sap has rushed out third quarter results and announced bill mcdermott is stepping down as ceo. the software group says it is on track to provide more stream line service following the entry of activist investor elliott the placement of new ceos. the pair said they will continue to follow their predecessor's growth plan. >> other than thinking of kind of handing over the reigns at the beginning of the year, which is our busiest time, he felt now was the appropriate time to come o out. we had a great strong quarter. >> jennifer and i will continue the successful path that bill as ceo has already outlined we are heading to q 4 where all of our focus will weigh in jennifer and i will share more plans about how we are heading sap into the future. >> you can catch an episode of the brave ones with bill mcdermott tonight at 20:30 cet >> elsewhere, cutting targets. the advertising company suffered a drop in spending by u.s. clients and digital business also underperformed. piling more pressure publicis shares are down this morning. >> hugo boss shas slashed the 2019 earnings forecast b

i'm so glad you're not john donahoe, the outgng coieo of servicenow and bill mcdermott, the incomingyou can't beat these two guys. "mad money" is back after the break. man: can i find an investment firm that has a truly long-term view? it begins by being privately owned. with more than 85 years of experience over multiple market cycles. with portfolio managers who are encouraged to do what's right over what's popular. focused on helping me achieve my investors' unique goals. can i find an investment firm that gets long term the way i do? with capital group, i can. talk to your advisor or consultant for investment risks and information. >>> lightning round is sponsored by td ameritrade >> it is time. it is time for the lightning round. ♪ -- bye-bye bye-bye -- sell sell -- and then the lightning round is over. are you ready, skeedaddy kurt in idaho. kurt >> caller: booyah. cramer - >> i'm telling you you have game you have game. what's going on? >> caller: you got that right. i'm calling you from the home of the boise state university bronco football program. >> well, i have to tell yo

of german software manufacturer a s a p bill mcdermott has unexpectedly resigned germany's most valuable listed company has not given a reason for his departure after 9 years in the post he's been replaced by board members jennifer morgan and custom klein with immediate effect. the u.s. federal aviation administration has been accused of failing to properly review the safety system on the boeing 737 max an anti stall mechanism has been blamed for 2 deadly crashes an international panel of safety regulators says the f.a.a. had an adequate understanding of how it worked from. the head of east go to sharing company alliances germany needs new infrastructure as the vehicles grow in popularity joe hart say faces complaints about them clogging up pathways are justified and more dedicated parking places and. some 2000000 people in california were left without any tricity on thursday after the state's biggest utility company cut off power to prevent the spread of wildfires that have been ravaging the area explaining its decision p.g. and e. said it wanted to prevent foreign branches from coming

bill mcdermott has once expectedly resigned germany's most valuable listed company has not given a reason for his departure after 9 years. he's been replaced by a board members jennifer morgan and tristan klein with them to things. british billionaire inventor james dyson is the scrapping his electric car project and company dyson is best known for making vacuum cleaners its plans to branch out into the auto industry have been shelved with the car proving too expensive to produce. and toyota has unveiled a prototype of its new hydrogen power set then it's hoping to revive the technology which has been all but eclipsed by the development of electric cars says the model has an improved range of around 900 kilometers. now cheap flights and digital booking sides have made traveling easier around the world it seems though that often residents of the world's most popular tourist destinations have to pay a heavy price for their city's popularity with noisy groups roving the streets of nights neighborhoods turning into little more than backdrops for se or apartments converted into holiday homes i

bill mcdermott has unexpectedly resigned germany's most valuable listed company has not given a reason for his departure after 9 years in the post has been replaced by a board members jennifer morgan and kline with immediate effect on. the u.s. federal aviation administration has been accused of failing to properly review the safety system on the boeing 737 max and as you still make an estimate has been play into 2 deadly crashes an international panel of safety regulators says the f.a.a. hadn't been adequate understanding of how it worked. india is considering restricting imports of some products from malaysia as a diplomatic route over kashmir spreads india's plant restrictions are in reaction to malaysian prime minister mahathir mohamad scritches some of new delhi's actions in kashmir malaysian palm oil and other products are to be affected however the malaysian prime minister told reporters on friday he hadn't received anything official from india. a news agency reuters reports apple c.e.o. tim cook has defended to the company's decision to remove a mapping app used to track police

bill mcdermott has unexpectedly resigned germany's most valuable listed company has not given a reason for his departure after 9 years in the post he's been replaced by board members jennifer morgan and kristen klein with media defect japanese carmaker nissan which operates britain's biggest auto factory warns that a disorderly breaks it would mean w t o terrorist ford of 10 percent for the nation it says that would jeopardize the company's entire year european business model which is built on 0 tariffs british billionaire inventor james dyson is scrapping his electric car project his company dyson is best known for making vacuum cleaners its plans to branch out into the auto industry have been shelved with the car proving too expensive to produce german exports fell by more than expected in august declining 1.8 percent from the previous months the sharpest drop since april analysts had predicted a fall of just one percent following july's slight increase germany's export reliant economy has been struggling due to global trade tensions and brics. a new oxfam study sharply criticizes th

saying bill mcdermott will remain in an advisory capacity until the end of the year to ensure a smoothn. mcdermott has been the ceo of s.a.p. since july of 2014. we know that s.a.p. just reported preliminary third-quarter results as well as reaffirming their 2019 outlook. they said their new found bookings were up 38%. they have also announced ceo down,cdermott is stepping to be replaced by jennifer morgan and christian klein as s.-chief executive paul: let's get back to washington where revived trade talks have wrapped up for the day. president trump saying they went very well. joining us now is senior counsel claire reed who spent eight years with the u.s. -- the office of u.s. trade representative and was assistant ustr for china. thanks very much for joining us. here we are at the end of first day of talks. so far, it appears to be progressing well. what are your expectations for a best case outcome? is it a small deal that achieves a few realistic objectives? say it'ss i would probably going to be a confidence building set of measures if we get a good outcome. it's going to be, yo

is announcing long time ceo bill mcdermott is stepping down and will be replaced by co-ceos. bill over the years we go way back, you go way back with the company, too, as ceo of s.a.p. america and then co-ceo, but in -- you were either co-ceo or ceo for ten years. great run. 175%, 39 billion to where is it now, well over 100 billion why are you leaving? >> close to 150. first of all, let me thank you, joe, you're right. we've had a great run together i've been with s.a.p. 17 years, and i've been ceo 10 years and that's a long time at the beginning of 2020 i would have had to announce a decision to renew my contract or not renew. i had made the determination that i wasn't going to renew so right now is the perfect time to make this transition as you saw from our earnings release, the company is at maximum strength our revenues are growing faster than everyone else's in the cloud. total revenue, operating income, everything is at an all-time high in fact, this quarter reactually expanded the operating margins 1.5 points, which is something the shareholders have really been looki

sap chief bill mcdermott chosen by service now as its next ceo we'll talk to bill after the break.ake a look at futures here, alternating between gains and losses for eight straight days we'll get to chipotle, snap, coke upgrade, new street high on apple in a moment. 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. mhm, 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. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪ >>> service now announcing bill mcdermott, former ceo of sap, will take the reins of service now, following john donahoe's departure to nike, a musical chairs story that has a lot of people buzzing joining us, exclusively, bill mcdermott, the -- i guess the ingoing ceo of one of the best per

ceo bill mcdermott stepping down two members from the executive board will be sharing the ceo duties. s. a p. reported a preliminary rice in revenue and cloud bookings. shares up 9.5%. >>> time for the weekly market monitor. our guest this we tn has three small cap stocks in the apparel retail sector. jay kaplan coy manager of the royce dividend value fund thanks for joining us tonight. >> you're welcome. >> and the first american f eag. this has the combination of a high dividend yield 3.6%. and the stock cut in half in the last year or so. you must love this for that reason. well as the contrarian that i am i do love stocks thahave been cut in half. but it's also good when they have a good reason for thetock to go up. let me tell you a bit about why that is. they are the number one seller of women's jeans in america. they're the number two seller of jeans in total in the country. and there is a -- i there is a denim cycle. and jeans are back in popularity again. so that's really good. but what's really exceptional is they have a brand called airy. airy sells intimate apparel to youn

ceo bill mcdermott stepping down two members from the executive board will be sharing the ceo duties. p. reported a preliminary rice in revenue and cloud bookings. shares up 9.5%. >>> time for the weekly market monitor. our guest this we can has three small capn stocks the apparel retail sector. jayoy kaplan manager of the royce dividend value fund thanks for joining usto ght. >> you're welcome. >> and the first american eagle. high dividend yield 3.6%.of a and the stock cut in half in the last year or so. you must love this for tha reason. >> well as the contrarian that i am i do love stocksbe that have cut in half. but it's also good when they have a good reason for the stock to go let me tell you a bit about why that is. they are the number one selr of women's jeans in america. they're the number two seller of jeans inotal in the country. and there is a -- there is a denim cycle.ea and are back in popularity again. so that's really good. but what's really exceptional is they have a brand called airy. airy sells intimate apparel to young ladies ages 15 to 25. a now more authentic br

bill mcdermott stepping down at acp. he will be replaced -- at s.a.p. by co-ceos. italy joining france with a new tax on digital companies like facebook and alphabet. that raises the possibility of u.s. sanctions. that u.k. and germany are among other european nations considering a similar tax. that is your business flash update. let's get a quick check of what's been going on in the markets here. i guess this is a decisively risk on day here, definitely on the u.s. side. the dow jones industrial average up about 1.5%. the nasdaq, a lot of tech stocks rally and hard, up 120%. you have a lot of -- up 1.8%. . you have a lot of subsectors up. small caps up almost 3%. transports up almost 3%. the vix down on the day. your 10 year yield up about 21 basis points this week alone. in europe, we are looking at european stocks trading strongly. the dax really outperforming. it is trading shortly to the upside -- trading sharply to the upside. s.a.p. certainly helping that. this is bloomberg. ♪ guy: trading up. stocks surged as investors smelly deal between washin

saw a knee-jerk reaction yesterday it's down 4.5%, recouping some of the losses from yesterday bill mcdermottceos out there. maybe that's delayed concerns after his interview on "squawk on the street. >> my hometown team, first world series game win for a washington team since 1933. >> really? that long ago? >> when the giants beat them in that world series, but it was a good night for old d.c. >> congrats. do you know who it's not such a good day for beyond meat. it went below 100 in a session today. stock chart, it's below 99. >> all right thanks for watching "power lunch. >> "closing bell" starts right about now. >>> welcome to "closing bell." i'm morgan brennan infor sara ei sechlt n at nike post broader market as well, falling below the flat line. dow is down 26 points, 59 minutes left until the close, and a crush of earnings after that bell. >> and i'm wilfred frost good afternoon let's look at what's driving the action today, disappointing earnings like those from texas instruments are stoking global growth concerns. despite that, caterpillar and boeing holding steady while apple is up

. ♪ ♪ bill mcdermott is stepping down as ceo of sep -- decade he about a led the largest software companyansitioned s.a.p.. and nissannrenaud are working in sync. the interim ceo was named. the previous ceo served as number two. scrapping its $2.5 billion electric car project, james dyson telling staff they could not find a way to make the project commercial. global electric vehicle sales plunged in a record 23%. that is your bloomberg business flash. francine: thank you so much. two missiles struck an iranian oil tanker in the red sea, causing a jump in crude oil prices. iran accused saudi arabia but has walked back. oil analyst, how do you view this. this immediately reflected in the price of oil that this was an escalation, but iran said this might not come from saudi arabia. amrita: i think we don't have any information because there has been a lot of contradictory statements from a ron about whether -- iran. we have to wait for further explanation from both sides. it is definitely from iran and they need to come out and tell the world. francine: do we just need to get use more disrup

second, john donahoe, wow, you know we liked him forever moving up to take the reins at nike and bill mcdermottng in to run service now. i want to congratulate all three and mark parker, job well done i always like to say there's a bull market somewhere. i promise to find it for you i'm jim cramer i'll see you tomorrow. >> welcome to the shark tank, where entrepreneurs seeking an investment will face these sharks. if they hear a great idea, they'll invest their own money or fight each other for a deal. this is "shark tank." ♪ who believes every home cook will want her product. ♪ hi. my name is marian cruz.

it is jumping more than 7%, bill mcdermott stepping down, and two co-ceo's reiterated their full-yearor 2019-20. wpp to the downside. across, cutting its sales forecast again, the second time in three months they have done this. plunging.absolutely down some 12%, cut its outlook for the financial year. the unrest in hong kong is weighing on their bottom line. they look to make up the hong kong sales elsewhere. a lot of firms are downgrading the stock today. anna: oil also on the move, extending gains after a reported explosion on and iranian tanker in the red sea, that is the biggest jump in three weeks. geoffrey yu, cio, head of u.k. investment, ubs private banking is still with us. a little early to know what is happening with the iranian tanker, but it is having an impact on oil prices. we find ourselves caught between geopolitical concerns, which are not new, and the global growth story. geoffrey: it is interesting. we had made a forecast adjustment to the downside because global growth was conservative to say the least. of thee last round strike on the oilfield, we had to adjust

. >> is bill mcdermott, the former coceo of s.a.p.ll the management gap. >> they are bringing nonan incredible leader. longer term sharmds are of a positive view in terms of who they are bringing in but it's more of better understanding than near-term disruption to the market because it's a complete schick shock given donahoe has been in front of investors for such a short period of time and built up the credibility to see this happen so quickly is just surprising. >> jared, what's your service take now service now down 25%. if the all-time high in summer the space seems to be under pressure the valueses getting richer as they go 40 billion market cap trading at 12 times sale what's your move on the space. >> to now i want not idiosyncratic. process the entire space has adown draft the last four to six weeks weeks and investors are mindful of q 4 when the software complex. the ig the etp was down 2% this year is different because igb is down 25 frers if highs because you've microsoft and oracle hold up microsoft green for the month of

ceo manager john donahoe, even though he is overing over to nike i know it freaked people out bill mcdermott track record the fact that he is leaving the software as a service industry did make investors nervous of course. service now reported a fantastic quarter, and then both donahoe and mcdermott came on our show, gave us a very bullish outlook, confirmed that we all suspect there is no reason to question the drivers and the softwares in the server space we also got a very good quarter from microsoft, which that is on fire here. so i want you to put it all together and i am not, tonight, tonight giving you my blessing to pick some of these downtrodden cloud names. the ones i've been worry about, adobe bay, vmware, salesforce, splunk, twilio, five9, ring central. today the cloud stocks proved they can bounce. after months of value, even after this evening's amazon shortfall, it spooks up because of its giant dominant web-based service. buying the high quality names right here just keeps them powdered dry in case they get hit once again, and we've got a 2016 on our hands and not a 2018 one.

let me ask you what it means to lose bill mcdermott. he has been a force behind s.a.p. r a decade now. really a legend in the business, in the industry. what does it mean for you to lose bill? thanks for having me, first of all, and thanks for the question. the and i and the rest of executive cohort have been partnering for a long time. bill, also a team of course, performed remarkably well, have set s.a.p. on a new strategic path and we are continuing to benefit from strategic choices. while it was surprising for all of us that bill announced his decision to not renew his contract, at the same time, one of the biggest qualities of a great leader is that you leave a sustainable legacy behind. i feel that we are very well placed with a strong executive team. we have two new co-ceos, who have been on board for a long time, who have helped to shape the strategy we have all embarked on as members of the executive board. continuity will see and leading from a position of strength. we had great quarterly results. we are on track to meet short-term and midterm ambitions. while

bill mcdermott is stepping down as ceo of s.a.p. he will be replaced by co-ceo's. about a decade, mcdermott led europe's largest software company. he embraced cloud computing and transitioned s.a.p. through acquisitions and revamped products. aregn renault and nissan working in sync to put the carlos ghosn era behind them. the french automaker naming their cfo as interim ceo after ghosn's number two. that is your bloomberg business flash. alix: thanks so much. the unprecedented blackout in california is coming to an end, but public anchor continues. governor gavin newsom blamed the company for not hardening its grid. on the phone with more is kit konolige, bloomberg intelligence senior utilities analyst. how does this play out over the next few weeks? kit: i think the company hopes for no more high winds and dry conditions. they are really between a rock and a hard place. , if they have fires that occur because they didn't cut off -- alix: speaking about power, looks like we did lose connection there. kit konolige of bloomberg intelligence. stay with "bloomberg day

we are hearing that sap has appointed two george ceo's to take over from bill mcdermott, who has announceding down after leading the company for a decade. he will be replaced by jennifer morgan and current coo kristin klein. it comes off the back of their quarter profit that topped analyst estimates, signaling renewed momentum in the companies transition t -- company's transition to cloud-based computing. business in the city has been substantially this is negative. bloomberg. ♪ ♪ from the couldn't be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today. paul: asia's major markets are about to open for trade. shery: i am shery ahn. sophie: i am sophie kamaruddin. welcome to daybreak asia.

. >> bill mcdermott out as ceo co-ceos there as well taking over, but they reportedbetter. know you're a closet charter, david a lot of people said you know what's going to happen with apple? the fable double top it can never take out that high. >> you tweeted about this early this morning. >> guess what, haters of tim cook and all the things that he's done that you think are nothing, the double top is no more now it just looks like base camp four and everest everest used to be my dog's name before it became nvidia sinv --a they've got the lev new stream, paying $11 every month he's invented nothing, david, nothing. you can't get the watch because it's sold out, but he's done nothing. i want to make that clear. he's been worthless, right because we have people come on air, best days behind them stock didn't tell the truth. what matters is the soul >> are you going to cover any of this tonight on mad? >> i may have to because i have mickey drexler won who was on th board of apple the greatest retail store of all time yes, if you want excitement, go to the retail store at the

their ceo, bill mcdermott, he's been there about ten years and he's stepping down.out wendy's. they are going up big after reporting strong sales and a rosy outlook. nice gain there. 2% up on wendy's. 20 bucks a share. >>> bitcoin, i'm guessing it's around $8,300. got it. the price of gold, i'm guessing it's below $1500 -- yes, it is. $1489. i do know what's coming on the screen. to be honest. >>> look at this. the price of oil. an iranian tanker attacked in the gulf outside the port of jeddah and the price of oil only goes up 49 cents. susan: what about gold not going up when there's a tanker strike? doesn't seem like the dynamics exist anymore. stuart: thank you, american frackers. don't you love them? the yield on the ten-year treasury, what is it? whoa. i would not have guessed that. susan: really? stuart: no. yesterday this time we were around 1.55. now it's 1.71? good lord. that's an extraordinary move. that's money coming out and the price going down. susan: that also indicates there's probably less probability of an interest rate cut later on this month as w