i am in intel still. and if i could continue to own this stock i think it's so inexpensive right now with the growth that they have got that there's still upside, and i see $60 in the not too distant future for intel, and that's why i'm still there. >> i think it's two completely different companies. the pe on intel is somewhere around 12.5 so amd you're talking about a completely different model. jon is right to highlight the opportunity it's been in amd and it continues because they are getting far more competitive and taking some market share away from intel. >> yeah. >> intel tonight, to me the story is about the lack of strong sentiment i don't think there's very many. i've heard pete talk favorably about it, but not many on the street expect tonight intel to come out and have a blowout quarter and you'll see intel up 5%, 6 can the tomorrow i don't think that's where sentiment is that's one thing that intel has going for it and just fundamentally and looking at the momentum standpoint, amd is the rig

at intel headquarters in santa clara, california. 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ put me in and turn me on ♪ here it come ♪ got hot licks on your guitar strings turn me on and turn me loose ♪ ♪ turn me on and turn me up and turn me loose ♪ ♪ turn me and turn me up and turn me loose ♪ >>> good friday morning. welcome to "squawk alley." i'm carl quintanilla morgan brennan has the morning off. what a morning it is too beginning with major tech earnings four big one, twitter, amazon, alphabet and intel and intel's ceo bob swan will sit down with us as we look at potential datacenter recovery, pcs and unbelievable characterization of what china was like last quarter. >> yeah, surprising mix, the pull in from people freaked out about tariffs actually had some benefit, sounds like, for the pc business, of course, there were some problems there as well but interesting stock action this morning. intel actually a bit in the red this morning it had been up as much as 4%, i believe, at the open and near there. up kit a bit afterhou

i would fade intel. >> dan >> i am also fading intel but not aggressively here. i think if you see the stock back in the mid to high 40s, i think you buy it i know there are high profiles with chips, amd caught market share. i saw their ceo earlier in the week and he sounded optimistic about all of the things we spent a lot of time talking about, internet of things, autonomy, and the acquisitions they've made i think they're thinking about a much better second half of the year you have to go back to taiwan 70 and what they said, they called the bottom intel is probably a quarter or so behind that. >> coming up, your call of the day. one analyst is making a big bet on movie theaters, but is there still gold on the silver screen? we will debate it later. celebrating the 50th anniversary of the moon landing with out of this world trade four names that can rocket your portfolio higher live from times square in new york city. much more "fast money" right after this that move us forward. every day, invesco combines ideas with technology, data with inspiration, investor

intel is in a special situation. i interviewed the ceo of intel bob swan in colorado. they had a rough time doing manufacturing over the last five years. they were late on the most recent chips. they have those problems worked out. that is one reason their business is ticking up. they have their house in order. they have done a good job rolling expenses. this thing with apple, they shut down, announced they would shut down the business before selling it. they were getting cost structure in line. they were losing billions. a lot of good news in the numbers, for expectations. connell: fair enough. company specific issues your point adam, for intel? >> that and there not communications chips where they like to be. where people sell into huawei and other chinese companies. connell: do you worry more about companies that are reliant. >> absolutely. that is not settled by any means. connell: that is a good number intel. lenore you want to weigh in on this. >> i want to look at more details. intel beat, what we've seeing a lot, across the board with this earnings season. so m

that is why intel, tying back into intel, they have got strong growth in their data center business.omaine: talk a little about intel. only about one minute left. in addition to raising, they said they would sell off the smartphone business to apple. how do you think this repositions the company? >> the mode of business was money-losing -- they made an investment, they are getting rid of it. they lost money in the process. i think it is good for both sides. the bottom line is, that data center business to drive cloud computing across those platforms is going to be significantly important. we are seeing the pc business come back and that's a big part of intel's business. despite the increased competition from amd, we have intel and amd doing well. another market where there is need for growth for both of those companies. taylor: thank you. that was bob o'donnell, president and chief analysis at o'donnell research. coming up next, a company is performing the s&p and indexes. will disappointing results this morning change the outlook? don't miss our, interview with u.s. secretary of sta

but alphabet and intel, these are two important reports.whereas in april, both stocks bombed in the end of april, and that sort of helped set the stage for overall weakness in the market in may so, the fact that they're reacting positively and that they're, you know, intel as stephanie said, beating data center sales, which was a big area of potential weakness are they losing a step, losing to competition this sets a really impressive -- >> in other words, these two had something to prove. >> and they came through on it. >> another earnings alert. t-smoebl out julia boorstin with the results for t-mobile. >> t-mobile missing on revenues, coming in just a hair light of $11 billion versus estimates of $11.13 billion but earnings per share beating estimates. the company reporting earnings per share of $1.09 versus estimates of 97 cents. and the company also adding more subscribers than expected with 1.8 million total net additions in the quarter that's up 11% year over year, and that's also about 500,000 more than wall street was projecting lo

jon fortt has more on intel's results. >> reporter: chip giant intel out with a report for the seconder that beat on the top and bottom line, ses just stronger than expected. that led to an improved outlook for the full year. intel ceo bobay swang it was really the growth in data, just data applications, the demand for data, that powered the pc business as well as the cloud business which uses intel server chts. that's w led to the eutperformance in expectations. now, at the same ts intel announced earnings, also announced it was selling its artphone modem business, the majority of it to apple for a billion dollars. that includes 2,200 employees as well as facilities and patents. that's atig deal t was expected. for "nightly business report", i'mon fortt. >>> on wall street, the fed was back in focus today asell with investors growing concerned about the central bank's next move after thi morning's strong durable goods report and also comments from the head of the european central bank. orders for long-lasting goods rose by 2% in june. that was the fastest rateow of we have seen since

jon fortt standing by on intel, but starting with josh lipton who is covering intel.osh. >> kind of oppenheimer's jaabou the print. there's concern about the company heading into the print they accelerating, jumping 21% this refers to a metric that tracks the company's coore profitability, up 16%. he notes a lot of hedge funds were short this name, explaining the pop in the after hours when you are having that kind of move you are allowed to take a victory lap. here is cfo ruth porat on the print. take a listen. >> once again our results were driven by ongoing strength in mobile search in particular as well as youtube and cloud. our total revenues reflect an acceleration in reported and constant currency revenue growth across all regions compared with first quarter. >> melissa, the ceo was also on the call and gave metrics about cloud business he said google cloud reached an annual revenue run rate of over $8 billion, so lifting the curtain a bit. that's something investors want, more disclosures from google, and you are getting new metrics. google cloud has the new c

apple uses intel modems right now, but the fact of the matter is apple is intel's only relevant customeris spending resources on keeping this unit alive just are apple, which from a business standpoint did not make sense. emily: what kind of advantage does this give apple in the middle of a trade war, supply chain issues, and the desire to make its own chips? >> right, so, building modems is a very intense process. it comes down to two real important things. you need as many people with the engineering background to build modems as possible. you need the infrastructure, the wireless testing environments, and the partnerships with cell carriers, and the patents. intel had to of those things. apple is getting over 2200 engineers and the patents. we saw why patents were so important given a little cold war with qualcomm. what apple did already have was the devices to put these things in. the infrastructure for testing, the technological environment to build these modems -- they open ed an office in san diego recently. emily: meantime, you're getting new dribbles from the supply chain, espec

you have military intel people, the military intel community, knowing because they were fighting the russians in 2015-2016 and are still fighting them every day. to stop them from continuing to infiltrate american democracy. moscow mitch says it's a hoax. tell me, i understand that there's an oligarch that i have read is going to be setting up a big aluminum plant in moscow mitch's home state. i don't know if that's it. but how can moscow mitch so willingly turn a blind eye not only this year to what his republican chairman of the intel committee is saying, to what robert mueller is saying what the fbi director is saying what the dni is saying, to what the cia is saying, to what the united states military intel community is saying. how can they moscow mitch keep denying that vladimir putin continues to try to subvert american democracy? >> i love you're calling him moscow mitch -- >> what am i supposed to call him? cocaine mitch. you know, people call him cocaine mitch. maybe -- i don't know. maybe he's -- i mean, he's only cocaine mitch if he's running cocaine to moscow because he's

>> we're still negative on intel. think that's likely to pull back at the least, as i look into the next year, the next two years with the smukemiconductor marke being cyclically depressed, as you get numbers rising in other parts of the market, as you go into next year, intel will have those structural challenges. >> what about the deal to sell the 5g mobile phone modem business to apple? they said they looked at it and it doesn't make sense for profits where they're looking at 5g they are keeping others, but this one did not make sense. >> remember that apple and qualcomm also signed a deal in may. the reason for that is the intel product wasn't working the performance wasn't there that's was something they were spending money and time on at time we think apple had to make a decision. they need a 5g iphone in 2020, and that's important to them getting the intel business is strategically a good move for apple because it keeps qualcomm honest for the next couple of years as they get that to work and 5g is -- >> that's

intel down 1%. jackie, what are you looking at here?e: well, you hit on that modem business potential sale to apple. investors will be looking for that because the pc business has been a driver for intel but it's also slowing. investors know that. it's all about shifting towards data-centric businesses. they will be seeing what intel says in terms of that transition. we are looking for 89 cents, that would be on $15.7 billion in revenue, and both of those metrics would be lower year on year. now, last quarter, intel's guided for the second quarter lower and investors didn't like that so even though it was a beat on the top and bottom line, there were concerns there. intel citing competitive pressures and an uncertain macro environment as well. also remember intel is up about 10% but underperforming the s&p overall. back to you. liz: thank you very much, jackie. let's set the markets for the moment. closing bell exactly ten minutes away. namaste, $1 trillion market maven bob doll is standing by with his case for flexibility in the second

. >>> a deal between apple and intel is official.apple will pay $1 billion for intel's 5g smartphone modem division and absorb employees as part of the deal. apple is intel's only customer which is a key component in iphones. the announcement sent intel stock up 6% in after-hours trading. apple was flat. ofits ofio at es are down 2%. p about 522 per share. analysts were looking for 556. today's report broke the streak. >>> coming up, tenants with rent control in san francisco are fighting to stay. they say large investors are pricing them out of their affordable apartments by tacking onto the rent a laundry list of expenses. even the cost of mortgage and property taxes. >> the impact is increasing rent way beyond what rent- controlled tenant expects. double-digit increases. >> some tenants face runaway increases. tonight. stack -- >>> training camp starts tomorrow. how fans can get in on the action. >>> the untold true story of the witches of oz, back to the san jose center. oh! oh! oh! ♪ ozempic®! ♪ (announcer) people with type 2 di

intel shares on the move this morning as well. >> we're seeing a big move higher in intel shares this is a big announcement on the part of apple. this is apple buying a $$1 billion smartphone modem unit. so apple doubling down on this 5g play, that's what dan ives called it in a note this morning saying this is about the 5g devices that apple is starting to develop it's a little bit behind some of the competitors in the space, specifically on smartphones. we know that the number one and two smartphone sellers in the world which are samsung and huawei, make their own 5g chips in-house so this is a part of that effort here also just interesting to look at the moves in qualcomm, which are lower. we know that apple reached that licensing agreement with qualcomm earlier this year that will be extended over the next few years likely this is a move for apple to shift both employees, intellectual property and resources to their own company >> elizabeth schulze, thank you. >>> investors are bracing for the busiest week of earnings season next week more than 150 s&p 500 companies and seven dow

at intel headquarters in santa clara, california. 11:00 a.m.ley" is live ♪ ♪ put me in and turn me on ♪ here it come ♪ got hot licks on your guitar strings turn me on and turn me loose ♪ ♪ turn me on and turn me up and turn me loose ♪ ♪ turn me and turn me up and turn me loose ♪ >>> good frida

emily: intel ceo bob swan. for more and the long-term effects of the china-u.s.want to bring in bloomberg's ian king. why are analysts so not excited about this? ian: you remember three months ago, they drastically reduced expectations. they have come in better than significantly reduced expectations. we just heard from bob, a fair chunk of that came from the fact their customer base is worried about what might happen in china and going up ahead of the tariffs worsening. emily: they are unloading their modem business to apple. what is apple getting here? it is a business that did not succeed at intel. ian: it has been a terrible business for years. when apple are getting our engineers. if they want to be independent in this particular area which they are pretty much independent and everything else, modems and screens, they need engineers, they need experience. according to analysts we have spoken with, it will be years before they can turn that into something. emily: what is apple doing now? ian: qualcomm, you remember the big settlement. the bitter legal dispute

. >>> apple will acquire intel in a billion dollar deal.el can develop modems for devices that are not smartphones including personal computers and autonomous vehicles. apple was already buying intel modems for some of its iphones. the company will get 2,200 intel employees plus intellectual property and equipment. >>> four automakers reached a deal with california to set stricter air pollution and gas mileage standards than the trump proposal. ford, bmw, honda, and volkswagen signed the deal to increase gas mileage and greenhouse gas emissions requirements. they pushed to keep the mileage at about 30 miles per gallon. >>> southwest airlines is warning of higher than expected costing following its extended grounding of the 737 max jet. it will not fly the jet until january. the move is expected to leave dozens of canceled flights and potentially higher ticket prices during the busy end-of-year holiday travel period. the faa grounded the boeing 737 max fleet in march after two deadly crashes. southwest announced it will no longer have flight

to the american public, ahead of the intel committee. that is the question i have for the speaker of the house. knowing what she knows now, how can adam schiff still be chairman of a committee that we have to have trust in on the intel around the world, but he lied to the american public?>> the special counsel raised concerns that this could be the new normal as far as interference goes, he raised concerns about the president openly asking for help from wikileaks i am curious, if you want to talk about legislation, would you guys support legislation that would tighten rules to make it clear that inappropriate and illegal for a candidate to do that? >> what is interesting is this new majority came in and said we would have the hearings my committee is so paralyzed with their obsession with this president and the fact that they believe he should be impeached, that we do not have hearings anymore, we do not have discussions anymore and we have build up aboard a bill and so have the other members, they can put forward bills but we are not ge

for intel it would shed a business that dragged on the bottom line.he journal says the companies have been talking for about a year they started last summer when int intel's ceo resigned and then talks broke down in apple when apple reached a deal with qualcomm >>> shares of both companies are higher this morning. qualcomm is down more than 2% in the premarket. >>> new numbers this morning on which tech giant is the top spender when it comes to washington lobbying efforts. cnbc produce errs in washingtond san francisco crunched the numbers to reveal facebook led the field in the second quarter spending for lobbyists with more than 4$4.1 billion that money was spent amid heightened scrutiny on capitol hill around the announcement of its libra currency much more on these findings coming up this morning >>> president trump yesterday agreed at a meeting with the heads of top u.s. technology companies to make "timely decisions on requests to allow u.s. companies to do business with chinese telecom company huawei, currently blacklisted by the u.s. governmen

still ahead, apple is buying intel's modem unit. will this provide relief from third-party supply issues? held up next, the ecb steady but laid the groundwork for a rate cut in the near future. we will ask what that means for other central bank decisions. this is bloomberg. ♪ shery: this is "daybreak asia." i am shery ahn in new york. paul: i am paul allen allen in sydney. the march to lower global ra tes continues. inove to cut its key rate september. the federal reserve appears ready to drop its rate next week. turkey's central bank made the biggest policy rate cut on record. kathleen hays is here. let's get started with the ecb. it is worried enough to cut the rate but not just yet. kathleen: not just yet but something very strong signal that it is getting ready to do so. it is studying the landscape, trying to figure out what it will need to do before it does it. when you hear the head of the european central bank come out of this meeting were so much is -- the manufacturing sector across europe and particularly in germany, euro

the intellectual property apple receives from intel will be critical to that effort.he deal is expected to close in the fourth quarter of 2019. >>> and spacex launched its 18th cargo mission for nasa. the company's falcon 9 rocket blasted off with a car gone dragon capsule carrying nearly 2.5 tons of supplies to the international space station. the capsule is carrying research and technology payloads that concentrate on cellular science. this launch marks the capsule's third trip to the iss. very cool, space economy booming. back over to you. >> taking off, so to speak. >> thanks, frank. >>> cominif g forecast. >> and we'll be saying thank goodness for air conditioning this weekend, as we take a lal,e cool weather now. we you head out the door, reaching into the mid-70s by later this morning. we'll talk about how hot it gets this weekend, coming up next. >>> and it's friday morning. that's always good. you made it towards the weekend. look at the bay bridge toll plaza presidents' already getting pretty busy. i'll have a look at your drive times going throughout. you'r

shares in intel rose in after hours trade after the chipmaker raised its full-year guidance. separately apple has agreed to buy the majority of intel's smartphone modem chip business in a deal worth $1 billion john fort filed this report. >> reporter: intel out with a report for the second quarter that beat on the top and the bottom line. sales stronger than expected that led to an improved outlook for the full year. intel's ceo, bob swan, saying it was really the growth in data, just data applications, the demand for data, that powered the pc business as well as the cloud business which uses intel server chips, that led to the out performance in expectations. at the same time as intel announced earnings, they also announced they were selling their smartphone modem business to apple for $1 billion that includes 2200 employees as well as facilities and patents, that's a big deal. that was expected. >>> and the heir apparent to angela merkel planned to boost military spending in germany as she begins her new role as defense minister after seeing her popularity decline, they are

representatives from microsoft, intel, qualcomm, and more.hat is the latest we know about this meeting? who was there? what was discussed? >> the meeting was called basically to hear a view from a business perspective. we do hear a lot about the huawei fight from the hawks and the administration and on capitol hill who obviously are in favor of a total decoupling of supply chains. this is a chance for them to make their case of wife huawei should -- of why huawei should continue selling. the invitation list was pretty broad in terms of companies that are affected by this. sent aompanies have letter to commerce secretary wilbur ross a couple of weeks ago, making their case in writing, in private meetings at the commerce department. this is basically their second run at it with a broader audience. the commerce secretary was in the meeting but he has heard the case before. watching forl be any headlines. we want to get a lawmakers look now at the case against chinese tech and the alleged threat to u.s. national security. lego --man rubin get reb

itsing up, intel beat expectations this quarter but analysts remain concerned.spoke to the ceo earlier to talk about the chipmaker's f orecast for china. this is bloomberg. ♪ emily: intel shares rose today beating expectations after reporting second-quarter results. analysts are remaining cautious the chipmaker has been underperforming for years. vonnie quinn asked the ceo bob swan about the forecast for china. bob: china is a big market for us. we have been operating in the country for 30 years. we have important customer relationships. a global supply chain. we have a really strong employee base. it is a big and important market for us. what we have seen over the last several quarters is two things. one, overall, demand has slowed as our customers have digested fairly significant purchases last year. secondly, we saw a bit of an acceleration of demand heading into the second half in the second quarter because the fears of the potential of additional tariffs being imposed. those combination of factors have china, an important market for us, being a little slowe

again you can be bullish intel that's fine. i don't know why this moves the needle at least in the aftermarket as much as it is >> this deal according to dow jones, we'll closely monitor this more on our website. i'm melissa lee. you're watching "fast money" >> announcer: time to take cover or time to get in? why one top strategist says a pull back is coming. but that could be the perfect buying opportunity he'll make his case. and later, "a star is born". ♪ no, we're not talk being hollywood. we're talking china. we'll explain when "fast money" returns. these folks, they don't have time to go to the post office they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time all the amazing services of the post office only cheaper get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again! >>> welcome back to "fast money" a strategist says a pull back is on its way but

i want to ask you about that because all of these individuals that you're mentioning are, like, intelross the world. one from australia, one from britain, one from italy. i want to know who coordinated all of that and who was the mastermind behind the plan to insert donald trump into the russia meddling story. we're going to take a short break, and then i'm going to come back and ask you that, what you think, who you think is the mastermind. follow me on twitter, on instagram as well. we're going to take a short break and have a lot more with congressman devin nuÑes, secretary mcaleenan and george pop adopt louse coming up. pop adopt louse coming up. stay with us . ♪ here i go again on my own ♪ goin' down the only road i've ever known ♪ ♪ like a drifter i was-- ♪ born to walk alone! ...barb! you left me hangin' on the high harmony there. if you ride, you get it. geico motorcycle. 15 minutes could save you 15% or more. with tough food, your dentures may slip and fall. fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without

>> you watched both intel and judiciary committee. we discussed the issue of exoneration and the theory that he will come out with is a novel theory but it's not something for him to exonerate which is a flip side to say there is not enough to find guilt. instead of going from the opposite end but she's not there to do, they are also saying he did not have enough to go forward. >> if i were the democrats and they just got done talking about it i would be frustrated as well because they have promised that the mueller investigation was the goal and would solve all their problems. the problem is they got to the end and they didn't-- what they wanted to tell pick >> the chairman of the intel committee lied to the public the last few years? he had evidence. >> we found that was not true. he had the investigations. you had the report. and today, you have the hearings. you have a chairman of the judiciary who ran for his chairmanship based on his own confidence that he would be the very best person for impeachment. this has been the goal but

the same goes for the intel chairman, the cowardly adam schiff.arr's investigation, pressed for transparency, called it an american. the same marianne who tweeted this in 2015, he must declassift russian hacking our elections. rest assured, trump want and the cowardly why won't he come on? we have every single lie he has told you, we, the american people. he's a liar, conspiracy theorist, and the worst part is we now know he's lying. a partisan hack through and through, and we have a partisan hack in charge of the intelligence committee. rest assured, barr is not going to release sources and methods are highly classified intelligence. let's not forget, those who are now saying, oh, we can't release this, are the same people who were asking the attorney general of the united states barr to break the law and release the mueller report with grand jury testimony included. that's called selective moral outrage. we are about to see important evidence surrounding the biggest abuse of power, corruption scandal. it set. the president declassified, it will

i want to ask you about that because all of these individuals that you're mentioning are, like, intelross the world. one from australia, one from britain, one from italy. i want to know who coordinated all of that and who was the mastermind behind the plan to insert donald trump into the russia meddling story. we're going to take a short break, and then i'm going to come back and ask you that, what you think, who you think is the mastermind. follow me on twitter, on instagram as well. we're going to take a short break and have a lot more with congressman devin nuÑes, secretary mcaleenan and george pop adopt louse coming up. stay with us . ♪ uh, i'll look into it. (phone rings) lisa jones! lisa: (on phone) hey carl, what are you charging me for online equity trades? (nervous chuckle) lisa: and do i get my fees back if i'm not happy? like a satisfaction guarantee? ugh. schwab! lisa: oh right, i'm calling schwab. thanks, carl! wait, lisa! lisa... are you getting low costs backed by a satisfaction guarantee? if not, talk to schwab. a modern approach to wealth management. if not, talk to s

i want to ask you about that because all of these individuals that you're mentioning are, like, intelross the world. one from australia, one from britain, one from italy. i want to know who coordinated all of that and who was the mastermind behind the plan to insert donald trump into the russia meddling story. we're going to take a short break, and then i'm going to come back and ask you that, what you think, who you think is the mastermind. follow me on twitter, on instagram as well. we're going to take a short break and have a lot more with congressman devin nuÑes, secretary mcaleenan and george pop adopt louse coming up. pop adopt louse coming up. stay with us . all money managers might seem the same, but some give their clients cookie cutter portfolios. fisher investments tailors portfolios to your goals and needs. some only call when they have something to sell. fisher calls regularly so you stay informed. and while some advisors are happy to earn commissions whether you do well or not. fisher investments fees are structured so we do better when you do better. maybe that's why mo

advanced talks with intel about its smartphone mobile chip business.s is a big move strategically more so than monetarily. qualcomm taking a big tip on this. close to thepeople matter, these talks are fairly advanced. there could be a deal as early next week valued at $1 billion or more. a deal that could include a portfolio of patents and staff that have to do with the smartphone shift modem business and that could be very important strategically for apple going forward. shery: su keenan, thank you. there is a $13 trillion blackhole at the heart of global financial markets. negative yielding debt, bonds worth less. so where do we feeind yield? let's bring in winnie caesar. great to have you with us. the fed expected to cut rates this end of the month. actually, two weeks. where is capital expected to go after this fed rate cut and fixed income? winnie: we really think that the market is getting a little bit ahead of itself in terms of anticipating what the fed is going to do. our wells fargo economics team sinks -- thinks there will be a single 25 bas

it's not the intel committee's jurisdiction. we have done this ostensibly because we find his testimony to be valuable. so valuable we are going to subpoena him in. we are going to constrain the opportunities for members of this committee to ask questions. that's neither appropriate, it's neither fair, and quite frankly probably won't comport with the rules of this committee or the house. the chairman of our committee has said witnesses shall not dictate the terms and conditions of the testimony. but that seems to be what's going on here today, either that or chairman schiff is dictating. we are getting only two hours. and then it's going to go to the intel committee. well, that means not everybody on this committee will get the opportunity. that means that we have a igher arcal system, a system based on preferential treatment. quite frankly where you sit on the committee. means if you are in the front row, i happen to be in the front row, i was just inches away from the back row. it means that membership of this committee is no

let's talk more about this with house intel chairman mike rogers. i just kept thinking to myself isn't one of the most beautiful things about america is that you have the protection of the first amendment, that you have this first amendment right to say what you believe to work toward what you think might be a better america? let me get your reaction this morning to the husband of the senior council to the president, kellyanne conway. george conway writes naivety, resentment, outright racism roiled in a toxic mix have given us a racist president. is he right? >> i don't -- i think we've entered this nee era of peewee

apple is buying chipmaker intel smartphone modem division.n used exclusively in iphones since last year. intel shares have also risen after the outlook was raised. starbuck shares are looking perky as well as the world ‘s biggest coffee chain's result wall street expectations. the 6% rise in quarter sales burst that earnings to almost $1.1; billion. the sun shows of opened lower after it said it would cut 12,000 500 jobs around the world. —— nissan. net profits fell by almost 95%, one of the worst quarterly performances in a decade. why were those results so bad? was than expected. the ceo admitted so much 20 announced the 99% drop. it is really an implosion of sales in key markets such as the us. it used to be the profit engine for nissan but sales have: of the cliff in recent yea rs. but sales have: of the cliff in recent years. to what extent have all the scandals and allegations surrounding the former boss perhaps wade on sentiment? —— wade. surrounding the former boss perhaps wade on sentiment? —— wadem surrounding the former boss perhap

he's going to be sworn in alongside robert mueller in the afternoon session with intel and will also be giving testimony, also be answering questions from members. as far as we understand it, at your committee zebley will be there but he won't be sworn in. he'll be there purely to advise mueller on his own responses. is that still operative at this time? >> you know, that's -- that's the last part that i heard.

intel we also had numbers, sales, outlook all beating estimates.does this reassure investors that demand concerns, trade tension concerns will not affect the company? >> you have to remember that the bar was very low or intel coming into the quarter. we know texas instruments reported numbers a day or two ago and they were pretty solid. if you look at the intel numbers, their data center group going intothey make the cloud centers, that was actually down 1%. -- excuse me,roup up 1%. the data center group was actually down 10%. if you sort through the numbers, they did better than expected. they raised guidance for the next quarter for the fiscal year, but it does not really change the fact that they are not really growing the top and bottom line right now. as i said, i think the bar was pretty low for intel. thanks for joining us. if you missed any part of that conversation, tv is your function. you can watch us live, watch past interviews as well. also become part of the .onversation this is bloomberg. ♪ paul: you are watching "daybreak austr

. >>> plus, did apple just win the 5g war we will explain why the purchase of intel chip service could be a game changer >>> fast food on fire. mcdonald's and starbucks hitting record highs there is one key to keep fueling this route "power lunch" starts right now >>> with two hours to go, here is where we stand with the markets. s&p and nasdaq hitting record highs to close out the week. nasdaq better than 1%. alphabet's power move behind that rally stock of double digits best day in years kelly. >> thank you we are a week away from the decision of a rate cut the national white house economic adviser larry kudlow saying it is a miracle the economy is growing at all given years of monetary tightening mr. liesman is here. >> other parts of the economy reverse the strength of the first quarter. let's look at the details. we were looking for 1.81 consumer is 4.3. best member since 2017 and powered by durable you see federal spending up 7.9% business investment and exports were negative. in fact, i want to show you the reversal of everything strong went the other way investment positive in

intel to tim's point has underperformed i would say you have to take profits in amd right now even thoughhere's been a bunch of positive headlines and rumors about being involved in next generation xbox and microsoft cutting intel chips, adding amd. i think you have a lock in your products i think it is close to 70%, i don't know if i have it right, it could be close to 10% >> what's the best chart in chips? >> i would think it is amd nvidia is trying to bottom you mentioned something important, it is back to safety versus offense you like software better than semis? >> i do. yes. >>that's a defensive posture. >> correct >>> for more on semes head over to cnbc.com. you are watching melissa lee on "fast money", first in business worldwide. in the meantime, here is what is coming up. >> either let us smoke we had, which is our right to do >> bye-bye. >> bye. >> canopy shares a falling after ceo bruce linton said bye-bye to the company. there's something tim seymour says wall street is missing about the move he will read the weed leaves. >> stick with us. >> a handful of stocks have been sit

intel unit from intel to bring more of its chips in-house.ark: the latest news is apple is in discussions with intel to acquire its modem team. modem are the chips inside of phones that connected to the data, so you can use it not on wi-fi. it is arguably the most important part of any phone, many tablets, smart watch. i'm sure laptops in the future as well. this would allow apple to have more engineers which would jumpstart their efforts to build a modem for new iphones and basically cut qualcomm and other suppliers out of the equation for that really key device. they: we will be beating drum until that meeting next week. mark gurman, tom giles, jenny leonard, thank you all. snapchat's growth accelerated in the second quarter. details on the latest earnings report, next. this is bloomberg. ♪ emily: robin hood markets has posed a new round of funding at $76lues the company -- $7.6 billion. robin hood became popular with millennials for allowing people to trade stocks for free. after reporting second-quarter earnings, it looks like the social

ahead of the intel committee. that is a question i have for the speaker of the house. knowing what she knows now, how can adam schiff still be chairman of the committee that we have to have trust in on the intel around the world when he lied to the american public? >> the special counsel raised concerns that this could be the new normal in terms of interference. they raise concerns about the president openly asking for help from wikileaks. -- you want to talk about would you guys support legislation that would tighten rules to make it clear that inappropriate for candidates to do that? paralyzedittee is so with their obsession with this president and they believe he should be impeached, we do not have hearings anymore. we do not have discussions anymore. we have put forward a bill. they can put forward a bill. the very committee in which mr. mueller talked about the very threat to our existence in our elections, we are not putting bills together. they are bankrupt of ideas or they do not want to have the hearings. democrats, ifhe you truly believe, talk about love for

the intel committee will get two hours, the original agreement. that will give every member to ask -- a chance to ask questions. everyone will have five-minute rounds. the intel committee is much smaller than judiciary, 22 members. host: the chairman of the intel committee, how do you think his style is different than the chairman of the judiciary committee. guest: one thing interesting about the intelligence committee is that most or much of its work is conducted behind closed doors and classified sessions. do chairman has tried to more public hearings. i think we have had a couple, including a few, focused on the mother investigation and russian interference -- mother investigation and russian erterference -- muell investigation and russian interference. it is proceeding second. i think we will get a lot of tower from the first hearing. even in that switchover, though it is in the same room, will they change out the members of the public allowed in and what does that mean for media coverage? guest: i'm not sure about the public. the media covera

i still own intel and micron sold micron calls today just to say i've got to clean this up. i don't want to have too much exposure on something that's been literally the vertical trajectory of what we've seen out of the semis has been absolutely phenomenal. last week i had micron, amd and wdc as my final trades for crying out loud. three of them. i'm out of all three of those call positions >> you were so excited you cued the guns n roses >> that was me texting >> it's so interesting you talk about smh for those folks thinking about the economy right now and how global growth is doing -- >> it's a proxy, isn't it? >> smh is a proxy for global growth and so that's why this whole situation around whether or not rates are going to be hiked, why it's so complicated, right, because what this is telling us is that the market is not doing poorly we know the data is telling us -- >> such a terrible earnings season and blah, blah, blah. all this -- >> dark cloud. >> earnings recession. meanwhile you come bawalking in yesterday or today and look at these numbers. stanley, black & deck

that is when the intel community -- >> it went back further than that.s that is a distraction from the now. when the president stood on the stage of helsinki, if you want to look back, when he sat there, he said this. >> all i can do is ask the question. my people came to me, dan coats came to me and some others, they said they think it's russia. i have president putin. he just said it's not russia. i will say this, i don't see any reason why it would be. >> boy, oh, boy, you want to go back to obama when he said the -- to then-president medvedev after the election, i'll have more leeway on policy. you guys made it seem like it was traitorous. yet he said that on the stage in helsinki and you want people to believe he cares about the issue. >> first, ambassador bolton noted the very first issue brought up in that meeting with putin was election interference. >> by whom? >> by president trump to vladimir putin. he brought up election interference. i wasn't in that -- >> like in that last press conference where he said hey, don't interfere in our election

apple reportedly in talks to buy intel's smartphone modem chip

i would say the intel community would have advised him not to say anything, but there you have it. it just again points out how tensions are ratcheting up. we need to de-escalate the situation. we do not want to blunde into a war with iran. which by the way has so much more fire power that there would be just so many people that would die -- the diplomatic aspects need to be strengthened. i'm not sure that's what is happening. >> thanks for joining us. >> sure. >> we'll have much more on the breaking news coming up. i'll also speak live with democratic presidential candidate tom steyer. he's a top proponent of impeaching president trump. plus the situation is puerto rico is clearly escalating as