spring and paul sweeney who covers amazon and out of it. stick with us as we await those results as well. the first look at blush numbers, it's all about net sales but also the breakdown of her amazon gets its revenue, whether amazon web services or through retail. paul: that's what investors focus on because depending on how they want to rein in expenses or not, they're epf every quarter is all over the place. revenue is where investors are focusing. the company has several big levers at its disposal. amazon web services, the cloud business which is the hot technology issue to discuss these days come and companies like amazon are leading the way. and they're getting into other businesses like whole foods and retail. we will see how they want to position that business going forward. scarlet: at-bat which owns $9.57.reporting the consensus estimate was for $8.34, so it big beat on that basis. google's other revenue, not so much hardware but some of the other businesses that don't make $3.41o the search part, billion for google other revenue

paul sweeney is with us. >> i think the problem is this is an open platform. globally. it is extremely difficult to police. they have to do something. they have to make a better effort. jonathan: should they be regulated to have that sort of presence to make sure fraud and money laundering is not taking place, significant compliance numbers to oversee that activity, are these numbers one to be regulated in the sense that social media platforms will be treated as if they were financial platforms and they have a responsibility to make sure this is not happening? paul: i can tell you the companies and investors are hoping that does not happen. europe has a long history of regulating u.s. technology companies mostly for scalp. i think companies like facebook and twitter and instagram that are being looked at in terms of tennessee issues, desk privacy issues versus -- in terms of scale. issues versus i think they will have to work hard to regulate themselves. david: historically in this country, we have had two models, one is a telephone company that is an open pla

joining us is paul sweeney. the stock premarket is down 2/10 of 1% but seriously, $8 billion? gher than the market was looking for, so they keep adding a billion dollars to $2 billion to their programming. they are producing more and more original programming and relying .ess on traditional hollywood they are recognizing that the frenemy issue may be tilting the other way so netflix is staking on original programming and they believe that drives subscriber growth and cash revenue to pay for these incredibly programming -- incredible program obligations. they are raising their prices in the u.s. has that been fully appreciated by the market? i think the company this time around has done a better job of signaling to it survivor based that as they invest more they will raise prices on a relatively small basis. there is a lot of other services in the markup whether it is a hulu or amazon prime and some of the disney products, that are at price points that are pretty compelling. david: how much are they amortizing? paul: the number, it is kind of off-balance-sheet. these are commitm

scarlet: paul sweeney is making a strange face. he has never seen iraqi bonds chart.let's take you to dollar mexico. a year to date chart, the headlines around these nafta negotiations, the peso falling to its weakest level since may. i have a chart to give you a sense of what is going on in terms of the broader em currencies base at where mexico fits. is the worst performer among emerging-market currencies against the greenback. that is the monthly performance. balance, thee united states the man's and where we are headed into the fifth round of talks that will begin in mexico city in the first week of november. a couple more i want to point the naftaada with talks, on the back foot today the banks of canada governors saying growth will moderate -- after hikes we saw this year and oil rising to a two-week high. sterling off by 3/10 of 1%. on commodities, let's run through them real quickly. oil gaining a bit, though off its early highs in part because of tensions in iraq. gold selling off on some of these hawkish noises coming out of the fed. copper futures with a ni

david: paul sweeney, thank you for being here.el-erian will stay with us. futures just a little bit softer going into the open. back of a six-day winning streak and another record high. .quities looking a bit softer treasuries look stable. the dollar is weaker by .1%. throughout the morning it has been weaker against everything in the g10 space. we are just off the lows of the dollar index and 9347. here's abigail doolittle. we have small declines for both the s&p 500 and the nasdaq. this puts the s&p 500 six-day winning streak in jeopardy. the dow unchanged slightly to the green. we don't have any records at this time. the bulls taking a little bit of a breather after this amazing streak of record highs. acknowledges the overly bullish sentiment but she thinks we are probably not going to have a pullback for at least a few weeks. let's take a look at some shares that are pulling back. some of the spanish related stocks. telefonica. all of these shares lower on certainty around catalonia's separatist leadership saying nothing will

jonathan: paul sweeney, always good to catch up. ivan, thank you very much.ing with us. isaac joins us to discuss tax reform as we round up the week. we are in our and 20 minutes away -- an hour and 20 minutes away from the opening bell. we were heading toward a marginal week of losses. will be a race that toward the opening -- we erase that toward the opening bell? you are watching bloomberg tv. ♪ david: congress has gotten past the hurdle of the budget resolution and now it's time for the main event. next week we are promised an actual tax bill with hearings in a whole lot of lobbying yet to come. we welcome back to the program to uspaul penske coming from washington. for quebec to the program. -- welcome back to the program. what comes next? what are the hurdles? isaac: we have had solid progress. these budget proposals being each chamber is meaningful, but we are going to enter a new phase on november 1 because that's the first time we are going to get a look at the actual legislative language. it's going to be about a thousand pages of so from what we're

paul sweeney joining us from bloomberg intelligence. everyone is looking at earnings in the single digits and high single digits, and then there are tech stocks. are your people modeling 20% plus tech growth forever? >> i'm not sure about forever, but they are seeing these kinds of numbers for the foreseeable future. everything that has consumer facing internet businesses, whether it is like facebook or google or an e-commerce company like amazon, they continue to put up extraordinary topline numbers. that is what investors are looking for now, topline growth profits will come whenever companies want to deliver them. guy: the advertising numbers at google were just sensational. you can see that reflected in the way the market is reacting. i thought this company was going to become something different to an internet company. last night improved it is still firmly an internet company. >> it really did. the google advertising business remains the bulk of the company. the company since ipo has said it will invest in what it calls moonshots,

here to explain the drama is paul sweeney, head of north american research for bloomberg intelligencehose of us in new york could see these ads across our television screen over the weekend, call optimun. >> exactly. they're owned by a cable company. they were ating logger heads, like we see all the time in the cable industry about who's going to pay what for the walt disney programming. so always comes down to the last minute, and typically the parties could come together because no one wants their cable channels to be dark. if i lose any espn and disney, who am i going to call? i'm not going to call the walt disney company in california. david: how much is it a sports matter? viacom did go off, but they didn't have sports. david: espn, which we know has been under pressure, they have been losing subscribers over the last couple of years, that is really hurt the walt disney company stock price. but again, i think this deal shows there's still a tremendous amount of value in the walt disney programming, particularly with espn, and i suspect that a deal was done to both parties can liv

but steve sweeney's looking out for himself, not for us. >> jimmy: welcome back. paulhave some transportation news which is always a big subject around here according to the failing "new york times," for the first time ever in new york more people are taking uber than taxi cabs. uber now averages about 12,000 more trips per day than taxis. who knew people would prefer getting picked up by pushing a button on their phone, to standing out in the middle of the street waving their arms at traffic. we wanted to do something to commemorate this event so we went out on the street, hailed a bunch of cabs and we asked the drivers to congratulate uber on all their recent success. [ laughter ] >> uber just surpassed new york city cabs for the most riders. >> that is terrible. it is terrible. because now people are not flagging the taxi no more. >> uber very, very, very bad company. >> i hate uber. >> would you like to congratulate unioner? >> uber is [ bleep ]. is no good. >> look right there -- >> i feel like they should go back and learn how to drive in the city. >> uber get ou

sweeney says a lot of things. but the truth is, he's not on our side. >>> today we may hear from paul manafort and tax evasion. it's the guilty plea by a little known campaign adviser. nbc 10 national correspondent tr tracie potts has the latest. >> paul manafort and his associate face a dozen federal charges. the indictment alleged they hid $75 million in offshore accounts, money herbed consulting for ukrainean leader. a guilty plea by a lesser known campaign adviser, he admits lying about his russian contacts during the campaign. >> they had him out there calling people with a wiretapped phone. >> this deal shows that special council is counting on cooperation not just willingness but also results. >> the white house insists his role was limited. >> it was a volunteer position and no activity was ever done in an official capacity. >> democrats pointed fingers and republicans said little. >> that's not our wheel house. >> some believe even the seemingly unrelated charges could connect to russia. >> these defendants are looking at decades in prison. there is a tremendous incentive to come to prosecutors and sa