amazon reports earnings with sales from amazon web services surging nearly 50%. we have full coverage and analysis over the next hour. billion wiped off of facebook's market cap and after earnings disappoint. this is the longest single loss for a single company in history. investors weigh in. tech earnings continue to roll through with spotify reporting. we discussed were new users are coming from and how the company is fighting off competition from apple and amazon. our top story, amazon reported better-than-expected results and forecasts more of the same in the current one. investors were perplexed by the numbers. inres were teetering positive and negative territory in aftermarket trading. the company missed analysts on revenue -- analysts estimates on revenue. advertising was strong in the company beat massively on earnings. it shows amazon is managing to keep a lid on expenses while investing heavily on new businesses and expenses. joining us now is the ceo of the e-commerce platform boomerang and a former executive at amazon and working on the supply chain a

will they go to amazon for compliance?pany survived when it started collecting those sales tax. what happens to the merchants? it is unclear. emily: all right, bloomberg's ben brodie. think you very much. we will be watching the president's tweets. coming up, google will be investing more in hiring people in emerging markets like indonesia and india. that is from the google ceo sunder pichai. here he is on growth in emerging markets in particular, take a listen. : the user growth there is extraordinary to see, and reverse the knit across all of our products. all the major products, products which have over a billion users each, they are all doing well in these markets. that is where most of the growth will come from. ♪ two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet. which could save you hun

but not only for amazon but amazon prime.nd center, the amazon website and app are home grown products. not just the devices like the echo that we all know about, but all of amazon's white label goods and home and beauty and furniture. everything else, it's look, they've turned july into one of the busiest shopping days. emily: i did speak to amazon prime vice president about whole foods in particular. i asked can you get consumers excited about deals on chicken breasts and strawberries as you can on the insta pot. take a listen of what he had to say. >> i said at the time this was our most important benefit launch. the adoption of prime members is for deals and early signs in lead up period to prime -- prime day has been truly phenomenal and very humbling. emily: how much do you think this is a win from the whole foods side of things? >> if you look at the room they have in whole foods, they have 60 million plus. the fact that he mentioned it's the fastest benefit launched that they have seen. it's running ahead of internal

romaine, we of, amazon coming up.e will talk momentarily about the president's ire toward jeff bezos and "the washington post." putting that aside, what do you expect when it comes to amazon -- we saw a fairly strong prime day -- and amazon expanding its tentacles and to all of these new categories? romaine: amazon is one of the stocks were they are basically fighting their own story and most investors view it not only as a company with a great deal of dominance, but it really can change things out will. i think -- at will. when you take the political issues out there, it's a company that a lot of folks see as able to grow at will. as long as it spends at well. for now, investors are fine with that. other and a lot of these names, they have become haven assets for investors who are worried about the political issues out there. they are turning to facebook, they are turning to amazon because at a minimum, these are companies that can weather the storm of geopolitics and trade issues, as long as they continue to spend a

amazon -- this could be a nice growth business for amazon. their goals are different.l amazonying to prime through video and netflix is trying to sell netflix through video. emily: when a user watches a downloaded episode of the show on their phone, they will automatically download the next one on the phone connect to wi-fi. taking friction out of the process, making it even more addicting. mark: this is like autoplay functionality on youtube when you watch one, it moves to the next. same thing for netflix. it is a nice feature. every other streaming service will now have to do this. emily: and the ceo said netflix is competing with our sleep hours. that is what they want. would you make of all the media m&a happening with comcast trying to buy fox, apple not just dipping its toe in the water but making huge investments in content? can they -- can anyone on seed netflix? mark: this has got to be the golden age for content creators. you have.y bidders the netflix is, amazon's, facebook's, apples. scale matters so ill be hard for somebody to catch up. that is why traditi

amazon is the same way. at the same time, it leaves the rest of us guessing -- when will that happen again? they are few and far between for netflix. one of the bright spots has been a comedy show. people talking about that and getting excited but it is a one-off. it is not a series. talked about international growth. netflix has talked about getting original program in countries like india. that can make a really big difference. once you start creating shows that people in other countries can get excited about. emily: netflix is feeling the punch. we have been talking over the how it haseks over surpassed. is this because of the lack of new content or the unpredictability of the schedule of new content? other suggested is due to the world cup. you take a step back and look at disney, 21st century fox, and streaming services. more competitive headwinds. time warner. that is why they need to drive content. tom has a good point. it speaks to why netflix had to spend at this rate. any dip in content, you could

what about amazon?t part of the discussion unless you talk about a presidential tweet which is a different issue. it here's what you say in your house and knows what you buy. now, it knows what you buy in a physical grocery store as well. that's if you have a link to count. in many ways, a lot of things is about perception rather than reality. the perception is that facebook is taking date that you are getting -- giving it, you're putting it online and there is a concept of people who are not comfortable with that. terms, you are interacting with it in a sense. it is an oculus. people don't even realize they are giving it to them. it does not show up somewhere on one page for everyone to see. it is in the background. scarlet: it is more transactional. only amazon iis can see this. it's not other advertisers, or your friends. scarlet: this amazon sell the data? paul: it could sell the data. i do not think they doing it -- they are doing it in a big way. they have tremendous amounts of data at the point o

days the rally in the market a lot of these stocks have just been a rallying rallying rallying to amazon came out with a prime day this week so there was a lot of reasons for retail to get a lift not just the words momentum from the main numbers but the june numbers as well. listen i noted on sunday and iconic eighty year old sears store during park neighborhood of chicago closed down for good and the closure which was one of five hundred twenty nine hundred five hundred thirty remaining sears stores is part of a current closure of about seventy eight stores around the nation what does this say about brick and mortar in today's largely online world. i'm telling you bar it's really the future in some ways is bright but in some ways it's bleak what i mean by that i think amazon is going to put a lot of these retailers out of business which you could look at it from one perspective and say it's good for consumers because you can get amazon products so cheap and they offer so many things one stop shopping and it really reasonable prices but on the other side of it it's going to put a lot of

>> amazon is a throw dart.n terms of what falls to the bottom -- look, amazon is growing so fast that you're one third of the way through it second quarter and they have like a $3.5 billion spread in their revenue guidance for the current quarter. they just don't know where it's coming through and what the mix is going to be >> so my question is, it's appealing to trade toorz see th that kind of profit beat so do you trade them on had revenue miss or on the massive profit beat? >> you trade them on what's the total addressable market they have to grow, and that they have revenues, a lot of opportunity on a lot of different end markets. and if they're actually more profitable that's even better. aws, between microsoft and amazon those two are such the clear leaders in cloud that google is such a distant third that i don't expect you're going to see price competition you have been seeing a lilt bit on the margin, but these two companies are such powerhouses >> we're still talking about 39% revenue growth, 40% for

i'm yvonne man and welcome to "daybreak: asia" amazon asia's some of the -- amazon eases some of thecebook took a eating. month of scandal. one of $20 billion wiped away. ramy: from bloomberg's global headquarters, i'm ramy inocencio. the u.s. and china clash at the wto and washington threatens sanctions on nato ally

we start with amazon.ook store to retail, media and data giant — and all — round titan of the internet — its march towards becoming a trillion—dollar company continues after another huge quarter of earnings. amazon made revenues of almost $53 billion in the three months to the end ofjune — up 39% on the same time last year. 2.5 billion of that was profit — the most it's ever made in a quarter as it normally reinvests most of what it makes. shares have surged in recent months. they are up 58% this year and 500% since 2015. that's pushed up amazon's stock market value by $300bn since the beginning of the year to $890 billion now — second only to apple as the most valuable company. they are both closing in on that magic trillion—dollar valuation and it's made founder and boss jeff bezos far and away the richest person on the planet, with a net worth of $150bn. that's almost twice as rich as number two, warren buffett. cyrus mewawalla is head of thematic research at global data. it does not surprise you, the l

this seems like a natural add to the amazon basket. emily: let's talk about amazon prime video.ant to talk about netflix as well. there has been a want of turmoil in the leadership of amazon studios. have they gotten it together? davidmark: they are badly outgu. ,ash spent on content this year secret. ng the amounto-xi that amazon spends. total amount of content dollars matter. this could be a nice growth business for amazon, but their numbers are different. netflix has a new feature called smart download. when a user watches a download o show, netflix will delete the episode watched and download the next one, making you more addicted. the autoplay like functionality on youtube. every other streaming service is now going to have to do this. emily: netflix is now competing with our sleep hours. what do you make of all the media mna that is happening? comcast is trying to buy fox and creating confusion in original content. mark: this has to be the golden age for content creators. look at how many multibillion-dollar bidders you have. it has to be great for content creators. scale

. >>> alexa, h was amazon's quarter? the e-commerce company trounced earnings estimates, grew itsin cloud bs and solidified its retail dominance. >>> about face. facebook makes stock market history, but not the kind investors liko see, losing more than $100 billion in lue, e biggest one-day loss ever. >>> head start, why savings f retirement is not just for adult, but also for kids, too. those stories and much more tonight on "nightly business report" for this ththsday, july >>> good evening, everyone. welcome on this very busy earnings day. we begin tonight with results from the retail juggernaut amazon. earnings per share doubled what analysts were expting resulting in a profit of more than at$2 billion, a record quarter. so let's get right to the numbers.ar amazond $5.07 a share. estimates weil for $2.50. profit was strong revenue was a bit soft. the company saw revenue of nearly $53 billion which was upl sharply frot year and not quite as much as expected and ed, but k initially po then pulled back in a volatile afte

and radio commentator steve walz plus as amazon hits an all time stock are up seventy eighty her share r.t. correspondent ashley banks takes a look at a product amazon is still offering for sale as we go to break your of the numbers at the closing bell oil down nearly four percent dipping below seventy bucks today at nymex we'll be right back. so what we've got to do is identify the threats that we have it's crazy one from day shouldn't let it be an arms race based on often scary dramatic developments only really going to exist i don't see how that strategy will be successful very critical time time to sit down and talk. to imagine the decades after the war a nazi don't you it was still active rich in the nineteen seventies croteau had as the chair of its bowed a man convicted of mass murder and slavery and ash with a german company develops into mind the drug it was promoted as completely safe even during pregnancy it turned out to have terrible side effects what has happened to my baby anything. she said east. just. so they don't mind victims have to this day they received no compens

amazon which actually does all the time stock high today of seven hundred eighty six for share and some due diligence it has at least to this point not been done related to hate product that they offer for sale let's get right to it the president donald trump and russian president vladimir putin have wrapped up their two day summit in helsinki finland with typical self centered bombast mr trump said at a press conference with the russian president that relations have been between the two nuclear armed nations have been quote never been worse than it is now however that changed as of about four hours ago mr trump pushed back on questions about the indictment by special prosecutor robert muller on the eve of the summit of twelve russians alleged for election interference and dismissed the judgments of some current and former intelligence officials on the investigation while the two presidents seem determined to create a display of cordial and correct the paul nitze it's not clear where any good will the two leaders might develop could lead russia in the u.s. are backing different sides of

. —— amazon.dent trump has long boasted that he can deliver higher growth than his predecessors. will the latest gdp data back is claimed? —— back his claim? hello and welcome to asia business report, and welcome to asia business report, and sharanjit and welcome to asia business report, and shara njit leyl. and welcome to asia business report, and sharanjit leyl. we start with the us, which is expecting big business news from amazon, but did not get everything it hoped. we saw profits increase a whopping $2.5 billion from a year ago, but missed a nalysts's billion from a year ago, but missed analysts's expectations. us shares have been rising about 2.3%. —— amazon shares have been rising. of course, we know amazon is the first $1 trillion company in history. our technology reporter dave lee has been following the story and brings us been following the story and brings us this update. well, i think a lot of people were certainly worried about facebook coming in well below expectations yesterday th

couple days the rally in the market a lot of these stocks have just been a rally rally rally and amazon came out with a prime day this week so there was a lot of reasons for retail to get a lift not just the words momentum from that may numbers but the generous as well. the less i noted on sunday and iconic eighty year old sears store in irving park neighborhood of chicago closed down for good and the closure which was one of five hundred twenty nine or five hundred thirty remaining sears stores is part of a current closure of about seventy eight stores around the around the nation what does this say about brick and mortar in today's largely online world. i'm telling you bar it's really the future in some ways is bright but in some ways it's bleak what i mean by that i think amazon is going to put a lot of these retailers out of business which you could look at it from one perspective and say it's good for consumers because you can get amazon products so cheap and they offer so many things one stop shopping and it really reasonable prices but on the other side of it it's going to put a

thank netflix and amazon prime for some issues yesterday.s down by 4.5 points the dow indicated higher again it was bank of america that powered things for the dow yest

amazon, facebook, google, microsoft hitting new records.mazon shrugging off prime datek woes we'll get more on that in a bit. buyers are still coming into bonds. the ten-year ticking a bit lower to 2.86% >>> we'll have more on the broader markets and your money in a second. first we have some big breaking news on big tech, specifically google european union regulators set to fine the company a record $5 billion. let's get to willem marx with the breaking details on alphabet >> thank you very much the last few moments we've been hearing from sources at both major news agencies that we are going to expect 4.34 billion euros worth of fins leveles levd against google we will hear about this publicly in a few hours time. this is about abuse of google using android to dominate search this follows on from the $2 billion penalty last year leveled by the commission against google again that was relating to it forcing consumers across europe into its own shopping services when searching for specific items so another large fine leveled today against t

we start with amazon.m online bookstore to retail, media and data giant, and all—round titan of the internet — its march towards becoming a trillion dollar company continues after another huge quarter of earnings. let's show you the details. amazon made revenues of almost $53 billion in the three months to the end ofjune — up 39% on the same time last year. $2.5 billion of that was profit — the most it's ever made in a quarter — as it normally reinvests most of what it makes. shares have surged in recent months. they are up 58% this year and 500% since 2015. that's pushed up amazon's stock market value by $300 billion since the beginning of the year to $890 billion — now second only to apple as the most valuable company. they are both closing in on that magic trillion dollar valuation. and it's made founder and boss jeff bezos far and away the richest person on the planet, with a net worth of $150 billion. that's almost twice as rich as number two, warren buffett. how does he get by? as our north american

amazon is dominant.n from -- they write about a number of ways in which it is not a wasn't shopping experience when it comes to clothing, where you can't whittle it down. there are not a lot of filters that are useful. what could amazon be doing better? how much is that holding it back? >> i wrote a white paper on their efforts, and use that to gauge how they are doing and apparel. when you search for batteries, aaa batteries start at the top. if you want a black dress you sevenhave to go six or pages into find the amazon private label. i think it is time for them to buy either lululemon or vineyard vines, to advance their apparel efforts. it is time to make an acquisition. it is not a pleasant shopping experience looking for close on amazon. amazon is great when you know what you want. often times if you don't know what you want it is hard to find it on amazon. >> want to ask about competition and clothing and elsewhere. retailers are taking a page from amazon in terms of prime day, offering promotions.

amazon, and the "washington post."oth are controlled by the richest person in the world, and that is jeff bezos. on monday trump called the "washington post" an expensive lobbyist for amazon and alleged the retailer has a huge antitrust problem. staying on amazon, the company came out with its earnings thursday. we caught up with boomerang ceo and former amazon exec guru hariharan as well as jitendra waral to break down the results. >> if you look at the profit, it was massive. if you look at every segment, retail, margins improved across the board. one key thing that jumped out was if you look at advertising revenue, that last quarter they started reporting it under the new accounting change, it continues to be strong. 130% growth in that segment. so a combination of this advertising, plus the amazon program picking up and private label goods, these are helping margins. and that is driving this monster beat on earnings. emily: the cfo on the call talked about how the company is improving efficiency basically across th

you have amazon earnings and gdp. maybe three, but we're also waiting to see if facebook will rebound after yesterday's record breaking fall. facebook lost more than 1$100 billion in market value. it was the biggest single day decline of any company in global history. all right. before we get to that, let's make sure you are set up for the day. dow futures are up slightly, about 30 points right now. nasdaq also rebounding big divergence from yesterday. you also have to watch the bond market the ten-year yield kind of quietly almost back at 3%. look at that 2.98 that gdp number, which we will tell you about in a minute could move that bond market and that yield back to 3. japan was higher by a half percent. mainland china stocks falling slightly, also slight gains across the board in europe with the major markets higher outside of stocks, here's a global look at commodities and currencies oil slightly lower gold down again to about 1218 per ounce. bitcoin up about a percent, 7962. >>> amazon's second quarter earnings a

was this a case of amazon not being aware of wha they were selling? seen similar situations ar with wt or what was the response from amazon? >> it sws that w it comes to online platforms, especially where people sell things oneir difficult toulrm rs,eg same thing withat facebook, whe mark zuckerbergerd sai that it's difficult to take holocaust deniers off of their platform, so this is one of the has to be vigilant and find wayo change policy and it may lead to uncomfortable things, otherwise, they are going t face some regulation, if peopleet mad because they will wan to be n seen as doing thing, and battering ram and say in a of a delicate ways that technology companiesan may undd more. >> they didn't also put amazon down a bit of a slope where m someay find something offensive, they may believe it has one message and the sler says, no, it doesn'tth mean, does it lend itself to confu why amazon is so worried about regulating and policing things o much. and possibly why this some of the stuff, but what amazon has to do is they have t find that kind of

into amazon recognition. then taking photos of current members of congress and searching that set of photos of members of congress. what we found was shocking. we found that 2800 mashed an arrest photo and incorrectly matched, none of them were accurate identification. those matches, they were disproportionately members of congress of color. 20% of congress right now are people of color. it matches 40% of those false matches were people of color. we are singing a bias problem, accuracy problem and this reinforces that facial recognition is dangerous. that is why the aclu is calling for a moratorium on face recognition used by law enforcement. >> do you know how many police departments or law enforcement agencies right now are using amazons facial recognition technology? >> it is a problem because amazon has not disclosed who their law enforcement customers are. in fact, they have taken steps to hide those interactions from the public eye. the documents that we released in may, the interaction with the washing

for that amazon up after hours. on monday, make sure to tune in to "the closing bell," an exclusive interview with j.p. morgan ceo jamie dimon on "the closing bell". >> and the banks are doing better. >> doing pretty well and i will be discussing all of that and that does it for "the closing bell." "fast money" starts right now. >>> "fast money starts right now on what is a huge night for earnings everything from amazon, amgen, intel and starbucks to chipotle. we have full team coverage throughout the hour and all of the big names, meg terrell, and kate rogers pulling double duty and julia boorstin on electronic arts plus we're pulling out all of the stops for the big kahuna, amazon falling a bit before jumping to touch an all-time high as wall street digests the earnings bit and the whole gang is here, fast money friend gene munster and courtney reagan will be parsing through the headlines and we have top technician chris barron with instant reaction on the charts amazon, the last of the bank stocks to report, and

never send money to an amazon seller outside of the amazon website or app. the only safe way to buy something from an amazon seller is to pay through amazon. this way, if you don't get the product you ordered you can work with amazon to get a full refund. have a problem or tip? give us a call. or submit online. we respond to every call and inquiry. after a shooting in con. three people are in custody. >>> well, at least one person is hurt after a shooting in concord. three people are in custody. this happened near san miguel and hanford just before midnight. the victim didn't need to go to the hospital. no other details on how this all started. >>> today the trial continues for the person accused of killing a small dog by throwing it off of a seven-story building in san francisco. prosecutors are presenting video and audio evidence to the jury taken by a parking lot security device. they argue the man broke into a car, grabbed the dog and tossed it over the ledge. >>> state public health teams will do tests at the hunters point naval shipyard involving what'

amazon is up your it as his, which had a difficult week last week. let's go into the bloomberg one more time. this is google versus the faang s. reallyetflix earnings did disappoint last week, investors have really been looking for alphabet to give a push.up of stocks in purple here -- we have netflix and red, amazon, facebook, google, and apple have really lagged netflix and amazon. amazon the next stock expected to deliver a big push. , thank you so much. su keenan with a wrap up of wall street overnight. >> president says the u.s. no longer accepts of bad trade deals because "the era of economic surrender is over." house,g at the white uses the u.s. has been taking advantage of for too long. this is two days before a senior eu delegation arrives for trade talks. the president has led to with allies and opponents across the world. theresa may says that top diplomats are preparing for a new deal on brexit. talks have stalled. heartland toe silver plan for keeping close ties with the single market. meanwhile, jeremy hunt said that britain will step b

emily: what about amazon, tom? is this something they would want? >> amazon is a special case. at their historical by strategy, build first and second. sometime ago they had amazon daily deals, and they still have daily deals, but it is more about getting merchandise at a discount, so i don't know for amazon there is a lot of incremental value to the extent that i don't know amazon wants to do more in the local merchant arena. to me, the companies that make the most since are a google or wouldok, companies that leverage those relationships with local merchants of groupon, then overlay or so incrementally more advertising to them, so i don't see amazon as the suitor groupon. emily: it is interesting to think about the history of groupon, a company that google almost bought for $6 billion. now the market cap is $2.6 billion. it was thought it could be a $25 billion company. >> their ceo now came out of amazon. it is interesting to think about the relationship between those two companies. he has put in place a lot of changes that make people interested now. for example, groupon pl

but amazon can go after both.y can go after traditional retail but they can also go in the trade promotions bucket. they can grow without directly competing with google and facebook in a lot of ways. if you look at their traffic on the platforms in the u.s., they're getting pretty close to where google and facebook are. they have the ad inventory and we have seen alibaba do this successfully in china. we see rapid growth in profits from advertising. emily: what about international? they talked about improving efficiency in europe and japan as they continue to invest heavily in india. >> india is a big growth segment for them. we also saw that the head of india is now a part of the senior team at amazon. having missed the boat in china, they are serious about india. they announced a big entry into australia. they had bumps in the road with that. there is a big market over there. europe continues to be very strong for them, a lot more developed than other countries. all of these vehicles we talk about in terms of ad

number one is the amazon marketing services.t is a very high profile and high margin business it is growing. it is a measurable technique for getting in front of shoppers. the other is the grocery business, which having acquired whole foods, it is starting to pick up momentum. we saw, even on private, that is a big opportunity for rep -- revenue. also, amazon saying that whole foods is bringing new prime membership and on prime day a sophomore subscriptions than ever. i think the pace is accelerating at a smaller than expected pace, to be honest. but it is actually a very big markets. the opportunity is there. they have to build infrastructure first. emily: are there any red flags? >> i do not see many at this point. even slower revenue growth could be a strategy in terms of starting to capitalize are on some of the profitability levels. because of the prime membership and their ability to capture customers. to reinvest all of that back into r&d. that expense went up pretty significantly, and that allows amazon to create signifi

liz: is there anything that worries you about amazon?should ask that. >> liz, you are right about the supreme court decision. with walmart.com. and walmart's subsidiary , paying taxes to be quit is fully will affect amazon who has not been paying taxes in places like albuquerque, new mexico, pittsburgh, iowa and across the country in many places where they didn't have physical facilities so it will be on amount to a price increase through amazon's affiliate retailers, which is about half the business, but at this point's walmart is fighting fiercely. amazon will continue to win and the price impacts players like bj's wholesale club, walmart and those will be the big winners going forward and a lot more bankruptcies sadly like toys "r" us and menton-- bond on an borders and circuit city. liz: i have to say props to kevin turkey were so right with our viewers back when we talked about facebook you said get out. it's been an issue, but is it a fine opportunity, kevin clay >> i don't think so in one of the reasons why is that advertising mod

amazon four cents on the dollar. gm not comparable to amazon.net income line. seven cents on the dollar. huge capital commitments. by an auto manufacturer. let's have a little history here. general motors is a fairly well-run company. that's a shocking statement to those of us who are followed for a very long time is precrisis coming was a horribly run company. it'smuch better ron and much more efficient and it throws off cash. it's a better company and it has --hot and autonomous driving has a shot at doing something fantastic in autonomous drawing -- driving. nejra: in the others? steve: google. better than talking about value or momentum to look at the economy. our guest was saying one of the things he was talking about was what actually led to the sub prime crisis was the savings imbalance in the world and that is still present. does that cause you concern? probably referring to is commonly called the debt super cycle which has fueled the global economy for quite a long time. macro call to the maid and eventually the debt super cycle and. ca

amazon's stock just past the $1800 a share. e-commerce giant hasn't had a stock split in almost 20 years. so when will investors get their deal day our bob pisani is at the new york stock exchange with more. hey, bob >> hi, melissa companies split their shares to make their stock more affordable to retail investors. stocks peaked in the late 1990s when the dotcom era drove tech stock prices up dramatically and the financial crisis again and they dropped dramatically and they never really recovered. so why don't companies split their stock as much as they used to much of it has to do with the predominance of institutional investors like vanguard over retail investors they own 60% of amazon shares, 72% of google shares and 80% of netflix. institutional investors don't really care if the stock is high priced or not and they may be perfectly happy to have it high priced because it discourages day trading that introduces volatility and that's warren buffett's mentality and he said for years he has no problems with the company's stoc

amazon is to 70.ck pointed out these companies, if you look at them in the right way, aren't as overvalued as you might think. we have a chart that illustrates this point. the p/e ratios and how they relate to the p/e ratio for the s&p 500 as a whole, and what you're looking at on the screen is the gap between the p/e ratios for the s&p 500 tech stocks versus the s&p 500 as a whole. it is showing you it is well below historical averages, where we were during the tail end of the tech bubble. basically his argument is that these stocks are not as overvalued and he thinks they are still a buy because the growth story is stronger than hat you're seeing from the non-tech side of this market. emily: i have to ask about facebook. last quarter, not much of a dent from the controversy and data scandals. where we see that this quarter? >> it is difficult. you will see instagram growing rapidly. if you subtract instagram from core revenues, it might be slowing, but instagram is carrying the ball forward for face

but amazon strong.oogle had a strong point >> so a lot of people joking fang should be reduced to a grgr ga for the time being. >> and we'll be monitoring cvs situation and we'll update people on any impact it may have, may have, in term of response from the board and management at cbs. >> in the meantime, see you guys on closing bell. continuing to follow this market action the reaction to gdp. media stocks on the move, but i'll hand it over to scott for the half f time report now >>> welcome to the halftime report i'm scott wapner top trade, stocks in the economy with the best quarter of growth in four years means to your money. jim, jon, our senior report e, steve liesman with us as well today. we begin with markets. stocks are reacting to the gdp numbers on pace for the fourth straight week of gains josh, kind of a muted reaction to what is undoubtedly a really

turn into amazon still making billions of dollars. the ceo just had a huge milestone. >> amazon jeff bezos now tops $150 billion as he becomes the richest person in modern history. he reached the milestone just as prime day got underway. shares of amazon have risen for eight straight days. monday to close a record $1822.42 per the stock has increased more than 55% this year which has added more than $50 billion to his mouth earth in less than seven months. gerri: he has truly remade the landscape had not just for retail, at the impact economically is astounding. thank you. cheryl: let's dig deeper right now into netflix. luc besson is to, good morning. >> good morning, cheryl. cheryl: he addressed with folks on a conference call yesterday the issue of why they despair of forecast. listen to what he said. >> you seen this movie of q2 shortfall in 2162 years ago and we never did find an explanation other than some lumpiness of the business and continue to perform after that. trade to lumpiness in the business. what do you make of that?

it's an amazon and kate rogers has the details for us >> amazon prime day just kicked off at 3:00 p.m. and it peers both the website and app are having some glitches when users try to log on. getting error messages and for me personally the deals page wouldn't load, although i did not get an error message once again this appears to be on the website and the app. we reached out to amazon we have not yet heard back from them there's been some chatter on this on twitter as well. so we'll keep you posted >> kate, thank you >>> still ahead, less than one hour away from the first results of the earnings season >> it's also the most exciting earnings it always moves hugely >> yes, i think options market is pricing it in plus or minus 9% or something new. >> and the eps could grow year over year. and also right up next after this short brieak ceo of citi group joins us year, i am sorry about that. [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event. 2, down. back up. our phones are more than just

only five stocks contribute to nearly half the gains for the s & p, amazon accounts for nearly 36%.t published a new note today on amazon with bullish commentary, joins us with senior markets commentator mike santoli. looking at staples and concentration of power and few big names, does that take anything away from overall performance of the year? >> i think amazon stands on its own as one of the best performers even with the internet and digital media group which is what we cover, they continue to outperform and impress interestingly, this morning as you pointed out, we had a couple of notes, one on ebay and one on amazon, talking about the new supreme court decision will have drastic impact on e-commerce or commerce online. amazon happens to fall on the positive side on it, meaning they're likely to benefit at the expense of other e-commerce platforms like ebay. yes, we think amazon continues to return positive, have positive returns this year, continues to do well. >> mike, if these few stocks took the market up, could they take the market down just as easily >> sure, they could

in this world of amazon.ew ceo bringing people into stores, but sending people into folk's homes. it is a must-read. carol: nice to hear of the story of a retailer surviving. jason: more bloomberg tv starts now. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. announcer: the following is a paid presentation for theraworx relief with dr. drew pinsky. ♪ dr. drew: if you are one of the millions of americans who suffer from muscle cramps in your legs or feet, relief is finally in sight. hi, i am

don't buy them from amazon. buy them from 6pm.com. yankee candles, you shouldn buy from amazon. they're cheaper when you buy directly from the store. buy one get one deals popped once a month. coffee lovers, instead of orderingk-cups from amaz, quill.com would bring up bigger savings. it rivals the price with coupons on amazon. and don't buy craft paper an amazon. buy it amichael's. yo can get a pack for $2, $7n cheaper t amazon. don't think that amazon is the only place you can score a deal. you shouldprice-check at other places, as well. you might find what you're looking for a little less pensive. >> it pays to shop around. if you love those deals, they're the handfs of o recommended by the crazy coupon lady. >> we hav a link to the site. search best deals. also good for women's dresses. >>> it is now 4:26. still ahead, a pricey jewelry heist inside a home. surveillance shows suspects that took off with 40 grand in >good. t feels nice outside. yesterday was pretty warm. this morning, we have are the 60s. as you wake up and walk outside, we'll be in the 0s. very comfortable. m

world this is right there in the logo amazon a to z. it is everything from aig to see he's got all this isn't an ad for amazon what i'm saying is that this is a situation we're looking forward into twenty eighteen and twenty twenty because watching i only watch the cable news when i'm here in new york city and in a hotel room and i can watch it and they have no idea what is out there they have no idea what is coming or perhaps like these other billionaires who are like afraid of an apocalypse what you i think what you're seeing from the rachel maddow is she's she's you know she's embodying that apocalypse that fear of the apocalypse that something's coming and they're coming for my class of people my my people so there's i don't think they understand what the voter is feeling and i don't understand i think they i think it's going to be another telling thing as to where they go here since the election of twenty sixteen there's a certain group in the media they keep asking the question how did this happen why did this happen how is this c

first of all, amazon and alphabet, all-time highs. why is amazon up so much?weeks. that's 12 times the profit they made in the same period last year. next story, the race to a trillion dollar valuation. apple's getting real close. if it gets to $203 a share, it's worth a trillion. if amazon gets to $2,050 per share, it's worth a trillion. facebook dropped almost 20% yesterday, wiped $19 billion off -- 119 billion off its market value. no bounce, no serious bounce, it's up just $1.50 at 177. intel, here we go. intel, huge drag on the dow. there's concerns about how fast it can roll out new chips. it's having its worst day since january 2016. it's down 8%. whopping decline are. exxon is down. its profit fell short of what they were all expecting, and we're told it's been hit hard by maintenance costs. don't know what they are, but it must be big, down 3%. a winner, higher sales at chipotle. here's a turn-around story forç you. better prices and better demand for case sew cheese dip dqueso -- queso cheese dip. look at it now, 4.81 on chipotle. twitter reportedly

in this world of amazon.eo bringing people into stores, but sending people into folk's homes. it is a must-read. carol: nice to hear of the story of a retailer surviving. jason: more bloomberg tv starts now. ♪ two, down and back up. our phones are more than just phones. they are pocket sized personal trainers... last minute gift finders... siri: destination ahead. and discoverers of new places. it's the internet in your hand. that's why xfinity mobile can be included with xfinity internet. which could save you hunreds of dollars a year. plus get $150 when you bring in your own phone. its a new kind of network designed to save you money. click, call or visit a store today. ♪ emily: i'm emily chang, and this is the "best of bloomberg technology," where we bring you all of the top interviews in tech. coming up in the next hour, our exclusive interview with the trump 2020 campaign manager, also known as the secret weapon who ran 5.9 million facebook ads for trump in 2016. his strategy for reelection amidst swirli

let's turn to our top business story — amazon.data giant — its march towards becoming a trillion dollar company continues, after another huge quarter of earnings. amazon made revenues of $53 billion in the three months tojune — 2.5 billion of that was profit, a record for the company. all this has continued to boost the wealth of founderjeff bezos — with a net worth of $150 billion, far and away the richest person on the planet. nina trentmann from the wall street journaljoins me now. it is interesting. this cap is a week of mixed results for big technology companies, what is it that amazon is doing right that for example, facebook hasn't done so well? of course, amazon hasn't had a big data scandal recently, so that helps. in facebook‘s case we have seen the negative impact of the cambridge analytica scandal that happened earlier this year and we do have concerns about user privacy, amazon, so far, although they are handling a lot of user data has managed to evade that problem and thatis managed to evade that problem and that is