variant, appearing to be so much more transmissible, suggesting that people who are fully vaccinated can still potentially transmit, and just trying to make recommendations to keep people as safe as possible. >> you may carry and transmit, but you might not get sick, and if you get sick, it won't be a serious illness. meg, thank you i know you'll be watching the events as they happen. thanks, everybody, watching. "closing bell" starts -- when does it start, kelly >> right now. welcome to "closing bell." the nasdaq is the big underperformer today. >> i'm david faber in for wilfred frost. tech is getting hit the hardest. there we go.

alphabet, microsoft, all down at least 1%, this ahead of earnings we're going to be getting them after the bell intel and salesforce are the biggest drag and worry about china's crackdown continue to be felt in the market today, particularly, of course, the fx side june durable goods were out this morning. they also came in below estimates. >> we are one hour away from a parade of earning after the bell we have results, you picked a good day to join us. >> i did very exciting. >> we have an all-star panel for instant reaction and break down the numbers. plus, we will get records from mondaleze. mike santoli and frfrank hollan

with us. >> a comeback started around 2:00 p.m. eastern time, really a tenacious bid in this market it was led by the nasdaq lower we actually have come back it did kind of go back and kind of check the area of the chart that preceded this decline we got into last monday, so it still looks a bit unsteady, still some slippage in the rotation, some of the gears are maybe a bit stripped, but so far just bent a bit, not broken. in fact we haven't even gone back -- so far absorbing some of the profittaking, even though below the surface, still plenty of damage is piling up take a look at the nasdaq 100,'s well as the composicomposite.

a give up of the game we've had recently the nasdaq 100 and composite are kind of neck and neck, but in the last few days, the composite has been really -- the dow has had actually a pretty decent ride as well all year. obviously a bit more in tune to the global cyclicals take a look at this picture of how all in investors seems to be it's known as the free credit balances, it means all the value of the security in those accounts, minus any debt aggr aggregate. we have a negative number right now, that means that much more debt than the holdings in there. it's not unusual for it to be negative we've always been negative here, for a while now, or at least exceeds the cash, we are below this may of 2018 left, which was

the prior low for this we're steve setmire has had a package of charts saying maybe we have start taking profits, mostly because of some divergence is happening, but also only after this starts going up -- in other words, only after this trend reverses does it seem to be an issue. one final point, as a percentage, this is not as extreme as this, so while it's stark on the chart and yes, investors are very much in on all equities, it doesn't mean it's that much more over-levered than we were three years ago people really do have both hands in this market, guys ms.ing that happens, but their bonds are deciding to get hit,

but all this aggressive crackdown on education fees, food delivery companies, big-tech companies listed in the u.s. potentially spread globally, hong kong also got hit today. >> i think the first concern is that it sounds like -- you can go back to august six years ago, when there were some efforts that did seem to spill over. i don't think it's much of a growth story, necessarily. to me the weakness is i mean, the same kind of portfolios, you're going to own a lot of this you're going to sell something that's somewhat related and adjacent to those names.

we're not seeing the size of real threats rippling through. >> look at the hong kong stocks. meanwhile, shares of u.p.s. are sinking, despite a beat. frank? >> it's on pace for the worst, report-free cash flows, other highlights included here in the u.s., that rose by 13%, also the company had significant margin expansion. those missed estimates also down by 3% the ceo speaking exclusively to jim cramer on "mad money" tonight, that investors really shouldn't be surprised by those numbers. >> e-commerce sales are booming, but the rate of growth is not

the same as last year when everyone was sheltering in place. in fact, if you look at our performance in the second quarter, our average daily volume was down slightly in the united states. >> we predicted that. >> you can see fedex trading lower. sara, back over to you >> transports down 2%, no thanks to u.p.s thank you, frank holland straight ahead, from bear to bull, why one analyst is changing his tune on apple later, the ceo of po lars is joins us for his outlook for the power sports industry. you're watching "closing bell," dow down 120 points here on cnbc

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a slew of tech companies set to report earnings after today apple the most anticipated name, despite just getting hit, the stock has rallied nicely for what they're watching ahead of the numbers, amira fradi, along with chuck schneider who joins us by phone.

ed, a september launch, but still riding off the 5g launch >> it is different they had a booming year last year people have been holding their phones for so long, so it was long in the tooth, so it was the right period to see good sales. >> this year 5g is kind of old news the phone won't be any faster than last year, so we look at it more of as evolutionary upgrade. i think you'll seer -- that's been the pattern after a big modeling, but weak o once. >> so what's key for the stock in given a order of release in

september? >> yes, the outlook will be important. apple has given more hand waving guidance, but, you know, the analyst committee will discern the color comments to refine their own guidance now, recently the food chain that supplies into iphone builds for the quarter has been showing stronger than experted orders, so people are starting to believe that apple at least believes the launch in september will be very robust. that's the backdrop from which you'll judge all the numbers here if there's any indication of backing off of that, or they're in line, there won't be catalyst after tonight. everyone is expecting a pretty good june period, upside to what may we thought at the beginning of the quarter the deck is slightly decked. we'll see how it shakes out, though >> on that note, amir, they've

been able to navigate the chip shortage quite well, of course, they are apple, but nonetheless do you have any expectation, perhaps they'll discuss it at all in the conference call, or they will face headwinds like so many other companies apple has a relationship with dsmc, it's a good relationship, and the shortages we have seen have not impacted advanced technologies like cpus which are more expensive it's more impacting the mature chips that deal with, kind of power management, things that come from texas instruments or on semiconductors. i think apple has been good at weathering the supply constraints so far one thing to point out, is that

if apple gives significant amount of guidance, that means they think the worst of the pandemic is over, so it is an important indicator, how much they're willing to say >> what about regulatory risk? they don't usually talk about that, do they? what's the time frame there around the scrutiny for apple's app store? >> yeah, so we just wrote a pretty hefty story about the probes that all the big-tech firms are facing apple i think is up to 19 different probes around the world, up from three a couple years ago. they all focus around the app store, or at least most of them do interestingly we got done with apple's trials against epic games. there could be a significant ruling there, that would allow a lot of app developers to start as to skirt the app store attacks, so that's meaningful. if there's an adverse decision in that case, which could really

come any day, that could actually impact the symptom negatively if app developers are suddenly able to steer all of their customers away from the app store, please don't download it through the -- don't buy digital goods through the app, but buy it through the web browser, that could have a meaningful effect. >> thank you booth appreciate it. >> a pleasure. >> anytime we have a news alert coming in from the cdc. meg tirrell has the details. >> hey, david. the cdc is updating its mask guidance, giving new information about how transmission able the variant is, now recommending in areas of high transmission, 'em people fully vaccinated wears masks indoors in public setting. rochelle walensky says she's seen new data suggesting that, in rare circumstances, people

fully vaccinated can carry enough virus to be contagious to other people they are updating this guidance, which is a complete reversal, but reflects the new information about how transmissible the variant is it will also apply the recommendations to schools, all people within schools should be masksed, but they are emphasizing people should be return to school, and getting vaccinated prevents you from severe disease, and from symptomatic disease, but they were finding in these rare cases, you can still be contagious if you're fully vaccinated, with the delta variant. >> meg, what is a high covid transmission rate these days >> i have to look at the rate per 100,000 people in communities, but if you look at the cdc's map, you can see there's a lot of county predominantly across the south, arc is a, louisiana, over to florida that are completely in

the red, high transmission rates. those are growing across the country. the number of counties considered in high transmission has been spreading rapidly over the last few weeks up next, could jay powell be reappointed as fed chairman? of course he could we'll go into a survey to see how wall street feels about that possible renomination. check out some of the today's top search tickers yeah, of course you do tesla takes the top spot there's the ten-year yield we're back after this.

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it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory. cnbc is out with a new surveys, on how likely it will be that fed chair powell will be

re-in renominated. >> a cakewalk, a layup, as far as wall street is concerned, it's powell's job to lose. overwhelmingly they think he will be tapped for another four-year temple here are the numbers, 71%, 34% believe he will be reappointed 13%, they said they don't know this comes, despite some disagreement with pow and the fed. just but 58% think the fed should and the inflation

problem, but it's not -- the real question is about biden wants an obama-appointed p., person or if there are forces who push the president in a way the market neither wants nor expects. >> but to that point, who would be the backup choice brainard and would -- >> yes. >> and as far as the market is concerned, it would be fairly consistent month tar policies, she seems right in line with powell. >> i think that's right, maybe a big more lacks of taking away the punch bowl unclear to me. sara, you and i both snowe there's a why spectrum, and

there's the monitorists who think the fed should go by some rule or the money supply between them, most of the fed guys are somewhere in the middle here that are very -- and some are a little bit to the left, some to the right, but near in a very narrow area there where, between powell and brainard, i think your point is well taken there's not that much room i also feel like fed chair powell is right on par with treasury secretary janet yellen, on the inflation story, the economic story he even told us he thinking she's do a good job.

if there's a reason he's replaced, i spect it comes from there's a wing from the democratic party that wants to be tougher on the banks. it would be unusual for regulation that so drives the appointment of a chairman. >> steve, thank you. up next, the moment sara has been waiting for, comments from the company's ceo about inflation. plus an exclusive interwould you with the ceo from mondelez before he talks total analysts

on the conference call here's a check on bond yields. lower across the board it's been hovering around, let's call it, 1, 2, 3 most of the day. we'll be right back. ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪ go with us and find millions of flexible options. all in our app. expedia. it matters who you travel with. - [narrator] at southern new hampshire university, we're committed to making college more accessible by making it more affordable. that's why we're keeping our tuition the same

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take a look at shares of raytheon, up almost 3% remember, this is the combination of raytheon and united technologies, so it's not justgeneral or commercial aviation it's a lot of military contracts. in fact, this morning we had

greg hays, the company ceo with us on "squawk on the street. we did ask him about that part of the business. he talked a lot about war, and the war of the 21st century. >> the war of the 21st century will be first fought in cyberspace and then in outer space. you don't need main battle tanks. you don't need troop ocean in the first few minutes of any war, the goal of the other side is to take out satellites. how do you replenish those how do you protect those those are the technologies we are focused on >> they did raise hair guidance. speaking of raising guidance, ge did the same they're transforming too a more focused and stronger high-tech, still facing headwinds from the likes of supply-ch chain issues.

we asked the ceo on how he expects to deal with them. >> we know we'll have to reup or efforts because of those shortages, which impacted more on deliver yes, sir than necessarily the margins, let alone the inflationary headwinds will be there, but back to jim's early question, there would be improvement in the way we buy, discipline with respect to the way we operate, that all of those cost reductions help us mitigate that activity >> industrials, i was just looking, as a group they have done well. they're up 16%, only 2% off the highs, and thought to be a beneficiary of the inflation trade. in other words, they can absorb it, they can pass it on to the consumer it seems by the results they're doing okay.

>> both stocks up very similar amounts and, again, this morning sort of bucking the broader trend in the market. >> it's all i wanted and more. >> so glad i could deliver time for a cnbc update tyler? >> here are the top stories at this hour. a third person has been found dead after flooding and mudslides swept through northern colorado the area was scorched by a massive wildfire last year, destroying vegetation that helps absorb rain and keep the ground stable. an explosion at a chemical plant in germany, it took firefighters almost four hours to extinguish of flame and simone biles says she has no physical injuries, but was not in the right headspace to compete today the fourtime olympic medalist

withdrew from the gymnastic team's times she urged athletes to put mental health first >> it's okay sometimes to even sit out the big competitions, to focus on yourself. it shows how strong of a competitor and person that you really are rather than just battle through it >> now it is unclear whether biles will continue to compete this was obviously, david and sara, a big shock when it happened today, after what was a disappointing first vault for biles as the team competition moved to the finals. >> and it draws attention to the mental health, which has been the focus lately tyler, thank you shares of power sports maker po lars is under pressure up next we'll talk to the ceo about. quarter and whether the demand

for recreational vehicle says slowing. later earnings, we have a big afternoon coming a mixed picture, but mostly big tech is lower today. we'll be right back. [squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. (vo) conventional thinking doesn't disrupt the status quo. which is why t-mobile for business just trading. uses unconventional thinking to help your business realize new possibilities. only one 5g partner offers unmatched network, support, and value-without any trade offs.

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shares of polar polarries

falling. i guess there were questions about margins, and whether what you're seeing are structure, or are they temporary >> thanks for versus my, david the question is when will they subside? part of the story, those are really gaining momentum, not subsiding. so we've got those projected to go through at least the end of the year you know, the retail demand for our product remains incredibly strong up i suspect part of what was going on is the recognition we're having a challenging and different time meeting that demand, though we are still outperforming many of our compe competitors. >> you know, your cfo was talking about ocean containers, back in 2017, it was $1700, even

if things moderate, they probably won't go back to things like 2019 levels, or are they, mike >> i don't know that they'll go back immediately, but i think we went through today and talk about steel's at 130%, one of the things that we have done is we have taken price moves. we've added freight surcharges. >> we're one of the only oems that offer a presol order process. about 82% of our retail was presol so right now we're not sparing

any expense, and we'll make sure we get as much product in the hands of our consumer as we can. >> how long do you expect these supply chain and pricing pressures to last? 2022 2023 >> we probably think it will be the end of probably 2022 before things start to move part of the questions was how fast do you think those will come down? that's a question we just don't know how to answer we have the ability to continue our pricing. we have model year '22 comes up shortly.

you mentioned the lack of inventory in the channel again >> that they'll have -- if you were to go to a dealer today, there's minimal stock. as i mentioned earlier, it's actually been sold already

>> what happens to that trend as we hopefully get out of covid and are reopening more >> it's obviously not going to continue like last year even in economies that have already opened up, markets like texas, arizona, florida, that have been mainly open for some time, demand is strong folks are buying homes in warm location, and wanting to have a pontoon or four-seat rzr to ride, i think there's permanent change. >> who wouldn't want a pontoon boat, right, mike? >> they're a lot of fun.

we see them all over on lake minnetonka >> i appreciate it, mike >> thank you >> i swim in lakes, pools and lakes. you think i'm worried about them in a pool? i do a lot of lake swimming. we're counting you down to a jam-packed hour of earnings. apple, alphabet, microsoft, all reporting after the bell wow, that's coming up next, in the market zone. (phones ringing, people talking, meeting) the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. safely. securely. and responsibly. so now, between all apart and all together, there's a bridge. cisco. the bridge to possible.

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with 14 minute to say go in the day, mike santoli is here to break down the crucial moments of the trading day we also have shannon back as well welcome, shannon stocks are falling today with the dow, s&p and nasdaq all on pace to finish lower for the first time in six days nasdaq worst performer of the three. trigger for the move, or was it just getting a little extended >> i think short term a little extended didn't really spread beyond that, of course, banks and industrials reflectively got

bent it seems like the chinese tech stocks were so oversold, they all bounced hard net-net a 1% decline sat there for a while and came back a bit. >> we had a nice run for these stocks we know there's going to be some chop we have the fed meeting this week that's expected to be pretty much a nonevent everybody's looking forward to jackson hole you think about the narrative setting up here.

you know, here hearing it from the ceos, and it's still likely to persist let's talk a little tech, too. apple is key here, we'll be hearing from the company momentarily. stock down almost 8%, after the bell, analysts largely expecting they will exceed estimates one of the key metrics is iphone revenue, that's forecast to be around $34 billion mike, the stock had such a nice move a couple weeks back, but it's stalled a little. >> apple and amazon, really similar moves. just kind of wobbled here around the highs a couple times so a little hesitation hire, the current quarter estimate has not

gone up that much since the end of april, since they basically reported it would seem to be that the bar -- the consensus is relatively low, but that has not dictated how these stocks reaction they're mostly treated as big stories of long-term stable profits, so the reaction is a bit unpredictable. >> which gets to cramer's point, own it, don't sell it. >> shannon, where are you on apple? >> i think we're already getting whisper numbers about handset revenue. you think about a few years ago we were all so concerned, but we're getting it super suppliers, right we know it's going to be a big year for apple we know that wearables will continue to deliver. i'm not all that concerned about it i think when you go into fiscal

2022, masses you see a bit more pressure on apple to continue to innovate its lineup, but with the phone coming in the fall, this really should be a good time for the stock that stock has also been doing very well. deirdre? >> it has been doing well. plus snap and twiller results, subjecting it should bode well for doingle. and it ruled out its tiktok competitor cloud is another area, of course, we will be watching the street is looking for a earnings per share of $56.2

billion. back to you. >> it's close to the upper end it -- on the books, in fact, you wonder why there isn't more pressure out there for them to do an apple style it's close to 30 times earnings. >> it did not participate as much in the 2020 rally it'ssh a giant this year some of the numbers are worth recounting again i mean, mike, they're just so enormous it's almost hard to comprehend

yeah, these five stocks, almost a quarter of the s&p potential action coming in washington, shannon, is that the right read even though you do have tougher cops on the beat >> it's a wait and see now >> you saw what happened with facebook last month until you can unseat them, even in an environment where everyone was expecting digital engagement to be down, now that we're all leaving the house, it's tough to get too concerned about it as an investor, even where the value

sits today let's get to the other two-plus trillion dollar companies, that would be microsoft. jon fortt has a look for what to expect. >> a couple things to look at here. >> on azure, analysts look for growth more analysts suggest -- so is the demand that strong they subject overall demand is healthy but then on windows, how is microsoft's take of the pc big holding up shipping to immediate demand we talked about the difficulty of matched sets

if you don't have the other said to put the whole pc together, they can't ship it. >> just a quick change in direction here for me. it's fascinating, you know, apple delayed it a bit, perhaps because of the delta variant microsoft, in terms of how willing they were to have people work, alphabet, do you have any expectations there, or insight for us in terms of where it's all going to shake out >> the last time we had satya on, i asked him about it they're doing some renovation out in redmond are they putting a halt on that? are they shifting how they're configuring offices? >> he told me they're shifting they do expect longer terms to have people in offices, and the big question is, if they're not back in offices in fuller force

sooner, isn't good fothe compan, or is it bad because there didn't see mand for, or they can't supply it because of the chip supply-chain difficulties we'll see some of that in this report. >> jon fortt, thank you. they have also been in demand sort of as defensive plays. >> microsoft, as much as any of them, maybe more than most it's mostly through that steadiness, the sense it just delivers, not in the controversial areas of big temperature, so it's seen as less of a target in terms of gai gai gaining trust. by aclimbation it's the core

holding. maybe it's a bit of a -- everyone thinking it's very well managed, and it's been really wrong to use that logic. it's in every esg portfolio. they kept deliver, and the story keeps working. >> is there any reason to expect it's going to be even better or own it more than it's owned at this point >> we have turned it multiple times over the last year i think one of the things we want to look at is margin. we really want to see microsoft going back to focusing some of their premium enterprise service s could it guess better?

certainly, but going back to mike's comments, it's all about execution with this company. they just haven't let down. we've got just a little over two minutes to go in the trading day. salesforce is the biggest drag, but you do have in balance with names like mcdonald's and unh higher. >> actually, the market itself is continues to come back. we're back above 4400 in the s&p, back above 35,000 in the dow, so clearly there was some dip buying clearly people want to square up some bets here kind of a 2 to 1 split on the down side. that's hard to make up take a look at new lows versus new highs on the nasdaq. they've had more 52-week lows on the nasdaq than highs.

still, for an index that's pretty close to record highs, a lot of weakness under the service of this market the volatility index hopped above 20, a bit earlier as we got anxious. the china stocks are in free fall, but it's slowed down a bit of pre-fed hesitation, i would say, in that vix number, looking to hedge a known catalyst coming in less than 24 hours. one minute to go to the close. we are going to break a five-day win streak for the dow off the lows, climbing up to the highs, the dow remains about 35k, as i mention, it's the tech names that are hurting

september discretionaries, against -- nasdaq down 1.2% on the segoff in technologies at the top of the hour, any minute [ bell ringing ] a quick look at how we ended on the session the dow, s&p, nasdaq, russell all down, but well off the lows. the biggest loser of the day, alphabet down 2%, apple down, nat dak was down 1.2%.

transports down 2% don't go anywhere. apple, alphabet, microsoft, and visa, those are the headliners starbucks and mondelez expected to report. we'll speak with the ceo mondalez first, though, to you mike on what defined the day that's what we saw last month. >> bits of micro-anxiety. >> countering that is

corporate-level prosperity we have this big push across the capital and so it's been hard for the market to stay down. we bought the 3% dip last week, and then we got a 1% dip that couldn't even stick one thing to quibble with is that it remains very weak. a lot of stocks down >> what do you do with those names? >> if you think about this uncertainly, and this period, this corporate level confidence is like ceos versus the consumers. even if the consumers feel more

apprehensive with the rise in delta cases, ceos are competent, and that relates to spend. if you got spooked out of growth ear earlier. >> we've got a consumer confidence number today. how are you evaluating it? my primary concern is actually global, not domestic >> i'm looking at -- but let their eye off the ball

they're down in the mid teens. that could cause a problem for supply chains if that causes problems for supply chains, we'll continue to see inflationary pressure i think we'll continue to see blowout third quarter numbers. given the consensus has largely underestimated the earning power. let's call it the continued crackdown, whether it's from a social good perspective, or a

capital-raising perspective, do you think there's an element of buy as global investors, onload some of these names? you see the amazon of china, that seems more risky today. if you look at how this you can own the e. m i think investors are just skiddish it seems somewhat sdrim nan so i think taking a step back

but there's probably opportunity, too these are probably going to be fine in the long material, but in the near term, there might be a rush to safety microsoft is out, we'll get to that in a moment where do you see it potential showing up >> you would think if it was a demand story, it would be showing up in things like copper i think right now it's mostly about just the stress of the equity markets they're in a bunch of etfs that to me is the first order of pressure on the nasdaq

>> we're about to get to the slew of erpgs. microsoft is out, but i think apple is out. >> apple typically outperforms, as we await new iphone announcements, but there's concern for me on the one hand, the topoline from china, with a 70% growth last quarter it remains to be seen if we'll keep up that same growth

typically we'll pay higher prizes >> i do want to get to the microsoft number the stock is down 3% after the hours. >> let's go. >> we'll come back to you on the other side the revenue top line 46.15 billion versus expected. earnings per share, gap then even when you look at the azure like it's 45 and change groh growth, 51%, which is even stronger than that, but there are some down sides. where i was talking about the pc business, the windows oem number is down 3% xbox, another hardware that's been difficult to keep in

supply, is down so, you know, some of those hardware difficulties, in market perhaps some demand slacking, versus what we're seeing a year ago, but the software business, and enterprise demand seems to be strong we'll get more of a sense of the puts and takes the call starts at 5:30. >> jon, thank you very much. let's get to starbucks earnings kate rogers has the numbers. what's the story >> hey, sara, this is a strong q3 here. adjusted eps coming in at $1.01. revenue $7.5 billion global comps up 73%. that's a beat. america's up 84%, that is a beat >> u.s. samestore sales up 83%, driven by an 80% increase in comp transactions.

international comps up 41%, also china, the second home market for starbucks, seeing growth up 19% for the quarter. a bit more color on the u.s. business, same-store sails up 10%. cold beverages continue to perform well, accounting for nearly three yards of beverage sails. the company introduces guidance, global comp-story sales of 18 to 21%. back over to you

kevin johnson calls it the great human reconnection ant don't miss the interview with kevin johnson tomorrow on "squawk on the street. that's going to be good. mike, i do want to turn to you on microsoft, because the reaction is lower despite really strong numbers across the main top line >> tough to based on the average margin, it was in the zone i don't think it was necessarily over and above what you might have already been expecting out of microsoft, but otherwise, you know, not a lot of blemishes there. >> obviously the cloud fueling so much there. i mean, we can remember prior to the cloud very low single digits

for microsoft. >> greg, you know, we cut you off. i want to give you the last 30 seconds or so so finish any thoughts in terms of what you may like more than anything else when it comes to some of these mega-tech names. >> microsoft is a core holding, i want to see if they match the 4% growth we saw last quarter. in terms of google, not a lot to quibble with, but we will again be focused on the operating margins. we'll see there's some retrenchment there apple, we want to see whether or not china will be a drag we want to see whether or not -- stock is trading pretty rich there's a lot of risk there at that valuation. >> there you go. you hit them all for us. greg branch, thank you

shannon will be back to help us break down the apple earnings. mondelez announcing its earnings up next, the ceo dirk van de put later in the hour, apple results will be out. we'll have instant analysis as soon as the results come we are back in two minutes on a very action-packed "closing bell." do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to

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alphabet, well above the estimates. operating income of $19.3

billion. diluted eps $27.26 a share again, well above at least the guidance or the expectations of analysts google search and others, that revenue number is up 62% 57% currency increase, sara. >> hard to imagine. >> this time last year, right, advertising was falling off the cliff. >> it's up sharply, more than doubling again, the revenue and prayeding um comes of course, we'll wait for the conference call. you'll never know what they have to say about the other things. we'll have a lot more as we go

along. >> mondelez out with earnings, also raising the dividend by 11%, offering a strong outlook as well. that stock is down about 0.75% dirk van terr put. the -- what did you see? >> hi, sara. yes, what we see is that in developed markets, where last year we saw a big increase of consumption, consumers stayed at home i would saying the increase that we saw is largely maintained this year then what we particularly saw in this quarter is the return of the emerging markets, with very

strong growth. brazil russia, india, china so in this quarter, very few geographical weak spots. we also have the cal guy, biscuit and chocolate, very strong growth. we see gum and candy, which were very heavily effected last year, because the consumer is less mobile it's starting to come back, and of course we see the continuation in e-commerce i would say across the board really good news for us. >> so obviously the emerging markets is a big theme you're more exposed than most. what is your confidence level that will continue with the delta variant spreading, and as the imf said this morning,

there's some countries out there with low vaccination rates of 1% to 2%. >> yeah, it's going to be still a bumpy ride emerges markets which on a two-year basis are growing about 5% drop i assume there would be markets around the world, where we still will see some changes india, for instance, has been through two cycles now with different periods, but it's going to be a combination around the world. it's not going to be the whole world at the same time, so i think the mix effect of that will provide stronger growth we also see the consumer at home, as we talked about before, is consuming more biscuits and chocolates, and we're seeing that in emerging markets, but in general, i would say, despite

the delta variant, the mobility of the consumer is coming back they're still spend been more time than before at home, but they're venturing out more, even in emerging markets. a combination of those two, is what is providing this growth. i think that will continue. >> dirk, it's david. i want to talk quickly about capital allocation 2.4 billion overall in the first half, is that going to continue? is there any change in the way you're thinking about that >> no, not really. hi, david, first of all. i would say not really it could be effective if there was some major acquisition that allows us to turn back the share repurchases. for the time being, that's about the rate we aim for about $2 billion the share repurchase in the year we usually increase our dividends around 10% after the

second quarter, which we're doing at the moment with 11% so, no, cash flow generation is very strong. it's up $300 million we see no reason to change it. if the results of the company con continue. >> talks to us about margins, which apparently did increase, and what kind of pricing powerful >> yeah. in our case it's a mixture of things first of all, as you see inflation coming, you hedge, you do better cost management, and then you do what we call rgm revenue growth management, which is a mixture between pricing, changing around the packaging of your product, the frequency of prom promotions, the trade discounts. of course we had also strong

volume growth, so the combination of all of that, together with hedging and the cost management allowed us to increase or margins, which len allows us to make sure that any price increases that happen, which were slightly higher that the consumer remains interested in our demands, and the pricing gets absorbed. so really we're in a virtual cycle, we expect more pressure in the third quarter this year, but overall, we expect it to go manageable this year >> i know you have or i don'ts in your shot they're sxwrint today. >> there they are. >> it's called shrink flation, with the packages.

we'll be talking about it on "the news with shepard smith." >> my god, just an entire day of eisen. just keeps going. of course we've been discussing alphabet, microsoft we haven't gotten apple yet. but we have an analyst joining us who are bullish on both earnings are expected? just a few minutes that stock has been underperforming. find find out if the latest quarter results will help shares to take off. i'm searching for info on options trading,

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both beat on the top and bottom lines microsoft shares are down. that was a blowout number. brent phillips joins us. that number looks to be well above what analysts expected is it? >> yeah, a 10% top line beat for google every segment was way above where the street was ought >> i think what we're seeing,

the whole complex has been putting up phenomenal tailwinds, so slightly different than the microsoft outcome. >> yeah. i mean, on alphabet, again, it looks like youtube almost doubled its ads. are you looking at what is key to this? >> i mean, it really was across the board. you had 13% beat across the google properties youtube wa 10%% the network, google cloud, which com competes, and azure is doing well, probably the smallest beat of any of the segments at 3% if you look at free cash flow, so with the breadth not only the top line, but what's happening on the bottom line, and, you

know, it's been pouring more and more into the buyback, so we've been seeing an increase in percentage of the free cash flow, so we think that's obviously be extremely shareholders friendly. >> so it's a different outcome, with microsoft shares down after az azure. growing 51% revenue. what was the issue there >> yeah, the numbers there were fantastic s it's the best grow we've seen in well over two years. if you look at azure, all these numbers were great, right? the difference with google is the snap back. it's a more steady eddie while the numbers were

impressive with azure, you continue to say a good adoption. i think just the element of surprise wasn't at quite as big. when you look at the top and bottom line, it wasn't as big at google >> you know, alphabet not quite as unpredictable as they have might have been, but i still wonder, they can say something that surprises you any expectations for either call that investors should be looking for? >> i think for google, it's really just the flexibility of the snap back. secretarily, clearly the government is in their kitchen, so everyone is believing they're just going to pour this back into the buyback we've seen a huge work from

anywhere trend, and what's been happening with the uptake of the application portfolio, so i think -- i don't want expect a lot of fireworks on the call i think there will just be more questions around sustainability of what we have seen and a massive surge around tech spending brent thi wll josh lipton has apple numbers. >> q3 eps of 1.30. revenue also beating up to 81.4 billion. the street was at 73.3 billion gross margins 43.3%. i phone 39.5 billion, versus expectations of 34 billion services also better than expected mac, 8.24 billion in the

quarter. ipad 7.4 billion wearables and accessories, 8.8 billion. apple does not provide formal guidance at this time, but we would expect color and commentary which starts at 5:00 p.m. eastern back to you all. >> josh, thank you the stock is up a bit. for more on these numbers, let's bring in dan ives. shannon is back, along with mike santoli. i'll give you the first word. >> probably better than the beat 129-cent outperformance on the eps line it looks pretty good i think it's a question of, do people think there was a pull forward to buy demand. that to me is where the marginal price will go. ultimately after the numbers and the call, then you have to ask if it's a bit stalled out here

>> dan ives? >> yeah, this is a drop in my corner if you look at the iphone, especially with the chip shortage, what we saw here, the super cycle is playing out better than the streets are expecting. this is one we've seen over the last three months, massively underestimated in terms of the growth i think 6 to 9 months there's a $3 trillion market cap >> wow all right. that means only $600 billion, not even, to go from here. josh >> i did just speak with tim cook let me bring you those comments. i did ask about the ongoing chip shortage, cook telling me it's being impacted here, shortages primarily affected mac and ipad. we predicted 3 billion to 4 billion, but we were able to mitigate some of that.

we had a real world-class operational team listen, that existing apple fans who are upgrading or android switchers, cook telling me we saw very strong double-digit increases in both upgraders and switchers during the quarter we also did talk about the 5g-ram is that a tailwind for the iphone in the quarters ahead cook telling me, yes, clearly it is, in his opinion, saying that right now penetration on a worldwide basis is still extremely low. most of the 5g upgrade is in front of us. one of the things he's seeing in china, is iphone did extremely well, in particular the 12 pro and 12 pro max he said there was nice momentum across the products. back to you all. >> josh lipton, thank you. dan, let me get back tou

what's going to support that is it just earnings or expansion of that multiple >> yeah, i think it's a great question ultimately we view this as a sum of the parts that valuation of the services business, what we think could be $1.5 trillion. it comes down -- i think it would come out in the call, the china growth story will continue to play out on iphones 20%, 30% has not up graded its iphones for two or three years i think number of the streets go massively higher they're in a position of strength this is a name where i think the best is in the rear-view mirror, but we're just in the middle innings of what i will call a renaissance of growth in

cupertino. >> there was a concern going going into the record there would be a drop-off, given the strength we saw in those products during the covid-19 pandemic i think goldman sachs raidsed questions about china and how strong that cycle was. it looks like they have managed to surpass the expectations, tick cook tell josh most of the 5g upgrade is in front of us what is your initial take? >> i couldn't agree more, sara i just heard those comments about the 12 pro and the 12 pro max selling well in china. that's always been a concern about average selling price, never about the units. if you think about the switchers from android products into iphones, that then has a follow-on effect of all these wearable and services, both of which were what we were supposed to be paying attention to, if you remember, a few years ago. i think there's a huge talent

for 5g i can't disagree we're certainly seeing the switching continue to happen so i think being able to take advantage of all of the services and wearables, you need a new phone for support all of that, to support new apps. it's a great call, from what you've been able to hear so far. >> dan, back to you on services in particular. what was it 17.49 billion? consensus was 16.2 the run rate there, what, $70 billion or more? we always said, do investors want to pay more, given the recurring nature of that >> i think that's been a big part of the rerating i think investors are putting billions, now we can't get to trillion this could start to be an $80 billion run read in my opinion, ultimately in

terms of that business growing mid double digits. it's all about penetration that installed this that's the golden jewel of what they have. more monetization services this stock continues to move higher, in my opinion. >> it is moving higher just a bit, about a third of 1% dan and shannon, thank you both for joining us as sara said, we have more coming up on apple, but first, new comments from alphabet's cfo. deirdre bosa has those for us. >> david, just off the phone with her she said that revenue growth -- advertising revenue growth was led by retail, followed by travel, and then financial as much as. services she said it was too early for forecast, especially given the recent increase in covid cases

globally on return to off, she was somewhat noncommittal. they were told september 1st, but she said they're still focused on voluntary work from home at least through the beginning of september she did point out that losses in the quarter, but they continue to invest in this business to really, this is the story of growth and gaining market share. up next, much more reaction to apple's earnings. we'll beig bk. rhtac

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fertile farmlands... there's lots to love about california. so put off those chores and use less energy from 4 to 9 pm when less clean energy is available. because that's power down time. mostly in the red, except for alphabet, which is up 3% even apple lost some of their gains. all four of these companies had good quarters. the stock is flat. alphabet really the winner from advertising, which was nearly a 70% increase.

google's adbusi business is helg the company in a huge way. microsoft with a strong quarter, let by software azure and cloud. still not a stunner, as brent thill told us. a lot of this good news was priced time for a cnbc news update with shep. >> hi, sara, it's time to mask up again for most of us, that's the word from the cdc just this afternoon, advising, in parts of the country where local rate of transmission is high, vaccinated people should wear masks inside public places. the cdc also saying all schools, grades k through 12, should adopt universal mask-wearing for students, teachers and all staff, regardless of vaccination status. instagram introducing new

safety settings for teenager they're private by default for any kid younger than 16, and will make it harder for adults to interact with those young users. the social media platform reports it would restrict the type of advertisers that can target our kids. britney spears' new lawyer filing a motion in court to have the pop star's father officially removed as her conservatory. britney spears has accused her father of abusing his power over here speaking for him, his legal has repeatedly denied in the wrongdoing. tonight simone biles and her decision to withdraw from the finals we'll hear from shannon miller about the mental and physical challenges of competing on the world's biggest stage. a look ahead to our primetime olympics coverage from tokyo, right after jim cramer,

7:00 p.m apple reporting earnings a few moments ago. they did post what was a beat on the top and bottom lines, but the shay not budging much. let's bring in ed leaf from "new york times," and adam, colin, let me start with you. the numbers look extremely strong, and what was at least expected from the company. why do you think there was initially here not much of a response in the marketplace? >> i think the expectations were modest going into the quarter. we did get a fantastic set up results. i believe the 5g cycle will continue and be a driver for the remainder of the year. while the summer months may stall, as we head into the next upgrade cycle, i think it will continue to be strong. >> why

>> because of the fact that what you're seeing is new customers coming in at a double-digit growth rate, and so it's particularly this 5g cycle that will have extended legs. we just saw those results in the june quarter >> as far as the supply chain, that was one of the questions going in, ed it seems like tim cook told our josh lipton -- how does that factor into the outlook? >> i think supply chain is affecting everyone, but we know tim cook's background. he's a supply expert they have continued to manage that better, and they beat on every single line here, every sort of product category it's a lack of visibility into the current quarter or the back half of this year.

they continue to keep that under wraps. yes, there's still covid uncertainty, so maybe that's understandable, but i think the lack of visibility is what's depressing that stock, and the question is, whether that chip shortage affect the current quarter, either with iphones or other products i think the lack of color on that is something we don't have enough of. we don't have enough information there. >> something else we don't have a lot of information on is klein overall. such an important component of the business. it's an ominous sign they have,

you know, they think they know how to navigate that, but there's so many question marks around the recent events i point this out every quarter, i think their the, i think it's a nigh extort of bulwark we ambiguous zone buy mgm for a pretty rich price. we haven't seen any bets yet on that >> ed lee, colin gillis, thank you both for joining us.

apple shares down a bit after hours. more earnings are out. kate has visa. >> visa has a beat on the top and bottom line, for the fiscal third quarter. we'll start with the top line. revenue at $6.13 billion, an increase, stronger than expected eps 1.49 also a beat. the street was looking for 1.35. we have a statement from the ceo, talking about economies reopening and that drives the recover. visa is down more than 1%, back

to you. indicate, thank you. stead ahead, everybody you need to know. find out what to expect from the media giant later on "closing be."ll ♪all by yourself.♪ you look a little lost. i can't find my hotel. oh. oh! ♪♪ this is not normal. no. ♪♪ so? ♪♪ right? go with us and find millions of flexible options, all in our app. expedia. it matters who you travel with.

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we'll take the cobbler to go! good idea, yogi. i'm smarter than the average bear! they're gone, dad! for bundling made easy, go to geico.com. we've got an earnings alert on teledoc >> sarah, teledoc sinking, reporting $503 million in revenues, which beat the street, but a wider net loss of 86 cents

a share, which isn't quite apples to apples in terms of the estimates. meantime, paid membership of 52 million was up just 1% from a year ago, and actually shy of analysts expectations, while the telehealth provider raised its revenue outlook, on the bottom line it also forecast wider losses you can see shares down more than 7%, david. >> that could be a future tomorrow as well thank you. a&d earnings are out let's get some news on it tonight. christina has the numbers for us. >> you have adjusted earnings per share coming in at 66 cents. revenue for the second quarter also higher than anticipated at $3.85 billion. that's because a lot of the data center and gaming sales nearly tripled showing a lot of strength and stealing market share away from rival intel. and given the better than expected q2 performance amd has raised the third quarter and

full-year revenue guidance the stock is about 1% higher in after-hours trading. back to you. >> thank you. don't miss it. we're going to an exclusive interview with amd lisa su tomorrow a great call. >> she's delivered. here's a check on some of the after-hour movers, alphabet, microsoft, visa, starbucks alphabet turned around that's not after hours excuse me. i was going to say, it lost all its gains. itdid lose a little but it's u 3% after hours beat from apple, beat from microsoft, beat from starbucks maybe china comps came in a little light this really does show you that the setup matters and the nasdnasdaq

assent in recent weeks has set it up. >> we are talking about by far the biggest gdp quarter we're going to see maybe ever, just because of the snap back from last year. so especially when it comes to alphabet, it does have some leverage to the comeback in advertising, and maybe because alphabet's numbers were so unequivocally great and beyond what you might have expected, it sets an unrealistic standard for the other stocks that were merely very good, in apple's case maybe better than that. it shows you something about investor appetites to pay up at these levels these stocks all trade at 2% or 3% free cash flow yields that means 50, 40, 30 times free cash flow. so they're already stretched to that point based on low and negative real yields and all the rest of the reasons that people buy these stocks having nothing to do with quarterly results. >> if they were to keep up the growth, what kind of a multiple is that? >> they're going to own it all. >> microsoft at 21% top line

very strong. by the way, speaking of strong and significant top line, let's get an earnings outlook for facebook from julia boorstin he's got the preview for us. >> the bar is high for facebook's earnings after snap and twitter beat on top and bottom line expectations they also guided to better than expected third quarter results for facebook the number to watch is revenue it is projected to grow 49% to $27.9 billion and the social giant has a track record of beating expectations, having those revenue expectations beat consensus 18 of the past 20 quarters now, of course investors are looking for any guidance, particularly on all those new initiatives around commerce and small business and how they might bolster ad growth going forward. analysts are bullish 82% have a buy over wait rating

on the stock back to you. >> thank you julia boorstin mic, i always have a keen sense for the obvious, but 49% growth, 57% in alphabet when you take out currency. 21% at microsoft these are the biggest companies in the world growing at rates that i cannot remember on their top line granted year-over-year, some of the comparisons may be stronger given a year ago, period it's stunning. >> it's not like their revenues collapsed in 2020. it does tell you that the market did not have it wrong by just piling into these stocks during the pandemic and feeling as if they have these incredibly durable business models. always the question is what do you pay for it i mean, right now the nasdaq 100 etf is down slightly after hours with a huge bonanza of big results. it could change, it could flip >> tesla closed down today, even though last night it was up after hours and people were glowing about those results.

>> i put tesla in the category of much more kind of the risk appetite, i want to buy the story, not last quarter's results. but it definitely did tell you that there was not an indiscriminate bid for the big nasdaq names. >> the bar is high as the nasdaq has outperformed lately. david, thank you see you tomorrow you just have to read the conference calls for the morning. that does it for us on "closing bell." have a good evening, everyone. "fast money" is up next. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business...

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or you'll get back at least $5 in perks. live from the nasdaq markets overlooking new york city's times square this is "fast money. tonight it's an earnings blitz take a look at all the big names on the move in the after-hours session. our team of traders standing by to break down results. tim seymour, bono and guy adami. we're joined by managing partner gene munster let's get straight to it we start off with the big three, nearly $6.5 trillion in total. alphabet, apple, microsoft out