jon fortt will tell us how an early career crisis helped shape this ceo's business today and why a handshake in the current environment no longer seals the deal >> here's how markets are fairing. we've already turned negative once after yesterday dow's up 50. s&p up five. draftkings is making a $20 billion offer for the uk sports betting company. the stock down about 5.5% on the news that have first reported by david faber. mgm i believe would have to sign off. uber shares are flying after saying they could reach key measure profitability sooner than expected. we're still just under 45. as stocks have fallen this month, there have been no earnings reports to save them but that's about to change with a couple of big reports this week and reporting season kicks off in earnest in a few more weeks. can the numbers meet the lofty expectations with all the worries that are out there bob pisani joins us now. >> hello as we approach the end of the third quarter, investors are carefully watching earnings estimates for the third and the fourth quarter for clues on how stocks will trade in the final th

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it is jon fortt. it has been a heck of a year plus for the supply chain, especially semiconductors, which are in pretty much everything that you guys are making also for demand. we're talking to satya nadella about this need for flexibility, and how web cams, which logitech makes a lot of, are driving some of that. as we move into this hybrid environment of work and school and the uncertainty, how are you seeing that affect demand and when do you see your supply improving to the point where you want to see it >> well, i think we're -- i think the supply standpoint, we're about where we wanted to be still short of a few products and we have component shortages here and there, but we have been largely able to manage those you know, i'm excited for the long-term. for the company. we're really -- it is really put us in a position we sit at the intersection of so many of these trends, the work from home trend, the rise of esports, the rise of spem creating content for each other, and, of course, the video

the investment management business of prudential. >>> welcome back our jon fortt sat down with andy jassyof the highlights apple is not the only company launching new hardware amazon will sell its own brand of televisions that fits with the company's ambitions in media jassy told me they're in the early days of exploring that space. that $8 billion mgm deal, they said they'll make voice control and interacting shopping with this new tv perhaps to a new level. >> really excited about the omniseries tvs we just announced. it's integrated well, so maybe you can say, alexa, help me find something on netflix alexa, play tiktok so i think for a long time, people have found a lot of value in the viewing experience, but also the selection of content that you have available on fire tv, with what we have with our channels business. you know, increasingly people will do commerce, you know, in these mechanic tisms between what we do with alexa, what we do in the living room, i think we have an opportunity to change what's possible for -- >> ecosystems, guys, so important here, whether you're talking

i'm jon fortt with julia boorstin, joe kernen and deirdre bosa are off one long-term bear turning aroundind of. joining us and are tiktok adds a better value than facebook? that analyst as well later a monster partnership between google cloud and c 3 c3.ai. up today hear from both ceos this hour in a cnbc exclusive interview. >>> we start with apple. that's an all-time high. next guest just raised rating price target on the company citing growth in the u.s., rising market share globally joining us, the analyst behind that call. long-term bear on the stock, and also today we got news from apple that this promised capability to store an i.d. on the phone in a way similar to apple pay, but with, say, a state-issued driver's license is beginning to roll out. eight states have agreed, at least to do that is apple's ecosystem and the durability of that part of the reason for your call here? >> no. i think the ecosystem is easily well established, jon. i feel like adding another element to that doesn't really change our thesis. i am hopeful that adding more of a wallet replacement type features

i'm carl quintanilla with jon fortt and julia boorstin today california day dreaming.a exactly did we learn from apple's highly anticipated product event? and microsoft announces that massive dividend hike. how that compares to its other big tech cares and how to play it later on, a major milestone for elon musk in spacex, morgan just saying live at the kennedy space center this hour. julia? >> let's start with apple. investors continue to digest its product announcements. the headliner, iphone 13 improved battery display a new ipad, faster processing speeds and ultrawide front-facing camera along the new range of apple fitness features with the apple watch series 7 no word on new mac books, airbods, new apple tv. investors seem to weigh how these products announcements could be playing out the stock is under pressure this morning, following announcements and again now down about .6% so, jon, how meaningful is it they did not hike prices on the iphones? >> i think really meaningful, julia. i think probably a lot of investors who maybe aren't zeroed in on the most impor

i'm carl quintanilla with jon fortt and julia boorstin coming up this hour strange comments out of instagramn the dangers of social media. it'll get an explanation of that backlash coming up plus, mark cuban wants to make crypto a little less anonymous his take on why regulation built around existing fraud laws makes sense. later on elon musk kisses up to china. morgan stanley's adam jonas weighs in on tesla's prospects jon? >>> we'll start with stocks on the nasdaq coming off its first up day in six still closing in on another record despite the recent weakness although all five faang names and microsoft in the red today dom chu taking a look at those stocks that have not followed the rest and are going the other way flirting with their 52-week lows >> jon, because not all of those technology stocks outside the real mega cap names have participated in the recent rally, at least in the last six months or so we wanted to take a look at some of the bottom feeding type stocks that have not participated but might still have upside potential. the reason why is if you look at the technology sector

i'm joe kernen with jon fortt and julia boorstin coming up on the show today, storytime. coinbase calls the s.e.c. sketchy receiving a wells notice over their lend program. >>> plus paypal pays now more on their $2.7 billion in the buy now pay later space. >>> and then california streamin'. apple announcing new products unveiled next week and we have what to expect julia? >> and shares of coinbase moving lower this morning after the company received a wells notice from the s.e.c. over a product called coinbase lend lending crypto assets. now those plans have been put on hold until at least october. coinbase says they are caught off guard by the s.e.c.'s actions. ceo brian armstrong tweeting the s.e.c. refused to meet with him in may during a trip to washington, d.c. saying they weren't meeting with any crypto companies at all direct listing price up less than 5%. going public, since going public in april what do you make of armstrong taking a relatively aggressive stance and will lend be able to launch at all? >> julia, in a way makes sense to take an aggressive stance, b

i'm jon fortt with julia boorstin deirdre and carl have the morning off. coming up today, apple's app store concession how pressure coming from overseas is changing the rules for all developers plus, alphabet stock at another all time high. listen up, new numbers out of youtube music could be the sound of the next growth driver. and then tips for tweets will users pay for access to their favorite follows and we'll start with apple, a series of lawsuits and regulatory challenges around the world changing the way apple runs its app store new last night as part of the settlement with the japanese regulatory probe going on for five years, apple says developers of readers apps, including newspapers, books, audio music and video, are not going to be able to include links within their apps for customers to sign up for paid accounts big caveat here, netflix and spotify do seem to fall into that category, but gaming and in app purchases, which account for about 90% of app store revenue do not this, of course, follows south korean legislation that ensures google and

our jon fortt is one of the names and he is there with a preview of what to expect this week jon. >>ames talking to the names, but you're right lisa suh will be taking the stage in just, well, you know, four hours or so from now. i will be talking to her alongside tara swisher really i think a theme, kelly, is going to be the acceleration out of the pandemic and during the pandemic, because we're certainly not out of it yet, and then the consequences of all of that tech acceleration that's where, you know, gentzler comes in also kris krebs talking security satya nadella as you mentioned elon musk is sort of on both sides of that, right, with leading the electric car revolution at tesla, but at the same time there's controversy over, you know, the driverless technology he is pushing so hard some would say too hard. so some accountability for tech, and also some great possibilities on how tech might be able to move things forward, kelly. >> what do you think about the facebook move, jon, the reversal on instagram for kids? >> reporter: kelly, i don't think it is a reversal at all. on t

those names have gotten pricey in the rotation, people are taking some off the top here >> thank you jon forttalked to lisa su last night. something qualcomm might have something to say as well. >>s that right i am here this morning with something new. >> thank you for coming to qualcomm >> great to be here. irvin magic johnson and more first, i want to talk about some of the things happening in the markets. we've been talking out of the code conference about the china/u.s. decoupling. it seems to me the semiconductor industry has a lot at stake. what is your view of what needs to happen here >> our view remains the same i'd probably like to change the conversation a bit and talk about strategic coupling the united states semiconductor industry, qualcomm is an example of that is a very strong industry and participates in the global market. what we saw as things increased, our position in china improved looking at the qualcomm diversification for example, we are going from mobil and a large amount of partners in china. maintaining the effective position of leadership we have the conversation is

we are resetting here at the bottom of the hour i'm carl quintanilla with julia boorstin and jon forttarkets are mixed. tech helping lead the charge there as growth does outperform value for a change on this final day of the quarter let's get an update first, though, with rahel solomon >> shares of bed, bath and beyond down more than 20% and on track for their lowest close in a year second quarter profits badly missed estimates and the company's ceoing a they didn't move fast enough to maintain margins and lowering guidance for the rest of the year >>> car max sinking 11%. investors focusing on weak earnings as well as the number of used cars sold. shares are still up more than 35% this year. >>> jobless claims rising. economists blame a number of factors, including western wildfires, and higher levels of covid infections >>> and merck announcing a $11.5 billion to buy accelron, shares roughly flat today you are now up to date jon, i'll send it back to you. >> raheld, thank you microsoft making a number of hardware announcements, as we are on the door of q 4 right now, gearing up to la

we're resetting at the bottom of the hour i'm carl quintanilla with julia boorstin and jon fortt a breakdownple and epic's battle royal first, a news update with rahel solomon. >> good morning. good morning, everyone house democrats are detailing the tax hikes that they're proposing to help pay for their $3.5 trillion social safety net and climate policy plan. it calls for a top corporate tax rate of 26.5% and a top individual tax rate of 39.6% they also want a 3% surcharge on individual income above $5 million. and a capital gains tax of 25% >>> opec is forecasting that for all of next year global demand for oil will actually top prepandemic levels crude futures are up around 1% in u.s. trading topping $70 a barrel >>> and dick's sporting goods is expecting a strong holiday season it plans to hire up to 10,000 seasonal workers, 1,000 mores than last year shares are down today but up more than 130% this year back to you, jon >> good luck to them findi ing 10,000 workers it is competitive out there. tencent music getting a downgrade to hold by wolf research amidst the ongoing china wreckage p

jon fortt will tell us how an early career

so, here to break down the headlines, we welcome jon fortt, gina sanchez, and e na freed we are thrilled with reddit. reuters is reporting that they are seeking to hire advisers for ipo. the company was valued at $10 billion in a private funding last month sources say that reddit helps value at more than $15 billion but like robinhood, could reddit turn into a meme stock, jon, or is that the point? >> i love you've got john, ina, ina. you've got the separate reddit the product from the potential stock. $10 billion sounds like a lot until you consider pinterest at 36 billion, triter 30 billion, snap, facebook but reddit was founded a year after facebook and a year before twitter. so, why is it going to grow faster from here when it grew slower up until this point >> that is a very interesting point. let's get your take on it. is this the type of company you would want to own? has the retail trading boom postpandemic unleashed a whole new possibility of frontier or whatever you want to call it from reddit's future evaluation? >> that's possibly however i agree with jon that they've been ar

i'm jon fortt with carl quintanilla and julia boorstin today, the interview, our exclusive sit-down with andy jassy. the challenges, pressures and future for amazon on almost every topic you can think of and how he's approaching them as the new chief executive takes the reins from jeff bezos, carl. >> jon, we can't wait for it moments away we did open with a gain on the dow, triple digits, 120 or so. lost it and now down 200 despite the cooler than expected cpi number which did give futures a bit of a bounce. we got the apple event in a couple of hours and we continue to monitor garyies ay gensler oe hill. >> the perception of amazon as a monopoly and a persistent question about the structure of aws. okay, andy jassy here we are again. and now you're not the ceo of aws. you're the ceo of amazon congratulations. and so is it any more likely than it's been the previous five or six times i've asked that you think it is a good idea to spin out aws from amazon? >> i knew you'd ask that question every year you ask that question i don't think it is any more likely no, i think all the same thing

we want to get to some breaking news right now out of apple, and for that we're joined by jon fo fortt. john. >> david, the news from apple this morning send just a few minutes ago is regarding those steps that apple was taking to combat images of child exemploy explo exploitation they were going to scan devices includiing macs, they were goin to do it in a way that does not look at all the images on a user's phone but would be able to make matches to a database. apple is hitting pause on that the statement reads in part, last month we announced plans for features intended to help protect children from predators. we used communication tools to recruit and exploit them and limit the spread of child sexual abuse material apple says we've decided to take additional time over the coming months to collect input and make improvements before releasing these critically important child safety features. the indication from apple, they still plan to do this, at least in this statement, but just not immediately, and when they say in the coming months, given that we normally get an announcement of

i was listening to jon fortt ant gang doesn't sounds like they are either there are some great products and looking for people to maybe pay the extra high end maybe less volume. but i think the reality is that that's the case we do a bit of a selloff. i'm not not hoping for that. but i certainly expect there will be because that's kind of been the mode of what we have seen over the years at these kind of events if there is something earth shattering and unbelievable, the excitement level gets very, very high but that's something i think we have to -- oops sorry about that we have to wait and see. i don't expect it right now. >> so, joe, let's assume that pete is right and you get the selloff in apple shares. what i wonder is the if thats becomes the catalyst, the long awaited catalyst for the long awaited correction that some people continue to call for, and the one thing keeping it from hopping happening is the fact that the fang plus stocks don't go down. maybe go down for a couple of days but they haven't gone down and if apple starts to go down on the other side of the announcements

i'm joe kernen with jon fortt and julia boorstin coming up on the show today, storytime. lend program. >>> plus paypal pays now more on their $2.7 billion in the buy now pay later space. >>> and then california streamin'. appl

i'm jon fortt with julia boorstin, joe kernen and deirdre bosa are off one long-term bear turning around

i'm carl quintanilla with jon fortt and julia boorstin coming up this hour strange comments out of instagramup plus, mark cuban wants to make crypto a little less anonymous his take on why regulation built around existing fraud laws makes sense. later on elon musk kisses up to china. morgan stanley's adam jonas weig

i'm carl quintanilla with jon fortt and julia boorstin today california day dreaming.ct event? and microsoft announces that massive dividend hike. how that compares to its other big tech cares and how to play it later on, a major milestone for elon musk in

i'm jon fortt with julia boorstin deirdre and carl have the morning off.ow pressure coming from overseas is changing the rules for al

like a jon fortt segment like on the other hand >> you are definitely at the part of the economic andways offsets. tomorrow, the fda will hold a hearing about booster shots. meg has results on this. a lot to talk about here >> there sure is >> questions about those that may have taken matters into their own hands and gotten one 1.86 million people that are immuno compromised a lot more americans have already gotten a booster between 4 to 16% have already gotten a third shot or a second with j&j that 16% from our poll we asked people whether they plan to get a booster. 82% said, yes, or definitely will 14% were unsure. only 4% said they will definitely or probably not we wanted to know how loyal do people feel to the original brand? likely the recommendation is going to be to stay with the same brand 79% said they are cool with that 21% said that's not important. we wanted to know if people wanted to switch, what are the most popular brands. pfizer is the preferred brand. overall. what we found is that most people got pfizer. that may influence that. moderna next and j and j looking at

i'm carl quintanilla with jon fortt and julia boorstin what a show.rid work, and exclusive interview with ceo satya nadella, alongside linkedin ceo ryan roslansky. then hea

i'm carl keenquintanilla with jn fortt and julia boorstin goldman is out with the best internet ideas we'll break down the bull and bear calls later this hour and, jon