here with me are jon fortt, deirdre bosa and michael santoli.up, it's the biggest drag on markets today. shares of intel plummeting after reporting disappointing third quarter results. especially weakness in its data center business. and confirmation we won't see its next-generation chips until 2022 at the earliest shares are down 20% on the day john, you spoke with ceo bob juan earlier he shed any light on the situation? >> it's not as bad as it sounds, but really, it's that businesses enterprise, that business and government, that was weak. what was really strong is the cloud business, but, you know, the margins wi, the profits are notedno ed a good on the cloud side. the pc business, still as strong, but people are buying those bargain pcs, more for education than the road warriors it's that margin issue, that profit issue that really has investors disappointed >> but what do you make of -- what's his -- you know what i'm talking about, the analyst note today that says, john, this is bad news stacy rascon of bernstein. i think he's the number

it is time, folks, for rapid fire, and here with their takes jon fortt, contessa brewer and michael santolime. >> hey, bill. >> hello. >> john jon, i keep hearing. this is going to be the greatest event apple has ever put on. i mean, we've heard this before, but do they really, really mean it this time >> i mean, i'm sure some people mean it, but i don't necessarily think as some are saying that this is the most important iphone launch in a long time here's the reason why. it's the 5g iphone that's what we expect anyway, but 5g networks aren't really ready to delivering what the carrier is promising even if apple delivers a perfect phone for 5g i'm not sure the demand will be there in the critical q4 period, hey had the networks are great, it's so much faster i think next cycle might be one. >> are you in the market for a new iphone, contessa >> well, yes, because i'm one of those people where my iphone is years old. they say that now this refresh, this update cycle is older than four years which is a long time for an iphone. plus it's happening right before the all-important holiday season

i'm carl quintanilla with jon fortt and we had losses at the open but we're close to session lows. w is down .3%. s&p 500 below 3400 the name of the game, jon, q-3 earnings really no stimulus headlines to speak of we're watching covid-19 levels mega cap, m & a in the chip space. you know what i'm talking about. >> absolutely. >> we telegraphed it here it s we're going to begin with amd and that $35 billion planned acquisition of xilinx. it's the boldest bet in a remarkable run by amd's chief executive officer dr. lisa su taking over almost exactly six years ago in october 2014. sue has taken shares of amd from $3 to, what, $79 as of this morning. more than 2,000% rise. today's deal is another challenge to intel it's a push for market share in data centers and just the latest move by sue to turn amd from an also ran into a leader. >> hopefully you have got to know me a little bit i'm all about focus and execution. you know, what -- we set out the plans for amd over the last five or six years and it was about, you know, building a leadership road map across our chosen market segments.

i know jon fortt may not but i am coming up on the other side of this break, three more big news makinge have the president of shopify we have treasury secretary steven mnuchin, straight off weekly jobless claims, and united airline ceo scott kirby, posting a $1.8 billion net loss for the third quarter. united is positioning itself for a long downturn in air travel due to the pandemic. stay tuned you're watching "squawk box" on cnbc we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. lemme guess, change in plans? (vo) i'm a verizon engineer and today, we're turning on 5g across the country. with the coverage of 5g nationwide. and, in more and more cities, the unprecedented performance of ultra wideband. the fastest 5g in the world. it will change your phone and how businesses do everything. i'm proud, because we didn't build it the easy way, we built

jon fortt back to you. >>> thank you, nearly 20,000 amazon workers testing positive for covid-19 theatest after the break don't go anywhere. yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪ >>> amazon with a blog post disclosing the number of employees testing positive for covid in the last few months >> for the first time since the pandemic took hold amazon coming out with comprehensive data into the virus spreading across the workforce. nearly 20,000 workers have tested positive in the last six months and that is out of nearly 1.3 million total employees. the numbers don't include the thousands of third party contractors who fulfill that last plimile delivery. and two s

jon fortt, thank you, sir, great to see you on both sides, both hands.l to come on "squawk box," dr. scott gottlieb on the rise in daily covid cases. >> and international papceo mark sutton, the response to the pandemic, how the economy looks from where he's sitting. the futures this morning are indicated up but not by as much as we had seen earlier earlier the dow had been up by triple digits, now account inned up by just 38 points after losing more than 1,800 points in the first three trading sessions of this week >>> welcome back to "squawk box," i'm dominic chu. we're going to kick things off with shares of sphopify, 40,000 shares of volume the cloud based ecommerce solutions company reported profits and revenues that topped consensus estimates. shopify was helped as traditional retailers tapped its services during the covid pandemic to migrate their sales online versus in store you've got shares of moderna, higher around 2 1/2%, 25,000 shares of volume premarket the biotech company known for its work on developing a covid-19 candidate reported mixed

. ♪ >>> good tuesday morning i'm carl quintanilla with jon fortt and julia boorstin apple is going toe story of the hour. their new event is just hours away expected to unveil the latest edition of the iphone, jon >> likely story of the week in my book. that's where we'll start this morning. joanna stern off the wall street journal joins us product reviewer extraordinary air. it's been a long time since we had an iphone event that wasn't focused primarily on camera and screen quality, i would argue. maybe back to the iphone 10 where we got face id but this time it might be 5-g taking center stage, right >> supposed to be it speed, speed, speed. that was the tease in the invite last week from apple i think it's going to be in 5-g, certainly. processors, processors, processors every year. and i think also we hear a lot of speed in charging this morning it was a -- i believe it was last night, a wireless charging grid that will clip to the back of the new iphones magnetically clip. should be able to charge faster than current standard wireless chargers >> nobody cares about that, right?

. >> good thursday morning i'm carl quintanilla with jon fortt and julia boorstin is with us for the hour. stocks in a whipsaw range, down a couple hundred up 100 here. s&p 500 up 25 or so after the dow's near 1,000 point loss yesterday. worst day since june on pace for the worst month since march. but then you get a stock like pinterest. good guide coming up, going against the grain. julia, remarkable price target increases. basically doubling what some analysts saw the stock trading to >> yeah. a lot of positive responses to those numbers there. really a beat across the board, carl what is so interesting to me is what we saw in this quarter from pinterest is last quarter's results were not just a blip but that this is a company that could stand to benefit over the long term from some of these trends we're seeing during covid-19 there is some surprising, funny little things like the fact that pinterest grabbed four million new users due to the fact that people are going to pinterest to find inspiration to reorganize their iphones after that ios upgrade. so little things like that th

jon fortt will interview bob swan today on squawk alley at 11:00 a.m. >>> capital one posting betterhan expected third quarter earnings and revenue, the credit loss provisions falling to about 330 million for more than $4 billion in the second quarter. >>> paypal is on the hunt for bitcoin. bloomberg reporting it is exploring the cryptocurrency code deal applies is unclear, bitco last raised funding at a valuation of $170 million. earlier this week, paypal announced that it would allow customers to buy, tellingsell a cryptocurrency on its network. >>> and still on deck, a $2,000 switch-a-roo at one of new york's most iconic eateries, and other top trending stories coming up. >>> kaidtoday's big number 157 million. that is how many votes predicted estimates will be cast in the 2020 presidential election that would be a 20% increase from 2016. ♪ ♪ for skin as alive as you are... don't settle for silver ♪ gold bond champion your skin >>> airlines are out with quarterly results and they continue to reveal the impact of the pandemic on the sector with southwest yesterday reporting its big

it's jon fortt are you saying the facts assembled in the doj's report you disagree with, or are you sayingfacts, your interpretation is that they shouldn't lead to some remedy that views google as a monopoly abusing its power? >> i'm going to tell you something right now, i have zero opinion on what the government should do with google. >> i'm not asking you really what they should do. i'm asking you if you've looked at the report and the facts that they lay out of google's behavior and you say well, i don't think that's true, or are you saying that's true, i just don't think it's a problem >> i think -- i don't know whether it's not a problem the government can decide that it's void of the larger context of what was happening in those industries google wasn't competing against small businesses, it was competing against the largest businesses in the world and the best-funded businesses so look, google can stand on their own record about how they behaved and what they did and the government can have an opinion about that i'm just trying to zoom out a little bit, which was when you read the

i'm carl quintanilla with jon fortt a fortt.ve seen risk off behavior in europe we watch both covid-19 developments and system husband hopes. dohm is going to break this down to start the hour. >> we were down in the early parts of the session so far. just after the opening bell. 300 point decline. you can see here we're still hovering near .75% decline for the dow and s&p 500 about 1% p as it has been for the past couple months now, the nasdaq has really been the outperformer or underperformer on down days as you can see here. continuing in that trend today 11,616 there 1.25% declines overall take a look at the nasdaq so far, we're still continuing to kind of hover near the record high levels. not so far away from them right now. finding some support over the last couple of months here with the nasdaq now down 1.3% there still is a renewed focus on many of the technology names that are driving some of the action for instance, the momentum trade as of late has been in many of these kind of work from home cloud computing type pla

"the exchange" is now with jon fortt. >> welcome to "the exchange. a very wild week investors getting more anxious about growing covid-19 cases worldwide and the approaching election of the right now the dow is down just over 325 points let's call it. more than 1% the s&p down 1.5 and the nasdaq down a little over it.5 which takes us to late july levels on the dow, late september on the s&p and nasdaq for the week it's not a pretty picture. the major averages all down more

i'm carl quintanilla with jon fortt. investors playing defense once again today.t's been a wild five days for the markets with the dow on pace for its worst week since march the dow down about 427 of course, we're watching covid levels and the potential for lockdowns, but also big cap tech which is tough when iphones missed by a billion, facebook flat to down >> i really drilled down on alphabet and amazon. for those two companies, it was a tale of two different big tech quarters alphabet has certainly been the laggard this year. underperforming not just its big tech peers, but the nasdaq amazon has been a standout, 70% gains. alphabet had a low bar and amazon had a high one. did they deliver we can look at a number of metrics, what i want to drill down on particularly is cloud. these are the company's newer growth engines cloud numbers came in only in line with expectations revenue up 29% year over year. love large numbers but google cloud, revenue was up 45% and now the company is going to break it out as its own segment. have a listen to what was said last nigh

i'm carl quintanilla with jon fortt and julia boorstin markets looking good, yields up and oil up as are focused on two things, the prospects for more stimulus covid aid and the potential departure of the president from walter reed on the latter point we'll turn to eamon javers good morning. >> good morning, carl. no information yet from the white house at 11:00 a.m., but they did bring the white house pool reporters over from the white house here to walter reed which indicates there might be some expectation that we could get a briefing for the press within the next hour or so we're going to stand by for that meanwhile, no indication whether they've made the decision yet to move or not move the president they say they'll make that decision with the medical team later on this afternoon. so we continue to wait here as we learn that the vice president and mrs. pence have tested negative today the white house saying that the first lady continues to rest comfortably back at the white house, though that is the status of the people closest to the president of the united states, and outside

joepg my are seema mody, jon fortt and julia boorstin disney will centralize its media business intoingle organization and emphasize streaming. according to the ceo this move shouldn't come as a surprise >> covid accelerated the rate at which we made this transition, but this transition was going to happen anyway. >> luke capital upgrading disney to a buy after this move and hiking its price target. shares run almost 4% today the stock now only down about 10% this year. julia, i mean, we've talked a lot about this today, but it just seems obvious, right? like is this controversial with anybody? why shouldn't they make had a move like this >> well, look, what's really interesting about this move, kelly, is they are splitting up the content side of the business from the distribution side of the business these are two things that are usually integrated and combined and now you're going to have one person make the decisions about where that content should be going, whether you should have a movie go to theaters or disney plus so that's designed to really circumvent any confusion or any c

"the exchange" is now with jon fortt. >> welcome to "the exchange. stocks are in the red following a very wild week investors getting more anxious about growing covid-19 cases worldwide and the approaching election of the right now the dow is down just over 325 points let's call it. more than 1% the s&p down 1.5 and the nasdaq down a little over it.5 which takes us to late july levels on the dow, late september on the s&p and nasdaq for the week it's not a pretty picture. the major averages all down more than 4% with the dow leading the declines, down 6.5%. they are all on pace for their worst week in seven months it's going to be the second straight month of losses for the dow, s&p and nasdaq. the dow having its worst month since march. let's get more on these markets now with bob pisani. >> bob hello, jon, the markets have got two problems, a macro problem and a little bit of a tech valuation problem. let me describe the macro problem to you very simple police there's an investment equation that's worked all year, and it's not going in the right di

well and sidewalk "squawk alley" is live ♪ >>> good wednesday morning i'm caro quintanilla with jon forttnd julia boorstin with us dow down 800, worst drop since about june 11th, on covid worries in the europe and united states, lockdown worries in france and germany oil is down about 6% vix getting closer to 40 we're monitoring the ceos of twitter, facebook as they testify on section 230 we'll begin with dominic chu on more on what is driving the downswing. >> a lot of narrative around the rising covid cases, not just in the united states but europe as well markets may be taking their cues from what's happening in europe. they're talking about wider spread lockdowns in germany and france and what's if it happens here in the united states. that's playing out in the markets right now. for the s&p 500 specifically, below the 3300 mark, that is below both the 50-day average price and the 100-day average price for those indices, so many traders looking for technical or chart pattern levels as they look at trades today the s&p 500, this little rollover puts it at some levels where we are almos

i'm carl quintanilla with jon fortt and julia boorstin for the hour a big story this hour is quibit aslk about the shutdown six months after the launch. julia, we thank you for bringing it to us and so many questions to get to about what is to blame, what happened to the capital that was used and what happens now? >> that's right, carl this was an audacious bet to begin w a lot of questions about whether this could be pulled off and many people told me when jeffrey katzenberg announced and brought meg whitman onboard it was a crazy idea but if anybody could pull it off, he could. it is interesting to see what happens now when, in account fa, he could not pull it off obviously a big risk a lot of money on the line they raised nearly $2 billion. we'll have to see, jon, how they figure out how to pay some of that back to investors. >> wow in my view, this is the we work moment for content i mean, it's a flameout of epic proportions to match these hollywood roots. the entire concept to me was based on this idea that you can bet on experience. i mean whitman is ebay, h.p., katzenberg is dis

i'm carl quintanilla with jon fortt and julia boorstin for the hour a big story this hour is quibit aser the launch. julia, w

i'm carl quintanilla with jon fortt. investors playing defense once again today. on pace for its worst week since march the dow down about 427 of course, we're watching covid levels and the potential for lockdowns, but also big cap tech which is tough when iphones missed by a billion, facebook flat to down >> i really drilled down o

across the board >> making sense of what is at work today >> cofounder early facebook and our own jon forttegin and await this >> before we get to pichai, dorsey and zuckerberg. getting to a lockdown, do you think the u.s. would react to lockdowns like they did in the spring is. >> there is so much uncertainty to the actual numbers. earnings have been excellent and the gaps have been so large, it is really difficult to make sense. the threat of the lockdown is something. the country really never experienced the kind of lockdown europe had, which explains why our numbers are so bad the notion we would not prepare to take steps to limit the harm of another wave. that is going to be very, very bad for investors and earnings we are not going to be able to protect the economy if we don't stop the virus >> one of the more optimistic takes we got you look at europe, a lot of it is occurring in the same cities that had the problem in the spring that's not the dynamic in the u.s. in our case, it is involving areas of the country, mostly rural areas that have not had a spike before so the narrative t

question of the morning, and jon fortt is here with the answers on this week's "on the other hand." n kiss the traditional ipo good-bye the past 20 years have been about eliminating the middleman in banking, stock trading, retail, media, ad sales. and in this one last area of ipos, the middleman managed to hang on. this was the death nail. palantir did a direct listing, not an ipo co-founding facebook and lived through that fumbled ipo had a smooth direct list of his $7 billion company yesterday. this is a revolution selling a share of your company cheap to wall street guys, that's from the last decade like izzy azalea and crocs. >> so you think airbnb will do a direct listing >> on the other hand, crocs are making a covid comeback, so is the traditional ipo. yesterday was a big moment for direct listings. let's not forget what ipos are, a chance to raise money, gain credibility and make a splash. already big-name billionaires preipo they're not exactly typical. about middle men, there's a reason why in the era of eliminating the middleman smart people are still using real estate age

you don't want -- >> one day we should do it, i should play jon fortt and do one hand and the other hand pchb i think that i have a better airline than most airline executives telling us why they should get this money. one day i'll have to do that the explanation they give the american public i think is a terrible explanation and there are better ones and there are targeted ways to do this >> there it is, on the other hand so you have the right answer but you're not telling everyone. you are a sociopath. i can argue both sides too you know guys, i'll tell you something that i don't usually get excited about mergers, but we'll talk about it in a seconded, first we'll talk about president trump, but becky, when you do this amd story, i've got some details about -- i mean amd, guys, amd, do you know how long -- i was a stockbroker in 1982 amd also ran of all-time, it goes between 10 and 1 and 10 and 1 and 10 and -- and it never really got much traction against intel. it is $100 billion company now and it is buying xilinx. amd was back to its old self of. it was -- guess what the low was in

department in eleven states filed suit against google this week accusing it of abusing its monopoly power jon forttwith his either/or nebraska eulus, nevema real decision. there is no right or wrong. >> there is. but which is it? the government's case is airtight, google protected its search monopoly by paying off device makers and building a mote around its search with the chrome operating system. google created a great search project. nothing wrong with that. after it got monopoly power, it hooked u.s. consumers on other products whose sole business purpose is to protect that monopoly google's chrome browser doesn't make money google android doesn't make money, they're part of a search sharecropping system where google gives away products but gets a big share of the attention, data and revenue from u.s. search consumers and advertisers that no one else will own a big farm. that's bad for competition, innovation and consumers, joe. >> that's just too airtight. i don't want to hear the other side because there was too good. eric schmidt says there's a difference between dominance and excellence. >>