in case you were curious i'm staying on starbuck's. i think the stock wants 100 real bad. i'm going to stick with it for a while. >> i'll agree with you on that one. i like that, too, among many other great choices, too we are having a nice day thus far on wall street we'll stay on top of that story. thank you so much for watching that does it for us. "the exchange" begins now. thank you, scott hi, everybody, and here's what's ahead. we have breaking news at this hour apple's big product event kicking off right now with a slew of new products expected and one notable exception. we'll bring you all the headlines as they happen plus the impact of apple shares which have more than doubled so far this year $2 trillion stock, biggest name in the market. there is a lot riding on this. plus, snowflake will have one of the highest valuations we've ever seen when it begins trading tomorrow yet the world's most well-known value investor, berkshire

hathaway, has bought in. why? we'll investigate that the stock with the least regulatory risk and the new player in the economy. they're in the sharing economy now, dom mr. chu is here with the numbers to kick things off for us, as always >> who is up for a road trip, kelly? i would go to a road trip with you guys >> you know, i don't think we'd be very -- two screaming kids? i don't think so >> that's a lot of screaming kids in that rv, by the way. kelly, to your point, we are seeing a lot of good positivity and a lot of stories working their way through the markets, but generally we're seeing a constructive build on the pullback we saw driven by technology in the last week. the dow industrials up about half a percent at this stage, but the nasdaq composite continuing to outperform, up about 1.5% the s&p 500 still right above that 3400 lefrvel. it's a key level we're going to watch. one sector that's maybe under the radar that's not been getting a lot of attention but

hit a record high today, a big gold star goes up there, the materials sector this sector is up -- let's call it three-quarters of 1% on the day so far, but still a move higher here puts it in rarefied territory. remember, sherwin-williams, the paint company, a home improvement play, is part of that story and if you want to call it the stock of the day, it's apple yes, it is the biggest company out there, but also because of the biggest product unveiled today. remember, 2.5% on some product release coming out, and remember, at this point here, this company at its peak was worth $2.3 trillion, with a t. it currently stands just a hair above $2 trillion. a massive move higher. we'll see if that market cap gets added to with enthusiasm today or whether or not some folks out there, kelly, sell the news on these new product launches back to you. >> tell me, dom, would you do an rv trip with your two little ones >> i told my wife if we ever won the lottery, one of the things

i'd like to do is go across the country in an rv and go across the country by amtrak. so if those things happen, i'm definitely up for it >> i would have an asterisk, age depending, for that one. dom, thank you very much we'll see you soon apple's big fall product event is underway, but because of covid we won't see tim cook literally taking the stage this year let's get over to josh lipton on what we can expect today josh >> kelly, we are expecting news on two important hardware lines for apple. one, today we could see a new ipad air unveiled today. that's a relatively less expensive model in the lineup costing around $500. reportedly the new model will look similar to the more pricey ipad pro, and perhaps that could give a boost of sales to that segment which, remember, is already benefiting from that work from home trend in its fiscal q3, apple reported ipad sales of 6.6 billion. that was up by 30%

we're also expecting to see a series of new watches. the watch is part of total company revenue right now, but we know some investors are excited about the potential growth ahead because they'll argue only a relatively small number of iphone owners actually own that device. we don't think new iphones are coming today the expectation is those get unveiled at a later date, kelly. >> josh, that's the most significant thing about this i thought, even with the delays we know to expect from the iphone, that we were still looking at a launch sometime around now when are we going to actually get the iphone 12 this year? >> well, maybe not too surprising, kelly. remember, cfo luke imestri did say in the last call we unveiled new iphones in late september last year. this year he said expect supply to hit a few weeks later, so the expectation is perhaps they come in october i think for investors, they just want to know those new iphones will hit the shelves in volume in time for that all-important

holiday season, kelly. >> yes, but it will mean a revenue shift for them into next year which it could make for an incredible year for them, given the shift of all that. josh, i just want to point out, we just saw tim cook as this event is now underway walking through their headquarters in cupertino. the way they're going to present this event is going to be very different from what we're used to, right? >> it will be different, but remember, they had a test run for this, kelly. wwbc, their big software show in june every year, they did the same that was a purely virtual event, so we'll see how it goes over this year with fans. >> fair enough josh, we'll check back in with you as we get more headlines josh lipton will be monitoring this for us. let's break down what's at stake with investors steve kovak is cnbc.com's tech editor ed, i'll begin with you. no iphone has to wait for a

little less exciting event, but the watch, the ipad air, do you have any other expectations here >> i agree iphone is always going to be the most important thing, but services, which is the other element that they're probably going to be talking about, they're likely going to offer some bundles, pricing bundles. you probably already have an icloud account, or maybe you pay for apple music, if you bundle some of these services together you'll get maybe a 10% discount, putting it all together. it's surprising they haven't done this earlier given the fact these are services that exist in this weird kind of hodgepodge within their broader services segment. how important are sfervices -- i used to be a narrative point apple put out there, but the last quarter accounted for half of all iphone sales, basically it accounts for total sales,

maybe 20%-plus, and that creeps up every year. i would like a sense of how that breaks down. advertising, the 30% cap on developers, the circuit news and apple tv that is more important, i think, for them to talk about, especially if they're going to pump up that segment with bundles like this. >> right, and we'll be speaking with an apple analyst later this hour steve kovak, you make the point that this is only the first time since september 11 that there hasn't been an iphone launch at this iphone event. >> since 2011. >> 2011. >> yeah, 2011. we're not going to see a new iphone, but it's 2020, so it's this apple event what really stuck out to me is what josh was talking about earlier. this is a pandemic event we had ipad sales during the height of the pandemic of 30%, wearable sales and accessories up about 60% people were stuck at home,

they're buying these products at levels that you usually only see during the holidays. so this is going to be really attractive for people who are stuck at home, looking for devices to buy, to work, to zoom into their school and things like that. to ed's point on the services thing, it will be interesting to see if they can bundle their music and gaming and video services together. but what i would be looking for is how does the iphone actually play into that those services have been around for a year or two, at least, and we haven't really seen that tied to the iphone necessarily. i think what people are really excited about is, okay, let's call it apple prime and let's pay a yearly fee you get a new iphone every year in addition to the services. i think that would make a package like that more attractive there's so much competition in a streaming space, and apple hasn't really proven yet that they can compete there >> that would be a big model shift, though, ed, if they were

to offer the phone that way. >> i actually love steve's idea. i'm a regular iphone buyer, but i actively participate in their loan program where it's like their no-interest loan if you think of it that way, we're talking to people on wall street, the iphone is so essential, it's like a bloomberg terminal in a way. you're just paying into it sort of a regular service every month, every year, and you're not going to get rid of it, and the more essential every aspect of it starts to feel to you and the more you just are used to paying a monthly fee for whatever that ends up being, including the hardware, including all the services, i think the more sticky cycle you'll know you'll get that regular upgrade, everything becomes more predictable and it's just part of your life. apple shares up around 1.7% right now. we'll keep a close eye and maybe see you guys again as this plays itself out thank you so much, ed lee and steve kovak, for giving some

color on their product launches. where the economy will fully recover is where the debate now lies plus, washington at a standstill over the next stimulus package could mini deals be the answer moving forward and the social stock keybank says has all the benefits with atnimal risk th's all coming up ahead, on "the exchange." who is usaa made for? it's made for him a veteran who honorably served and it's made for her she's serving now

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welcome back we just got some breaking news on tariffs let's head right to kayla tausche for more kayla? >> kelly, the office of the u.s. trade representative just announced it's preparing to undo the 10% tariff that are laced on canadian aluminum imports that it just reintroduced last august the statement from str says it has data that says imported aluminum from canada is expected to normalize in the next several months and in the first half of next year, and the surge it saw earlier this year that led it to impose that aluminum tariff in august is expected to go away. certainly a big development and one that was creating a lot of uncertainty in the commodities industry, but the u.s. government says it's been consulting with the canadian government and said it can move forward to modify that tariff from last month.

>> what do you believe implicated this move >> there was a lot of critical talk for them doing it, because there was a lot of roadblocks they had to move to get that deal with canada and mexico, so that was seen as pulling back one of the key olive branches they had to extend last year, so this seemed to smooth relations. it would also remove certainty in the market that a lot of free traders said when the white house was considering this that it wouldn't be the right time to introduce uncertainty in the market, so the u.s. isn't doing that at this time. now from w's to even k's, economists have used nearly the whole alphabet to try to capture this economic recovery which is it and where are we getting back to pre-covid levels in the economy

steve liesman is here with the fed survey steve? >> yaureah, the economists we p and fund managers, half of them think the recession is over. 53% say it ended, 47% say no, so there is a debate on the street of whether we are still in a recession. looking at specifically when it ended, those who say it's over say it ended in may of 2020 making tt shoit the shortest reo we've had. those who say it's not over think we'll go to april of 2021. the original forecast back in july, minus 4.5% on gdp this year, that's about half, to minus 2.6%, but they took some of that away from the 2021 outlook at 3.3%, down from 4%. overall, however, 67% saying the economy or the economic recovery is going faster than they originally forecast back when

the pandemic began 22% saying about as forecast looking at how far we have to go, still a long road ahead. when the economy will be fully restored is now pegged at the end of the third quarter of 2022, and that's about a quarter later than the july survey and quite a bit longer than the -- two quarters later than the june survey kelly, as you know, the recession is over when the national bureau of economic research says it's over. i don't know if you or i wantt be the one to call jim perterba and ask him that question. he's a frequent guest on this show, and maybe it's time for us to do another grilling of jim. >> it would seem mathematically it's over, but the important question is when are we back, and the third quart either of 2022 is eight months out, still. >> they also forecast the unemployment rate, so they've

reduced that number. i believe the end of the recession is where things bottom and start to come up sometimes the nber takes a long time because the data is issued with a lag, and they want to see if it's revised to make sure that all of those key data points are all improving and we are, indeed, in an expansion phase right now. >> yeah. they were quick on the way in, though, steve. i think it's time you ring them up mr. perterba, keep an eye on your phone steve liesman with the latest update just in the past hour, moynihan told investors that the august spending fell back to 2019 levels. he went on to say that spending in the beginning of september has looked stronger even than august, that it's up about 10% from last year is this a sign that the worst is behind us? for more i'm joined by mark smith, vice president of the conner smith management group

and head of he cequities at mar wealth advisers. good to have you both here mark, this would be very encouraging. even as steve laid out, there could be a long slog for the economy. how are you positioned here in this market? >> we're still looking at the big headline news which is very high unemployment numbers. we're seeing that a million people every week are flying new unemployment claims. i know they changed the guidance and how they do the metrics of that recently. there are a lot of people losing their jobs around the country every single week. that, we think, are going to eventually affect spending to some degree. also we heard from our fed chairman recently on your profile on cnbc last week saying that spending by the federal government is one of the biggest issues that keeps him up at night, and so we're seeing our clients at ubs, because of that, take a position in gold.

>> so gold, and i know for you, you're looking at kind of secular long-term plays like cell towers for the 5g play, and we can come back to that jim, let me ask you where you think we are for the state of the consumer i know names like starbuck's just announced and komps icompsn lululemon are some you would consider investing in. do you think tech has more play here >> i think there is a broadening out in sector, just leadership i wouldn't move away from technology i just think two things. you have positive revision, and you have strong eps growth in that sector, so there is a reason that tech should continue to do well particularly with covid, as we buy the electronics, we move to cloud, i don't see any reason for that to cease. i think it's more than just a

big stock. stocks like lululemon and target we've done very well in. we like health care. i think there is a lot of growth opportunities there, and i think a nice balance between growth and value is appropriate with regard to the consumer, we've had some inorganic kind of stimulus here via the unemployment insurance, the cares act, so on and so forth, where it's higher than it was pre-coronavirus. i think you have to call in question, as mark just said. be cautious here near term after this run, because we need to see that flow into organics and continued employment that will generate that income as opposed to temporary sources >> some of those health care names just so everyone catches them, but edward life sciences, bristol meyers, so if you're

concerned about election volatility, which shouldn't be major, but maybe that's one kind of place to look mark, let me circle back to you. same issue if you're an investor who says, how am i supposed to know what's going to happen in november and be positioned accordingly for it, what's your best advice? >> our firm just came up with a campaign warriors list of stocks and sectors that we think will do well regardless if a democratic or republican president results in the november election. so 5 g, as you alluded to earlier, is someone we think will do well regardless of who is president because of the role that's going to take all the towers it's going to take, it's four times the amount of towers that take a 5g than under our current system, so we think this is a tremendous amount of growth, and telecom rolls that out, so we tell our clients they should have a position in that until the

november results come out and then we'll make some strategic plays and other sectors. >> we have to leave it there, but jeff, let me ask you if you would have a position in apple given this company in the whole market >> we do have a position in apple. we like the fact that service i so much more of the growth, and in china the news today, the retail sales are very strong and china production is up apple will be a key beneficiary of that. 20% earnings growth next year, and i know the valuation is a little stretched on pullback good news from the stock split i think maybe you have an opportunity to add to apple on here so yes, we like it >> wonderful thank you, guys. jeff krumpelman on mark smith. snowflake is higher tonight

and investors are paying a high price for it we're continuing to monitor the apple event for you. the stock a little off the highs right now, about 1.2%, as we get more details on the new watch. we'll bring those to you in a couple minutes' time more on "the exchange" right after this so i'm gonna hold on promoting you this quarter, cool? drop the taco, get in the car. does this sentra feel like a compromise to you? wait what? the handling, it's good right? no compromise there... nope.

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everyone here is family. if you are ready to open your heart and your home, check us out. we thought for sure that we were done. and this town said: not today. ♪ welcome back to "the exchange." the dow is about 100 points off its high it's at 126, about 1%. the nasdaq is up 1.5% today. quick check on the sectors communication services, real estate and tech are your leaders, not surprisingly, given the performance we're seeing on the nasdaq compared to other averages speaking of which we've got other news out of the apple event this hour. let's go to josh lipton who is monitoring things for us

josh >> appear we wiapple just intro new watches. a new health sensor which will let users measure blood oxygen levels right from their wrist in just 16 seconds. why is that important? because that's a key vital sign. apple calling this its most advanced watch ever. you really see apple once again emphasizing the device as a true health and fitness product is going to start at 399. another new watch jeff williams also announcing here, a more affordable option called the watch se the new watch operating system and that will start at 279, kelly. >> i appreciate all the strides they're making on the health side, josh apparently they're going to be able to also test your -- is it the color of your blood? there is a clock for hand washing, they can tell you what altitude you're at i just want better watch face options. ones that show my messages and give me a few different options

for the clock. that's what i'm looking for. >> yeah, well, you're going to get that, kelly. it sounds like jeff did show off new watch faces, so you'll have that option. it is interesting, you know, the way they've positioned this device has clearly worked fire l -- for a lot of consumers if you look at that smartwatch now, kelly, apple now dominates about 50% of that market taking the silver coming in second is samsung around 10% one interesting point here for investors to think about, though, apple has about 270 stores here in the u.s most are open, but for many it's just curbside pickup or appointment only we know people like to go in the store, try on the watch, try on the band, so what, if any, impact does that have on new watch sales if the stores continue in the same format they are now, kelly >> that's a good point they really are becoming more of a retailer with the watch bands,

solo loop band they introduced, different colors you can see why they would want the input of someone like angela aarons for a while it's not just the watch. we're expected to get details of the new ipad, maybe other things let's go to sue herera for an update sue? >> currently underway, president trump presiding over the signing of two historic deals between israel and the united arab emirates and bahrain at the white house. the ceremony will take place on the outside lawn shortly the deal establishes diplomatic relations with israel but the palestinians were not a party to this deal and they oppose it the department of justice has opened a criminal inquiry into former adviser john bolton's ell-all book. grand jury subpoenas were issued to his publisher and literary agent, launching an investigation into whether or not classified information was mishandled by bolton

joe biden has received endorsements from scientific american magazine. it is the first in its 175-year history. the publication said, quote, the evidence and the science show that donald trump has badly damaged the u.s. and its people because he rejects evidence and science, end quote the publishers adding that they, quote, do not do this lightly, end quote. you are up to date that's the news update this hour kelly, back to you >> okay. sue, thanks very much. sue herera just 48 days to go now until the election, and there is a new push by moderate democrats for more stimulus before the election, even if it means a small deal with a small price tag. ylan mui is here with this small deal ylan >> reporter: on cnbc today said she doesn't believe there should be a piecemeal package, but she did vow the house would remain in session until a deal is reached. some rank and file lawmakers are

starting to get a little antsy in signalling that they would be willing to accept a smaller price tag. today the bipartisan problem solvers caucus released a $1.5 trillion fiscal release package, that could be dialed up or down depending on how the pandemic unfolds. it offers $500 billion for state and local aid, extends unemployment insurance, also direct payments and enhanced liability protection they know this is not going to become law, but they hope this framework prods them back to the table. >> is something looking more likely, would you say, ylan? >> i think there is more discussion right now one of the things that was talked about during the democratic caucus meeting today was this proposal. majority leader denny hoyer said there was some ideas in it, even though the total dollar amount

is less than democrats were willing to accept. he's hoping it prods republicans to come up from their $1 trillion position and the white house and mark meadows says he is open to some of these ideas as well. >> ylan, thank you very much ylan mui with more on the peace deal a bet on the real estate market in a one of a kind ipo. also is the global retail recovery on track? all this and more coming up on today's "rapid fire. "the exchange" is back in two.

welcome back it's that time leet catch you up on several stories that should be on your

radar today. it is "rapid fire. here is dominic chu, leslie picker and brian ratford snowpl dflake valuation is arou $30 billion. they've got a $250 million investment from berkshire hathaway, leslie, which is the last name i expected to be involved when we're talking about snowflake having one of the highest software valuations we've ever seen from an ipo. >> it's definitely counter intuitive. berkshire hathaway is putting in 2 million with a private investment to bring this company to about $700 million. if you think to yourself, i don't remember a time when berkshire hathaway actually invested in an ipo, it's

probably because most of that wasn't during the life of the firm berkshire said the last time he invested in an ipo was in ford's offering back in 1976. berkshire doesn't appear to be the investor behind this todd combs is actually the one who signed the paperwork as a representative of that investment but still, this is a value-investing firm investing in snowflake which is coming out at 30 times over revenue, lofting any evidence of that word >> this is not going to be an interesting take, i grant, however, this is not your average berkshire hathaway do you not look at this investment and go, this is goin to be a different kind of company, a much more normal kind of company and think about whether you want exposure to that >> it feels a lot more like todd

combs and ted wechsler's firm, the fact they're making more of these investments. these are based on secular trends it might be something that the next generation of buffett investors follows these guys and they look at some of these types of companies that play on the long-term trends we will see in our whole society for the next 10, 20, 30 years i would also point out, guys, if there was a time to make an investment or take a company on cloud, it's now. i look at these types of software cloud companies, and it's through the roof. it's the timing that counts. >> brian, in all fairness, it's quite possible that toddsnowflas literally the equivalent of investing in ford in 1976. >> are you suggesting they're setting a new berkshire "pathaway," perhaps, in investing? i don't know how you guys missed that forget about warren buffett. there is a company called iconic

capital, family finance office in san francisco they own 27% of the company. mark benioff's ventures are in there, so a lot of rich people in san francisco are going to get richer >> that's not usually where you find berkshire hathaway. we totally missed the point on snowflake. we'll cover it tonight and all day tomorrow as this thing ipos. that's the world we're living in how about this billionaire investor patea unveiling his own big bet this morning it's a $450 billion spac merger open door. he explained the rationale behind his investment. >> we started to look across a whole bunch of industries, and one industry that jumped off the page was consumer real estate. and the reality is in the last 20 years, but specifically in the last 26 months, anything that could be bought and sold

off line has moved online except for that real estate is interesting, because this is a category that touches every single american. th this is the largest undisrupted market in the u.s. it's $1.6 trillion >> dom, what are your thoughts >> my thoughts are this. if there was anything -- i used to joke around that i would never buy shoes without trying them on in person. i certainly am not going to buy real estate if i can't see it, walking around, touching the countertops. covid aside, real estate will still be, for millions of americans, a vast majority of them, the biggest purchase they will make. yes, online has a component to it, but there is something to be tossed r sa said about going in and touring a house. >> people are still doing that, though you still tour by a buyer, from what i understand. >> fair enough but this goes back to, like, the zillow days and the redfin days and everything else.

there is a lot of players in this space right now whether or not you see that online real estate really kind of move ahead in force like that, that remains to be seen. this seems like a huge party >> you're missing the story -- >> what's the story? >> i jump in only because i need leslie, who knows about this, to jump in. can we talk about patea and his investor the spac raises a couple million. then he takes another couple million, maybe a little of his own money, other investors, and funds run by blackrock suddenly has an investment in open door he's the biggest shareholder in privately held open door his own spac jumps 25%, and i can't tell you if he put in $5 of his own money into the spac or the investment fund i know he put some money in, but what i'm saying is, genius, he

took other people's money and made himself a billionaire probably today >> sounds like wall street, leslie >> he put in about $100 million through that pipe, which is what i think you're talking about coinciding with that blackrock investment, but this is why you're seeing all the investors getting into this spac investment game. it's really good to be a manager of a spac this would be about 20% of $14 million if you're the manager of a spac not to mention you get the pipes on the side, you get the advantage of the stock when that deal is announced sometimes. it's a good deal if you're a manager of a spac, which is why we're seeing a lot of people go through with this idea >> now we've got spac pipe we have a new phrase dom chu, it's going to be a sell, chu. i don't know what we're going told but we're going to make a

billion dollars on it. >> i think leslie just had the quote saying, it's really good to be a manager of a spac. we showed the shares up 20% on this news, and it's true, and i think people will be grappling with that for quite some time. alpha is back for its tenth year secretary steve mnuchin, jp morgan and many other special guests you can visit "deliveri deliveringalpha.com. the initial coverage of multiplatforms sought out pinterest for having a great platform the firm also gave shares an overweight rating, $40 a price target pinterest has just about doubled this year. i think it's probably fair to say they don't have a lot of regulatory risk, though they did, leslie, have some kind of

antivax issues that you wouldn't expect pinterest to have, but we know where the people go, controversy follows. >> this is true, and you're actually taught in business school it's best to be the number one or number two player in any space you're in when it comes to social media, maybe it's better to be in that middle tier so you don't face that regulatory scrutiny, reputation jute ascrutiny they had a pretty large discrimination thing going on and people were still focused on facebook i think those who do have advertising potential are able to pull some of those advertisers away from the bigger social media networks. brands are still boycotting facebook after their july call for a greater social justice on that platform. so who is going to pick up some of that? maybe it is the pinterests of the world that could stand to benefit. >> brian, dom, any final thoughts here? >> i would just say the demo at pinterest very different than

the demo at these social media firms, so if you talk about if they're undercovered, unless they involve that demo to be more like the instagrams and face books, it's going to remain uncovered. it doesn't mean there isn't an opportunity there to move up the ladder in social media >> is there a spac pinterest page >> i got my hummu s&s sk shummaa inspired by a post h and m hennes, for consumer spending that bank of america measures, it returned to 1990

levels what i think about the h & m thing, it goes back to a conversation we had where he said companies like victoria's secret and gap can emerge from this pandemic if they stop the markdowns. they've been doing that with some success here. >> it's going to be keechy. a lot of retail experts i talked to talked about effective management i guess the mobilization of some of their supply chains and merchandise. if they can manage that well like h & m apparently has, that could be a huge boom they put more of the money in their own pockets and certainly not in the form of ross stores and tj maxx. you're talking about fashion forward-ish at a decent price point. buyers will at least look this holiday season and watch their wallet >> mr. sullivan, i'm going to

give you the last word >> it's 5:00 a.m. eastern in the rbi. sweden politicized on their covid response on making a statement either way, but the sweden etf wde is up 8%. the other markets alert investors a meatball >> if you're wondering why he mentioned that, that's the home company of h & m brian, thank you very much brian, dom, leslie, we very much appreciate it. coming up, apple's launch event is still underway and the shares are trading higher, about 1.2% not much movement since it unveiled to far. we're seeing a new apple watch, a new ipad we'll tell you what that means for the bottom line ahead. remember, you can always watch or listen to us live and on the go on the cnbc app.

we're back in a couple

welcome back some big news out of the apple event. they just unveiled their bundle called apple 1 let's get back to josh lipton. josh >> it's going to be this bundle which includes icloud, apple tv, apple arcade, their game service, apple plus, and a new service called apple fitness plus, which i'll get to in a second in one bundle, the individual plan $14.95 per month, the family $19.95 per month. apple 1 will be available this fall, 30 days for free it's interesting because if you think about it, let's say you're an icloud subscriber and customer and you pay a buck a month, are you interested in this bundle? can apple get you to upsell to more services? that would make apple very happy. john ford said he's watching this, too. this bundle makes him think

about ditching spotify i want to mention his new fitness service, apple fitness plus for the watch this is interesting, too, kelly. what you'll do is choose a workout from this cat a lalog o videos you get a summary of the metric, average burned heart rate, yoga, strength many workouts requiring no equipment. the price there is $9.99 per month unveiled by the end of the year you get it free for three months if you buy a new watch when it was announced, we did see peloton moving lower not just services, though, you're also getting hardware news, too. apple just announcing a new ipad, 8th generation, great camera, performance boost. it starts at $329, benefiting from that new operating system which they say will make the product more productive. we know the ipad is one of those products that apple is seeing which is clearly benefiting from

that work-from-home trend, kelly. >> so much in here josh, thank you so much, sir, with the big news being apple 1 and the apple ipad air let's bring steve kovak, core jo look at wa wall street is focused on let's go one by one down the line b what do you think about apple one? >> it's smart move i want to see better idea of how think want to take that forward. how they bundle other services they need an executive to run that there needs to be more cogent media strategy >> how important is this launch, do you think in. >> i think this goes back to what tim cook told us last year that health will be apple's biggest legacy that's what this is focused on if you look at the evolution of

the watch over the last six years it started as this mini iphone on your risk and it's evolved into this health lifestyle app. >> i'm looking through and we have been showing shares of the like of peleton and spotify as people think through ha this means. if apple is offering you music plus news, fitness, arcade that's 15 bucks a month or 20 for family, do you think they will be able to win back or win significant share from sochl the - some of these other streaming platforms? >> fitness given how much full is spent on. peleton is an example. for 20 bucks a month, this is compelling for families that use it they have struggled to monotize

apps this could be an interesting bundle to improve the services offering and improve the iso users. this is probably a fairly exciting news given the fact this is not a iphone announcement yet >> you have $130 price target on the shares we do not have an i fiphone lau tod -- launch today are people just pushing that into 2021 in terms of the run up of apple share prices thinking 2020 social securiit's a write you have this maiamazing year >> iphone demand never goes away if you want to buy one, you wait until it comes out this is delayed by a few weeks it would imply by late september, early october, they should be a formal apple iphone event. >> steve, as i understand it, there's in power cord with this watch. there may not be power cord with

the iphone 12. what is heck is going on here in. >> lisa jackson, the head of apple's environmental initiative said we're not going to include cords or chargers in this new apple watch as an environmental move to kind of save resources it's been a big initiative for apple moving carbon neutral. saves them a few bucks >> they just assume you have one? i don't understand >> you probably have a million iphone chargers laying around. how many people have a ton of extra apple watch chargers laying around. probably not many people >> i think they want to sell it separately they're telling me we have to go thank you all very much. i'll look for that line item in next quarter check out this mystery chart. the stock has soared more than 700% since the march lows. it's not a tech company. we revealed name for you we'll ta autlkbo the camping world, next.

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welcome back one name that's gone under the radar amid the recent rally is camping world. the company says it's getting into the sharing economy the stock is up 947%. not a typo just an incredible thing to believe. what's the secret to this big growth frank is here with more for us frank. >> rv rentals spiked 50% year over year over labor day according to rv share. rv shipments, the increase shamply on rising demand for socially distant travel and recreation camping world announcing plans

to launch an air bnb said to launch in spring of 2021 the company plans to leverage the 2.1 million members of its rv loyalty program called good sam. the marketplace would use the members to provide the inventory. camping world aims to increase members by 10% according to r vv share, a motor home can generate up to $30,000 per year small class b is maulsmaller, popular model. >> 35 grand a year in rental revenue. apparently you can't find anywhere to park it. >> that's one of the issues that's come up is people renting them are buying them is they are hard to park a couple good places to park, a walmart and maybe even a school. a lot of schools are closed. they have a lot of parking spaces >> that does it for us here.

coming up, tyler and i take to the rv no, the restaurant industry has lost tons of moolah with no federal aid in site. we'll tespeak to tilman about that stay with us that's what my dad does.

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good afternoon every one second day in a row with the nasdaq leading the way the dow and s&p are less from 5% record highs as we are less than 24 hours from another fed decision happening right now, apple's virtual produc