to find out where they go from here. >> we're reshaping around analytics, around cloud and the term i use "engagement." social mobile, security. but all for the enterprise. collectively almost 20% growth. improved every quarter and individually each of those areas.

analytics, ended last year 16 billion, up in total 8%. a large number. you look at cloud, greater than 50% again. and then social mobile security, every one of those. >> walter your latest book the innovators, looks back at the digital revolution. you go way back to basically when the first computer was essentially built. what is a company like ibm supposed to do here? >> it's been around more than a hundred years. end of the digital age is not that i think we're going to have machines out us. but ibm is taking watson and deep blue and all the intelligence and showing how in the era of the cognitive computes we are going to get closer to our machines. it is going to be a more intimate connection. >> she's basically saying in prior generations we had to reinvent ourselves back then

too. why can't we do it again? do you feel that technology is moving too quickly for a company as big as ibm to completely rinne vent? >> they have done it for thaun a hundred years. especially take the personal computer which was a big inflection point in the early 1970s. the big companies didn't quite realize that you wanted to get your hands on a computer. so you have altair and apple and people in strip malls doing it. and i think what you have to do is always realize as we said in the earlier section, you have to be able to cannibalize your current businesses in order to build new one, especially in making our products more personal and more intimate. >> walter you said you would rather have tim cook running a tech company rather than carl

icahn. one could argue that ibm acted like carl icahn is already running it. what do you think of the approach of some would say financial engineering and how that's played out historically for companies that need to be innovative. >> i always say that financial engineeri engineering --. i watch ibm however and they have taken this whole cognitive computing division that they call watson, which is a cool name for it. and it shows they are looking to the next phase. so if you are going to worry too much about financial engineering and the algorithms being used on your financial statements as opposed to on your circuit boards that is where you have a problem. >> walter you going to stick around more? >> sure. want to see dean camekamen can'

wait. >> apple see tim cook telling us the new iphone sales off the charts. and the next project from the inventer of the segway dean kamen could change the way people use energy across the world. we'll talk with him from the robinhood investors conference to explain. and the future shah shah dzasha. it's monday. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. centurylink your link to what's next.

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welcome back to "squawk alley." watching shares moving higher as ups said its rates would rise 4.9% december 29th. fedex announced a similar increase taking effect on january 5th. both up 2 and 3% on the day. >> thanks domonic chu. are we one step closers to a walletless future? looking to become the dominant player in the mobile payment business. google wallet, paypal and dwal la have already competed for years.

ben mil is here this morning found ore the dwal la. apple pay has rolled out. does it threaten the business. >> it's a net benefit. what's good for dwol la is more of that. >> what differentiates from what you do from paypal or other companies that let you transmit. >> dwol la is a analogous to a visa but we're purely digital like the market. there is no physical card. everything is based on the internet and you can put that anywhere money needs to move. >> if i'm a retailer, how do i decide what platform? is it about rate, security? >> i think it depends on your needs. as a retailer if you are in the consumer space, apple has a really beautiful mobile experience, but operating on the b 2 b stiside and trying to rep

checks options are really important. >> talking about money and dealing with the software and money you are going to make a lot. but there are a lot of people losing money in this space trying to compete to get the transaction costs down. whose is going to actually make money in this? and what is going to be their leverage? is it going to be software smarts? the trust of the user. >> one that people that really crack the user experience. and the people who solve architecture problems are going to make a lot of money. the payment systems really haven't changed. and fixings the architecture is what we're working on. >> how important do you think this is? >> i think it's huge. the disruption of the financial systems like that is one of the things i can't quite fig figure why it hasn't happened so far. why it's still so hard to send somebody money do ab 2 b

transition. i use a kimbo card. >> it's hard. real time fraud analysis. it's all got to be solved by a platform that does it seamlessly and in real time. it's hard. >> the kimbo card. all these little visa cards. why are they so easy and how can we make more things like that. >> it depends on the use case. people adopt things that have a reason to adopt. while it may be simple for you, maybe it is not for everybody. >> part of the discussion at this conference you were at last week. regarding innovation. was whether or not innovators need to be a jerk. whether you need a chip on your shoulder or any combination of those things. where do you come down on that. >> no you don't. if there were one way to be an

innovator you wouldn't have to write box books about various types. surely steve jobs is different from bill gates is different from tim cook. there are multiple ways to form teams. and if you can look throughout the years it helps to defy reality. push the envelope. on the other hand, there are people like bob noise, the nicest guy in history. he creates intel. also brings along andy grove haw because he knows next to him needs somebody not so nice. >> you can innovate without being a jerk and you have to be just arrogant to believe you can change everything, and humble enough to work with other people and take their advice. >> great line. >> benn milne.

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along with creating the segway, our next guest involved in everything from medical devices to water purification. now on changing the energy world. joining us is dean kamen, the founder and president of deka. inventors of the segway. dean it's good to have you. >> good morning. >> i'd love to talk to you about a bunch of ideas but walk

throu me through where our on energy creation. tell me about the sterling engine. >> we started on this more than a decade ago to be prime power for the developing world where they have no alternatives. we realized however it can be made small quiet and essentially like any other household appliance and it's waste heat could be the heat for a house and we realized again with the aging infrastructure in the u.s. and people depending more and more on solar panels the problem is the grid is going to go through a transition where it becomes more expensive to operate, using less capacity. people are going to want more security and we realized if we could make a small appliance kind of device to sit in a home and serve as the hot water heater, serve as an electric energy source, environmentally friendly and cost effective we'd

have a really nice system. >> dean, it's walter isaacson. tell me how it works. >> so basically it uses any fuel coming into the house. literally its burner does not look different than a burner in a hot water system. first we take 20% of all the energy coming in in the source of whatever fuel. natural, gas, propane, heating oil and turn that 20% of that directly into electricity to field the house. the machine we just showed this morning will make 10,000 watts, probably five times what the average home needs. but with a feet of these out there interconnected through the internet one could imagine they could start to substitute for a substantial portion of the grid and give us a the distributed safe, reliable energy source. >> dean, i remember reading a story about you showing the segway to jeff basos and steve

jobs and them having colorful reactions sthasmt true and how do you continue to push forward with ideas despite the fact people don't see your vision? >> if you want to innovate you have to do things they haven't been done before. and most people are very reluctant to accept change. they would rather live with the devil they know. and for the last 30 years, it's proven a good solution. we were told we were crazy to think people could dialysis themselves at home. we work on projects in a way that if we succeed we can really make a big day in how people li and their quality of life. and i think energy in the very near future for this country is

going to be more and more of a problem. and remember that about 2 billion people around the world have never used electricity and it is unlikely they are going to wake up any time soon and see transmission lines and switch gear. they need base pour and i think our sterling is a nice way to make base electricity for people around the world. >> you seem to be industry agnostic. for healthcare, now -- and now energy. -- >> well i'm really not an engineer. i like the basic sfiz physics and going back to first principles and the physics is the same whether you are doing healthcare, energy, transportation. we try to find an intersection between what technologies are becoming available and practical and reliable and a real need. and in the case of the grid in the united states, which is getting a little tired and it is a little stressed and with the

environmental issues and frankly the security issues, and the weather changes issues that are affecting our grid which is really depending on 40 foot poles with wires strung between them, we decided that small businesses and homes ought to have an appliance kind of device they can count on to give them electricity on a 24/7 basis and do it in a way more friendly to the environment because we use all the energy in the fuel instead of making it electricity and remotes plants somewhere and using most of that fuel to heat water somewhere in a cooling tower. we make it in a building and use the waste heat so it is not waste anymore. it is your furnace, your hot water. it makes sense and if technology if properly packaged can move us to a better lek tris, the way pcs replaced mainframes and cell

cell phones replaced communication systems. i think we'll see point of view of use electricity and point of use water around the world. >> interesting. it is great to see you. please come back. dean kamen, joining us. >> i look forward to it. >> and walter isaacson. thank you. let's bring in simon hobbs. >> this is a really strong close we have in europe. check out the detail on the map. two major things coming through. the brent is settling higher above $85 a battle. and a thes a boosted norway. periphery, greece is up over 5%. the market running with this report from reuters that the european central bank is preparing to buy corporate bonds

across europe as early as december. -- it may have some validity. there are some a lot of research notes out. rbs says if they do it they will likely buy more than what the bank of england did, 1% of corporate bonds as a high rated level of the market. they are likely to target euro denominated bonds from international companies as well as those around europe. check out some italian players. and certainly it is capped had rising yields. the italian bond market yields have been rising. it's just been table support the market there. greek banks doing were vel well. they may free up 240 billion euros of bailout cash and use it for the greek government on the

assumption that the banks can recapitalize themselves some other way. so grease is rebounding. morgan stanley saying don't give up on them. the greeks that is. the last bit of news, is christoff, the ceo of dotal, was actually killed earlier today in moscow at the airport when his airplane struck a snowplow. i was lucky enough to travel to paris and meet him. grandson of the champagne king. he built his organization doing deals with iran when nobody else could or would. and he was partly the product of the french system that allowed foreign bribes to be tax deductible in the 19197 and only outlawed 2000. he knew that the production had to be deeper and further into hostile territory and yet had a profound understanding that local communities wanted their

quid pro quo to have international oil on their turf. and he was selling nuclear technology in the middle east. >> and build a billion dollar empire doing so. thank you simon. all right two kick starter projects are attempting to make sure you never run out of smart phone power. and you get to decide which deserves funding. this week's tech crowd. ampy. this wearable device can use -- three hours of. the goal $100,000. so far it's raised close to 174. pronto is a battery pack to fully charge a smart phone in five minutes. up to 12 times faster than

traditional devices and stores enough for nine iphone charges. the goal, $50,000. currently near 260,000 in funding. who should be this week's tech crowd leader. vote now at cnbc.com/tech crowd. >> when we come back, ceo tim cook says he's still extremely bullish on the ipad. we'll tell you why. take a closer look at your fidelity green line and you'll see just how much it has to offer, especially if you're thinking of moving an old 401(k) to a fidelity ira. it gives you a wide range of investment options... and the free help you need to make sure your investments fit your goals -- and what you're really investing for. tap into the full power of your fidelity green line. call today and we'll make it easy to move that old 401(k) to a fidelity rollover ira.

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and the apple reporting earnings after the bell. well in the green this morning. tim cook sat down with josh lipton to talk about the quarter. and here are some highlights. >> tim cook tells me he could not be happier with how his company is now positioned as apple heads into the holiday season. and looks like investors agree. stock climbing higher this morning. up over 25% so far this year and right near its all time high. results were solid with apple shipping nearly 40 million

iphones. and the quarter included only about a week or so of iphone six sales but demand so far has been in his words off the charts. he's also excited about the initial rollout he's seeing in china. another highlight of the quarter. mack shipments up 5.5 million, 21% year over year. the best quarter in the history of the mac fueled by a very strong back to school season. on the other hand units were soft on ipad line. they reported shipments of 12.3 million. a 13% drop. they face a range of head winds. consumers don't buy as frequently as iphones and increasing competitions from smart phones with bigger screens and phablets. ipad weakness some analysts say also saturation in the market.

but cook called that bloaloney. many ipad buyers are first timers. and apple has been very aggressive in returns buying back 17 billion of stock, perhaps a wink and nudge at carl ica icahn. >> caught up with warby parker. >> we're excited for apple pay. we're excited for what that means for the store experience. more seemless and easier for the customer to transact. and transactions ar ickiest part of a shopping experience. so we're excited. >> wearables. a long time it meant google glass. now a bunch of different things.

a watch next year to a large agree. how much does it peek interest? >> we're really excited with the growing tariff o wearables. we feel like we're in the top of the first inning in terms of where this goes. one thing we think a lot about is functionality is really important in the technology. but at the end of the day fashion really matters. and a lot of the companies that are developing wearables are really focuses only on the technology aspect and not recognizing that if it is something you are going to wear on your face or prominently displayed on the body, that consumers are going to care how it looks. and really focus on the design and fashion element. >> we'll see what happens. in the meantime let's send to it dominick chu. >> we're talking consumer staples here. kimberly clark on session highs. huggies diapers to kleenex

tissues. plans to cut jobs as the broader restructuring. the stock you can see currently up about 2 and a half percent. we should know kimberly clark on its own website says it has 58,000 employees. less than 2% of overall jobs at the company. >> good context. thanks dominick. when we come back shazam is expanding beyond music identification. the ceo tells us how in a first on cnbc interview. "squawk alley" will be back in a minute. there was no question she was the one.

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it topped out at an all time high back on july 1st and has been in bear territory for quite a bit of time. really in a correction territory for a while. and it has really come off of that correction territory with today's gains. having some folks think maybe it is time again for the small caps. they have been really beaten up. particularly last week when we closed out and we had a bounce back. they diverge prd td from the re the market but today in sync. an old chip company, txn, texas instruments. -- thanks so much.

bertha kooms at the nasdaq. >> music identification service shazam let's folks answer the age old questions "who sings this?" . what's next for the company? rich riley is the ceo. and joins frus the robinhood investors company. rich, good to see you. >> yaet to see you too. >> what's next for the company beyond music? >> well shazam wants to connect people to the world around them and of course with always better and better at connecting to the music they love and continuing to add content and functionality around music but beyond. we talked about tv. we are going to be live in cine cinemas. almost every movie theater in the u.s. we'll feature shazam as part of the pre show. we radio content and ads in addition to music they are already shazaming.

we'll be shazam enabling retail environments and we're just getting started. so many more chances for people to shazam the world around them. >> how does the original environment get credit for bringing that song or whatever it is to the public attention? for instance if a song gets used in a commercial, ideally the company that used the song would want credit too. is that something that's feasible. >> whenever we shazam a song one of the main things we offer is the ability to purchase that song. we sell about 10% f of all music through the web. there is a chance to buy the song, stream it, learn more about it. its author, artist. etc. >> i get what's in for the merchants for the people selling stuff but what is going to motivate people to shazam a shirt or in a retail environment? i understand "what's that song?"

but what's this sweater? >> frequently for the back to school specials the holiday offers. and when you shazam, shazam knows you are in that store. and we work with that store to program the content. so it can be exclusive content. it can be a coupon or a free track from a band. whatever that retailer wants to engage their shoppers. >> i hope you won't mind a dumb question, rich. but i have to know, having used shazam in instances where i was sure it would not be able to identify the song and it did. how does it work? explain to it a layman. >> sure. we do over 20 million shazams per day and we take a fingerprint of the sound waves and we send that back to our systems. and we match that against database of over 30 million songs, 160 tv channels. various wear marks and beakance. and typically in less than 4

seconds we return a match. over 120 scientists and engineers, over 200 patents and over 10 years of work on the ability to make shazam recognized at such a high rate and so quickly. and we are thrilled a lot of our users think it is magic. >> since it was integrated into siri, how much as your volume gone up? do you have a bead on that? >> i can't disclose actual numbers but we lunchd in partnership with apple and we're thrilled with the results so far. and it is meeting expectations for sure. >> you raised 20 million dollars earlier this year. we asked if an ipo was in the cards but the market's gotten a little more volatile since thn. is that still something shazam is eyeing. >> we're working to build the best company we can. continuing to grow users. just crossed over a 100 million active users. the content.

and really build the best business we can. so if we choose it in the future that will be available. in the meantime we have great investors. and they are very supportive of the company and its strategy. >> we'll keep watching you guys. enjoy the rest of the conference. >> we'll co-continue to monitor the rally. the dow is up almost 1%. the s&p up 1.5%. rick santelli, what are you watching today? >> we're going to be digging even deeper. can the fed truly by tweaking by-products of growth create growth? is it a two-way street? which means the big word of the day is palindrome. what does it mean? after the break. i sure hope so.

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>> sounds good scott. in the meantime let's get tot cme and check in with rick santelli. >> the big word today is palindrome. and my contention is one of the underpinnings of keynesianism and fed policy. and growth is not a palindrome. but i'll give you an examples of the palindromes and you can see if you understand what they are. race car, civic, wow. of course you see they are spelled the same in both directions. but the problem is that growth doesn't work in two directions. and therein lies the rub. we have a broken transmission. so some of the by-products of growth that the fed is certainly trying to instigate, and whether it is the federal reserve or

fhfa or hud, housing, we're trying to get housing going and of course things like jobs. and there is a lot of issues that say that these things don't go back in the right direction because really in order to get growth -- and by-products of growth are higher inflation -- all the things the fed wants but they really don't work in the other direction. historically there have been times where a little keynesian horsepower is right medicine. like the paddles. give a shock, the heartbeats or it gets back into a normal rhythm. but you can't say that after six years of some of these programs that we are still in the same kind of dealing with emergency mode. and why am i talking about that? isn't this an old topic. because almost every day whether it is the closing bell exchange. we have many smart people on the street. buy side and sell side talking about how much better the economy is and all the wonderful underpings that have imapprovpr.

and they are correct. but nobody wanting to be totally honest. if they improved to the point we can take off the training wheels, would have have the residual effect of still giving the paddle shock to the equity markets. you can't have it both ways. you can't have politicians saying hey are you better off than you were five or six years ago and then still have the fed in modes that don't reflect that. one way or the other. if it was a short time frame i understand. but remember palindromes might be something to have some fun. but i don't think they are fun when the federal reserve truly believes that -- down the wrong way on a oneway treat and create the same dynamics as real fertile landscape with the policy from the political class and the monetary policy that nudges but doesn't lead them to

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dow up 164. but the s&p is now up 28 handles. on the dow it's as if investors have put aside ibm, coke and mcdonald's. they are the only three components in the red. every other is higher. >> and those are the stalwart american icons too. we talked about the s&p. that is going to be the story for the week because of how much earnings volume. but stoke noting still about 40 points below the 50 day moving average even though it's above the 200 day. so traders are watching for that 50 day no doubt. >> what's down and flat. arm holdings down more than 5%

today. down 22% for the year. also we've got google which is just about flat today. interesting to look at that chart for the year so far it's down a bit. >> and not done with earnings season by a long shot. to the judge and the fast time money halftime report. thanks so much. welcome to the halftime show. we are live in the heart of new york city at the robinhood investors conference. and boy do we have a big show over the next hour. coming up we are going to get investment ideas from some of the street's brightest minus. greenlight capital, keithmeister and nathaniel