rupal agarwal from sanford bernstein.ust ahead, a warmer reception for wework as shares finally begin to trade in new york. what it means for major shareholder, softbank. this is bloomberg. rishaad: you are back with markets. one of the big gainers -- thermal coal. down 12.5% today. futures extending the decline. we have a authorities taking action to tackle the energy crisis. taking powerful measures against speculation but do not forget the other side of it, rampant demand because winter has arrived early in northern china. it has arrived early here in hong kong as well. david: 20 degrees celsius, i imagine the boots are out. boots on the ground. real estate and pertn the ground and on their way out. pretty much across the board. outperforming the benchmark. in fact, on the third ticker, we are closing in on reentering a bull market here in hong kong. we are about 2% away from that level. of about 18% from the bottom which was just a few weeks ago. rishaad: we are going to talk about a debacle which has now turned into

. >> woodruff: for more on the state of play and what's at stake, we hear from jared bernstein.ember of the president's council of economic advisors. and i ske with him a short time ago. jared bernstein, welcome wack to the "newshour" -- back to the "newshour". >> always a pleasure to be here. >> woodruff: as you and i sit here at the table a little bit before 5:00 in the afternoon, where do things stand with regard to democrats and republicans and the debt ceiling? >> well, the debt ceiling has not been raised and it should have been, already. this should be a joint effort wherein democrats and republicans work together to raise the debt ceiling in order to make payments that both of them have already agreed to. i think this is a source of confusion, judy, sometimes on this issue of the debt ceiling that somehow it's forward looking, it has to do with spending coming down the pike. that's not what it's about. it's about paying for bills that both sides have already incurred and that's why 80 times over the past 60 years, the debt ceiling has been increased, in many cases bipart

we will not do that with beata kirr, bernstein private wealth cohead.hat is the trajectory of earnings you see? beata: what we see is an earnings season that is likely to be more volatile than the last several. as we are coming off a substantial rebound in earnings, whereas in prior quarters, earnings are up 45% year-over-year. so consensus view for 2022 has really moved to a 9% year-over-year view. that is still positive, and that is one of the fundamental underpinnings. but like you just said, this is going to be a story of figuring out supply and demand. demand still appears to be there. who's got pricing power is one of the fund mental differentiators. lisa: are you buying consumer staples, considering how much they have sold off in the fact that we have been able to see them pass along that pricing? beata: it is not about a sector. it is about fact picking. even though 30% of managers are beating the s&p year-to-date, we have had great success this year with that selection, so it is about the company. do they have the ability to pass on price incre

so joining me now attorney roger j bernstein. attorney bernstein, thank you for joining.reciate it. >> my pleasure. >> so here is the former president leaving trump tower earlier tonight after testifying for more than four hours. he called the deposition harassment. it seems you're confident you can show trump is responsible. tell us why. >> well, i will tell you why but if you don't mind, i can start for a moment at the beginning. it is concerns with demonstrations in 2015 just as his campaign is getting underway and the demonstration involves signs on the sidewalk that said make america racist again, which is a play on make america great again and mr. trump's security agents came down and tore away the signs and got into the little scuffle that you saw there where clients tried to get the signs back, mr. trump's secure duuuid -- security agent interfered and attacked our guys. he worked for them for 18 years. he admires their performance and authorizes everything they do and in every possible way he sanctions what they do and that makes him responsible for the authorize

. >> what to make of today's rough job numbers with jared bernstein and why on earth is the rental market getting out of control, when "all in" starts right now. >>> good evening from new york. i'm chris hayes. you've probably seen these viral videos going around of people losing their minds at school board meetings. you may have seen this video of a woman berating a mother because the mom's kid was wearing a mask. >> you're traumatizing him if you don't let him breathe through it. >> that's my choice. that's my choice. you better respect my choice. >> no. you are propagandaized. you're not being told the truth. >> now, this is to put it mildly incredibly anti-social behavior. just wildly outside the parameters of anything you would want or expect in civil society. you think to yourself, well, where would someone even get the idea to do something like that? well, we have an answer. >> as we're forcing children to wear masks outside, that should be illegal. your response when you see children wearing masks as they play should be no different from your response to seeing someone beat a kid

gregory bernstein is a urologist here in washington. dr.ank you so much for joining us. i know you're not on the scene. tell us about the former president's condition. a urinary tract infection but then it got into the blood and there's sepsis, right? >> right, thanks, wolf, thanks for having me here. urinary tract infections, utis, are common in women and men. when they get into the bloodstream, your body will put up an overwhelming response and try to fight off the infection. that can lead to problems with the heart, the kidneys, the lungs, and that's called sepsis. what you want to do, if you get to that point where you have sepsis and you meet the criteria, you want to get treatment immediately. >> he got into the hospital on tuesday. tuesday night, wednesday night, thursday night, now friday night, what does that say you to? he's been in the hospital for four days. >> right. it sounds to me he came to the hospital with a pretty serious infection. it sounds like he's responding well to the treatment according to the reports we're gettin

rich bernstein is the richard bernstein adviser's ceo. we are thrilled to have you on board. let's start with everything we learned this morning, the big numbers. nonfarm payrolls rose by 194,000, the weakest since last december of 2020 also a huge miss from around the 500,000 expected, but the private sector print was only about 36,000 less than expected. the unemployment rate dropped to 4.8% that's the lowest since last march and the third straight monthly decline. all sounds good. big gains in leisure and hospitality balanced by tremendous losses in the government sector. labor force participation overall shows some recovery but well below pre-pandemic levels the labor force participation among 25 to 45, key demo, was also a little weak what is the takeaway within these numbers, michelle? let's kick off with you. >> sure. so, kelly, hu a great summary there, which is the headline that 194,000, kind of, you know, doesn't capture what we actually saw in the report, which was, you know, better data. without a doubt there's a lot of demand for workers, whether you look at the

bernstein coming out and saying this company has gone from handsome to gorgeous. it's get the bloomberg business flash with leigh-ann gerrans. >> evergrande has reportedly paid 83.5 billion dollars of interest on a dollar bond just before the the end of a closely watched grace period. bondholders well-received the payment before saturday. the developer had missed a september the 23rd deadline for the interest payment. snap shares tumbled by as much as 20% -- 28% after hours. it is morning that changes to apples data collection rules and supply chain issues are weighing on advertising spending. the snap chat owner is expecting revenue of as much as $1.2 billion in the final months of the year, below projections. intel fell after the close after the chipmaker gave a lackluster outlook for the period. margins were forecast to be lower for the next 2-3 years and they say they are spending to regain industry leadership. the company has also ended talks with another chipmaker. renault, also hit by the chip shortage. another obstacle to the carmakers turnaround plans. th

bernstein pointed out, this was all on twitter the other day, that you are seeing readings similar toin the 2000s, when energy was the best performer among the 11 main industry groups in the s&p 500. tom: in your reading right now, is 100 the new 90? david: it is sure looking that way. you have much more of a focus on oil at this point. this was an unloved asset for a long time. now that it is rallying, it is definitely attracting more attention. tom: kevin tynan joins us with bloomberg intelligence. i want to dovetail this in. you had tesla with a really nice effort, but all of the buzz is on general motors. dan ives yesterday with wedbush making clear this is a technology company. kevin, you are hugely qualified on this. do you by the ev excellence of general motors? kevin: i do, yes. and i also buy it in companies like volkswagen and toyota, even though toyota has talked about hydrogen lot and has been slow to move in electrification. i think all of those global scale companies have the ability to do it. just the profit dynamics haven't followed to this point, and they have just be

carl bernstein with the escalating attack on democracy next.y, we're all getting a little bit better. we're better cooks... better neighbors... hi. i've got this until you get back. better parents... and better friends. no! no! that's why comcast works around the clock constantly improving america's largest gig-speed broadband network. and just doubled the capacity here. how do things look on your end? -perfect! because we're building a better network every single day. >>> idaho officials have validated the results of the 2020 presidential election after a partial recount. claims by my pillow ceo mike lindell prompted the recount, claims that have been completely debunked. joining us to talk about this and the big picture is cnn political analyst carl bernstein. you know, carl, this is really -- this is just one little data point on this big graph of democracy in peril, this week, this month, this year. how are you seeing the trouble that the u.s. is in right now? >> well, democracy is in peril because the republican party has become the party

if kevin hassan and jared bernstein think it is a good idea, we must to do it.ven though the -- the event was only briefly about opportunity zones on the eig website there is this picture of cory booker and tim scott. bipartisan, bipartisan, bipartisan. susan: this is a really interesting strategy. the distressed communities index. this is something of interest both to legislators and also the media. local, local, local. why is that important? david: because, they had worked in the senate, they understood that members of congress are hungry for information they can use about their communities. how do they link what they do to what is going on in the community? so, this distressed communities index allowed them to go to any member of congress and say, look, this is what is going on in your district compared to other districts around the country. these are the poor zip codes. they made it very accessible to the press. there were stories about nebraska, this town in nebraska is 20th on the distressed communities index. it was a way to capture this concern about eco

judy: for more on the state of play and what is at stake, we hear from jared bernstein.a member of the council of economic advise ors and i spoking with him a short time ago. jared, welcome backing to "the newshour." >> always a pleasure to be here. judy: a we sit here at the table a little before 5:00, where do things stand with regard to democrats and republicans and the debt ceiling? >> the debt cling has not been raised. and it should have been already -- this should be a joint effort where in democrats and republicans working to raise the debt ceiling in order to make payments that both of them have already greed. i think this is a source of confusion, jude you, that somehow, it's forward looking. it has to do with spending that is coming down the pike. that's not what it's about. it's about paying for bills that both sides have already incurred. and that's why 80 times over the paths 60 years that the debt ceiling has been increasessed in many cases bipartisanly and, in fact, in the trump administration democrats worked with republicans to increases the debt ceilin

joining us no for all of that, cnn investigative reporter, carl bernstein, also cnn legal analyst, cary cordero. the lawsuit by the former president, frankly the lies that the former president continues to spread about the election and -- and the insurrection, what do you make at this lawsuit? >> that it's part of a massive coverup to keep us from knowing what a criminal -- criminal president of the united states tried to do to subvert the american electoral system. we have not had such an act by an incumbent president of the united states in our history. we have never had a political party, such as today's republican party, that has supported this kind of president in this coverup. and this is really a conspiracy between donald trump and his presidency and today's republican party to keep us from knowing what the insurrection of january 6th was all about. how the republicans and donald trump tried to subvert the election, and continue to try to subvert the electoral process. you have to go back to 1860 to '65 to the civil war, in which a political party -- a major political party -- ha

it has been a tough road bernstein also points out you have got a five-year contract, and there is going questions whether you are sticking around, what the succession plan is going to be what can you tell us >> first of all, i actually have a six-year contract because i had a five-year contract, but a while ago that was extended by a year so i have a six-year contract. as you know, i set out long-term financial targets. i did that in the beginning of 2018 those targets are to be met at the end of 2023. we have a target of taking our net debt below three times ebitda we are firmly committed to that target we have a target of a 28% operating margin we are also firmly committed to that, and the 82% cash earnings. we are on track for this i think it is very, very likely we will meet these targets that's really re-establishing the company as a company without a threat from debt and with a solid profit and loss, solid margins, and ready to grow into the future and eventually some day start not just paying a lot of money to the bond holders we paid something like $16 million last year to the b

and yet we have no one of the of you know, woodward and bernstein, they're running around still cover, entrench white house when we have a current white house. so we have a broken media, but more transparency is better. and that guy at the fed, if it's remotely true, even if he's got some b. s, about how was in a blind trust, he should resign morrow. so jonathan, are these reports also concerning to you? i thought we almost had some agreement there and then we were bringing and blaming philosophy. i was like were so close to an agreement. bernie sanders so unexpected . i thought it was interesting that in a statement of bloomberg, i just want to make sure i read it right. they said that the financial disclosures were done to balance his accounts and that it was done prior to any of his involvement in the federal reserve deliberation. i mean, do with that what you will, but that was what their comment was, but it's, it's just, it's interesting politically, because it does cross both sides of the aisle. and it's also interesting because at least on the right, i mean, this was exposed by

we've never had anything like it in our history. >> carl bernstein, i appreciate it.nk you, carl. >>> coming up next, more breaking news. significant new details. randi kaye has just learned about what police were doing when brian laundrie returned home to florida without his fiance, gabby petito. >>> and later, the surgeon general of the united states joining us to talk about some positive trends in the battle against covid. we'll ask if he thinks the worst of the pandemic is actually behind us, ahead. having someone else do your books for you. i'm linda, your quickbooks live bookkeeper. let's do this linda! sounds good! a live expert bookkeeper who understands your business. felipe, i've categorized last month's hair gel expenses. steve, i just closed your books. great, how are we looking? profits are up! on to next month. on to next month, linda! get your books done for you by trusted experts. intuit quickbooks live bookkeeping. i've always focused on my career. but when we found out our son had autism, his future became my focus. lavender baths always calmed him.

there is a difference in bernstein's report. it sees the cycle to last until late 2022.is more pessimistic than other analysts who have a bi -rating on samsung. the price of declines may not be as great as before. >> we are just getting that breakdown now when it comes to the semiconductor profit. what are we gleaning when it comes to demand and the supply situation for chips at the moment? >> at the moment in the third quarter, we are seeing a strong demand for samsung electronics. this is the biggest in the world. we are seeing smartphone demand continuing through the third quarter. this goes through early next year. it shows how sharp the decline may be. it will not be as bad. >> we are getting the i.t. and mobile operating profit coming in as well. slightly lower than the estimate of 3.6 6 trillion won. >> it was pretty popular in north korea. you can see people switching to -- from iphone to get the foldable phone from samsung. we may want to watch how samsung was able to deliver their phones on time. we saw the the just expresses that may have delayed shipping. we

the attorney general's office accuses bernstein of abducting his own infant son, punching his girlfriend's father in the face. he is currently out on bail. >>> today we saw more curious text messages from elizabeth holmes with more testimony about how optimism turned to disappointment and the loss of millions of dollars in investments. theranos failed. we know that. when did elizabeth holmes know about it? here is our business and tech reporter scott budman from her federal fraud trial in san jose. >> reporter: the trial of elizabeth holmes is to an extent the story of how walgreens was convinced to put the palo alto start up's machines in its stores and test the blood of its customers. >> the narrative that is being created around a desperate elizabeth holmes, how desperate theranos was, these companies were at least as desperate. there's a lot of pharmacies out there, a lot of major supermarket chains out there that would have turned their entire business model around if theranos had worked. >> reporter: testimony today from another walgreens executive who says the pharmacy chain was ext

joining me now jared bernstein.ceiling, what iegs going to happen in december? how is this providing any certainty? >> yeah, that's a great way to tee up the question. we're certainly happy to have a little bit of breathing room here, and we're in close touch with senator schumer and his team, but we cannot forget the important point that you underscored, which is that this simply kicks the can down the road. it gives us some breathing room, but it doesn't resolve an issue, an issue that shouldn't even be at this level of a debate or fight right now. the reason for that is that this is a step accrued by both parties. democrats have been pushing hard to raise this debt ceiling. $8 trillion of this debt, in fact, was accrued under trump and mcconnell in the previous administration and yet despite the fact the debt ceiling has been raised 80 times in the past 60 years, in many cases bibi partisan cooperation while democrats have consistently tried to get republicans to go along, they haven't done so. so, sure, we're gl

. >> josh bernstein who seems nice, he has his own live stream and hates democrats. >> the democrats different than north korea and the old nazi and the communists because that's what they are. they are no different than the ccp. these people are pure-bred evil communists, they want to rule over us. it's never going to happen. >> any national democrats who attempted to dismiss any of it will be well-counciled to look back. and for those of you playing our home game, you can google the famous frog boiling experiment. that's our broadcast for this thursday night with our thanks for being here with us, on >> very rarely does a politician have to put his or her money where his or her mouth is i can't remember the last time we covered a story where a politician basically made a public bet and they actually had to pay off when they lost the bed. that has finally happened. and look! we have the check! we have the actual check that shows the guy having to pay up the far-right former right wing radio host who's now the republican lieutenant governor of texas, his name is dan

bernstein said if you want to get the typical returns you may have to sell 1.5 billion pounds worth of that property portfolio so wait and see if the commitments are made over the year we saw cd&r pledge property so if in the event of insolvency, the pension plans are not pushed further down the line. there's 85,000 current and former employee benefits and when it comes to front line staff this is a grocery store that fed the nation. a lot of key workers on the line here, there's a commitment to pay the workers 10 pounds per hour and the other factor around growth what will the business do with this particular group now it's thought they may double down on the wholesale division, they have a group, trying to put links to convenience stores. the online has been a winner for morrison's at this point and a food delivery app here that has a lot of partnerships and morrisons may be the new one. there's still a final hurdle here, this must go to shareholders in coming weeks for approval there had been pushback earlier but that was a lower price the bankers cleaned up here, a lot of money in

tom: to me, that is richard bernstein 101, who i think is fabulous. it is profit that can be measured, free cash flow that can be measured, etc. but can you actually make profit? i just looked at a luxury maker making $0.40 even on the -- $0.40 ebita on the dollar. jonathan: i just saw that across the bluebird as i monitor the headlines. tom: this is new york city and the resurgence of new york city. fendi moved across madison avenue into the old coach store. jonathan: tom's knowledge of luxury is ridiculous. [laughter] another announcement, this one a little bit more serious, senator joe manchin speaking with david rubenstein at the economic club of washington, d.c., 9:00 a.m. if you want to watch that on the bloomberg, that is one to watch. tom: i got an email from indiana pointing that out to me today. jonathan: does the author of that email support the -- tom: of course. if you are from west lafayette, there's nothing else. jonathan: college football. what does boiler up mean? does anyone have any idea? [laughter] it is like roll tide over at bama

carl bernstein, good to be with you., anyone who's seen all the president's men remember it is line, follow the money. we were speaking to jamie raskin. it sounds as though the financial trail, financing, bankrolling, whatever these insurrectionists were up to, might be important to all of this. >> that's what part of the power of a congressional investigation is all about. it's to subpoena and obtain the documents and evidence of whether there is money spent. where it went. who funded it. and what did it fund. of course in the case of nixon where we first at "the washington post" were able to follow the money trail and then the senate watergate committee followed the money trail and it established beyond any doubt that the conspiracy to undermine the constitution in the united states and subvert the electoral process by the president of the united states was a massive conspiracy led by richard nixon and his aides close etst to him. so if we look now, trying to nail down those corners, but we are also looking at what we

a republican who was after that chair of donald trump's council of economic advisors and sharon bernsteinwho had worked for biden as vice president and is now on biden's council of economic advisors to do a white paper. and the white paper says we have a problem with geographic inequality and previous provisions haven't worked as well as we'd like. they didn't really lay out a roadmap for opportunity zones. they kind of said, we need to think about doing something like this. but they are held up for the poster boys at this bipartisan and. over time, they build a coalition in congress sean parker goes around and meet with these people individually. one thing that makes sean parker different than a lot of business people i've met is that he is charming and he is engaging. and so john told me that unlike the ceos he has worked with in his previous jobs who knew they had to go talk to members of congress and basically hated every minute of it, sean parker really enjoyed it. so they built this coalition, this formidable bipartisan coalition forces ill which was announced in 2016. but i think t

i had jared bernstein, one of the economic advisers on yesterday. and other than tracking what's playing out, i want to play what the white house said they were doing with regards to it. >> we have a task force designated to these tasks and we are already at war. we probably don't talk about this enough. we have folks in ports trying to help that coordination problem improve so we don't have parking lots. at sail time, we're trying to make sure we have the labor market to help improve people's income over this period. >> how do you think that fits into an economy where not enough people are going back to work? >> yeah, i think that the challenge is with inflation are very real. i think that earlier in the year, folks at the white house and the fed were hoping those inflation numbers were going to fade with time. and instead what we have seen is those bottlenecks have gotten a lot worse. the ports are backlogged. shipping routes are all messed up there's no reason to believe that inflation is going to fade quickly. it could last well into next year.

my birthday with, as you can tell from my suave demeanor, sean connery. [ laughter ] and leonard bernstein. >> jimmy: of kiss? >> of who i do share a fondness of lipstick and pancake makeup. [ laughter ] billy ray cyrus, who is, like me, a right virgo. and we -- anyway, it all leads to the idea that you can put a lot of things in your way when learning to play an instrument. you can put your own fear. but the main thing that really obstructs most people is they begin in the key of "c." if you know what i'm talking about here, anybody who plays the piano, you learn to play the piano in "c" because that's all the white keys and it's easier to read music in "c." if you're going to play the guitar, what you want to do, you want to get the song out. so -- >> jimmy: have you taught someone? the key of "f"? >> i heard you play the clarinet. >> jimmy: i do play the clarinet, yes. [ applause ] it's a real -- let me tell you, if you're looking to attract young ladies, that's the way to go, the clarinet. oh, yeah. [ laughter ] there's a picture of me playing the clarinet. >> people won't know this re

go down, but i feel great because now everybody knows what the plan is >> but i did speak with bernstein's stacey rascon. he is skeptical. he believes the long-term growth targets are outlandish after all they're losing share in market rivals like amd. even if they execute perfectly, stacey says it will be a long slog for gelsinger and his team. back to you. >> josh, thank you very much our josh lipton. >>> intel not the only company predicting prolonged chip shortages. amd saying it could extend through 2022 that said amd and marvel shares up 30% and 40% respectively. intel is negative on the year, down half a point. i'm joined by global semiconductor industry lead at accenture. it is great to have you here normally if it were a chip shortage holding intel back it would be a bullish thing but it doesn't seem that's the whole story here >> yes thank you, kelly, for having me. the intel result highlights the importance of the chip shortage around the whole chip set solution it is not just the main processor. you need the rest of the chip in your solution to be able to deliver the products t

because when you bring up nixon, right, and obviously you -- and carl bernstein, you know, exposed his role in watergate. and at first, republicans stood by him, right? and then, they turned. what i find fascinating about this situation, bob, is that at first -- now, i'm not talking about over the past four years. let's just take it right after the insurrection. right after the insurrection, there were republicans like chuck grassley who stood up and called it like it is. right? mitch mcconnell did at the time. even kevin mccarthy did. and -- and yet, now, they're going back the other way. they all gave up. acted as if it didn't happen. and are now back -- back with, you know, as -- as you call it, the iron curtain of deference. why is that? >> why? because they can read the numbers. let's face it. trump's popularity, his power in the republican party has grown. since he left office. it has not shrunk. and so, there is work to be done to look at this and get the story out. now, the january 6th committee has an important role. i'm not sure they're going to get what they really need. are

television [ laughter ] we all know that's how journalism works who could forget the famous woodward and bernstein "did nixon do watergate? seems like the kind of thing he'd do but who knows? [ laughter and applause i'll just never personally -- i'll never tire of tucker's just asking questions routine "were these protests against biden's vaccine mandate? did joe biden secretly replace all the real pilots with communists, antifa woke-anistas, or were the delays caused because the flight attendants refused to give you a second bag of biscoff cookies when you asked. [ laughter ] for one, because according to them, the plane was taking off soon and when they asked you to put up your tray table, you said "no. because you still had one biscoff cookie left that you were saving for later. [ laughter ] and if you put it in your lap, you'd get crumbs on your nicest travel slacks. [ laughter ] so when they threaten to remove you from the plane and you said it was your god-given right under article 67, section c of the united states constitution part 9 to do what you wanted with your biscoff cookie the guy n

. >> carl bernstein, i appreciate it. thank you, carl. coming up next, more breaking news. significant new details. randi kaye has just learned about what police were doing when brian laundrie returned home to florida without his fiance, gabby petito. and later, the surgeon general of the united states joining us to talk about some positive trends in the battle against covid. some good news. we'll ask whether he thinks the worst of the pandemic is actually behind us. ahead. plop plop fizz fizz. alka seltzer plus cold relief. dissolves quickly. instantly ready to start working. so you can bounce back fast with alka-seltzer plus. constipated? set yourself free with fleet. gentle constipation relief in minutes. little fleet. big relief. try it. feel it. feel that fleet feeling. as a dj, i know all about customization. that's why i love liberty mutual. they customize my car insurance, so i only pay for what i need. how about a throwback? you got it. ♪ liberty, liberty - liberty, liberty ♪ uh, i'll settle for something i can dance to. ♪ liberty, liberty, liberty, liberty ♪ ♪ ♪ o

auntie anne's bernstein says -- alliancebernstein says it is adding a new team. of renewable project has been acquired by mukesh ambani as his reliance pushes further into renewable energy. this gives the company a $700 billion value. the company is now valued at $352 billion. rishaad: keeping the indian theme going, we have a big week. let's get to david ingles, who has a look at all of this. what are we particularly concentrating on? david: a couple of things. going into this week, you are already seeing some softness in the market. technically, whether that is the rsi, your bollinger bands, some of these indicators are in correction territory. they are trading above the 15% level. we have a lot of earnings coming through. the next couple of weeks are going to be very busy. . will the results be good enough to justify the valuations here? a lot of that will come to fruition when you look at inflation data, for example. you have the consumer prices. to the latter part of the week, you have wholesale price inflation. essentially many things for anyone here. you h

>> bernstein, great score. >> yes, absolutely. >> i'm saying there was a control -- >> i think -- let'sing here >> give me a beer. >>le ball is in your court. >> did anyone read the book? my god, do not read the book, he dies -- >> i'm almost going to give you charlie here. >> i can't have been, that cab scene. now, carl, what i'm saying is that. >> he was my brother >> someone had to stand up to labor, and the president did remember how he said he's a union man? so let's focus on that don't forget the demand side there's still an enormous amount of demand, which is why we have the supply disruptions. >> the country has changed the consumer is so strong. we have to go to you, carl there's someone in my ear who keeps saying this. i don't have one of these at "mad money", now i am told. >>> at the top of the hour, jeff bezos and blue origin are set to send william shatner, along with two executives, three months after bezos himself took the trip going to watch all of this. >> it's incredible to look at the images we currently have a hold right now the hold is about four minutes and counti

joining us is analyst at bernstein to talk a little bit about this reaction.ded by the impact of the ad changes and commentary about ad demand in general in this environment. how do you put it in context in terms of how it's valued right now looking at growth ahead? >> it was priced to perfection and this wasn't a perfect quarter. obviously, when you're telling them you're going to grow revenues for the next three years and guiding towards 30% next quarter, there's going to be questions and a bit of a sell off. i think what's important is two factors driving it the first is supply chain constranlts, which i think was already known and issues tied to apple's privacy changes caught them off guard i thing they trusted apple that the network was going to work effectively and the answer is that it's not. it's insufficient for advertising needs and it's going to take time to work through and figure out forgrounds for at rubugzs of those we went through this when apple first did changes last year, that for six months nobody talked about it. i think we're realizing it

here to break down whether that's an overreaction stacy bernstein.r not? >> i don't think so. this does not look like a good print. the quarter was okay revenues in line margins were decent. pcs collapsed especially notebooks and missed on data center which is incredible when we are supposed to be in the midst of a new product cycle the guide is weak on the bottom line very low they also -- they also pushed out the analyst day. this is in november. supposed to get color on the transition model is going to look like and pushed that to february for a commentary on the call and see what they said and pushed that very important analyst day out. cfo is retiring. i don't think this is an overreaction at all. >> is that a surprise the cfo retiring >> george davis has been around for a long time. he was at qualcomm and intel so i don't know. but it probably doesn't help right now. >> is this going to set the tone for the sector going through earnings season or do you think it's quite company specific? >> the pc side part is not surprised. cpus is overshippin

it, by jimmy cliff ♪ [suitcase closing] [gusts of wind] [ding] >>> from bitcoin to housing, rich bernsteintion.cnbc.com more "squawk on the street" ahead. carl, say hi to nina, r schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪ that's the thing about claims, you see. they don't happen on your schedule. i mean, take a chestnut, it doesn't just say “oh, beg pardon, sir, but is now a good time for a jolly bit of window cracking?” i mean, if they did, you wouldn't need a geico claims team that's available 24/7. but, near as i can tell, chestnuts don't talk. or maybe they're just really quiet. geico. your claims team is here for you, 24/7. well, got things to do mr. chestnut, so... ask. >>> shares of ebay are down as much as 8% despite what was better than expected third quarter earnings from what the analysts following expected. onlin

bernstein estimates apple accounts for a low single digit percentage of intel's revenue, but the biggesters to follow suit reports also indicate that apple has been hard at work on the next generation of its lower end airpods too. we're waiting to see if those make an official debut today as well they estimate airpods account for 5% of total sales. part of the faster growing wearables division back to you. >> yeah. that's evident every time you walk down the street thank you. >>> our next guest has a buy rating on the stock, points to launch dates and price points as the key factors to watch this afternoon. senior retail analyst tom forte joins us. i wonder how you're thinking about today's event, largely because we had an event, but a lot of people did upgrading in the last year and a half, what's the bar for a new product right now. >> excellent point, carl the way i think about it, it's mid october and if you just look at the very big companies, google, microsoft, amazon, they haven't really had their employees return to work if you think about the setup for working remotely, learning

jared bernstein sees inflation at 4% by the end of the year and settling down in 2022.he number one concern for economic advisers here at the white house, the fed chairman echoed that same point on capitol hill this week. so did senator joe manchin facing the ire of progressive democrats who want to push for that massive spending. >> the number they have is aspirational. they need to look at that. the reason i'm still concerned about inflation, i'm still concerned. >> reporter: so you have democrats pushing for massive spending saying we'll lower the costs long term the, republicans saying how can it not cause inflation because we're all caught in the middle just spending more right now. back to you. stuart: yeah. and how can $3 trillion worth of spending be 0 cost dollars? i just never got that one. thanks, edward. >>> now this one, the governor of connecticut has a new way to deal with the worker shortage because of the vaccine mandate. tell me more? >> he's readying the national guard. they might be needed next week. 63% of state workers have shown proof of vaccinati

lot of people focussed on that for more so far and the markets bring in valerie grant at alliance bernsteinl to it but we'll stick to alliance. >> lines thank you. >>> great to see you we heard the bank earnings everybody was very happy about the earnings reports last week but i think there's a little more trepidation about what we may hear this week, perhaps in the earnings reports themselves, perhaps on the calls when we get some color around what the future looks like when it comes to supply chains, cost of energy and labor. >> right i think that the main thing that investors will be listening for is the impact of inflation and as we look across the board, companies, you know, of all sizes and across sectors really, are talking about it quite a bit. so in terms of input costs, obviously input costs are rising and as inflation expectations go up, that means that people will seek to have higher prices going forward and that's where you have the ripple effect i do think that over time as we make our way through the covid pandemic, which you were just describing, some of this will resolve. i