fix. i think there break out to new highs. >> thank you for that. >> market access 85% market share all u.s. bonds trading. >> stephie link. >> google. lagard play is catchup. >> josh brown. >> crowdstrike, new record high. >> good stuff. the apple event begins right now and so does "the exchange. >> thank you, scott. hi, everybody. it's a big hour ahead here apple product event kick off right now. it's being called the most significant iphone event in years. we've got all the breaking details as they happen and instant analysis i look forward to what apple has to say j.p. earnings is saying the economy is strong and why is he right? that's coming up and the nasdaq, jv squad, the disney pivot and green chutes in sneaks

seema mody first. >> reporter: stocks are drifting lower had. the dow is currently down 102 and s&p 100 lower and nasdaq holding on to gains of 12 points let's check in on the financials, jpmorgan and city group is whether they are largely done setting aside money for loan defaulgts tomorrow we hear from bank of america and wells fargo. let's take a look at fastenal. it saw a surge in sales for safety products, everything in glasses, masks and gowns and other protective gear. it's down about 4%, but the stock is still having its best year in a decade, vastly outperforming the industrial sector, as you can see right here kelly, back to you >> yeah. we always used to watch that one. it's a good macro science. we'll take it even with today's selloff.

seema, thanks very much. let's talk about the apple product event now, kicking off with very high expectations from wall street. the stock rallying 10% in the past month and 6% yesterday. let get to josh lipton with more for us josh >> we expect, kelly to offer their five a 5 i and we'll -- what other kinds of products are they offered an now is polich will the iphone cost apple cook doll in much trade. investors often sell the news. there's been four times out of is that apple traded higher on an iphone announcement day in addition to new phones, what else could be announced? we know that reports indicate that apple is hard at work on a

new home apple home pod, and there's a suggestion that new rival apple product are on the way and we'll see the long tumored air tags, trackers that will allow you to locate your items. >> we'll they can but a nut very soap joining me are casey newton. editor of former and ed lee with the "new york times" and cnbc contributor. welcome to both of you casey, i'll start with you i'm looking at league photos what have to expect here and the main things i see are different colors, but obviously there will be a lot more to it. what's your biggest expectation. i mean, i'm a little surprised they are hanging so much on 5g which has very little relevance for the broad consumer for a long time, right >> all of have has been trapped

in our house there's a recession and apple finds enough you think this is the weakest pitch, the least impressive iphone that we've seen to date in terms of expected improvements over the previous generation. >> all right now we're getting a little ahead of ourselves, casey. the thing has barely started. >> ed, let me bring you in with a little bit of -- >> don't ever disagree with casey. he's absolutely right about it. >> look, i ahead i think 5g is still up of those platforms in search of application, right, people don't complain about soetd on foyer their and is may be battery proits but it's priss. even this supposed -- the money

i one the mull mir form factor that's supposed to come and be cheaper, after as, still pretty expensive, and if a s&l trying to find itty warned the word serve a market that they still really haven't tapped into, gran is a great place that and the with if this diagnosis -- bris will be a famerantia and everywhere else around the world. we're ultimately releasing iphone, we're just relotion them on a mount to mount bonen and that will make it more easily adoptable around the world >> and we know, listen, biggest selling iphone all time is calls the high phone 6 as they sell each upgrade they

sell as a higher place i want to call mo med el idone do flower. not like handout my broader point is what are the differentiating factors that are really important to consumers these days it could be an 8, a 10 or something. i think it's a great thing. >> apple deserves to be credited for building a great device but it's gotten to the point where it's harder to make it that much better year after year >> better battery life two things that probably drove more sales than anything else aside, from you know, maybe the form factors, something that people wanted a slightly bigger phone but we're at a point where battery life is pretty good and people are not leaving their houses and battery life isn't as important as it was anymore and the camera is also really,

really good so that's why, you know, a lot of folks, myself included might have to sort of check the back of their phone to figure out which one they have, it and i think it's going to make it that much harder for apple to sell this next generation >> the back doesn't even say i only have one camera i want that portrait mode. that's like the motivating factor, burks ed, let me ask about the stock performance yesterday. >> yes. >> it was up 6%. i'm not downplaying 5g it's absolutely going to change the world. just like the mobile phone did and internet did, and these things take time, and i just wonder what that run-up like that tells you how high expectations are and what we're expecting apple to pull off here. >> you point out and make a great point. how the markets have been going, ale a part of it if you think about it relative to have say am none.

those stocks performed better on a are forward multiple basis the what i do think, however, what these other companies have that apple doesn't, have you know, they have a great cloud business it's one of those revenue things they have 60% margins. i want to see them run deep ter on that side of the business and i don't want to see them that even though they made those incremental changes. we want to see more of that have happening as opposed to just slightly better form factors and things like that. >> and in a way that apple wants to see more events that have up fronts, here's our great lineup and why it should be an apple one member the headlines crossing -- at this want to ask you about real quickly just about a new smart

speaker, a new pod mini, and the fact that this apple phone event is happening on the same day as amazon's prime day and i would argue that the latter has a lot more buzz right now. >> look, people love getting deals, and if you go to amazon right now you might get something really interesting for cheap and if you go to apple.com you want something that looks a lot like last year's model it's going to be expensive and during the heights of the really severe recession a lot more eyeballs will be on amazon.com today maybe than other there on apple. >> ed, give you the final word on that. >> well, appreciate getting the final word i think amazon right now is a higher flying business in terms of especially under pandemic times. i do think apple has a lot more run. i want tosee more on their services as i said before, and i think had the phones themselves as you pointed out, like what kind of phone do i have, plenty of technology that users aren't

tapping into buying a $1,000 phone but users using only $200 worth of technology and that's something that users need to find out about. >> i think i'm charging mine too long and i don't think a little bit better battery life is going to make that much of a difference casey, it's been a pleasure. ed, we'll keep you around. meantime, let's dig a limb bit on the market today and earnings season is kick off in the meantime big banks, showing encouraging strength at least according to black rock larry fink. here's what he said on "squawk box" today. >> i think jpmorgan's announcement related to the reserve is a really great indication of the underlying strength that's beginning to occur in our economy. >> fink also observing that typical investors still on the sidelines so markets could see more stocks in coming months for more on this i'm joined by mark smith, vice president of

the conor wealth management system mark, let me just start with you. again, you know, people like to beat up on the big banks and in terms of what that is telling us about the economy. >> i think we should hear about the big banks, credit cards are getting paid businesses make money are paying back their loans, and that's good for the overall economy that people aren't going bankrupt as much as we thought that they, but we're seeing -- i'm telling my clients, where's oat opportunity if i've been sitting on the sidelines like you just alluded to and we think that's in the industrials and the materials. they have lagged the market and there's a big pickup and spending from china. not a lot of existing home, not a lot of news homes so industrial materials historically have done very well in recession and with all the pent-up demand and folks buying

and not having an inventory i think the sectors will be great plays outside of tech which has kind of ruled the day since april. >> yeah, sandy, tech has ruled the day. apple in particular is like 14% of the nasdaq 100 right now, but it looks like we're off to a fourth quarter with it continuing to perform like it has all year what stops that at this point, anything >> yeah, i mean, we're going to try to avoid some of the larger cap tech bellwethers they have had quite a run and we're trying to find pockets of value and more smaller cap if you look at the vanguard growth versus value it's almost a 40% disparity. i think there's a lot of pockets of value and typically small caps outperform coming out of a recession, and that's where we want to be you look year to date, s&p up 9% russell 2000 still down 2% i still think there's plenty of opportunity in smaller cap and value names. >> give me a couple of them real

quickly, sandy >> sure, i like lygand pharmaceuticals, and they are currently selling to gilad for their remdesivir covid treatment. really like that one think it will work out real well and will add $3 to earnings. i like caesar's. this is a may on the economy not only on reopening but online gambling happening and they are going to absolutely dominate that particular industry and the william hill acquisition and i like e-health. they will help seniors get medicare insurance online as well as you can buy a plane ticket on travelocity and i like those names a lot. they have been beaten up too unfairly and that's where i would be. >> mark, back to you again, some recommendations here and they will not -- will they include big tech and 5g thematic picks and that sort of thing the problem with tech right now is that we saw last week there's

bipartisan support that big tech is just too big and that's going to give everyone pause when thinking i should put more dollars into the five or six names that we've all been seeing and had a huge upside over the last nine months if you saw back in '98 with microsoft and what happened to bill gates when he went to capitol hill, a year or two later, they broke up microsoft in two companies i think that the mega cap tech companies should be very wary about what happened with either a democrat or a republican walking in in january into the white house. >> all right thank you both guys, appreciate it on the markets with a couple of investment ideas let's get back to josh lipton now who has breaking details from the apple product event josh >> tim cook is starting this event with products for the home and says they should work seamlessly and begin with privacy. that's the apple home pod.

the home pod mini. a summarily version depp grew integrated with the iphone will cost $99 they say and start shipping november 16th apple hoping this device helps them compete more effectively in that smart speaker market by amazon and also google which does have significant share as well now, they are turning to the iphone and we'll get those details as we get them, kelly. >> it's interesting that they are starting the big event on the home pod that tells you about where apple is really staking its future >> i'm not so sure usually, kelly, apple, it usually does ramp up the surprise and the excitement of the show and i'm not too surprised they started here, that they started with the home product. listen, this product investors don't look at it and think it's a big financial mover for a. they do know apple like every other tech company is trying to move hard near your home and

apple is trying to move more competitively in smart speakers. they are starting to talk about the star of the show which will be the new iphones. >> we'll sneak in a quick break and come back to you for that. thanks very much. coming up, we'll hit 2016. the and one thing is that predictions can be very, very wrong. have we learned our lesson and capitalizing on the tech craze we'll keep monitoring the big apple event as cook just announced that 5g is coming to the iphone shares are down 5% after a monster day an yesterday we're back in two. 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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welcome back apple has just announced it's bringing 5g to its iphones and that to do so it's partnering with verizon as we understand it verizon is the one on stage speaking right now as soon as we get more details we'll bring them to you. meantime, as the election approaches, we're getting more and more predictions about how the market will act to each possible outcome but if 2016 taught us anything it's that no one has a crystal ball steve liesman has more for us. steve?

>> reporter: based on how it's trading right now the stock market looks to be at ease with a biden victory and even with a clean democratic sweep we've been here before why the s&p has risen in recent weeks along with a contract predicting a democratic clean sweep. predicting it how the market will react after the election based on how it trades before, well, that worked out really badly in 2016. here's some of the headlines that were out there. a cnbc story citing a story by web bush looked for a 60% crash in stocks in president trump won barron's predicted a quest selloff and quick academic study indicated a 10% to 15% selloff on global stocks they were all actually correct for about three hours h.stocked crashed overnight during did the election and rallied for the next 14 months experts, turns out, underestimated the ability of market to prosper with tax cuts

and deregulation and also amid policy chaos and the trade war here's where the betting is this time around for political outcomes 66-cent contract will pay you $1 and 38 if you're a republican. you can see the clean sweep there built into the market thinking markets don't have to factor in which combination of political control will best control the pandemic and provide the stimulus the market thinks is needed, issues that appear to transcend the regular checklist of taxes, deficits and overall economic good, but kelly the thinking has been wrong before and the market has changed its mind, of course, about what matters and when >> plus, it seems like -- uncertainty is a big possibility. i know people are trying to make the forecast and it seems especially tricky this year. >> yeah.

our cnbc fed survey a couple of weeks ago with the fed meeting found that most respondents think that the issue of the outcome is a major factor at the stock market that could lead to uncertainty as well. i think as at numbers have moved more solidly in biden's camp the concern about that outcome has diminished, but, you know, who knows if these polls are right here. >> i know. all right. steve. thank you, sir, steve liesman. we'll check on shares of johnson & johnson which are lower after the company announced it's pausing clinical trials for the covid-19 vaccine. we'll have more and more on why the shares were down more than 2% and we're monitoring apple's launch event to bring you the very latest enounsments as we get them we'll get it and then we'll have wall street's reaction coming up on what it all mns feaor investors. stay with us stay restless with the icon that does the same, the rx crafted by lexus. lease the 2020 rx350 for $409 a month for 36 months.

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welcome back let's get right over to josh lipton with more from the apple product event. josh >> tim cook on stage talking about the new iphones and they are 5g-enabled. interestingly he was joined there on stage by the ceo of verizon who said 5g in his words just got real with the introduction of these new 5g iphones. they are talking about right now the first iphone model here, calling it iphone 12 with 5g all new design they say, smooth, flat edges, 6.1-inch display,

11% thinner and 16% lighter, so thinner and lighter there. don't have a price or availability yet on that model interesting, they are focusing here on 5g that transition from 4gy to 5g is complex it's challenging some analysts will say it's been bumpy. at least here in the u.s. right now it's spotty, but they say it is happening, and the question is does the 5g iphone which, of course, is going to i a tract so much attention and so much headlines, could that kind of accelerate or catalyst this technology into the mainstream going to find out. we'll keep listening and bring you more information on the new iphones. >> josh. we appreciate it let's bring ed lee back now with some reaction, ed. i wanted to specifically ask you about verizon's piece of this announcement they are playing this up in a very big way verizon saying we're turning on our nationwide 5g network today. this gets right to the issue we've all been discussing which is what happens if 5g is there

and most people can't access it, but the 5g isn't quote unquote real 5g. is it still going to be enough of a speed upgrade that it matters? >> i think -- i think vladimir guerrero hans on there was a pretty significant move saying it's apple and verizon saying this isn't vapor, it's a real thing. applications have yet to exist and hans talked about using different technologies around football games and football stadiums where you could see things through augmented reality and perspectives from different cameras on the field that's a neat thing, but, again, what was clear to me despite his presence is this thing is here we still need the applications that will sort of feed into, it right, so i think that's my biggest takeaway from that i also think of the top of the whole thing when they started with the new home pod, the $99 that actually really struck me

that's a pretty cheap price, so for an apple product that's one of the cheaper things they put out there and i think for pandemic times as well. >> it's a great point though at the same time they have practically been giving away the amazon devices, and, i mean, today is a great example of that apple doesn't have a choice and wants to compete here. >> apple set the price for that in terms of what a home device should cost and what it can do i think with amazon and a big part of their push is, hey, it's a great way for you to reorder stuff already in your queue. with apple it's like i don't know what you're using listening to music, it's great, but beyond, that listening to music and what kind of time is it that's an aspect. i think it's more of the price and i think they are following amazon on that lead and with the phone, with the 12, with oled display and 5g, they are following samsung. it comes down to the software. what are the applications for this we've yet to see that. >> verizon shares have almost

turned positive on the session it was a pretty big deal for the ceo to be there. apple shares near session lows, down almost 2% we'll check back in with you soon let's get to the sue herera for the cnbc news update. here's what's happening. facebook will ban all ads that discourage people from getting vaccines but will still allow ads for or against vaccine legislation. can you go to cnbc.com for details on how the company is also trying to get people to get the seasonal flu vaccine. >> house speaker nancy pelosi is reportedly telling house democrats she will not accept the latest gop stimulus proposal saying, quote, we can't get an agreement just by folding, end quote. senate majority leader mitch mcconnell said his chamber will vote on a relief bill that's much smaller than what pelosi wants. in a statement posted on twitter republican senator mitt romney says he's troubled that american politics have moved from spirited debate to what he calls, quote, a vile

vituperative morass and mostly blames president trump and says democrats are also culpable and calls on all leaders to lower the heat there's a lot in that tweet. kelly, you're up to date back for you. >> yup, calls out pelosi and olbermann, too. >> yeah. >> packing it all in sue. thank you. sue her rare a. let's get a quick check on broader markets for you. the averages overall are kind of here looking with the dow down so 2 points, a third of 1% and the s&p the same amount and the nasdaq is positive by 14 so a pretty mixed bag the in terms of consumer discretionaries, those are your leaders and every other sector is lower utilities are the worst performer on the session today let's take a look at a couple of names on the move right now on the back of apple's big product' nounsments this hour sonos is shooting higher because it will be used in the new home

pod. they are up 4%, just under $15 today and verizon almost turning positive, well off the lows after the 5g announcement with apple, down only a quarter of a percent right now and corning is also shooting hyrin out the announcement it will be a partner on the iphone 12 for what they are calling the army issic shield reminds me of my curling iron. corning is now up by .75 of 1% shares of johnson & johnson are down despite beating on earnings, this after it had to pause its covid vaccine trial. our meg tirrell is here with the very latest for us meg? >> hi, kelly well, that news coming out last night really overshadowing what many see as a positive quarter for j&j. the company is temporarily pausing all its trials after what they call an unexplained illness in the study they are reviewing that illness right now. at this point to us it's unclear if the participant was even on the vaccine or if they were on placebo. experts saying this is exactly what should happen in these

situations this is a large trial that will enroll eventually 60,000 participants so these things d come up and the right thing to do is pause, take a look, figure out what's going on. we talked with j&j's cfo this morning about what they know so far and here's what he told us. >> it was about 36 hours ago that we were advised by one of the sites that there was the adverse event. we're letting the independent drug safety monitoring board do all their analysis and we should hopefully have an answer and a proper direction going ford in short order. >> so, kelly, he told us, you know, it could resume within a few days it depends on what they find and what happens next. kelly? >> yeah, we're all hoping that between them and at scene "k" that it won't be a bigger setback but pfizer the one leading the way. meg tirrell with the latest on the vaccine progression.

when we come back, we'll check in on apple with the product announcement under way they have announced the iphone 12 it will have a 5g. verizon is the partner for that and verizon will offer nationwide 5g today. apple shares still near the lows wnonhe sessi do 1.6%. we're back in a couple as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will... you can rely on the people and the network of at&t... to help keep your business connected.

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welcome back let's catch you up on a couple other stories that should be on your radar time for rapid fire. joepg my are seema mody, jon fortt and julia boorstin disney will centralize its media business into a single organization and emphasize streaming. according to the ceo this move shouldn't come as a surprise >> covid accelerated the rate at which we made this transition, but this transition was going to happen anyway. >> luke capital upgrading disney to a buy after this move and hiking its price target. shares run almost 4% today the stock now only down about 10% this year. julia, i mean, we've talked a lot about this today, but it

just seems obvious, right? like is this controversial with anybody? why shouldn't they make had a move like this >> well, look, what's really interesting about this move, kelly, is they are splitting up the content side of the business from the distribution side of the business these are two things that are usually integrated and combined and now you're going to have one person make the decisions about where that content should be going, whether you should have a movie go to theaters or disney plus so that's designed to really circumvent any confusion or any concerns that maybe they aren't prioritizing the most profitable way of distribution and i think what's really going to happen, kelly, we'll see a lot more content going to disney plus, hulu and espn plus. >> yeah. yeah john, is that a good -- i mean, that -- that is inevitable it doesn't come as a coincidence that amc is talking about when it's literally going to run out of cash. what's going to happen to movie theaters sass huge problem that's a lot of real estate and tax revenue, but it's obvious the future, at least to me, that

the future is streaming, right >> well, i know, kelly, that we've been covering business for a being lo time and i always get wary whenever something seems too obvious. julia and i were going back and forth and texting about this earlier. i think this has to create some political dynamics inside disney there will probably be people in content creation who want their content, their movie and tv show to tend up one place and it ends up another what does that do inside the country? movies are down right now, movie theaters but probably not out. disney had such a lock on movie theaters leading up to this this i wonder if this opens up a possibility for somebody else to step in there if disney kind of shifts its attention. >> no, that's a great point. they were like 40% of the box office or something. we started to talk about monopoly concerns and that was all of that fueling the biggest pcs in a decade.

shipments up is a% and the biggest year on year jump and tech has had they come up in particular dell is up 37% the microsoft up 41% and apple 51%. >> the pandemic has accelerated the need for the pcs because people working at home some households would have seen more than one laptop as a luxury but now it's essential in order to get work done and be productive and ensure that your kids are getting an education. i wonder if this will also help apple, the mindset, the shift in mindset. does that mean consumers are more willing to spend money on devices and apple iphones or is it because they have already allocated their tech dollars to these pcs. >> that's a great point. john, it's also interesting to look at how much of this demand was chrome books there's a big special -- amazon is running on chrome books, practically giving things away so for google this is clearly

not even a notable item on the balance sheet but it's noticeable that it drives other google services. >> my kids hate chrome books because a lot of them aren't that powerful. >> i hate them, too. >> part of what this is doing is driving people towards the premium. i got another text saying another web cam on one of our laptops is on the fritz. you need these things to work at the highest level which is why i think even increasingly this holiday season still going to be about pcs when there are deals, because like what seema is saying, one is not enough. >> interesting i mean, the laptop does -- it's more expensive than a chrome book but i got this one at costco for $500, $600 and the thing works great. let's talk about sneakers because shares are higher because of a bank of america upgrade raising shares from buy to underperform taking the price target to $30 -- i'm sorry, from 30 to 50 and are saying strong sales of nikeproducts and back

to school are helping and should carry footlocker carry momentum through the holiday shopping season and its research showed, which is the most interesting part, credit and debit card spending is on the rise. julia, consumers are ready to shell out for a new pair of sneakers, and is that a good sign that the whole kind of economy is getting, you know, some traction here especially at mall which is one of the toughest parts >> certainly good to see a bright spot in retail, but, kelly, i'm wondering how much is a pull forward we're talk about how people are wearing leisure weigh at home. don't need dress shoes, all hanging out in their sweatpants and sneakers, so i wonder if this is a pull forward from what we might have seen later in the year or if this is really part of a long-term trend though certainly good to see a bright spot in retail considering that most people still haven't gone back to the mall in the way that they used to. >> yeah. seema, what would you make of it >> well, nike has been consolidating its distribution channels that ended its

partnership with amazon and i wonder over the long-term they continue to double down on the direct-to-consumer channel strategy if that over time alienates this sort of footlocker effect that we're seeing right now we talk about the apple ecosystem, jon there's the halo effect for theans larry suppliers that work in the nike ecosystem and nike is benefitting >> credit and debit at the malls are up from what base? were they going to go down much more >> at least it's up. when you can only go one direction, we'll take it, better than a flat lining maybe that's just me finally, if it isn't broke don't fix t.etf environment invesco is today launching a junior varsity version of a gen fund that will trade under the ticker qqqj for junior inves co-says it's loaded with firms using technology to disrupt their sectors.

the names also include seagate, garmin, lyft and even zynga. is qqqqj going to be a thing >> absolutely. who doesn't love watching a jv team not so much like vv or minor leagues but big tech has had such a run and valuations are so high i think investors are getting the message certainly from us that it's worth looking at and some of those lesser known stocks so here's an easy way in the era of etfs, funds for investors to just kind of pile in there not to say it's safe, but i think it will be popular >> seema, quick last word. >> just looking at bob pins be's story. he's really got a great synopsis of the qqq, the fifth largest etf. $335 billion in asset management and to jon's point, names taking off, names like lyft and garmin in the new etf, that might also appeal to a younger audience as we've been discussing. >> yeah, and everyone has been saying how they want to look outside the obvious winners, you

know, for investment ideas and invesco is trying to dealing on that our easy breezy edition of rapid fire we really appreciate it. after this quick break, we'll check back in on apple as it unveils new iphones. we'll have the late from the event and talk about what the new products mean for the bottom line. coming up on "power lunch," don't miss an interview with verizon ceo hans vesberg who was just on stage to talk about their partnership withpp o alen the new 5g phones. that's coming up at 2:30 on "power lunch." stay with us you can't predict the future.

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(music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. let's get right back to josh lipton with more from the apple product event. josh >> so, kelly, they just introduced what they are calling the iphone 12 mini this is a 5.4-inch display so you're getting the late and greatest apple technology basically but in a much more compact size all the same features of the

bigger iphone 12, but this is apple says the smallest, thinnest, lightest 5g phone in the world. as for those features in the minand the base 12, that would include the a 14 bionic ship that's the primary brain of this computer they say that should mean a real boost in performance for users also a new upgraded camera system, a big improvement they say in low light performance new features using machine learning to bring out more details. bottom line, greater sharpness and clarity. why is that important because if you look at surveys, when consumers are looking to upgrade smartphones the cameras are a big reason they want better photos and better video and they offered pricing as well. the iphone mini will start at 699 and 799 for the 12 we'll continue to listen and see if more iphone models are on the way, and if they are, we'll bring you those headlines, kelly. >> i'm curious if the mini is the same size as what i realized the iphone 8 that i have right

now the way the phones have gone josh, a quick question on this wireless charging. i don't fully understand it. how does the phone charge now? >> so, now they did introduce that among the features of the iphone 12 they are talking begun this wireless charging system they call it max what it looks to be is sort of a case that snaps on with magnets to the back of the phone again,er when responding to what consumers want when people ask consumers what are you hoping for for the phone? it's interesting we're talking a lot about 5g and when you ask people what they want, faster speeds isn't necessarily top of mind. it is though features like apple is really highlighting and emphasizing, it's things like a camera system. they want wireless charging and another thing they ask for is longer battery life. haven't heard that yet, but i'll keep listening. >> all right that makes sense, so, you know, it's not like it literally charges wirelessly, have to put

a case or something on it. just don't need to plug it n.josh lipton, thanks. let's talk more about what this means for apple shareholders will the new 5g stone lift the stock even higher? it's up 66% so far this year angelo zenor joins me, senior equity analyst as zra. what's the impact of today's event in terms of valuation? >> well for us as far as an event is concerned it's all about 5g the fact that they did announce. it was widely expected, of course we did see kind kcht announcement on the lower priced phones thus far. i think pricing was going to be key as well. they did keep the pricing at 699 at the low end with the mini and 799 in terms of the iphone 12. i think those are all very big positives in terms potential to kind of stimulate demand here as we kind of go into this initial 5g cycle that will being said, we don't

necessarily think that 5g is key for the long-term performance of the company but clearly over the next 18 to 24 months here, you know, 5g, you know, the fact that we're going to see a stabilization and potentially improvement in that replacement side of so tell me about that price targ target how much of that is selling more than the iphone 12, which is a whole smattering for people to pick from now. how much of that is going to be services and what they're able to do with gross margins on the service side and how important their slate of tv shows is kind of weigh that against the importance of an announcement like today's

kbl absolu . >> absolutely. we look at our priced based on a multiple of our estimate we're looking for about 9% growth on the unit side of things into 2021 and then you're looking at an increase on about 6 to 8% on a favorable mix on that side of thing so at the end of the day we kind of look at the growth trajectory of the company over the next two years. what has hindered the company over the last two years has been the iphone cycle we had started in this iphone cycle and it looked great and covid hid and it took some the mojo out of the line and people have gravitated closer to four years, this is a cycle over the next two years

where you're going to get a lot of individuals who are going to want to upgrade on the 5g side of things. as far as that's concerned, we think it's a big part of our recommendation but more so it is that services side of thing, as long as it can grow 15 to 20% on an annualized basis on the next two to three years, our view is that's the real story for apple and investors over time. >> all right angelo, we appreciate your time today. thank you, sir as apple shares hit session lows, they're down about a third. and delta has lost more than $11 billion over the past six months we're going to hear from ceo ed bastian about its recovery right after the short break. stay with us

welcome back as we get into earnings season, shares of delta are falling today after a brutal third quarter and the pandemic takes its toll phil lebeau has those highlights for us >> when you keep in mind the shares of delta, the returns of loss was greater than expected,

a loss of $3.30 a share, a little loss than analysts were expecting. but the focus now is on the daily cash look at where they were in q2, burning down to 32 million and last month brought it down to $18 million. here's the ceo and how he sees getting the cash burn down to zero. >> for the december month, we expect our cash burn to get down to $10 million a day, which is about the pace in the fourth quarter, 10, 12 million and we have a the guy sight for cash flow break even and cash flow positive in the spring. >> this is all about liquidity and debt right now they have about $12 billion in liquidity, that's what they had in the third quarter and adjusted net debt of about $17 billion. the next five months are going

to be tough not just for delta but for all airlines it about bringing down that daily cash burn as much as possible to get to zero. >> yeah, to get to zero. phil, thank you so much. we appreciate it phil lebeau talking to delta same goes for apple right now, pretty much near session lows. we're going to continue to monitor that for you and we'll speak with ceo hans vestberg they're partnering with apple for this big nationwide 5g rollout. i'll see you right after this quick break. don't go anywhere. ame is sam dam going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for each and then, you're still

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good afternoon, everyone welcome to power lunch along with kelly evans i'm tyler mathisen, a busy afternoon we have for you. the nasdaq was holding on to gains but not anymore. plus, the apple phone event happening right now. the tech giant unveiling its first 5g enabled phone, along with a slew of our products. o and th