josh lipton has more for us. josh?> kelly, if you're waiting for big changes to the iphone, you could be disappointed. that's according to "the wall street journal." the model unveiled the fall was only going to boost subtle changes. specifically the new phones will still have the same display sizes, 4.7 and 5.5 inches and the phones will not have a headphone plug making them thinner and more wa water-resistant. we're not sure if that's temporary or a permanent departure. this comes at a delicate time for apple. we know the stock is in the red this year and over the past 12 months giving worries about the health and future of the iphone franchise. remember in q2 i phone units did slip year over year for the first time. a full 15% drop. what should investors make up this news? i caught up to piper's gene munster who city things apple can sell a lot of iphones even if changes are not exciting. that's because there are a lot of people on older models, 2 x 50 million, who could still be waiting to upgrade. munster said a l

let's get to josh lipton. breaking news. josh?we now moved on to talking about apple music. remember, it was a year ago where apple music was all the talk at this big software show. a lot of fanfare and excitement about that service. some change that's were just announced to this service is going to be a new kind of cleaner user interface, a new lyrics plain so you can read lyrics as you're listening. there is going to be a tabitha offers the daily curated play lists. nothing that seems too radically changing to the service which is interesting because announce aid year ago that in april apple said they had 13 million paid subscribers. one is we do know that service came in for criticism. some people said it was clunky and confusing to use. for consumers, you twha is announced to day addresses those concerns. for investors, obviously this is a competitive space tlchltz a the love companies that want to offer this service. all the streaming music can you handle for $10. we hear something that gives apple a competitive advantage her

melissa and the gang, back to you. >> thanks so much, josh lipton. where did guy go? oh, wait, he's out at times square. >> where is that rascal? >> there he is! >> there he is. >> i'm with my man, kamar. do you know this siri woman? >> no, i don't. >> neither do i. craziest thing you asked siri for? >> what's the temperature like. >> why do you need to ask what the temperature's like? >> siri, can i have more money? >> how did that work out. >> she said, no, you're broke. >> well -- >> spit it out, go ahead, tell the world. >> does my boyfriend really like me? >> what does the fox say? i like the goofy answer. >> what does the fox say? >> ring ding ding ding ding. >> what's my future going to be like. >> what about you? >> who i'm going to marry in the future. >> you are very photogenic on camera. >> say that again, i'm a little hard of hearing in that ear. >> i said you are very photogenic on camera. >> you don't have to ask siri that. >> thanks, guy. hurry back, guy. for more on siri, let's bring in, well, siri herself. siri, welcome back to fast money. we are happ

josh lipton has more on oracle's quarter. >> reporter: $690 million. that was the big number in oracle's latest earnings report. it refers to the company's cloud of businesses known as software as a service and platform as a service. more importantly, the company also said cookings in q4 were strong and that means oracle could raise its guidance for q1 cloud revenue gloeth growth, now expected to be between 75 yrs and 80%. brad reback says the results validate this company's transition like other legacy i.t. vendors oracle is moving as fast as it can toward a model where customers access its software over the web as a subscription rather than buying and installing software on their own servers. for "nightly business report," i'm josh lipton in san francisco. >>> profit soars nearly 10% at kroeger and that is where we begin tonight's "market focus." results were better than expected thanks to strong sales of wine and deli meats. but overall revenue at the grocery store chain wasn't good enough to top estimates. kroeger anticipates earnings for the year

silicon valley titan pulled the plug for the republican presidential candidate josh lipton on the storyancisco, josh? >> melissa, here in silicon valley the only thing rarer than a tech ipo could be a fan of donald trump and that's why he was so surprising to learn that intel chief brian planed to host a fundraiser tonight for trump at his home in california. "the new york times" says that event was then cancelled without explanation and a statement to cnbc and intel spokeswoman saying brian krzanich is not endorsing a presidential candidate. we're interested in engaging both campaigns and dialogue in issues important to the technology industry. trump may have won over voters and according to the latest nbc news poll, he's in a virtually dead heat with hillary clinton but his views on trade and immigration alienated elite. the industry made it clear which candidate it wants to wind the white house soft far it's donated 1.2 million to clinton. as for trump, $1300. according to the center for responsive politics and tech executives aren't shy about their opinions regarding the real estate

we go to josh lipton with more on that. josh?ll, kayla, news on oracle and the whistle-blower lawsuit that oracle has been hit by a suit by a former employee who claims that she was fired for calling out improper accounting practices in the cloud business. and oracle is responding to the suit saying that we are confident that all of the cloud accounting is proper and correct. this former employee worked at oracle for less than a year, and did not work in the accounting group. she was terminated for poor per for mans and we intend to sue her for malicious prosecution, and of course, oracle, the cloud business is critical and it did $375 million in sales and so it is a relatively small part of the overall business, but it is growing quickly at 40% clip, and not the last that we will be hear about the lawsuit, and keep you posted on that. meantime, in other news out here, intel's ceo brian krasanich was going to be holding a fund-raising event at his home for donald trump, but "the new york times" had an article inquiring about his

let's get to josh lipton monitoring the call out in san francisco. josh? heading into the print and surge about 40% since that low in february. but now selling off in the after-hours. and the pain point there was billings, which came in lighter than analysts expected. on the call, box's ceo talking about billings. take a listen. >> q-1 billings came in at $26 million. as we noted in our last earnings call, we anticipated q-1 billings to be impacted by a few earlier renewals last quarter and our focus on annual payment duration. lastly, as we're becoming a more strategic investment for our customers, larger transactions are shifting to later in the year. >> you can hear him explaining the billings, saying we were lapping tough comps here. but it looks like at least some investors skeptical of that in the after-hours. one of the number to point out, box added about 5,000 customers in q-1, lev ishlie saying box h million users. we should also mention sam chilles, box's spp of engineering, reporting he's heading to google. another sign of how that company is g

josh lipton has the story. >> big changes coming to apple's app store.g changes coming. first a new revenue sharing model with developers. for the first year of a subscription apple is saying it is going to maintain the traditional 70/30 split with develope developers. but now if developers can may not a subscription for longer than 12 months apple's cut will drop to 15% and apple spokesperson saying this is more fair revenue split. of course you could also argue the subscription model is more reliable, dependable and sticky. very important now especially when the iphone franchise is facing near term pressures. apple will introduce search ads in its app store. the ads will launch in beta next monday. apple quick to point out yes it is introducing search ads but the emphasis on privacy remains. the company it says will not create search profiles of users and no user data will be shared with developers. apple saying with this move it is responding to demands of developers and it will be especially for any developers stand out in a crowded marketplace. i'm

the ceo tim cook set to speak right now and josh lipton is there live in san francisco. josh.

josh lipton is in front of the venue and can raise the curtain for us.e always say the stock never does too well on developers days and in fact, it is down today. what can we expect? >> reporter: well, i can tell you there's a lot of excitement here for sure. i actually arrived when it was still dark out, and there were still already developers lining up here. you will see thousands of developers from all around the world at apple's big software show. remember, apple does have four different operating systems, right, so mobile, mac, watch, tv, so there should be a lot of news today for developers. as well, of course, as for apple consumers and investors. expectation, you heard walt mosberg just talk about this, is that siri just take center stage. the war of virtual assistants, when i talk to developers, tell me that amazon's alexa is really very good at voice recognition. they say google is really good at voice translation and they will say apple's advantage is really that global community of dedicated developers, so is apple now going to make siri avai

melissa, back to you. >> thanks so much, josh lipton. let's get to this. josh went through the highlights, basically opening siri, incremental changes on apple music. but at this point, was that underwhelming? was that enough to offset growth in the iphone? >> underwhelming. we learned last week siri was a nonstarter. on the street nobody knew what siri was. >> congratulations. >> you saw it. >> he forgot already. >> sorry. >> the focus for apple is the cash reward. and valuation. you cannot call in two of those three. i think people will -- their products are becoming ubiquitous. there's no way to sugar coat that. other companies make what apple makes and a lot cheaper. now it's the cool factor. i don't know the answer to this, but if this brexit happens and the euro gets trashed, what toes that mean to apple's cash position, which is in euros right now? are they hedged against something like that? i have no idea. i'm just throwing it out there. the stock is underwhelmed since may of last year. down 28%, s&p is flat. i get the story, but the stock price a

forced to stop selling the 6.0 and the 6.0 plus in beijing, and that is quickly shot down with josh liptonho has more. wild story this morning and reaction, josh. >> well, scott, china halts apple iphone 6.0 sales is the headline that got the investors nervous this morning, and then apple clarifying what this news means telling me that iphone 6 and 6 plus as well as iphone 6s and 6s plus, and iphone se models are available for sale today in china. we appealed an administrative order from an original patent tribunal in beijing last month, and as a result, the order has been stayed and pending review by the beijing ig court, and the reports are accurate that the last month a court did rule in china that apple did infringe on the local company's patents, and apel is fighting the order, and while it does, all of the products are for sale in china, and no disruption, the company is telling me to business there. and still, the report did send the apple stock lower and it is in the red, and apple stock down 10%, and down nearly 25% in the past 12 months, and we know that beyond the case, the tech

melissa, back to you. >> josh lipton, thank you. karen, is this a good idea? end of the day i don't think it really matters. but i don't think it would not have been a story if they said, we'll give to both. technology to both, because we're american company. iconic american company. i don't know what this really -- i don't know what to think of it. >> i think you have to give to both. that's how you are politically correct. he's got to be a lot more responsible running a company the size of apple. and what donald trump said about apple, not making the products here, that resonates with a lot of people in middle america. that's their main beef with a lot of corporations right now. and when we're on the coasts, they want to pay $1,500 for a phone? >> they want their phone made here. is it right? i believe in free markets. i'm telling you what resonates to free markets. you can kill the coal industry, is that right? >> i tell you, when we talk about apple, the biggest issue is a company that's too big. let's talk about apple as a company and what they're not doi

josh lipton takes a closer look at the chinese company behind that patent case. can we even call it a company, josh? >> well bill t wall street journal is now reported that they are actually both insolvent. dij one was not been in the market for at least a year. and remember a chinese regulator in beijing granted by lee this sales injunction. the company claimed apple's iphone 6 and 6 plus infringed its design patents. but that order has been stayed as apple appeals the decision, which now has to work its way through the chinese legal system. the fight did attract a lot of attention. because china is such a critical market for apple. piper jaafari estimates that mainland china now represents some 15% of the tech giant's total revenue. and one added wrinkle in the story. baidu, the chinese internet giant invested in dij one back in 2013, sources tell me the equivalent of some $45 million in the company but then blamed them for wasting that investment. still this fight couldn't continue for some time. dij one might have collapse bud the journal knows that bilee does

josh lipton has more. >> that's right, kelly.ing alphabet executives today would talk about the recent news surrounding nest, then you were disappointed. eric schmidt highlighted the strengths of the smart thermostat maker. >> we have millions of people using nest thermostats. we have a whole product line of 12,000 retail stores, and growing 50% year over year. faster than the overall company. >> shareholders did not ask schmidt nor did he volunteer any insight or information about the sudden departure of nest co-founder and ceo tony fidel, who just left last week. fidell did not give a reason for his exit. it came after some very tough reports, highlighting colleagues who complained about his micromanaging style, blamed him for a lack of new hardware, key personnel also recently leaving nest. schmidt did not address any of these issues. instead, he actually highlighted nest as one of the alphabet businesses he's most excited about in addition to google fiber and self-driving cars. >> josh, there you have it. thank you. josh lip

year and david mcclure, a backer, tells us why he thinks it's a smart investment along with our josh liptonsh? >> thank you, kelly. dave, thanked for joining us. >> thanks for being here. >> taking a step back, dave, we're in the middle of this tech ipo drought. give that, why is now do you think twilio time to make a public debut? >> it think it's been kept secret, dearly loved by developers around here. it started in the previous downturn. i got invested when i was still at founders fund. i was impressed with the team. jeff lawson, an incredible ceo. built a great company that has stood the rest of time. >> dave, well known in silicon valley. let me ask you, if it doesn't have a good ipo, what do you think? >> i think a lot of people are hoping for the best for twilio. i'm kind of reminded of paypal when we were coming out of a depression then. they thought paypal was courageous or crazy going out at that time but it turned out to be a bellwether for a whole bunch of ipos after that. i bet there's a lot of people piled up to come after them if things go well. >> let me ask you, dave. i kn

josh lipton searches out donald trump supporters. yes, there are a number of them. jane well looks at hillary clinton and bernie sanders. josh, let's start with you and the trump supporters you found in the bay area. >> well, bill, polls here opened at 7:00 a.m. local, but trump supporters are hard to find in these parts. even right-leaning people like meg whitman and weisman have come out and spoke against trump especially when it comes to trade and immigration, which puts him at odds with many in the tech community. but make no mistake, he does have friends with people in the bay area. harmeet dhillon says trump will be good for business here. >> as for an employer, there are a number of regulations that make it hard. they're contradictory. >> but it's not just life-long republicans. an estimated 4,000 people came to hear trump speak at that recent rally in san jose, california, and we know trump has at least one big backer here. entrepreneur and billionaire investor peter thiel is a trump delegate to the gop convention, though he did not respond to a request for

but we will find out from our josh lipton what they might have up their sleeve. let's start with the broader market. yield collapse strengthened. the ten-year yields in germany, japan, and switzerland all hitting record lows. >> just stunning. and the ten-year yield here in the u.s. continues to drop falling to its lowest level since february. this yield crush around the globe all happening at the same time the s&p had been climbing back toward all-time highs, just not today as we're seeing that market come back down with the s&p now down 24 points and the financials in the u.s. and europe getting hit hard very much as well. let's turn to our senior markets commentator mike santoli for your thoughts on this day. i mean there's a clear sent meant right now. >> if you had to explain to somebody who doesn't follow the markets, why are we concerned about money getting cheaper and borrowing being less expensive for everybody. we're explored the streams with the central bank effectiveness. i think that's what has people so concerned. negative yields on so much is press

talking to josh lipton out on the west coast. monitoring this meeting between tim cook today and paul ray yya you might recall the gop had asked apple for help at the convention. apple had refused based on large part on donald trump's comments about apple and the tech community and they will be breaking bred. we will be monitoring that. >> i'm take it from london. i'll see you at the top of the hour. >> thank you very much for that andrew. >> when we come back, uk home builders in free fall. the big worry will demand for buying slow. cbre, that is coming up next on worldwide exchange live for you from london and brussels. ♪ before the band separated over unknown creative differences. [ crash ] and reunited three decades later for a tour that sold out in three minutes. and your cisco hybrid cloud handled millions of ticket orders without breaking a sweat. before all of this, [ crash ] the experts at cdw orchestrated a cisco hybrid cloud solution. scalability by cisco. orchestration by cdw. the united kiyien the. >> a familiar face

let's get to josh lipton with more. josh?well, tyler, you're not going to find many trump signs in california. it's a city about an hour south of san francisco and home to tech's elite. but intel ceo who lives in aferton was going to host a fund-raiser for trum top day. intel confirmed that event to the "new york times" on tuesday and then said can sild several hours later and intel spokesperson tells cnbc brian is not endorsing any presidential conditioned date. we're interested in engaging if both campaigns and open dialogue on issues important to the technology industry. >>> but it certainly true at least right now that trump doesn't have many fans among teches. his views on a range of issues from trade to immigration put him at odds with many in the tech industry. and we know he's also personally gone after some tech executives like amazon's jeff bezos, referring to his "no profit company." of course, trump isn't concerned with what the elites living here really think about him n fact, there may nobt a fundraiser to night

josh lipton, thanks so much. apple worldwide developers conference. >> how about stop messing with itunes. songs disappearing, going grayed out. forget it, map. >> thanks for watching "power lunch." >> "closing bell" startis right now. >>> hi and welcome to the "closing bell," everybody. i'm kelly evans with the new york stock exchange. >> and i'm bill griffeth. in case you haven't heard, microsoft is buying linkedin for $26 billion. we're going to talk about whether this acquisition even makes sense and if it could spark a new wave. in sympathy as we say. >> now apple just announcing siri's role is expanding. the personal assistant now coming to the mac and apple tv. we're live in san francisco with all the great news. >> and we'll be attempting to get an interview with siri, by the way. tomorrow is day one of the fed meeting with most economists saying a rate hike is off the table. when will we see any movement on monetary policy? we'll be joined live here at the new york stock exchange. >> and oil, the highest

josh lipton is live in menlo park, california. , good afternoon. >> reporter: well, becky, you know, if you run a big, multinational company, it helps to have friends in high places. and apple c eo tim cook is paking sure of that and hosted a private breakfast with house speaker paul ryan here in menlo park, california. he was raising cash for ryan and the committee to help elect other house republicans. of course, it is critical for cook to maintain close relations with the gop just given how tension that relationship has now become between apple and donald trump. in fact, it's because of trump that apple will not be donating technology to the gop's convention in cleveland. not everybody, though, is too happy about this fund-raiser out here. house minority leader nancy pelosi telling the san francisco chronicle, quote, poor tim. what a nice guy he is. but somebody gave him bad advice. he probably doesn't think that much about politics. now, apple declined to comment on pelosi's remarks and we should mention cook, though, gives mon

hosting its annual share holding meeting with ceo marissa mayer fielding questions and ceo josh lipton with the details. hi, josh. >> the vote going according to plan. the board of directors elected executive compensation approved and, of course, investors want to know about that ongoing sale process and that's a subject. marissa mayer spoke about that immediately at this meeting. take a listen. >> in february we announced that we've received strategic alternatives including the possible sale of our operating business. we believe this is the right transaction because strategically it alliance well with our business while efficiently separating our equity stakes ultimately unlockie value. >> she's leading a row best well-run process and yahoo is moving, she says, expeditiously, of course. remember earlier this month our own david faber reported that yahoo had received bids at 5 billion or higher for that core business, that verizon specifically had bid 3.5 billion. a final round of bidding is expected to conclude here in mid-july. melissa, back for you. >> josh, thank you. >> mid-july,

. >>> and josh lipton is live in san francisco, and he has the apple china confusion all sorted out,know? >> well, kayla, it is a headline that would make any apple investor shutter, that beijing regulator wanted apple to stop selling the iphone 6 and iphone 6s sent the shares of apple into the red, and under pressure still at this time. but then apple clarified what it mean means. apple said that the iphone 6 and 6 plus and 6s and 6s plus and iphone 6e models are now all available for sale in china, and we appealed a administrative order from a patent tribunal in beijing last month, and so since, the order has been rescinded. so now, apple is saying that it has to make its way through the chinese court system, but as of right now, there is no interruption to the apple business, and all iphone models are for sale in beijing, and there is also a report that the company will stop production of 6, 6s and 6 plus, and apple say s ts that is not true. but you can't blame the investors for being nervous. some of the 15% of apple's total sales comes from mainland china. when i spoke to tim c

josh lipton has been watching that story all weekend in san francisco. hey, josh. >> reporter: well, tony fidell didn't give a specific reason why he's leaving nest, only saying that this transition has been in progress since late last year, but it is a surprising turn. he is a celebrated silicon valley veteran, credited with helping to develop apple's ipod. he cofounded nest six years ago to sell smart home products such as thermostats that adapt to user preferences. today, the company says that fans in more than 190 countries use nest products and that sales have jumped more than 50% year over year. re/code says that nest raked in some $340 million in revenue last year. but there have been signs of trouble. the information report that colleagues criticized fadell for his micromanaging style blamed him for a lack of new hardware products, key personnel we know had also recently exited the company. so what's next for nest? well, a former executive at motorola mobility has been named nest's new ceo. jan dawson notes that fawza has limited experience in ret

that's where we find josh lipton with what to expect. josh?yla, steve jobs once said that software is the soul of apple's products. and today this worldwide developers conference, apple is expected to unveil new soul for its developers, customers and investors. so, siri, which of course is that voice-activated virtual assistant, is expected to be the focus of today's conference. apple's ceo, tim cook, needs to make sure that siri is keeping up with its rivals, so specifically amazon's alexa and google assistant. apple's expected to announce that developers will be able to integrate their apps with siri, and that's important, because in this war of virtual assistants, apple's greatest asset could be that community of developers all around the world. for example, users could then possibly use siri to order uber or book a reservation on open table. we also expect to hear about changes to apple music. in april, remember, apple revealed that that service now boasted some 13 million paying subscribers, but we know it's also been criticized for being

josh lipton from san francisco. guy, what's your oracle. >> 14 times forward earnings.articularly expensive. i think this is a good quarter margins improving. get back to 45 level it come down from. it's got a couple of dollars, 8 to 10%. >> 1 1/2% dividend yield and growth. in this environment that's a name everybody will buy. $37 it bounced off of significantly. i usually don't buy after earnings release and a gap after hours but i think you could on this one. >> is this oracle story or stocks in general. >> i think oracle story. it's been kind of a prove it to me again story. i think to the extent that these guys, i think, are making up for expectations that were overly lofty. it's a company that continues on every level. >> everyone looking at cloud, obviously a transition story as tim said. database being flat that's a positive. cloud margins up, that's a positive. if you jump in -- you know my three-day rule, jump in, use today's low 38.08 below moving ample. >> up next, a story that continues to fascinate wall street and hollywood alike. sumner redstone announcin

but first, josh lipton with the cnbc market wrap. >> thanks, chuck. stocks end lower this friday.ow fall 31 points, the s&p is off 6, the nasdaq since 28. the big story today, that may jobs report. the economy added just 38,000 jobs last month, far fewer than expected. economists were expecting a gain of 162,000. the unemployment rate did drop to 4.7%, but that drop was mostly due to a decline in the labor participation rate, and this data does cast doubt on the odds of an interest rate hike from the fed in june or july. that's it from cnbc, first in business worldwide. get back to doing... ...what you love. ensure. always be you. [so i use quickbooks and run mye entire business from the cloud. i keep an eye on sales and expenses from anywhere. even down here in the dark i can still see we're having a great month. and celebrate accordingly. i run on quickbooks.that's how i own it. okawhoa!ady? [ explosion ] nothing should get in the way of the things you love. ♪ get america's fastest internet. only from xfinity. >>> time for our race of the day. we're not going down ballot. we're

. >>> josh lipton with the cnbc market wrap. >> u.s. stocks closed lower nurse.. dow fell 20, s&p slipped more than 3. nasdaq dropped 16. that's it there cnbc, first in business worldwide. >>> it's time got your business entrepreneur of the week. with orders coming in from around the globe, ray had to learn how to export. he was nervous at first, but practice made perfect. he's now shipping his company's handmade rope samples to about two dozen countries around the world. for more, watch your business sunday mornings. will your businy when growth presents itself? our new cocktail bitters were doing well, but after one tradeshow, took off. all i could think about was our deadlines racing towards us. a loan would take too long. we needed money, now. my amex card helped me buy the ingredients to fill the orders. opportunities don't wait around, so you have to be ready for them. find out how american express cards and services can help prepare you for growth at opom. find out how american express cards and services ♪ everything your family touches sticks with them. f

josh lipton has more. hi, josh. >> rico will move from a 70/30 split to an 85/15% revenue share.o when is this new pricing plan going to roll out? google is not saying, but, remember, it just hit after apple announced a similar change of its own. if a developer app can keep a subscriber for 12 months, apple is saying they're going to drop their cut. let's say you download an app for a buck and apple keeps 30 cents. it's a one-time charge but say instead of a dollar download fee, it's a subscription. they would get 30 cents and 30 cents each subsequent year. that's going to include everything from gaming to videos to schedules. in q1, google play enjoyed it. ios users continued to use more money. they nearly doubled the revenue of its rival. back to you. >> it gets to the heart of what these changes are all about. when we're talking about the subscriptions, it's gainteresti. they're incentivizing these producers for converting. instead of it being a one-time charge. you try to knnewer tiez it. >> if it drops 15% or 10% over the time of what it's selling. >> sure. apple is trying t

josh lipton has more, josh? >> kelly, an apple outage to report.reporting services outages for many of its services right now. that looks, kelly, to include app store, itunes, apple tv and some other cloud services currently out, unavailable to users. a call into apple to try to get more details about why that's happening, how long it could last for and bring you the headlines as they come. back to you, kelly. >> thank you. >>> dividend paying stocks are a popular play but how sustainable and safe are they? a look how many companies have been pushing their dividend limits, eric. >> this is the entire s&p 500. if you go back ten years ago and look how many companies paid half earnings in dividends and more than 80% in the dividends and more than 100%. look at the chart. we're at about 19% right now. 19% of companies give you more in dividends than they make. that's double what it was a decade ago. as we look at some of the companies that we picked out from the s&p 500, you see interesting household names there. obviously chevron energy is hit hard.

let's go to josh lipton and see how the numbers look. josh? >> let's get you those numbers.reporting earnings for 81 cents. the street was looking for 81 cents. on the top, 10.9. the stleet f street was looking for 10.4. it's a service. they're $690 million. that's what the street has been expecting. new software licenses. that's a drop of about 12%. as for the cloud businesses. lair ellison saying in a statement he expects to continue in the next few years. they give it a fighting chance to reach $10 billion in sass and pass revenue. on the call, i know analysts have some questions and specifically that new tie-up between sales force and amazon. how does that affect oracle going forward? also that impending whistle blower lawsuit where you can expect them. that is kicking off at 5:00 p.m. eastern and will be on. guys, back to you. >> all right. stock up 1 president 5% in the after hours here. what did you hear there? >> what i heard so far, first the stock is cut down. expectations were kind of low, but what i like is the cloud business at 690 million. that is the key to th

. >>> josh lipton looking at the companies most affected by it and the buys at these levels. josh?>> well, bill, tech stocks did take a big hit. it generated nearly 60% of its revenues internationally, and in europe, many of those big tech names have broad exposure. apple, just for example, generated 22% of euros. in sales it was 1.2 billion yrs. most don't break out by country. hewlett-packard enterprise broke out. 10% of the company's total. for paypal it was $1.2 billion or 13%. so should tech investors be slamming that sell button? clearly a lot of folks did today. if brexit continues to weigh on the euro and pound, it could do it. there could be a spending. we're told investors should be using this selloff as a buying opportunity because brexit does not change the long-term reasons for optimism. he says about the tech sector including strong cash flowing. by the way, the tech companies that responded to us, sales force, paypal, and hbe say business as usual and the referendum won't have any immediate impact on their businesses. >> thank you very much. is this dip a buying oppo

josh lipton live with the headlines from the meeting, josh? just wrapping up. the vote itself went according to plan. the 1 1 members were elected an six shareholders denied. alphabet stock as you mentioned michelle in the red this year, so is it under valued? cfo was asked that very question. she said she doesn't focus on the stock price, just on doing in her words the right things, meaning focus on the big ideas and making the bold decisions google is well-known for. what was interesting, though, is what was not discussed today. shareholders did not ask erik smith one question. following very critical media reports. schmidt mentioned it as one of the businesses he's excited about with google fiber, breakthroughs in modern medicine and self-driving cars. back to you. >> got it. thanks for the update. >>> here is on the menu for the rest of "power lunch." we'll talk to a ceo that's big on cancer treatment. >>> oil moving to new highs for the year. the one factor impacting the oil market right now and eyes of the robot. are they coming for you

josh lipton. >> tony fadel penning a letter saying he is deseeding in his words that the time is right to leave the nest, that the future of n.e.s.t. is bright and experienced. he said he realized it may feel sudden to some but he said the transition has been in progress since leites last year. he goes on to say he's not going to be at n.e.s.t. day to day but may be involved in a new capacity as an adviser to alphabet and larry page. it's give to game him time to pursue new opportunity. it was fadell and rogers who founded n.e.s.t. he said they're doing about 50% year ore year and million os people in over 200 countries use the product. as you know, kelly, we had numerous reports detailing tension at n.e.s.t., but fadell saying he's auto and also that there's a new ceo. back to you. >> josh, thank you, mike. this goes back to n.e.s.t. tony fadell made some kielkd of disparaging remarks and they fired back, hey, this is not our fault, you ruined this company. >> this doesn't happen at divisions of companies where everything is going swimmingly, obviously. i think as a company organizati

josh lipton with more. >> box reporting and disappointing. so let's get you those numbers. a loss of 18 cents. the street had been expecting a loss of 24 cents. revenue jumps 37% to 90 million. the street had been at 89 million. some waebsness on billings at 76 million. they were impacted by what's called increasing seasonality in the business. worth pointing out the deferred revenue of 122 million also missing estimates. heading into this stock enjoyed a strong surge about 40% off february low. on this call you are going to hear analysts want to have a lot more color about exactly what progress the company is making towards profitability. new customer acquisitions. now newer solutions like government are performing that. call starting at 5:00 p.m. eastern and we'll be on it. >> shares down 8% after hours. >>> now is the fed driving the market? or is it something else entirely? roger altman weighs in coming up. and alphabet has been on the hunt for a wier for its robotics decision. you're watching cnbc first in business worlzwide. clds they found out who's been hacking into

josh lipton has the very latest on these developments. josh? >> well, sarah, if you're an apple investor, how worried should you really be about this news. analysts covering apple don't seem to be, at least right now. first the facts. as you mentioned, a patent tribunal in beijing saying apple's iphone 6 and 6-plus violated a local company's patents. but apple has appealed that ruling. that injunction is stayed. so right now, it's business as usual. as this case works its way through the chinese court system, apple products all on sale right now in beijing. i also just spoke to piper's jean munster. he's betting that the 6 and 6-plus will be discontinued in september with a launch of the iphone 7. so munster said it would make sense for apple to do that, to sell just the 7, 7-plus and se. even if the 6 were banned, his point is, the estimates would take a very small revenue impact. but munster also said there is a broader concern here beyond just this case. there seems to be ongoing tension between apple and the chinese government, he says. rem

let's get to cnbc's josh lipton with all the details. josh?lissa, there's been a lot of confusion about this story today, so let's start with the facts. a patent tribunal says it violated a local company's patents for phones you're seeing here. this tribunal says apple should not be allowed to sell these iphones in beijing but apple immediately appealed that ruling and now that injunction is stayed. the case has to make its way through the chinese court system, but as of right now there has been no disruption to apple's business, so all its products still for sale in beijing today. apple stock though trading lower on that news. not everybody is worried just yet. i just got off the phone with rbc. they don't think apple will be ultimately barred from selling these iphones. his point is if the chinese government really slapped apple with such an injunction, then it would also be hurting apple supply chain, much of which we know is based in china, so the point, hard to see the chinese government ultimately doing that. still, certainly these headl

. >> he kind of looks like josh lipton, that shot right there. >> i hadn't thought about that. >> jimry home. >> and don't sleep, jim. we need you back here in the morning. >> sleep's a distraction, my friend. >> you don't need a connected car because you never sleep anyways. you can keep driving. >> if you're on the red eye tonight, say hi to jim. >> you're all over the historic brexit vote, a live report from london and then jean-claude trichet on what's at stake with the referendum. the dow is up 123. don't go away. using 60,000 points from my chase ink card i bought all the fruit... veggies... and herbs needed to create a pop-up pick-your-own juice bar in the middle of the city, so now everyone knows... we have some of the freshest juice in town. see what the power of points can do for your business. learn more at chase.com/ink this clean was like - pow. everything well? see what the power of points can do for your business. it felt like i had just gone to the dentist. my teeth are glowing. they are so white. 6x cleaning*, 6x whiteningá in the certain spots that i get very sensiti

josh lipton joins us from francisco with more on his life and legacy. described by his colleagues on sand hill road as one of the god fathers of the venture capital industry. thomas perkins was a true pioneer, developing the very model of the modern vc. in a statement to cnbc, kleiner perkins saying he defined what we know of today as entrepreneurial venture capital by going beyond funding to helping entrepreneurs realize visions with operating expertise. he was there at the start of biotech industry and computer revolution. he was our partner and friend and we will miss him. perkins is credited with recruiting silicon valley hall of famers to kleiner perkins like john dougher. leading to developments in companies like amazon and google. his career wasn't without controversy. in 2014 he wrote a letter to the "wall street journal" saying writing from the epicenter of progressive thought, san francisco, i would call attention to the parallels of fascist nazi germany to its war on its 1%, namely the jews, to the progressive war on the american 1%, namely t