that is best apples to apple comparison i know. that is why the abjection to owning the biggest company has become outright silly. how about facebook no wonder the stock has traded down 18% times earnings. suddenly it was facebook with a human face secondly, they ended up reporting terrific numbers whatever the media might say about facebook, the users and advertisers still love it. the scandal at least to young people was a nonstory. and you know, it was also an idea that when we post things oj the internet, perhaps, there is not that much of an expectation of privacy third, my biggest objection was having outside council looking into the practices that this thing wouldn't happen again. they just did this it is not going to be done by facebook people, people one impeachable character. and the outside who signed are are respected by congress. presuming there is not another cambridge analytica will urking -- lurking in the wings snap exploded last night, people are questioning its viability. memo to snap managers, only you can preve

with apple.ally in the business of selling your data or selling access to your data. that is a point to cook has made. it is a very different privacy proposition for the user. click here going forward that here is a company that is putting it straightforward. ukrainians and get stuff. there is that you pay it and you -- you pay it and get stuff. is part of apple's advantage that their business model is driven by selling devices and is a really integrated product with hardware, software, and services. it is not about monetizing data, if you will, the way some of the other platforms do. i think what is important when we think about apple is that the company takes user data, trust, privacy, and all of these issues that speak to the importance of the user experience very seriously. they are very methodical about how they deliver new products and services which take a lot of that into account because it is not just about selling the next device. it is about their longer-term relationship with users an

suppliers fare after an apple beat a week later, most outperform apple. for more, go to cnbc.com/kensho. >> and as always, we want to hear from you. tweet us at halftimereport, using the #askkevin. kevin or someone from the team will answer your questnsio "the halftime report" is back in two minutes. from the nyeri highlands, 6,000 feet above sea level. but how do you really know that the beans journeyed to the port of mombasa and across the pacific? that you can trust they're 100% authentic? ibm blockchain. a smart way to track every step, ensuring this coffee did indeed come from 6,000 feet above sea level. and not a foot lower. ♪ ♪ halftime report. i'm jackie deangelis i want to dray your attention tos of xerox, spiking on a report that appaollo global has approached xerox to express interest this after they sued to stop the deal for japan's fuji film to acquire a controlling stake. they maintain it undervalues xerox. that suit was settled yesterday with the departure of their ceo and several board members. fuji film has said it would be willing to con

apple second-quarter numbers are in.evenue in line up 16% from the , quarter last year, down from second the $88 billion the company brought in in the holiday quarter. that is typical. apple sold 52.2 million iphones, holding up to estimates. questions surround the future of the iphone x. the average price was $796 last quarter to $728 this quarter. apple is rising after hours as well as suppliers. joining us now to dive deeper is the vice president at forrester research and our "bloomberg technology" executive editor. a lot to digest here, including the forecast for next quarter is higher than estimates. overall, what is your big picture take on these pictures? >> yes, i think the big picture take on these numbers is it is really good. estimates are what they are. they are estimates. the numbers are up dramatically same quarter over last year. i think overall, the numbers are good. emily: what about the concern that people are buying the cheaper priced phones? i did just get off the phone with apple ceo tim cook. in gen

i'm not long apple i don't want to be in the suppliers on the hopes that apple does well. to make that bet, i'd be p in apple for me, i'm in intel, the decreasing supplier in that we know it's likely that apple takes back the intel business for the mac. that could happen in two years, and intel looking at other things that's where i want to be in the space, not the intel-apple supply chain >> guy, what about you >> i agree with karen. go back to april, there was a piece that said intel's pain could be taiwan's semi's gain. intel's pain could be intel's gain, maybe not being with apple is the right move. you know, if you look at the supply chain, maybe it's not in the best interest necessarily to be squeezed by apple taiwan semias appointmented out minutes ago has not traded particularly well, and now we're in the wake of a terrific quarter by apple if you want to be in the space, more inclined to go to intel after the quarter they put up understanding the stock sold off after that >> right >> i think that's the best game in town. >> mike, what's interesting is the discussi

apple, apple apple. it should be they say iphone sales are slowing.3 million of them only 1.3 billion iphones in use with people buying $30 of stuff per year in services we have the guy from journey on. not the guy that used to just wail with the ugly mullet, not that guy the keyboardist. don't stop believing i'm a believer in apple. when i text someone and they text me back, and it's green, i'm like who are you >> it's wild, right? >> you don't have an iphone? what's wrong with you. it's already -- i don't think they penetrated the market today. they're buying back stock. it will be tough to get to a trillion market cap. don't cut me off, dom. i don't care about time cues >> i got two iphones >> is that what you're doing >> you have a double -- you have one in each pocket >> church and state. >> she's got two iphones sorry. i hear the music go ahead >> we'll see you soon at the top of the hour. thank you. >> we'll see you later on. >>> still ahead on "worldwide exchange," the fed in focus on wall street. the central bank wraps up its two day meeting.

you have apple. netflix, google. this is one where i think the tech earnings are really going to put more gasoline over the coming weeks and months. i think this is something that with apple on its race to hit the trillion dollar september before the -- >> we will be talking about a potential trade war where china later in the show which i talked happening. kevin, how could some of these issues impact me china versus u.s. tech sector? >> as you mentioned, large exposure to china. trade talks will be very theytant, but i will say might affect analyst expectations. they have not really revise their expectations until recently. that is going to be important because obvious companies want to become victims? can you sustain that where is the expectations for next year follow about 10%? >> obviously, we saw shares recover today. he also today tweeted the two questioners i ignored represent a short seller thesis. what you make of his behavior and how to interpret it? probably one of the strangest calls, but that is part of

apple is still in the spotlight. bit of competition from snap, which is making headlines for different reasons. su keenan has more. we have apple up in a big way. a lot of people are asking questions. what is next for the market? let's go to the snapshot. we have the dollar moving higher. you saw some weakness in treasuriesurs but are grinding lower and commodities are hurt by the stronger dollar. let's go into the chart. data oneak economic factory activity. industrials had are even week going into this. look at this down market here. that tells the story. last week the industrials tumbled more than 3%. it was a week sector in the tuesday sector. let's go to the big map movers. you get a mix of what was moving higher and lower. apple was a big mover late in the day. the former company coach. they make the handbags. kate spade is having trouble. ditto with the shoe company. higher. moving ity have some software and -- software aimed at drones. and now, to apple. the story is a good one. sales came in strong. the ceo

all the iphone still for apple.king at 52.2 million units shipped in the quarter, and that's pretty much in line with the raise that we were given, 50 to 54 million pretty much the range that analysts had expected for the quarter, guys. it's looking good for apple across most of the metricks, back to you. >> 52.2 that was the unit sales for the iphones? reporter: yes. david: towards the upside of what was expected. >> correct. melissa: if we see disappointment, that's different metrics, interesting. david: had it at 48. that beats the range. melissa: mashable deputy tech editor, michael, i'll start with you, what's your reaction? >> well, i think that this is along the lines of what a lot of people were expecting. a lot of tempered expectations around this particular earnings call. people suggested that the iphone x wasn't selling nearly as well as we hoped. what we're seeing is there weren't surprises in the earnings call and what a lot of people are dissecting is some of the future growth in china and whether appl

you mentioned apple earlier. i want to get back to the earnings of apple.mentioned, growing up in the after hours on the second-quarter numbers that were not as bad as the gloomiest traditions especially long -- around the latest iphone. with us is bob o'donnell. do these numbers put to rest any of those concerns around the iphone x? bob: i think they do. when you look at those numbers, clearly from the asp, it went down quarter over quarter but it went up quite a bit over -- year-over-year. we side big miss read of some of these component players from asia and the potential impact that was going to have. once again, you have to learn apple becausen they have been able to deliver yet again. 21 out of 20 two quarters or something like that -- 22 applee they have been able to quarters or something like that. clearly, they are doing well. the only thing i will debate is tim cook's comments at the end of the call around the fact that the feature phone opportunity is something they can tap into. unless they really do something different, i'm not quite sure how t

i think the market can do it with or without apple. >> we'll continue to monitor the apple conference call, the stock is 2.3%. coming up, it's not just apple gilead and snap with earnings, both of those stocks getting crushed. those conference calls are under way. we'll bring you the latest plus, it's officially may, but top strategist tony dwyer says don't sell and go away, stay in may. how cute he'll explain why right now could be your best chance to buy. and crypto got crushed on renewed fears of more regulation but a top technician says they're predicting a big move. he will tell us in which direction. we're live from times square in new york city. much more "fast money" right tethis let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple sec

he did go into his view on apple.unger said it was reasonably priced and strong, but this is what buffett said. >> we are not buying a stock when we buy apple. we are buying 5% of a business we buy 100% of some businesses and when they are publicly held, we buy 5%. we bring the same thinking to it and we like very much the economics of their activities. and we like the management and the way they think and the way they act >> it's coming from two men who don't use an iphone. buffett said he has a 10, but has been given one and doesn't know how to use it yet. >> yeah, i think this is one where they think young i think there are a tremendous number of people who missed this because they don't talk to their kids or came late to it. but that was one of the most important things they don't think they necessarily came late to this one. they were talking about how they feel that there is still plenty ahead. that is so different from so many of the analysts who look at the universe of suppliers, that sell into apple, make it

the big right spot is in services, think about apple music, that kind of area, apple tv. you in and keep you there. they are seen you in and keep you there. they are seen expansion in apple services as well, that is growing. many do keep asking this question, apple is very reliant on the iphone. if sales are not doing well, apple is struggling and it has not come up with a new innovative product concerned, has it? absolutely. services have been growing for each quarter, that has been bullying them up but that can't go on forever and they need a new, big product like the iphone when it first launched. the apple watch has come and gone. we are not even talking about that, really. the apple watch is a weird one, not popular in the west but it has been growing in places like china, that could be an area where they can see some upturn. nice to see you. thanks for your thoughts. shares up 3% after hours trade. mark zuckerberg is trying to regain trust after the data scandal that has engulfed facebook. at the company's f8 developer conference he unveiled a new way for users to w

apple you think can rally. can apple continue and at what level? because at this point it feels like it wants to revert. it feels like it wants to give a little bit back and add that explosion to the upside. can we get back to 200 or 210? i'm a big overshoot guy. do you see it breaking out to above $200 >> you know, i put out a note following that thing that said that one is well served to take profits into the move but it's gone further i suspect it's got some more in it and it didn't hurt to have a certain person talk about it during the week, yes. >> you know what's interesting is i talked to another technical analyst this week. >> you know what -- >> i had to. i was on squawk box. >> you guys were on break. i had to talk to her. >> she had the same chart and she thought the s&p 500 was going higher so are we at a point here where simply your interpretation your hunch >> it's the same way you can have a securities analyst, highly trained, qualified, certified, has a buy in the stock and this equally qualified individual has the same information

apple not lose in a shine.t as they beat lower expectation of profit and revenue yesterday. also announced a record $100 billion buyback plan. the second quarter earnings coming up this morning. investors are waiting on the fed meanwhile. the rate decision coming down this afternoon. not expecting a hike in interest rates when the federal reserve. we look at the details at 215 eastern. dow industrials up 30 points for the nasdaq 31 points. one half of a percent gain on the nasdaq. the nasdaq up 1% yesterday thanks in part to apple. the dow lower. all of the major averages off the lows of the day. check out the activity right now where was the money moving into stocks. up almost one half of 1%. 35 points higher. the dax in germany are better than 1%. asia overnight markets edged lower across the board as you see. following the crumbs trail. mike pence over her assault on a tax reform bill. he spoke yesterday about the parade of bonuses from businesses across the country. >> not everyone thinks these tax-cut bonu

apple and the suppliers i mentioned a big help apple is up. are all moving to the upside that's helping i think the important thing here is the bye back announcement from apple i do not follow buy backs. i follow share repurchases and that's what matters. a lot of company announced buy backs on the other end, of course, they have more options they don't reduce the shares outstanding. that's what you care about apple is not one of those companies. it's what i call a buy back monster. since 2013, and a lot of companies started getting aggressive on buy backs in 2013, and actually reduce share counts look what happened apple shares outstanding have been reduced by 21% since then that's huge. that means aull the things bein equal. the earnings are 20% higher than five years ago all other things being equal they're not the only companies that are doing this. if you look in the last five years i've taken the same time period boeing has done the same thing put that back for a moment boeing reduced share counts by 23%. we've seen other companies that

what is apple going to do?ay, doing just fine dan and paul, thanks so much for joining us. >> thank you. >> thank you. >> again, to another story this morning. the tech world has its eye on, and the automotive world, too. tesla, ceo elon musk, controversial performance on the company's latest conference call phil lebeau is in chicago with that phil >> after bottoming out at the end of yesterday acres couple of tweets elon musk put out this morning, talking about why he acted the way he did on the earnings call the other day. first it's important to know that tesla is the most shorted, meaning most bet againststock on the market and has been for a while. that's true. nobody is disputing that his other tweet -- there are about four or five this morning. the two questioners i ignored on the q1 call are sell-side analysts who represent a short seller thesis, not investors they do not have a short seller thesis, the two analysts, by the way. tony saganaki has a hold basically on tesla and there are far more bearish

remember what apple did during the quarter. apple got smashed. analysts said it's got to be a bad quarter. he doesn't think about the quarter. he think abouts this is a consumer products company with 99% satisfaction when you have something like that, you buy the stock. he doesn't look at the components he doesn't look at the mosaic. he says everyone is so afraid of a company that it sells at 14 times earnings with the revenue stream and, you know, he does something he thinks young. every kid he knows has one and they would never use anything else it's good enough for him it's not good enough for the people who listen to the analysts who are try to count the number of rf. >> is that going to continue >> i think they threw in the towel. tim cook basically did not comply with what the story was. >> right. >> didn't comply with the story. some of the annalists were negative, by the way some were not being listened to by elon musk. >> yeah. we'll get to musk in a moment. >> apple, of course, did move up did actually respond. >> do you think that's ri

apple. >> apple, while it's bought back $100 something billion of its own stock in the last couple years, it has simultaneously done $40 billion in r&d. you could argue it hasn't been well spent, but they are investing in the business simultaneously you can do both when you're a company of that size and level of profitability >> how about the return of fundamental analytics. apple trades at a discount to the tech sector. warren buffett is the consummate quality growth at a reasonable price investor, right? i think the other theme that's pervasive through the earning season is that quality matters quality beats versus low quality beats. you can have a ton of dispersion within that. this is an example of value investors, a different style of investing coming back. active management. >> if ever there was a floor, michael, under a stock, you ever seen anything better than this one? >> this is a good story, but buffett is a good story. >> a lot of concrete >> buffett is always a good concrete story he's out there buying. >> $40 billion i mean, that concrete on ibm, which he announced he sold

>> for sure we think apple -- tim cook will open to that apple vault, crack that door a little wider500 billion up from $300 billion. they might push it out a couple of years remember, this can go up over time i think it will be a nice boost for sure given the repatriation you talked about it. i still think this stock -- we have a $235 price target if it retraces that low 2013 to 20 2015, that low to high to 2016, we could see something about 230 if it did something similar. there's nice upside for apple for sure. >> the most important number you'll be watching in this report >> i think services is important. we're looking for 20% growth, 8.5 billion in revenue, 10% in sales. that's an important number we want to make sure nothing crazy. >> we'll be watching those thanks. >> thanks, jon. >> whyil bl gates turned down the president after the break. your letting go thing. your sorry not sorry thing. your out with the old in with the new, onto bigger and better thing. get the live tv you love. no bulky hardware. no satellite. no annual contract. try directv now for $10/mo for 3 months.

that apple has.om hillary, a lot of focus from investors. apple said it is committed to spend an additional $100 billion in share repurpose is an racist evidence that nearly $300 .illion snapchat down 18% yesterday after glitchy earnings report. thanks very much for that. that is too big a rock to throw into the financial pulled not get a big ripple affect going on there. peter, apple is going to have held this money and short-term paper, is going to be talking a whole bunch of fixed income assets. it is a bunch of other technology companies as well. a lot of them are returning that money to shareholders. apple just happens to be one of the biggest cash piles out there. the effect in aggregate is pretty messes -- massive. what effect is a already having, particularly at this point in the cycle? peter: we are near the top of the cycle, as we have been -- as i have been saying. what this has been adding to is the fed the reduction of the balance sheet. you also have the cash rich and rich, because it i

well aftering pretty the strong results from apple. nasdaq is up .2%. amanda: lots of treading water ahead of the 2:00 p.m. fed move. the u.s. dollar is not treading water. that has the canadian dollar following as the u.s. gains ahead of the fed. this is the spread between the two-year and the 10-year u.s. treasury as massive supply floods the market, $70 billion in new treasuries. a historic flattening in this as the fed may try to move at the front end of that. it is the nearest spread in a long time. shery: right. let's get to apple. tim cook saying he has a plan to withstand the slowdown in mobile phone sales. apple rising today to the highest level since after posting iphone sales in line with analyst estimates. our guest joining us now from san francisco. tom, give us the t -- that key takeaways. we see apple not so susceptible to industry trends when it comes to the smartphone sphere. tom: they have found a way to withstand it. overall, i'm talking about across the market, smartphone-to smartphone-to -- -smartphone boom is lagging. it contracted

story, which is that it is a typical apple story, which is thatitis is a typical apple story, whichllion in phones. not bad at all. generally a week quarter, all of the sales come in the christmas period. a solid performance, clearly they have lots of money and they want to buy back shares and spend $100 billion on that. should be lots to rejoice in, but here is a company thatis rejoice in, but here is a company that is doing phenomenally well but on the other hand, the question is what about the future? the fact that they are spending 100 billion on buying back shares raises questions on other other things they could buy out there to secure their future? there doesn't seem to be a big ta keover target there doesn't seem to be a big takeover target that they can buy to help diversify their business. it is very clear in these results that they are diversifying in other ways, things like apple payee, apple services, they are making money out of that. some diversification going on but it is still diversification around the court apple themes in what investors want to see is what is the

this apple credit card will likely replace the existing apple barclays rewards card partnership that has largely been a big flop so bart consumers can look for this new goldman sachs card to come out early next year which is kind of surprising to me because you would think that they'd kind of make a rush to the finish line for the holiday season of twenty thousand but it looks like early next year. certainly innovative and goldman has been looking to do something for a while i know i've got some people that i know that are there and it does follow you mentioned in your explanation the studio. cosco card city was really the first big large global investment bank to tandem up with a large retailer and so i think they sort of paved the way for goldman here it was quite expensive actually for city to do that with cosco at first but now they're glad they did and my guess is a year from now gold medal probably be glad to military and thank you so much that it preceded. oil prices have reached a three and a half year high both w t i and brant trading in the seventy dollars per barrel range

coming up, apple turning in a solid quarter.evenue, profit, and forecast painting a strong and stable picture. and wall street applauded. we bring you the highlights. the biggest headlines from facebook's f8. becoming a matchmaker for billions of users. and tesla gets testy. elon musk shocks analysts and investors after he refuses to answer questions about margins and cash burn. but first, to our lead and apple's blockbuster second quarter numbers. some of the main takeaways, ceo tim cook says the smartphone market is not saturated. in the meantime, apple services business had a sensational quarter, and the business is on course to double revenue by 2020. for investors, apple will prioritize buybacks over dividend increases because the company thinks shares are cheap. apple stock shot up on the news, and we delved deeper into what it all means. tom giles and julie join us. julie: the big picture take but the numbers is that it is really good. the numbers are up dramatically. same quarter over last year. i think overall, the numb

he's more apple stock than any other invested in the past year. back over cnn's then again when buffett speaks i mean usually investors listen have they . and and there rams the stock of apple just here in the friday's session was up by almost four percent and reaching a new record high for the week by the way the apple stock is up by thirteen percent and those are really quite astonishing the numbers are in buffett's company berkshire hathaway now owns a good two hundred forty million apple shares and the value of a good forty two billion dollars so really breast taking numbers that we are seeing here the funny thing is warren buffett usually likes to buy it when stocks are under some pressure and that was true for the apple stock earlier this year but definitely not right now so i'm quite certain that at this point and that this price of or unbuffered would not start buying apple stocks again but he did so in the past and that was good enough for investors to jump on the waiting. for us eight and you can keep talks between a top level u.s. deleg

apple keeps buying back stock.y bought back a quarter billion, now buying back another 100. >> operationally, they did well, but it's more a story of the bulk they are. >> but i think the issues around the iphone -- we'll talk to an analyst in one minute. i don't think that it signals something about the economy. it signals something about -- >> i didn't say anything about the economy, europe slowing. >> we were talking about the stock market i know you think the stock market is not related to the economy. >> no coincidentally not at the same time >> i think we all look for indicators within corporations to figure out what that says about the economy. >> like at apple >> when multiples can move, when it can be 10 times earnings or 20 times earnings -- when katie stockton is hand on one hand, a technician, we have someone over here, i would rather talk to her. >> we will talk to apple in a moment there is an analyst we'll speak with in a moment let's show you what happened overnight in asia. you will see the nikkei

apple's results were solid. the dow component reported better than expected earnings and revenue in the most recent quter and projected sales momentum. 2011 some concerns aboutap e's iphone which accounts for most of the company's sale and profit. to top it all off, apple will buy back up to $100 billion worth of shares and its increasing its dividend. apple undered $2.73 a share. revenue was up 16%o more than $61 billion. that is the fastest growth in more than two years. and as a result the stock rose in additional ter hours trading. josh lip ton with more from california. >> heading into apple's report kmurhas been concerned aboute th iphone x. iphone revenue up 14%. average price for iphone, $728. apple making it clear the iphone x was the best-seller. it's true the march quarter just as iwas in december quarter. gave up four tasks for revenue 51.5 and $53.5 million at the midpoint. for nightly business report i'm josh lipton, california. >> let's turn to angelo si no for more on apple results. goodo seeou t

the apple gravy train. apple impresses investors with a $100 billion buyback. david: welcome to "bloomberg daybreak" on this wednesday, may 2, back with alix steel. alix: i miss you. -- missed you. i barely emailed. apple helping the market have a good time this morning. futures are up by about two points, the dow up by 21. euro-dollar pretty much flat. below the 200 day moving average. the 10 year yield is sitting at around 3%. it is sell the core in europe, by the peripheries, and that theme holding true in the u.s. crude getting a boost of 2/10 of 1% despite the fact that we see a relatively strong dollar. david: we get the latest adp jobless claim numbers at 8:15 this morning. trump swearssident in mike pompeo as secretary of state. this afternoon, we get the next front of earnings, including tesla and sprint. we are joined by stephanie flanders and marty schenker to go back -- marty schenker. one of the big stories is the fed and what they will do. let me show you two things. where we were last month as opposed to this month, core pc year was 1.5% and head

you can make good money from apple ‘s said. good price for rice.ple '5 saidm good price for rice. you can make good money from apple 's said. it is unusual switch. the case if years before an apple field yields a harvest. until then, there is no profit. about 80 apple trees were painted here and lusty they produced their first painted here and lusty they produced theirfirst group. painted here and lusty they produced their first group. so started a few yea rs their first group. so started a few years ago, but it is really gathered stea m, years ago, but it is really gathered steam, especially after the monsoon last year. to grow rice, water is essential. of late, there has not been enough of it. last year, streams ran dry because it into sufficient rainfall and the government advised against selling paddy. it is around 2500 to 5000 litres of water to produce one kilo of rice. there is a huge difference for apples. the water in kashmir is receding. rice continues to be a sta ble receding. rice continues to be a stable in get very kitchens. but for m

services revenue that means apple pay, that means apple music and many other products that apple offersthat's a key driver of growth for apple. that is an increasingly key business for the company investors will be listening for the cash decision what will happ apple do with the 285 billion it's repatriating what will the new products look like we're hearing cheaper iphones may be on the horizon. and finally will the iphone x be scrapped just a quick look at the chipmakers some of those are sharply lower, particularly ams, a key supplier for apple. back to you. >> happy to say the director of product management from exponential etfs joins us on the line to preview the apple earnings coming up in a short while. good morning to you. apple has been dominating in the smartphone market. about 50% of all smartphones bought in the last year were iphones. now we're seeing the rise of other players like samsung how much of a threat do you think the rise of other people will pose to apple's business model? in the domestic market in the united states, i don't think that will be an issue. they have

i looked at apple. i looked at the quarter. there was a lot of concern with apple.ere outraged when the results came in, but they missed the number from where they were in february. they were supposed to do 68 billion in february, that was ratcheted back to 61 they hit that number 295 was supposed to be the number in february that came in at 273. apple is a wonderful company one thing is clear, this is an iphone story right now the replacement cycle is lenn lengthening. that has ramifications for the food chain down the road, those companies that supply this company. >> even if the iphone cycle is slowing or steadying, we all use their products every day the services revenue was strong, up 31% that's a key point apple will want to focus on going forward >> i think the multiple is where it should be it's still a very cyclical business actually i'm kind of sorry they're giving back all that money to investors they're giving back the bulk of it when you back out the debt, 122 billion, they're giving back most of the cash i would like to see them reinvest that money, ma

a little bit of an apple effect.here could be a subpoena for president trump because of the ongoing special counsel investigation, if you refuses to conduct or be part of a voluntary interview. -- he refuses to conduct or be part of a voluntary interview. we will hear from secretary ross. he was at the milken institute. we have a great interview coming from their -- from there. we'll get this throughts on metals, tariffs, trade imbalance. headmanned steve mnuchin -- he and steve mnuchin are going to china to talk about trade. >> prosecutors working for robert mueller have made clear to president trump's legal team he would come -- compel the president to testify before a grand jury if he refuses to participate in a voluntary interview. he has legal standing to subpoena a sitting president, even though such a move has never been tested. hastrump administration laid out expectations for a swift breakthrough on trade issues with china. robert lighthizer said at this point, it will be a big challenge to resolve differenc

as the market slows down for iphones, apple uses to monetize that through apple pay and apple music. total revenue at 61.1 billion. there's a revival in china we're seeing for the smartphonemaker some other products like the apple watch and the air pods continue to rise guidance remains strong for the company. that's why those black clouds over the company managed to fade away a bit the share price was a collective sigh of relief from investors there after the earnings report. back to you. >> thank you very much we are joined by bill street, head of investments for emea state street global advisers big buyback for apple. we've seen a lot of these from u.s. firms on the back of tax reform that's your takeaway four months after the tax reforms were passed by the congress >> i think it's very interesting balance between fiscal and monetary policy. as we see tax reforms coming in. >> they will have a significant or macro impulse at the u.s. corporate environment. from our perspective this has given us a good leaning into u.s. equities versus european equities, though we still like global

obviously, powered in part by apple music.e talked a little bit about how he thinks the real competition is not spotify or any other music service but it is can -- convincing people to pay for a subscription service. they do have a million subscribers in china. julie, what do you think when you look at the services numbers and break them down? >> the services revenue is up 30%. look atforward, and we the notion that smart phone sales will plateau, apple has a for to their other products growth and to services. solid growth. see the peak in the near future and apple will have to look more to its services and subscriptions as well as things like apple pay for future growth. i would expect that number to get much bigger overtime if apple is to sustain its growth. emily: that was julie and tom giles. haveer and walt disney signed an agreement to create live contact and add opportunities across the disney portfolio. twitter will announce specific live shows. twitter shot up 6% in monday session. twitter produces tick-tock a global

what about apple? are we hearing anything about investment plans or how the tax overhaul has changed apple's ability to invest? well, that tax rate is coming down substantially for apple. that along with the buyback will give them strong earnings growth even though the operating income is not going to grow much this cycle. do i expect apple to become much more acquisitive? not really. apple is picky and eight 10 to be buying more semiconductor -- they tended to be buying more semiconductor technology. if they go to a new market -- say automotive or health care -- apple buys resources. they do not want priorities or processes. they want resources they don't have. i don't see them anything doing this them doing anything large right now --i don't see them doing anything large right now. vonnie: stephen, thank you for your time today. much appreciated. the earnings after the bell today. steven milunovich, analyst at ubs. let's check in on "first work" is. here is taylor riggs. taylor: the european union do

apple. there is a lot of pent up belief that maybe the investors were so negative that we could get a positive surprise. so technology led the way. we were on the precipice of a technical breakdown but instead, buyers showed up. as much as we held in late january, the bottom falls out as well. that's a good sign. >> he is the real deal. we told you about marco rubio. many republicans are very mad at him. what he set about tax cuts that has some people serious. hey! we didn't have a homeowners claim last year so allstate is giving us money back on our bill. well, that seems fair. we didn't use it. wish we got money back on gym memberships. get money back hilarious. with claim-free rewards. switching to allstate is worth it. all right. this is an event that the president will be out in tempe, arizona. he is selling the tax cuts and believes the wind of the economy is back, and that might be news to florida republican senator marco rubio, who is quoted as saying the tax cuts really didn't do en

apple is leading the tech charge. i want to take a peek how technology issues, led by apple of late, fared in the past week. we'll get into that with our guest a little bit. as we show that again, i want to bring you up to speed our panelists are of mixed mine whether this is will last. jonas pharis, mashable deputy tech editor michael nunez, and deirdre bolton. there were a lot of worries going into the earnings announcement. not so much now, but people are say, boy, can they keep sustaining it? what do you think? >> i think sustain, but one degree lower. that is even what a lot of bullish analysts are out there lower. iphone x sales were less bad than we thought. i saw the phrase in 10 analyst reports isn't that amazing 50 million something -- >> could substitute in ice cream. that is a lucky business. so, and i think services came in stronger. i think wearables came in stronger. you were asking us yesterday, what are the other businesses, where are they growing? i think the june guidance looks very strong, better t

apple defies the critics. the world's most valuable company grows smartphone sales by 14% as consumers flock to the thousand—dollar iphone x. also in the programme.... brinkmanship on the border. senior brexiteers give the uk prime minister an ultimatum on the country's post—eu future. the european markets have opened and it looks a pretty mixed picture with the london market in as a tiff territory. —— positive territory. and tackling the problem of plastic pollution. we'll be speaking to the boss of a company which helps the world's biggest brands reduce their impact on the environment. today we want to know, as mark zuckerberg announces plans to take on tinder in the online—dating space, would you trust facebook with your love life? let us know, use the hashtag #bbcbizlive. hello and welcome to business live. profits have surged at the world's most valuable listed company as consumers continue to splash the cash on apple's most expensive iphone. the firm had revenues ofjust over $61 billion over the past thr

apple is so far behind. they released apple pay years ago here.hasn't dethroned the pay pals of the world and every other sort of payment app. if you look about where is their growth, why are they ge gettinga 15% multiple when the market is trading at a higher multiple. one of the things you can look at is they're not innovating. apple was talking about doing cars. we haven't seen anything on that front. they haven't innovated on the tv front. they're not really taking the forefront. you see amazon come out with the echo. they're the number one in virtual assistance with the dot. so i don't understand how i would want to put money to work in apple here when apple's not even putting their own money to work. they're giving it back to shareholders. they're not doing big acquisitions to grow. i can't get excited about this stock anymore, given the fact that over 80% of devices out there are android. >> well, i think you either look at it as the glass half empty or the glass half full. i think all of what you're saying is factual. but china, as you kno

china needs us way more than we need them, they need apple, apple needs them. it is a vicious cycle. we're looking to better terms because we deserve them. liz: michael makes a great point about trump using the economic muscle to get china to get nok numbenoknorthkorea to knuckle d. >> tariffs are taxes against americans, not chinese. they are ready to go forward, they are asking american companies in their words accept pain over the course of a trade war of a trade conflict? they understand this could be short-term detrimental to u.s. economy. they think that trade even as michael mentioned is win-lose trade is win-win, china has benefited, america has benefited. visitors have benefited this is have a risk. liz: we have news. china's foreign minister is traveling to north korea tomorrow, first visit since 2007. ahead of president's talk with north korea. president today saying the decision could happen been days. >> we want to get peace. a big problem. i think it will work out well. we'll see, we're setting up meetings right now, i think it will be announced o

emily: let's talk about apple.ked about the problem with innovation and we have seen apple earnings. quarterly earnings the fight expectations by being stable and defining the smartphone market slump. do think apple still has an innovation problem? chamath: i think apple has a fantastic cash machine and has a demonstrated yet the next path is. why that is critical is the underpinnings are constantly changing, and if we move from at services to subscription, there may be something that comes after a phone perhaps in vr headsets in. . order to accommodate change, i think the best course of action is to try many things. be ok with failure, don't be embarrassed, and refine the ultimate thing that works. i as an investor would love to see more public facing experimentation that says we know the iphone business isn't going to be around forever, so we are going to try something to that scale. in fairness to them to have tried things that are exceptional, air pots are fantastic and an unbelievable product. everybody uses t

you can make a lot of money growing apples instead. money growing apples instead.t is an unusual switch. least a few years before an apple orchard yields a harvest. orchard yields a harvest. then, there is no produce from the land. land. last year they produced their first crop of fruit. crop of fruit. steam, especially after the monsoon last year. to grow rice, water is essential. essential. of late, there hasn't been enough of it. been enough of it. government advertised farmers against sowing paddy. against sowing paddy. 5000 litres produce one kilogram of rice. rice. it is a lot of difference, a lot of water. lot of water. the water here and in other areas is receding. other areas is receding. it is no longer a favourite on the farms. farms. forward in applying trade sanctions against china. against china. they would put them on hold while negotiations were better deal. negotiations were better deal. guinea to discuss what this could mean for the region. mean for the region. looking for more fair and free trade in the future. in the future. than we have had for