smh did hit that all time high on june 30th back to you. >>> josh lipton, thank you now still to comee with the ceo of take-two, strauss zelnick. it's lower this year we're back after this break. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. >>> welcome back last night new york attorney general led a bipartisan group of 37 attorneys general filing a lawsuit against google for what they allege is illegal and anti-competitive conduct, this as congress reviews some antitrust related bills. julie boorstin is in sun

with kick things off with josh lipton josh. >> remember this stock heading into this was up about 20%ear. was only off about 3% of its all time high. we are giving some of that back in the after hours beats on the bottom and top, for q 3. on the top between 4.4 and 4.76 billion 4.6 was expected there i checked in with stacy razz gone at bernstein, he said gross margins strong, but revenue guidance was weaker than expected and a surprise there. on the call executives by end market, industrial and auto and personal electronics were strong as for lead times, most products are steady but growing demand means some lead times are extending so they are now adding capacity on the call, i'll tell you some analysts did sound a bit frus frustrated strong demand, you're increasing supply so why the conservative guidance the executives saying the last quarters have been strong. this is the best estimate we have right now stacy rasgon saying that demand is strong right now, but they don't know how long that lasts nobody does. maybe they don't want to stick their necks out too far at this point. >>

let's get straight to josh lipton with the details. josh >> let's remember intel was up about 10% this year, and it was also down 20% from the 52-week high back in april as you americanoned in the after hour, the report beats on the bottom and the top and you saw dw gross margins clock in at 59%. he says the report is a mixed bag in his opinion and it was a good q2 report and gross margin guidance for q3 and q4 is disappointing and there will be debate about that and management is being too conservative here and bears will counter the pc cycle could be turning pat gelsinger is on the call right now saying intel is uniquely positioned to capitalize when the energy has sustained growth and intel will deliver the leadership products that customers look for in every category seven nanometer is progressing very well and he has the latest and greatest chips as for segments he sees strength in the pc market and data center is strong, as well and that strong demand is pressuring the supply chain and shortages could continue and it could take on

back to you all. >> josh lipton, thank you. >>> dan, let me get back tou what's going to support thatpansion of that multiple >> yeah, i think it's a great question ultimately we view this as a sum of the parts that valuation of the services business, what we think could be $1.5 trillion. it comes down -- i think it would come out in the call, the china growth story will continue to play out on iphones 20%, 30% has not up graded its iphones for two or three years i think number of the streets go massively higher they're in a position of strength this is a name where i think the best is in the rear-view mirror, but we're just in the middle innings of what i will call a renaissance of growth in cupertino. >> there was a concern going going into the record there would be a drop-off, given the strength we saw in those products during the covid-19 pandemic i think goldman sachs raidsed questions about china and how strong that cycle was. it looks like they have managed to surpass the expectations, tick cook tell josh most of the 5g upgrade is in front of us what is your initial take? >> i

. >>> apple is preparing for a serious production boost on its next generation iphone our josh lipton that demand to suppliers and the impact on those names. hey, josh. >> so, carl, for tech investors the back half of the year always does get very interesting. and one big date we always have on our calendar is when tim cook takes that stage and introduces those new iphones. now we have a new report about those new devices. bloomberg is saying that apple is asking suppliers to ramp up production of its next generation iphones by 20%. apparently looking for as many as 90 million units. apple higher today's trade and check out some of the supplier as well. so names like tsmc, skyworks and broad come bernstein says this is good news for apple. it's a significant customer and probably representing mid teens percentage of total revenues, if not more qualcomm another important supplier to watch. i spoke to another analyst who covers that name, too. he says this should be seen as a positive for qualcomm investors. qualcomm probably gets $38 for each iphone sold combination of chip sets and li

let's get more on the tech trade with josh lipton at the nasdaq josh >> that's right. the nasdaq is giving up some ground here. as dom rightfully and correctly points out, we're well off our session lows this is after a run, of course, just yesterday the index closing at an all-time high let's talk about some of the big names like amazon. it was in the red. now, though, flipping into the green. remember amazon closing at an all-time high just yesterday investors appearing confident with andy jassy taking the reins as the new ceo apple falling here but that comes after a very strong month for the iphonemaker. bulls point to seasonality with july to september typically a period of outperformance for tim cook's company heading into the new iphone launch in the fall. you have to mention alphabet too with a group of states launching. trip.com, baidu and jd.com jon, back to you >> josh, you just talked what's happening right now, which is great. let's talk future a little bit catalyst for the rest of the year in tech i was just hearing from the salesforce executive that they

shares at new records and the company look to go boost iphone production let's get right now to josh liptonian, so when is that new iphone coming? well, we don't know for sure just yet, though the team at wedbush bets that the iphone 13 launch will come in the third week of september this year. bloomberg reporting that apple is asking its suppliers to ramp up production of those next generation iphones by 20% apparently looking for as many as 90 million units. apple higher in today's trade as were some of its suppliers by the way, for example, pipers harsh kumar covers sky works and says this report is good news for them and says apple can represent more than 65% of sky works' total revenues. qualcomm another important supplier to mention i spoke to an analyst who covers that name, too, he estimates qualcomm gets about $38 for each iphone sold, that's a combination of chip sets and licensing makes sense that tim cook would ask for more units to get built right now after all given this uncertain environment with ongoing chip shortages and constraints why not lock in iphone supply and if need

they have earnings coming up here shortly on august 3rd >> all right josh lipton, thank you >>> okta a big temperature did pandemic winner. is another surge ahead the ceo todd mckinnon is next. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks! only at t-mobile. ♪ watch the olympic games on xfinity ♪ ♪ root for team usa and feel the energy ♪ ♪ 7000 plus hours of the olympics on display ♪ ♪ with xfinity you get every hour of every day ♪ ♪ diffe

the stock was trading lower after results the company's call kicked off at the top of the hour josh lipton has the latest. >> apple's results, digging into the segments, iphone revenue $39.7 billion. services, $17.5 billion, mac, $8.24 billion in the quarter ipad $7.4, wearables and accessories, $8.3 billion. apple did not formal guidance, but we expect more color and commentary i did speak to the ceo, adam cook i asked him about the ongoing chip shortages we are seeing cook telling me they are being impacted, he said primarily affecting mac and ipad we had expected the shortages, but we were actual able to mitigate some of that, he said i think we have a world class operational team we talked also about who was buying the new iphone 12 line up, is that existing just upgrading, or switchers. cook saying we saw strong double digit increases during the quarter. as for china, i mentioned the 60% move there cook said iphones did extremely well there, the 12 pro and 12 pro max were very strong we set new june quarter records for mac, wearables and services. there was nice momentum across the pr

apple and amazon posting big gains, josh lipton has the details. >> let's start with amazon, the stock on pace for the best week since april. brent till at jefferies says jassy is the right man for the job. he has high growths and high-returning businesses better than everybody as for apple, trading near it's all-time high and it's on pace for the longest winning streak since april 9th, by the way. j.p. morgan expects apple to materielly outperform the market in the second half, in part, they say due to the typical outperformance we see in the july-september timeframe back to you all. >> now over to josh brown. i want to pull you into this conversation because you have made some comments that we aired on the show previously about amazon and how it was poised for a breakout and when that happens, watch out, the rest of the market is coming with it amazon was higher by about 5% yesterday. higher again today is this breakout going to come as you had predicted >> well, it looks as though it started. i wouldn't argue that every stock in the s&p 500 will rejoice and celebrate, but this was a

julia boorstin is watching the big moves in social stocks, and josh lipton has a look at intel's quarterly results. >> well, sara, this time it is the tech stocks under scrutiny, but the wider group listed here, they are certainly -- they're absolutely crushed in today's session, down between, wow, look at that 60% and 70%, this comes on news the chinese government may ask for-profit education companies to become nonprofits, even bar them from raising capital, why ed tech it's been a lucrative culture it's also raising costs for parents. it could be heard in one of beijing's top priorities, that is boosting a declining birthrate. check on the the larger chinese names. it appears there no end in sight. you have alibaba, j.d.com, and pin duo duo, and last time i looked -- there it is, add been to the already brutal sell-off this company has seen. now half its ipo price, and half that value back over to you. >> we're going to talk about the politics of this later on, and just what china is trying to do. far the stocks are trying to do, it's mar for u.s. investors to have some visibility into

josh lipton has more for us. josh. >> kelly, here's what we expect, earnings per share of $1.01. gene munster tells me the big number for him, q4 revenue guidance because that gives investors insight into how apple's longer term growth targets are looking. munster looking for $81 billion there. apple might not offer formal guidance and give detailed color and commentary another figure to look iphone revenue. the street is looking for $34 billion. investors are looking to the next generation iphone in the fall and placing bets on what that device could look like. >> let's talk about chips. are they facing any problem with their chip supply, josh? >> yes last quarter you'll remember that they were facing a global chip shortage for could hit them for several billion dollars in sales, the mac and ipad lines. so it will be interesting to see what products are getting hurt and when they look at that chip shortage, do they see any time horizon when that could possibly ease. >> but they started making their own chips or are soon to, correct? >> they do have a new m-1 chip but they're sti

josh lipton reporting that the tech giant will require vaccinated and unvaccinated customers and staffe u.s. retail stores. twitter is closing the san francisco and new york offices effective immediately amid the surge in covid delta variant cases. social media company only reopened offices in both cities about two weeks ago. >>> google is delaying the return to office plans until october. google and facebook will require u.s. workers to be vaccinated against covid before returning to the office. this is going to be the big debate here going into the fall, dom. require vaccines or proof of vaccines or testing and do you bring people back? >> not just a debate a variable bertha coombs, thank you very much we appreciate it. >>> earnings week continues as facebook beats expectations for the second quarter results the company is warning of a slowdown in growth and the shares are down 3.5% pre-market right now. joining me is managing director of equity research dan ives. d d dan, let's talk about facebook just how fearful should investors be it is about 3.5% right now that is how much they

josh lipton has more from the nasdaq market site josh >> john, the nasdaq isstarting the week off inestly lower in today's trade, down for the fifth day here. the longest losing streak since october of 2020. you pull back the chart and that index is still up 10% for the year in terms of big-tech names, apple, you can see in the red. this comes after a nice recent pop for the bulls. that stock hit a new intra-day all-time high last thursday. am amazon, facebook, alphabet lower to different degrees nasdaq bucking that trend, edging into the green here other sectors we'll keep our eye on, c cloud stocks. under the hood the most off their high would include names you all talk about, ring central, snow flake and zoom zoom making that news buying that company 14.7 billion. back to you all. >> that may be why ring central is suffering a bit today josh, thank you. and if that weren't enough, a big week of tech earnings ahead. dow components, ibm and intell among the names reporting. you can catch us any time, anywhere listen to and follow the tech check podcast today, wherever you get your p

the dow some of the big cap tech stocks are taking a hit although netflix was in the green out to josh lipton at the nasdaq with more. josh >> reporter: the nasdaq is kicking off this week in the red. we are lower now, down for the fifth day. the longest losing streak since okay the index down about 4% from its all-time highs still up, though, 10%. turning to big tech, apple in the red. you see this does come after a nice recent pop for the bulls. that stock hit an intraday all-time high last thursday. apple reported earnings on july 27th amazon, facebook, alphabet also lower to different degrees need flicks you mentioned was bucking the trend but just slipping into the retrend. the etf that tracks the semis edging lower here. it's on pace for its fifth straight losing session, the longest losing streak that etf since december if you pop open the hood the chip names that have pulled down the most from their highs, micron and universal display, on semiconductor. >> is it time to go small? joining us now is paul hickey, co-founder of the bespoke investment group paul, it's good to have you. the

josh lipton is live from the nasdaq with the wrap on tech's first half >> let's start with faang. digging into the names there interesting moves. facebook and alphabet, for example, they are charging higher so far in 2021. different story, though, for apple. that was its worst first half since 2016 a nice month for the bulls there, popping 10% in june netflix, by the way, the worst of the pack so far this year as for the semis, the smh, up about 20% in the first half. bernstein stacy ras saying from a demand point of view it looks strong meaning the end markets from pc to auto look solid next year, though, tougher to call, concerns about that sustainability of demand and double ordering. and meantime, dr. ras saying he likes semicap names, applied materials and lam research and broadcom, strong dividend, high margins, attractive valuation. and notable laggards, we should point out here, qualcomm is down about 6% this year and take two, down about 15% under performing its peers activision and ea. back to you. >> josh, thanks for that stay right there we're going to bring in joe lon

josh lipton has the details. >> intended to reshape, targeting big tech by scrutiny of mergers and encouraginge and the accumulation of data in other words, it doesn't impose its will, you know, laterally, instead here frequently calling on independence agencies to take away , for ring andthey hail big tech almost as much as mitch mcconnell does i have to admit so far, it hasn't gotten a lot of attraction >> why do you think that is? with these big names and there -- why is it that these just shrug it off so often >> i think we're seeing some push and pull here i think there's some nervousness that folks who stay at home longer, that the technology dots will have in boost due to that. >>> mike, is the amazon technical breakout being done now? >> it's nods always the kind -- of fundamental information i do think the big are tangible potential impact of the executive orders is on companies that might sell to big cap tech. it seems like it will be a chilling effect, and in itself doesn't hurt the big guys, but if your business model was to get to scale and sell, that might be a bit of a hitch. >>

josh lipton has the details. >> the iphone maker is enjoying a day well in the green. in with gene muenster for his quick take he says when they report earnings results next week, we'll -- and given muenster, sell, the new reality of hybrid workers. >> what about technologies and the way these stocks have outperformed, with questions about growth >> yeah, i think the technology sector will be one to watch. believe it or watch, they didn't react from a price perspective it would one of the best earnings growth stories within the s&p 500, so it was a very good quarter i think you'll see more of the same what you're seeing with apple, is we're going into the earnings season with reduced expectations, or at least steady expectations they've remained pretty subsighed maybe the stock price of apple has pricing that in, too, but you're seeing the price increase leading to higher p.e. stocks, and now it's time for earnings to catch up. >> mike, just to follow up on that i guess what the share prices have done and will do will be the key focus for us the bar is high for share p

again, everyone is trying to reprice risk right now >> bob pisani, thanks for that let's get to josh lipton , let's dig into the nasdaq. down four of the fifth dates the index is now down about 4%, you're still up about 10% so far in 2021. big tech not immune to this sell-off, either. >> also edges lowers here, that is the long test losing streak since december back to you, wilf. >>> let's see what kind of technical damage we've been do you? yes, the major averages were near record highs, but the auto, the airlines, this has been going on for weeks, down 10% to 20%. what do you see coming next? >> there's definitely been a rotational pullback, and even still we're not seeing a lot of breakdowns as you mentioned, this is a real retracement for the faang stocks and the others that's definitely an important thing to note. that's measures like the vix, and those spikes tend to last no more than two to four days inch i see that as an encouraging sign we also have oversold readings oar extremes, so the ratio of advances to decliners -- those have been associated with a pullback my sense is it's a

like you become an agent of innovation with invesco qqq >>> the nasdaq making a bit of a comeback josh lipton>> the nasdaq is in the red, but we are off our session lows, still about 13% in 2021. like amazon, that was in the red. now, though, flipping into the green, indeed notching a new all-time high. apple following here, following a strong month, and the phone maker is flirting with a record intraday high. the point being with july to september, typically a period of outperformance we have to mention alphabet as well with a group of states announcing an antitrust focusing on the play store, and some of the worth performers in today's strayed, asml, xilinx and nvidia >>> let's pivot to some other market news. goldman sachs downgrading charles schwab of course, financials is a whole sector suffering with those yield moves today. rbc downgrading dr. horton, from outperform, saying it's growing more cautious on the builder, and it's down more, dr horton. >>> and the industry debut, the neutral -- downgrading freeport mcmoran. that stock down 4.5%. >>> now time for a cnbc news update >>> here'

>> looking ahead to tomorrow, we have a slew of big tech names gearing up to report results and josh liptonphone 12 cycle and the work from home trend boosting the ma and ipad then there is microsoft, they want to know about the lament and the cloud and so trends in enterprise and what is happening with corporate pc buying and office 365 as for alphabet, raymond james said they'll focus on google search and youtube and he rates the stock outperform given the steady growth in the company's core properties. back to you. >> thank you very much. >>> some final thoughts. mondays are treacherous, but we got through this one and tesla is not going to hurt. >> they have been. also, preserve fridays for levitation that gets tested on a monday i don't know if we want to extrapolate too much from that except we'll be reminded of the profitability of the biggest companies in the country and does the run up ahead of it take away from the reaction we have each one of them up substantially. it is hard to know if that is a market but there has been some talk that you front load the gains on all of that stu

. >> josh lipton, thanks there's mystery around micron.ten been received this way even though the company talks about stock -- are you laughing about -- and markets being up, what is the reaction here all about >> it's a -- look, this is a cyclical semiconductor company and can't get out of its own way, that being said it's up 56% from a year ago and up 11% into the print. we know that deram is recovering, so that's not a surprise it was a great quarter and a raise is a raise, right. but not much room on the cost reduction plan limited bit growth and we know about cap x going higher so it's like there was nothing incremental and now you're relying on pricing, so that is cyclical, right. so that's why i try to touch on multiple i'm involved in lam research, i prefer that name, but they're all up tremendously in the last year. >> mike, are we surprised that we didn't see a bigger effect for the rest of the smh in some of the other names or was it fair it's stock specific >> not in the same magnitude taiwan semis down a little bit intel has i

josh lipton with those numbers what do you see?e grows margins 15.2%. guidance for q3 looking for 1.10 revenue looking for about 18.2 billion first expectations of 18.oat billion they are raising guidance and looking for 480 versus 462 and revenue of 73.5 billion versus expectations of 72.8 billion quickly to the segment, ccg chips for the pc, so.1 billion and chips for servers, 16.5 billion. this conference call starts at 5:00 p.m. eastern and we'll be on it. >> that's up half a percent in the after hours trade. we'll discuss intel in a moment. twitter's results are also out julie boorstin >> reporter: twitter on the top and bottom line users numbers coming in line with expectations reporting monetized daily active users of 206 million we see the stock shooting higher up over 8% on revenue of 1.8 billion beating expectations of 1.07 billion and earnings of 20 cents per share. and looking at guidance the company also guiding to higher revenue than projected a range of 1.2 billion to 1.3 billion surpassing estimates company also say

>> apple is hitting a record high thanks to a report the company is boosting iphone production, josh lipton its next generation iphones by 20% looking for as many as 90 million units. skyworks and qualcomm moving higher tim cook would ask for more units to get built given this uncertain environment with ongoing chip shortages and constraints. why not lock in iphone supply now and if need be scale back if warranted in the months ahead. back to you all. >> thanks so much for that >>> goldman sachs out with a new note today predicting the biden administration's efforts to crack down on anti trust practices that it will not hurt big tech stocks. it may be a slight positive. risk premium on tech stocks is not necessary given lengthy investigations and the fact these cases are often overturned in court even so, facebook is seeking the recusal of ftc chair lena khan julia boorstin has the details >> facebook believes the ftc chief couldn't be impartial as the agency decides to file an anti trust case against the media giant. khan replied how the law should be applied "when a new commissioner has a

look at faang, but i do think when i listen to apple and i talk to tim cook last night along with josh lipton, i'd say as bullish as i've aheaheard, ad don't forget, the customer loyalty is so great that if they can't deliver the chips in there for the phone in this quarter, you've got it more elongated. >> you're loyal because you're a hostage. >> hostage hostage? >> i spent three hours in an apple store this weekend they couldn't even let us buy a phone for three hours. >> i was in the 5th avenue store yesterday, it was slamming 75% of watch customers were new to the product, and in china, 85% of watch customers are new to the category. >> i asked tim why bother. how can it move the needle, and he said do you think basically health care moves the needle and i said, yes, the watch is incredible i find people wearing watches who have never even thought about wearing a watch, david take that. >> the wearables numbers are enormous for the company you know, it's everything. i mean, it's obviously 34 billi billion, something like that. >> how long did you wait in line >> we put our name they coul

josh lipton, why >> texas instruments reporting q2 results 205 on the bottom line unclear if that's comparablelooking for there in terms of guidance for q3. between $1.87 and $1.13. 1.97 and q2 revenue 4.4 and $4.76 billion. street was at $4.6 billion turning to the segments. $4.36 billion. embedded processing $780 million. this call kicks off at 4:30 eastern. back to you, wilf. >> basically up 3% in the regular session. mike, it's been sideways the last couple of months but had a dece decent year. >> decent year not the driver of the semis. there's a reflex sell after the rally we had today it's another stock where really got to get some color about how next year is shaping up because at least in the published consensus estimates, there's a sharp slowdown coming for names like texas instruments they may be steal estimates but we're to that time of year where it's going to matter a whole lot. what they have to say about production and chip shortages, very important for texas instruments. >> i want to talk about nvidia a lot of people are watching that as a leader it fell last week ahead of the