good thursday morning. welcome to "squawk alley." i am carl quintanilla with morgan brennan and jon fortt the big story of the day, apple shares up 2% after yesterday's product launch investors wonder about the new iphone and watch will we see a slowing of replacement cycle. joining us, david wolf, apple shareholder, and ceo and editor in chief henry blodget we'll talk about the phone in a second the question is whether the watch was the most impressive part. >> seems like they're doing a

great job it rating -- iter ating on it. they're doing what they did with the iphone people look at it like it was immediately, totally revolutionary, changed the world. first one, lots of skepticism, and they got better. >> given the fact we have larger screen size for the iphone and didn't get more details about other possible devices like ipads and mac books, do you think this is something that continues to cannibalize ipad sales? >> if you go back to history of the ipad, following iphone, expectations got wildly out of whack in the beginning people said it will be bigger than the iphone, ipad company. we had all indications since then that replacement cycle for ipads is much slower people prefer laptops you can convert. it is probably a narrower niche. but they make more money on the iphone >> that was the point a few

moments ago. jon, i'll let you jump in with a question curious to know from you how it played out there where you are >> well, in silicon valley a lot of people that come to these events are gadget heads. i think that's where the watch stole the show headline. but the watch itself is not as important as the phone i think the most interesting areas to watch are the 10 s max on one hand, most expensive phone debut we have seen of this type then interplay between the 10 r and 8 plus interesting decision from apple to price 10 r below the 8 plus, when at the same time most people that buy a 10 r want more storage. so it is probably going to end up pulling up average selling prices if it succeeds. this is the most interesting holiday season i have seen coming up for apple when it comes to iphone sales in a very

long time, carl. >> david, thoughts on what you thought the highlight was? we have been everywhere from asp, seasonality to whether or not icloud strategy is shifting because of 500 gigabytes on a device. >> i had three wild moments watching the presentation. certainly new futures on the watch, the electric cardiogram, a wild moment for me the new camera features on the x phones, particularly depth of field, that demonstration was a wild moment for photographers. and i think pricing of the xr is a wild moment. that's a pretty good price for the lower end of the x family. you don't have to make two heroic assumptions on mix. if you assume 65, 70% of future

iphones over the next year will be some variant of the x model, you can get average selling prices close to 800 bucks. i think for analysts, the take away, asps are going up, gets $15 a share in earnings in 2019. 15 bucks by calendar year end 2019. >> you've seen price targets go up among analyst community too, david. hearing about wow moments from you. is there anything you were looking for more information on or that disappointed you >> i really wasn't disappointed. i think some of the nomenclature on some of the phones is getting a little out of whack. it would be nice if apple could take a page out of what detroit has been doing for years and have, you know, the chevrolet, pontiac, buick, oldsmobile, cadillac, instead of all of this

alpha numeric. it is going to get to a point, are we talking about the iphone 17, 18, and xx, 8 or 9 years from now other than that, thought it was a tour de force. i think it will keep the ecosystem sticky tim cook is proud. talking about 98% satisfaction rate with iphone users, that's key. he brought it right up at the beginning of the presentation. as he should >> henry, what struck me about the presentation, too, was just its inherent practicality. used to be, used to feel like apple was reaching for this wow factor, and here it was like here's the fun lineup. there's a phone at every price point from 400 something up to 1100 something why not. there's something for you in here figure it out as opposed to my

goodness, here's one phone you have to have it feels like a shift the way apple is approaching the consumer. >> i think that's right, jon that's the key point if you look at apple four or five years ago, they were exposed. it was a narrow range. they were at the high end of the market in terms of price in the hardware market, historically it is extremely difficult to maintain asps on hardware products. lot of us thought you would see pressure downward, they addressed it by coming up with a great range of products where they're serving almost all of the middle to upper end of the market the only place they're not serving is the low end eventually do they want to be there for ecosystem, services revenue, continue to extend downward, right now the portfolio at all different price points is working incredibly well i think they've done a great job there. >> henry, what we saw, for example, last quarter is that folks seem to be spending more for higher priced models of

phones the other question, are we going to see lower replacement cycle, especially with the iphone x you're still paying it off in the u.s., are you going to upgrade? >> i think you'll see a gradual slowing. it is a bigger and bigger investment that said when you think about how much people use their phones, how central they are to everyone's lives, you can begin to justify high prices over two years, cost of minute usage is tiny, and it is a luxury. >> you sound like buffett. >> laptops used to be 2 to $3,000, you used it a fraction of the amount you use the phone, which is becoming central to your life. the only pressure is if others come out with phones just as good at a tenth of the price, then you've got pressure apple has done a good job locking you into the ecosystem, they're switching costs, still drawing people from android. i think they're in a good position there

>> one last thing, jon the way tim cook played press with a tweet that appeared to be a mistaken dm, deleted, and tied to opening video that was classic >> it was. it is a type of theater that apple didn't do back in the past in the steve jobs era. they've long had this introductory video silicon valley and others at conferences did more joking videos apple has more of a sense of humor, more of a sense of culture. notice two women executives on stage during the keynote yesterday with significant roles and significant things to say. haven't talked about lisa jackson and the sustainability push there, but it is a different apple, carl. >> definitely. interesting, fascinating, fun to watch the price action this morning. thanks, guys >> great to be here. snap shares are moving

lower. the company announcing a series of new features to boost lagging numbers this morning julia boorstin has more. >> reporter: snap is partnering with 20 media companies to create their own stories for the discover section snapchat announcing over 75 million people last month looked at our stories, publicly shared snaps, curetted by the snapchat team new partners creating public snaps include cnn, nbc news, nbc sports, "today" show, and viacom cnn could filter public snaps about the hurricane to tell on the ground stories, or cosmo can create a story on fashion week trend. snap will post ads between stories, sharing revenue with media partners snap shares off some 30% since earnings a month ago, concerns about disappointing user growth and guidance as well as competition from instagram

it has a billion monthly users its stories draw 400 million active users snapchat, 188 million daily users. instagram continues to follow snap's lead, growing content brand partnerships with instagram tv and content will continue to be -- the ceo telling me in june how it is crucial to build discover as counter part to snap's messaging. >> laying that foundation to open up the world of content on snap rather than a small list of your friends while still protecting benefits of a small friend graph on snap is important to us in the future. >> reporter: remember, premium content has added value of being safe in a world of growing concern about fake news and safety hit rivals like facebook >> thank you for that report noteworthy, the idea of revenue sharing with media partners since we had a debate about

rivals like facebook in the past coming up, hurricane florence barreling toward the coast. we speak to one company working on plans for recovery and restoration after florence and david tepper will be on for an extended interview today at noon eastern. a cnbc exclusive tethawk alley" wilbeac l bk afr is see that's funny, i thought you traded options. i'm not really a wall street guy.

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welcome back to "squawk alley. i am jon fortt here at one market with breaking news around jeff bezos and his philanthropic efforts. a $2 billion day one fund he has announced. it is called the bezos day one fund it is $2 billion funding two areas. one, funding existing nonprofits that help homeless families, another creating a network of new nonprofit tier one preschools in low income communities. he and his wife mckenzie share a belief in the potential for hard work from anyone to serve others bezos has come under some fire in the past for not having a very visible philanthropic arm he is the richest man in the world on paper right now, based

on the appreciation of amazon stock. he also faced backlash around the impact of amazon's low wage jobs, particularly in warehouses in seattle, there's a push to deal with the cost of living and spiraling homeless problem there in seattle the day one fund interestingly attacking a couple of areas where bezos himself has faced some criticism, carl >> absolutely. fascinating look at this effort. homeless, preschools, civic organizations and a lot more as you mention, jon after the company has come under pressure from the likes of bernie sanders for what they argue are workplace practices regarding compensation and work load but that's fascinating >> that's right. he says day one family fund will issue annual leadership awards to organizations and civic groups doing compassionate, needle moving work to provide shelter and hunger support to address the immediate needs of

young families we'll see where it goes from here meanwhile, hurricane florence heading to the east coast. residents brace for strong winds and deadly floods. jackie deangeles in north carolina with the latest there jackie >> reporter: good morning, guys. while the storm is getting closer and closer, it was downgraded to a category two that doesn't mean it is not dangerous. the wind here at carolina beach is picking up, the waves getting higher too we had water rushing up across the beach to the board walk landing. that gives you a sense how much the wind is pushing the water. the worry is storm surge and also rain accumulation the health and services secretary making some comments about what they're worried about, and that of course is power in hospitals and for elderly people that are going to need medical care. duke energy issued a statement saying 1 to 3 million of 4 million customers probably will be without power those people should expect their

power outages could last several weeks. they have 20,000 in personnel. they actually went down to help during irma. some personnel in florida are now coming here to get set to help with the power issues as well aside from that, obviously lives are the most important thing everybody has made that clear across the board but there is a real concern for property damage. spoke to one person that said he was afraid his home would literally be washed away when he came back here when you have storm surge from 10 to 20 feet, that's a potential. the estimates on the conservative side saying it could cost 20 to $30 billion ten years ago to the day hurricane ike was a category two, it hit texas and cost about 40 billion in damage massive storm on the way here. the rain hasn't even hit, but the wind is picking up right now, carolina beach is

pretty much a ghost town except for a few stragglers that decided to hunker down and stay. of course, they're doing it at their own risk >> yes, jackie, they certainly are. to the point you made about insurance and potential losses from the storm, if it is indeed as bad as folks are saying, the insurance information institute puts out a lot of data about insurance companies that have exposure to a storm like this. north carolina, south carolina, by direct premiums written in 2017, iii says companies like travelers, liberty, mutual, chub, aig, usaa, that could be exposed to that. the bigger concern as i know you have been covering with your great reporting is the flooding and potential for flooding as we've seen in many coastal areas throughout the country, many people don't necessarily have flood insurance, even if

they should because it is so expensive. when you do see flooding in places more inland where it is not a flood zone, there's even more risk in terms of how much those losses could mountain what it means for folks that don't have that type of coverage >> morgan, a jpmorgan analyst said when you combine the insurance companies together, this storm could cost them, wipe out a quarter's worth of earnings and that puts it in perspective a little bit as you have been following the insurance stocks ahead of the storm, the uncertainty sent them lower. i imagine that feeling, that sentiment will last through the close tomorrow >> jackie, stay safe thank you for bringing us the latest as hurricane florence moves toward the east coast. jackie deangeles in north carolina carl, i would point out quickly, we have a lot of military bases on the east coast, seeing a lot of evacuations and repurposing

of sites as well johnson air force base, fort brag inland with army exposed to flooding, they're repurposing for response efforts, the marine corps with camp lejeune, paris island where recruits are trained, it was evacuated earlier in the week. you can see the sites on the wall the next guest focuses on restoration and recovery after disasters. they have been involved in cleanup for hurricane katrina, harvey and now focused on florence belfor, the world's largest property restoration firm. thanks for joining us today. >> thanks so much for having us. >> you're very focused on recovery and reconstruction efforts. i imagine you have many boots on the ground and a lot of resources being deployed ahead of the storm what does that process look like, what are you bracing for

in terms of impact of the storm? >> we do as you said, we have rounded all our people up throughout the company in rocky mountain, north carolina, all our tractor-trailers there with our equipment, our mobile command centers there, we have approximately 1200 people on the ground from about 32 belfor offices from around the country. tomorrow, 150 leaving, and each day the next six days, building up to 6,000 people we will be prepared. the first priority is safety for everybody. we encourage people to take their time, let the storm pass, let the authorities notify you when the utilities are up, when the infrastructure is somewhat restored before you go back. then we will arrive. we have have been contacted by hospitals, school systems, some retail centers around the areas and the coast that need our

services to get them up and running. then the communities can start their recovery process because all of the hospitals, schools, retail centers open up, be able to conduct business again. we'll be focused on those facilities that contacted us >> sheldon, it is not just florence, although that's the most pressing, isaac is in the gulf, helene, olivia, there's paul i mean, we're midway through the season can we put the season in some perspective so far >> well, it is interesting i talked to some of our people last night that arrived in north carolina, just came off deployment from houston, the caribbean, from last year. they came off deployment, being redispatched we are preparing for all of the other storms developing as you say. again, depending on the next few days, to see how things develop,

we will be prepared, we will be responding to each and every area that needs our services red alert clients are contacting us every minute now in preparation of serving them in their moment of need again, one interesting thing, belfor did a survey, found 60% of respondents don't have a disaster preparedness plan 50 some% of people didn't know what to have in the way of preparation. we would encourage people to pay attention to the news, the information that you dpiguys are putting out, information the authorities are putting out. listen to the authorities. stay away until it is clear to come back. and the restoration process will unfold people's lives will get restored, and they will go back to these communities these communities will again thrive in the meantime, please heed all of the information being given

to all of us >> wise words. i hope people take them very, very seriously as the storm moves toward the coast you mention you have folks getting off the plane from houston and the caribbean, sounds like they're still working on reconstruction efforts in those areas given the fact we have seen quite a number of catastrophic events in the past year between hurricanes, wildfires out west, et cetera, what have been the biggest challenges for a company like yours is it making sure you have enough people to work on the projects >> our biggest challenges have been supporting our heroic efforts from our people throughout the world we presently operate in 34 countries around the world and had people dispatched from 16 other countries, helping us out here in the states in the past year, so the logistical support, like all of the tractor-trailers now in rocky mountain, north carolina containing food and water and all of the perishable

items we need to sustain our work force and keep them logistically stocked with all they need so we can perform and reopen businesses and institutions that need our help in getting communities back up and running. all of that back office support is a logistical coordination it is a great effort put through by a lot of terrific people. i just want to reassure everybody that after the storm passes, stay safe. allow the restoration process to unfold your communities will be back and you will thrive once again >> sheldon, thank you for joining us today >> thank you thanks for having us coming up, it is ten years since the financial crisis we're exploring the lessons learned. nasdaq ceo adena friedman on what's changed and what you don't want to

miss david faber sits down with hans vestberg in a cnbc exclusive "squawk alley" is back after a quick break.

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welcome back this saturday marks ten years since the lehman brothers bankruptcy and ensuing financial crisis since then, gains in nasdaq listed companies heavily tech have been substantial. amazon alone surging more than 2,000% joining me from times square, nasdaq president and ceo, adena friedman >> good morning. how are you? >> doing well. hope you are too you were at nasdaq ten years ago when this happened executive vice president of corporate strategy and data products when did you know we were really in the soup and what did you do next >> well, i definitely came to the realization that we were really in a significant situation. i was in china at the time at a

world economic forum event as all of the news is starting to unfold and accelerate. it was an incredible chain of events occurring over that period of time certainly lots of sleepless nights as you were trying to understand the news, sleepless nights for me in china, trying to understand the news and how it was impacting markets. >> when it comes to lessons learned since, there's a lot of talk about risk, how boards need to react what has really changed for investors since then and how does it effect the way you approach nasdaq now as ceo >> i do think it created a situation where we had to look across all of the asset classes that were trading at the time and say where are their exposures where individual investors could be exposed and involved in the markets. i think regulators have done a very good job of realizing that the ecosystem created around the

equities markets and risk management in the equities markets clearing the transparency we have really ought to be applied more and more into other asset classes, and focus on fixed income clearly as the next area of focus for more transparency, more central clearing, more rules and regulations to create fairness in the markets. >> as we go further into the era of financial technology, fin tech, crypto currency, how much has the mindset borne out of the financial crisis influenced the way regulators and leaders like yourself look at some of those intersections between technology and finance? >> yeah, it is a great question. i think technology is a great enabler in the financial services industry. in many ways, technology can create fairness. you look at the dawn of the internet and online trading, the

ability for democratizing markets for individual investors. at the same time, you have to be sure those technologies are applied in a way that creates fair and orderly markets, that does improve the integrity of the markets. i think regulators and exchanges have a role to play in making sure that new technologies are used to improve fairness,to improve transparency, and market integrity, and not used to create winners and losers. that's one of the things we're very focused on at nasdaq, the technology >> i was based in silicon valley when the financial crisis hit. also out here during the dot com bust from a technology in silicon valley perspective, feels like the dot com bust was the major event, the financial crisis was secondary. i think it flipped if you're on the east coast, certainly if you're in the business of markets and banking. how do you compare the two as far as their legacy, both in

financial markets and when it comes to technology and innovation >> i was at nasdaq during that period of time too i can say that dot com situation and some of the other, there were certainly events during history that really impacted the equities markets, certainly the internet, dot com bust or bubble and bust was one of the seminal events in the investment markets, created a lot of change, change in governance, in market structure it changed a lot of the ecosystem in terms of making sure that investors are fully informed of risk, that we have fair and resilient markets to support them, and mutualizing risk across the ecosystem. what happened in the credit crisis, a lot of the same learnings and lessons came into fixed income world what we developed as now being implemented and to various degrees across the fixed income

spectrum >> adena, as you look at the situation and how you and companies are preparing to deal with the next crisis, and there will be one, we don't know what its nature is going to be, how has the preparation shifted since the past two shock events we talked about? >> i think the entire financial services industry is more focused on risk management than it ever has been, and i think coming out of some of the shocks, you saw risk management protocol and infrastructure and architecture created to help support and make sure that we are much more protected and that individual investors most notably are more protected, more informed i think we're seeing the regulation on the back of the credit crisis has created a more resilient banking system and market system for fixed income that risk management mentality has been much more integrated into the culture of the

financial services industry. i also agree that there will always be areas where kind of opportunity could run away from itself, but at the same time i think there's a lot more controls in the banking level, brokerage level to protect situations >> impact on these and other issues, thanks for being with us >> thank you let's get to sue herera for a cnbc update. >> good morning, morgan. thank you. good morning, everyone here's what's happening at this hour president trump is disputing the death toll from last year's hurricane in puerto rico he treated that 3,000 people did not die as the puerto rican government claimed last month. instead, he blamed the democrats. house speaker paul ryan says he has no reason to dispute the death toll. politico reporting fema administrator brock long is the

target of an on-going department of homeland security investigation, whether he misused government vehicles during commutes to north carolina from washington fema responded saying any questions should be directed to the agency's office of inspector general. a delegation of u.s. catholic cardinals and bishops meeting with pope francis regarding the church's sex abuse scandal. the pope accepted the resignation of west virginia bishop michael bramsfeld, ordered investigation into whether he sexually harassed adults. and general motors recalling more than a million big pickup trucks and suvs because of power assisted steering problems that were involved in accidents you're up to date. that's the news update back downtown to you >> thank you very much. exclusive with hans vestberg and tepper coming up at the top "s t jgeour withheud quawk alley" is right back ♪

feel that? that's the beat of global markets, the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow.

welcome back to "squawk alley. david has a special guest. >> thank you, carl special guest for me as well one in a long line of ceos of verizon i had the pleasure to interview through the years. hans vestberg, thank you for joining us this morning. i want to start off on a relatively small part of your business, one that seems to get a lot of attention here at a

communication/media conference, oath tim armstrong, the man that run it, put it together, aol, yahoo, many of the participants when they talk about it, the simple question, is it big enough, does it have enough scale, or do you need to sell it or buy more? >> i think first of all, happy for the asset we have. the executive team put this together we had a lot of different assets put together we have our channels which we're proud of everything from sports to finance. we have just developed an ad tech platform all over the organization and also it is a lot of great confidence that's important for the verizon brand. ai, data centers, i think this is an important asset for us the team put it together we're doing a good transition as usual. verizon planned well

we feel good about it. important asset for us both a leverage internally and external sort of asset we can use. >> you feel like it is delivered or will deliver what it hoped for when pursued certainly there were those that believed it was the beginning of what was going to be a larger content strategy >> i think we are at the moment we now put all of these together now we see the benefits of all of that. we going to execute on that. and high ambitions in this area. and i think that this transition is supporting that and the team has done a great job. >> what would be a measure of success for you in terms of ambition >> our ambition supports both can leverage strength of the verizon side, network, distribution, bringing the oath assets there when we streamline this, we can get wider external market for ad

tech and that's how we measure the success of it. i think put a good plan in place. we're going to support them. >> during your session here you push back on this idea that there has not been the cooperation that perhaps some had seen or lack of it cited by "the wall street journal." we should assume verizon wireless is taking advantage of the ad tech platform and content provided by aol and yahoo. >> i think now we're getting it all together last week we announced ad tech platform we are in that moment to have this conversation, saying we bring the best benefits out of verizon for our customers and distribution i think no, i don't think there's merits for this media. i don't usually comment on the media, but in this case it is wrong. >> let's get to the core business, 5g my last interview with your predecessor, we spent time on

prospects of it. that's what you spend time talking about. earlier today as with tom rutledge, semi competitor at charter of course, he brings up this idea, hans, that it is very capital intensive to deploy a true 5g network. the idea that you're only building 30 million passings in the united states over ten years, even that will cost you a fortune. do you have the ability to actually cover the country with 5g in a relatively short amount of time so it becomes something more than something we're just talking about as the future. >> i think the big difference here is first of all, we have been one network it is not a separate network we're doing for fixed mobile it is one network. we already designed that it goes from data center to all access and then what access we have that's an important statement first of all secondly, we go from 4g to 5g,

it is more evolution we need to take out equipment. cdma was not compatible with 4g. this time it is evolution. we are already now in investing a lot. you might have seen that in a second quarter, we even guided down in the lower range. we have been much more efficient. we are not holding back anything we want to do. i think good about the way we are deploying, great set of engineers. >> you're rolling out in four cities, but for the end of the year >> yes. >> when can we expect to see beyond that? what are the tarkgets people ca look at saying this may be available to me. >> i think already now rolling out mobility solutions, technology and network it is a little about when the hand sets will be there.

the blocking factor is hand sets >> how long will it be >> the market expects mid of '19 i have much higher ambitions our team is pushing to be earlier. >> that's not that far. >> no. but our team has always been we deliver facts when done with, as we open for sale today, you can buy a 5g home today on our website. we will come out as soon as we have the network ready and hand set to be bought we're working diligent on it i'm not happy with middle '19, we will do it earlier. >> a lot of people again in this kind of audience think about the opportunity in the home for providing broadband, wireless incredible speeds. do you believe the opportunity may be larger in terms of internet of things and connected devices that are going to be allowed for. >> i think base it on the same network, one is mobility, the enhancement or super enhancement

of 4g, secondis fixed broadban at home, third is the cordless enterprise, low latency, private fiber networks that's three business cases. we are in one of them today, consumer mobility. the other two is new opportunity for us that's the focus on the network and what we are deploying today. >> how many years. that's always the question you get. realistically, how many years until you and i do an interview a number of years from now, given how young you are. >> thank you >> and we're talking about ubiquity of the network around the country. >> i think you'll see next year a lot of things happen ubiquity, 2020 probably. you see a rolling thumb, things happening in 5, you can buy commercially you will see more.

it will be like 4g >> but you need guys in silicon valley to figure things out. when 4g came, two there. it is only when applications were available it changed people's lives. >> i think you're right. today it is five and a half billion people on earth with a mobile phone broadest technology in the world. of course there will be innovation from consumers and ecosystem partners it is a great opportunity for us, so yes. >> meanwhile, your stock price reacts to the fact people believe you're in a competitive environment, regardless what you bring in terms of value. is that the way you currently see it, the price war seemed to have died down, seems to be less competition for every dollar at this point is that what you expect to be the market for the next year >> you talk about wireless consumer business, it is a competitive market great competitors fighting every day. we also see in wireless team

done a great job the last couple of quarters, coming from unlimited, continue with rolling thunder. i have confidence my team continue to do good job in that area not saying that will be easy, but we have the best network and great customer base. we need to monetize that >> sprint and t-mo getting together, if allowed, does that change the competitive landscape for you? >> i don't spend time thinking about it me and me team think about our strategy now too many things are happening outside that can go either way that's not the main focus. if we do it right, that will be the best competitor that we have >> finally there's a hurricane going to hit the southeastern coast of the united states you guys are always right at the heart of those things, trying to prepare. is that something you're getting e-mails about? >> i think first of all you don't build the network today.

we build these on stilts and flood protected for years. i know we built a good network secondly, put in a lot of emergency centers. supporting first responders and people that are evacuated to see that they have a great service we're talking to governors and seeing what more we can do we have a full blast of support going into these regions now when the hurricane is expected to come. >> you think you're fully as prepared as you could be >> absolutely. and we have been preparing for years to be there, building the networks as robust as we are always doing. >> given this is the first of many interviews i assume, how should i view the vestberg era >> the vestberg era. >> how will it differ from your predecessors >> we are different, all three of us. i think first of all, the core strategy of the company, we are

very -- work very much together. different profiles, and i am very much focused on succeeding in five years, which benefit which benefits all the businesses that we have. so i'm not sure i should look back when i've been here for 30 days, but hopefully one day we'll look back and have a good conversation when i'm done. >> i look forward to that and appreciate you joining us today. hanse vestberg, ceo of verizon >> great stuff over the last couple of days as we go to break, take another look at apple. $10 off yesterday's low, $227 as the dow is up 120 and the s&p 500 hanging above 2900

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in them therr hills on your vacation. but we can guarantee the best price on this rental cabin. or any accomodation from hotels to yurts. booking.com, booking.yeah a big show coming up on the halftime report. let's get to scott wopner who is in pittsburgh this morning >> thank you so much we're live today inside carnegie-mellon university famed investor david temper cutting the ribbon on this building that houses his namesake business school as well did he graduate here from business school wooext talk to the famed investor, what he hopes to get out of this, what it means to the university we'll talk a lot of markets with mr. tepper, back in 2010 as we .

and nfl ownership. the carolina panthers are off to a great 1-0 start beating the cowboys this past weekend. and we're going to spend some time with rob citrone of discovery capital. talk about the global macrobets and the emerging markets he has. very interesting stuff with that gentleman as well. see you in less than half hour, about 15 minutes can't wait, guys >> scott, it's going to be great. we had buffett a couple of weeks ago. who comes on and sort of talks about owning stocks 10, 20, 30 years from now, big, long, macro plays, tepper is one where if you're looking for tactical moves, moves within moves, that's where he really brings you value, right >> and you don't hear from him that often which is why we're so excited to get his views. he's one of those rare people,

carl, who has the ability to move stocks and move the greater market yes, he is an investor, he's very tactical as you know. and as you just mentioned. we'll try to get his thoughts on all of that. what the best strategies are right now. as we're hanging around these all-time highs for the markets and a rally that many say he set in motion. that day in 2010, where he said the fed was going to get involved and then in his words, everything was going to go up if that happened. and sure enough, it has. we'll see you guys in just a few. >> scott, that's a big show. stick around for the half in five minutes a news alert out of goldman. wilfred frost who is on the phone. >> yes, indeed marty chavez, the current cfo will be changing roles to be the new co-head of the securities division under which of course, trading is going to focus on the technology side. the company is not framing this as a demotion, but the cfo hasn't been hugely successful.

he will be getting the vice chairman title, though, as well. so in one sense, it's a move across in roles. promotion in title, but not the president's title, which would have been more coveted and certainly prevented it being seen as a demotion for the president title, david solomon, the new ceo is naming just one president and coo, john waldron, largely expected. he will be david solman's sole deputy some would say that makes him an heir apparent. given this is early in the tenure of a ceo, not so much that but certainly significant that role won't be split between two people the new cfo replacing marty chavez will be stephen scherr, head strategy officer and been running markets and the consumer bank, a significant promotion for him. and someone who is younger, under the age of 50 and is seen as a future potential leader

carl, back to you. >> wilf, we'll watch that as goldman tries to avoid another day down in what has been a very long consecutive string we go to the break, the dow is 02n e p. we'll take a short break - our markets are currently experiencing the longest bull run in history. so, now's the perfect time to ask yourself, "do you have wealth insurance?". you know, i made a good living playing games on television, but my financial future, well,

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what a morning of news here, we talked about the apple event yesterday. but now management changes at goldman, obviously trade and hurricane florence remain in the news and now tepper with the judge. let's get to the half. the fed has to get serious now. >> time after time, he's made the right call on the market. >> it's that easy sometimes. >> david tepper's famous cnbc interview in 2010 led to the massive stock rally that bears his name. >> either the economy is going to get better by itself or the economy is not going to pick up in the next three months and the fed is going to come in with qe. then what's going to do well everything >> today he's with the halftime report for a live and exclusive interview. as he opens the tepper quad housing, the david a. tepper school of business, at carnegie mellon university where he attended graduate school now here's scott wopner,