other than mickey drexler is a former board member on apple for 16 years. despite all this internet mediation, apple's got the best brand loyalty in the world. i know, it's covered by these tech analysts, the best days are behind it. the loyalty is the key to the earnings per share, it's the key to why warren buffett became the company's largest shareholder. see, apple's charging $349 for its yet unseen home pod. get that, the amazon echo is at 179. yeah. and you know what, even though this thing is much more expensive, i think it's going to have a lot of takers, why? even as the wall street journal asked, home pod first look, hey, siri, what took you so long? i think the answer is crystal clear to the apple lovers out there. what took so long? they took their time, they wanted it to be perfect. see, apple's phones are the most expensive phones in the world. they force the phone companies to pay full boat, the carriers don't bat an eyelash. the customers want them. when apple develops a new ipad, tens of millions of people want them. they go to the apple st

mickey drexler will be replaced in july but will remain as chairman. he is known for the turnaround of the gap in the 1990s. at j. crew he introduced the idea of providing design quality clothing for the masses. but the retailer has hit a sales slumpi slump like other apparel brands. >>> a new front in the battle between the world's largest traditional retailer and the world's e-commerce juggernaut. amazon is offering a discount on prime membership for people with low incomes and who receive government assistance. those consumers can pay $5.95 per month for a prime membership which typically costs $10 monthly. the discounted rate will be available to nearly 20% of the u.s. population. it's a segment of the market that walmart has long dominated. last year alone, nearly one out of every $5 spent using the assistance program was spent at walmart. >>> is amazon's discount prime membership for low income shoppers on government assistance a good idea? or not? we have both sides of that debate right now. derek thompson is senior editor at "the atlantic." he

. >> mickey drexler, the ceo of j. crew is stepping down with rumors of bankruptcy.has an upscale image through catalog and brick and mortar stores. it has hit hard times with preppy looks and high prices falling out of fashion, carrying a massive $2 million debt due next year. >> perspective california state university students may soon be required to take four years of math classes. the current admission requirement is four years. leaders are considering the requirement to make sure students keep their math skills. the plan will allow students to take computer science classes or other quantitative reasoning courses in order to fulfill that math requirement. >> we're starting with a seasonal favorite. >> michael finney is here to explain. >> this time we get high temperatures and sunny skies. what we do. the bad guys are trying to rip us off when we're trying to have a good time. the author of "swiped", how to protect yourself in a world full of identity theft. use a credit card rather than a debit card. their money. with a debit card, it's your money. therefore, yo

model whereas those companies can change with customers whims in weeks as opposed to months. >> mickey drexleristory in this business. and now i'm wondering how you think he's handling this and feeling about this. jenna lyons also stepped down. what can you tell bus the new leadership >> my sources are telling me he was driving this change. avenues very aware that something needed to happen. this is not a story of a ceo being pushed out, an ugly board scenario at all. what i'm hearing about this new leader 25 years in retail, most recently with west elm which is a subsidiary of williams sonoma where he tripled sales on a much smaller footprint. they have 99 stores. j. crew has 575 stores. he's going in at a very tough time for this company in terms of their debt load and in terms of the retail environment. so he's got a real turn around on his hands. >> several retailers have filed for bankruptcy this year including payless, limited, b c b g, will j. crew file for bankruptcy? >> well, they have a tough situation. they have over $2 billion in s.. supposedly they only have $150 . they got a big

people knew that inside and outside of the industry and a lot of ts change has been driven by mickey drexlerholder of this business. >> is any retailer in fashion retail doing well? >> yes. some are doing well for sure. for example, the fast retailers are doing well like h and m. they are part of the pain at j. crew because j. crew again, drexler has said this is still on that old model whereas those companies can change with customers whims in weeks as opposed to months. >> mickey drexler has such a great reputation and great history in this business. and now i'm wondering how you think he's handling this and feeling about this. jenna lyons also stepped down. what can you tell bus the new leadership >> my sources are telling me he was driving this change. avenues very aware that something needed to happen. this is not a story of a ceo being pushed out, an ugly board scenario at all. what i'm hearing about this new recently with west elm which is a subsidiary of williams sonoma where he tripled sales on a much smaller footprint. they have 99 stores. j. crew has 575 stores. he's going in at a

remember earlier, mickey drexler resigned from the retailer j. crew, another company that went private. if mickey couldn't make it work, frankly, who can? stick with the met for, go further. the nordstrom sale might show other retailers like whole foods might be undervalued and also should go private. it was value day today. we saw the beaten down financials in the oils. like 5 below. would anyone want to buy these dogs? believe me, they were out there. this is day two of the federally and the meeting is in sight and they passed the stuff in europe and they will raise rates and raise estimates for the bank. oil? the stocks are trying to stabilize. remember at the close, i said as we get closer to 43 the stocks will stabilize. 43 has been my target. only a couple bucks down here. we're that close. why? because if oil doesn't go down to the 30s, if the american producers killing the price of the commodities shut in their wells because they aren't making much money below 45, something that has happened time and time again and it has held, these stock

. >>> mickey drexler, the ceo of j crew is stepping down amid rumors of bankruptcy.its catalogue and brick and morder stores as well. but the company has hit the hard time with preppy look and high prices falling out of fashion. j. crew is carrying a massive $2 billion in debt. home of the home furnishing brand will precede drexler. >>> they say work on the damaged spillway goes on all day and night but they're grateful it's happening. that's some good video there. that's ground level view of blasts last wednesday on the lower shoot of the spill wae. the blasts are expected to take place towards a november 1st deadline. they plan to start pouring the concrete in mid-june. >>> your social feeds may be blowing up with a picture we're slowing you. a eman in alberta, canada, seemingly unaware of the massive tornado behind him. his wife posted this on her facebook page. it turns out the man was well aware of the tornado. he says it was much farther away than it appeared and moving away from him. >> i mean he had a lawn to mow. >> impaexactly right. >>> well, our weather n

crew mickey drexler. drexler is famous in the retail business. he successfully launched gap into the casual wear era of the 1990s. like most retail stores, j. crew had a tough time. they are struggling with a sales slump and a hefty debt load. >>> that apple speaker, you call on siri, like nine devices are going to respond or does it have its own unique alexa-type name? >> it may cost more. >> because it's apple. >> all right. "early start" continues right now. >> it's not a travel ban. >> that was genuine. >> apparently not. president trump scrambling once again to explain the travel ban, efforts to get momentum behind his agenda. >> the first arrest in president trump's crackdown on leaks. a federal contractor accused of supplying a document used in a story about russian election hacking. >>> london's mayor says president trump should cancel his state visit to the uk after his >>> good morning, i'm christine romans. >> and i'm david briggs. an embarrassment of political riches. more in a few minutes. >>> but first, the white house desperate to

then he did mickey drexler and amazon.ike a sandwich. >> it is. >> he does a lot of shopping, no. >> never been -- >> only time i have been in the stores. >> never even bought anything. >> you know that red fang is an american stoner band formed in portland, oregon. >> my daughter lives in oregon and there's a lot of stoners there. >> i don't want red fang coming after us. >> give them full credit. a lot more to get to this morning including elon musk's message about tesla's future and robotics. and banco's rescue of a struggling rival. if we have another down day on the s&p and nas, that would be three days in a row. ur brokerag. fees? what did you have in mind? i don't know. $4.95 per trade? uhhh. and i was wondering if your brokerage offers some sort of guarantee? guarantee? where we can get our fees and commissions back if we're not happy. so can you offer me what schwab is offering? what's with all the questions? ask your broker if they're offering $4.95 online equity trades and a satisfaction guarantee. if you don't

mickey drexler stepping down. macy's is holding it's investor today. a lot of focus to be on the struggling performance. the stock is down another 33% this year. here to talk about all of it is stacy. and a cnbc contributor. drexler makes the front pages of the business section today and he can't make it in this retail environment, who will. what a fall from grace. what does it signal about the sector in general. >> it's big news that drexler is out here and it's very reflective of the issues going on in apparel in general. he's not alone in having self-admittedly misread the environment and what it's done to apparel. j. crew has gone through a period where the prices are too high. i was just in front of the store in rock center looking at a t-shirt for $39. that's not competitive with h&m and zara and the rest of the offerings out there that are so much cheaper and the customer doesn't recognize that the quality is slightly better here so it's very reflective of what is going on. they still have 200 stores and they're in a malls and are the a malls mo

. >> mickey drexler, the ceo of j.crew, is stepping down amid rumors of bankruptcy for the preppy retailer. she shaped j. crew's upscale image. you may recognize his name as the former ceo of gap. he was hailed as making that brand cool again. j. crew is carrying a massive $2 billion debt some of which will become due next year. james brett, president of the home furnishing brand west elm will replace drexler. >>> now to what could be an uber first, possibly the longest ride ever. >> yeah, driver brent pfeiffer finally back home in texas after spending nearly 24 hours on the road. he says all of this started on sunday night. he got a request from a customer looking to book a ride from dallas-fort worth international airport all the way to nashville, tennessee. if you are wondering, that's 650 miles. no joke. pfeiffer took this selfie with the three visitors from china. he is still waiting on a final fare total from uber. an estimate shows the trip would run about $1,100. >> my portion of it will probably be close to $8

long time ceo mickey drexler says he is stepping down, though he'll remain at the company to be the chairmanbeen the ceo since 2003, took it private to save it from bankruptcy. we'll see whether his successful has anymore success. >> carolin roth live in london, thank you. >>> the trump organization announced plans for a series of hotels with a patriotic theme. donald junior and eric trump announced the american idea yesterday. they will be built in small and mid size cities stem from the crash coarse in america they got while traveling across the country with the presidential campaign. eric dan zinger said the chain will debut in mississippi and will have no connection to president trump. the company planned a hotel expansion for about two years before mr. trump's 2016 bid. >>> president trump tweeting about possibly hurting his own court case. >>> robert costas has more on republicans growing more and more uneasy with president trump. >>> e pnchtsa administrator scott pruitt is here discussing the fallout over the president's decision to exit the paris climb agreement. "morning joe" just m

. >>> mickey drexler is stepping down. he shaved j. crew's image through its catalog and brick and mortar store. he was the former ceo of gap. he was hailed as making that brand cool green. j. crew has hit hard times in recent years. they're carrying a massive $2 billion debt. james brett, the president of home furnishing brand west elm will replace drexler. >>> fremont joined other bay area cities in offering an exchange zone for the public to conduct exchanges safely. it will be in the fremont police department's public parking lot. the goal is to provide a safe alternative for people to trade goods from sites like craigslist. the parking lot has surveillance cameras. people are urged to only do business during the day. >>> another legal setback for opponents of california's high speed rail project. a judge in sacramento ruled against a santa rosa based group who claim it will be polluting. the state will be allowed to use money for a greenhouse gas company to pay for the $64 billion project. >>> new at 6:00, wruhere should your infa

but mickey drexler had enough. >> yeah. that hasn't gone well.l. >> no. >> so i would say families want to put his money where his mouth is that fines -- that's fine. >> if you're a nordstrom shareholder, and they're willing to pay a premium, you may say sold to you, thank you very much. >> tell you this is a dicey thing if you're in the nordstrom family. this has only accelerated. amazon has only accelerated. >> well, to that point, after the alibaba numbers, jd and baidu doing well on the nas, along with leaders in macy's, kohl's and kors and ulta. >> well, kors, a terrible presentation. they're trying to be flat in 2018. well, that's like beer flat. their number's flat. >> talking tap -- the beer company. i can do kors -- i can do the leather company. >> coors -- colorado coors. >> the coach deal, other retailers think that retail is too cheap. thing's a sense like the hoteliers universally came to me and you think that airbnb will wipe us out, that's nonsense. airbnb is 10% in new york, enough. we saw the core business. now will sears be up a

mickey drexler will continue in his role as chairman, but jim brett will now be taking over as ceo ofming up, what you need to know for tomorrow's trading day. this is bloomberg. scarlet: don't miss it. at the top of the next hour, emily chang will be speaking exclusively with tim cook at 5:00 p.m. joe: and the reserve bank of announces its rate decisions tonight. you can be sure i will be staying up for that. miss the gm shareholders meeting in detroit starting at 9:30 a.m. eastern. i will be awake for that. scarlet: that doesn't for us. julia: bloomberg technology is up next. ♪ alisa: i am alisa parenti from washington and you are watching "bloomberg technology." let's start with a check of your first word news. there has been speculation president trump waned vote executive -- would invoke executive privilege to prevent james comey from providing potentially damaging testimony. here is sarah huckabee sanders. >> the president's power to exert executive privilege is well-established. swifter to facilitate a examination of the facts, president trump will not exert executive privilege

mickey drexler is stepping down as ceo but will remain chairman of the company.s naming james brett as its new chief starting next month. the clothing store has struggled with the prolonged sales slump. same-store sales have been down for the last ten quarters. you add that to a burden of about $2 billion in debt and less than $150 million in cash. in april the company cut 250 jobs mostly from its new york headquarters. before taking the job as president of west elm,williams-, urban outfitters and jcpenney. should point out that drexler is still there and still a major owner of shares in that company. >>> as far as individual names this morning, shares of thor industries getting a pop. thor says positive results point to stronger demand in the rv market. and we're watching shares afterle this morning. tech giant unveiled a big bet on the home in an effort to take on amazon's alexa. and -- ooh. going to show you the daily chart. and series of new features and updates for the iphone, ipad mac and the apple watch. yesterday the tech giant was run of the bigger drags

mickey drexler has been ceo for a number of years since coming over from the gap.man. mr. brett will take over the ceo position in july. there's a lot going on here. kelly, we know j. crew also has a lot of debt on its books. some looked to j. crew as a potential bankruptcy. not happening as of right now. but there are some warning signs. so there's a decent amount of moves that need to be made here, to move this company back into a growth trajectory. >> courtney, thank you. kind of like a wow, eyebrow raised, and maybe it's not that maybe you wouldn't see it coming, but some of the self-reflecting comments i think he made in "the wall street journal" not that long ago, we didn't see the technology coming and disrupting the industry the way it has. >> and also, i think he also conceded that they, as a kind of fashion beacon had kind of lost their way, got out of tune with the customer. and that was supposed to basically be, of course, where he's made his name and reputation, two different companies as having his hand on the pulse of those things. >> it's like a gre

jay crew ceo mickey drexler's stepping down as they are still struggling with the big piece of dead.d of the company since 2003 will serve as board chairman. president james brack going to become the new j. crew ceo next month. will receive a 3 million signing bonus over the next three years as well as the $1.25 million. jake or about 600 stores with $2 billion in debt. >> thank you. under severe pressure we know it's going on in terms of retail online versus brick and mortar. dagen: they can try to claim their retail environment. this is a j. crew problem. essentially oversaw all of the fashion if you will. i j. crew. they are responsible for it. they've had 10 quarters of declining same-store sales. they are bpresident of west elme furniture company. it's about the merchandising, putting things in stores. j. crew went through this entire -- they're riding high with michelle obama was wearing their clothes to the 2008 inauguration. they were riding high, but the fashion was all bejeweled neckline. it was fashion driven by a single woman alliance and it failed. if you look at hmm, th

yeah, mickey drexler came in to mix it and they should have put it there, and they didn't do.tuart: they have a reputation on-line, preppy. thank you, liz. a liberal bias study paid for by the network. 63% of the viewer thinks that the espn programming leans to the left. we'll have the story for you. believe me. and president trump's feud with the mayor of london, calling him pathetic. khan says the visit to the u.k. should be canceled. ashley has more on this spat. he's next. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. inkthis is the new new york. think again. we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partn