and what the top analyst thinks about johnny ive's from apple.ll ask tommy sacconaghi at noon on the half >> bitcoin's recent resurgence fueling the recent rally in chip stocks led higher by the likes of amd rbc's mitch steve joins us now for more mitch, thanks for joining us is this the -- the resurgence of bitcoin, is this what's causing the stock to move as aggressively as it has >> well, for bitcoin, that's not really related to the semiconductor space. so bitcoin's not using amd, they're used to mine something called etheoethereum but the bigger deal was the huawei news and the micron report essentially, you have huawei being able to purchase some of their micron chips which sent the whole space up and you have western digital having a huge power outage that stock is up another 3% or 5% now memory's coming off a bottom you have data center coming back, you have amd gaining share and nvidia coming out, a new product coming out in the second half so i think that the chip stocks in general, you want to be long synopsis and amd and long micr n m

johnny ives is going to depart the company.ehind the iphone, behind the design of the thought leadership. he will be spinning up his own independent design company. they have named the senior vice president of operations over at apple. this is a big move for johnny i've. -- ive. romaine: a lot the big banks now announcing dividends and buy back programs. bank of america going to buy back $31 billion in shares, capital one, about $2 billion, city, $17 billion and wells fargo, about $21.3 billion. joe: coming up, the latest on nike's fourth-quarter results. this is bloomberg. ♪ caroline: apple has lost its chief design officer. johnny ive will be departing to set up his own independent design company. they are naming a new vp of operations but that will be a key move. the man behind it designing many of their key products. joe: apple will be a client of his new company. there will still be some connection to the company. romaine: let's turn to another big consumer products company, nike reporting fourth-quarter results. a retail

introduction of the i pad apple did not really have a new killer device and the decision still that johnny ive is leaving the company is a clear sign that f.l. is not so much for posting anymore on hardware but services that is supposed to be key for apple future but analysts on wall street are a bit concerned that johnny ife is starting his own company and leaving apple even if you claims that he will still work closely together it was his former company yes thanks for now we'll come back to you in a moment overall wall street wrapped up the best june in decades also thanks to a boost from banks financial stocks were among the big winners in friday's trading session earlier the federal reserve announced that 16 banks including j.p. morgan bank of america and even beleaguered doj bank cleared the fed's annual stress test and spec to you in new york a good news for major banks and they're already making the most of this announcement. yeah you can definitely say so we already got major announcements for dividends and also for share buybacks in the billions goldman sachs for example is announcing

he had nice things to say about johnny ives, saying he is a singular figure in the design world. undbreaking imac to the iphone and unprecedented ambition of apple partners. he will -- apple will benefit from johnny's talents and we will work with him on projects. to discuss we have got to acknowledge assist -- we have got to acknowledge him. mark, this happened as you were walking on stage. you have known about it for 50 minutes. this cannot be understated. this is the biggest executive change at apple since they had to change ceo's because steve jobs passed away. ive was an extension of steve jobs. there was optimism about the future of the economy because johny was still around. thisve been seeing years was going to happen. when he was given the cheap design officer -- chief design officer title, it became clear he was shifting away from apple. in many ways i felt he could live with this chief design officer title for the rest of his life, like with dyson in europe. it isn't really handling day-to-day, but he is the name behind it. jony is the guy behind the white , ituds in yo

the real johnny ive of the valley. emily: that is a controversial statement.e's amazing. emily: we were talking about this earlier. google has discontinued getting out of tablets. the pixel has not done that well. john: the pixel is an amazing device. i have both. the pixel has better software. at some point, it is not about the hardware, it is about the engine. the prius, you like it because of the hybrid engine. apple's technology and software has lagged google technology. emily: that said, an interesting wrinkle in the huawei story in that google can now operate its android operating system for huawei. huawei could be forced to build its own operating system. how big a threat of that is to google and apple? john: gigantic beyond belief. here in the u.s. or europe, we underestimate what is happening in china. china is the wakanda of payment taxes. if that happens, the differences will only increase. emily: should we be concerned about national security issues? john: we should always. we should be concerned the experience quality in china is improving on all

emily: do you think someone at google is the real johnny ive, do you think apple is not innovating as much as it had in the past? what grade would you give the pace of innovation at apple? john: i would give it a "b." this is coming from and apple fanboy. i have the original apple ii, the first macintosh, the original iphone. competing now is not about the hardware awesomeness, it is about the software. emily: you don't think apple software has an awesomeness? john: i think it is awesome, but i can see that google software is so much better. google has mastered the cloud. emily: apple is about to unveil in september a new round of phones. we have reported they will be fairly incremental in terms of design changes. what does apple need to do to kickstart innovation or get back to an "a?" john: an "a" in privacy. we are looking at the fancy graphics and aluminum whatever. i argue that the new aluminum of the apple phones is the privacy features. that is another thing we should not overlook. i think apple might win the people who care about privacy. google may win those who care about co

. >>> investors are largely shrugging off apple's announcement that johnny ive is leaving. josh lipton is out in san francisco. josh, why don't people expect a bigger fallout here? >> you know, kelly, because i don't think the news in and of itself was probably a huge shocker. i checked in with some smart long-time apple watchers this was pretty much a long time coming that their point being johnny passed at least the day-to-day responsibility. ben of creative strategies has been watching apple for 20 years. as he noted in his opinion jony ive wasn't really driving the ambitions of apple having said that, it is big news jony ive had a tremendous profound impact on this company. he had a key role in designing a lot of the key devices that are in your living room. analysts say they have now sold more than 70 million watches it's a multibillion dollars business in its own right. i think one question for investors today is now that jony ive will no longer be an apple employee, who do you think can fill those shoes >> andrew asked him on "squawk box," he said when i was thinking

the company saying chief design officer johnny ives who designed the iphone, imac and pretty much every device apple has launched over the next decade, will depart this year. he's been at the company for almost 30 years. he will be leaving his official role to form an independent design company which will still count apple among its primary clients. we will bring you any more developments as we get it. right now, apple shares down in the after-hours. >>> also some breaking news in terms of earnings. nike stock also lower, down by half a percent. we just got nike earnings reporting that its fourth quarter numbers missed analyst expectations. revenue beats coming in at just around $10 billion and we will continue to monitor the stock's action in the after-hours. don't forget, nike sells a lot of their goods to china, around 15% to 20%, so their revenue comes from the chinese market. >>> meantime, coming up next, 2020 democratic candidates, they are slamming the u.s. economy but with the gdp at over 3% in the first quarter and stocks continuing to climb to record levels, will selling econo

johnny ives is moving to form an independent company with apple as one of its primary clients.is responsible for the look of the company's mostly climate -- most iconic products. how much was he worth chapel? is $9 billion, how much the company lost when the news broke. june is not over, and so far large companies doing business in europe have announced 28,000 job cuts in the region. the latest is ford motors, joining peers and industry in making massive layoffs to cope with a downturn in their businesses. that is your bloomberg business flash. nejra: the fed is widely expected to cut interest rates in july, with some even seeing a 50 basis point move. but san francisco fed president mary daly said it is too early to know if a reduction is needed. she spoke exclusively to bloomberg at the aspen ideas festival. treasury'sar is the responsibility, so when we are making our judgment, we are thinking of the inflation mandate and full and we met mandate -- full employment mandate. the dollar is one of the variables we track, but we do not think of it as the output of our policy, lar

what about johnny ives? years to start his own design firm. still counting apple as one of his largest client, but this obviously is a shift away from hardware, phones in the future since we know iphone sales have been slowing this is a shift in the direction of services, meaning that johnny ive doesn't have much more to design at apple going forward. stuart: that is fascinating. everything from apple. susan: everything. stuart: he stretches back to steve jobs. susan: that's right, 27 years. stuart: got it. president trump and china's xi xinping will meet tonight, our time tonight on the sidelines of the g20 summit. listen to what president trump scede made of that meeting. roll tape, please. >> we'll see what happens. you're going to know maybe before most. we'll see what happens tomorrow. it will be a very exciting day i'm sure. a lot of people including the world. it will be an exciting day. a lot of people are talking about it and very interesting and, it is going to come out hopefully well for both coun

johnnie ives was a critical part of its success.aria: i didn't realize huawei sells more phones than apple in some areas. andy purdy said they sold 100 million units last year. this is huge competition, a big positive for apple, the fact that huawei is banned right now. dagen: you pay for security with apple, i will say that. maria: the democratic debates round two, camilla hair riffs takes on vice president joe biden, more highlights with our panel coming up. and the surprising partnership with madam truseau's wax museum. remember this when we went to wax museum in washington. we're going to check it out. ♪ it all started under this buttonwood tree. twenty-four people came together to sign an agreement that created the stock exchange. .. it started in an office on the corner where the right people witnessed the telegraph and brought information and humanity together forever. it started with the markets, bringing together steel and buildings and silicon and medicine and rockets. we believe the possibilities of life and investing are

johnny i've is leajony ive is leaving the company. josh, it's 2:30 in the morning there.s an incredibly important man, an incredibly important story. i know you know him. you cover apple as well as anybody out there. was this expected? >> this means an apple icon will leave after the end of this year apple stresses he's not complete completely gone. he plans on creating a new independent firm apple will be one of his big clients and he'll work closely with the iphonemaker on what are referred to here as exclusive projects maybe the fabled car or those much talked about ar glasses maybe no mistake, this is big news the stock did dip on it. sir jony was refeared. he was chief design officer, instrumental in the design of some of apple's most iconic products, the imac, ipod, ipad, iwatch as well as apple's new state-of-the-art headquarters. there was nobody at apple besides steve jobs himself who better embodied the design culture at the company the simple clean style and aesthetic that still defines those products today gene munster says he deserves a lot of the credit for