that's 20% of their workforce according to tech site crn. the announcement is expected over the next few weeks. >>> in campaign 2016, donald trump is making changes with his campaign and hillary clinton is bracing for potential republican attacks after the fbi released notes from its investigation int her email server. craig boswell reports. >> reporter: donald trump is shaking up his campaign staff with less than 90 days to go until election day. steven bannon who runs breitbart.com now joins the campaign as its ceo and kellyanne conway joins as the new campaign manager. paul manafort will remain chairman but with a diminished role. >> steve bannon in particular is one of the toughest most aggressive most negative operatives in america today! and that signals to me that trump rather than softening his approach is going to double down on being a tough in your face campaigner. >> reporter: trump says he doesn't want to soften his approach. >> i am who i am. it's me. i don't want to change. everybody talks about oh, when are you going to pivot

they said, quote: we have no comment on crn's reporting.reported our restructuring plan in our filings, but we don't have any further comment. so it would appear that there's a discrepancy between what crn had been reporting, the 14,000 or 20% of cisco's 70,000 global work force and then what we saw aftethe earnings, what was it, 5500 people or positio would be eliminated. liz: yeah. i know, it's just a very, very big question here. i need to get to walmart too. it's much better news over at at wal-mart. second quarter in a row, they did extraordinarily well. and this after a january 20th announcement that they were going to pay their workers more. everybody would get a minimum of $10 versus $9, and you had a lot of experts saying that's going to kill walmart's sales. it apparently has not, adam. what are you seeing there? >> reporter: you see it in the numbers. same-store sales were up 1.6%. here's what they said in the earnings report, operating expenses increased 8.3% due primarily to the announced associate wage increase and investments

there were conceis crns thld be the last season of the show because the cast is only under contract through this year. but the present of cbs said he is confident that they will get everybody back and the show wi continue..o cf1 o so breathe easy, fans. >> that's me, i'm breathing easy. >>> coming up next, joey fatone on the nsync reunion. >> we didn't leave on a bad note. >>> breaking news on a new ocean which stars are taking the place of clooney, pitt and damon. >>> and chris pine gone rogue, smokg, the crazy mustache. he tells us about recent strange behavior, in song. >> like a cowboy. -- captions by vitac -- >>> our own cameron mathison is opening about his home life in the latest issue of "in kids. >>> i love seth roges laugh. >> do you have an impression o him -- his laugh. >>o. [ laughter ] [ laughter ] >> not surprisg that he has a derogatory impression of me. his arsenal. >> actually those were all pretty and that was just some of the fun at last night's premiere of "sauge par." want tknow all about, joey fatone was there, giving us the scoop of the nsync reunion. >> we were ther

crn report quoted people within cisco saying that they will catch up as we heard earlier commentator say. they need to catch up with cloud computing. need to shift from hardware into software. that seems what they are going to do here. they promise restructuring will not only eliminate but reinvent substantially all the cost savings from these actions back into the businesses and continue to aggressive invest in focus our areas of future growth, i.e., cloud and analytics. ashley: thank you, adam. 5500 job losses as opposed to 14,000. better than feared. melissa: as more insurers bail with obamacare you could be left with no coverage, and on the hook for a big fat fine. how is that possible? what you need to know about the future of your health care plan. ashley: fbi turning over notes on the interview with hillary clinton in congress. but the information is so classified. how classified? no one on the committee has complete access to them.pens no? melissa: that is insane. donald trump getting down to work with leaders in law enforcement in new york this afternoons as questions surrou

steven bamnon joins as ceo and kellie ann crn way joins as the new campaign manager. paul manafort will have a person and push them aside like they did to paul manafort. >> reporter: clint mocked clinton saying that trump will be trump. >> he is still the same man who insults gold star families, demeans women, mocks people with disabilities and thinks he knows more about isis that happen our generals. there is no new donald trump. this is it. >> reporter: clinton did not and republicans are dissecting notes to see if she perjured herself when she testified on benghazi. clinton maintains she told the truth to congress and the f.b.i. craig boswell, the white house. >>> and a new poll shows that clinton has large leads in battle ground states of colorado and virginia. in iowa. lisa? >>> the virginia man who climbed trump tower with suction cups planned the stunt and waited until his parents were out of town driving to new york city. he used the suction cups, a harness, and ropes, and police ultimately stopped him. he said he had a marriage for trump who was in the buildi

willding to crn, they announce the layoffs in the next few weeks. cisco has been shifting toward software-based networking products which requires workers of different skill sets. the ceo declined to comment. japanese shares climbed on thin volume during wednesday's trade. exporters gained as the yen halted its advance. it's the second time this year the japanese currency rose above that level. global news, 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. this is bloomberg. , thank you.e than the fomc releases minutes from its july meeting later today, coming off hawkish to some officials, as investors look for more evidence that the fed may be ready to move. havee last 24 hours, two suggested that the september meeting is a live one, and while the market remains skeptical of a fed hike this year, it has risen above 50% for the first time since brexit. to be honest, that number needs to be near 90% for ta price in. we have a senior investment manager with us. good morning. the market doesn't believe peo

the reports come from an industry news group called crn. they in turn are quoting anonymous sources. our sources at cisco aren't confirming anything. san jose -- cisco, rather, as you point out, san jose's largest private employer. now, we've been working the phone, working our sources. i talked to my colleagues at cnbc. they're quoting the same news report we are but we're working on getting better information. cisco does report its financials of a closing bell today so we can ask them hard questions there. cisco is pivoting like many other companies for making boxes, server, computers into a company to works as software as a service. you saw it ibm and hp and now cisco. the markets started tuesday at record levels and then back down a bit. we get the minutes from the most recent fed meeting about 11:00 a.m. our time. ford brought a couple in morgan hill that makes the sensors you see on the top of this ford fusion. ford also says it's going to expand its palo alto research center already world class into a major center for autonomous cars

according to a report from an industry newsletter called crn.an jose. cisco is one of the largest employers in the south bay. the largest employer, in fact, in all of san jose. 14,000 would be one out of every five workers at cisco. when you look worldwide. that is a big cut. but again, we have a single source on this and cisco won't talk about it. it does report quarterly revenue this afternoon. so they will have to talk then. now, if this news is true cisco would go on our scoreboard. here's one of the largest high-tech job cuts ever though. hewlett-packard always takes first place. they are cutting all the time. 33,000. microsoft cut 18,000. cisco would come in at 14,000. and intel would have 12,000. you tend to forget about that intel cut. >>> other news, ford just bought a morgan hill company that makes lidar sensors used in automated cars. laser radar. ford is getting into automated cars. doubling the size of palo alto research center. hiring engineers that says it will have a fleet of automated car tons streets by 2021, just five years aw

check news site crn reporting that the company plans to lay off 14,000 workers the that is almost 20% of the company global warm force. the cuts reflect hard times in the pc industry. cisco is transitioning from hardware to software. microsoft and h.p. and intel have all announced plans to cut tens of thousands of employees. roads in disrepair and crowded commutes two things the bay area is no stranger to. but you would be surprised how much they cost each year for the drivers. buckle up on bart you are in for delays. the traffic work will impact your ride. >> where in the world is ryan, the international dispute a mystery now surrounding the olympic swimmer after the reported robbery in rio de janeiro. it is now clearing with meteorologist mike nicco coming up with the forecast. stay >> just in, san francisco firefighters have just rescued a person from the surf as ocean beach. the fire department twicing this morning a couple of minutes ago saying the victim is a man and he has life threatening injuries. they are asking bystanders to avoid the area. we have a crew headed to the scen

according to crn, the layoffs will be announced in the next few weeks.een shifting its business to network-based software products, which requires different skill sets. on thin shares climbed volume. exporters are gaining as the yen halted its advanced after briefly costing 100 per dollar. it was the second time this year wentjapanese currency has over that level. global news 24 hours a day, powered by our 2400 journalists and analysts in more than 120 countries. i am they which a hitch. this is bloomberg. francine: thank you. coming up, oil halts its advanced. we speak to the former orbotech khelil.minister chakib skittish?s the fed so that is coming up on "bloomberg surveillance." as we head to break, meet one man who is bullish on the worst performing currency in europe. this is bloomberg. >> on a personal basis, i bought some sterling. we do not speculate in currency in the fund. always hedges back to dollars. our investors gave us dollars. we want to give them dollars back. on a personal basis, i think sterling may be getting overdone. so i do not q

cory: i would tap the brakes real hard on the crn story.worth -- things are not going that poorly at cisco. getting rid of one out of five workers just seems wrong to me. we will know after the bell. the possibility of some layoffs is certainly out there. but they are particularly aggressive. when you look at cisco and the world of technology, it is a business that has done better in the recent years where the others have had a hard time. when you look at the big names in technology, if you look at the last few fiscal years or the big tech companies, the likes of ell, sunlett-packard, d microsystems, they have seen year-over-year declines. cisco has not, except lately when it has. a little bit, then a little bit more. and then a little bit more. you are on the record as dubious about the number or size of the job cuts. overall if they make this transition away from the hardware business, is that going to be part of the trimming of the fat? cory: if you look back, there's a great function on the bloomberg where you can see the circles around

it was first reported by tech news publication crn.the layoffs will be in silicon valley. >>> and in the next half-hour of "cbs this morning," a comedian talks about the cancellation of his tv show. traffic and weather in just a moment. ,,,,,,,, >>> let's take a look at a traffic alert coming up here northbound 85 at fremont avenue. there's a pothole in the right lane of that freeway there. several cars with flat tires and this is a traffic alert because we don't know how long this will take to repair. crews are out there now. cars are going 13 miles per hour. also, in san jose, northbound 280 at 101 connector, four cars on the shoulder causing major delays throughout the south bay up to 11 miles per hour. here's a look at your san mateo bridge slowing down. "ro" it looks hazy. >> it is hazy out there, roqui. morning, everyone. we have areas of low clouds and fog, pockets of drizzle. clouds are down 300 feet deep delays at sfo on some arriving flights. 50s and 60s out the door. later today, a couple of degrees warmer than yesterday. co

this according to technology news site crn. the cuts are expected to be announced within a few weeks. transitioning from a hardware focused company. >> more retail. urban outfitters posting stronger than expected earnings, revenues and same store results. helped by higher demand for the name sake brand. certainly the stock is being rewarded to the tune of 12%. pop eye louisiana kitchen under pressure here. revenue falling short. fast food chain cutting same store sales forecast and the stock selling off. led light maker posting quarterly roults coming in below estimates. >> more stocks to watch this morning, barns and noble firing ceo after less than a year in the job. board says ronald was not a good fit for the bookstore chain operator. companies founder and current executive chairman leonard will postpone retirement. barnes and noble says it will continue to work on strategic initiatives. >> the bumler liquid day terrors winning in court against claims it did not warn consumers about a cancer causing chemical in flooring pro

a church in crn the gas and organized the give-away. miracle center international planned to fill up at least 150 cars. the pastor says they are simply trying to spread love. >> we just want to put a smile on the faces of the people just to let them know that jesus loves them. people are going through difficulties and hard times. sometimes a kind gesture like this let's them know that we're out there. >> i'm sure the drivers were smiling. >> absolutely. >>> how about this, new york city summer streets program returned to manhattan today. from the brooklyn bridge to central park and then park avenue were closed to cars so people could go out and, well, have fun. biking up and down the stretch was one of the more popular activities. an obstacle course for dogs was one of the special events there as well. summer streets returns next saturday and the saturday after that. >> always a good time. >> checking out the course there, wasn't he. u this evening for jeff smith. we love having you here. the reason that jeff is not here is because jeff

crn is reporting that this round of play-offs could be a lot more severe than what cisco did from 2011o 2014. it reports its earnings after the closing bell today. and if there are any layoffs, cisco is not commenting on this story right now, we'll likely find out at that time. a lot of earnings are coming in for the resale sector and not a lot of them are looking good. target and lowe's, each getting hit hard on their respective results. target did not meet expectations for the future couple of quarters. it lowered its guidance, says it struggled to get shoppers into its stores in the 2nd quarter. says that there's a trend with shoppers now preferring experiences over shopping. shares in target and lowe's are going down. stock market is lower as a whole. in just a few hours, a transit s some sober cisco shares down 2% in the early going. back to you. >> thank you, jason brooks from kcbs radio. >>> in just a few hours a transit expert tells bay area drivers some sobering news. we'll learn how much it costs to us use worn-out roads. maria medina is live in san jose on the study that may

tech news site crn reporting in less than an hour cisco will announce plans to axe 14,000 jobs from 20% of the company's workforce. they're not alone, cisco joining companies like intel, hewlett-packard, ibm, slashing and burning -- these are high-quality jobs. this adds to the massive number of layoffs seen in the tech world. 72,000 positions and counting in the last 12-month period leading up to march 31 of this year. should donald trump and hillary clinton be spending more time on the campaign trail talking solely about how to save and grow jobs like these that have been cut in such large numbers? let's bring in brad blakeman and democratic strategist craig beroga. when we are eight years beyond the financial crisis, isn't this issue number one to quote the great john mclaughlin, rest in peace, john mclaughlin. isn't this what we should be discussing? craig? >> absolutely, i think we should be discussing the economy, and talking about donald trump's bankruptcies which would indicate that the way he ran his businesses was about as successful as running his campaign. we should be talki

the tech site crn reports the san jose-based tech company will lay off up to 14,000 employees worldwide. that would be 20% of its workforce. more details about the cuts are expected to be announced in the next few weeks. >>> the city of san jose and some neighbors are at odds overdue wells plans to house the homeless -- over dueling plans to house the homeless. one would be trailers on a vacant lot near 87. the other a high-rise apartment with affordable housing that would take years to build. both have neighbors concerned about a spike in break-ins. advocates saying giving the homeless shelters and providing them with services is humane and will reduce crime. >> people are living outdoors as it is. so if you can build something quickly you can take people off the street, off the creeks, off the freeways and put them into housing. >> it's estimated that more than 4,000 men and women already live on the streets of san jose. >>> a big victory for the medical marijuana industry. a federal appeals court in san francisco is giving growers and users new protections. the court has banned the j

that's according to reports from technology news site crn.rtt joins us this morning with the details. we're going to talk to chuck robbins tomorrow, but if true, what does this mean? what are they trying to do? >> the rumblings, carl, are anywhere from that 20% number to 10 to 15% and you can really see the stage set for this based on how earnings have been going over the past few quarters. you take a look at routing and switching that cisco's core business, about 45% of revenue. switching was down 3%, routing down 5% in the latest quarter and cisco executive said that was due partly to the macro environment and partly to just changes over all in the market due to the move to the cloud. then you got the data center, cisco has the server business that was sort of an unlikely growth hero over the past several years, but over the past five quarters or so, it's been delivering revenue in the range of 800 to $850 million. hasn't been growing that much. and cisco has said that that's due to some changes in the way people are using equipment in the

this according to technology news site crn. the cuts are expected to be announced within a few weeks. in the process of transitioning to a more software driven player like so much in the world right now. >>> other stocks to watch today. urban outfitters getting a big pop today. posting stronger than expected earnings. helped by higher demand for name sake brand and shares of p popeyes. cutting revenue sales growth forecast. cree shares are getting hit this morning. led light maker. posting quarterly results below estimates as its outlook is also weak. i don't think you can actually be a light emitting diode maker. i think you make equipment that utilizes diodes. only god can create light, right? . because it was darkness, in the first week. >> day one or two, wasn't it. >> day one. do you know, slaus berg? >> no. >> our currency guy. he's a renaissance man. >> light is pretty fascinating. it travels quickly. it's going opposite ways. it's still the same. >> i'm still trying to figure - >> i think they're the same. we're going t

they will dismiss as many as 14,000 employees, including -- according to crn.y will reportedly announce the cuts in the next few weeks. analysts say that cisco will show a 2% decline in sales. barnes & noble's has gotten rid of its ceo. the bookseller says he was not a good fit. other executives will assume the duties for now. cathay pacific posted profits that plunged 82%. asia's largest international airline was battered by losses from jet fuel hedges. and passenger yields fell because of competition with chinese airlines. that is your bloomberg business flash. you are sticking with cathay pacific. francine: we are pay we are pleased to be joined from hong kong by the chief executive, ivan chu. great to speak with you. yields are declining. jet fuel hedges are mounting. how do you reverse this massive slide? the big issues we are chinese are structuring. every year, we are seeing -- everywhere, we are seeing the strong dollar. so the market is a it -- a bit challenging. demand is related to gdp growth. i think we are seeing short growth here. have an rather i

what is dragging on the stocks today though appears to be a report from crn saying that cisco could reduce workforce. we reached out to a few analysts to find out what analyst on the street think of the possibility. we're fortunate enough to speak to eric and he does have a market perform work essentially a neutral on shares. thinks that the workforce reduction could signal a transition from legacy products to higher growth products. he also thinks the current quarter that they are reporting tonight could come in a bit slow. he believes they are likely to reduce the outlook. as to whether that could pressure shares more, he thinks the stock could definitely come under pressure if that outlook is brought down. he has been surprised by the strength of the shares, up more than 10% this year. scarlet: thank you so much, abigail doolittle, reporting live at the nasdaq. matt: volatility in the currency has dropped to the lowest level since mid-october of 2015. a year later, is chinese monetary policy and currency policy on a more sound footing? what you miss?," george was in. >> the people's ban

of course there was the fact that cisco according to crn, the tech news site displayed to lay off what000 people. 20% of its global workforce of 70,000. we're going to have the earnings for you after the bell right here on the fox business network. back to cavuto coast to coast nt charles: well, look at this, guys. the stock market has turned up ahead of the fed come out in less than 20 minutes. that's a big move. right now hillary clinton talking about the economy in ohio. she just promised free community college, again. let's listen in for a moment. >> create at least 10 million new jobs in the first term of my administration. [applause] by contrast, if you look at what trump is proposing and how he wants to give huge tax breaks to people who are wealthy like him, it would cost our economy 3.4 million jobs. now, this is not me saying it. this is an independent analysis saying it that has tried to look at both of us very objectively. but what does that mean for ohio? if we divide across the country by population, ohio would gain 376,000 jobs under my plan and lose more than 123,000 jo

ciscots are coming at according to crn.will cut as many as 14,000 employees worldwide, 20% of its workforce. yuki labor markets and showing signs of continued resilience after the referendum on eu membership. -- u.k. labor markets. billion sovereign wealth fund gained 1.3% after losing .6% in the first quarter. from the u.k.p property market. they had to get out of some of that due to brexit. jon: we sit here 24 hours ago having a discussion about a dovish fed, now talking about a hawkish fed. it's all about the next big meeting. the most important meeting at the fed since the last one until the next one. september 20 its endeavor 21 -- and september 21. equities a little softer in today's session. 18 out of the 19 industry groups lower on the session. the ftse a little softer as well, down by .25%. dollar weakness yesterday, dollar strength today. the bloomer dollar index -- bloomberg dollar index up .3%. we will be talking to bnp paribas later on in the program. by freezingriven output at all-time highs in saudi arabia. c

crn joining us now martin dicaro fox5 contributor outside metro headquarters. first witness track issues that apparently are backlogged beyond what wee thought they were downtown. >> we're investigating the derailment last month at east es falls church.. i broke a story aboutbo maintenance b derailment under smithsonian station last august. aust. at the time investigators foundu these temporary fix that is werr in place to keep the runninge ri rail from spreading too farar apart which of course causes a a derailment.ment well, metro at the time said that they would clear some 35050 of these temporary rods thatod t hold the rails in place by thiss time this year. yea however, more than one hunn on h dressed these rods are still ine place across the system. metro now telling safety officials they'll get rid ofl go them through the end ofnd o safetrack what this is reallywhi about is the pattern of deferree maintenance we're finding whenii something is on temporary basiss it's supposed to be temporary but the pearl then fixes aren't in place. eve falls church dera

. >> that's little bit of an areat of concern.of crn we're not second guessing theuee police like youthere ise i another side to the story it just looks strange. strange looks strange.ok all right. we go from that to this.ohi the city of milwaukee still on edge after that police involvede shooting over the weekend butut last night thanks in part to a curfew now in effect the streete were calm.re c last night at 10:00 p.m., and a only applies to people under thn age of 18.age 1 now the unrest going on in milwaukee followed the fatalheat shooting of an armed black man during traffic stop a dozenffic businesses were set on fire fire during the resulting protests. the city's police chief sayshiey body camera footage shows thehot man pointerred a gun at thet the officers. that video has not been releasee just yet. so unrest in milwaukee. enact add curfew hopefully hopel things will calm down as theys investigate and see whatigat happened there.here. >>> 9:11 is the time. tim still ahead at 9:00 easy to makm fun of millennials for being soft and now science provescienp those claims are corr

technology news site crn reporting that the company is laying off 20% of its global workforce.expected to be announced within a few weeks. just a reminder the company is scheduled to report quarterly results after the market close. again, cisco down 1.4% in today's session. "power lunch" team, back to you. >>> i'll take it, seema. the dow and s&p turning positive ahead of the fed minutes. we are moments away from that, 17 to be exact. the nasdaq still in the red. the fed minutes out as a reminder at the top of the hour, so you won't want to miss that. >>> welcome back to "power lunch" everybody. in case you've forgotten, in case i've forgotten, i'm tyler mathisen. mortgage applications taking a dive last week. let's get to diana olick with the details. >> borrowers just not impressed by the still near record low mortgage rates. total application volume dropped 4% for the week, that's seasonally adjusted according to the mortgage bankers association. even refis, which are highly rate sensitive, fell also 4% from the previous week. but they are still nearly 48% higher compared to