bad. people crunched the numbers find itsthey'll muted compared to what apple will be saying.troversial, the announcement they won't be reporting unit shipments anymore. most of the analysts have said given the time for apple, they need more information and more transparency? tim: i'm also an advocate of more transparency. i totally agree with that view. i understand why apple doesn't want to provide the information. it's all about the revenue. we can either -- understand why they're staying that. why do they have to give one and not the other? there's no one stopping them from doing both, but they really don't want people to focus on shipments. that really turns around and says we're going to focus as much as possible on whatever it takes to get more revenue. if that means shipping fewer devices but at a higher price, and that's been the trend in the last couple of cycles, that's what they are going to do. they are going to focus on selling accessories, getting more out of services revenue. they really don't want people to spend time looking at shipments because the writing i

. >> one bad apple is spoiling a bunch of suppliers. are leading the supplier losses falling, and increasingly weak demand for iphones. as apple shares plunging. what do you make of this announcement? one of their key areas of growth, one of their clients are saying, we are cutting down their orders. >> one thing to keep in mind is apple strategy with the iphone now hinges on driving a price, not unit shipments. my thought when i saw the news was, boy, this really reflects the emphasis they have, the iphone xs, both 10s's are more expensive than the time, and the xr is more expensive than the iphone 8. it shows how it is moving upmarket in terms of price in order to make up for some of the volume shortfall. >> let's turn to chipmakers, and the sector has seen another bout of selling in asia, wiping at least $8.4 billion in market value, a week forecast from nvidia and supplied materials in the u.s., adding to the latest signals, with the demand for personal computers and mobile falling. to sum up what we have heard overnight. >> the big

was this a bad apple case of a few rogue traders if you will or rogue elements in the goldman sachs?was it wider? prosecutors at the justice department are claiming that the former chairman of southeast asia, tim lesner, who has reached a plea agreement and has basically implicated others, he's confessed to conspire and launder money and also paying bribes, and also profiting himself to the tune of $200 million. but prosecutors claim that lesner and other combold gold employees knew about the bribery scheme and worked to hide it from compliance and legal departments. it will depend on how goldman defends itself. rishaad: what's their defense? >> they're going to say we had the compliance, you know, in palatial to prevent, you know, doing deals with, you know, bad agents if you will. and making sure that the compliance and legal departments were robust enough to prevent this from happening. prosecutors are alleging a number of employees, though, knew about or took part in efforts to thwart those controls. goldman sachs, you know, again, may pursue this bad apple approach that leisnner

but now the bad, apple actually missed on its iphone unit sales estimates and issued weaker-than-expected guidance for the holiday quarter. the company earned $2.91. that was 13 cents above expectations. revenue was upy % from a year ago to $63 billion almost. the focus though w onhose iphone sales, which sent the stock down in initialr- aftehours trading this evening. josh lipton is at apple headquarters in cupertino, california, with more. >> reporter: apple sells a lot of products but it's chiefly still known as the iphone maker in this quarter iphone shipments came in at $36.9 million. the street had been looking for $47.5 million so it did miss expectations there but the average iphone selling price came in much stronger than expected, and t chance to catch up with ceo tim cook, he told me it was a huge corner fn him a high end of the line. remember the new 10x and 10x mal came ale in late september. and for guidance, the mid-point is below expectations though cookeminding investors there are realities he's dealing with, including foreign exchange head winds. for "nightly business re

. >> all right still ahead, bad apple, the tech giant is the worst performing stock in the dow this monthdo the charts point to more pain ahead? we'll plain. >>> plus a question for one of the traders. send us a tweet to add options we might read it in the show we're back with more coming right up what do you look for when you trade? i want free access to research. >> announcer: "options action" >> announcer: "options action" is sponsored yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ so lionel, what does 24/5 mean to you?rade well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its entirety.by, come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ you're not gonna say it are you? . >>> welcome back to "options action." it's t

. >> still ahead, bad apple, the tech giant is the worst performing stock in the dow in month.o the charts point to pain ahead? we explain plus a question for one of the traders, is esend us to a tweet to@"options action." live in times square live in times square more "options action" come right free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ up [ phone rings ] what?! ready for christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even kno

hold this stock, this might also serve as a way to hedge going into earnings >>> still ahead -- bad apple tech giant is the worst performing stock in the dow this month. do the charts point to more pain ahead. we'll explain. plus a question for one of the traders? send a tweet to @optionsaction we're live at the nasdaq in sometimes square more "options action" coming right up what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price. td ameritrade. ♪ so lionel, what does 24/5 mean to you?rade well, it means i can trade after the market closes. it's true. so all... evening long. ooh, so close. yes, but also all... night through its

that's the way that bad apples spew. i don't think there are more bad apples in policing as in other professions, but at the same time that process allows it to continue. as it relates to community trust, i think we have to push for policies that actually allow police officers to live near us. what i mean by that is, there's a recent study that shows that police officers, as well as teachers, actually can't live in 60 of the major metropolitan areas in the united states. they simply don't know the people. they have no empathy. there are the other issues we're talking about too. if you have a level of empathy and living by certain people you're policing, it's shown if we go back in time those relationships start to build and then what that leads to is police officers starting to view everyone as a person who their kids go to school with, a person they might go to church with, a person they see mowing their grass. instead what happens, they might see them as a suspicious person and when they see them as such it leads to th

is auch of a case of this bad apple or a couple versus whole of goldman?at the heart of all the talks goldman does having -- goldman is having with its regulators. goldman is saying this is the act of one or two dante crooked individuals as opposed to a problem -- to crooked individuals as opposed to a problem with the fund. this is where the focus is going to be. caroline: that bad apple that has pleaded guilty, he has said in large part, this is in line with the culture i know at goldman. sridhar: that is true. even when the department of justice unveiled documents, they made it here that the business atmosphere in south asia was put that the bankers there the idea of trying to complete deal the head of facing important -- placing importance ,n compliance restrictions which does not look good for goldman sachs. i think that is what the regulators are zeroing in on. scarlet: i know you focused on goldman sachs in your reporting. i'm wondering if these troubles in malaysia and other asian markets as well, whether it benefits its rivals? is morgan stanley i

that have been sort of left behind and you wonder about you know this idea of where did all these bad apples come from in these neighborhoods where did these kids with all this aggression why didn't they do well in school why are they doing that's why can't they get a regular job maybe because you could poisoning them with the water i mean i'm just saying there's going to be a lot of studies a sense plant which by the way it still doesn't have clean water but that's one of those things that we're going to have to look at the effects down the road and how much of that has affected the entire i mean we have a prison system and i bet if you check most of those people in there have led. to those. it isn't just water too because what also happened is you have all you know we used to saline all of that lead in the atmosphere eventually settled into the soil and then got into the soil and now with the construction and things like that we saw in new orleans and other places where the digging up we've been compton of los angeles as well they're digging up knocking down buildings and then there's load

. >> quite a few bad apples on the world stage. saudi arabia and the crying prints in the murder of the journalist jamal khashoggi has dominated international headlines. president trump that the statement this week saying the u.s. will continue to stand by the saudi history by stephen has come under tremendous criticisms are members of its own party, its own allies. senator lindsey graham, rand paul and senator ben sasse's on "fox news sunday" this morning and this is what he said. >> mbs contributed to murdering somebody abroad and it is not strength to sort of mumble pass that. strength is telling the truth even when it's hard. >> president trump is made its decision on how hoover's on today's. do you think any other world leaders might stand up to the crown prince of the g20? >> area possible. i actually think the responsibility lies with president trump to clarify america is a country that we have a strong strategic interest in continuing support in saudi arabia, but that doesn't mean we need to give a pass to it happened which

. >> it's bad apples in every. we cannot just feel bad about all police officers, because they haveerved us well here. >> reporter: we asked residents in the county will these accusations impact how they respond the next time they are pulled over? >> yeah, it's upsetting but it esn't make me personally feel nervous. it does help me how would i say be more aware? >> i think it's pretty sad. you're called to serve a you're using your position in way.a negative >> reporter: if something like this has happened to you in the county, the chief wants to hear fromyou, go to nbc washington and search prince george's county police for the number to in palmer park, industriesee wilkins, news 4. >>> a bugler's call wafted over the memorial onethis vans day. the commandantlaced a wreath at the ceremony to honor therv e and sacrifice and commitment. veterans day was once known as armistice day and began back i 1919 to mark the passage of 100 years since the end of the first world war. >> this veterans day, the new guy in charge o

. >> it's bad apples in every barrel, so we cannot just feel bad about all police officers because theyave servedels here. >> reporter: we asked residents in the county will theseon accusa impact how they respond the next time they are pulled hover? >> it's upset, but it doesn't make me personally feel nervous. it does help me to how would i say be more aware. >> i thinks i pretty sad. you're called to serve, and you're using your position in such a negative way, and i think makes it bad for all of the eflice officers. >> reporter: the cays that if you're pulled over and feel uncomfortable, you c always ask the officer to contact the supervisor. e says to comply in these situations and contact the supervisor after the fact and there were two reports of this officer doing it but the chief believes there mayor be victims out there. if so, he wants to hear from you. go to nbc news washington. back to you all in theud . >> thanks. >>> supporters of the equal rights amendment a in the midst of a bus tour around virginia. they are hoping the state will become the 38th state to rify the e.r.a.

>> even if there are, i'm not convinced, but even if there are a handful of bad apples, it does not negate the reality of what these people are fleeing from the northern triangle. and what some of the reporting said was when these individuals who were in the asylum process, it is legal for people to come into this country to seek asylum. >> yes. >> it is not legal to tear gas people. trump is not a fan of asylum seekers. he's demonized these people already. perhaps some of these were just frustrated and chose to engage in protest. even if it's a handful of them, when you start tear gassing masses, women and children, that's not a good thing at all. i don't see this as them giving him an advertisement. i think this further shows the cynicism of his administration. let me tell you what's hard. this whole caravan thing was coinciding with the midterms. there are no midterms. this is the hementality of the trump administration. >> it's horrifying, but does it work? is there a portion of the american people, juliette, that this actually speaks to? >> one thing we're seeing hearing is the steven

that's bad apple, down nearly 5%. that's not good. sachs, gx gk goldman sachs is down just under 10%. the prime minister of malaysia telling cnbc that gold maman cheated his country over the state fund that is at the center of corruption and money laundering investigations. billions went missing from the fund the prosecutors filing criminal charges against two former goldman sachs bankers earlier this month i'll tell you what, i finished the audio book "the billion dollar whale" by some "journal" reporters that broke that story. i don't know these guys who wrote it, check out the book if you think madoff was big, if they're correct in their reporting, it makes madoff look like a pimple. that could be the greatest scam of all time. >>> time to find out what's coming up on "squawk box." joe kernen, dow down 602 yesterday. markets front and center >> i think we got one of the guys on. not j.lo, jolo >> that's not who we have on >> that's not his real name. >> no. you cleared it up for me it's 1mdb. >> it's 1 malaysian sha developmedevelo

are there some bad apples? yes. but there are very few of them.he overwhelming majority of the people in tijuana support the migrants. i have people that live in tijuana. we have a shelter on the beach in tijuana. we saw people from san diego come over, throwing rocks at migrants sleeping on the beach. they're provoking the situation. and when there's chaos, it gets going, like you're seeing. people start rushing, they don't know what's going on. it's a scary situation. >> we have some of those visuals for sure. let me put the same question to erica and put it to contrast to the child separation policy. the numbers here show immigrant children in texas shelters alone have gone from about 3,000 up to 5,620 children, the ongoing human toll, howman rights experts say is human rights abuse. in contrast to that, same question to you on the link to the current administration. >> the thing is, this is not the answer. and for me, it's been very, very frustrating, very painful to see that instead of figuring out what is the best way to address what is a na

one bad apple is spoiling a bunch of suppliers. is leading supplier losses, all following amid fresh signs of an increasingly weak demand for iphones. apple shares are plunging as well. what do you make of this momentum announcement that one growth, onereas of of their key clients saying, look, we are cutting down our orders, and we assume that has got to be apple. >> tough to say, given apple's size. it is definitely not good news. one thing to keep in mind is apple's strategy with the iphone hinges on driving a price, not unit shipment. my thought when i saw the news is this really reflects the emphasis that you have. 10s's are 10s, both more expensive than the 10, and the xr is more extensive than the iphone 8. apple is moving upmarket in terms of price to make up for the volume shortfall. scarlet: apple is not giving unit sales numbers either, supporting the idea. what is altogether -- put this all together. this is where apple needs to hit it big. they do need to hit it big. i'm glad you asked about that. we are in the holiday

in terms of the administration, i was conducting oversight over people who were bad apples, saying we are going to use an investigation to alter an election. i work with fbi agents, they are good civil servants. he abused his power and i was glad to try to bring him to justice. mr. gillum: is it possible to get a minute? you were supposed to dock his time when he continued to use his privilege. todd: how about 45 seconds. mr. gillum: let's try to deconstruct lies from my opponent. number one, i'm just going to back up because this is a race for governor. we have bombs delivered to homes of national leaders today. the issues confronting the people the state, health care, accessibility, affordable housing. paying teachers what they are worth, all being sucked up by the first minutes of this debate by lies by this gentleman. who, by the way, told the press he would not release $145,000 of public money. our money and where he traveled. we know he used some of that money to go to fox news to run his campaign for governor. yet he has refused to release those receipts. why don't you begin se

it lets us treat this as if it's about individual bad apples. and that's an easier battle to fight the insane it's about how our power system is built. i talk about these two different kinds of horror movi movies. my feminist friends and i started talking in the fall of 2017 we talked about women of the sunken place and had a friend who said who cited get out saying after report a horrible thing like trust no one. i realize that was the thing. people want to treat this as if it's halloween. it's actually get out. the horrors that it's everywhere around us. so this is another reason i get uncomfortable. i think the whole thing and the focus on the focus on the men and ability to see their humanity, the losses they incur while the women who tell their stories remain invisible were described as opportunistic. or seeking their 15 minutes of fame in ways that bear zero relationship to reality. so i am in they went about it i want nothing to do with it. that is not my problem to solve. and the way it is being solved and litigated contributes to part o

understanding there is a bad apple that one bad apple does not have to spoil the whole bunch.rom one more comment facebook, we have been showing the pictures from that border crossing outside tijuana. ruben saying it is disgusting seeing what these parents are putting their kids through. nevada,rtin, las vegas, independent, good morning. caller: i just want to make a statement. when europe was in turmoil and more, the most fdr, turnedsident, more ships coming from europe -- then donald trump has ever turned away from the u.s.-mexico border and for anybody to call president trump a semite or -- hing racial look at yourself in the mirror and make a change. glenn martin this morning as we have been having this conversation about a migrant -- the migrant caravan, another conversation as a side topic, this on the washington post, a story about the training for agents applying to be part bp.c president trump has pushed for an additional 5000 border patrol agents. this story going through some of the training and recruiting efforts to fill those requests by the president. -- on that

it follows a bad week for apple after suppliers cut their revenue estimates because of weak iphone demandcussed. >> 50% of foxconn's revenue does come from apple. they are the number one supplier. they are very important to foxconn. but in fact, six of the $20 billion in cuts is in the division that assembles iphones. it's a lot more than other divisions. what that tells us is this is not an iphone only problem. it is broader. the catalog of clients includes hp, sony, nintendo, cisco, dell, a long list of international names. they are all impacted. they all feed into the wider issue we are seeing in the electronics industry and foxconn gets hit by all of it. emily: what is the wider issue, that people are not buying hardware anymore, or is the market even growing as much as it had been? >> it's all of those things. we had macro economic headwinds. a lot of people got caught up in trade tensions, u.s.-china tensions. it is actually deeper. we know apple itself is trying harder and harder to get more users. they said they are not even going to tell you how much they ship anymore, just focus

you can have a bad apple. where were the checks and balances, procedures?the way, they were not there. something must have gone wrong. just about not culture. there are so many things wrong with deutsche bank, how do you fix something like that? they are making changes quickly. there is legacy set to deal with. 2018, this is still an issue. david: every time you make major change at a large institution, you use capital. they have done it so many times. virtual capital, in terms of credibility with staff, markets, shareholders, it gets harder and harder. we will change once again and this time we will get it right. alix: believe us. joining us now, steve, talking about certain banks and risk profile and the culture, where do you stand on u.s. versus europe? steve: we like u.s. banks. u.s., growth next year will be good. rates have risen, removing pressure from margins. in europe, in addition to issues you are discussing, you have growth weakening significantly. it may push back the ability for central bank to raise rates. that makes it hard to make money. al

i do not necessarily they want bad apples and policing and in other professions, at the same time the process is allowed to continue, and as a link to community trust we need to push for policies that actually allow for police officers to live near us. so what i mean by that is, it is a recent study that shows police officers, as well as teachers, actually cannot live within 60 of the major metropolitan areas in the united states. they simply do not know the people or have empathy, these other issues were talking but as well if you have a level of empathy in your living by certain people who are policing, it is john that if we go back in time, that those were of relationships start to build, and then what that leads to his police officer started to view everyone as a person who their kids can go to school with who they may go to church with who they see more in their grass, but instead what happens they might simply see them as a suspicious person, and when they see them as such it leads to the host of outcomes that we are talking about today.>> i want to extend a very deep, and since

facebook's bad apple, unbelievable story.ernal turmoil at facebook reveals mark zuckerberg insisted employees use android devices after tim cook criticize the company's model. david: that is the least critical part. joining us now is vince cignarella. brexit and with citigroup. i spoke to michael corbat yesterday. i asked what they were planning. he said hard brexit. i said if they backed off, would you change your plans? he said not so much. >> we have had no choice all along to assume a hard brexit, meaning no transition agreement. forave to be prepared basically brexit plus one to be fully open and have the ability to serve our client. david: if it went the other way, would you change? he said it is too late. >> the key is we need to serve our clients. if they are not expecting the worst, they cannot be in a position to do that. the way things are going, looks like you made the right decision. david: the question is what this does to the city of london. >> that is a hard thing to predict. certain things will move out of th

the news follows a bad week for apple after four suppliers cut revenue estimates because of weak iphoneemands. tore joined from taipei discuss. >> 50% of foxconn's revenue comes from apple. they have a number one supplier. they are important to foxconn. six of the 20 billion and cuts is in the iphone division. there is a lot more in other division. what that tells us is this is not an iphone only problem. it is broader. foxconn's catalogue of clients includes hp, cisco, dell, a long list of international names. they are all impacted. they all feed into the wider issue that we are seeing in the electronics industry and the foxconn is the one company that gets hit by all of it. emily: what is the wider issue that people are just not buying hardware? o'er the market is not growing as much as it has been? we have a macroeconomic headwinds. it a lot of people are getting caught up in trade tensions, u.s.-china tensions. it is bigger and deeper than that. that is a distraction. we know that apple itself is trying harder to sell more units. in the last earnings, they said, we will not tell you

you i'm not going to sell my apple in my retirement account for a lot of reasons, future drivers, from product innovation and 5 g implementation. even with yesterday's bad apple was best-selling electronic device during the alibaba singles' day. lumentum, the management said they could ramp up the same 3 dss from 10 million a quarter, to 50 million a quarter at some point soon. that suggests they have more products out there. same thing with finisar. they're receiving funds from apple to expand the sherman, texas, plant. something could be around the corner. i think all of this will be shored lived. >>> he wants to know about emerging markets versus usa. that is pretty simple. usa, usa, usa. wall street keeps telling you emerging markets. stick with america. focus on a mix, have some of the high-flyers but also some value in your portfolio. material names, industrial names. soon i'm not there yet, soon even consumer staples. >>> investors and top executives today meeting to talk tech trend and regulations at "the wall street journal"'s tech conference in laguna beach, california. susan li is there. and has the latest susan. reporter: hey, charles, we're

apple is to important. we can try to for a moment rationalize. we have seen over and over again that this whole mathematical equation that if it is bad for apple its bad for 79 other companies. you know how it goes. >> the momentum world that we live in it is buying begins selling and buying begets buying. >> you speak to the ceos who say why is my stock being sold >> it seems to be the market we are in. those who typically engage in more price discovery or bought on fundamentals -- we have hedge funds closing up. wall street banks might have been a part of the process. you have algorithms growing. >> you can't give it off to the algo people. >> we have the note about decel rating app store sales. 11 in october, 20 in september, 26 in august, july. they point to china. >> that is exactly what -- if that is the in-line that is bad. you need them to be able to say something that -- those who have kept the stock up here versus the amazon decline. alphabet is barely down now. i had -- we will be talking about inflation. i don't think people understand that self-driving cars -- a lot of people are saying that this could solve a lot of the shortage of

it is volatile anyway and a bit of bad news about apple, which is what they might think happen in the apple has been one of those standout shares that everyone, regardless of investment oi’ everyone, regardless of investment or share owning, the ability to buy into an index with one product. and alongside other companies like facebook and alphabet, the parent company of google, and netflix, people have seen those companies rise in value. so everyone has this stock. the new story at the moment is obviously that the new iphone, the iphone ex with facial recognition and the good cameras, they cost about $1000, about £1000 in the uk, to purchase. so are we seeing in the uk, to purchase. so are we seeing consumers in the uk, to purchase. so are we seeing consumers shrinking away from purchasing these new products and therefore the suppliers will put a lot of money into investing nuisances or recognition software for this product having a profit warning as a result. and what the boss of apple is saying is that they may not release sales numbers in the future for the number of iphones they s

saw in february correction so i mean we could potentially see it retire levels if we get a bad report from apple after the close and more volatility but at the same time after the last three days and after this rally that we've seen the vix is coming off and you know stocks closed wrong today so we're going to have to see what happens with apple tonight yeah adam your thoughts on vix well i didn't i thought it would have spiked higher if we were having a real issue i know it's like forty percent i would have thought more of his vix could really expand then we didn't see that have been i would have liked to see even more well it's interesting i know did like myself follows options very closely and what i'm still seeing is a widening in the spread of a lot of the options which means uncertainty people aren't willing to give you a good price because they're not sure what's going to happen next and in terms of value let's just look at facebook as an example yesterday when facebook announced earnings the first thing it did was drop six or seven dollars before then rallying back. twelve to fifteen dol

short term in nature, apple to me is a better choice from a trading perspective. you can buy it at 174. today bad news on apple it could have gone down, up almost $3 from where it opened 171.5. closing over 174 as guy said earlier a lot of the bad news is priced in when it's gotten oversold. from a trading perspective apple could go from 174 to 200 or so that's a 50% move from where it's gone. and the downside is 160. microsoft on the other hand you need more signs of material deterioration. on a longer term basis microsoft has started to wain a bit. that's a concern over the last couple years the nasdaq is the last chart look at big cap tech in the last couple days we have this trend line from early november exceeded. what does that mean? well tech is obviously quite out of favor since the middle part of june. now you see small slow but sure evidence of tech trying to carve its way back we saw that in health care in august saw it in financials in the last couple weeks now all of a sudden you see technology start to stabilize and trade better tech was actually one of three sectors positive in the

big tech drags down the market as facebook goes from bad to terrible. apple's tim cook warns the tech crowd. watch out. regulation is coming. >> i am not a big fan of regulation. i'm for a free market. but we have to admit when the free market isn't working and there will be some type of regulation. liz: in the senator's letter to facebook the senators asking you, facebook, you used outside contractors to retaliate against your critics by spreading retaliatory information about them. have you ever collected your platt form to collect information on people who scrutinize your platform? james freeman, these are pretty serious charges. >> a lot of money, a lot of politics here. consumers ought to be wary here. they ought to be wary that there is a big deal between silicon valley and washington. they sound good, but a lot of down side if you prevent competition against facebook which is normally what regulation does. liz: you are saying the market can fix the problem. >> tim cook saying the market failed. i don't think so. i think we tall know as consumers we have

real vote on apple's side, john roberts, and as many as seven justices, while taking perspectives on the legal issues, might be inclined to vote to let the lawsuit go forward. if so, that is bad news for apple. it adds pressure on them to reduce the 30% commissions they charge to app store developers. apple takes a huge cut from the app store. we know that, 30%. it has been in contention before. what makes this lawsuit significant? right now, apple is pivoting towards wanting investors to focus on its services revenue. , services revenue, the majority comes from the 30% cut. onapple takes a hit, 30%, -- this 30%, the revenue will take a significant impact which is why the lawsuit has so much at stake for apple. emily: greg, talk to us more about what is behind this case. lawsuitis is a consumer suing, saying we are paying too much for apps at the app store. the focus of the lawsuit are the commissions mark was talking about. inle argues, and the issue the supreme court is, whether consumers consume over commissions that were charged to the developers and not directly to the consumers. there is a precedent from 1977 only direct purchases can sue debt purchasers can sue claimin

apple. at the beginning of this month it was worth over $1 trillion. now it has dropped to $880 billion. one reason for the decline, weaker than expected demand for the latest iphone models. badot just for apple, but for the entire benchmark s&p index. here is why. >> well, when a company represents close to 5% of the s&p 500 itself, then, yeah, you do have companies that are behemoths that can move the market much more so than any company that is ranked 250 or below. reporter: but shares of other tech titans like facebook, amazon, netflix, and alphabet are also down, suggesting there may be more to the slump than simple iphone fatigue. topping the list of concern among global investors, the unpredictable consequences of the ongoing trade battle between the united states and china. javier: staying in the tech sector, internet giant google is reportedly working on a submarine cable to improve internet access in cuba. online connectivity remains an issue on the caribbean island. mobile 3g service, for example, which is already outdated in many industrialized nations, has not even been launched in cuba yet. as the country is allowing for more private enterprise, connectivity has

back up to 209 and pulled all the way back down to this 194, 195 range, it's been a couple of bad days for apple. the one disagreement i'd have with bob is he said it's not really just about apple. i think it's a lot about apple because people are looking at apple as the one area, the bastion of where you can go and hang out with some safety. >> you have apple, you had oil, you had global growth, and to pete's point, the last soldier in your defense if you were a bull was apple it was your value play, your growth play. now if you don't have apple, you don't have anything. where are you putting your faith, your stock. >> it's the reason why apple fell it wasn't because they might have had a bad quarter it wasn't because they were worried about the dollar it was because it looks like their sales are slowing down so extrapolate that to everybody else and that's where you have the problem. to me nothing's really changed since before the election to now. the only thing we've taken off the table is the election uncertainty. but beyond that, all the global growth concerns, all the fed concerns and the

the big tech stocks you were talking about apple early in the show. we got off to a bad apple suggesting iphone demand is going down again. suppliers are being told they're not shipping as many supplies. that adds to the jenna lace. we have china -- general generae let's talk about ge if we can, ge shares continuing a long, miserable slide. executive larry colt tried to put the market at eads, he was talking about company's troubled power division. that division is close to market. that didn't ease the market at all, suggesting aways to go before it hits bottom. ge shares at 7.96. it hasn't had intraday low below 8 bucks for how long? nine years. want to mention oil very quickly, charles. it is interesting we started news with opec said, guess what, we'll put in production cuts because there is global glut of oil. prices started to go up. president trump weighed in a short time ago, saying opec, don't do that. stupid move that pushed prices down a little bit. below 60 bucks at 59.78. there is no doubt, charles, we talked about this a lot. there is a glut of oil. if opec

. >> some question whether apple is trying to find bad news here. apple says it is going to provide more date a going forwa. back to you. >> thank you >>> joining our closing bell to talk about all of this today is michael jones, chief investment officer. kenny is here and rick is with us as always china trade headlines and good jobs what is more important to you today? >> i think apple doesn't speak to the fed but in terms of what policy will go forward the trump tweet and china trade and strong jobs report it certainly sent the market from s&p to plus 30 to minus 30 in a short period of time it is friday election on tuesday. there is that nervousness building >> let's pliay a game. how important are the results for the stock market >> yeah. i think the market takes off if you get the split congress i think it just churns maybe the market absolutely goes lower. >> that was a quick summary. do you agree >> yeah. he democratic sweep is so hard to imagine if it did happen i agree it would be a bad day ch it puts another tax cut on the table. as good as

you have to mandate professional behavior and decorum because a few bad apples are trying to make itadache, a new survey claims half of americans feel pressure to overspend during the holiday season. >> you have to start off with a plan. make a list of the people that you're going to shop for, assign a dollar amount on what you can afford to spend for that individual and only spend that amount. i don't want people to wake up in january and have a holiday hangover for the next 18 months trying to pay off credit card debt when they bought things they couldn't afford. if you can't afford to buy a gift, be creative. gift people with baby-sitting. dagen: when you give people something like i'll baby-sit your kid, the recipient knows that the babysitter will not show up. >> you sound like you stood people up before. dagen: two sisters making bank with bath bombs, all before they enter college. >> when we were younger, we used bath bombs all the time. we wanted to make our own. we decided to add a little something inside our bath bombs which is a surprise. dagen: what is the surprise? >> it

think sad unfortunately that it has come to this, you have to professional behavior because a fie bad applesw of what is supposed to be an opportunity for journalists to ask questions as you saw at in a press conference 100 plus members yood from all sorts of backgrounds publications that are seek to go ask the president of the united states a question yet one journalist in particular, wants to monopolize for himself make it into if acosta show, so i think, in the past, there have been sort of unwritten rules in terms of how you behave respect ovs of the president this one individual is clearly blown through them now we have come to the point we've got to treat them looks like children rules and regulations so people can behave not just about the president mostly to treating other journalists with respect, that they deserve. >> nofri don't think there is anything negative to have rules for decorum speaking to office of the president? i mean, i don't -- what do you guys think i want to see what -- but at the same time i think there should be respect for office of the snoot. dagen: if white ho

apple's case. the decision will come in late spring. back to you. >> and there could be more badews for apple the company may be losing its top spot as world most valuable company. >> tracee carrasco joins us now with more on that story and other headlines making news this morning. hi tracee. >> months after apple reached r1 trillion mark companies lead as wall street most valuable company is slipping. microsoft could soon take its place. this comes after apple shares fell almost 1.8% in the extended trading. following president trump's comments to the wall street journal that tariffs could be placed on laptops, and iphones and imported from china and wiped out more than 1% gain during the day put apple stock market value at 814 billion dollars. >> all right it look like united technologies is headed for -- a prate big breakup. >> united technologies decided to divide itself into three independent companies. this separation of one of america's last industrial conglomerate expected to be completed in 2020utc will be strictly an aero space company following its ac by withization of

the news follows a bad week for apple after four suppliers cut their revenue estimates because of weakone demands. we're joined from taipei to discuss. >> 50% of foxconn's revenue does come from apple. they are the number one supplier. they are important to foxconn. $6 of the $20 billion in cuts is in the iphone division, the part that assembles iphones. there is a lot more in other divisions. what that tells us is this is not an iphone only problem. it is broader. foxconn's catalogue of clients includes hp, cisco, dell, a long list of international names. they are all impacted. they'll feed into this wider issue that we are seeing in the electronics industry and foxconn is the one company that gets hit by all of it. emily: what is the wider issue, that people are just not buying hardware? or the market is not growing as much as it has been? >> it is all of those things. we have a macro economic headwind. people are getting caught up in trade tensions, u.s.-china tensions. it is bigger and deeper than that. that is a smokescreen, a distraction. we know that apple itself is trying harde

only one real vote on apple's side, chief justice roberts and at least seven justices might be inclined to vote to let the lawsuit go forward. if so that is bad news for apple obviously. it adds a source of pressure on them to reduce the 30% commissions they charge to app store developers. emily: mark, walk us through the arguments here. apple takes a huge cut from the app store. we know that. 30%. it's been in contention before. but what makes this particular lawsuit significant? mark: so right now apple is really pivoting toward wanting investors to focus on its services revenue. right? and basically the services revenue the majority of it comes from that 30% cut. if apple takes any hit on the 30% because of this lawsuit their services revenue is going to take a very significant impact and that is why this lawsuit has put so much at stake for apple. emily: so, greg, you were saying, talk to us a little more about what is behind this particular case. greg: yes, so this is a consumer lawsuit, suing, saying we're paying too much for apps at the app store. a focus of the lawsuit are the commissions that mark was talking about there. and what ap

bad. >> you are right. we hear this every year. apple reports guidance for the fourth quarter.takes time for investors to jet -- to digest that. the early indicators are often not very good indicators. holiday atcloser, the end of it looks pretty good pair that is what he is talking about. digesting the supplier issues is much more of an art than a science. some investors are better than i at -- at giant that -- digesting that than others. huge challenges in emerging markets. a lot of challenges in india where they have not been able to crack it at all. >> great, emily chang. thank you. if you think it is getting rough for the nasdaq, check out this side of the atlantic. insignificancef off by 10% year to date. it has been brutal, much more than we have seen in the nasdaq here from new york and london, this is bloomberg. ♪ caroline: this is count down to the close. scarlet: joe weisenthal is back in new york. the band is all back together. joe: what is up? really striking with respect to energy, a continuing collapse in oil. it had all kinds of ramifications for other parts of

. >>> it's 6:44 right now, and another bad sign for apple, and the oil prices are bouncing back. >> joiningright now, jason brooks. good morning. >> reporter: good morning, and another tough day for apple, and as a result, the february sector as a whole, after a key iphone supplier cut its earning forecast, and they make the lasers keyed for apple's face i.d., and it didn't name the supplier, but if said a major customer cut the 3d sensor orders, and apple is believed to be the company, and similar situation on friday, and skyworks solution, another key iphone supplier cut its forecast, and apple the stock falling for the second straight session today, down another 4%, and it's an even worse day for lumentum, stock diving 28 percent. >>> oil prices are bouncing back. saudi arabia announcing a supply cut to boost prices, and we are seeing that happen this morning. tobacco stocks are plunging on a report that the fda is considering a ban on menthol cigarettes. >>> apple is a big reason for the tough start. the dow dropping 160 points, nasdaq down 98 points, and the s&p down by 20 points. mich