we have the lows of the day for apple. goldman sachs reiterating to avoid it the stock is down about 2.5% coming up, kramer making a big call on the bank os on half-time you can watch or listen to us live or on the go. we're back after this. save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. >>> we're back let's go to sue. >> here is what's happening at this hour, everybody a federal judge has ordered the release of former trump lawyer, michael cohen. the judge says he believes the government sent cohen back to prison in retaliation for writing a book about the president. cohen is set to be releas

the apple 2 was a huge that it was actually really the 1st all usable personal computer the apple 2 alwaysyou know i always thought it was magical because you could do almost anything you thought of if he were creative enough the apple to the 1st personal computer designed for the general public the sales are phenomenal it in bodies the computer revolution but it has a serious handicap and the person who has the solution is bill gates was the acro version of basic but it wasn't. completely up to date that was a certain aspect of it that wasn't in there so they began looking around for another version of basic that ran on that ship that the apple 2 used and microsoft was a company that had it so they got in touch with bill gates. with basic microsoft supplies with the apple 2 locks this is the 1st collaboration between bill gates and steve jobs but at the end of the seventy's thanks to the success of the aapl to the spotlight is on steve jobs and then in 1980 they went public so there are all these people have stock that got very rich and it was one of the 1st public companies in the person

and that is when apple took off, as though there was an invisible hand behind apple surging.t is hard to believe institutional money is buying the stock at a five-year high. they haven't provided in outlook, but nonetheless, great results, each beating estimates. apple and amazon beating, meeting or beating the adjusted earnings estimate prior to the pandemic, but almost as though they had never been reduced. facebook not as much, but investors relieved add the sales were strong. not for alphabet. relieved that advertising sales were strong. not for alphabet. down 3.3%. all this leading us to record highs for apple and facebook. , notd see record highs just on the day, but on the open, really impressive. not the case for amazon, alphabet or the nasdaq 100, but inetheless, a nice feather cap of investors and shareholders for facebook and and willer volatility record highs, emily. apple it is clear with surging more than 10%. a big beat on earnings. adsple are still buying ip and iphones. why do you think apple is surging so much given the valuation metric? abigail: it is inter

to sell their goods or services to apple users, through apple's app store, isn't that correct?ments for apps, that you allow into the app store, you collect their customer data and use that data to inform apple a5 you collect their customer data and use that data to inform apple as to whether apple should, whether or not it would be profitable for apple to launch a competing app, isn't that correct? 84% of launch a competing app, isn't that correct? 8496 of the apps are charged nothing. the remaining 16% either pay 15, or 30, depending nothing. the remaining 16% either pay 15, or30, depending upon nothing. the remaining 16% either pay 15, or 30, depending upon the specifics. if it is in the second year of its subscription as an example and only pays 15%. year of its subscription as an example and only pays 1596. what is to stop apple from increasing its commission to 50%? to stop apple from increasing its commission to 5096? sir, we have never increased commissions in the store, since the first day it operated in 2008. there is nothing to stop you from doing so is there? sir, i

alphabet, amazon, facebook, apple all higher apple's call is under way.et's get to josh lipton >> reporter: melissa, apple is not providing guidance but the ceo on the call is providing some color about when we should expect those new products take a listen. >> on iphone, we expect to see the recent performance continue for our product lineup including the strong customer response for iphone se. in addition, as you know, last year we started selling new iphones in late september. this year we project supply to be available a few weeks later we expect the rest of our product categories to have strong year over year performance. >> reporter: there is the key part, a few weeks later. obviously there was a lot of hot talk about whether those new iphones would arrive investors wouldn't worried if they would be delayed somewhat, they just wanted to make sure they would be on the shelves for holidays he seemed to imply they would be from tim cook and his presentation, talking about wearables, the apple watch, he called out, 75% of customers purchasing the watch

apple gained 14% since monday. the best week since 2006 is apple now the king of the market brian kelly, you're worried today about opening at the highs. here we have great price action. what do you say? >> yeah. so last night and then even this morning i was very concerned that we had these blockbuster earnings from big tech and the market not responding. the standout was apple all day long and so that gave me a little bit of confidence and then you saw just continue to be strong the whole time so let's look at apple. what happened? they had tremendous earnings they have multiple cat lisalystd the services of a bigger part of the earnings is starting to take hold and argue and of course you can argue that it would deserve a higher pe ratios i find that's absurd >> and here we are what did you make of the action? >> listen. bk or beakers knocked it out of the park just like apple did macs are up in terms of sales and wearables. the service business although -- i think that was up about 15%. 258 per share. there's n

so, if there's a little app maker and apple does the same thing, everyone uses the apple one.he weather or whatever. in a lot of those cases, the app makers do not build in the security protection that apple offers its customers and i believe in that very much. i don't know until i watch it. emily: what about the fact that apple just does not run the gate to the app store, the gatekeeper, but also has its own apps like apple music? is that anticompetitive? steve: i think that would be very good. emily: why? steve: why? because it would be competitive. apple would have to compete more face-to-face. we see the other apps that people do good things as well. i don't think apple should run them over and build music into the iphone. i'm for openness, competitiveness, more equality throughout things. i don't like it when the big shark eats the small thing when. folks in some cases, think that apple is the big shark and is preventing innovation because they are making it more difficult for smaller companies to succeed in the app store. listen toill have to the investigation, the quest

and apple 7.4 million. the smallest of the group there for apple in terms of lobbying spending they've also some of these companies have been making campaign contributions to the members of congress who will be questioning them today take a look at three members of congress that we found who have these companies among their top five donors in recent years. so big donors to congressman james sensenbrenner and jim jordan and jerrold nadler. watch those members in particular to see if they treat these companies any differently than the members of congress who didn't take any tech company money. we'll see whether that money has an impact when it counts for these companies. and meanwhile, guys, another thing to watch for today which is this on going negotiation that we're seeing over covid relief we have a new cnbc states of play poll. this is likely voters in swing states and how they see each of these relief proposals that's going through capitol hill this week and what you seesoever whel ming support here tak

apples were introduced to india by the british in the late eighties hundreds. have now taken over several slopes and this is a good logically fragile region. over the past 10 years follows like donna have started to witness some of the harshest effects of climate change. my ancestral orchard was planted by my paternal grandfather i've also put hard work into caring for these apple trees until 10 years ago i was able to harvest 600 cartons of apples now as a result of climate change and the experiencing some hail storms and during the flowering season of it even gets cold out of season as a result our apple harvest has declined a lot of apples on the main cash crop in crush me and him much of the and with that our kind but the other day an expensive fruit in india and families have a tough time to the to being means that autos are often scattered and remote which makes the access to a direct market difficult. many also own small farms and count afford to invest in efficient packing materials or transportation. i mean one of the biggest disadvantages in the suppl

apple at 4:30 as well. this is bloomberg. ♪ ♪ caroline: from bloomberg's world headquarters in new york, i am caroline hyde. romaine: this is "what'd you miss?" caroline: the big tech earnings. quite amazing. facebook given us a sense that the boycott of july does not seem to matter. in the first three weeks of july, year on year add revenue growth was basically the same as the second quarter, 10%. they feel that the third quarter will reflect that of july. they feel that it is not hitting them on their bottom line. beat in terms of earnings and revenue. taylor: shares of alphabet, we are awaiting those but we know that shares are up 1%. romaine: we are seeing amazon rise in after-hours trading. these are all basically going to be record highs. amazon did guide a little bit higher. q3 net sales, a little bit higher, above the midpoint range of estimates of analysts surveyed by bloomberg. q3 operating income, $2 billion to $5 billion. estimate is for $3.04 billion. for the q2 numbers, they beat on net sales,

apple said it was because it didn't pass their app store rules, but hey says it is because apple demands 30% cut of its annual $99 subscription fee which hey simply said we're not doing. we're refusing. apple ultimately back down and approved the software update, but this story is far from over. joining me now is the david in this david and goliath story. base camp co founder and chief technology officer david hansson. you just happened to be named david as well. it is great to have you. i'm dying to know, what's life been like since you publicly pushed back a few weeks ago on apple's 30% cut of app fees and that's something developers for years have been complaining about, but stay quiet because they probably figured you just can't fight them? >> they figured out in most cases. apple is a goliath that will squash anyone who stands up against them. as you said, very few companies have lived to tell the tale when they have spoken out against apple. the first two weeks after we launched our brand new service which he had been working on for two years was absolutely crazy. i mean, we just l

of apple's quarter? >> brian, thank you for having me on your show. phenomenal quarter look, it is very clear the pandemic is not affecting apple whatsoever they were very specific about it iphone sales are up 2% they are specific that stimulus is helping them. in june, they saw openings in some stores, which affected small degree of apple services, which came in a little below expectations but the rest of the products, ipad, mac all doing great. the pandemic isn't going anywhere at least the rest of the year, we expect work from home, distance learning, and tools such as apple phones to do really well along with the variables for the rest of the year >> i guess that is hardest part for you or other analysts, if you are working, you probably saved a lot of money because you are not commuting or traveling your free cash flow is up. if you are not working, you got a stimulus check and expanded benefits and if you have kids, they are stuck at home and everyone is rushing to get what they need for virtual le

apple says no, you cannot have that idea.e really need competition, so developers and consumers can choose each component of the software set they want to use and not be forced to use only apple. emily: apple also says 84% of the apps on the app store are free. i have spoken to developers who are grateful. don't you think you should pay some sort of rent, if you will, to access the services? tim: competition is the way that priests are set in a fair market. apple provides bandwidth to all these free apps and paid apps so you can download them to your device. you know who else provides bandwidth? amazon is a competitor in the space, others. there are market rates associated with paying for bandwidth. there are market rates with payment processing. mastercard and visa charge 2.5% to 3.5% for payment processing. percentage with the that apple and google charge is that it is completely disconnected from their business. at epic, we know this. epic has processed more than a billion dollars worth of direct transactions between our p

prior tojoining apple, he apple pay, apple watch, icloud.rior to joining apple, he served as the director of north american fulfilment for ibm. he received a bachelor of science from university and mua from a school of business. last witness is mark zuckerberg, founder, chairman and ceo of facebook. he initially launched facebook. he initially launched facebook to help connect college stu d e nts facebook to help connect college students at his school more easily. since then it has grown into the largest social media platform with 1.7 billion daily active users. he attended harvard university before leaving to focus full—time on facebook. we welcome all our distinguished witnesses and thank them for participating. i will begin by swearing you in. if i do that i wa nt to by swearing you in. if i do that i want to remind you that you are the only ones from your respective companies invited to testify today. in accordance with normal house practice under section g of regulations, you are sworn testimony must be our own. please let me know if yo

dublin and apple both appeal the ruling. we're going to brussels correspondent barbara visa with us as well as our business reporter on the sullivan with me of the apple's welcome the deal so is island even though it just missed out on how much 13000000000 euro yeah that's right so there'll be a lot of parties and i've been celebrating what we're not going to do with 13000000000 euros of those seriously there actually won't be because there's really a lot of people in ireland who aren't happy about this so for starters the opposition parties in our large swathes of the public feel it's quite embarrassing and insulting that of the time when the irish government is spending a fortune on payments to try and boost the economy off the crown of ours or during the democrat or a while this is happening they're turning down it's actually more than $13000000000.00 euros because that figure has increased through interest since the original ruling so it's around 40000000000 euros now what art and doesn't want to because of what the impl

the apple project has reached 7000 farmers across 90 villages in the traditional apple growing regions of the indian himalayas. together they now call on 43 percent of the venture slowly empowering an agrarian community that doesn't always get its do. not call mining continues to destroy small towns and settlements in many parts of the world people were forced to leave their homes because the bigger the big holes were dug and what happened after the miners moved away most of the time nothing in brandenburg a biologist has found a way to bring the lost back to life. one step closer to extinction opencast mines in germany the 7 issues here in the east will stop extracting brown coal in 2023 for decades the digging in secure energy supplies and jobs but it's also a dirty business the main contributor to c o 2 missions and a blow to the landscape plank and ripped off its by diversity and vegetation and homes christina collects rock in a village that was destroyed to make way for the sharples. as it's been for one day i went to school with my brother in the morning everything was normal the

melissa: so, lauren, that is apples to apples? that is the real number? lauren: yes. checked it several times. >> $10.30? lauren: looking for 1.36. came in at 10:30. melissa: holy cow, what do you think. all me. i dead all the ordering. >> right, i'm ordering stuff on prime that still was, is, remains the best deal on the planet by the way. we talked about that before. when you make $88 billion in a quarter you can make $10 a shear plus in profit. that is pretty easy. that is like everything else we're seeing. tech stocks so far look pretty strong. they have a lot of engagement. throw the ball back to adam a little bit. he is right. there are a lot of things going on on line despite ad boycotting, with stuff like instagram, engagement in retail with amazon where these companies are printing money, making profit hand over fist. with the conditions going outside our doors here that is probably not going to change. david: bring in carol for a second here. carol, i mentioned that $4 billion that bezos spent on coronavirus expense. that is just a counting error when you're

that apple rules mean apple apps always win. mr. cook, in 2019, apple removed from the apple store certain apps that helped parents control their children's devices. do you remember what justification apple cited? >> yes, congresswoman, i do. it was that the use of technology called mdm, mobile device management, placed kid's data at risk. so, we were worried about the safety of kids. >> okay. all right. so, you were concerned about that the app basically undermined kid's privacy. but another app that used this same tool was appure, an app controlled by the saudi arabian government. do you recall apple's position on this? >> i'm not familiar with that app. >> okay. apple allowed this saudi app to remain. there are two types of apps that use the same tool. apple kicks one out and said that that was one that was helping parents but keeps the one owned by a powerful government. if that is correct, mr. cook, that apps that supposedly did the same thing, why do you -- why would you keep the one owned by a powerful government? >> i'd

apples were introduced to india by the british in the late 18th hundreds. have now taken over several slopes and this is a good logically fragile region. over the past 10 years follows like donna have started to witness some of the harshest effects of climate change. my ancestral orchard was planted by my paternal grandfather i've also put hard work into caring for the sample trees until 10 years ago i was able to harvest 600 cartons of apples now as a result of climate change and the experience of storms and the flowering season even gets colder out of season as a result our apple harvest has declined a lot of apples on the main cash crop in kashmir he much of the nation with that are kind but they are there and expensive fruit in india and farmers have a tough time to the to be in means that autos are often scattered and remote which makes the access to a direct market difficult. many also own small farms uncowed afford to invest in efficient packing materials or transportation. and one of the biggest disadvantages in the supply chain between farmers and

for apple, it is pinned to the app store. lots of small and big developers are making the argument that apple cannot run the store but also have competitors on the store, which they take a 30% cut or as low as a 15% cut from. will be interesting to see apple's argument. for a long time, they have been saying there is no issue with them doing that. it is like a grocery store running the store but selling their own items. there is apple's argument that there are lots of developers making the case. it does not appear apple is going to be in big trouble as of yet. the government is clearly focused on google. it will be interesting to see cook's comments. emily: meantime, we have apple earnings coming up. you have been closely following all of the news about store closures. . them sending retail employees back to work from home. what is the latest on apple's operations and how that is going to impact what we see in this quarter? mark: this particular quarter, apple has said it is not going to be great. the apple watch in addition

what apple does not say is that a lot of these app stores are 30% because they are following apple'steps. still, nonetheless, they are showing that everyone is basically doing the same thing. so why aren't we going after apple? emily: what does apple have to say about the fact that it is not only the gatekeeper, but it is also a competitor in the app store? they also have got their own apps in the app store, like apple music, which as we know, the folks at spotify have made quite clear. mark: i mean, apple's argument is that the app store has not held back spotify, but has instead let them basically become a giant public company. far morethe way, sells subscriptions than apple music. so there argument is that the app store has done pretty well for spotify. so it is not really a great argument to say that apple is hurting by operating the store while also being on their. -- there. tole doesn't have a 30% tax pay anyone because they operate the store. that is what some developers and competitors like microsoft and spotify has indicated to be unfair. emily: obviously, monday, we have go

and apple both appeal the ruling. with the decision coming up in a few hours let's talk with arthur sullivan from v.w. business good day to yours or nice nice to see you again this ruling has major ramifications far beyond arland even beyond the e.u. what's at stake here ok so brian on one side here you have the european commission and its 2016 decree that apple owed the irish state 13000000000 euros in back taxes because of what they had said was a spokes sweetheart tax arrangement unique to apple which amounted to state it so if that ruling is upheld today that would be a major win for the or being commission the most powerful body and its ongoing battle to sort of crack down on tax avoidance across the block would also be a blow for apple i mean they can definitely foot the bill we know that the money is literally currently waiting in an escrow account and it's $13000000000.00 for apple isn't that much but it would be a symbolic blow for the irish government would also be a blow certainly to their entire tax system

arlen 13000000000 euros in back taxes but dublin and apple both appealed the ruling. and i'm now joined by excess it couldn't be a business that's a very interesting if it's so the e.u. has been trying to clamp down on low tax policies like what you have in ireland where does this leave the commission's fight against tax avoidance. i think i think the fight has changed over the last 3 years for one and we've had the covert pandemic i think change a lot of things but it puts. a major setback to the to the way that they're trying to clamp down on big companies getting these low taxes. but at the same time the irish would argue that they're a small country and they need to compete against countries like germany within this bloc i'm one of their ways of competitive advantage is by offering low tax rates so overall i think it's a blow for the e.u. efforts but at the same time i think a lot of the smaller countries in europe and eastern european countries for example would be looking at this is a kind of a victory for those who don't have the great volume and strength that

said apple must pay. it's a blow to european regulators trying to block profit shifting by multinationals island didn't want the money in the 1st place and sees it as a victory also coming up the u.s. president confronts china donald trump strips hong kong office of special trading status holding china accountable for its clampdown on human rights to. south africa reopens its schools despite a rise in cases of 1920 schools lack basic facilities will they become breeding grounds for the coronavirus. plus flooding in bangladesh forces more than a 1000000 people from their homes a further of the country is under water after some of the heaviest monsoon rains in decades and rivers are said to rise even further. welcome to the program we begin with breaking news the irish government and apple have won their appeal against a 26 the e.u. decision that sat apple had to pay the i was government 13000000000 euros in back taxes money that ireland didn't even want so i'll instruct the case to you have so . dublin has

ireland 13000000000 euros in back taxes but dublin and apple both appealed the ruling. and now joined by author sullivan from d.w. businesses looks a little closer to the story it looks like a major vindication of full countries a low tax policies like ireland so where does this leave the european. a mission in the fight against tax avoidance but it's definitely a blow hard symbolically it's a big blow but it is important to draw a distinction between this specific case and the wider fight against tax avoidance so this case looked at the issue of illegal state aid did at those specific arrangements in ireland amount when you can state it the courts today said it didn't that the commission did not prove that it did under various levels and the verdict is quite clear in that regard over the wider issue that is that countries like ireland and the netherlands and so on so forth that the commission increasingly has been looking to the competition commissioner margaret vistar has been increasingly looking to tackle this issue and we're seeing more and more reports the commiss

one thing we can tell you is we have reached out to apple. we haven't heard yet shares are taking quite a hit. they are down more than 4% now multiple states investigating apple. this according to a document seen by cnbc from the attorney general of texas in march. not sure what the practices are. apple taking a hit you can see shares more than 4.5% now tyler, back to you >>> thank you very much. still ahead, the dow taking a midday dive, as you can see there. apple contributing in part over the stimulus package coming out of washington. we will have more right after this quick break ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪ >>> welcome back florida's agriculture economy getting hit first by an outbreak and now restaurant reopenings rolled back. that could sink demand again we have a look at how that is impacting florida's economy. >> it's been a tough time for the state, kelly the pandemic hit the flori

course has told apple it will not have to pay 13000000000. in your ace in back taxes to ireland the company and the irish government successfully argued that apple's low tax bill did not amount of a state aid the decision overturns a 2016 rolling that apple broke e.u. competition regulations the company paid irish tax rates as low as not points not not 5 percent european commission says it when i'll consider its next steps which could include an appeal to the use supreme court. but we can speak now to dr charles garrott ven he's an international tax expert at university college dublin in ireland people watching this might be surprised to see the irish government arguing that it shouldn't receive this 13000000000 euro windfall and why is it arguing that. well i suppose it's for 2 reasons really we gave a ruling to our poll which essentially said this is what our tax laws are. the commission in athens reached a decision that sort of well this is what your law should have certain. number one i think we have to defend our rights to make our own t

including apple. we'll have to see what kind of guide and color we get thank you for being with us. >> now let's turn to deirdre who is following jeff besos before his first congressional appearance >> there was a few heated and revealing moments like this exchange >> let me ask you, mr. bezos, does amazon access and use third party seller data when making decisions. >> i can't answer that yes or no we have a policy against using seller specific data to aide our private labelled business. but i can't guarantee you that that policy has never been violated >> he also admitted that amazon promotes their own products which he calls a common business practice he has huge amounts of data from other businesses, and he could not ensure that they don't use it to their own advantage. regulators already looking into the company's practices. besides watching bezos and the other ceos get grilled, the documents made public have been just as fascinating. we're still digging through them, but there is an e-mail excha

13000000000 euros in back taxes but dublin and apple both appealed the ruling. and want more details on that story as they call in let's get you briefed on some of the other news around the world right now u.s. supreme court just. ruth bader ginsburg ginsburg has been admitted to a washington d.c. hospital that received treatment for a possible infection she's 87 and is one of 4 liberals on the supreme court if she is replaced in the health reasons neutral before m.t.v. could tilt the court in a more conservative direction. elaine maxwell has been denied bail after pleading not guilty to sex crimes charges linked to alleged dealings with her former associate jeffrey epstein u.s. prosecutors say the british service socialite is a flight risk she's accused of helping the late financier recruit an abuse minors. thousands of bolivians of protests against the capital in la paz because of economic hardship caused by covert 1000 some burning effigies of political leaders they want to thirty's to do more to activate the economy and its massive layoffs. has been hard hit

to rely on apple.can go to samsung. there are other smartphone vendors. across otherdors products. within music there is spotify. sure, apple has advantages and they do a good job integrating things, but there's is the competition. i would add, in these other businesses as well, amazon, facebook, google, competition remains fierce. we all remember history with american online and other platforms that were viewed as unbeatable at the time. of course things changed. i go back to this point around innovation because if these companies are not able to do that effectively over the next few years, they are going to for trouble creating value their users, and ultimately their shareholders as well. emily: i want to get your clicks -- quick thoughts on microsoft, which is not one of the four current desk for companies will have been called to testify, that moved into the group of big tech companies. we did see microsoft cloud sales slow down. faced antitrust issues in the 80's, -- in the 1980's. why do you thin

strongly to apple. these are kids growing up with apple products all of these that are now being used as tools at home for driving education needs and apple is under penetrated. if you look at the market shares to apple, relative to the total addressable market, it is still ty ti tiny so there is just a lot of opportunity for share gain and the demographics are truly in their favor. education is one big opportunity. i think enterprise is, you know, they made some smaller references, but enterprise is another opportunity for apple. you still have a company that is a massive product lineup they have a pricing umbrella that if they want to they could flexion to some degree and they could become even more competitive in the marketplace it is a tremendous opportunity for them >> yeah, we never even got to the integration. 6%, almost a 7% ingraduatitegra, hard to ignore >>> pelosi and meadows bringing us up to speed on the progress on the hill. >> yeah, dualing briefings now on the leaders of both ends of pen

that apple rules mean apple apps always win. mr. cook, in 2019, apple removed from the apple store certain apps that helped parents control their children's devices. do you remember what justification apple cited? >> yes, congresswoman, i do. it was that the use of technology called mdm, mobile device management, placed kid's data at risk. so, we were worried about the safety of kids. >> okay. all right. so, you were concerned about that the app basically undermined kid's privacy. but another app that used this same tool was appure, an app controlled by the saudi arabian government. do you recall apple's position on this? >> i'm not familiar with that app. >> okay. apple allowed this saudi app to remain. there are two types of apps that use the same tool. apple kicks one out and said that that was one that was helping parents but keeps the one owned by a powerful government. if that is correct, mr. cook, that apps that supposedly did the same thing, why do you -- why would you keep the one owned by a powerful government? >> i'd

the apple project has reached 7000 farmers across 90 villages in the traditional apple growing regions of the indian himalayas. together they now call on 43 percent of the venture slowly empowering and agrarian community doesn't always get . called mining continues to destroy small towns and settlements in many parts of the world people were forced to leave their homes because the. big holes were dug and what happened after the miners moved most of the time. in brandenburg a biologist has found a way to bring the lost back to life. one step closer to extinction opencast mines in germany the 7 machines here in the east extract in brown coal in 20230. the digging in young child and secure energy supplies and jobs but it's also a dirty business the main contributor to c o 2 missions and a blow to the landscape help blank and ripped off its by diversity and vegetation and homes christina carets grew up in a village that was destroyed to make way for the shuttles. as it's been for one day i went to school with my brother in the morning everything was normal and then when we came back in the

let's start with apple. what you see?> we're looking at the post market over the last few days and it has been a little bit rocky. some of that was psychological overhang. something very impressive on apple, they put up $2.58 a share. that is exactly what was estimated prior to the pandemic. it is a 25% beat of what analysts were looking for. they were looking at the number before it was reduced for the i bought one in april when it was weak. i made a contribution there. versus4 billion dollars $23 billion. service is strong, solid year-over-year growth. it could help some folks get into the stock because it will be less even though the evaluation will be provided. beat on a june quarter, typically not an easy quarter for them. they did not provide a forecast. wayof the stocks in a huge above the nasdaq 100 and the s&p 500. valuation is high so investors are buying for fiscal 2021. we have no actual visibility from the company on that year. a little bit of a leap of faith in part of investors on that valuation even after

apple walled garden. generally have a paying subscriber type relationship. that within an ecosystem we actually opted into. and that is a different situation then is happening with facebook and google, in part because facebook and google monetize our data, not just on their own sites, but through other partner sites as well. it is much more pervasive. i do think apple has a different relationship there, and it should be looked at with a different set of principles and concern in mind. emily: meantime, the biggest contentions about apple today have been the app store and the 30% cut that apple takes from them at -- from the vast majority of assets that make revenue. in the app store, over the past couple of months, we have been speaking to the ceo of spotify, the ceo of epic games, about their concerns here as well as apple cofounder steve wozniak, who took apple's side on this let's take a listen to what they had to say. >> it is -- they are two companies. they control 100% of the smartphone market. or so

the ruling has a big legal victory to apple the e.u. general court said the e.u. commission did not succeed in showing that the tech giant had received an illegal economic advantage in ireland over its low taxes. the decision is a major blow to competition commissioner margaret or vested his efforts to crack down on low tax regimes in the block the commission hooley behind the objective that all companies should pay their fair share of tax if member states gives certain multinational companies tax advantages not available to their rivals this harms fair competition in the e.u. the e.u. commission has 2 months time to decide if it wants to challenge the ruling in need use highest court the core of the problem is that the e.u. does not have one common tax code at the moment firms officially pay 12.5 percent corporate tax in ireland that's compared with the e.u. average of 21.3 percent officially companies in germany have to cough up at least 30 percent. that alone has attracted many companies to ireland and in fact apple paid far less tax at times for example as lit

apple as app store. isn't that correct >> that is correct. >> and by processing payments for apps that you allow into the app store, you collect their customer today, and you use that data to inform apple as to whether apple should -- whether or not it will be profit appear for apple to launch a competing app. depending on the specifics >> what's to stop apple toic inning its commission to 50% >> sir, we have never increased commissions in the store since the first day it operated in 2008. >> there's nothing to stop you from doing so? >> i disagree strongly with that there's a competition for developers just like there's a competition for customers. the competition for developers, they can write their apps for android, windows, e. box, playstation. we have fear competition at the developer side and the customer side, who went put about their frustrations with the app store? >> sir, we to no retalia i or bully people it's strongly against our culture. >> the time for the gentleman has expired. now mr. gat

around us was talking about the death of apple. haverty stood next to me and he said, tom, it is baloney. larry haverty was right 10 years ago. jonathan: that might have been the second time we have done that. i think we have done it five times. we are lucky to have amit daryanani with us right now. sell $26rth do you billion worth of iphones with world shut down? amit: that is a great question. i think it is a combination of having the right product launch. apple management talked about of thehe benefits ecosystem for them. i think it is a combination of those two. wehaps through covid where have all been fixated on how data centers are the new narrative, perhaps apple and its ecosystem has gone up from a consumer standpoint. jonathan: let's be clear about this. is it a consumer staple that you have to have a look through this company with the stimulus in the last few months. ? jonathan g: it is definite -- luxuryt is definitely a based product. there is a luxury element to this. time, it is ame staple for individuals that work ev

the irish government and apple have won their appeal against 2016 e.u. decision that said apple had to pay the irish government $13000000000.00 euros in back taxes money that ireland didn't even want so ireland took the case to europe's 2nd highest course stop it has long denied that its tax arrangements with apple amount to illegal state aid the commission is expected to appeal the ruling to the european court of justice and not. earlier this year then irish prime minister lavrov current apple chief executive tim cook had an anniversary to celebrate 40 years since apple started manufacturing in ireland over the decades the e.u. country in the us i phone maker have both profited from the arrangement apple gets a massive tax break but it provides employment for multinational companies the favorable situation in ireland is practically unrivaled in europe at the moment firms officially pay 12.5 percent corporate tax in arland that's compared with the e.u. average of 21.3 percent officially companies in germany have to cough up at least 30 percent and that a

that apple rules mean apple apps always win. mr. cook, in 2019, apple removed from the apple store certain apps that helped parents control their children's devices. do you remember what justification apple cited? >> yes, congresswoman, i do. it was that the use of technology called mdm, mobile device management, placed kid's data at risk. so, we were worried about the safety of kids. >> okay. all right. so, you were concerned about that the app basically undermined kid's privacy. but another app that used this same tool was appure, an app controlled by the saudi arabian government. do you recall apple's position on this? >> i'm not familiar with that app. >> okay. apple allowed this saudi app to remain. there are two types of apps that use the same tool. apple kicks one out and said that that was one that was helping parents but keeps the one owned by a powerful government. if that is correct, mr. cook, that apps that supposedly did the same thing, why do you -- why would you keep the one owned by a powerful government? >> i'd

nice 5% move higher for apple after hours. four for one stock split stephanie, i'm sorry to cut you off before will let's give you the first word here. it's 18% earnings growth to new june quarter records i was looking for a 12.5% growth they got 15% growth. and that has to be because the app store, the -- it's really accelerated throughout the quarter. we thought that would be up 30, 32%. that is higher i think this is a fabulous report across the board. trades at 30 times earnings. it's up 64% since march. the expectations were high fabulous numbers now we just wait for the 5-g >> josh lipton, do you have any more color >> on the iphone, we talked about the iphone cook telling me the iphone 11 was his top seller during the quarter. it's been that way since the iphone actually launched we did talk about chia, they grew 2% in real dollars. on a currency basis, 6%. we definitely saw china come back into a big increase china has about 40 apple stores. they opened some stores here and had to close them because of the covid-19 spi

left me ask you this, apple requires all app developers to use apple's payment processing system. if those developers want to sell their goods or services to apple users through apple's app store, isn't that correct? >> that is correct because it is -- >> and by processing payments for apps that you allow into the app store, you collect their customer data and you use that data to inform apple as to whether apple should, whether or not it would be profitable for apple to launch a competing app, isn't that correct? >> sir, 84% of the apps are charged nothing. the remaining 16% either -- 15 or 30 depending on the specifics. if it is in the second year of a subscription, for example, it only pays 15%. if you look at history -- >> what is to stop apple from increasing its commission to 50%? >> we, sir, we have never increased commissions in the store since the first day it operated in 2008. >> there is nothing to stop you from doing so, is isn't. >> no, sir, i disagree strongly with. that there is a competition for developers just like there is a competition for customers and so the c

and it's not just apple, right, guys tech had a big quarter at large. you've seen them lead the way once again, although alphabet little underperforming so you're starting to see more breadth in this market one of the major questions as we head into the second half of the year is will it continue to be big tech leading the way, or will we see other sectors continue to add on to gains? >> carl, this morning as i'm looking at the tech stocks that have some of the biggest position in the market just in terms of market cap and thinking about how they're performing during this, it's kind of a mixed picture, i guess, as you would expect right now but we are going to talk more about apple. the largest, one of the largest certainly, individual shareholders in apple is ryan cohen, he is the co-founder, former ceo of chewy. and he joins us now. ryan, great to see you now, put me straight here. did you kind of sell your stake in chewy when you sold chewy to petsmart or did you sell out of a stake in chewy when chewy went public? >> we sold the company to petsmart

apple pie, applesauce, ipad, apple card.s director of north american fulfillment for ibm prior. he received a bachelor of science and mba from duke university, school of business. mark zuckerberg, founder, chairman and ceo of facebook. he initially launched facebook to connect college student at school more easily. since then, they've grown into the world's largest social media platform with 1.7 billion global daily active users. he attended harvard university before leaving to focus full-time on developing facebook. we welcome all of our established witnesses and thanked them for participating in today's hearing and i will begin by swearing you and and before i do, i want to remind you you're the only ones from your respective companies invited to testify today. according to normal as practiced in section g, the preceding regulations, your sworn testimony must be your own. let me know if you wish to mute yourself so you can confer with your counsel. please unmute your microphones and raise your right hands. do you swear or