♪ ♪ good morning, it's 8:00 a.m. at apple park and 11:00 a.m. on wall street and "squawk alley" is live. ♪

good tuesday morning i'm carl quintanilla with jon fortt and julia boorstin apple is going to be the story of the hour. their new event is just hours away expected to unveil the latest edition of the iphone, jon >> likely story of the week in my book. that's where we'll start this morning. joanna stern off the wall street journal joins us product reviewer extraordinary

air. it's been a long time since we had an iphone event that wasn't focused primarily on camera and screen quality, i would argue. maybe back to the iphone 10 where we got face id but this time it might be 5-g taking center stage, right >> supposed to be it speed, speed, speed. that was the tease in the invite last week from apple i think it's going to be in 5-g, certainly. processors, processors, processors every year. and i think also we hear a lot of speed in charging this morning it was a -- i believe it was last night, a wireless charging grid that will clip to the back of the new iphones magnetically clip. should be able to charge faster than current standard wireless chargers >> nobody cares about that, right? >> no. >> i don't remember everyone saying my iphone doesn't charge fast enough. if only they get me an iphone that charges twice as fast >> jon, i'm so happy you said that

i have a piece tomorrow about fast charging. i care about this project -- this more than anyone else >> you're going to be testing 5-g speeds in your city and other cities isn't that going to be the maintaining that people want to know about this thing? does it really download and stream stuff faster? >> i can tell you the answer to that right now without having tested the iphone i tested a bunch of other 5-g phones frankly, it's not worth the hype i mean that is the situation we're in right now the carriers themselves have a hard time explaining why you need 5-g on your phone now 5-g has a great exciting future we'll get all these great new technologies its going to unlock the new technologies like 4-g did. st but but on the smart phone, what do you need the faster speed for? we need them to answer that and how they're thinking about 5-g

on the phone do you always need that 5-g signal and where can you get the freaking 5-g signal? >> that's the question consumers really want to pay to upgrade for 5-g. and that's my question about paying there are four different phones. what are you anticipating in terms of the cost of the phones? sounds like one is smaller, a mini, then you have a maxi where are the phones going to fall in terms of pricing and size >> yeah. on the 5-g point carriers said they're not charging more for 5-g. good thing for consumers there if you have a current plant with verizon or at&t and t moibl, you' t-mobile, you're going to pay the same why wr does the new iphone start at does it start at that $650 price point? does it bring the 12 for an iphone 11 mark because you'll have something below that? and so can apple stagger the

prices from $650 all the way up to, you know, $1200 on the pro max which then can be up to probably $3,000, $2,000. then the other interesting thing apple does is keep around the oler model we'll still see the $500 price plan and the mid tier has been huge in the last section for iphones but also for android phones. so i think we'll see a smaterring of prices >> of course, it will be really interesting to see how they address the pressure and consumer spending right now and how much people are willing to spend. also, are you expecting anything in terms of trade in, new trade in policies and do you think we'll hear anything about services or anything else other than the i phones which i know are the star of the show >> yeah. i think we -- there have been some reports around a new trade in program, a new program that we have been hearing is called the iphone for life. which is a very funny, i think, we're all going to -- we should

all have t-shirts that say iphone for life. there are rumors around that on other products, i think accessories are something we shouldn't play down. apple has gotten people in on the iphone they can expect upgradesen on the iphone that is the recurring upgrade cycle. but on accessories, that's an area where apple can keep pushing. we talked about that wireless charger. sure, you pay $700, $800, $1,000, why not pay more for a new wireless charger and new home pod mini that is $99? all of those things keep you into the apple ecosystem, keep consumers in the apple trap. >> joanna, i worry that we're whistling past the graveyard here they're on expectations of a 5 u iphone and you're saying that 5-g is not going to deliver. what does apple have to do to perhaps enable this super cycle that so many people seem to be

expecting? people say last year apple needs an 5-g iphone. maybe they're delivering it too early. is there something pandemic wise, anything they can deliver that will make people buy it in droves >> i think design is a big thing. the super cycles are usually driven by a whole new design i don't know if enough people are going go out this year in a year where they're trying to cut spending and say i want that brand new squarish looking iphone because it looks so cool and has new colors that is one area the new design along with the 5-g and some new camera tricks, along with a better screen new charging tricks. that might be all together compelling package for someone to upgrade is 5-g the reason? i really don't think so i will say that firmly as i said right here. i think on 5-g, one thing to bring up is i'm talking about the u.s. market. i live in the u.s. i tested all across the u.s. i tested a lot in area in new york and new jersey. i don't believe that 5-g is a reason to upgrade. i don't live in china. i don't live in europe

those are place that's 5-g rollouts are more advanced and have come a lot faster >> yeah. well, perhaps the buying will be in anticipation of 5-g not just because of 5-g. we'll have to see what demand looks like thanks we're going to continue, of course, to talk about apple as we are less than two hours from that announcement starting with julia. disney made headlines after the restructuring announcement help me understand what this is. yes, it's more of a commitment to a direct relationship with the consumer than in the past. but structurally, how is this guarantee that >> it's a pretty unusual restructuring, carl. they're dividing the content creation business. studio, film and -- studio for film and thentv and sports dividing that content creation from the content distribution creating a new division just focused on distributing content to consumers and making the

choices about whether content should go on disney plus or in theaters or on tv. so the idea here is that by putting one person in charge of distribution and one team in charge of distribution, also putting that guy in charge of the streaming business that you'll then have a more nimble ability to decide where things should go. and, jon, as you know, things are changing so quickly right now. but with theaters still shuttered, it's more important than ever to put thing onz streaming. >> does this mean they were giving more traditional distribution methods preference? how does this restructuring affect the way disney is going to operate couldn't they have just decided without restructuring? hey, we're going to do morewit direct and disney plus >> well, look, i think it's really more silo'd before. the studio made decisions about whether they wanted things to go in theaters or disney plus

tv also made the decisions but now by putting daniel in charge, he's not going to let the studio decide oh, i really would love to see this in theaters i think we should hold out and put this in theaters he's going to decide if financially it makes more sense right now. so i think what is really interesting, carl, we saw bob iger's legacy is creating plans they can exploit across the platforms and building up the presence of streaming. and now what we're seeing bob do with this big promotion of daniel is saying we're going to create content that we're going to figure out how to exploit across all platforms particularly digital, carl >> fascinating i was struck by morgmorgu by mos line we're trying to establish how big a deal this is internally. great coverage today and yesterday. in the meantime, getting back to apple, of course, the event in a couple hours, let's bring in guy

kawasaki guy, it's been a while great to have you back >> thank you, thank you. >> i'm glad i'm relevantagain. >> 5-g is going to change the world. imagine getting five gigabytes up and down. of that allows a lot of things, the internet of things, cars, talking to each other and just live streaming from your phone that's a huge deal >> apple is a master at saying

how this is going to work in your daily life. the can you imagine how 5-g will allow you to do things you couldn't do before >> will with, we're assuming that 5-g is coming today let's make that assumption if i were apple, i would think i would have somebody with the 5-g phone in some great location far away streaming live with absolutely absolutely no latency. it's not quite true. but, i he mean, can't let the truth get in the way of good marketing. >> well, is it good marketing, guy? if that is not the experience that people are going to have, i guess, in a way it's a question about 2020 i think a lot of people are going to wonder how good is 5-g coverage in my area? and use that as a basis for whether to get this phone if apple positions this as a phone

that you should buy if you want 5-g. do they have to say there is 5-g on this phone so it's future proof. but here are a bunch of reasons why you have to have it. >> right now is relative you know, verizon and at&t, they're just going down the road towards 5-g. so i think you can take that as a given. and this happened every time, you know, with 4-g, you could have gotten a 4-g apple phone before 4-g covered the world, too. i think this is a no-brainer it is the most important feature that could be announced today, particularly because there are so many android phones that already have 5-g apple is behind the curve here >> guy, we're going to have to cut it a tad short because there is so much news. i hope you'll come back next time and talk canada which is another amazing story that you're involved in and it's fascinating to talk about. >> i'm just an e-mail away

>> guy kawasaki, thanks. getting breaking news on boeing orders and deliveries. phil lebeau has that presser in chicago. >> julia, another month where boeing is shutout when it comes to new orders. new commercial airplane orders for the month of september the company reported negative 51 planes on the order books year to date, negative 983 planes when it comes to orders. that means the boeing max backlog, what all 51 of the planes were in terms of of what was taken off the order books in september. the total backlog drops to 4,325 commercial airplanes they did deliver 11 planes last month. year to date, deliveries have not yet hit 100. 98 so far this year. the headline here is that the backlog continues to pull down as they report negative 51 planes in terms of orders for the month of september

guys, back to you. >> phil lebeau on boeing now take a look at shares of disney popping to day after that company announced it was restructuring the media and entertainment divisions do focus more on the streaming business here's what the ceo told me about the move "squawk alley" will be back right after this break >> we are tilting the scale pretty dramatically towards our direct to consumer platforms we're going to be increasing our intostment in content that's gog fuel the machines in direct to consumer before we talk about tax-smart investing, what's new?

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amazon's prime day under way this morning the biggest retail days of the year john blackledge joins us with his expectations john, thanks for joining us. you just updated your expectations, your forecast for e-commerce tell us the acceleration that you're anticipating. >> thanks for having me on we published the fourth annual report yesterday and then we significantly raised our commerce forecast. we now expect commerce growth of 48% year over year in 2020 obviously, a massive acceleration given the covid-19 demand w that, e-commerce penetrations rises to 17%. tha that's a 5% penetration jump it's a big change. we've seen e-commerce

penetration rise about 1% a year the past five years. but with the pandemic driving the demand surge, we're really seeing a big pull forward. and the categories that are driving it are really big. consumables, food and beverage, home, among others and so now we actually expect $1 trillion in e-commerce sales by 2022 which is two years than we expected >> john, you mentioned consumables, food and beverage i anticipate that is a category that may slow down go back to prior levels post pandemic once people can go out to restaurants or to the store more freely than they do now. is that something you anticipate to continue to grow or have that growth slow down or revert back? >> you know, we think consumables which is, you know, personal care, household goods and food and beverage will be

drivers going forward. these two categories doubled and they drove about a third -- they're driving about a third of the incremental e- commerce spend. prior years they had been driving maybe, you know, kind of half that. so we think those two plus home and auto will be the drivers of e- commerce growth going forward. we're looking for 10% annual e- commerce growth the next five years. of and those are the four categories that we think will drive it >> john, the -- >> the other thing i call out is we awe on line grocery users double this year per our data. we think that the train is kind of left the station and people found it easy to buy groceries and your consumables online. we think that will persist going forward. >> okay. we talk about the benefits of prime day. but we seldom talk about the costs. the there must be costs or amazon would have three prime days a year. so what are the costs involved

here how are we going to gauge whether this prime day was as successful as previous ones? >> yeah. so, jon, i would say amazon's been investing and the last mile delivery, the last couple years, this is another thing we updated in the report. they're increasing the fulfillment square footage by 50% this year. they're increasing the delivery stations which are around major metro areas. they're doubling them this year. so i think that's part of it the margins won't be quite as high i think prime day kicks off the holidays for amazon and in the u.s. and around the globe. and because we're only a couple weeks from november.

and then to get into cyber 5 and then into december so i think it's more about kicking off the holidays than the cost at this point >> yeah, of course, jon. prime day used to be in the summer and now leading up to the holidays john blackledge, thank you so much for joining us. >> thank you we're watching tesla today as well. a colleague officially cutting the price of the model s long range sedan by 4% in the u.s. just days after reported third quarter deliveries stock gets a small price target raise over at citi shares are up 1% of course, up more than 420% since january. ♪ wild thing, ♪ ♪ you make my heart sing ♪ ♪ wild thing i... think i... you know what i think?

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disney one of the top s&p 500 gainers this morning that stock up 5% after the announcement they would restructure the media and entertainment divisions to focus

on streaming more on that after the break stay with us >> in every territory for every platform our expectations have been exceeded and exceeded every month. so we're thrilled with the way it's going and we just think this reorganization is going to catalyze growth even further

>> welcome back, everybody here is your cnbc update members of anti-government parra military groups discuss kidnap virginia governor earlier this year that is according to an fbi agent also testifying on plans by other groups to abduct the michigan governor. judge barrett saying she cannot offer an opinion on whether she would recuse herself from any election lawsuits involving president trump. barrett also declining to say whether she agreed with justice scalia's dissent on the court's landmark decision requiring same sex couples be allowed to marry. early voting has begun in texas. some in line hours before the polls open it continues through october 30th and soccer mega staoccer star renaldo tested positive for covid-19 he'll miss portugal's match

against sweden which is scheduled for tomorrow you are up to date that's the news update, jon. over to you. >> thank you and we are just about 90 minutes from the scheduled start of apple's high speed event. josh lipton, this event is called by some the most significant iphone event in it years. i'm not so sure. >> jon, the super cycle begins that's what apple bulls are talking about. the expectation is that four new iphones are on the way complete are 5-g connectivity which promises faster data speeds for streaming games and movies apple's latest and greatest buy onic chip and longer battery life, there are trends potentially working in apple's favor. entering 2021, there is about 1 billion active iphones o ut there:120 million will be older than three years that's a lot of possible

upgraders. there could be headwinds, too. carriers are building out the 5-g network. but coverage right now is still spotty that's why some argue that 5-g adoption is actually more of a 2021 event so how does april trade on days like today they point out that investors often sell the new they have only been four times at a 15 that apple traded higher on iphone announcement day the for long term investors, the question is whether this covers a lot more iphone sales in the quarters ahead and sparks the next leg of the rally. in addition to new iphones, what could the ceo have up his sleeve today? a few other products could be unveiled reports do indicate that apple's hard at work on a smaller u pod and ear tags they allow you locate physical items like your bag or wallet. carl, back to you. >> we're going to learn a lot more in the few hours josh thank you for. that josh lipton

we continue to watch disney this morning. the company announces that reorganization h the entertainment and media divisions to help disney plus and streaming. another sign of the transition that we're seeing among media and tech industries. the necxt guest is board member for several companies like net nix, ea and peloton. jay hoag joins us this morning good to see you. thank you for time today >> hey, glad to be back here >> how big a deal do you think this is? >> well, i do want to call on my opinion that i'm not a close disney follower. reorganizations are a lot more important internally than externally i will say as a industry observer i've been incredibly impressed with the jobs disney has done with disney plus and shifting their business from plastic media to the streaming world. so i think incrementally betting on that makes sense as an

outsider but also observe that manufacture the businesses as good as companies as disney is are under significant duress in covid-19 times >> the street's general take this morning is that reorganizations like this are fairly disney itself and that means they could last longer than the street might think but investors are likely to forgive that. do you have a problem with any of those points? >> not really. i give the company all the credit they were probably sitting there a couple years ago with no online presence direct to consumer and pondering that future all of their media being indirect through the cable partners, et cetera. and so leaning heavily to, you know, i'd say not the future to what the president and in terms of streaming makes sense as you

mentioned. i've been fortunate to be a long time shareholder of netflix and, you know, worth noting that streamers introduced in 2007 so it is 13 years. and netflix, obviously, innovated to deliver what you want to watch, when you want to watch it, where you want to watch it and continues to advance the offerings, making the product better, making the content better and leading the industry. >> jay, you know, netflix does continue to advance and is clearly the leader in the streaming space. netflix shares up 1.5% today so not negatively impacted by disney's news. um wonderi i'm wondering if you think there could be impact on netflix if they put much more of the content that went on tv and theaters on to disney plus and invest further in espn plus and hulu >> as you might imagine, i've had the pleasure of working for

him for 25 years including before netflix and i strongly agree with pretty much everything he said and in particular on this point i know the press likes to focus a lot on streaming wars and so if disney is offering better, does that negatively impact netflix or others? my view supportive is it's all about giving the consumer great value, greatselection, and what -- and there isment of things a consume kerr do in terms of alternative use of the time, screen time. they can play video games, develop tiktok videos, watch netflix and watch disney, perhaps cut the cord on their cable. and that's what it's all about it's about execution and delivering value to consumers. i don't view it as a zero sum game i will also point out that the viewing time shifted very dramatically online and perhaps

at the expense, even in covid-19 times, from many classic media networks >> jay, looking at -- >> hbo and news as well. sorry. >> jay, looking at disney's strategy here, is there a danger it looks to me like they're going for more of a vertical strategy to more horizontal where media and distribution is its own thing separate, you know, separate from the creation and the development of the content. might they get too short term focused to involved with the idea of disney plus? and if the landscape shifts yet again, might they be out of position >> i will ultimately leave that call, i guess, to you and the folks at disney. the i would also point out that disney obviously offerings are not just disney plus it includes hulu and espn plus and, you know, the lead into disney plus overall is, i assume, part of the rational

behind the acquisition so i'm not sure they have lots of great choice given the media landscape. >> people are wondering, all right, when is disney going to get some pushback from the exhibitor channels you look at amc today, the nk is not good, not reassuring at least. i just wonder how much leverage they have to push disney to sort of remain at least somewhat with their traditional practices on distribution >> i'd say theater side, my observations may be twofold. one is, you know, prolonged period of time many of the exhibitors have been challenged strategically relative to the great content suppliers like disney the so i believe this is true. a lot of the economics were around concessions not the movies themselves. and obviously in a covid-19 world, there are many, many, many incremental challenges for

movie theaters and how that progresses going forward, your guess is as good as mine. i would also point out though that the fundamental shift towards, again, delivering what they want and where they want it, you've seen tremendous growth in streaming and availability of movies in netflix and other services while some people want it in a normal world, many want to be able to have it as part of their standard monthly fare and deliver to their living room >> jay, as you said, we mentioned at the top your board involvement at ea and netflix, it's hard to imagine two companies that have a stronger stay at home tail wind than those two. i just wonder how alert are you at least for signs that structural foundation reverses, stabilizes, flattens out as we all talk about if and when we're

all going back to the office and leaving the house. >> sure. well, i'd say that at tcb, we're very much focused on the long term we started in 1995 as the internet is becoming commercialized we had great, graeat tail wind. the focus is on technology which is showing itself to be extraordinary in this period of time as it was in prior times. and growth and private and public and those formulas have seemed to work pretty well. companies like netflix, like peloton which you mentioned and zillow and spotify which were start bid incredible ceos who hired great teams and went after a prize that nobody else could see at the time. and so i would point out that covid-19 hopefully in a relatively short term phenomenon, we're focused on the long term. was there some increase in

demand due to the current situation? sure do i think that the fundamental consumer value prop remains -- will remain very strong in the future for many of the companies? absolutely and to continue on that path towards the mountain top whether the world reopens or the world is shelter in it place i understand from a trading standpoint that could be really important. but i don't have any -- i'm not an epidemiologist and again, i'll leave that to the experts on when the world will be ready to reopen. they're reopening the world in 2021 might look quite a bit different than it did in early 2020 in terms of strategic landscape and lots of verticals being reshaped >> can i just quickly ask what you mean by that last point? >> sure. so if you think about in the

case of media and entertainment, you spoke a lot about cord cutting precovid-19. i believe it's true and accelerated in this time period. so the ability of historic media companies to compete in '21 and '22 is a little tougher. in the movie theater example i talk about, will people go back to theaters? i'm sure they will at what level? what will that look like it's going to be challenged. the other example, you know, i believe you had the ceo of peloton on extraordinary entrepreneur who slaved away in the wilderness when thought people his idea was crazy. making it very cost effective for you have to an incredible workout experience in your home. and so again, strategic landscape. what will the studio if thenefi industry look like going forward? what will the health club industry look like going forward

with this inhome experience? >> jay, i wish we had a full hour there's a lot to dig in there. we hope you'll come back i really appreciate the help on all that and on disney too thanks >> it's always fun i enjoy your coverage pretty much every day >> thanks. jay hoag johnson & johnson making headlines today beating on the top and bottom lines this morning. also announcing late yesterday that it had paused a clinical trial after a participant in the study reported an unexplained illness. johnson & johnson is now the second coronavirus vaccine trial paused in recent days after ast another paused their after similar circumstances. "squawk alley" will be back in two. stay with us when i was in high school, this was the theater i came to quite often. the support we've had over the last few months

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invesco launching a junior version of the nasdaq 100 etf. the nextg ten fund will be qqqj bob pisani joins us with the head of the etf bob hoffman. >> julia, success begets success. the nasdaq 100 etf, the qqqs has become a monster etf trader. the fifth largest etf out there. consistently very high volume every day used regularly by the momentum and growth people

john hoffman joining us now. i know tech and growth is hot now. what prompted the move to do this this is the nasdaq 101-200 this has been a big success. this looks like the 101, the junior varsity qqqs. why now? >> yeah, bob the j is for junior. and, look, innovation has never been so important. it couldn't be more front and center you know, during a pandemic when we all had to experience and create and build during this period look, innovation drives growth and that is persistence. and the qqq as you talk about, bob, has delivered growth for 21 consecutive years. we're expanding on that now. providing investors more ways to simplify the investment and growth and innovation. that's what this is all about, bob. >> you know, i notice that it's got some usual tech names there.

it also has garmin here, lyft. these are not securely tech names. i gather just like the nasdaq 100, it's not just about having tech but somebody that's doing innovative things with tech, right? >> that's right, bob you know, less than 50% of the qqqs is in the technology sector the common element there, bob, is about companies that are using technology to drive-in ovation. it's the same thing in the qqqj which we launched this morning these are companies that are using technology to drive-in ovation. less than 50% of the exposure is in the technology sector but you're right we see this as a stepping stone to the nasdaq 100. there are 54 companies since 2011 that have moved from this junior varsity as you call it to the varsity program.

names like tesla, netflix, docusign >> all right going to have to leave it there, john very much appreciate it. this is the nasdaq nextgen launching today, qqqj. >> thank you so much, bob. financials in focus as they kick off earnings season obviously today we had j.p. morgan, blackrock beating on the top and bottom lines it's b of a, goldman and wells set to report tomorrow you don't want to miss that. this q-3 season kicks off. "squawk alley" is back in a moment before we talk about tax-smart investing, what's new? -audrey's expecting... -twins! ♪ we'd be closer to the twins.

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welcome back to "squawk alley. look at shares of royal caribbean as the company seeks to raise about $1 billion through a stock and offering proceeds, the company says, will be used through capital we use to get through the pandemic. while the cdc no sale order is set to expire at the end of the month, it's been burning $300 million in cash every month. the silver lining is royal caribbean does say bookings for 2021 have continued to improve over the last two months more on th delinisevopg story on cnbc.com "squawk alley" returns in two. oh supermarket gives you the mosth bang for your buck. something else that's good to know? if you

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we are about an hour away from the start of apple's high speed event and the expected unveil of the new iphone joining me is john gruber. john, it's great to see you on "squawk alley" first of all.

i want your take on the significance of this event to my eye, the first half of the iphone's life was more about design changes and network upgrades the second half has been more display size and quality and camera quality are we entering perhaps a new era here >> i think that's possible i think definitely i would agree with your assessment i think the last few years have definitely been about the camera i think there's still a lot of room, though, to go on the camera and i think we're sort of entering the beginning of this era of what they call computational photography where the quality of the video that you shoot is so involved with the software and the chips and the computer capabilities as opposed to just the lens and the sensor but i don't think we're going to see radical changes in the form factor like we did in the first half of the smartphone era >> apple lately has been

doubling down on the things they can control, the custom chips, the vertical integration services that are tied into the device here we are with networks now and 5g they've got to rely on carriers again to help tell this story. i wonder if they do that differently this time than they have in the past >> yeah, i think it's always a tough situation for apple because apple's whole shtick, if you will, is that they do things their way. and the cell network isn't theirs and it can't be you know, the iphone is a worldwide product. carriers are available around the world. and anything they can brag about with 5g speed is something that phones from other phone makers can also take advantage of and i think the other factor that's involved here, and i really do think it can't be overstated, most people i know, their biggest problems if you say what would you like in a new

phone, their problem isn't lte speed. i don't even know that would make the list for a lot of people even if 5g is faster than lte, which given the testing of the current networks around the country, is actually a big if, for people in the real world, not hypothetical speed, which are clearly faster, is that really addressing the top problem people have? >> john, what is the top proble that people have and what are you expecting for pricing for the four phones that we're anticipating >> i think one of the biggest problems people have is battery life i think it has has been and will be into the future i think people use their phones continuously it's something you see on tv now, characters are on their

phones all the tile. it part of modern life we can complain about it and think about the old days when we didn't have our phones out and it's not about arguing hey, put your phones away for dinner. it's just the way it is. people want their phones to long laster if you s -- last longer >> and the other is photographic quality. everybody wants their pictures to look better what was your other question oh, pricing. i think the pricing is going to be very much the same as it was last year. we have now leaks to know there will be iphone 12s without the pro name at about the same price point last year and the iphone 12 pros at the higher price points, around $1,000. >> remember the days we were

actually surprised what was coming here? these days we kind of know john gruber, great to have you hope to see you again soon >> oh, it's great to be here thank you. think about what josh said earlier in the hour. you and i have done enough apple events the price action on the day of the event historically not that great but long term almost meaningless >> investors have very little sense of the significance of the technologies that get rolled out here people were saying a couple years ago apple can't innovate well, their stock price looks pretty innovative. >> and we'll see what we're hear about 5 dg and whether there's need for people to upgrade >> pipe r has about 5% will

upgrade at the event and 10% will upgrade this fall or winter we spent so much of the year talking about supply and the fact that this event came a few weeks later than we expected we'll watch all of that and keep an eye on amazon prime day and the negative drift down about 88 points here. for now let's get to the judge and the half thank you so i'm scott wapner front and center, jpmorgan and citi both reporting and both falling even after pretty good quarters what does that say about the beaten up bank trade today joining me for the hour today, stephanie link, josh brown, pete najarian and let's take you to the wall we have the dow and s&p to the negative territory nasdaq is having another good day afte