apple platform and ios. we are listening to the earnings call and we will let you know if tim cook has anything additional of interest to say. always great to have your instant reaction here on the show. thank you. coming up, amazon pops after a stellar quarter. we will have all the details next. this is bloomberg. ♪ emily: let's get a deeper look at amazon results. also strong beating analyst estimates. i want to bring in our guest who had a by on apple and amazon. tom, look at the top line here. the sales and sales forecast are better than expected after we have seen pretty dismal results from walmart, for example. why is amazon bucking the trend? tom: amazon greatly benefited in the second order by strong cloud computing sales and strong advertising sales. when you think about the outlets for the third order, prime day this year in the third order versus the second order last year, it is still a mover. they reported the impact on sales growth, and it's a combination of june order, cloud computing, and adv

apple is said to be building a new version of apple watch for extreme sports athletes. is this market? >> i want to take a step back and figure out why would apple do something like this? if they're going to create a new high-end apple watch, they probably wanted to not only appeal to that specific market, but to everyone. they have the iphone pro, the ipad pro, airpods and macbook pro. that lets them charge more money. what we're going to see with this new extreme sports addition is more revenue. asp's. the average sales price of the apple watch go up for this product. that's why they are doing this. that market is not so big, but if you look more as an apple watch pro or -- more of that than extreme sports addition, you're going to appeal to the affluent customer who is willing to pay more. >> talk to us about what features, what areas it's going to try to exploit. >> you will see a bigger battery. the longest battery life ever on an apple watch. a bigger display. the biggest display ever on an apple watch. probably a titanium case. something far more durable. three t

where apple is centering privacy efforts.ng they are changing is the port on the iphone do in part to some changes lawmakers abroad have pushed. apple is really taking it from all angles. emily: this package of tech bills that would potentially curb some of the power of these companies, we are expected to see potentially see some movement on them next week. any likelihood they will pass? mark: i think it is too early to tell. if i were to tell you one way or another, i would just be speculating. i personally think major changes are coming to apple platforms. there's the digital markets act, the act you have been talking about, different laws that have been pushed from different lawmakers abroad and here at home, so i do think we will see fundamental changes either way. i don't think it is about if but when. if it's this year, next year, over the year after, there will be a fundamental shift. emily: how is apple doing compared to other tech companies? they all have huge lobbying arms. mark: i think you can take a look at the s

is necessary to apple.pple could start producing bikes and treadmills at a cheaper cost than what it would take to buy peloton unless there is a fire sale. i think they would rather integrate their features into their existing ecosystem rather than add that expensive business . emily: all right, mark gurman, covers apple and peloton for us. after losing more than one million customers in the first half of the year, the message from flix is clear, it could have been a lot worse. we are going to talk about how netflix tends to cut its losses and if it will work. plus, and e-sports company bates is nasdaq -- makes its nasdaq debut. this is bloomberg. ♪ >> a single thing like stranger things, but we are talking about losing one billion instead of 2 million. in some ways, losing one million is a success. but we are set up very well for the next year. emily: welcome back. that was netflix co-ceo reed hastings on the earnings call i'm going to get to. the netflix relief rally after it over promised on subscriber l

division of apple.the company did worse and worse and worse as the decade progressed. >> with big losses in the last quarter, with profit margins shrinking, apple seems destined for a takeover. this is a computer that even has fan clubs. >> i just love the apple, and i always have, and i can't really say why. >> everyone's rooting for apple to somehow survive, but it wasn't an all clear that apple would be around at the end of the 1990s. >> the troubled apple computer company may return to its core in an effort to boost sagging sales. apple reportedly will name its cofounder, steve jobs, as its new chairman. jobs would replace a chairman who was ousted earlier this month. >> steve came over to apple, sold next to apple for $400 million. he had no ambitions at apple at all. but steve jobs was watching apple flounder, and he just couldn't help himself, and so he remade the company the way he wanted. and there was no one to oppose him, because the company was exhausted. >> steve jobs had exactly the abrasi

the apple watch, well, it�*s a perfect player in the prism that is the apple ecosystem, so if you usew, here�*s paul, who�*s been exploring body tracking for everyone. beyond wristbands and wearables, artificial intelligence is often now used to also help athletes understand and improve their game. and in london, one start—up has developed a smartphone app to make this kind of training more inclusive. can you tell me a little bit about what teamsportz is and what it is that you do? i grew up playing basketball in a very deprived environment, so i built a technology for anyone else in the world where you might have very limited access to technology. training is for individuals and teams, using artificial intelligence to detect disabled and non—disabled users. where are your arms, where are your legs, and where is your torso? and if you don�*t have the arms or the legs or the movement on those limbs or whatever it might be, the model will still be able to render a human body. movements are then interpreted as activities like squats or push—ups. you don�*t suffer from the same bias that

apple is still in its infancy, so i don't think it will slow down, it's going to impact apple disproportionally, they actually benefit from increased share. the demographics of the apple customer, when you have 1.8 billion devices held by affluent consumers, it gives the target audience advertisers want especially for brands, for people who really care about who their audience is, what the demographics are, apple is in a unique position to do that. we will see an explosion in growth here at apple and when you think about what it means for the overall services business, these are the sort of initiatives apple will bring to the table to offset some of that, which can drive back growth in the service business versus the low double digits expected in this upcoming quarter. >> a lot of folks are saying netflix chose microsoft to partner with because they don't have a streaming platform but in 2019, netflix said we compete with fortnite more than hbo, which raises the question, streaming services, but microsoft is working so hard or trying to build up its presenc , what's the best place of that is go

we were all worried about apple. apple ran up so strongly going into the prints and here we are with a gain of 4% after hours. >> i thought the quarter would disappoint. clearly that's not coming to pass. you start to look at numbers. any service revenues which i think people were concerned about. katy pointd that out. that kim in at 23% of their overall revenues. that's in line where its been. you look at it. 2% year over year revenue growth. that's the slowest we have been in a couple of years. at current levels you say they will earn close to $7 next year which is probably the higher end of guidance you still are talking about a company that's trading at this price at 23 times those numbers. i think that it sort of ran its course. we will see how it plays out. i thought for a while the broader market will run into apple earnings. that's playing out. i thought it would reverse on this. let's see what happens. >> they did comment about the supply chain issues about the cost of sales to supply chain issues were less

adam, when you talk about the amount of spend, apple versus tesla on development what is apple waiting for? if they are spend 14ging 14 tims more on the buyback program, what is going to make them shift the programs to the av program if they haven't already? >> so we think, again, if you're going to go straight to autonomy, you need to cover the corner cases, tens of billions of miles, you have to get things wrong. you may not want to get that negative down side skew, that risk exposure if and when something goes wrong perhaps a company like tesla and they're dealing with this kind of day to day when there are accidents that happen and the machines make a mistake. how do you deal with that liability? i would ask you and your audience to imagine if you -- if apple or some other big tech platform trying to play switzerland and in a position to get into the os of a car, it's going to take ten years anyway, what is the rush of having something half baked when can you have real liability and even loss of life and expose yourself to that right now. let someone else handle. that curate that r

there is no denying with all of the apple watch is that there is a massive amount of trust in apple,ll be interesting to see how providers integrate this data. if they can bridge that gap, there could be something very interesting. emily: this is not necessarily a quick question, but with the overturning of roe v. wade, how does that change your view of the industry? >> fundamentally, women's health is population health. the overturning has been a sad moment not just for women but all of us. it has been a moment where employers step up to the table. major companies funding they care of women to cross state lines to receive the care that we need. one of our companies is already serving nearly half of the fortune 50 companies, and has seen a month over month increase in terms of inbound sales opportunities for companies who want to do more for women and families, who want address the maternal health crisis we face in this country where women are 50% more likely to die in childbirth than our mothers before us. emily: the ceo of maven was just on the show and she talked about maternity d

>> well, why did i leave apple? i was asked to leave. yeah, i was asked to leave apple.on spending the rest of my life there, but didn't work out that way. >> steve jobs was a genius, but one of the reasons he got moved out of his job was because he was spending huge amounts of money on projects that, for the most part, never reached the market. and apple had a crisis of confidence. >> at a time when major computer corporations like apple are laying off 10% of their workforce, microsoft is the big exception in the computer industry. >> people didn't get how much value there was to be derived from software. that the operating system could be the most valuable piece of real estate in the whole computing business was something not understood by almost anybody in the computer industry apart from bill gates. [ cheers and applause ] >> today we're introducing microsoft windows version 3. >> bill gates, part thomas edison, part henry ford, part holden caulfield from "catcher in the rye." at 19, he dropped out of harvard to design computer software with his friend paul allen. th

apples, green.st place is the least, sugar 8 g per 100 g and that yellow 10 and red. how much did you say 15 15, that is, we meet spoons per 100 g, why do we hate sugar, what is bad in the sahara is a wall from an arterial vessel, i will do what herman shayd does not like. as a cardiologist, i don't like it. i will destroy the wall of the vessel and the intimus of the vessel with sugar. that's the way it's time co time will become. like this, uh, holes appear there, cholesterol already enters from there. it is already forming a plaque and these are the causes of ammonia infarction and impotence stroke and all other charms. the next sign is the next sign - this is fiber. actually, why do we love? and for the fact that it improves the functioning of the gastrointestinal tract, toxic substances are removed into the same cholesterol, which reduces absorption. here they are petrovich's silence, gut, and this is the digestion of coarse fibers that are contained in yachts and enters our intestines. that's

suppliers for apple.rg learns the company plans to slow hiring and spending given the potential of an economic downturn. companies are being more cautious. haidi: chinese property developers are on watch given we may have pressure being taken off with more regulatory actions. we will have to wait and see how that plays out. even let's get you over to annabelle. annabelle: just a few seconds away from the opens. we are seeing the 10 year yield, it is below the 3% level. where watching what happens with the yen. we have the boj and ecb meeting this week. the boj governor is likely to keep the stimulus policy in place. in terms of the equity markets, japan is facing headwinds. from apple, they assess the outlook for the broader global economy. the risk that the fed could be tightening into recession. in terms of the korean won, we are holding around the 13 year low. we saw a slight recovery, but some likely to be sustained. there are headwinds facing pressure on asian economies. turning now to the open where

eric woodring is taking over coverage of apple at huberty is it because of apple over time, the innovation, the diversified model or something else why do you think they're well positioned here? >> john, thanks for having me on it's probably all of those that you listed i think customer loyalty at this point is extremely important over 95% of iphone customers typically come back to purchase another iphone you also have to keep in mind that they have installed a base of over a billion users. those are highly engaged users that continue to spend on the platform it's diversification, high customer loyalty, it's great products and innovation. il it's a bit of all of the above on the p&l side, it's also cash and expenses >> a lot of cash apple managed to be down 1% over the last 12 months i wonder if they need another narrative shift. for a long time there was a lot of the counting of iphone units and they successfully shifted people to pay more attention to services in this consumer spending environment, do you expect them to shift the narrative again in some way or another, and if they do, wh

trust apple to make decisions ahead of time. if you remember when covid started to happen in the beginning of 2020, they were some of the first to be in -- to begin closing their stores and putting in measures to get the impact. apple has shown it has good insight and good research to understand when economic situations are going to happen. at the same time, i don't think it is hugely surprising given that we've seen meta and tesla and amazon, microsoft, all make similar moves. the difference is apple is going to try to keep that internal. instead of tim cook sending out a memo detailing their plans for 2022 and 2023 when it comes to the economic downturn, they are not going to announce it publicly. that's why we are reporting it based on sources as we see other companies do. apple doesn't believe it will have a major impact on consumers or employees. you're probably not going to see layoffs or major changes to their pipeline and their long -- and their launch plans. i am still expecting an announcement of the first new major pr

we will start with a $50 billion hiring freeze reports from apple. slow the pace of job growth in spending in some department. that's in the stocks lower midday, raising $52 billion from its market cap by the end of the day. the latest tech company to cut back on hiring trends. video joining the name. meta and intel are some of the companies putting a pause on payroll editions. apple news, seems to have an impact on the broader market as well with the major indexes all giving up gains in the afternoon. the doubt swinging more than hundred 50 points from high to low. closing down 1/10 of a percent. were going to get more signs like this for the future. it's one thing to have layoffs. to pause hiring? >> this is being pieced out. first of all, this is kind of fun here. were going to have a little fun today. you just call it the $52 billion layoff question. again, we don't know they're going to be asked this question when they report their earnings next week. there probably kind of piecing the information out. we've been talking about for a month or so

apple has been hit with an antitrust lawsuit over apple pay, accused of using its market power to fendtition, and charging card issuers fees to boost their. . bottom line. . the proposed class action complaint marks the latest antitrust battle for the iphone maker. apple has been facing increasing scrutiny over its euros from government -- over the years from government regulators. haidi: the world's biggest miner changed its earnings guidance. it has been a volatile time. what is the outlook? paul: it sure has been. bhp is not immune from the pressures inflation. it sees the effect of inflation lasting into 2023. but the guidance for next year, 278-290,000,000 tons of iron ore output and copper output raising 4% as well. the numbers were a slight mi ss. all of those key products, metallurgical coal, copper and nickel, were up on the quarter. and it coincided with a period of very strong prices for commodities, iron ore averaging 120 four dollars a ton in the past year. despite the slump we have seen, iron ore prices were back about $100 a day, and copper prices recovered overnight. sh

the apple watch, well, it's a perfect player in the prism that is the apple ecosystem, so if you usee interface on the fitbit. but not all wearable trackers are where you think they'd be. more later for those who want some more in—depth analysis on their steps and their step. but for now, here's paul, who's been exploring body tracking for everyone. beyond wristbands and wearables, artificial intelligence is often now used to also help athletes understand and improve their game. and in london, one start—up has developed a smartphone app to make this kind of training more inclusive. can you tell me a little bit about what teamsportz is and what it is that you do? i grew up playing basketball in a very deprived environment, so i built a technology for anywhere else in the world where you might have very limited access to technology. training is for individuals and teams, using artificial intelligence to detect disabled and non—disabled users. where are your arms, where are your legs, and where is your torso? and if you don't have the arms or the legs or the movement on those limbs or w

what it means is a good question for apple. were thinking about aggregating all of our content, our local games, our youth matches, the second division which is called mls text pro, every other market, you have an experience for offenders unprecedented and that is really exciting. >> does it bring you a global audience? >> without a doubt. maybe there is a small argentinian guard that may come to our league. so you could think that you can have as many subscribers and fans in when or barcelona as you would in madrid or wales. this will give us that opportunity to expand the breadth and scope. >> soccer varies enormously. you have gone from a situation where you are almost at 29 teams. three stadiums dedicated. where do you invest next? is there another deal to be done? >> it is a great question. 10 to $15 billion over the last number of years. a lot of that is in these unique cathedrals. these 26 stadiums. we opened up a brand-new one in nashville, tennessee. 30,000 fans have sold out every game. now the move is on content. how

apple has more cash than anyone.hey will be able to sustain any issues from this looming recession in all likelihood. they are doing what they need to do by not hiring as aggressively still, they have a packed product roadmap that includes a virtual reality headset. the apple watch, this is a big deal. but they are taking a more cautious tone. we have seen amazon, tesla meta- have these more cautious approaches but apples is more limited to some teams rather than companywide. it does not appear that apple has layoffs land. kriti: he went where i wanted you to. this is just a hiring slowdown, no layoffs for see layoffs that apple? mark: i do not think the company has plans to lay off. this is not a hiring freeze, but they will be backfilling in some positions next year but the amount of hiring well slowdown. kriti: movement markets to accession dollars, at the is about flat at the -- the s&p 500 is flat at the moment. this is the benefit of not having that exposure. the 10 year yield is higher, risk on rally. we will

>> china is 20% of revenue for apple, a big market. because of covid restrictions, you cannot manufacture and sell in a timely manner. you want to clean inventory out before the next model kicks in in september or october. it is important to get rid of them so you can start fresh. kriti: put that into context. we heard from walmart, target to say that they have massive inventories they are trying to get rid of, but does the same type of inventory buildup apply to apple? anurag: it is unusual. they normally do not do that. i do not think it is a brand issue or an issue with the quality of what apple sells. it is a problem with the supply chain as well as travel restrictions or opening up top -- shop restrictions in china. jon: as we watch what happens in china and in the quarter for apple, is there a law that all of corporate america can take away? or are they in their own boat? this is a company that has proven its ability to keep prices high. this is a rare for them to make a change on prices. even the supply chain, apple is good at n

coming up, apple results are upbeat.t and the outlooks of big tech. >> this is bloomberg. ♪ >> let's take a look at the after hours big tech movers. apple is still seeing strong gains of over 3%. reporting third-quarter results that narrowly beat estimates. we did see imax and wearables worse than projections. amazon putting to bed some investor concerns about potential lack of spending by inflation concerned consumers. intel is the underperformer there. they slashed their forecast as well. >> let's bring in our next guest. after all that we have seen in the past few hours and across the week from big tech, let's start with our question of the week. which of the text giants has the biggest upside? >> upside from here to the end of the year, apple and google. for very different reasons. apple i believe there guidance for september although it was in line with the street, i think there is upside to that. more importantly is that their product roadmap for the next 12 months is as good as it gets. they're going to launch 11

for many apples, daily journalists, the decision came as no surprise. for security reasons, one not identifying this reporter would have given up a little follow up on your local knoll or controlling pin reply has your law or the param, frozen drug issue from gold under the hood alone, or the mold schuman drawer, or neutral vehicle girl, bridled hold your mother to work with your local. you're gonna neutral yukon girl. i'm for you. whole cool. with all of the bird photocopy. as news of the impending closure spread, supporters began together outside apple. daly's headquarters on getting i think so . you see why didn't dorothy don't be gobble to learn from. i don't get one more home. the more the with he more. i got believe of allah. i'm going, i guess i'm being i go for her gun. and sometimes i was on my boat old. some of these up either resorted inside the newsroom. the mood was tense or drug fuel drinking, water drinking fall, hold with these are all different, feeble, crucial, sold. we've gone from, from a little bit older, younger still the work cont

the news that apple is considering to slow hiring, sense apple shares down some 2% and not it travels down as well, much as you are sitting in asia. david: su keenan on the latest out of apple and takes us into the supply chain story and the kinks we are sitting there. the inflation problem, the very reason why janet yellen, the u.s. treasury secretary is live right now in seoul, and south korea talking about this. >> and modernizing the multilateral trading system, our objective is to achieve free and secure trade that benefits our workers, businesses and consumers. we cannot allow countries like china to use their market position in key raw materials, technologies or products to disrupt our economy or exercise unwanted geopolitical leverage. the united states and korea share a common goal of a free and open indo pacific. but achieving it will take resolute action. the biden administration has not and will not shy away from that responsibility. the united states and our allies, like korea, work together to continue to demand strong adherence to norms and values that have underpinned

it seems like, for apple. are right that this is a phone company, still. iphone revenues were better than anticipated. i think a lot of people anticipated that the company would disappoint, especially, ahead of the iphone 14 release. so the company being led by iphone performed better than expected in the quarter. >> does that mean if the recession comes and it is harder than expected in the u.s., the iphone print to tell off or is there resilience in the iphone earnings no matter what? >> reporter: it was surprising to me the extent to which the company seemed to indicate that they were not really seeing the impacts of the uncertain or recessionary economic environment in terms of demand. i think a lot of people anticipated that apple would be a lot more impacted and a lot more conservative in terms of how they talked about that but clearly, the fact that they did not provide for guidance and we do not have a sense at this point of the fiscal first quarter is shaping up, the december quarter. the holiday shop

obviously, huge ramifications go well beyond apple. krish, thanks so much. good to see you. >> thank you >>> well, did you miss part of the show or do you want to relive a wild earnings week? follow and subscribe to our podcast. tech check is back in a moment with xfinity internet, you get advanced security that helps protect you at home and on the go. you feel so safe, it's as if... i don't know... evander holyfield has your back. i wouldn't click on that. hey, thanks! we got a muffin for ed! all right! you don't need those calories. can we at least split it? nope. advanced security that helps protect your devices in and out of the home. i mean, can i have a bite? only from xfinity. nah. unbeatable internet. made to do anything so you can do anything. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network with no line activation fees or term c

ah, less than 2 months later, $200.00 police graded apple daily. thing was hold on some donald journalist inside light streamed, this footage offices searched the newsroom, arrested the senior executive with and laid a handcuffed jimmy lie through the building. i tried to come to you quickly, i'm away. i know what i'm doing, right. even when i was hanged, come, you know, they parade me here and there. you know, you know, i think of and i, you'd mafia a strength of insult. he was accused of colluding with foreign forces. well, i definitely have met foreign officers. but this the school roost, i can not have it. it might be a, a collusion. talking to you now except take your interview. it substitute are quoting to what big, what be be find it. ah, ally was released after being detained for more than 40 hours. he would be arrested again several months later on fraud allegations had his bail revoked. to journalist chris chang, the implications of the raid? what clear news media in hong kong was powerful to have been influencing public opinion for many

tom: inflationary caution for apple.it comes to netflix, there has been concerned about this company that did well during the pandemic but now has struggled. what level of optimism is there if any from investors? >> reporting nearly 2 million fewer users -- more than half of that coming out of the u.s. the only place there will be growth is in a show. there have been some obvious big heads such as squid game but they are not expanding asian production. there are 100 million households that could be customers but they are using passwords from existing network subscribers. if you crackdown on the password sharing, that could be an upside. an optimistic number. they are also staggering releases a little bit more. rather than dumping a whole show at one go, and then cancel a subscription they are breaking them down. that helps extend the lifespan of someone's subscription because they don't turn out as quickly. tom: they want to create the stickiness. do they risk a backlash? >> ultimately, if the shows are good enough, peop

apple has shown it's growing interest in media with recent sports deals, though apple sell a buyer anded by regulatory scrutiny and then there's a comcast and nbc universal and cnbc's parent company. it could be looking for more skill on the streaming ad space. others can feel pressure emerge as advertisers are expected to pull back. i am talking about paramount and warner brothers. the latter is reckoning with a heavy debt load. the number weise see this quarter could give us hints of what kinds of deals to expect in the next few years >> very, very interesting. it's amazing how netflix has gone from a presumptive buyer t potentially a seller >> it all depends on how low the market cap goes. this is still a big company in terms of market cap closer to $90 billion, but if the market cap drops closer to $70 billion that would be in the same range as disney's acquisition of fox and that starts to be a different conversation or even in the 50 or $60 billion range there's also this question, tyler and kelly about whether or not you value the likes of netflix as a media company or tech comp

nasdaq still underperforming after the apple news. not just apple, it has been google, twitter.ot of tech companies that seem to be slowing hiring which extends into the base. we will get into that in a moment. european stocks down .7%. it might be a game of catch up. there are a lot of risks in europe as well. we mentioned gazprom calling force majeure on one of its customers. is it a signal that the flows from nord stream might not be there when they open? you also have the ecb at the same time. you have italian politics. the euro has just pushed into the green, up about .1%. they initially slumped on an ft report that brussels will ask some of the eu members to curb gas demands. crude just turned positive, up above $102 a barrel. we had the keystone pipeline flowing from canada to the u.s. force majeure there as well so some overflow also means pressure on this very tight oil market. bond buying, we are unable to breach 3% given that folks are happy to buy this haven with concerns of recessions, so yields down two days is points -- basis points. traders at goldman sachs has r

like cirrus, it is about apple they get about 60% of the revenue from apple so much like cirrus, i don'ths are a problem for these names especially as the second and third quarter, apple does procuring of the components for the iphone so this is not the time i would be selling this name the time i would sell this name is in the period of november when we really start to get our next batch of new information from suppliers we know that it is easy procure and build iphones. the difficult and more uncertain part, that is the actual selling of the iphones and that starts to come in the fourth quarter. but to bring it back home, let's look at what the cfo of apple said last night and it surprised us they said their inventory are below their lower end so that is a bullish signal for sky works i'm a hold here. i don't like it long-term but i'm definitely holding in here because of valuations. they traded nine times earnings while cirrus is close to 13 times and i like sky works more in the interim. >> so the buy here is broadcom i was thirsty. >> dom was having it back here up next, how the bil

typically the third and fourth quarter for apple are quiet.when you get to the december fiscal fourth quarter, that's really where things matter more. so i agree with that >> thanks for your insights, have a good weekend. we'll talk to you soon. >> thanks for having me. >>> is the easy money era in crypto over with this week's downfall of another high yield 'ldius day wel scs,on't go away welcome unld from verizon. at our best price ever. just $30 per line. (fran) for real? (vo) for real, fran. $30 bucks. (fran) nice! (vo) keep your phone and we'll help you cover the cost to switch. (ned) easy peasy. (vo) just $30 dollars a line. only from verizon. and it's easier than ever to get your projects done right. with angi, you can connect with and see ratings and reviews. and when you book and pay throug you're covered by our happiness check out angi.com today. angi... and done. >>> another week of troubles for the crypto eccsew systems, bitcoin and either prices are higher at this hour than it was monday though one filed bankruptcy after the collap

getting back to apple, the apple products, yes, they are discretionary, but not as much as you think. at the end of the day, what we want to companies more stable earnings. we want to gravitate to certainty. we think that is what the market will pay for. some of the companies aren't technology. this is on the consumer side. what we are seeing is indiscriminate selling. many growth managers are having a difficult time. what we want to do, we want to capitalize on that. >> it is good to see you, thank you. >>> on the one side, you have names like apple, which could be caught up in the slowdown. it google, and meta, his main source of revenue our ads. you'll see the slowdown in gdp, and a slowdown in revenue. you also have good balance sheets for all of these names. >> i don't think the balance sheets are it at all. for many companies, they fortify themselves over the last few years. they did the right thing. it is about what the demand cycle looks like. in terms of evaluations, what do they look like? in terms of apple, katie is not saying to sell apple, but for the first time in a long

the morning rally evaporated, mike was it the apple news that triggered it >> the apple gave it the final shove for sure the rally was losing a little bit of its energy. i think some of the headlines from europe talking about the still risk around the natural gas supplies with the heat wave and everything going on there wasn't helping also treasuryyields kicked higher and that put bulls back on the defensive but it doesn't change the overall picture too much at the highs of this morning or midday, the s&p was sort of threatening to break above that trend line since april, so it's been pretty decisively below that for a while we've gone a month without an all new 2022 low we did also do that in april, i could say, so it's not as if that would have freed the market from this downturn, but it does show you a little bit of wait and see and a lot to prove for the bulls right here the one area if you look at all the factors, fundamental, technical or sentiment, sentiment continues to be the one that is most consistently suggesting that bulls have a shot here. take a look at one measure from deu

barton: avenue troll rating on apple. -- i have a neutral rating on apple.lieve that in services, they can't escape add headwinds. google is seeing it and they will see it. in service, they are extracting larger fees and i think google play has conceded a lot on the app store revenue and it was down in the first quarter. apple isn't seeing that but they are likely to have to go there. china never ending covid zero is a different cash difficult backdrop and the stability of production. a lot of smartphone sales we saw, the strength we saw at apple was 5g driven. at&t was talking yesterday about expectations for less sales of this generation of phone than a year ago. for apple, you want to see a new product. apple card is it going to happen in a supply chain disruption. a difficult spot for apple. that is why we are neutral. alix: good to point out, my phone has stopped working. i say this because it took me like eight years to get a new one. thanks a lot. we appreciate it. coming up, how consumers are managing inflation. we will ask the ceo of one the biggest

even the pain bag me is that i have to sacrifice ah, apple daily was able to survive and even thrive because of hong kong. unique history. britain the hand that its former colony back to china in 1997. it was agreed that the city would be governed under a formula known as one country to systems. and freedom of assembly of expression and of the press are enshrined in hong kong own constitution of the chinese leadership journalists. steve, fines arrived in hong kong 10 years before the handover to day. he still remembers a time when paging kept its promises. hong kong had this heavy air of liberty . oh, you could say what you liked, read what you liked. you could travel freely and into that any mixture. was this extraordinary large media. but hong kong did not have democracy. and for years, millions of people campaigned peacefully for the rights to vote in fully free elections. then in 2019 increasing fears that china was eroding homes, autonomy and judicial independence sparked months of massive sometimes violent protests. the national security law, which criminalizes terrorism, seces

the chips just keep on coming, carl >>> apple is holding up. should you buy ahead of earnings the market continues to applaud at least the notion of a fed pivot. session highs, the dow up 160. the two-year yield back to 287 >>> welcome back to "tech check. i'm carl quintanilla with jon fortt. more on the macro head winds impacting the business the stock is down less than 1% we'll keep our eye on meta shares were down 8% earlier. we've shaved some of that. a news update with frank holland. >>> president biden says this morning it is no surprise the economy is slowing down as the federal reserve raises interest rates in its fight against inflation. he said the country is on the right path the economy shrank its second straight quarterly contraction >>> about half an hour from now the president is scheduled to speak about at the white house about a broad senate bill that includes provisions to lower drug prices and slow climate change senator joe manchin agreed to support the filibuster proof package. democrats hope to get that passed quickly and

i'm also here to meet the man behind some of apple's most iconic devices.st though, paul carter's been to the netherlands to look at a new way to try make sure these things don't keep piling up in the back of your drawer. it's estimated the amount of e—waste generated last year was over 57 million tonnes, and that figure is set to increase year—on—year. although phone recycling is on the rise, the majority of handsets still end up in a landfill. traditional methods of recycling phones generally involves shredding them in industrial machines and then sifting them to remove the precious metals or reusable material, but apple, who produced over 200 million iphones last year, has devised a modern way of recovering the materials, and they let me in to have a look. here at a secret location in the netherlands, apple has created daisy, this robot behind me. and it takes the process of recycling these things to a whole new level. let's give it a go. daisy can completely deconstruct an entire iphone from start to finish in under one minute. the product travels throu