we will see what is on chuck robbins's mind.vonnie: welcome back to "bloomberg ." shares of fitbit down this morning. the priced shares in secondary offering any discount to yesterday's closing price. the number of shares sold was reduced to 3 million from 7 million. the $29 price is more than 8% below yesterday's closing price. 256,000 souls because the steering can fail. the recall covers certain souls from the 2014-2016 model years. the recall will begin december 22. --ces declined in october the light trucks are to blame. the consumer price index is the biggest in eight months. that is the latest bloomberg business flash. matt: individual stocks moving, starting with yum! brands. they said october same-store sales in china were up 5%. that makes investors very happy. kfc alone up 10% in china. the company has had a real chicken problem in china. that is alleviating now. they expect 4% same store sales growth in this current quarter. loco came out with an earnings forecast that disappointed investors. it will earn $.69 a

tomorrow, don't miss chuck robbins on bloomberg tomorrow morning. apple has changed the way we communicate and wants to disrupt the way you will pay for things. they are in talks with banks to introduce a new peer-to-peer payment system using phones. instead of flinging dollars, making it rain. it will be a feature of apple pay. it will compete with paypal's platform. coming up, they call it the last mile of delivery. linkedin defending yahoo!'s controversial pledge demands. ♪ cory: angie's list climbing to a one-year high. yelp also rising to a three-month high. gopro, shares of the camera on a stick sunk 8%. gopro now down 63% this year as it faces competition and weak orders. doordash is getting sued by in-n-out. the burger company claims the delivery service infringed on a trademark by using a fake in-n-out logo. in a now says they never is authorized doordash. we reached out to comment with no luck. there are also no in and out burgers in new york, which is a tragedy. we wanted to have you on for a while now. this business is somewhat similar t

listen tos chuck robbins, ceo.1, we saw lower growth driven by uncertainty, primarily outside the u.s. cory: what is your reaction to that? >> cisco generates 90% of its revenue in u.s. dollars. of that remaining 10%, the company said two percentage points of its guidance -- it's a guidance was taken down by two percentage points in a little portion of revenue alone. the remaining 90%, you are selling in dollars in countries where their currency is falling relative to the u.s. dollar. cory: if any company were to use , theollar as an excuse impact would be substantial? >> definitely. they are a global company. when the dollar goes up, it raises prices. talked wonder too, you with enterprise hardware companies, when you compare cisco to hewlett-packard or ibm, ciscoe these guys -- doesn't have such great insight. >> exactly. of thefirst decade century, they were growing at an average of 13%. now it is down in the 4% range. that is not as good as it was that it ain't terrible. the question going forward, will they re

i was interested in what chuck robbins said about china. from an order's perspective. growing over 40%. companys the first tech to forecast the slowdown in china over a year ago. and we hit the bottom here in china -- have we hit a bottom here in china? >> it is a much more complicated situation than that. all the companies in asia that are heavily dependent on the bad.se economy were pretty what they said about china was a bit more specific because you remember a couple years ago, had the security leaks situation and that is what really got cleaned out in china. we are getting a bounce back specific to cisco from the bottom rather than cisco coming up and saying hey the chinese economy is great. thank you so much for joining us today from san francisco. what i found interesting in this report, thanks to our analysts at bloomberg intelligence, cisco's legacy business still dominates in terms of revenue. the switch and router business clearly is the one that is driving so much of the revenue. the growth rate has slowed down, but in terms of

. >> this is the second earnings call for the new ceo chuck robbins. focus of the west coast wake up. with insight from san francisco, is ian king. a lot of focus on chuck robbins, what has he done and said to show the direction he is moving cisco in? is one of the outstanding questions people have. his firstimeout was people are getting a taste of who he is and what he might bring. i spoke to investors and we want a bit more from chuck which is not john chambers that will show us what he finds and thinks is important for the company. so far, all he's talked about has been security. he thinks this is a potentially big area they can expand into. security numbers were a bit disappointing last timeout. >> sales came in up 4% from last year, 3% growth before this quarter. will we ever see a cisco that goes back to 13% year on year sales growth? ian: that is the question on investors minds. about 4% this year, maybe the after that. people don't believe those nubbers are coming back. i asked robbins when i met him a month or so ago was it possible, he smiled

that is chuck robbins, the ceo of cisco. the ericsson guy had the swedish accent. cisco guy was the texas accent. what do justin bieber and i have in common yet go we both had short-lived careers as a chauffeur. bierber acting as a lift driver for unsuspecting customers. lyft users will be able to buy his new album "purpose" for five dollars by ordering a lyft in bieber mode. lyft is hoping to compete with other apps like uber. square's ipo could cross the dreaded down ground rubicon, but can other tech unicorns learn ipo?hing from the square we will talk about it with one of the hottest ceos in software, koopa. we will give you is to pick at a 3-d printed aircraft next on "bloomberg west." ♪ cory: we are going to see michael's feed, close advisor to german chancellor angela merkel. he will join "bloomberg surveillance" at 5:30. don't miss these interviews and more on "bloomberg " and "bloomberg surveillance." i will be there. squares ipo has brought to light that private valuations are not what they seem to be. payments in the company's ipo puts the company's

anticipating that chuck robbins would lay out a different plan from john chambers.'s switch over to nordstrom, which just reported disappointing numbers. third quarter earnings per share , $.42, $.30 short of what analysts had anticipated. lighter than what analysts were looking for. ,ere is where you see the mess 9/10 of 1% gain for the third quarter when they were looking for 3.6%. likely to rise slower. you see the pain in the stock price, off by 17%. is where the rich people are supposed to shop, right? gap betweening a discretionary and nondiscretionary spending. the retail look at names and be worried about the broad u.s. consumer. there are a lot of nuances between companies that do well and do not do well. a much stronger e-commerce presence may be doing better with the millennials driving spending. they prefer to shop online. so we follow trends closely, and broadly speaking, we can't look at individual company reports and say the consumer is not doing better. we have actually got a fundamentally stronger consumer spending and consumer spending has been gro

ceo chuck robbins blaming the strong dollar and weak global economy or the lowered outlook.he stock is under pressure and the issue here cisco is so critical to so many industries it is really indicator that business is not as strong as many people expected. jo, cisco, obviously a gut check for the entire technology sector. what do you think the ripple effects will be? >> continuing to see the move over into software and cloud for so many bellwether tech companies that provide hardware. the one bright spot, look at conferences technology, versus router hardware, it is doing better. it grew 17%. they expect it to continue to grow. cisco also with this new ceo, chuck robbins moving in new direction, shutting down businesses making expensive acquisition. we'll see what kind of ripple effect it has in the current quarter. zero to 2% revenue growth for the current quarter is very flat. >> the stock -- i was saying stock was already underperforming this year. up only 3%. that was total return through yesterday. with nasdaq up more than 5 1/2%. maria: so they're talking about inter

we will sit down with cisco cbo -- cisco ceo chuck robbins.we talk a grexit and the referendum. today we had the british bankers association saying that the u.k. needs action to keep tanks in london. -- to keep banks in london. we have a great guest in new york, adair turner. given what we know, should britain wish them the best of luck and send hsbc off, somewhere else where they would be able to tolerate a monster sized financial institution? adair: one of the crucial issues is what happens when a large troublee hsbc gets into hearing if you think this is a place where -- if you think that the place where it is headquartered has to look after it, then there is a big issue for a country being home to a monster sized bank. there is another way to approach it, which is to say we should think about a group like hsbc as being an agglomeration of separate banks, and if it got into trouble, the u.k. authorities, the treasury and the bank of england, would look out for the u.k. subsidiary, but hong kong would look out for the hong kong business. to

david: how is chuck robbins doing at the helm of this company?s goals was to narrow the focus of what cisco does. the partnership with ericsson announced this week is an important limitation of what cisco will do. cisco focusing on the core router business. ericsson also, they have some overlap and product. it's one of the things we will be listening for, what are their intentions? what are their development intentions in terms of having businesses that overlap with ericsson? are they going to cooperate? how is that relationship going to work? a lot of the questions on the conference call -- is erickson also, i read the transcript of the conference call. the notion that both companies will see an additional $1 billion of sales in 2016 seems very aggressive. they did not fairly explained that on the conference call. we might get asked to flesh that out a bit. will see you expect we more partnerships like the one that we saw with ericsson? it's hard to imagine anything else quite like it. thenotion is leveraging sales tax more than anything else, a

chuck robbins will be here live. >>> are restaurant stocks sounding the real alarm on the economy?solar stocks getting smoked. find out what the secret is to sun power's success. why should years of citi history matter to you? well, because it tells us something powerful about progress: that whether times are good or bad, people and their ideas will continue to move the world forward. as long as they have someone to believe in them. citi financed the transatlantic cable that connected continents. and the panama canal, that made our world a smaller place. we backed the marshall plan that helped europe regain its strength. and pioneered the atm, for cash, anytime. for over two centuries we've supported dreams like these, and the people and companies behind them. so why should that matter to you? because, today, we are still helping progress makers turn their ideas into reality. and the next great idea could be yours. ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ ♪jake reese, "day to feel alive"♪ >>> the dow dropping 250 points, the worse day for the dow and s&p

falling 5% in after hours and off by 4.8% and on a programming note chuck robbins will be on squawk on the street today in a first on cnbc interview at 9:10:00 a.m. eastern time. you don't want to miss it. >> applied materials rose beating forecasts on higher demand for equipment to make smartphone and memory chips. they benefitted from increased demand for tools to make 3-d chips which hold more data and are used in smartphones. implied materials rose by almost 3% in after hours currently higher in germany by 1.5%. >> let's talk retail. in ord nordtrom reported disappointing quarterty results. department sales began to fall in august across all categories including online and at full and off price rack locations. they moved quickly to mark down goods that weren't selling. as a result it did not end the quarter with excess inventory like rivals. macys for example. nordstrom falling in after hours trade. off by 20%. >> now syngenta told cnbc it has no comment on a report that it's rejected yet another takeover bid. the firm is said to have rebuffed the $42 billion offer. this time from

chuck robbins has been taking no prisoners and making alliances that seem smart to me. my charitable trust owns it. the stock seems stalled here. finally we get to the end of the retail charnel house. the new ceo has his work cut out for him. i wish i could recommend j.c. penney at a juicy $8 stock but it's the same as j.c. penney's as any other retailer. bottom line, many stocks will be dinged by rate hikes but all is not lost, it will just be harder to find the stocks that will work. we'll still be fighting the fed and the fed can be a powerful enemy. it's too aggressive against the real turn in the economy that it last seems at hand. trevor in florida, trevor. >> hey, jim. my question is regarding etsy. after posting a third quarter loss, do you see that as a buying opportunity? >> okay, there are two major companies that are located in brooklyn, bar san miguel, which i'll be hosting tonight, and etsy. i have to tell you, only one of them is investable and it ain't etsy. i don't like that business and amazon is coming in there. if amazon went into small plate mexican

chuck robbins with us tomorrow. jim, a lot to talk about. >> the stock has not done that much. sheet. it has a lot of momentum, more than people realize. then again, i want to point out, we're at a moment -- they're not as dollar sensitive as people think. this is not a agreement moment for tech. a downgrade of oracle yesterday. ibm goes down a lot. other than pure cloud plays, it's been very tough. i'm not going to hold it against chuck if he doesn't blow the doors open. >>> let's get to jim and stop trading. >> i like the fact there are pockets of strength. the drug stocks are starting to come back. but look at ge. ge hit a 52-week high. rolls royce reports that negative. you'd think that would go right through. new high for this year. and yet ge is being read through as a takeaway positive from rolls royce because rolls royce is using business in ge. it's just really interesting. the fastest growing large cap industrial in an era where people keep selling industrials and a lot of this is because of the share take, a lot of it is because of good management and a longer financ

says to chuck robbins, the ceo, we continue to beat cisco handed ly quarter after quarter as we haveone this quarter. fighting words, david! they'll get mr. robbins to say, is that true? this is a beatdown! he's saying, listen, cisco, not even a factor. n.a.f., not a factor. j.a.g., just another guy, as they would say on espn. j.a.g. calling cisco a j.a.g. just another guy. what do you think of that? >> that's fascinating. i like when there's tension. >> you do? good. >> controversy is good. >> yes! palo alto. it was a beautiful quarter. david, 61% year over year billings. 71% growth in deferred revenue. they have earnings from here to the sky! david hack is back! >> hack is back and we're back after this. >>> you're watching cnbc's "squawk on the street" live from the financial capital of the world. opening bell in about 30 seconds. a busy morning, especially for geopolitical concerns, that russian jet shot down near the border of turkey and syria. futures have been lower this morning. let's get the opening bell and a look at the s&p at the bottom of the screen. at the big board, it

don't miss tomorrow a first on cnbc interview with cisco ceo chuck robbins.hat's on "squawk on the street" at 9:00 a.m. eastern. >> i would say that expectations weren't high, the stock is down a dollar, they guided down a couple cents for the fiscal second quarter. i haven't seen the revenues guidance but you have to remember the last time this company reported was august 12th. the pboc had just devalued their currency so if you look at the dixie, the dollar index, it's up a couple percent. cisco gets more than 50% of their sales from outside the u.s., china is a big gross area. the whole fear about waning global growth and the currency war that we are in and the dollar there is no other way for it in the near term to go up this is going to weigh on u.s. multi-nationals. a stock like cisco has been trading between 25 and 29 bucks basically for the last six months i expect it probably finds its way back to the midpoint somewhere in the mid 20s but remember -- >> go ahead. i'm sorry. >> this is a cheap stock, a 3% dividend yield and i just don't expect this th

tomorrow, cisco ceo chuck robbins. stick with us. we will see you tomorrow at 7:00. ♪ . . london, and 11:00 p.m. in hong kong. welcome to bloomberg markets. betty: from bloomberg world headquarters here in new york, good morning. i am betty liu. here is what we are watching -- banks --of two central the fed going one way, the ecb the other. so, what does it all mean for the dollar as global policy black want walmart best' friday bargains? we will talk about the holiday strategy for the world's biggest retailer. he is still a knockout. oscar de la hoya used to win championship fights. now he promotes them. we will hear about the business of boxing. we are about a half hour into the trading session. i want to head to the markets desk where julie hyman has the latest. we are also watching oil inventories. julie: they will be

cisco ceo chuck robbins. i will begin with you. lt to manage and often unsuccessful. why do you think this one will be different? chuck: it is a good question. if you go back to the history of this partnership, we started the discussions about a year ago. i think we really focused on what is good for both companies that is also good for our customers, that leverages strength. you see two market leaders coming together. number one in several markets, bringing those assets together. the other thing that has happened over the luster is we have developed a great deal of trust between our organizations. -- of trust. two marketought, leaders bringing their assets to bear. stockholm, you'll had a re-grievant with cisco's main competitor in carrier class routing. a two-part question. does this mean the retail agreement has done, and secondly, did you even consider just buying juniper instead of partnering with cisco? >> i think we have been on this strategic journey for quite a while. we outlined it in 2010. we looked into all the potential