shares of cirrus fell as much as 6% in early trading before recovering some of that loss.ark gurman about this and the measures apple is taking to try to sell more iphones. mark: they are not actually cutting prices per se. they are advertising a lower price which makes it so interesting. they are advertising the iphone xr for $300 less than it costs. this is a marketing tactic you might see from samsung or huawei or some of the carriers for at&t. this is a new type of effort for apple. this is not something we have seen from them, basically disguising the price or saying it is something it is not. this is a trade in deal they are boosting, so this is a new, aggressive tactic and it was unbelievable to me following apple for so long, and seeing a banner for a $300 discount that is not really a discount at the top of the page. emily: you do not think about banner ads and discounts associated with the iphone, however those are being delivered. talk about the marketing shuffle. they have put additional staff on trying to make sure they get more iphones out the door? mark: abo

. >> last night we had the conversation about cirrus logic and lowered guidance second time in a month what does it mean for apple? steve said probably trades and revisits the 171 level or so my question to you and basically the audience was has of move from the 230 to 175 priced that in that's the calculus you have to make but there are names that if you can take the emotion out, which is a difficult thing to do, people will say, i would love to buy amazon at x or apple at x and it's there and they pull away because they didn't think it would get there for the reasons it did the market never gets to your levels for the reasons you want it to. it always looks scarier than it might be. >> can you give us a name. >> well i think apple is interesting. >> okay. >> i do think the selloff from 230 to this 175 level has taken into consideration a lot that cirrus logic said last night. >> i think you have to go with home builders. so beaten up you look at results from toll today it cascaded through the space for a host of reasons. this is a trade that has not worked it hasn't worked thus far b

today, ap it is foggy by walnut career, but by 11:00, peaks of sun, and then invaded by the high cirrusuds this afternoon. we will bring in the storm impact scale for the early morning hours of monday morning with light showers and breezy winds at about 20-mile-an-hour wind gusts, and to h midnight north to clear lake and santa rosa and by 3:00 or 4:00 in the morning, you will have rain in the north bay and then it falls apart by 6:00, so you may not see the rain at all in mountain view or the livermore valley, and maybe a few 00 drehundredth but it is certainly a cool afternoon with the limited sun and the accuweather forecast a allowing for a little bit of rain, and then we are dry and cool throughout the afternoon. midweek, no weather systems to speak of and perhaps some rain moving in by next friday and the downloader accuweather app to keep track of the rain and the temperatures. >> yesterday, i thought that it was surprisingly warm, but it is changing a little bit today and the jackets and the scarves. >> yes, for sure. >> thank you, lisa. >>> abc 7 news's brand localish is sharin

. >>> cirrus logic is cutting its revenue outlook citing weakness in the cell phone market here's why you care. cirrus logic is a big supplier to apple they join other apple suppliers who cut guidance they're down 6%. >>> smartsheet reporting a smaller net loss revenue rose 59% beating forecasts. this is a cloud softwaremaker. they saw the number of customers with large contracts more than double the company went public in april. shares are up 50% since the ipo. >>> so much more to do on this busy tuesday up next, could the cartel crumble? one long-term member quits opec. >>> and bracing for a slowdown why one market pro is raising the red flag on the global economy. he'll make his case when "worldwidexcng rls o ehae"oln. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memor

we have a market flash of cirrus logic. >> melissa, stocks are down as much as 10%.wn 5% or so the company saying it is reducing its expected revenue from 300 million to 340 million that's down from 360 to 400 million due to weakness in the smartphone market. the stock is down 11% in the last four weeks. last week, corvo slashed their fourth quarter guidance. this is another smartphone supplier cutting the guidance because of the weakness in the smartphone market. >> guy, you're pointing out this is not the first time cirrus cut. >> no, they cut november 1st they took revenue guidance of 420 million down down to 3 of60 down to 340, 300 i'm surprised the stock is not down more than it is maybe the fact that it's been going basically lower for the last couple of months is buffering some of this people will say is apple going to be on the back of that? >> yes. >> the question is did app already get hit. >> that's the question for them to come out and cut guidance just after a month, right, after cutting guidance, it tells you that maybe the smartphone market got materia

logicchip maker cirrus says weakness in the market could cause third quarter earning to come in lower than expected. comings on the heels of apple suppliers reducing out looks in recent weeks. >>> and apple is now reportedly turning to promotions to drive sales of iphones. bloomberg is reporting now gnat tech giant mass instructed some of its marketing staff to sto working on current projects to focus on improving f demand the company's newest iphone. sincehe initiative apple has offered a number of of trade in offers that reduce price on iphones for sale currently. >> does all of that mean the company may have reached peak iphone sales? if so what does it mean for the stock? we are joined by timothy lefkoe thanks for beingitus. >> thanks for having me. >> is it that iphone sales peaked? or people are waiting longer to upgrade or renew with a newe? ph how do you feel about it? >> well, i think that y're finding that with the higher priced iphones and with the cycle seemingly stretching out where peopleight be waiti two or three years to upgrade the iphone that there is aer co that tha

tamil tiger rebels but in october sri lanka was plunged into a constitutional crisis when president cirrussr appointed rajapaksa as prime minister and unceremoniously sacked. within days thousands turned out to show their anger at serious in his decision and since then there have been demonstrations supporting and opposing rajapaksa and on the negative this is not good. prime minister he finished the war and was developing the country our people our gratitude for all of this happened because mahindra did not have a majority in parliament when a country is on stable it is difficult for people like us to make a living. sri lanka has now been without a functioning government for nearly two weeks after a court suspended rajapaksa and his cabinet when they lost to no confidence votes and on thursday the supreme court ruled that a decision by the president to dissolve parliament and call a snap election for early january was unconstitutional. rajapaksa his decision to step down is unlikely to maine through lanka's political landscape can return to a kind of normality in a time soon. brian al-jaz

the smart phone market overall point.ing a saturation cirrus logic, in their most recent filing, 82% come from apple. that is a big chunk of their revenues. that is the most i have seen for many supplier to be even dedicated to a single company. it is not great for their business and their shareholders, but that is indicative proof that this is an apple-related problem. emily: 80% of revenue from apple, that's reliance if we ever sought. thank you as always first -- if we ever saw it. thank you as always for stopping you buy. -- stopping by. popular question and answer discovereda said it users have the data compromised. this is due to the unauthorized axes by a malicious third-party. users may have had information compromised. quora made the discovery friday and has notified officials. wells fargo's expected to spend $9 billion on technology this year, about $800 million going specifically toward cybersecurity. said the bank is on track to achieve its expense targets and that net interest income will be up this year. coming up, robo advising software company will front wants to auto

also cirrus logic.g forecast due to weakness in the smartphone market oh, boy. >>> let's switch gears now talk about a new activist short selling called morality shorts here with more on that and his position on the u.s./china trade truce is famed short seller -- so young but he's already famed. carson block of muddy waters capital and activist investment firm you must have a good record, because you don't have a lot of wrinkles >> i don't look famous >> you don't look old enough to be famed at this point but you can do a lot in a brief period of time. >> this business i'm in does put a lot of mileage on you. especially activist short se selling. >> andrew's going to be very sorry he missed this, but i don't think it's the same as the larry fink mode. >> no. >> this is different can you distinguish it from socially responsible virtue signaling investing which we see a lot of now >> yes so i haven't studied esg in depth, but i'm skeptical of it i think it's basically a fig leaf that kind of allows compan

saturday afternoon mostly sunny skies, high thin cirrus clouds.ing we go cloudy, but no rain. sunday evening, the majority of the bay area is dry until sunday night. monday 3 a.m. the rain will cross the golden gate. how much rain? because it lacks the jet stream support and the storm is so far away, the front's coming through and we get less than 1/4 inch of rain, about 1/7- inch of rain predicted for san diego. the milder sunnier weekend day is tomorrow, cloudy sunday, dry during the daylight hours, rain sunday night and likely leading to a slippery monday morning commute. a lot of 60s tomorrow including san the east about a. you'll get a slow start because -- bay. you'll get a slow start because you'll be cloudy. 56 in pittsburg, 57 danville, 58 vallejo. mill valley sunshine and 57, cloverdale 60, st. helena 62 degrees. sunday night and monday morning there's your rain chance. we dry out again tuesday, wednesday, thursday, a more significant rain chance possible this time next week. that's your forecast. >> paul, thanks. >>> the bay area compan

anyone surrounding president trump, cirrus sanders stormed out of restaurant.from the left does impact decision-making of people wanting to work for the white house the mecca comment i thought over the weekend, it's the new phase in the other big thing is the reelection campaign. you need someone in a much more political than john kelly. does that sound like a sensibl's sensible way to go. >> i think that's why he hired rudy giuliani. he has a legal background as well as a political background and you need the same thing your chief of staff because you do have to lay the groundwork because the 2020 campaign essentially has begun. it will be entertaining for the president if you running against three dozen people. there are still quite a few landmines us especially with the bourbon women that they have to overcome and navigate. you are right about that. it's really tough to find people who want to do that job. hopefully john kelly was able to lay the groundwork for better systems within the white house because i think every administration has stumbled when the p

you can see we do have some cirrus clouds right here in the photo.tween what we're seeing in the sky and the clouds, it's just too entirely different. so we're definitely ruling it out as any kind of cloud formation. there was no airplane crash we know of that as well. it's not something from something devastating like that. i just saw some video that is now starting to populate, i was tagged on in twitter. and it appears like this could be a meteor. right now maybe a meteor fireball. it happened around the 5:00 hour. two bright flashes with this. again, visible for miles and miles on end. not a cloud formation p likely a meteor fireball, which basically is a very bright meteor. so that's what we know right now. we are waiting on confirmation from the american meteorological society. they take in these reports. and we're going to get more eyeballs on this. right now not a cloud. likely a media fireball. any more information i have coming in from this photo, i'm going to share it with you throughout this hour. >> very good information, jeff. we're als

also more bad news from an apple supplier too this time cirrus logic and it follows other disappointingnews from other aphim suppliers. so gorilla glass, japan display. and bloomberg reporting that marketing staff has been moved to bolster sales of the latest and greatest hand sets in what they are calling a fire drill. so how do bulls respond? they will argue the is selloff is overdone, they will say suppliers are not always a reliable indicator when it comes to actual iphone demand. and they will mention possible tail winds like certain visits, gross margins ticking higher and buy backs. apple trying to stay positive here, up about 5% so far this year >> and we'll keep an eye on it of course. let's get the trade on apple though mike santoli is at the nyse. >> and down here can you believe apple is a few bucks below the last time we were on tv together getting crushed for all the reasons that josh ways just talking about. there are peak iphone concerns and of course the logic news and let's talk to our advisers about where it goes from here. mark, are the major trends broken the stocks

after his sacking set off a political crisis took the oath of office before president metropolit cirrus sr the man who sacked him. the same with our top story the murder of jim our fresh agi germany's foreign minister has told edges in a more countries should follow burns' example in ending arms trade with saudi arabia signal gabriel was a member of parliament made the comment of the doha forum when asked about the murder of the saudi journalist we stopped for example or delivering of defense of defense materials and capabilities after the question of the case you think more countries should follow that when you look at an investigation that hasn't even accounted for where a journalist body is after he's gone in a consulate many people say that's simply not an acceptable vesting of course it's not acceptable and i mean it's also a tragedy we should not forget there are relatives because she had a family and i mean the killing of mystical shogi is a catastrophe but it's for the family and the relatives is. a very bad situation that they are not even able to bury the body and to have a pl

but with a historic verdict yesterday from the supreme court that found the prison my three palace cirrus sr had violated the constitution but by dissolving parliament and calling snap elections essentially in the rajapaksa seems checkmated there is also a petition before the court of appeal challenging his authority and the authority of forty eight of his ministers to hold office and in the meantime till it's heard mine the rajapaksa has a restraining order preventing him from acting in that role israeli forces have arrested forty palestinians in the occupied west bank it says thirty seven of them are members of hamas including three senior leaders the rest come as the army intensifies its search for a palestinian gunman who killed two israeli soldiers at a bus stop near ramallah on thursday china is suspending additional tariffs on us made vehicles and auto parts as part of an ongoing traitress of washington terry holt will last for three months and it starts on january first. now coming up next we look at the hidden motivations behind the actions of the world health organization that p

the transports were down almost 4.5% the nasdaq very tough, down 3.8% apple didn't help with cirrus logic having supply issues another supplier that had really not great earnings joining us for what we'll talk about now is chris retsler and peter boockvar we snuck up on the old highs we didn't get there, but 800 points off the dow brings us back to 25,000 and change. on the s&p we had seen some tests of the 2650, 2640 area, we're barely above 2,700 it was a big move yesterday chris, did you see commensurate volume pick up yesterday i heard it was a weird mood yesterday. >> throughout the day, comparing to the average daily volumes out there, the underlying stocks did not show a lot of concern to me as a portfolio manager >> the vix didn't even get to 20 again. >> if you're out there to buy or sell you would probably move the market there wasn't a lot of volume behind it you did see more volume in the etfs, it's a quick way to take risk off for somebody like myself a long-term investor, i wasn't panicking. we were thinking more there is a u here in where we would be in a recovery so you ha