rosenblatt downgrades the stock. about 2.5% joining us to discuss, raymond james analyst chris caso and our own mike santoli is here >> i can tell you what we've got to say we've been cautious on it for a bit of a while and it's really driven by the iphone cycle last year's cycle wasn't very compelling this year's cycle, as we expect, it's not going to be very different. so, you know, kind of more of the same this year what we're hoping for, as you go into 2020, is that perhaps 5g starts to be a catalyst for the shares, but you've got to get through the cycle first. >> what happened to the last half year we spent talking about how services and wearables will make up for whatever weakness there may be in the classic cycle? >> yeah, and that hasn't been our call and the problem -- with the services is that it's just too small as a percentage of the total. so services, as one of the examples, you would have to add, for the video service, about the equivalent of ten netflix to offset what the loss -- you know, the declin

rosenblatt securities downgraded writing, -- a sell, one of rosenblatt's managing directors spoke earlierbloomberg television. ask the reason we downgraded --le having a little trouble getting that audio there. call brings the total number of on apple uph seel oll ratings the most sell the company has had since 1997. laura, what is your take given that you have got the opposite rating? to thewe added it convictions list today. we upgraded. fitted to aly subscription company and service company, which implies margin expansion. they just hit 60 million apple music subscribers and adding about 6 million subs per month. all of that allows us to value apple's based on subscription revenue. that's what he is missing, i think. emily: mark, walk us through rosenblatt's argument. disappointing iphone sales and the fact that 20% come from china. mark: i think that is a big part of it. the trade war, where there is a fear that iphone sales will go down. i tend to agree with a mix of both perspectives. i think apple is trying to position itself as a service company. and i also think iphone sales i do

we have that downgrade from rosenblatt cutting it to sell. seeing fundamental deterioration.re five sell ratings on apple the first since 1997. impacting chipmakers and some parts of the world. you wonder if that will feed to to the u.s. equity session. manus: japan is an interesting sideline on the whole trade discussion. have a look at this board. they are treacherous after reviews from energy. bond futures are declining, yields are rising. what you have here is a warning the mnd team basically saying that in these overreached markets, stretched markets, there is no reason why you cannot see a spring higher in terms of yield. and analysts said they have gone easing,like, the fed they favor european government bonds relative to u.s. treasuries because the ecb could fed.ore relative to the and on that note, we just have spoken to michael sullivan who said the ecb should put more pressure on governments to get your house in order. the expectations, the tone and internation from the ecb is there is more easing on the way. let's get into the asian markets. innne man is standing

but what rosenblatt sees as deterioration swirling around the prospect of the iphone, taking kind of a painful swipe at the company, rosenblatt says the iphone 10s was quote, one of the worst-selling models in the history of the company. the brokerage's retail data suggests overall iphone sales were flat last month and they are forecasting iphone sales will continue to disappoint, not just in the next quarter, but the next six to 12 months. >>> all right. let's check a couple high flyers bucking the market trend at this hour. beyond meat and crowdstrike. look at this. beyond meat up 2%, crowdstrike holdings up 2%. the latter as multiple brokerages pile into the cloud-based cybersecurity firm after waiting for the post-ipo cooling-off period to elapse. of course, they have both launched ipos recently. most analysts chose to pick a bullish stance on the stock because concerns about its rich valuation are kind of in the back seat. crowdstrike up 18% since its ipo. not bad. and you know, you hear a lot of people asking, should we be shorting beyond meat. right now, the shorts have gotten

taylor: rosenblatt's downgrade brings the total amount of bearish analysts up to five.ntioned android, how that was going to lead the race on 5g. second, we have talked a lot about bearish sentiment toward apple. theith the -- we know with five sells out of 57, that is the most we have had since 1997. we look at the ratio, that is the lowest since 2004. romaine: this is still a company with $50 billion-plus in quarterly sales, 10 million -- $10 billion in free cash flow to the firm on a quarterly basis. joe: you have to love what it says about analysts. that little tick up. samsungwe heard from that they were cutting their profit for next quarter and half because of global slowdown and sales. up, we are going to talk about another trade war that is brewing. exports toing at south korea. this is bloomberg. ♪ to asia right now, ahead. another trade war is brewing. long-standing and unresolved tensions, restricted exports to south korea. chains about the supply connecting the two countries and the fallout, shery ahn. i'd -- fluoride polomide. we know these are critical com

emily: walk us through rosenblatt's argument.ably, it is due disappointing iphone sales and the fact that 20% of sales from china. mark: that is a big part of it. to theaking us back trade war and the fear that iphone sales are going to go down. a mixtend to agree with of both perspectives. apple is trying to position itself as a service company and sales are in danger of not doing so well. frankly, i don't think a lot of people are going to flock to apple's new services. the apple news plus is not doing as well as apple thought it would do. another hand, the upgrades will be slow like it was last year. we are going to see major changes to the iphone. in 2020, i'm expecting one of the biggest iphone overhauls in company history with them integrating 5g. a design as well as beefed up augmented reality capabilities. i think 2019 will be a stopgap year. but in 2020 is when you will see new services pick up. you will see new launches plus a big iphone upgrade. think 2020 is the year investors should be excited about. emily: what is y

vonnie: apple down on a downgrade from rosenblatt. rates expertto a in just a moment. the lira is now 1.6 weaker in today's sessions, having paired 5.71loss it's, trading at after president erdogan dismissed the central bank governor this weekend. guy: here in europe, let's take a look at where equity markets are trading. we've been keeping a firm ion what is happening with deutsche bank. stocks really, haven't strayed too far from the flatline today. we initially rose, then started to fade a little bit. the stoxx 600 down now only 2/10 of 1%. deutsche bank initially rallied around 5% this morning. this afternoon has really completely turned around. the stock is now trading down by nearly 6%. this was not the reaction, i suspect, that those in deutsche bank were really looking for today. this is not been a huge vote of confidence in the restructuring plan deutsche bank has put out. however, more of a vote of confidence in the new greek government. ,reek bonds continue to rally falling by another six basis points. that's get back to that big story on what is happening w

rosenblatt downgrades the stock.g us to discuss, raymond james analyst chris caso and our own mike santoli is here >> i can tell you what we've got to say we've been cautious on it for a bit of a while and it's really driven by the iphone cycle last year's cycle wasn't very compelling this year's cycle, as we expect, it's not going to be very different. so, you knowki

it was cut to sell by rosenblatt.tnalyst there is seeing he calls a fundamental deterioration largely to do with the fact that we refer to apple as the iphone maker. apple too reliant on the iphone. he says sales in the second half of the year will be disappointing. sales growth for the ipad will also be slower than expected and sales of other devices like the air pod and i watch are not meaningfully enough to support total revenue growth. he also said services are something to be concerned about. we know apple has been trying to move into the services side of things and he has been saying that services are likely to slow. it now means apple has the most sell ratings it has had since 1997. five sell ratings at all for a total of 57 ratings track -- out of a total of 57 ratings track by bloomberg. you get a sense that the sell ratings are increasing and there are now five of them. ratingse number of buy has come down in the number of hold ratings has gone up. we are seeing growing skepticism about apple that has come t

the second down day and there is weakness in technology sides apple is downgraded from rosenbla rosenblatthe key for the markets is jay powell's testimony this week there's a dilemma. the market wants rate cuts but it's not clear there's an urgent need for them. the labor market is strong, we saw that on friday inflation is low and there's a record economic expansion. that is certainly a victory for the fed. other central banks are dovish also a victory for the fed and a recession still seems unlikely the big risks remain trade and europe and china's slower growth that's one reason morgan stanley downgraded global equities this morning, saying earnings estimates are just too high right now. it's true, earnings are expected to be flat-ish this year you see the four quarters for this year. morgan stanley expects more companies to warm for the second half of the year kelly, we'll see about that. earnings begin on tuesday with jpmorgan >> bob, we haven't focused on that as much the first quarter, we talked about how they looked negative now for the whole year, what's the trend shaping up >> re

rosenblatt securities downgrading the stock to sell from neutral.some poor iphone sales. they said look, the firm, they don't think we believe apple will face fundamental deterioration over the next six to 12 months, and they also talk about the services side of it which i always twhauhought was next great hope for apple, not the hardware. they even believe on the services side there will be deceleration. what do you think? >> yeah, apple has got to innovate in the space if they want to stay a leader. iphone smartphone sales as a whole, it's a saturated market even by apple's own admission. they don't disclose the number of iphone sales. yeah, i think they will struggle in this sfas. iphone 11 sales will be disappointing in the fall. 60% of their revenue comes from iphones. i'm up for a new phone. i spent almost $1,000 on my phone two years ago. the only reason i'm buying a new phone is not because of the new camera that has special zoom. it's because my apps aren't loading as quickly, my phone is slowing down. i don't know if that's on purpose by a

rosenblatt downgrading the stock, while needham added it to its conviction list.kdown >> so rosenblatt downgrading apple, saying they face fundamental deterioration over the next 6 to 12 months. needham adds apple to its conviction buy list, saying it's transitioning to a company valued on subscriber and services growth. as you mentioned, apple shares down today, though still soaring nearly 30% so far this year. another apple news, steve jobs could be critical of tim cook. that's according to walter isaacson, speaking with cnbc this morning >> in my book, steve says almost what you just did, how tim cook can do everything, can do this, but then he looked at men and said, but tim's not a product person >> on the other hand, cook and his eight years now as ceo has overseen the continued extension of the iphone lineup and the company's move into all new product categories like the watch with an estimated 70 million sold, air pods, and of course those brand new services too. more jobs commentary from none other than bill gates as well. >> i have yet to meet any person

rosenblatt securities .anaging editor jun zhang thank you for joining us.lenty more to come on "daybreak: australia." this is bloomberg. ♪ morning30 a.m. tuesday here in australia. it's raining for the first time in almost three weeks. futures pointing higher by almost .5% after mixed close. shery: i'm shery ahn in new york courts 6:30 p.m. you're watching "daybreak: australia." . >> the u.s. treasury is thing to double expected borrowing in the third quarter, issuing $433 debt, morenet market than was seen in april. it comes after the bipartisan deal to suspend the debt ceiling the senate is expected to vote in the coming days. and falling to multiyear lows and prime minister boris johnson stepped up plans for a no deal brexit with just three months to go. the pound fell the most among g10 currencies as johnson warned he won't resume talks with eu leaders unless they agree to renegotiate the deal struck with theresa may. brussels has so far refused to reopen talks on the deal or the irish backstop. the imf says been as well as economic declines in 2013 wil

one head wind seems to be analysts at rosenblatt securities downgraded the iphone maker to sell theyad sales set to slow. we have the analysts in the 8:00 a.m. hour to explain the rational. >> there's another firm adding it to the conviction buy list today that particular thing. you have a good fight going on today. >> see which one wins out. >>> we're following a developing story out of turkey. lira suffering after erdogan fired the nation's central bank governor erdogan has expressed frustration with the central bank for keeping its benchmark rate at 24% since last september to support the lira. peter, interesting you were starting to say in your notes that some economies, local currency debt you were drawn to because of your view on the dollar is the turkish lira in that camp >> turkey is certainly a part of these em funds and universe. i still think it's attractive. when you see a story like this it obviously worries you erdogan said lowest interest rates will lower the rate of inflation. he has been fighting his central bank for years now i'm optimistic on the rest of em turkey

my name's diana rosenblatt. i manage 515 california, 533, and 535, an entire city block. we look forward to the support moving forward. thank you very much. >> president yee: thank you. next speaker. >> hello, supervisors. my name is jay cheng from the chamber of commerce. i'm here to register my support for the c.b.d. it is a ten-year-plus project that has been given a lot of attention by supervisor peskin and oewd on this issue. c.b.d.s are a great examples of individuals coming together to build community, strengthening neighborhoods, and take responsibility for the city around us, so thank you. >> president yee: next speaker. >> good afternoon, supervisors. my name is lynn fazeroli, i am from the san francisco sales organization. we are the travel and sales organization throughout the city. this has been a long time coming. the c.b.d. will provide services for our visitors and residents alike. it will provide safety and berment of the community. some of the key services -- betterment of the community. some of the key services are graffiti abatement and traffic control

the pressure on the stock market, as well as apple stock getting hit with a rare salt rating from rosenblatt securities analyst, due to iphone concerns going forward. that has apple stock falling by more than two percent. when you have boeing and apple falling is that, it is not a good start to the stock market. let's had to the board. the dow dropping 155 point. the nasdaq is down 72. the smp lowered by 16 points. shares and symantec up for percent. reports that broadcom getting closer to make a deal. back to you. >>> ski season is officially winding down in the sierra. skiers and snowboarders managed to get in unless day at squaw valley yesterday capping off a see then that lasted nearly 8 months, thanks to the wet winter. squaw valley, th year was the fourth longest season and resort history. they will have a few months to have a nice summer break, and it is preparation for next season>> all i know. i was debating whether or not i would get my pass for next year. i'm in the wait and see stage.>> snowboarding is your thing? >> no way. i am skiing. cl the way.>> registered traditional way.

and s&p 500 fairly steady it's the nasdaq we're watching closely, down by.9%, weighed down by the rosenblatt downgrade. >> the oil market is closing for the day. let's check in with courtney reagan >> good afternoon. oil prices selling off late in the trading session, closing close to the flat line the market had received some support from concerns over iran's nuclear program after the nation threatened again to step up its uranium enrichment in defiance of u.s. sanctions pressures remain over lingering worries over global growth and the trade war continues to drag on, and growth in u.s. production will outpace that of global demand through 2020, limiting the effects of opec's supply cuts. >> thank you very much >>> now to america's savings crisis many people still don't have access to 401(k) plans a lot of small businesses simply don't offer them our next guest has a plan to change that. he has a new op-ed out, all part of cnbc's partnership with acorns here to discuss is ted, considered the father of the 401(k), and in recent years is on a mission to help small businesses pick and implemen

keep rallying to the tail end of the year joining us now is bernie mcturnen, a vice president of rosenblattholds a bullish buy rating on disney with a price target of $175 bernie, if i am of a mind to own individual stocks, and i like companies that are good steady growers, is there any reason i wouldn't have disney as a core holding? >> yeah, certainly disney is our top pick in media right now. we have a $175 price target. the way we get there is valuing the disney plus huh llu plus esn side of the business and it's 15 times earnings, which we think is reasonable. we think there's certainly more upside to go here and this is just the beginning >> what happens if and when bob iger steps away? >> yeah, it's a good question. i think they're going through that right now, tom stags is the heir apparent before he's since left the company. and i think it matters how disney's streaming services are going to do. that may be where the new leader comes from certainly, bob leaving the company in 2021, i believe he's been great and great at making accusations. that's what some of the stuff you're seein

rosenblatt downgraded the company bringing the total number of eris analysts to five, that is the highestber since 1997. apple did not release the imac until year later and the ipod did not debut till 2001. sweepy recession will not the economy according to henry mcveigh. market over did it cutting by 50 basis points this month. >> the market got to dovish on the fed, the idea that they would do 50 basis points in terms of easing in july is too optimistic. ultimately, the fed sees low inflation and i think they see slowing growth. the prudent thing to do is to do 25 basis points. could: virgin galactic become the first spate -- spaceflight company to go public. planning to invest 800 million dollars in the company for a 49% stake. the company would be publicly listed. that is your bloomberg business flash. anna: here is a look at what you should be watching for. appears court decides whether the orange ceo helped to cheat the french government out of 403 million euros. p.m., and economist will answer questions live on twitter. the markets live team out with an interesting piece on what fi

apple got a sell recommendation over at rosenblatt. boeing another bit of bad news, losing out on an order already on the book. discount saudi airlines decided to go with airbus. two big names typically lead this market on the upside. how critical is it that they're starting to waver here? >> this is important. we're seeing negative news breaking up amazon. you have negative news around big leadership. again i think we really need to take a look at, investors investing in large cap, high-profile names, the "fang" stocks, really starting to take a look at other companies, start diversifying your portfolio. don't stay concentrated in names we talk about every day. charles: erin, appreciate it. thank you very much. >>> financeer jeffrey epstein is in manhattan court at this hour pleading not guilty to charges of creating, maintaining sex trafficking network, exploiting abusing dozens of under age girls. some as young as 14 years old. epstein was arrested oaf the weekend as he arrived in the night from paris on his private jet. prosecutors

make that the last word i want to kick around individual stocks, apple downgraded to the sell at rosenblatt securities. they say the fundamentals will deteriorate over the next 6 to 12 months. and wearables won't deliver at the level that the market wants. talk to me. >> they cut it out in january and the market responded negativity the other side of that was quickly reversed as we have talked about in the general market conversation. apple stock has recovered. now you're waiting until july 30th to see what the earnings is going to look like 60% exposure to the iphone, 30% to the chinese where it sits right now is the right value for it. >> 150 is the price target. >> there was a lot of negativity surrounding apple. five sells all initiate 2019 you haven't had that since 1997. >> juner the downgraded to sell at citi. what do you think of that one? >> you know, i think all of these calls you have to differentiate between the long term and the short term. i'm not sure where enterprise spending is on hardware but in the long run they're playing in 5 g that's a long term trend to play out over

they're moving up today ahead of earnings on two new analysts' notes, rosenblatt saying average revenue ready for lift job and could double by 2023, saying benefits could carry into 2020. sequel just upgraded snap to buy, saying, quote, we are increasingly optimistic about snap's growth prospects. the company continues to expand its advertiser base fostering engagement with premium monetizable content. a key number to watch in these earnings to see if snap's turnaround is working is daily active users analystsanf stagnating user growth revenue is expected to grow 37% in the quarter while snap's lost is expected to narrow to 10 cents per share. no matter what, the stock is likely to move with the options market projecting a 14% swing in either direction guys, back to you. >> thinking of that stifel upgrade and the goldman upgrade. julia, thanks. >>> dow is up 40 points or so. we're back in three minutes. ♪ lower carbs. lower calories. ♪ higher expectations. ♪ the light beer you've been waiting for has arrived. - [student] my degree from snhu has helped me tremendously. (lively music) the

talk about the rosenblatt downgrade. times are tougher next six to 12 months. how tough are times for apple? >> they're tough. there was no news as it were, other than an analyst changing their mind. times are tough. we know iphone growth is slowing. we know they're changing their business model. so depending on the day you look at it that is a cup half full, or a cup half empty. today it is a cup half empty. they don't have the robust growth for iphones they had for so long. again not news. that is the what happens in the market. connell: the stock down 2%. danielle, more broadly it is the federal reserve is the news that seems to be driving market down. thedown down over 100 points. after the jobs report, it was strong what the fed does. we'll hear from jay powell later in the week. what do you think we'll hear from him about? >> i think congress tomorrow and wednesday in his testimony up on the hill will ask the chairman why he thinks an insurance rate cut is justified given we're in such a strong economic environment. obviously the headline news on friday h

. >> reporter: the team at rosenblatt coming out with a big call on apple. downgraded the stock to a sell sayingthe company faces fundamental deterioration over the next six to 12 months. that new iphone sales will disappoint that's rated the most since 2001 how do bulls respond wedbush takes the other side of this bet says that after conducting its own checks in asia, they are incrementally more positive on iphone demand. yes, overall smartphone demand is challenging, but they saw a slight uptick in their words out of apple suppliers needham second's the bullish call, adds apple to the conviction bye list. says it's transitioning -- buy list says it's transitioning from hardware to one based on subscriber and service growth. apple finishing in the red up more than 25% this year for investors, the question is what demand is like for the bread and butter iphone franchise and how continued u.s.-china trade tensions are impacting the company. the investors are going to have a better sense when apple next reports results on july 30th switching gears, there was a

analysts from rosenblatt securities saying quote, we believe apple's going to face fundamental deteriorationo 12 months, so could apple's best days be behind it? >> very easily could be. think about nokia, think about digital or sun microsystems. these companies once ruled. literally ruled the technology world. they are literally footnotes now, completely forgotten about. steve jobs and bill gates is very generous. he did cast spells but he cast spells with his mind. he completely reinvented the world. that's what's kept them on top. there is no monopoly in a free society so unless they can continue to innovate there will be some new upstart a decade from now that's ruling both the dow, nasdaq and s&p. >> i just want anybody calling me a wizard. i would be such a happy guy. david: particularly the richest man in america. >> oh, yeah. look, here's the problem. apple is so successful that the greatest growth rates are over and done. they already do $250 billion in sales, almost a trillion dollar market cap, sales were down 5% the last two quarters. they will be flattish this quarter. yeah, the

i think the average price cut here, mel, by the street was 10% from goldman sachs, credit swis, rosenblatt>> because they got it all right going into the quarter. >> none of us did. >> that's true. >> none of us did, except those of you who were short. i certainly didn't have that but i'm with shannon i like it down here right around 317ish, mel. that's not it but that's the line. >> do you have a trade >> we saw unusual activity, people buying 330s and 350 calls aggressively, but out in january. they're not looking for a v-shaped bounce but a longer term play. >> morgan stanley shares on the move at this hour after recording quarterly results bead morgan stanley's results cap off a busy week for financials which saw all six major u.s. banks report beats on their top and bottom lines you know what bank stocks did for the week >> nothing. >> nothing down 2%. jim. >> well, but it's been a good user for a lot of the bank stocks. >> sure. >> if you look at the xlf, that's up about 17% on the year-to-date i think you have to put into perspective what you're expecting from this sector are you ex

beingfell 2.9% after downgraded by rosenblatt securities.ber of bearish analyst up to five, among the 57 ratings tracked by bloomberg. apple's decline pushed down the s&p 500 information tech index, one of the worst performing sectors of the day. it is airways is facing a fine of 230 million dollars over a hack that compromised personal information of a half-million customers. the penalty is the biggest so far under tough new regulations. it is seen as a test case for how companies secure data. it comes months after being revealed it had been hacked. the rate -- the breach saw customers diverted to a fake website whether credit card details were stolen. that's it for daybreak asia, where market coverage continues. the china open is next. ♪ ♪ most of us don't know how much data we use, but we all know we're paying too much for it. enter xfinity mobile. america's best lte with the most wifi hotspots, combined for the first time. when you're near an xfinity hotspot, you're connected to wifi, saving on data. when you're not, you pay for data by

on the far right is kate rosenblatt, a visiting assistant professor of history -- actually in the religion department, even i forget that, at emory university. she is working on a manuscript "cooperative battlegrounds: religion and the search for economic alternatives," under contract with columbia. and i am roni stall with the university of california at berkeley. my book came out last year, and i am now working on a project on religion in american health care. to ourat, i will turn first question and ask each of our scholars to talk about the role of religion in their own work and the way in which thinking about religion has changed the way we understand these certain aspects of american history. and whatyou for that, she left out of her own introduction is that her book is also an award-winning book, the church history prize for the best first book in american religious history. so thanks for bringing us all together. my current research project examines the fbi and its relationship to religion during the directorship of longtime director j edgar hoover from 1924 to 1972. the focus on r

alix: i am looking at apple getting a downgrade at rosenblatt securities to selloff from neutral.aterial deterioration over the next six to 12 months." iphone sales will be disappointing, ipod growth -- will slow, and there will not be any real revenue growth. david: andy china problem. alix: that wasn't even -- and the china problem. alix: that wasn't even mentioned. david: the third committee we are watching is boeing. for more we are joined by taylor riggs. taylor: this is the first time we are starting to be able to measure the impact of the 737 max groundings. the saudi arabian budget carrier had bought 50 737 max, with the option for 20 more, but now they have changed their operate anand they entirely airbus fleet. alix: the question, though, do others wind up dropping it, or was this an isolated case because they operate 100% airbus? taylor: we have stories of other airlines leasing planes or, instead of retiring planes early, refurbishing them and continuing to use them until you ofany sort of news when you can lift that 737 max. [no audio] alix: taylor riggs, thank you fo

closer to home apple's shares were reach after a rosenblatt securities analyst downgraded the stock to a rare sell rating. two other wall street analysts rate the stock a sell. after opening lower, the iphone maker shares have risen. neil, back to you. neil: thank you very much. growing calls for labor secretary of the united states alex chaos to go to resign because of a plea deal he arranged with jeffrey epstein almost a decade ago. what do we have, blake? reporter: we have a comment from labor secretary alex acosta. he just took to twitter moments ago, put out this defense, saying quote, the crimes committed by epstein are horrific. i'm pleased new york prosecutors moving forward with a case based on new evidence. with the evidence available more than a decade ago, we insists epstein go to jail, register as section offender and put the world on notice he was a sexual predator. this is a important opportunity to bring him to justice. democrats are calling for him to resign. the labor department saying acosta will not give up the post. democrats want him to step aside for the non-pros

apple analyst at rosenblatt securities says he sees fundamental deterioration that could last well intos missed the apple phenomenon. some pounce on developments like these as a buying opportunity. we'll see. 4:00 p.m. eastern time, epa administrator andrew wheeler joining me on "your world" on the fox news channel. charles payne is next. charles: good afternoon, i'm charles payne. this is making money. at this moment stocks are falling. investors are waiting to see what the fed's next move is on interest rates. boeing, along with apple, seeing another setback. president trump's approval rating on the rise thanks in large part to this booming economy. i will get reaction from anthony scaramucci in a moment. not everyone feeling effects of the economy. a quarter of americans think they will never retire at all. we'll break down the numbers and more on "making money". of the. charles: the old political adage is true,

little too late clearly for positions eliminated don't feel like that apple moving lower premarket rosenblattthat there is going to be deteriorating demand for some products, iphone sales ipads back to you. >> thank you so much on wall street this morning, so apple is still up 29% year-to-date you've got markets near all-time highs you wrote about this in "barrons." >> i liked apple in the breakdown lane like 10 times earnings, the world could understand -- counted it out they make a lot of money from services i think still do well long-term in the stock this next generation of phones we can say diversified a little bit but live and lie on iphone who is going to buy knowing not having 5g next generation will absolutely no one. >> you've got a year and a half to two years of dry spell. >> i think a really weak cycle for them if you are a tactical investor own here sell it now wait till next spring. >> where is value right now you wrote about some stocks even though they are up they are still very cheap. >> what has happened in this market even though market as a whole got withen more expensive

. >> stick around, joining us is the senior analyst covering technology for rosenblatt securities good for joining us >> morning. >> the results are good, what's happening in washington is bad what do you do about it? >> sorry, what was that last point? >> the results are good, what is happening in washington is bad then what do you do about it >> oh, sure. well, i think, obviously, facebook has quite a bit of lobbying yet to go as it relates to, you know, it's data privacy positioning and libra, et cetera but you know largely we think privacy issues, data privacy issues are behind the stock now. i certainly think the ftc's ruling was, you know, largely a get out of jail free pass for facebook here. and with that behind them and a stock that's you know really trading at 20 times earnings, growing top line comfortably and you know call it mid-20s with 40, 50% on margins, we're regrets and buyers of the stock here. >> how do you think, is the if you ftc investigation, the department of justty, on anti-trust, all noise? >> yeah, i think -- well, i think partly it's noise. i think on the a

heard an announcement that a major investment banking company in new york city, rosenblatt inc., was to downgrade apple from neutral to sell. i have a question. one of the things that has not been addressed, i do not have a smartphone, is why does apple continue to be allowed to manufacture their products overseas and the young millenials by their products for a thousand dollars or $1500. they have no more manufacturing jobs in this country. the question is the congressman on both republican and democrat side, many of the leaders are in their late 70's and 80's. do not understand technology. do we force apple to manufacture in the united states and to bring those jobs back. host: gary locke in seattle. really complicated question. we would like to have more manufacturing of any and all products in the united states. it is so complicated and apple for a while said they were going to try to build one of their laptops here in the united states and they finally gave up and just announced they were going to start doing that overseas. that sonteresting is many of the apple products that we