cuts at foxconn.let me give you the details from the cost cuts at foxconn. they are going to cut iphone 6nks businesses by about billion yen. they are going to -- by about 6 billion. they are going to cut 10% of the non-technical staff. is a lot of earning power there. and 3 billion r&b in terms of at the foxconn industrial internet corporation. and was a bloomberg scoop foxconn did want to reply to our reporting. they said a review will be carried out and it will be no different from exercises carried out in past years to ensure that they enter each new year with a budget that meets the current and anticipated needs of their customers. basically, the messages keep calm and carry on. as sherry mentioned, we are also watching the reverberation of the reaction across the whole asian supply chain. >> and in terms of the supply chain for apple, there are about 140 suppliers out there. let's take a look at the stocks that are exposed to the apple supply chain. date.re down 25% year to it's interesting, tak

they are very important to foxconn.fact, six of the $20 billion in cuts is in the division that assembles iphones. it's a lot more than other divisions. what that tells us is this is not an iphone only problem. it is broader. the catalog of clients includes hp, sony, nintendo, cisco, dell, a long list of international names. they are all impacted. they all feed into the wider issue we are seeing in the electronics industry and foxconn gets hit by all of it. emily: what is the wider issue, that people are not buying hardware anymore, or is the market even growing as much as it had been? >> it's all of those things. we had macro economic headwinds. a lot of people got caught up in trade tensions, u.s.-china tensions. it is actually deeper. we know apple itself is trying harder and harder to get more users. they said they are not even going to tell you how much they ship anymore, just focus on revenue. the smart phone market overall has reached its peak in terms of growth numbers. sure, more and more people will continue t

president trump breaking ground with the ceo of foxconn.was a big deal to get china to come and build a plant here. the only thing is, it cost a ton of money, and shining a light on this notion of taxpayer money being shoveled into these multi-billion dollar corporations whether they be from china or the united states. the congressman making a point about the comparison there, the average job for amazon about $150,000 a year. average job at foxconn $54,000 a year. the word now is they can't find enough skilled workers. the wall street journal is reporting they may have to bring people from china to fill some of those jobs. not exactly what was intended. liz: great stuff there, sir, good to see you. democrat socialist congress woman alexandria ocasio-cortez is on the same side as the "wall street journal" editorial board. here's what's going on. ocasio-cortez did wage a blistering attack over billions of dollars in government subjects does for am zonls newspaper head quarters. quote, the worst actors are the politicians. this is the "wall st

we're joined from taipei to discuss. >> 50% of foxconn's revenue does come from apple.y are the number one supplier. they are important to foxconn. $6 of the $20 billion in cuts is in the iphone division, the part that assembles iphones. there is a lot more in other divisions. what that tells us is this is not an iphone only problem. it is broader. foxconn's catalogue of clients includes hp, cisco, dell, a long list of international names. they are all impacted. they'll feed into this wider issue that we are seeing in the electronics industry and foxconn is the one company that gets hit by all of it. emily: what is the wider issue, that people are just not buying hardware? or the market is not growing as much as it has been? >> it is all of those things. we have a macro economic headwind. people are getting caught up in trade tensions, u.s.-china tensions. it is bigger and deeper than that. that is a smokescreen, a distraction. we know that apple itself is trying harder to sell more units. in the last earnings, they said, we will not tell you how many we ship. we are go

how do we expect foxconn to do that?t plans to cut expenses by about 30% compared to the last 12 months. that will be about $2.9 billion. million will come from its iphone business unit. it is of feels the speculation that the iphone may be seeing a slower slowdown in demand next year as well. one of the things foxconn is trying to do is cut its non-technical staff by 10%. it will also scrutinize performances of its well-paid managers. yvonne: debbie, thank you. our bloomberg asia tech reporter bringing us the scoop. let's bring in bloomberg tech analyst alan chan -- simon chan. what is your read on all this? how ambitious is this target? >> if we are looking at the numbers as a percentage, it is around 25% of the company's personnel expense. company cann the reduce the work hours and lower wages for senior management. this also reflects the reduction in demand for the customer as well. rishaad: how bad are things at apple? we look at what the other suppliers have been saying, the general reduction is around 20% or 30% r

gloom around the global electronics industry, going gloomier with foxconn.he biggest a somewhere of iphones is cutting $2.9 billion from expenses in the next year citing a difficult and competitive year ahead. the company is also -- also said the ifo business days to reduce expenses by $900 million next year as a plans to eliminate 10% of non-technical staff. the news follows a bad week for apple after four suppliers cut revenue estimates because of weak iphone demands. tore joined from taipei discuss. >> 50% of foxconn's revenue comes from apple. they have a number one supplier. they are important to foxconn. six of the 20 billion and cuts is in the iphone division. there is a lot more in other division. what that tells us is this is not an iphone only problem. it is broader. foxconn's catalogue of clients includes hp, cisco, dell, a long list of international names. they are all impacted. they all feed into the wider issue that we are seeing in the electronics industry and the foxconn is the one company that gets hit by all of it. emily: what is the wider

the gloom around the global electronics industry getting gloomier with foxconn. biggest supplier of iphones is cutting $2.9 billion from expenses in the next year, citing a difficult and competitive year ahead. the company also said the iphone business will need to reduce expenses by $900 million next year and has plans to eliminate 10% of non-technical staff. the news follows a bad week for apple after four suppliers cut their revenue estimates because of weak iphone demands. we're joined from taipei to discuss. >> 50% of foxconn's revenue does come from apple. they are the number one supplier. they are important to foxconn. $6 of the $20 billion in cuts is in the iphone division, the part that assembles iphones. there is a lot more in other divisions. what that tells us is this is not an iphone only problem. it is broader. foxconn's catalogue of clients includes hp, cisco, dell, a long list of international names. sony, nintendo. they are all impacted. they'll feed into this wider issue that we are seeing in the electronics industry and foxconn is the one compa

other companies spawned from foxconn being in our state. liz: this is about getting an educated skills workforce. amazon could turn new york city into a version of silicon valley by making it an incubator where amazon workers quit to create other tech companies. >> to be clear. in wisconsin they will train wisconsin workers. they are going to improve their skill set in wisconsin schools. they don't have the skill set now but they will in a couple years to get the high-paying jobs. when you get high-tech companies in your community it's great for spawning new growth. because the skill set in the communiti' is good as well. liberals argued against donald trump. he reduces taxes and lower regulations. the liberals are hitting him for that as jobs are coming back from jeff seas. donald trump did the same thing and they bash him every single day. lower taxes, less regulation, big companies, small come any, and more jobles for our country. i don't think they understand what impact the taxes and regulations have. and i think it would be great if a

you have to look at what foxconn proposed.o most of the workers they need our engineers, designers that most of the workers they need are engineers, designers and so on. i think -- anchor: what are the solutions? deniedow the company has they are planning to do this. i don't know if -- i don't know. tohink there is a desire among people in the state to have a lot of money going to technical education to get people trained in the state. it is also quite near illinois. my article looked at in the new to the stateost citizens of this deal and it was sold as a very different bill of goods. these manufacturing jobs, not the kind of jobs, again, the factory shifted of what they were going to build because they cannot get a glass company to come to make lcd screens, so now they are talking about doing mostly automated manufacturing with these knowledge workers. i don't know. i mean, that is not the central focus of my article, but i think it is a huge problem for them. it is not just the state unemployment rate is low, there are not

guy: i want to wrap it up with a quick thought on foxconn. foxconn is not just working with apple.t works with pretty much the entire global technology sector. if foxconn is coming out and talking internally about the idea that they need is a cost of the business, isn't that a real shot across the bow to the markets? technology has been the driver. foxconn isn --if having an issue, we should pay attention. ramaine: that's a good point. for most of those cost cuts, $3 billion, only a third of that is coming from apple tied to the iphone sales. the rest of that is coming from presumably another universe of smart phones and other devices. they did not specify which ones. whatever potential slowdown in they justales, seem to be softness overall across the consumer technology sector. i think we will see that show up in the results in the next quarter. taylor: romaine bostick, thank you. let's get a check on the bloomberg first word news with katie lang. that -- kaylie: president trump is thinking saudi arabia for keeping oil prices debt. he said lower prices are like a big tax cut for a

[applause] steve: i want to stay on foxconn.f do we train the workforce the future, not only for foxconn, but the whole workforce training issue? mr. bryce: i made my way into the middle class through an apprenticeship. it's under attack now by the ,epublicans, with right to work repealing prevailing wage, it's under attack. but it's the best way to take somebody off the street that doesn't have a skill, retrain when they getrs, out they have a career. we have an 800 hotline to find out where they need workers anywhere in the country, even up in canada. done, you don't have college tuition to repay, taxpayeres zero dollars. it's a fantastic program to get people back to work. it's what i have done for the past 21 years. there is a lot of work that needs to be done with our infrastructure, just driving here, hitting all these scott holes. [laughter] it's a great way to enter the middle class. that and technical colleges would be a fantastic way to get people back to work. [applause] steve: a follow-up question to mr. stiles. how

that foxconn is right there on the fall of scott walker piers i mean at least that's all evidence kind of points to that being one of many things that they were unhappy with with scotty boy but that's a big deal and it goes to the theme of everybody tells you all politicians are trying to tell you what they think you want to hear but when it doesn't come through or it turns out you know you're actually alienating people every now and then the electorate catches up to the electorate catches up to him and knocks him out of office but i mean this is one of the reasons i was constant always sort of gets i mean we're either blamed or thanked for making whatever it's whatever we do the right thing but we're the blame there thank depending on your point of view because there's this idea that we can hold these elections well this is kind of the point about a big a battleground state is that. we're fickle when you lie to us it's kind of a thing we don't like to know would be nice if everybody will give everybody a chance you know but once you can see the promises aren't kept that's when they su

the democrat is talking about foxconn. scott walker is not.dies, $3 billion going in were a record, now told it is closer to $4 billion, and there's a worker shortage in wisconsin that we talked about so it is definitely an issue it is a very tight race. evers is using what is supposed to be a big feather in scott walker's cap against him >> so it sounds like he's not changing his name to foxconn anytime soon >> reporter: if he was, he's not doing it now, at least he's putting it off for the time being. >> good to have you on the ground, scott, as always scott cohn watching the gubernatorial races in georgia >>> let's get to sue herera for a news update. good morning, sue. >> good morning, carl. good morning, everyone here is what's happening at this hour hundreds of distraught relatives of those that lost their lives in last week's lion air crash were taken to the site of the accident they sprinkled flowers into the water and paid their respects. experts received nearly 140 body bags of human remains. they identified 14 victims so far. the cr

you know those amazon jobs pay a whole lot more than the foxconn factory jobs assembling iphones and 154,000-dollars to $54,000. just about five months ago, president trump, foxconn ceo met in wisconsin to break ground on this new factory. a exciting time. it was touted as that then. but now it comes to light that perhaps there will be robots making these components as opposed to manufacturing jobs which were promised. according to "the wall street journal," there are not enough skilled workers in wisconsin and nearby illinois to fill all the jobs, so they will bring people from china to fill the jobs. you know, scott walker, the governor of wisconsin, was behind this whole deal. he lost in november by one percentage point, just about one percentage point. a lot of people think it was that deal which has gone sour that cost him his job. connell: in a race that close, easily could have been that. boy, that is interesting, jeff, thanks. jeff flock. melissa: another company feeling the burn after taking on amazon, senator bernie sanders is now targeting walmart with a bill to raise its

that foxconn package is melting down.t was valued at about $3 billion from the state to begin with. $4.7 millionth of because there is been a ton of local and infrastructure aid for on top of it. now we are getting different product lines, high degrees of automation, rumors and reports in "the wall street journal" of chinese engineers having to be brought in because they're having trouble recruiting sufficient white-collar workforcrce. it is no secret governor walker put out by the voters last week had stopped touting that deal on the m merits becaususe it was melting down so badly. amy: and jobs dropping from 13,000 to something like 3000. >> correct. because per job keeps going up because the denominator is shrinking. it is the great disappearing deal of all-time. juan: want to ask about the virginia aspect of this deal and what is often overlooked is the amount of business that amazon does with government agencies, defense contractors, and its cloud business. and what its decision to locate in the suburbs of washington

foxconn has denied this.t in wisconsin reached a record low, hitting 3.9% this month, the lowest and 49 years. alibaba co-founder jack ma didn't hold back on his opinion of the current trade spat. speaking in shanghai, he called the china-u.s. trade war "the most stupid thing in this world." this week, lime announced a new chief operating officer. he had been a member of the board of directors and was pivotal to investment in line. he takes on this new role and will continue to be a partner. he joined us to discuss on thursday. >> i think what we are witnessing as a society is something that i would call the great unbundling. for 100 years, the model of all cities has been, you own a car and you do everything. short trips, long trips, if you own a car you do everything with it. but the rise of mobile phones and smart phones really demonstrated something -- you can get a vehicle at the click of a button in a moments notice. what we are witnessing is the unbundling of the car. you are now going to be able to ge

to move people out of their homes to build a new foxconn plant. that is kind of an egregious example but it is the worst example of how public use has gotten watered down for private enterprise. host: what is the worst thing people can expect in virginia and new york because of amazon moving their hq2 headquarters? higher rents? worse traffic? more taxes? what are taxpayers looking at? guest: probably all of those things. higher rent, worst traffic. that comes from a city growing over time. higher taxes than otherwise would be possible certainly. even for the smaller subsidies, smaller than average subsidies that virginia offered to amazon, we calculate corporate income taxes could be dropped by about 7% instead of offering that subsidy to one particular company. meaning that companies all throughout virginia would actually see the benefit of this and contribute to local economic development in their own areas rather than economic development in the d.c. area, which is already the richest part of virginia. host: what is the best thing taxpayers ca

andn: i am watching apple foxconn.bout foxconn cutting costs, which you would think would come back and weigh on apple pretty heavily. it did not w\eigh very heavily -- weigh very heavily. is it that the foxconn thing is they are getting better at their operations? jason: before we came on set, you said maybe it won't hit apple stocks. maybe this is a company just trying to get its house in order. i look at it and think it is not good news for apple. alix: it is not good news, especially when goldman downgrades the target three times in the last month. jason: a number of suppliers have come out and said business is not so good and most worryingly, you have had researchers come out and say people are just not digging the new iphones. third company story we are watching is ge. we have to bring in brooke sutherland of bloomberg opinion. a lot of different angles for this one but the big part is the credit market. brooke: i want to highlight the decline in ge's perpetual preferred shares. a real significant drop. these are

claimed would create thirteen thousand jobs in the state it is now being reported that not only is foxconn not building the wisconsin plan to the originally promised and is now and is now planning a change that would mean employing ten percent assembly workers ninety percent knowledge workers and relying heavily on automation the company is also considering bringing chinese workers in to fill many of these non-automated jobs in wisconsin and in response to this massive boondoggle of broken political promises and giant corporate subsidies the good voters of wisconsin handed mr scott walker his walking papers last tuesday voting in democrat tony evers but accountability for broken promises and have not only focused on republicans this week nuno and senate democrat claire mccaskill was dethroned up to running away from her more progressive party members and getting caught using her private plane during the campaign three day rb tour of the state to connect with voters she apparently used your private pain during an r.v. tour on the big r.v. plane. so was broken promises in campaign have troop

foxconn in wisconsin, there were three billion dollars in incentives to get foxconn to come to the statebig thing that is missing in all these arguments is whether or not this creates an economic ripple effect. carol: it is about businesses to support. >> you were there. it is one production line. it is not fully automated. you can say they employed 380 people at the factory. our sources tell us this is roughly 10 times the size of the walmart supercenter. there is a lot of empty areas. i have made multiple trips to buffalo for the story. there has been an evolution in what they think of tesla and elon musk. they were so excited for the sky, who was famous in california and brings a lot of innovation to industry. for him not to go to that factory, everyone knows. at what point are they going to start living up to their promises? they have heard since 2014 this thing would be ramping up. carol: what does tesla say? >> this is a complex product to make and they are trying to grow the business sustainably and they are conscious about how they grow their factory so they don't enter what you

but foxconn has scaled back its plans, now saying it will hire just 3000 workers in the short term -- most of them in engineering positions, rather than the 13,000 manufacturing jobs governor walker had promised. and the size of the taxpayer subsidy has steadily increased to $4.1 billion. during two terms in office, governrnor scott walkeker was kn for r aggressively bustiting un, and for his close ties to right-wing dark-money groups. and those are e some of the headlinenes. this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. juan: and i'm juan gonzalez. welcome to all of our listeners and viewers from around the country and around the world. democrats have seized control of the house of representatives, flipping more than two dozen seats. this gives democrats subpoena power for the first time since president trump was elected two years ago. while the democrats will control the house, the republicans picked up two more seats in the senate. on the state level, democrats picked up seven governorships. huge turnout numbers were reported across the countr

that foxconn is right there on fall of scott walker for years i mean at least that's all evidence kind of points to that being one of many things that they were unhappy with with scotty boy but that's a big deal and it goes to the theme of everybody tells you all politicians are trying to tell you what they think you want to hear but when it doesn't come through or it turns out you're actually alienating people every now and then the electorate catches up to the electorate catches up to him and knocks him out of office but i mean this is one of the reasons i was constant always sort of gets i mean we're either blamed or thanked for making whatever it's whatever we do the right thing but we're there blame to thank depending on your point of view because there's this idea that we can hold these elections well this is kind of the point about a big a battleground state is that. we're fickle. when you lie to us it's kind of a thing we don't like to know would be nice if everybody will give everybody a chance you know but once you can see the promises aren't kept. that's when they suddenly y

foxconn became an issue in your state. the huge tax breaks, perhaps them reneging on parts of the deal. is there any regret on the part of republicans for bringing in the foxconn deal which could potentially be an amazing deal, apparently now it has become politicized? >> that didn't play well in northern part of the state because foxconn is in the southeast. it wasn't an issue, governor walker did well in the rural north. i would say this, regard to the house, charles. we were swamped in money. not complaining bit. if you know who can pick next speaker, michael bloomberg spent $105 million on this race, house races. we don't complain about it. that is fair. he can spend his money. democrats complain when republicans have money, republicans spend money for them. however when democrats get michael bloomberg or steyer money, billionaires, tens of millions of dollars, buy the house for them, they're silent. they don't care about that. hypocrisy is rich. -- do well in the wisconsin and the house. charles: one thing is for sure

what does it tell you that we've heard it now from foxconn? >> well i think it could only go so far with apple having so many devices and so many people 's hands and people are kind of getting a little tapped out with the constant upgrade cycle and having to replace and that's coming at a time where people despite what we keep hearing the economy is doing so great, the economy is doing so great but wages really haven't grown as much as you would expect. you've got credit card default rates that are rising. connell: yeah it's a lot of challenges no doubt about that. jason, is apple to your earlier point, one of these generational stocks and if so, given the headwinds that are there, lenore talked about with foxconn and the other suppliers talked about 24% off a recent high what do you make of apple shares right now? >> so, i don't believe that apple or first of all, yes, apple is a generational stock, let's get that out of the way, but i do believe that a company like alibaba has a much greater potential for growth. in other words alibaba versu

foxconn promised a plant in harrisburg, pennsylvania, 2013 and never broke ground on it. they like robots and cheap labor. when somebody finds chinese labor expensive, shaquille, fair not hiring wisconsin people. >> you know the thing, ali, voters have not been mentioning that deal to me yet but the foxconn issue has been polarizing all throughout wisconsin. you have democrats saying governor walker gave too much away with those $3 billion in tax incentives. governor walker touting the low unemployment rate here and jobs saying those jobs coming in will be helpful for -- will be helpful for wisconsin residents. so those are the top issues here. the economy, health care and taxes. i have been talking to voters here in madison, wisconsin. it's a democratic stronghold but talking to voters all day. i want to bring in one right now. joe, you say midterm elections are important to you, this one especially. so why is that? >> well, there's a litany of important topics that need to be voted on. obviously, these topics won't be resolved unless people get out and vote. for me heal

foxconn tried to clarify they do these annual reviews and what their needs will be but you are right, lots of bearish sentiment around apple, and the company told us they will do away with providing specifics on how many iphones sold. you see that sentiment hurting the stock. shery: not surprising apple falling more than 20%. rebounding a little bit today. one of the gainers on the nasdaq, take a look at the broader markets. the nasdaq is gaining 1.5%. faang stocks leaving the move up. the s&p 500 also led higher by consumer discretionary stocks while the dow is now gaining .7%. worth mentioning the volatility is coming down with the vix now around that 20 level. of course, trading is muted today, lighter than normal ahead of the thanksgiving holidays in the u.s. we are seeing volumes about 15% lower than average. i'm taking a look at what is happening with oil, bounce back for crude today. shery he was talking about volatility in the stock market. we have seen plenty of volatility in the oil market, highlighting that crude oil volatility measure through an index at the highest in two

>> reporter: well, you know, compared to what foxconn out of wisconsin, maybe new york got a deal.l: yeah. you've got to make up for that money you're handing out -- >> reporter: not getting, exactly. neil: great reporting as usual, my friend. jeff flock. apple is trying to turn things around today. that is helping the dow doesn'tt jpmorgan chase is doing so well as well. let's get the or story the, jeremy, what do you think? >> well, neil, when all these companies are able to buy back their own stocks, have billions sitting there, whenever there's a dip, they're able to buy enough shares to really affect that. i think that's one thing. we also saw morgan stanley say maybe now's the time to buy apple this morning. the unit sales don't matter. yes, we're seeing suppliers have some orders cut, but that doesn't mean that apple won't make billions and billions and billions and billions of dollars this holiday season. people will want to buy in that's the case. neil you know this stuff very well, i think we hold a different litmus test to a company like apple, like amazon. maybe it is r

to get foxconn to come to the state.ion is whether these live up to potential. people talk about job creation, the metric everyone looks set. the big thing that is missing in all these arguments is whether or not this creates an economic ripple effect. carol: it is not just jobs, it is about the second and third levels, about businesses to support. you were there. you visited. i am assuming it was not buzzing with activity. >> we did get to see the tesla side. it is one production line. it was supposed to be multiple lines. it is not fully automated. there were maybe a couple of dozen people on the line. tesla say they employed 380 people at the factory. we did not see all employees. we did not see the rest of the factory which has been empty. this is a space that is roughly 10 times the size of the walmart supercenter. it should fed more than one production line. there is a lot of empty areas. carol: what do the locals say about this factory and the promises made? >> i have spent a lot of time in buffalo. there has been

foxconn, they are friends of mine. good luck. i handed it to them. there are very few people.nors, i think your governor could have pulled it off. there are very few governors that could have taken that complex deal and quickly made it into one of the most incredible plants i have ever seen in my life. they make apple equipment at the highest level. they make robots. they make things you wouldn't believe. it's like a new age. we brought them into wisconsin. they are all pouring into our company. they are coming into the country at every level. they want to be where the action is. they say it. country is the hottest country anywhere in the world. that is where they want to be. [applause] pres. trump: i recently announced that we are replacing the horrible nafta deal with an incredible, brand-new u.s.-mexico-canada agreement. great deal. it is a tremendous victory for indiana farmers, manufacturers, and dairy producers. everybody in the country is very happy about that deal. they had studied at closely. we have taken historic action to bring back american jobs by cracking down o

what happened with foxconn, we're learn more in next two weeks, if you are annoyed now, wait until then. >> here i am going to give lindsey a chance to come back from the competitive nature, here is more from president on the competition today. he said, they are giving up a lot, they are expensive deals, time will tell, maybe amazon will have massive competition, and they won't be in the same company in 5 years, in which case it would be a big missing take. lindsey, what do you make of that? >> well kevin we say, the company will be bigger and stronger in 5 years. it the cause other company to come to queens and long island city, set uproots, there will be restaurants, and -- there there already are. >> there will be more. >> there are tons, one big condo long island city. >> the history of this type of intervention is mal-investment, you think you know ethanol boom and bust under bush sr. or student loans, milto mill -- cre town. that not practical and moral. david: there is a difference between federal government getting involved in the city. the closer you get to home the better they

the biggest trends in the tech industry is deals,of mega subsidy not just with amazon but also with foxconnn, there -- governor scott walker agreed to this deal of $3 billion in incentives in incentives to get foxconn to come to the state. the big thing is whether these live up to their potential. people talk about job creation, that is the big metric. the big thing that is missing in all these arguments is whether or not this creates an economic ripple effect. carol: it is not just about jobs , it is about second and third levels and businesses to support the manufacturing. you were there. you visited. i assume the factory on the tesla side was not buzzing with activity. are you did not get to see it? austin: we did see it. it is one production line. it is not fully automated. there was maybe a couple dozen people on the line. they sayss to tesla, they employ 380 people at the factory. from what our sources tell us, it has been mostly empty. this is roughly 10 times the size of the walmart supercenter. this should fit way more than one production line. there is a lot of empty areas. carol:

foxconn's moves are unlikely to help apple's lagging iphone sales. last week, four apple suppliers on three continents cut their revenue estimates because of weak demand. >>> if you are looking to jump- start your holiday shopping, don't wait until friday. what one expert says about this year's black friday deals and when some bay area stores are scheduled to open. >> warriors are back in action tonight. we'll hear from kevin durant. he is speaking out about his pending free agency. that's coming up later in sports. than a dozen new additions to an animal shelter in marin. the animals being transferred from a shelter near the butte county fire. >> 880 at oracle arena on the right-hand side of the screen, it's slow. on thousands of giftss this weekend at most stores are open thanksgiving, six p.m. to midnight. reopening friday at seven a.m. with extended hours saturday and sunday. yes for less. your sister stopped borrowing your sweaters?e it's time yes! that's yes for less. stop stealing mine... never. the perfect sweater makes the perfect holiday gi

is cutting expenses in its iphone assembly unit and reducing its workforce according to bloomberg foxconnaid the review being carried out by our team this year is no different than similar exercises carried out in past years to ensure that we enter into each new year with teams and budgets that are aligned with the current and anticipated needs of our customers, our global operations and the market and economic challenges of the next year or two. but of course it's news out of the supply chain that has been worrying investors, cutting revenue forecasts. apple down nearly 20% so far this month how do bulls respond to all of this i just caught up with piper's mike olson he says supply chain results are not always a reliable meaningful indicator. he continues to believe that apple's overall revenue and eps results could be relatively solid with added revenue from services and buybacks. morgan, to you. >> josh, thank you let's get over to deidre for a look at another big tech name trading higher, amazon. >> amazon also rebounding and it was the best performing faang stock this morning but it

want to go to ash about a story of foxconn in wisconsin. this plays to job openings.nings than people to fill the openings. fox conn, hopes to hire 13,000 people in wisconsin, when it gets the factory up and running. the problem is, they don't have enough people to fill those positions. they're literally going to high schools, local colleges to try to woo workers to come to foxconn. it is definitely an issue. the unemployment rate in wisconsin, 3% in september. that is even below record low national unemployment. stuart: is there a story here about they want to bring in chinese nationals in management positions? ashley: they are. they're having a hard time persuading chinese engineers to go to wisconsin, for variety of reasons. one said, it was a too cold. stuart: speaks to super tight labor market. ashley: very, very tight. >> if you can't find workers you need in an advanced factory, with great conditions -- ashley: they will come from outside of wisconsin for high-paying jobs. illinois, minnesota, others come into wisconsin to look for the jobs. the actual local po

foxconn firming bags much uncounts early ballots have just been found in that same county.o precise number has been given. but it's expected to be under 100 balance lots total. -- ballots total. this is kind of wild. all these votes are turning up out of thin air. i don't know why they are not counting them to begin with. >> governor scott soon to be senator scott went to the bed with a 60,000 vote lead. all of a sudden you see that lead come down to 16,000. they can't explain where the ballots came from. it's inexcusable. she was rebuked by a judge and rightfully so. trish: the woman at the center of the controversy has a habit of suddenly finding things. >> you look back at her history. in 2016 she illegally destroyed ballots. she also illegally announced election results 30 minutes before the polls closed. in 2016 she admitted that she allowed illegal immigrants to vote and some felons to vote in broward county and this happened under her watch. now here we are with brenda snipes at the of all this. the ballot magician needs to go. she is corrupt, potentially income tent

as an opinion letter from bloomberg tells it, when foxconn signals, you listen.treau to the upside. the spirit maker, famous for its cognac, earnings as the ship for higher and spirits fuels growth. also, you can see come party -- compari also up, maybe in time for the holidays. . forget, if you are a terminal user, you can interact with all the charts that we use. catch up on key analysis, save those charts for your own work. plenty more to come through this thanks giving day here on bloomberg tv. this is bloomberg. anna: well, back to the european market open. are 50 four minutes into your trading day, european equities on the back foot. goldman's malaysia headache is intensifying, with two different funds saying they suffered losses. in a court filing, the funds alleged goldman paid bribes to former fund officials who quote agreed to manipulate and misled them and to misuse become companies name, network, and infrastructure to further their criminal schemes and personally benefit. goldman sachs responded to the allegations saying the company expects to contest

jeff, i think you can tell us more about what went wrong with foxconn in wisconsin. go.ter: cautionary tale for those politicians taking a lot of credit for this amazon deal. here is what could go wrong. they could not do as many jobs. they could not hire people at the kind of wages they thought. and they could bring people from overseas to do the jobs we thought americans were going to get. take a look at the cost of jobs for the amazon deal compared to what wisconsin paid for the foxconn deal. it is amazing when you think about it. amazon is being criticized because, you know, the taxpayers are paying $22,000 a job in virginia, $48,000 a job in new york. wisconsin is paying $344,000 for 13,000 jobs in wisconsin and foxconn says they may not even deliver all of those jobs. now "the wall street journal" says that they can't find enough skilled workers because now they're going to do it with robots as opposed to manufacturing jobs which we were promised. so they can't find enough skilled workers. they will bring people from china to do the jobs. this is what can go wrong

signalspplier foxconn cost cuts as iphone demand ways in.he uproar over dolce and gabbana's advertising blunder in sitesrages on as shopping halt the brand. and the meeting in brussels to finalize the brexit agreement, this is on the future relationship. a handful of issues remain outstanding in the agreement. in a surprise move, they announced she would return to brussels for last-minute talks on saturday. whatever happens in europe this weekend, theresa may returns to westminster to face it divided cabinet and a hostile parliament. staunch rakes a tear see the deal as a betrayal of the brexit vote. some are still backing the prime minister. the u.k. minister for children and families joins us now. great to have you with us. thank you for being with us this morning. , the withdrawal agreement, going to get through parliament? >> i hope it is going to get through parliament. i hope colleagues on both sides of the house will look at the deal very carefully. , almost 580thy pages long, plus future principles of what the future would look like

francine: this is basically foxconn, the biggest assembler of iphones. expenses in 2019. according to an internal memo foxconn faces a difficult and competitive environment. brian, you are talking about the market. is tech the biggest front ability? >> you are going to see a decline in valuations, and that is what you are seeing. i don't suspect this persists indefinitely. these are companies still trading at reasonable valuations and are good, strong companies with good long-term growth trajectories. a lot of people are asking is this 1999. from the returns we have had and where valuations are, it is not for a variety of reasons. the tech companies need to see is where we are going with regulation, but we have got to get beyond the trade concerns. profit margins will come down if costs go up for these tech companies. tom: brian with oppenheimer funds. let me show you an apple chart, the degree of the last few days moving down to $170. a bounce this morning. we see that on the foxconn news and the cost cutting their reported by bloomberg. getting back to