let's begin with qualcomm, only because qualcomm and huawei are seemingly linked, because qualcomm isng to get paid for a variety of products huawei cells in china on behalf of qualcomm. qualcomm has made a bet on 5g, story has to do with everything from chips that measure battery efficiency to device to use the both high-frequency and medium-frequency spectrum, and qualcomm has a big advantage there but trade disputes with china, battles with huawei, that's not something that sat well with investors. qualcomm said they won't be able to meet earnings estimates. emily: all right. lots of big moves, pimm fox. thanks for breaking it down. good to have you with us. asl, ibm laid off as many 100,000 workers in the last few years, according to a recent lawsuit. big blue faces several lawsuits claiming age discrimination against older workers. in one suit former employee , a alleges it was part of an attempt to make ibm appear cool and trendy as it tried to appeal to millennials. olivia carville joins us now, with more from new york. olivia, there are a number of lawsuits here. talk to us ab

qualcomm the other thing that disappointed wall street was the guidance from qualcomm if you read the earnings statement, what it said was that the guidance excludes royalties from huawei. the reason for that is because huawei and qualcomm are in a royalties dispute. that's another huge cloud hanging over qualcomm ander semy >> you also caught up with the intel ceo at that conference what did he have to say? >> that's right. bob swan was talking to me about how he's seeing a slowdown in the china market, that's impacting intel's broader market and i asked about huawei, intel was a key supplier to huawei now u.s. firms require licenses to sell to huawei. i asked about that process and where they were in the process >> the process now is we file licenses to try to get approval. we submitted quite a few licenses the administration announced last week they will try to process the licenses from the industry in an expedient fashion. we're encouraged by that >> so, intel confirming that it has applied for licenses with the u.s. government, but been swan told me it hasn't received a timeline

coming up, qualcomm disappoints.k smartphone demand and a downbeat forecast, we talk about the impact of trade tensions. this is bloomberg. ♪ emily: chipmaker qualcomm gave a downbeat fourth quarter sales forecast yesterday. at the high-end, qualcomm is looking at $5.1 billion in sales, while analysts predicted $5.7 billion. that is in line with a warning issued by qualcomm back in april that demand for smartphones, particularly that china would be weak. i got a rundown with bloomberg's senior market editor, mark regan in new york. mark: that forecast was very light. the eps forecast for the quarter was also really liked. they see adjusted eps of as much as $.75. the street was looking for $1.10. it all boils down to qualcomm's basic business model. it has this controversial practice of, instead of just selling chips to manufacturers, they license them, and they want royalties equal to a certain percentage of the value of the device. now this has caused a lot of litigation problems for qualcomm. they actually settled

you may have mentioned qualcomm earlier.ssive ip case go through attacking multiple parts of their supply chain as well. it does feel like as the industry has gotten more mature, more consolidation, and a broader uncertainty has been peppering its way across the supply chain to a number of other actors, i think ip is becoming more important. it feels like these things are getting bigger. taylor: one company that you know love is perhaps breathing a sigh of relief is one of qualcomm. we got the news last week a federal appeals court said the company will not have to renegotiate its patent licenses while in the midst of appealing these antitrust rulings going on. how much of a win was that for qualcomm? stacy: it was a win and it wasn't. the appeals process itself is going to take some time. i think the case was put on the docket for january of 2020. it may take longer. qualcomm does not want to renegotiate the license involved, but do not want to renegotiate in the wake of the appeal. if they win, the horse will be out of the

qualcomm last night, shopify this morning start with qualcomm. because they're so different qualcomm missed on revenues, beat on eps, and issued some tepid guidance a couple of main issues there. one, in china, a lot of consumers are shifting toward huawei phones. huawei is not paying qualcomm, so that's bad for qualcomm another thing is a lull in the overall wireless business haud of 5g. and this is one that qualcomm didn't see coming until this report a lot of oems, a lot of companies not coming out with a whole lot of new phones at the end of this year, instead investing in 5g, expecting that to ramp quickly in 2020. and then there is shopify. this is such an interesting company to me. its market cap getting up toward $40 billion. it's been just on a crazy growth teefr several years. what it does, it's an arms dealer for ecommerce retailers that don't want to bow to amazon it allows independent retailers to set up their own websites, automate certain functions kiley cosmetics is one of its customers. so is sephora. skpr it's so interesting, be

coming up, qualcomm disappoints.he chipmaker reports weak smartphone demand and a downbeat forecast, we talk about the impact of trade tensions. this is bloomberg. ♪ emily: chipmaker qualcomm gave a downbeat fourth quarter sales forecast yesterday. at the high-end, qualcomm is looking at $5.1 billion in sales, while analysts predicted $5.7 billion. that is in line with a warning issued by qualcomm back in april that demand for smartphones, particularly that china would be weak. i got a rundown with bloomberg's senior market editor, mark regan in new york. mark: that forecast was very light. the eps forecast for the quarter was also really light. they see adjusted eps of as much as $.75. the street was looking for $1.10. it all boils down to qualcomm's basic business model. it has this controversial practice of, instead of just selling chips to manufacturers, they license chips to them, and they want royalties equal to a certain percentage of the value of the device. now this has caused a lot of litigation problems fo

so quite a wild ride for qualcomm this year.sident trump abruptly escalated his trade work with china thursday, tweeting quote the u.s. will put an additional tariff of 10% on the remaining $300 billion of good and products. this does not include the $250 illion already terrorist -- terrorist -- tariffed. it included a raft of consumer and tech goods, including most --apples major products apple's major products. >> i am not concerned about that at all. people don't understand what happened. emily: to discuss, we are joined by our reporter and bloomberg businessweek's max chafkin. what does he think people don't understand? the theory from the trump administration is, number one, this a temporary thing, all part of a negotiation, the art of the deal, and trump supporters basically agree with that. other point is that american companies can adapt. the reason you don't see apple stock stinking right now is because apple uses contract many fracturing and in the long run, they can shift manufacturing out of china if they needed. obv

so, quite a wild ride for qualcomm this year.: president trump abruptly escalated his trade work with china thursday, tweeting quote -- the tariffs will put an additional tariff of 10% on the remaining $300 billion of good and products. this does not include the $250 billion dollars already tariffed at 25%." it included a raft of consumer and tech goods, including most of apple's major products. earlier, trump was asked if he is concerned about the market reaction. take a look at what he had to say. pres. trump: i am not concerned about that at all. people don't understand what happened. emily: to discuss, we are joined reporter,omberg trade sarah mcgregor, and no bloomberg businessweek's max chafkin. what does he think people don't understand? max: the theory from the trump administration is, number one, this a temporary thing, all part of a negotiation, the art of the deal, and basically, tru supporters basically agree with that. the other piece of this is that is american companies at depth. the reason you don't see the apple

huawei makes their own chips, so they do not by qualcomm chips.has been weak for a wild. -- for a while. the fact that huawei makes chips is not new. i might say there is a definite discrepancy between what qualcomm is showing and others, but the definition is weak. emily: 5g has been slow to come. on the call, it seemed like they set a record for simply mentioning 5g. our investors buying it? >> i do not think investors are necessarily buying it, but they did give some concrete metrics. in general, they were saying this is coming way faster than 4g did. we are not going to see the holdover for jihad where you had these big, ugly phones that 4g where youer for had these big, ugly phones that nobody wanted. everybody is going to come in and come in fast. >> presumably if you own the stock, you own it on that 5g story, i don't think you are selling after yesterday and i think the stock showed it. it was down yesterday but not really down more than anything else we have seen in a weekday. they are basically suggesting to everybody this is just an air

could design qualcomm out even then, for example, on the iphone 7 generation, you had intel and qualcommmodels of iphone the qualcomm version always performed better so intel never really caught up to that. my view from apple's standpoint, for the billion dollars they spent to acquire that asset t makes perfect sense, if nothing else to keep qualcomm honest at this point qualcomm is really the only big supplier left that has merchant silicon for 55g, if you're apple you want to protect the supply chain >> bounce along the bottom but evaluations are already high so you want to own them but be selective? we have to go but -- >> that's it the one call we've made over the past couple of weeks is where we have conviction is the apple supply chain -- >> boy them. >> it's apple, some suppliers, skyworks is another one. at least there's something tangible, something that has changed going forward. aside from that, i think that the -- the increase in valuations is across the market. >> okay. >> semis are just leading that, maybe with the fed action yesterday that goes the other direction. >> than

emily: qualcomm had to cut off because of huawei the u.s. blacklisting.ore details about what they said about the trade war. huawei said the situation has had a strange effect on particularly the china domestic market because they could not do much business in europe anymore where it was are took aomm chips lot of market share in china where it uses phone chips. qualcomm's other chinese customers, and that as the a situation, and ongoing legal entanglement's, they are not getting paid by for licensing. emily: we did speak to intel's ceo. take a listen to what he had to say. slowed as, demand has customers have digested fairly significant purchases last year. second, we saw a bit of an acceleration in demand heading into the second half in the second quarter because the fierce of the potential additional tariffs being imposed, so those combination of factors have china, which is an important mark for us, the end of little slower this year than we had anticipated at the end of the year. emily: what is your outlook on the chip industry in general as the pres

it gets very little from qualcomm in comparison, huawei's rivals saw a decline.o that equals bad news for qualcomm that's what was meant when they talked about the gains seen by huawei so huawei is the black cloud hanging over the u.s. xhu semiconductor industry. >>> round two of the democratic debates took place in detroit overnight. joe biden faced heavy scrutiny >> reporter: there was an uneasy tension on the stage all night >> tonight democrats expect some engagement here. >> reporter: from the start the candidates were engaged and aggressive much of the fire focused on the front-runner >> i don't hear an answer from the vice president you want to be president of the united states, you need to be able to answer the tough questions. >> reporter: former vice president joe biden pushed back reminding the candidates and crowd of his experience in the white house. >> i find it fascinating everybody is talking about how terrible i am on these issues. barack obama knew exactly who i was, he chose me and he said it was the best decision he made. >> reporter: now it's

it will create a doughnut hole for companies like qualcomm.look at apple, there is an argument to be made this will be a tailwind for apple in the second half of 2020 for their iphone device lineup if 5g hits at that time. we can get a bit of a pickup in apple's business. apple has the services store going for it in spades and the wearable category looks pretty good. it is a tale of two different narratives. emily: all of this is happening as countries around the world race to 5g and apple has been a company that has been slow to adopt 5g. yet, it seems like everybody is having trouble getting 5g out into the wild. we have samsung might have it out earlier. we have not seen that. what does that mean given that huawei is a leader in 5g? joe: if you look at samsung, back to the 2g, 3g, 4g cycles, we had networks before we had phones. in this cycle, we have phones and networks simultaneously. i will not say anybody is behind yet. emily: even though apple does not have 5g yet. joe: korea has a big network because they move quickly. china is just s

taylor: breaking news out of qualcomm.are getting a stay of injunction in the case from the appeals court. they will not have to renegotiate their licenses, pending appeal that they are maintaining status quo. according to the appeals court, qualcomm saying they raised serious questions on the court ruling. looks like qualcomm will not have to renegotiate licenses while it is appealing this antitrust ruling from the u.s. ftc. that the interim cfo will be retiring. cfo anded the interim are continuing to search for a permanent cfo. we will bring you the headlines as they develop. caroline: trade uncertainty may loom large, but some companies are still willing to flash the cash. are announcing it will buy carbon black as it seeks to expand its reach. however, investors are not holy convinced. shares are down today. let's get the inside track now with vmware ceo pat gelsinger. i'm interested because some of the analysts have written large but not transformative deal, likely better uses of capital, execution risk. why are you

. >>> qualcomm gets chipped at huawei weighs on results fitbit ain't looking so fit and hedge funds tomore transparent. wldnde n versus machine in th ador a the machines are winning. it's all in rapid fire stick around - stand up if you are first generation college student. stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. i will tell you this, southern new hampshire university can change the whole trajectory of your life. in the human brain, billions of nefor people with parkinson's, some neurons change their tune, causing uncontrollable tremors. now, abbott technology can target those exact neurons. restoring control and harmony, once thought to belost forever. the most personal technology is technology with the power to change your life. >>> welcome back to some dramatic breaking news on tariffs. eamon javers with more what's happening >> a tweet thread that gives us the most detailed read-out of the negotiations between the u.s. side and chinese negotiators in shanghai that wrapped up this week the president suggesti

qualcomm, amd, micron had a tough day. plenty of chip companies we rarely talk about.hese are companies that get up to 60% of the revenue from china. certainly, very pressured. we were talking with mike regan, an editor at bloomberg. he was saying there was such a boom and bust cycle, these companies get excited for 5g but in the course of these headlines it erases all of that. all the chipmakers are talking qualcomm, amd, trading with the separate news of the ftc. all of these companies, 70% comes from china. changing the supply chains is not some thing that happens overnight. if you have a president that comes out and orders these companies to move back home, get out of china -- that could take months or quarters to shift those supply chains. for the chipmakers, it is not possible for them to exit china altogether. you are getting the chip sector, huge moves as they bear the brunt of all these headlines. emily: it is friday afternoon, evening in the u.s. it is the weekend in beijing. what should we be preparing for on monday? taylor: i think over the weekend, see how

. >> speaking of judges, we were both not here on friday for qualcomm's win essentially. >> that was. >> where the ftc's ruling against has now been stayed by the ninth circuit. and so for qualcomm, the shares of which were up on friday, prior to, of course, then the president's tweets, are rebounding a bit today as well but this takes a lot of the pressure off, they don't have to renegotiate anything with anybody in terms of that ftc, fascinating case, the department of justice has sided with qualcomm versus the ftc and now it is going to be decided in appeals court. i think the arguments are set to begin in january of next year. >> we always hear president reiterated this weekend, that the government is -- the regulations have really been pulled back. this is the most aggressive ftc and the most aggressive ferc i have ever -- >> this was an ftc decision that was litigated, that was left over from the obama administration it is not like he's stacked -- the -- >> somebody had to recuse themselves it always has been a strange one for qualcomm but, of course, we remember it, qualcomm s

suppliers with huawei including qualcomm, google and intel. the department of commerce said it could not confirm the licensing news and declined comment. >>> take a look now at hong kong's airport right now. more on the growing crowd of protesters next. >> amazing pictures there. >>> and an entire airport comes to a halt to honor a vietnam pilot's remains. (client's voice) remember that degree you got in taxation? (danny) of course you don't because you didn't! your job isn't doing hard work... ...it's making them do hard work... ...and getting paid for it. (vo) snap and sort your expenses to save over $4,600 at tax time. quickbooks. backing you. [♪] check your credit scores for free and learn how to improve them at creditkarma. here's to progress. >>> a new wave of protest is underway in hong kong. this time pro democracy demonstrators are targeting the airport hoping to win over international support from passengers arriving in the city. this as the u.s. issues a travel warning due to hong kong's ongoing and sometimes violent protests. ben w

companies such as the chip makers qualcomm and broadcom would also be affected. but over the weekend speculation grew that the u.s. would postpone the ban on monday u.s. commerce secretary wilbur ross confirmed news of the 90 day reprieve saying it was to help u.s. companies prepare further for a time when there would not need while with some of the rural companies or dependent on more ways to agree moomaw turn to wean themselves off but there are no specific clothes and food is being granted through anything while issue has added to the complexity of the ongoing us china trade conflict president trump has consistently called the company a security threat and he has tried to use the issue as leverage in the trade negotiations over the weekend he made it clear that he has not softened his position on the chinese company. so at this moment it looks much more like we're not going to do business i don't want to do business at all because it is a national security threat. while we responded to the u.s. move by saying that the reprieve did not change the fact that the

scarlet: not much change in qualcomm's share price as a result. romaine bostick is stepping in next for "what'd you miss?" where we will be looking at the unrest in hong kong and what happens next. this is bloomberg. ♪ caroline: we are live from new york, i'm caroline hyde. romaine: i'm romaine bostick. joe: i am joe weisenthal. caroline: stocks rally as we push back tariffs. has stepped up preparations to mobilize forces to stem the uprising in hong kong, says reports. the trump tariff delay as investors sign relief. allapore, germany, japan report data. a crisis in argentina has resurfaced. let's start with the tensions in hong kong. activists clashed with police after a standoff over a man protesters beat, alleging he was an undercover cop from the mainland. the second straight day of service disruptions. the embattled looking leader warns the city risks sliding into an abyss. let's bring in shery ahn. talk to us about the latest. how impressive is this ramp up intentions? -- ramp up in tensions? shery: you were talking about a man who was beat

is it as simple as self qualcomm and by salesforce -- cell qualcomm and buy salesforce?uld pick a multitude of which of those companies or you can buy and sell both of those indexes and do an overlay. while we are in the heat of this, it doesn't appear that were close to the end of the trade war, it feels like everyday we are taking one step forward and two steps back. i would avoid the semis at all cost. think about companies that don't have that index. taylor: we just spoke with steve wozniak. i'm going to put you on the spot. talk to me. he talked a lot about big tech, frankly, we need to break up big tech, particularly facebook. do you agree? art: whether i agree or not, it's going to be an issue through the election cycle and probably afterwards. if only for the fact that that had enough opportunity to get things right in terms of keeping our data safe. that is a huge part of the problem. argument bipartisan going on right now that perhaps not only have the gotten too large but they're not doing a very good job of keeping us safe. .e continually hear this they are n

. >> even qualcomm is up. >> even qualcomm, which has the largest single exposure to china, but that's because they sell so many darn handsets in china. it's the largest marketed by far for automobiles, for wireless phones, for you name it. >> so you go long -- if you're betting against china, obviously, you short qualcomm, even though it's down substantially. >> i suppose so. what are they going to do, cut off -- they're going to have a deal and not pay qualcomm intellectual property fees you're saying chinese growth will slow so dramatically nobody will buy a new cell phone? qualcomm gets paid -- >> every negotiated deal you're absolutely right. another stock that's up. shake shack, nois ice acceleratn in comp stores and. >> humanization of pets one of my favorite things, and zoetta's cannot solve african crime flu fentanyl and african swine flu are not talked about enough. >> shake shack, same restaurant sales up 3.6%. >> that was good they're also expanding and putting a bunch of shake shacks in beijing a little contrary move. >> also capping off what has been a very strong quarter

david: i was going to raise qualcomm. you and i have talked about this in the past.ere is a substantive difference in terms of policy, that's different. intervened in front of the court, disagreeing. >> and they still are, they recently filed another new a field looking for a stay on the remedy. we have had a real complete divergence between the agencies on that matter and it is about patents. ip a company has that's necessary to practice some standard. they have their different views with respect to how it should be licensed. on the one side they believe it's antitrust if it is about licensing rivals. on the other side doj thinks it's a matter for contract law, not antitrust. on the same side of facts and circumstances it's a fundamental difference on how it should be applied. david: this is all pretty high-profile, but let's be frank, nothing is as high profile as the nfl. this is about your sunday pass for directv, this is serious business. [laughter] >> a lot more people are more concerned about that case than they are about the investigation of facebook or whate

qualcomm off 1.5%. the chip maker up, jumping at 1.9%.t warehouses are bursting at the scenes, almost no more warehouse space to offload supply before a tariff hike is set for september 1. joining us from los angeles is sarah mcgregor. todayote a story earlier that talks about the sport in los angeles that essentially has become -- how are they going to handle the potential for more orders coming in? i think we often talk about trade policy in broad strokes, but the ports of l.a. and long beach are between ports. they are ground zero. they are where these trade policies are playing out. one of the impact we have heard a lot about it is interesting to see and hear about is the goods being shipped to these warehouses are up to the rafters. companies came, they frontloaded try to avoid the tariffs and now they are stuck with these goods. in many cases, they tried to get ahead of false deadlines. trump said in january that he would increase tariffs and then waited until may, so companies miscalculated the savings they would get from trying to

the move barred us companies, including google, intel and qualcomm, from working with huawei.ut a few days later the us temporarily eased some of the restrictions — for instance, allowing google to send through security updates for its android operating system. but this temporary exemption is due to end. there had been reports the us might extend the exemption, but president trump cast doubt on that, saying he dosn‘t want american firms to do business with huawei. huawei is a company we may not do business with at all. it was sort of reported, i think the opposite today, i was surprised, we are open to doing business with them, we are actually not open to doing business with them, so i don't know who gave the report. now, they have little sections of huawei —like furniture and other things that we could do, but when you cut out sections it gets very complicated. what is being sold, what is coming in. at this moment it looks much more like we're not going to do business. i don't want to do business. i don't want to do business at all, because it is national security threat. mik

that interview dove tailed exactly with qualcomm, which talked about the valley.aw a piece of research this morning that said qualcomm 2019 recap, not complicated, merely awful. david, there is a big gap in this country because of 5g and also because of huawei i thought verizon -- i thought that interview was excellent because they're pretty much having to bridge this. they're in a tough situation because we don't want 4g we want 5g but does that mean we have to switch from apple if we want it now? >> if you want it now, yeah perform i don't want to do that. >> but do you need it now? >> i don't think you need it now. >> it's not available in a lot of markets there's some criticism we discussed this on the live interview we did in terms of are they really just focused on urban markets, is the millimeter wave spectrum what they need, do they have a strategy for servicing the rural areas of the countries. so it's going to take some time. then andrew sorkin did try to push mr. vestberg on, well, when is 50% of the country really going to actually have it available? h

alphabet which outspent every other lobbying company came in third, followed by microsoft and qualcommthose numbers have been increasing over the last decade. >> ten years ago, they were spending tens of thousands of dollars. now they're spending tens of millions of dollars. >> they're now facing government scrutiny on multiple fronts. data security, internet privacy and competition. >> the reason we designed libra in such a way that facebook will only be one among 100 different members and will have no special privilege means that you will not have to trust facebook -- >> you know better than that. you know that only facebook has access to two billion people. and all to say that you are just one of many is simply not true after people's data and private messages have been stolen and sold after you let russian bots try to throw the 2016 election with no contrition,. >> as tech firms toll out top dollars, it's unclear whether or not that money is effective in influencing policymakers. >> the top spenders are getting what they want and if they weren't, they would top spending. >> so i th

qualcomm to acquire symantec security service for $10 billion in cash.lcomm says the deal expected to close first quarter of this year in 2020. subject to regular aer to approves in the united states, europe and japan. melissa: white house reportedly taking considering executive action to tackle the alleged anti-conservative bias in silicon valley. this is according to "politico." fox business's blake burman live at the white house with the latest. blake? reporter: ran a story by the white house official. that official says the white house indeed exploring quote, all policy solutions what president trump sees as anti-conservative bias among social media companies that wouldn't rule out possibility of a executive order. fox has been told a draft executive order is bouncing around within the west wing. the president alluded to the possibility, when he hosted a gathering of conservative influencers nearly one month ago, for what the white house called a social media summit. >> today i'm directing my administration to he can more all regulatory, legislative

in qualcomm's report, that really struck me, that they were seeing huawei being particularly strong, other handset oems not and other oems delaying or canceling their big 4g launches, waiting for 5g all of this getting intensified by trade stuff aren't there -- even for companies that aren't directly getting a lot of revenues from china, some of those tectonic shifts that are going to hit them >> i think that's right. i think whhuawei, even with some of the issues they're facing remains a formidable competitor. there are a lot of very strong chinese companies in handsets, to your point. we think that ultimately what's going to be important for these companies to create value is that beyond just the hardware, they need to innovate more in software and services. that is what's critical to creating a differentiated user experience and ultimately retaining those customers and continuing to grow with them so qualcomm certainly does face some headwinds we can see from the rhetoric, both in washington and beijing, the importance of 5g and really this next generation of connectivity, because

. >> caller: i want to ask a question about qualcomm, what do you think about that >> qualcomm is okay, i prefer you to own a lot of other semis including sky works here i like it less controversy and that, ladies and gentlemen, is the conclusion of the lightning round. >> announcer: the lightning round is sponsored by td ameritrade why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade. >>> in this seesaw market, i like to keep an eye on powerful growth stocks that have shown they can hang in there when everyone else is panicking you may not need them but they are worth falling back down when wall street freaks out which brings me to nova cure it pioneered a way to fight aggressive forms of cancer like a real deadly type of brain cancer you

relief in the ongoing trade war with china helped chipmakers like qualcomm and intel did especially well after huawei was granted a 90 day extension to buy american equipment. shares of apple jumped after president donald trump said he met with ceo tim cook about how tariffs affect the iphone maker. twitter suspended more than 900 accounts as they said they are part of a chinese government influenced campaign around protesting in hong kong. another 200,000 spam accounts were also banned most before they could amplify the original messages. they attempt to sew political discord and undermined the protesting. ceos say shareholders are no longer the main priority with the business roundtable saying the new principles put workers, suppliers, customers and social responsibility first with labor advocates saying they appreciate the statement but they see tangible action on the newsstands. that is your cbs money watch report. go to cbsmoneywatch.com. at the new york stock exchange, i'm diane king hall. >>> it's 4:41. >>> lost at sea but hopes are high with new clues for the search for two firef

well, take a look at qualcomm, they are sharply lower in premarket, the stock is down almost 7% rightthe latest revenue coming in lower than expected and the issues and disappointing guidance, qualcomm says most of the blame on the u.s. export ban hauwei, the selling into hauwei, we knew that was going to be a concern for that company, maria, and certainly -- >> i think we will hear more and more from that space in terms of blaming hauwei, cheryl, thank you. >> you bet. maria: federal reserve in focus, cutting interest rate for the first time since '08, investors were disappointed, then spice s, celebrating summer with mustard-flavored ice cream, would you try it? back in a minute. is that snapshot rewards safe drivers with discounts on car insurance. -what? ♪ -or maybe he didn't know. ♪ [ chuckles ] i'm done with this class. -you're not even enrolled in this class. -i know. i'm supposed to be in ceramics. do you know -- -room 303. -oh. thank you. -yeah. -good luck, everybody. -oh. thank you. -yeah. on a scale of one to five? one to five? it's more like five million. there's everythin

now backed by a trade group representing more than 100 car manufacturers and chipmakers, including qualcomm. >> vehicles are becoming more and more autonomous, relying upon cameras and sensors. once we start blending in both 5g and cameras and sensors, we get to see a far more transformative experience. ed: the e.u. commission plan for the wi-fi-based standard was defeated in july, opening the door for a 5g standard supported by audi and bmw. in the u.s., the trump administration has put off making a decision, but ford is not waiting for washington. in january, the carmaker committed to deploying c-v2x in its cars from 2022. currently, general motors is the only u.s. carmaker promoting the older wi-fi standard. bloomberg new energy finance says in the long-term, the u.s., korea, and japan will adopt the cellular option as they aggressively deploy 5g networks. for now, the western world has left it to automakers to fight it out over which standard to adopt. ed ludlow, bloomberg news, san francisco. emily: coming up, testimony and age discrimination claims against ibm indicate the company may

qualcomm however, issued a not so rosy forecast as we told you many times.ly 4%. quite a drop there. >>> prudential financial, profit falling short. weakness in the life insurance and annuities businesses. multiple firms cutting the price target. down it goes some 8%. that is quite a drop for a big many company like that. look at this, the 10-year treasury yields 1.98%. below 2%, the first time since july 5th. that is important. that is surely one reason why the dow is going up. with a lot of foreign money coming in to buy treasury bonds and stocks. stuart: i want to get back to last night's debate i do. new york city mayor de blasio took a shot at the wealthy. >> if we beat donald trump, this has to be the party that stands for something. this has to be the party for labor unions. this has to be the party of universal health care. this has to be a party not afraid to say out loud, we'll tex the hell out of the wealthy. stuart. stuart: does that make you feel better your honor? the gentleman on the screen is a ceo that run as merchant bank, don't. >> you yes

. >>> after the bell qualcomm posted results, beating but missing on revenue.initially d after hours trading. they closed the regular session down more than% to 73.16. >>> companies are on pace to buy back a record amount of their own stock this year, and according to a new report from goldman sachs theost of buybacks has started to exceed company's free cash flowimor the first since the financial crisis. >>> meanwhile, today in washington a new proposal from a prominent senator want share repurchase programs to directly benefit company eloyees. ylan mui has details. >> reporter: for senatorrr s brown buybacks are a symptom of a bigger problem on wall street. >> wall street's obsession for accumulating welt for the people that have it comes at the direct expense of american workers, all workers. we need to reorient our economy from wall street greed to the dignity of work. >> reporter: to do that the democrats in ohiod propo new legislation today that would require publicly tradedo companiesive each of their workers $1 forve $1 million spent on buying back thei

the move barred us companies, including google, intel and qualcomm, from working with huawei.ew days later the us temporarily eased some of the restrictions — for instance allowing google to send through security updates for its android operating system. but this temporary exemption is due to end. there had been reports the us might extend the exemption, but president trump cast doubt on that, saying he dosn‘t want american firms to do business with huawei. huawei is a company we may not do business with at all, and it was sort of reported the opposite today, i was surprised. we are open not to doing business with them. i don't know who gave the report. they have little sections at huawei like furniture and other things, but when you cut out sections it gets very complicated, what's being sold, what's coming in. so at this moment it looks much more like we are not going to do business, i don't want to do business at all because it is a national security threat. with me is matthew howett, principal analyst at assembly research. how serious would this be for huawei if the full b

they held companies like nvidia, qualcomm, intel, companies that are sensitive to trade headlines. lisa: thank you so much for that. ubsl with us, jason from wealth management and bloomberg's luke kawa. isn'tare range bound, why that an argument for income? jason: it is not a bad environment for carry strategies. we went overweight emerging-market. they give you pretty good yield. if we get a risk off environment, rates fall. gethey rally, then you spread compression. in an environment where you will be range bound, -- it can be tricky. things get worse, credit spreads and widen quickly. caroline: you are liking some emerging-market currencies. the u.s. from an export perspective remains a dirty shirt on a clean hanger. what about the dollar. does the u.s. dollar remain higher now? thing thatbiggest will draw the dollar near-term is not as much rate for rental. we have seen that when the dollar strengthens, the rest of the world slows down. globally synchronized acceleration, that is when the euro rallies strongly. if europe keeps getting lower in the data keeps getting worse, that

in the next qualcomm falls. hour,shares plummet on weak smartphone demand and a downbeat forecast.cuss the impact of trade tensions. plus, spotify says that its podcast bet is paying off but shares fall on

and the 75 act, of course, was what we would today call an qualcomm dagzs act, saying that you cannot discriminate in public accommodations such as hotels, theatres, street cars, restaurants, et cetera. after that act is overturned by the court, virtually every northern, midwestern and western state passes its own qualcomm dagz act, essentially doing at state law what the supreme court says is federal government cannot do at the federal level, which means that when we get to the decisions like plesi where the court says segregation is fine, we have to understand that the court is not implementing the will of the people of the united states, because the states which contain the majority of the population in the country have, in fact, passed laws to say that we are opposed to segregation. further more, if you take this analysis, which is often given by some scholars, the court is just following public opinion, obviously it's not following the majority of the people of south carolina who were black or the majority of the people in mississippi who are black who aren't in favor of these se

chip stocks also have a major presence in china such as intel, qualcomm, broadcom all down hard.spective, the dow was up 10%, s&p 500 up 13.5% and nasdaq up 16% even after the selloff. >>> a run on guns. stocks of publicly traded gun companies rose on monday after calls on stricter gun laws. shares of american outdoor brands closed up 2% in the big down day. gun stocks tend to rally after mass shootings because investors think the prospect of stricter gun laws will get people to rush out and buy more guns and ammunition. it's a sad irony that when something terrible happens in the company, investors in gun stocks are rewarded. >>> there are growing calls for walmart to stop selling the assault-style weapons after the two shootings over the weekend. >>> thanks to our international viewers for joining us. have a great rest of your day. for the rest of our viewers, "early start" continues right now. >>> the president is coming out. i will meet the president. >> president trump plans to visit el paso and dayton tomorrow, but not everyone welcomes him. >>> mental illness and hatred pu

qualcomm, micron, and advanced micra devices all receive 35% or more of their revenue from china, solly taking a bite out of these stocks at this point. this has taken a bite intern out of the s&p 500. the s&p has fallen below its 50 day moving average for the first time since may. that tells you near-term buyers are getting out. will it be similar to last spring, when there was a battle between the bulls and the bears? or will it be like the fourth quarter of last year when there was a violent selloff? it does adjust we will see more selling. let's check in on a chart we've been looking at all week, the emerging market index, now down the eighth day and a row, the longest losing streak since 2015. today on pace for the worst day in this time period. it really is a reflection of investors getting out of the further side of the risk continuum, not wanting to be in eem equities. probably a continuing bearish tell for u.s. equities. marketsgail, the sending so many messages. david riley, bluebay asset management chief investment strategist, here to translate some of those for us. let's

taylor: if you coming to my terminal at gtv , we talked a lot, i was speaking to art sell qualcomms out of hardware and by some of the software. -- you sell out of hardware and buy some of the software. ever since trade started in march of 2018, you've seen a divergence and how some of the software companies have picked up momentum in outperforming the hardware names which are so headline involved. autodesk specifically. we have a price chart showing all of the industries in which they are in. it is machinery, it is engineering, it is construction. a lot of headwinds for this company. vonnie: certainly providing the s&p 500 with a headwind. our thanks to taylor riggs for that stop of the hour. time your latest bloomberg business flash. -- concerns about foreign tourists spending persist. tiffany has cited dramatically lower spending by international travelers in the u.s. over the past few quarters and warns that if the unrest in hong kong gets worse it could have an impact on results. that said, tiffany up 3.7%. citigroup has raised its minimum wage to $15 an hour. that came after

and qualcomm if they wanted to could say no is there a distinction in your mind >> our outside legal have said and the chinese government has confirmed but they have confirmed that there is no such law, no such law that has that effect. but the fact that the u.s. government does not believe the law has any relevance whatsoever the u.s. government believes that china is not a rule of law nation so that the government will do whatever they want but that's why there need to be programs like the risk mitigation programs overseen by the u.s. government. that allow ericsson and nokia to do business in the united states without limitation we're not talking about without limitation for huawei. but we're talking try to serve rural america and the thousands of jobs that are at risk there. >> well, there are legal experts that may back up what you say, but they need to cooperate with the chinese government and military intelligence agencies and that is in fact a concern. and going back what you're saying in terms of the supply chain and the bad guys so to speak the fact that you're manufacturin