♪ welcome to "power lunch," everybody alongside contessa brewers, good to have you here, i'm tyler mathisen. with the few hours left in the trading month on the spooky halloween, likely to be the first losing month for the dow and s&p 500 since april. the nasdaq just went into

negative territory for the month as well. it doesn't, contessa, seem like it's been that bad a month. >> no, but the earnings, the swath of the big-name earnings we've had, disappointing, you tend to see how that would drive the sentiment. it is the big factor. microsoft is a huge drag following the results. we have amazon and apple coming out after the bell, and recent headlines with apple, about the new ai phones and amazon, jeff bezos and "the washington post" headlines seems to be driving the narrative there. >> it looks like maybe the apple revenue numbers might be better than expected, but this quarter, their fourth fiscal quarter, is usually kind of the least significant quarter in their year, because everybody gets ready for the december quarter, where the new iphone comes

online we'll see. comcast, the parent of cnbc is considering a spin-off of its many cable networks as part of ongoing changes in television and streaming, those things going through. this obviously come and hits close to home, but the cable wits we've known is undergoing deep and profound changes in streaming, and the content you can get that way. >> also, what we're hearing from media insiders, former executives about our parent company is, hey, does it make sense, and how do you do it? not that it doesn't make sense at all, but how do you do it most efficiently, and if they did it, they say it will be well capitalized. i'm certainly familiar with it at time incorporated, when time warner wanted to get out of the magazine business. this morning's pce reading

coming in above the fed's target rate. this means things on the economy front are finally starting to stabilize it's not the same when it comes to the market rite now. another tough week of earnings on track for their second straight day of declines. the dow was down more than 400 points at its low today, now down about 300 points. what's comes next? keith, i said we're down now for the month for the first time since the spring on all of the major barometer, but it doesn't seem like a bad of the month until kind of today, yesterday. >> i think that's insightful. your words deep and profound changes, that's the key here. the markets are testing the fed's resolve. second, many of the big names selling off today are in fact widely owned around the world.

it's loam cal all of the indexes, the major players will have to rewire their holdings as a result of this sell-off. now, as the consumer is duking it out, i think it's overdone, the broader scheme, they're going to be there tomorrow when the sun comes up. that's what you want to focus on during days like today. >> apple this afternoon, give me a sense of where the expectations are where maybe the performance is not bad, but failing to immediate expectation, and expectations especially around ai that need to be managed? >> that's a good question. i think what i've got to do is focus on expectations, and talk about whose expectations? company executives who know their products intimately? or analysts who may never have worked in the industry, but are

responsible for promouncing judgment on it. i think apple -- pretty strong numbers t meta is more wait and see. microsoft is already talking about ai being a $10 billion run rate this year. there's a big difference. not all tech is the same. they're painting with a broad brush. let's pay a game of would the rather. meta versus microsoft, and amazon versus apple. which would you rather? >> i tell you what i am doing. i do not own meta. i own microsoft. i think it's a viable business, already a lot of money on the plate. it's really out there working. it's the maestro of works. i would be in apple anyday, and i don't own amazon? why is that?

>> the ecosphere with apple is key. amazon has tremendous regulatory challenges. the shopping isn't what drives the business. there's tremendous regulatory pressure. customers are not happy. there's a lot of competition emerging. within amazon itself, jassy is no bezos, and i think the culture has changed. where do you come down on chips and semis, and intel? >> oh, boy, that's a tough one. this just -- i hate saying in, but i think intel is going to be lucky to survive this mess. i think amd and nvidia, market document natos. intel missed mobile, missed a number of things and they're playing catch-up. i think the intel we knew won't be the same in five years. >> we spent the year focused on

the magnificent 7. is it time to truly broaden out passes and start to consider other stocks. for instance, if you're looking at insurance, which is seen as a defensive play, but a lot of companies have reported earnings and how plans for growth. >> that's a valid point. if we look back to the '50s, '60s, even early '70s, it was more -- if we're looking at where tech is going and which companies will benefit, clearly insurance, clearly medical, clearly pharma. every business on the planet is going to adapt, adopt or die when it comes to ai and big tech in particular. for me, it's the next logical spill majority is where i'm looking at, defense, medical, pharma, those are the companies i will, quote, broaden out into.

>> keith, thank you for joining us today. we appreciate your time and insights. >> thank you. big tech weighing on the market. apple is lower ahead of its earnings report after the bell. the result will include two weeks of iphone 16 sales, with investors looking for clues whether the ai efforts fueled the much hyped super cycle. toni sacconaghi joins us from bernstein. i've got a little sister who i think spends money on crazy stuff. she's already gone out and bought the brand-new iphone because of the ai software, she says she loves it. but you said this is -- i was readic through some of your notes. you don't think that it's going to drive earnings right now. why? >> good afternoon, contessa. so, that is really the big

question -- will apple intelligence functionality in the phones drive a strong cycle? you know, to date the apple intelligence is very modest. it will be rolled out over the remainder of this year into next year, so some of the highlights, like an enhanced, more conversational seniori, or integration with chatgpt won't be available under the end of november. the functionality won't be available in languages beyond u.s. englishened next year. be grace with third-party apps may not happen until the middle of next year. you know, i think many consumers are still waiting for when really impactful apple intelligence functionality will be delivered. >> did the hype machine get ahead of apple's ability to deliver? i don't lay that on apple's

doorstep necessarily. i think we in the media may be guilty of it, the people in the investment community may be guilty of it. so the simple question is, did the hype get ahead of the ability to deliver the product? >> it's a great question, tyler. you know, apple is uncharacteristic in talking about a lot of things that were going to come in the future. this is a company that's tip dale very secretive, loves the element of surprise, and typically doesn't talk about anything until it's available. occasionally they'll view features that are available in the next months or so. it was different this year, at the worldwide developers conference, they talked about apple intel sdwrengs functionality that wouldn't by ready until the middle of next year, so to some degree, i think apple is at fault, because it

talked about what is to come. and, you know, consumers and people who watch the space and said, wow, all the this great stuff is coming, but the reality is it will evolve over time. that may impact the pace at which we have iphone sales. i think one of the big questions for tonight is, you know, there any evidence this might be a more backend loaded year? does apple anticipate or has it seen anything -- the first release was just a couple days ago, so they may not be able to tell. does it anticipate there will be a meaningful uptake? >> i'm curious about china. i'm looking at this chart that shows apple's market share in smartphones falling. vivo has claimed the number one slot.

huawei is up 42% and nipping at apple's heels. apple is just barely holding on to number two. how important is the china market for them in the overall scheme of things? how much of this is macro issues that apple doesn't really control? >> so china's about 20% of apple's revenues, and about 20% of iphone shipments go to china. it's an important market for apple our belief has been this past cycle was a weak cycle, wasn't that he different from the prior year phone, and, you know, generally iphones can be flat for the year. it has been worse in china and, you know, our belief is that's partly due to a softer economy, but it's also due to the fact that historically we have seen that the chinese consumer is

very feature sensitive. so, when there is something new they upgrade strongly. when there's not something new like this past cycle, they upgrade more slowly, and growth rates are lower. so depending on whether apple can get features out that could be prove to be a catalyst for china going forward, but i do think the feature set over the past two years hasn't been particularly compelling, so people in china are keeping iphones longer, awaiting something worthy of their upgrading. historically they have been than the rest of the world. >> what you just said is fascinated, because it points to something. that is, while we are being critical of this latest iphone

launch, you think that the sequential revenue gains are going to be better in percentage terms, greater in percentage terms in terms of growth that the in the paths two years, because? >> i think that's the big question. you know, right now, if we look at what consensus numbers are, they expect, you know, iphone revenues to be up high single digits this year. that's much better than the last two years. tonight we'll be looking to see if the growth that apple is calling for in q1 is supportive of that. apple doesn't guide specifically to iphone. they'll just talk a bit, give some direction on how much they think the revenue will grow. they consensus estimates are around 7% growth. if the cycle is better than people are anticipating, that number will be higher.

i think most buy-side investors are lower on that number, but that will be the number that everyone is looking for. what do they think growth will be next quarter? if it's something positive, that's good, but expectations are at 7. that will really shape sentiment around, is this cycle better than we thought or worse? right now expectations been this cycle will be better than the last too. >> toni, we really appreciate the insight. >> thanks. we have lots of other earnings to get through, yes, we do, contessa. we'll get the trades on microsoft, uber, roblox "three stock lunch" will be big, big, big. "power lunch" will be right back.

microsoft is on pace for its worst day in two years. shares are sliding after the company's guidance fell short of expectations, and there were real concerns about the spending. here with us is the partner at the wall street alliance group. adel, what do you think of microsoft? >> great to be with you. so, i think generally we feel the bar is set so high, that anything short of a wow earnings report will be met with a sell-off. this is what we saw with microsoft. i think one of the concerns is they're spending too much on ai. we actually view this as a positive, because the ai business is on pace to clear about $10 billion annual run rate by next quarter, which will

make the company's fastest division to reach that mark. they're doing a great job. we like the company here. for us, this would be a buy. let's talk about uber, shall we? down 11% after the company's third quarter gross bookings fell below estimates. aadil, your thoughts about that stock? >> we actually think this is a great company. we think it's basically getting spooked out by the broad tech sector falling, but generally we do agree with uber's ceo that this is a very sticky business, especially given the fact they're having their membership program through the network, getting a lot of customers, and what we really like about uber is the diversified mix of business. you know, they're doing really well on the delivery business, especially with acquisitions like postmates.

for us, this would be another stock we would say buy. lastly we have roblox shares surging after strong earnings report, as in-game spending booms. the stock is on the best day since at the 2023, but aadil, you're pointing out it's still down from post-pandemic highs. >> from us we would stay away from it. we don't like this company for us. for us, this would be a sell. this stock used to be a pandemic darling, but it's still down 60% from the all-time high. part of the reason is their costs tend to be higher than other competitors, because they're catering to their target audience is 13 years and younger so, they have to spend a lot more on things like cybersecurity. we think this is a tough business. the company is stilling losing money. we would stay away from it.

>> it's interesting you say that. my kids keep asking me for roblox, and i keep saying no, on the app store it says for ages 12-plus. i've been petitions by second graters to let my kids have roblox. the developer says it's not for those kids, yet that's who they're catering to. >> yeah. that's interesting, right? that's part of the challenge for their business model as well. you know, they have to spend a lot of money on building out digital infrastructure, the costs are high as well. i think there are just better places in the market to be right now. >> aadil, thank you so much for joining us. a bit of a discussion about parenting while we're doing that. tomorrow we'll be joined by the ceo of roblox, so i won't won't be there. >> we'll follow it up, contessa.

>> he'll be here and we'll press him on that and the business model. >> we'll do that, even in your absence. thank you. is the china turnaround starting to slow in stocks there are still down, but manufacturing showing signs of picking up. we'll sail across the pacific in our market navigator boat.

dom which you is here. s&p is off 1 towards, and the dow the champ will but it was off more than 400 at one point. dom chu, what is in today ace "market navigator. ? >> china's manufacturing data expanded for the first time, believer believe it or not in six months, but the china meets market slipped. still, our next guest says this could be the start of an actual real turnaround to the up side.

joins you is founder and c.i.o. of ralient. jason, this has been called uninvestable, and david tepper really said, everything, i'm all in. >> and when are the carolina panthers? >> as a commanders fan, i know he's curious about this, but as a markets guy, i'm curious. what do you see as the opportunity in china right now? >> well, first and foremost, you do want to be aware of the head space. i don't think you want to get ahead of yourself. do believe in beijing. it's going to do exactly what it says it will do. it's going to spend money, it's going to bail out real estate, and it is going to be -- again

the national team is doing a lot of buying. whether it turns around the economy or not, that remains to be seen, but in the meantime, you can comfort abet on the construction sector, banks and insurance companies who hold a lot of real estate. >> but, again, whether china is out of the woods and the real economy will turn around, i think you want to wait for another quarter or two to really say. >> jason, with that in mind, there are a plethora -- and tyler and i look at these all the time, etfs that track many different things, but you're talking about two very specific parts of the market. how do investors go about taking that view if they want to be constructive on construction and banking and insurance within china, or do they just buy the large etfs?

>> i think for know buys the large etfs, that's the way to go. certainly you won't find specific sector etfs. if you look at just the large cap, the megacap china etfs, you're probably going to get, i would say roughly 50%, 60% of that will be some combination of the financial stocks and the state-owned, you know, construction companies. you will do well by buying the megacap companies. they will target enough. >> before we let you go, jason, you mentioned maybe another quarter or so before you with see signs of a market turn around. what exactly will you bet looking for? what will navigate you through, what data will you be scrutinizing? >> a lot of people are probably reading tea leaves a bit too much. everyone is trying to figure out

is beijing's monetary policy big enough. you know, i would say the only thing you want to pay attention to is, does beijing continue to focus on trying different things, doing things to turn the economy around, doing things to stabilize the financial market. you want you want to this point beijing has been somewhat nonplussed about both activities. right before a national holiday, it's made this commitment to really focus and shift of narrative away from the national security back toward economic growth, back toward leaning on the free markets. i think it's observing the continual commitment to free markets, to economic growth. that will be a different maker. they are aiming in the right direction. i think things will work out.

>> jason hsu, at rayliant, thank you. we'll talk soon. >> all right. he chose more of the more simple way to go at it. >> yeah. >> a market can stay down a long time. all you have to do is look at japan and all those years, but in you believe in the china thesis, a large-cap etf might be the most direct way to play. >> but people talk about fxi, the big-cap stocks versus the k-web, which is the internet tech names. >> dom, thanks. as we head to break, cbs nbc is all night, overnight into the morning on election night. we have results as they comes in. it begins at 7:00 p.m. eastern from the new york stock exchange, i'll be here with brian sullivan holding down the fort, plus asian, european

markets, and then "squawk box" starts at 5:00 a.m. and you can always hear us on our podcast, wherever you go. we will be right back.

we have lots of other key earnings to highlight. it's time for today's "power check." peloton says it expects a softer holiday quarter than expected. the stock is having a comeback this year. also announcing a new ceo, up 25% on the day. robinhood dropping, missing expectations, the company saying it was hurt by marketing promotions to attract new customers. it's down by 15%. international paper climbing after at earnings beat hitting the higher left since october 21

paycom having it's best day -- like me, my best day ever, better than expected revenue. they did lower revenue expectations. >> a company i cover closely, allstate beating on earnings. it had some losses from recent hurricanes and other third quarter catastrophes, overall-revenue and income improving. on the auto insurance front, the company has made headlines, the combined ratio, which shows how much it's making on premiums it says it saw significant declines in retaining customers, because the auto insurance rates are up 40% since 2022, that stock is down about half a percent, but had an amazing run this year so far. let's get to kate rogers for a cnbc news update. the biden administration says today some 8,000 north

korean troops are now in the kursk region, where ukraine launched an incursion. antony blinken says the troops are expected to deploy in the next coming days. at least 155 people have died in devastating flash flooding in the country, the majority in the valencia region. a year's worth of rain fell in eight hours. rescue teams are still searching for others who are missing in what could become europe's worth storm-related disaster in more than 50 years. los angeles county is suing pepsi and coca-cola over plastic pollution. the lawsuit claimed that the two companies deceived customers that the single-use boltsing were actually repsychable. coke and pepsi did not respond to requests for comments. back over to you, tyler.

thank you. comcast consider a spin-off of the cable network companies, a move that could drastically change the media space. we'll discuss that when "power lunch" returns right here on cnbc. ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the dow with dia. getting there starts here. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the

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♪ welcome back to "power lunch." shares of our parent company comcast trading higher by 3% after the president mike kavanaugh said it's exploring a separation of the cable networks. that separation would reportedly not include the broadcast network nbc or the stream been platform peacock. the comments came during the company's third quarter earnings call this morning. let's gel to our panel. tom rogers, executive chairman of orbit, also the founder of cnbc and msnbc, currently a cnbc contributor. joe flint media reporter for

"wall street journal," and julia boorstin is our senior media and technology reporter. julia, let me begin with you. put it in context why it would happen and what are the hiccups to getting it done? >> well, look, this is all preliminary. the reason why cop cast announced they were investigating this, they knew as they had these conversations, something was going to leak out. they wanted to clarify what they were looking at. over the past couple years we've talked about the potential to spin off as a whole. they would say this would not be that, this is simply the capable portfolio. we don't know how many or which the of channels would be included. cnbc is one of those capable channels like with msnbc. they want they want nbc along with peacock would not be part of the spin-off. why? nbc has sports, and sports is essentially to peacock. peacock is very much part of the

growth potential of the nbc universal company, including, of course, the synergies with the broadband and whierless that comcast is so very much invested in right now. there's a lot of questions how this could happen, but the reason why we're talking about this now is because, of course, the weakness in the capable space. we've seen a decline in the total number of pay tv subscribers, and a lot of ad revenue really shift over into streaming. >> tom, let me get to you. you have a strong track record of spotting the trend before it happens, and taking advantage, creating a vehicle to drive in new directions with new media, and new delivery services, what do you make of the idea and how would you get it done? >> well, clearly it under scores the fact that we're beyond the point of no return with cord cutting. these linear cable channels

burden the other parts of comcast, all of which have good growth stories against them. i personally believe cnbc in particular has a role in the streaming world under a very different model, because it's about the only cable channel out there that its financial future doesn't rest on the consumer pocketbook. how many streaming services is a household going to take? there are ways to support a streaming future for cnbc, involves investor and corporate fees that i think would give it a very strong future. but, there's certainly a rationale to say, look, cord cutting is not going to get better, it's going to get worse. let's spin these off. i think the entertainment channels by themselves are weak assets for the future. it's very hard for any extend of stand-alone any channel without being be separated goo a major

streaming service to have a future. if you package them with cnbc and msnbc, both of which have enormous influence still in terms of who they reach, i think that you could find some interested bidders for that vehicle, should it be spun off as an independent entity. >> joe, why don't you react to what tom just said. number one. number two, i used to work for time incorporated, a big man zig publisher as you may recall. >> i did, too. >> fundamentally they discussed what's being discussed here, they spun off the magazine business. in the end it was the death nell for that business. in other words, in five or ten

years, if you do this spin-off, will those exist? >> i certainly think some networks would go away. we wrote a story when this idea was kicking around inside nbc. one of the thoughts was which networks might have enough diminishing returns to call for just pulling the plug on them. oxygen was certainly one of those, and e! >> paramount took a write-down on its networks. this is a broader trend of what's happening. it's somewhat ironic that some of these networks are profitable, driving the investments for the streaming services, which are still bleeding red ink, but they are seen assal into trotses and slow melting ice cubes. >> but you need content for the streaming service. you need shows for people to

watch. julia, couldn't they just shove all of the things they're talking about spinning off into peacock? if that's the delivery service of the future? >> well, look, i think there are various pieces here. you have to remember all of the media companies license content to other media contents and they're all effectively friend frenemies. so, this is a very nuanced ecosystem here of all of these companies creating content for different places. i do think you're right there's a question of whether or not there's an inherent value in having content aligned with the distribution. i think what we're seeing is the reason they want peacock, part of the nbc universal studio is because you can have the tv studio create content that's designed custom for peacock.

also you could have sports like the nfl, you could strike a deal where there's additional distribution on peacock on streaming in addition to broadcast, which is what we saw in the most recent nfl deal. i think the question if there's value of bravo and oxygen being part of that as well? that's a separate conversation. i think that's what they're going to be evaluating here, and figuring out which of these capable net york add real value to peacock and nbc universal companies, and which might be better off as the source of another company and a potential roll-up. once you have a separate company, they may be able to roll up other capable networks as well. >> the most interesting part was mike kavanaugh's statement is they're open to partnering with other streaming services to grow peacock. it's pretty clear, to have -- they have to model going foo

forward, it needs to be global. peacock is a domestic-only service. you have max out there that warner has some global growth, paramount plus that has been the new -- the owners have been going around having discussions about future prospects for partnering there. so you've got three parties there that some combination of two, or possibly three of them, to create a major entertainment and sports streaming service that would really have the kind of scale to give netflix a run for its money. i think that's what you heard today. >> let me be the nay saturday on that real quick. >> okay. >> these partnerships are very complex, as we've seen. who will run them? who will invest? somebody always feels like they're getting the short hand.

there's a lawsuit overseas, and it's just a lot harder to -- it locks easy on paper. >> joe, thank you. >> agree with that. >> thank you, tom and julia. appreciate it. the latest read on in ♪♪ well would you look at that? jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! unbelievable. stop waiting. start investing. e*trade ® from morgan stanley.

welcome bark back to "power lunch." live on the cebo floor. live with kasey mulligan. today we had a lot of important data. eci backed a smidge. we also had pce. any interest in going over some of those highlights? is there anything that snuck out at you? >> inflation is coming down lower than we've seen. >> reporter: other countries, always comparing. certain countries didn't spend as much as we did. didn't enact policies like we did. how does that filter into some of these sticky inflation issues? >> we have seen a range of experiences across the countries and the countries that increased

government spending more had more inflation. very clear relationship. >> reporter: now for tomorrow we have a huge jobs report. all the traders on this floor and all my sources are was last month an anomaly? tomorrow is a two-fold issue. not only will it validate or reverse some of the issues and huge market moves after the october 4th release, but what are we going to see with the current report? do you have any ideas about paths for tomorrow's job, job, jobs report? >> the samples they're using are incredible. markets have been dominating for good reason. not good samments. seems like the revisions have been downward. maybe that will be the case again tomorrow. >> you've done plenty of research. we've discussed it on cnbc. one of the things you've researched is how much inflation has crept into the situation for a variety of policy issues, a family savings or how much extra it costs with some of the

programs. give me a quick summary. >> you're referring to regulatory programs? >> yes. >> there's been record regulation twice the pace that president obama did. he had quite the pace. these regulations create phosphorous -- into the future ten years out or so. the average family has new r regulatory costs it's going to be facing of $27,000 in present value. >> what categories are the biggest contributors to that increase? >> well, health care is a massive agency. they turn out regulations like you wouldn't believe. they're doing things like canceling health care plans, making mandates for nursing homes to have extra staff, make them extra expensiexpensive. the single biggest is how we build automobiles and -- >> the harris campaign says they don't want to necessarily have an ev mandate but they have indirect mandates. >> the manufacturers essentially you have to be every car they

sell is gas, you have to sell another one that's ev. >> many are saying, why are they discussing that? just look at germany. volkswagen has never laid off. they've never closed plants. they announced this week tens of thousands of workers and closing plants, why? because of the cost of electricity and evs is not the kind of engineering that germany's going to make money on. your final thoughts? >> the combination together. you're asking people to buy evs, very expensive. then you ask them to plug in where we have so many restrictions on how we're allowed to make electricity. we're just waiting to -- >> if it has to dowith ai they always seem to find the electricity. professor kasey, thank you for joining me "power lunch" will return after a short break. ♪♪ [inner monologue] this is going to sound crazy.

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never going to be good-bye. it's going to be see ya later. let's get a check on the markets here. all three major market averages are lower today and for a change set to end the month of october in the red. it will be the first time for that since i believe the spring for a couple of those ba rom meters. thanks for watching "power lunch", everybody. >> "closing bell" starts right now. thanks very much. welcome to "closing bell." scott wapner live from post 9 at the knock stock exchange. make or break hour, countdown to amazon and apple earnings. more important given the market's unsettling reaction today to microsoft and meta. both stocks are lower. we'll ask our experts what's at stake for stocks in tonight's reports. scorecard with 60 minutes to go. we've been down led by tech. nasdaq basically at the lows of the day down 2.5%. every megacap stock in the red. how about uber? a big drag today after the

outloo