call right, now let's talk about salesforce.arc benioff has been on the call trashing oracle and sap and how well salesforce has made their transition. is he right tackle >> this quarter has been truly impressive. microsoft did not have that good results. they talked about some slowdown in terms of tech spending. even their legacy cloud is missed, the sales cloud -- the growth for that accelerated in the quarter. overall, a very strong quarter for salesforce.com. emily: salesforce still struggles to turn a profit. how big of a problem is that? >> the margins have been going up. this quarter, they were of close to 288 basis points, and that is a very big deal because it leads to a lot more operating cash flow. on and they reduce the spending on sales and marketing as a percentage of revenue, you should see further marginal expansion. both so muchyou for joining us. tomorrow, do not miss cisco ceo "bloomberg go." tesla shares barely budging after the company announced a $2 billion public offering. the electric carmaker will sell a

plus, check out shares of l brand and salesforce on the move after earnings. much more "fast money" right after this. you both have a perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company would cut you some slack, right? >>no. your insurance rates go through the roof. your perfect record doesn't get you anything. >>anything. perfect! for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claim centers are available to assist you 24/7. for a free quote, call liberty mutual at switch to liberty mutual and you could save up to $509 call today at see car insurance in a whole new light. liberty mutual insurance. >>> "fast money," i'm courtney regan. we've got earnings after the bell. let's start in the teen space. shares up pretty sharply post-market after putting up a surprisingly good quarter. up almost 13%. the shares beating on the top and b

alix: cisco and salesforce.rce estimate, their large corporate customers are spending a lot of money. announcing $2 billion in sales for this quarter. in terms of cisco, obsessed -- -- also forecasting avenue to july.% ending in they are trying to change what they offer in their company. they are looking for software-based networking, management products. they have made a lot of acquisitions to do that. the revenue side was helped by these acquisitions, which helped offset demand. it seems to be transitioning well for both of them. scaret: we mentioned how retailers are having a tough go. not so much urban outfitters. it be analyst estimates. -- it beat analyst estimates. for that brand, comparable sales rose 2%. a lot of people are apparently going shopping. alix: $800 for a tank top. not really, but-- scarlet: they are selling pizza while you shop? that is part of the experience. geopolitical risk holds back global gross. --global growth. the case was made on this morning's " bloomberg surveillance." >> the im

here is salesforce, raising guidance.ven their legacy cloud is -- business, the sales cloud -- the growth for that accelerated in the quarter. overall, a very strong quarter for salesforce.com. emily: salesforce still struggles to turn a profit. how big of a problem is that? >> the margins have been going up. this quarter, the non-gap operating margins were up close to 288 basis points, and that is a very big deal because it leads to a lot more operating cash flow. they are not in comparison to a microsoft, but as time goes on and they reduce the spending on sales and marketing as a percentage of revenue, you should see further marginal expansion. emily: anurag and glenn, thank you both so much for joining us. tomorrow, do not miss cisco ceo chuck robbins on "bloomberg go"" 9:30 a.m. new york time. another stock we're watching, tesla shares barely budging after the company announced a $2 billion public offering. the electric carmaker will sell about $1.4 billion worth of stock. the rest will be sold by ceo elon musk. so,

it managed to grow quite rapidly and sales money on the salesforce -- save money on the salesforce.e think about whether they could do this to some extent. david: how reputable is what they have done? they are based in australia. they did not have the pressure from venture capitalists back in the company from the get-go. dina: i think that is part of the question. most think it is not possible for a company to replicate what they have done, at least not to that extent. tlassian is fairly religious about this. they don't have any salespeople, so much so that a customer we spoke to that reached out to them a couple of years ago and wanted to purchase them and they said could you send me a salesperson. they said we don't do that kind of thing. it is hard for other companies to do that. even atlassian admits there is software where this will not make sense. once every 10 year level purchase. it will be a hard thing for them to do. you also have this kind of different model. they grew up in sydney. most of their business is global. they have a significant office and san francisco. they w

emily: salesforce, what are we expecting?e expected to hear far more about the cloud and more about the internet of things platform, which has been a big initiative for them lately as they try to expand into new markets. emily: wednesday is a big day. we will be all over it. thank you so much for giving us a preview. our bloomberg news reporter jack clark and executive tech editor tom giles. you can check out bloomberg's full coverage of google's developers conference on wednesday. cory johnson will be live from mountain view with the latest, and for more of our best longform interviews, check out our "studio one points zero -- "studio 1.0" podcast we will hear from peter thiel. unsung cloud and itunes, check it out. ♪ emily: on this date in tech history 70 years ago, the world was introduced to a tape recording, which went on to shape the entire home media business. in 1946, jack mullin had attendees of the annual institute of radio engineers conference in san francisco asking the question, is this program live? he switched

so salesforce is still a great buy. >> so salesforce over oracle?and tesla plans to distribute shares for stock, and what are you hearing? >> well, elon musk said, we will accelerate and not only before 2020, but it is 2018, and 500,000 units produced and they had to do it, but a matter of when, and it happened yesterday. you can understand that the most important thing, look at the reaction of the stock, because they are not hammering the stock like you'd expect, so it is an interesting reaction today. >> and yesterday, you got the goldman sachs upgrade and then they announce the lead underwriting for the offering, and so the price is interesting. >> yes. shocking. >> the chinese wall is holding up there. >> and monsanto to have a bid -- >> well, it is complicated, taking on the bid if you are bayer, and handing off the plastics unit to acquire monsanto, but the markets are greeting it with skepticism is, and it is rightful skepticism and i don't know if this is going to happen. >> and now, after bank anheuser is pulling down the talks? >> well, wh

deal vetoed a so-called "religious liberties" bill following pressure from disney, time warner, salesforce, and others. whether you spend your entire career in the private sector or take a detour into public the public sector, like i did, you will have the ability to not just affect our economy but to affect the very fabric of our nation. as a famous jesuit you may have heard of and one of my personal heroes has said, let me quote pope francis, "business is a vocation, and a noble vocation, provided that those engaged in it see themselves challenged by the greater meaning in life." challenge yourself to a greater meaning in life. become a force for good. seize the opportunity afforded to you as a business leader to change our country and our world for the better. so, congratulations to the georgetown university mcdonough school of business class of 2016. i wish you all the success in the world. hoya saxa! [applause] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable sate

today's winner is salesforce.e came out on top of tech0 most popular companies to work for. that does it for this edition of "bloomberg west." we will see you tomorrow. ♪ charlie: we begin this evening with a look at president obama's foreign policy. the president made history in hanoi where he announced the u.s. would lift a decades-long arms embargo on vietnam. pres. obama: this change will ensure that they have access to the equipment needed to offend itself and removes it lingering vestige of the cold war. it also underscores the commitment with united states are fully normalized relationship with vietnam going strong defense ties with vietnam and this

today's winner is salesforce.came out on top of the 10 most popular tech companies to work for. followed by google and apple. they had the that does it for highest rated overall employee experience. that does it for this edition of "bloomberg west." we will see you tomorrow. ♪ ♪ manus: turkey enjoys a world topping rally for stocks and the currency as the administration completes a cabinet shuffle. rishaad: debt relief, the eurozone approving and saying the bailout program is firmly back on track. manus: apple faces a tricky passage to india as it chases some of the billion smartphone

we will tell you in the new salesforce tower will be completed. he was a live look outside at the bay bridge, are camera at the toll plaza shows us traffic heading towards san francisco. in oakland it is 55 and should warm up to 70 this afternoon. other inland locations are expected to get back up to the '90s again. you'll have more information again at the top of the hour. >> right now we have a picture at the bay bridge toll plaza coming out on the oakland side. it will be an easy ride downtown. i am tracking about a ten minute commute getting all the way across the span to the fremont street exit. coming up i will have a full bridge check report. >> 4:55, let's talk about the new salesforce tower being built in san francisco that will dramatically change the skyline. the tower is under construction and is nearing completion. it will be the tallest building in san francisco, topping off at 1070 feet. it will be the tallest structure west of chicago. the tower is the focal point of the new trend bay transit center and salesforce will occupy about

the fourth very tall office building two of the three have no tenants and the third one is the salesforces 1/3rd empty no need for the building but a heck of a need for the city's transit center bailout i get it this is the cash couey urge you to require the developer to fund the development fees before construction to the stabilization housing fee support if there is any and other fees childcare and so on and late to the end so they start contradiction this year as they said they will all the fees should be paid those funds are needed right now for the public benefit arrest on the design as you may know though it is an aspect last year ground floor urban room it is only going to be usable maybe half the time and as a practical matter not during the evening really this urban room needs the protection sleep or blasting in fully some way to do that no matter how did the living space can't be used as their purported to be built for not the design and i know they're talking about putting heat lamps that didn't do it you need an urban room needs to be an urban room and protection on, on a rain

companies based on that and what they found was some of the companies that did the best, are like salesforce, acen tour, price waterhouse coopers. when you look at other surveys about diversity or employee benefits unique, paying down student loan debt, some of the same companies are on those surveys as well. they're at the forefront of looking at employer benefits wholistically and gender quality and parental leave. >> maternity leave has gotten so much attention lately. some companies talked about how they're give morgue maternity leave and parental leave not just to moms, but dads too. >> what's interesting, there's still 88% of companies out there that do not have employer-paid parental leave policies. that's really a high number. a number of companies in the tech sector have been at the forefront here in doing this. netflix, 52 weeks of parental leave. >> wow! >> etsy at the top and ebay. >> one of the job characteristics that working moms are looking for? >> flexibility. that's key. i mean, there's only a certain time in life that you're going to be focused on the parental leave policy

ways of engaging with our employees go such internal surveys and use of share point which is like salesforce and increased subcontractors between the staff this work will help to support our workforce and gave me us with our mission as well our last goal is viral stewardship the stewardship is one of the core values that addresses management and adapting to climate change and go pro-active in national resources for the operations through ssip we're investing in new temp for preservation and providing green infrastructure and while sanborn map is not specifically called out in the - will provide customers to be one hundred - all 3 enterprises will continue to address climatic change and last but not least as we move forward we'll be readvancing our sustainability at our last preservation presentation there were questions about the agencies priority and the matrix that is in all the packet on the table connects our top priorities across the combridz that enables the priorities that are strategic plans and parenthesisal plans that support our higher level goals we want to commend give a quick s

or salesforce. this is not really our market. emily: what about the cloud?hat is the hp strategy when it comes to the public cloud? are you going to be a cloud, or sell to the cloud? and do you plan to take on amazon and google? emily: so our public cloud offering is really not designed to compete with azure or aws or google. what we see most enterprises wanting to do is not to put everything in a public cloud. so if you want only convenience, you might go to a public cloud, but if you want security, you want to be in a private cloud. and so our strategy is hybrid cloud. your cloud, the way that is right for your company and your industry. emily: there has been a lot of deals happening -- avago, broadcom, intel, altera. do you see a segment broadly at hp that could be transformed by m&a? meg: yeah, yeah. i think why you're seeing a bit of -- quite a bit of increase in m&a activity is our industry is changing. about every 10 or 15 years in technology i see tectonic plate shifts. web 1.0 to now -- mobility and web services, we are on the cusp of another enormo

for example salesforce is potentially active in indiana for they have a lot of people and georgia.u see paypal which was considering bringing people into north carolina. disney is active in georgia raced on things going on with entertainment. you can see the companies get involved where they have people. that is clearly starting to become maybe not enough. carol: they are actually opening up their wallets? >> and they have been providing funding but now it's starting to show up as important to how they will do this move forward and it needs to be coordinated. you need to have someone who says we need another 60 signatures on this letter. so we can get support in the state in many cases, the top 10 companies mean the next 200 companies will sign on. this is a new space for american business. carol: what's next? is there another state that the next battleground? >> you are waiting to see what happens in mississippi and missouri and you look around the country, some states have 20 potential bills. what they did not know in north carolina is when something will pop. nobody really knew

if you have a salesforce particularly active in indiana, where they have a lot of people in georgia,f people in your shift to use the paypal bringwas considering to people into north carolina where they are active, disney active the georgia based on some things with entertainment. you can see the companies getting involved where they have people, and that is clearly starting to become maybe not enough. carol: not enough, so that means what they are doing is actually opening up the wallets, right? >> now this funding is starting important on be how they are going to move for. it needs to be coordinated. we need people to say we need another 50 signatures on this letter. in many cases, the right 10 companies at the top of the letter mean the next 200 companies will sign on because this is a new space for american businesses. carol: what is next in this fight? is there another state that is the next battleground? >> we are still waiting to see what happens in mississippi and missouri, and you look around the country and they are some states with 20 potential bills, but what they do not

salesforce flew people into georgia and indiana to try and help successfully change or defeat bills.h carolina, it is a different route of companies. the idea is for each of the companies to look at where they have strength and where they don't to make sure they can help other companies. you look at mississippi, they don't have as many big companies. there, but has been other companies have signed on to letters to make sure there is a showing of opposition in each area. mark: how much leverage does this coalition have? >> it depends on the state and how concerned they are about their image this group. in north carolina, the leverage is not in that effective. there was a new ad coming out today in a airline a, the kind of shows the issue with denying transgender people to use the restroom they have. transition toward it shows a very male person showing by law that they must use a woman's bathroom and how that might be a problem. it goes back and forth, but right now, the fight is very much about the bathroom. mark: how much is this fight? how costly is this that'll? -- is this battle?

of $73 million most of that in the form of better than expected prashg revenue and revenue and salesforce from the department of health as well as the human services agency we're not at this time project by project a positive to the rainey day reserve but an economic 5.9 percent at the end of the year with a start of 10 percent i'll highlight 3 welcome questions on any of them property tax above budget for the same reasons we talked about the accessory intraoral changes in ownership and construction weigh collecting the back year taxed on that dramatic decrease in property tax with the assessment board of appeals and reducing what we need to refund for the appeals and other things in prashg about business tax revenue for 2015 strongly in private payroll over 13 percent is contributing to the good news and offset slightly by a shortfall in real property transfer tax that reflects with equal - our projection for the month of may and june so at this $.50 million down from last year but we'll be paying attention to this for the next couple of months and as you may know a portion of that reven

you can submit it and it immediately hits the salesforce account. these are some of the present awards. we were nominated for a webbie last year, we were recently entered in the white house start up in a day competition, which came with a $50,000 prize, of course including the harvard community school center award. so the next steps. we of course are going to continue with profit streamlining as that's going to be what will allow us to realize greater efficiencies, not just stacking technologies that are broken. technology enhancements we have coming up will be web forms, where you can fill out a limited amount of information and that information will populate all your online forms, as well as docusign and optimizing and maintaining the portal after the next fiscal year. some other projects we are working on or advising on include the mayor's office of housing portal which has very similar technology, the oebw portal, the films portal and advising on other projects within the city that are related. here's a list of our supporters and with that i'd l

> how much of this is the stock come back off of the february lows, and we have seen names like salesforceworkday that were beaten down, and people were scared earlier in the year, and to have a bounce back. more hope in the air around a name like this that the good news can be the good news? >> that is the positioning piece, and that is responsible for what we have gotten so far in terms of the rebound. it is not new sponsorship, and not a new fundamental story to build around netflix except that it is a growth leader, and if you are getting more growth-minded, you want to have it if you are thinking that long term the story is going to be changing for the industry. i will say that the market value is two-thirds that of time warner, and the enterprise is t two-thirds of time warner, and if you think that is the case, you are buying netflix, and if you think it is crazy, you are buying time warner, and not shorting netflix. >> they do tend to do well when the original series comes out, and we have "orange is the new black" coming out in mid-june, and there is a halo effect even though we d

the note looks like it has resonance -- salesforce, all-time high. adobe all-time high.hese are the makings ever since that applied materials call. and that hpe when we hear what she's doing on networking, tim cook in india. you know, india has such a small penetration of smartphones. and then, you know, siri, could that be a new revenue stream? this is how it happens. >> best s&p name still in video for the year. >> graphical user interface. >> yeah, there are thoughts they're going to be in all sorts of things beyond a.i. >> they're in the audi. >> autonomous vehicle take it to a higher level. >> video games, video games, medical, and intel could have bought them. intel could have bought them. intel could have bought them. >> we need seat belts on these chairs. >> nvidia such a good company. >> when we come back, a spin-off plan and stock surge for hewlett packard enterprise. meg whitman will join us in just a minute. they found out who's been hacking into our network. who? guess. i don't know, some kids in a basement? you watch too many movies. who? a small business i

of $73 million most of that in the form of better than expected prashg revenue and revenue and salesforce from the department of health as well as the human services agency we're not at this time project by project a positive to the rainey day reserve but an economic 5.9 percent at the end of the year with a start of 10 percent i'll highlight 3 welcome questions on any of them property tax above budget for the same reasons we talked about the accessory intraoral changes in ownership and construction weigh collecting the back year taxed on that dramatic decrease in property tax with the assessment board of appeals and reducing what we need to refund for the appeals and other things in prashg about business tax revenue for 2015 strongly in private payroll over 13 percent is contributing to the good news and offset slightly by a shortfall in real property transfer tax that reflects with equal - our projection for the month of may and june so at this $.50 million down from last year but we'll be paying attention to this for the next couple of months and as you may know a portion of that reven

ceo mark benoff tweeted the news that chase tower will be called salesforce tour. they lease several floors of the building and plans to hire 800 by 2021 in additional to the 2 1 100 employees there. the law was later revised. >>> the latest job report is out and shows a slowdown, also president obama aims an attack at silicon valley companies which he says are costing the country billions. 160,000 jobs were created in april. economists had predicted about 200,000 new jobs. experts say one reason could be that the president tried to turn the focus to big companies paying taxes overseas instead of here in america. our business and tech reporter has the story. >> reporter: tech companies are among america's biggest profit generators. but some have used financial loopholes to pay some of their taxes overseas at lower rates than what they would pay here. president obama addressed those loopholes directly. >> in america no matter how wealthy or powerful, you should play by the same set of rules as everybody else. >> reporter: one law pro if fes fesser estimates company

two bay area firms are doing better cisco and "salesforce" with strong earnings and strong yearly forecastses are surging higher as a result of both companies and better news on the job market. the labor department says that first-time claims fell by 16,000 to 278,000. that was after they spiked to their highest level in over a year. stock market in a hole this morning. the dow is currently down by about 40 points. nasdaq is down 5. s&p falling by 4. walmart doing what it can for the market shares up 8% off its better than expected earnings. back to you. >> thank you, jason brooks from kcbs radio. >>> time now 6:45. what's happening on the roads, george? >> things are starting to heat up just a little bit now, kenny, as we are tracking a new accident this time for the fremont-milpitas corridor on 880 in the southbound direction. you see yellow on the arrows here. the speed sensors indicating delays leading down to the dumbarton bridge with our accident just reported here at decoto road. and we continue to track delays for the 280 ride southbound out of daly city and through south city and b

of $73 million most of that in the form of better than expected prashg revenue and revenue and salesforce from the department of health as well as the human services agency we're not at this time project by project a positive to the rainey day reserve but an economic 5.9 percent at the end of the year with a start of 10 percent i'll highlight 3 welcome questions on any of them property tax above budget for the same reasons we talked about the accessory intraoral changes in ownership and construction weigh collecting the back year taxed on that dramatic decrease in property tax with the assessment board of appeals and reducing what we need to refund for the appeals and other things in prashg about business tax revenue for 2015 strongly in private payroll over 13 percent is contributing to the good news and offset slightly by a shortfall in real property transfer tax that reflects with equal - our projection for the month of may and june so at this $.50 million down from last year but we'll be paying attention to this for the next couple of months and as you may know a portion of that reven

i look at salesforce. i like both those two names. i look at the names that are actually working and who produced when it kams to earnings season. >> relative to the overall market, if you look at the s&p 500, it's less than 3% from the all-time highs. i'm looking at the nasdaq, down 7% from the 52-week highs. russell 2,000 down 12%. b.k., to your point, the s&p is still in a downtrend here. i don't think you have to unzip anything until you see a solid move above 2100 in the s&p and establishing a new base. you also need to see -- >> don't you like the rotation, though? that they're going from the dash for cash -- >> in the last year and a half, that's all we've had is a bunch of rotations out of this sector, into that. where has it gotten us? the s&p 500 is in the exact same spot it was 18 months ago. and here's the biggest thing. >> isn't that bearish? you're attacking it more from the bearish side than the consolidated side. >> it is bearish when you think where we are in the whole rate cycle, where you think about the moves to th

and that changeover was volatile for the stock, but now that it is made, it is acting more like salesforced less like oracle. >> and sanderson with a nice run up 16.5%, and time to hit the regist register. >> yes, it is not move anythingmore, and i have to make up some ground, so i can't let that play out while the stock is stagnant. >> fine breakout, and good way to catch up. >> well, you know, i have to do what i have to do and i have six months left, so. >> and you can follow all of the action at cnbc.com/pro. >>> the business of the outdoors with more than $600 billion spent every year, we will break down the sports and the trades next. as we go to the break, here is a look at the performance of the s&p sector so far this year. with available virtual cockpit. ♪ technology moves faster than ever. the all-new audi a4, with apple carplay integration. >>> all right. back. and let's do a market flash. and a sector that is outperforming dom chu? >> well, it is technology and one industry group in particular, the chip stocks on fire so far this weekend and for the month of may overall. if you

this company with a great number and looking at the growth, incredible, and then moving to the salesforce which crushed it last week and then yesterday apple and the way that the suppliers over the last week and a half or so are starting to make the move, and the chip stocks at the top of the show that we talked about at the top of the show yesterday, and so, apple, when you looked at the buffett bottom if you want to look at it, but it has not stopped, but the big tech cap that is finding the fire underneath them for the last little race here especially this morning. >> and doc, what does that mean to the overall markets pictures here because we are assessing where we are? you have the potential of a lagging sector starting to pick up steam. >> yes, and both mr. buffett and cisco systems are really two of the primary catalysts there. >> and apple is above # 7 today. >> there you go, and so buying it below $90 less than two the weeks ago and this is phenomenal buy today, relative to where that stock is. they are talking about the handsets being in the 74 million range for the people that

whether it's the wilshire grand under construction in los angeles or the salesforce tower soon to beg to san francisco. the production of the cement used to build them emits carbon into the atmosphere, contributing to global warming. but renewable skyscrapers, trees, may provide a more sustainable answer. as they grow, trees take carbon out of the atmosphere and even after they're harvested they store that carbon. the lone rock logging has decided to send some of its trees to a special mill that turns them into a new kind of green high-rise building block. >> it's going to change the way we build here in the u.s. >> john redfield is the chief operating officer at that mill, only lumber mill in the u.s. certified to make something called clt, which stands for cross laminated timber. it's made by gluing together layer after layer of wood planks at 90 degree angles then pressing it all into a thick panel. we know what you're thinking, we've been building with wood since we've been building anything. but what makes clt unique is it's as strong as steel and up to five times lighter than c

city kids volunteer and then when we get to the point theirs off to college in a partnership with salesforce ceo benioff we have more cadets many, many successful police officers chief fong and captain bruce and others railroad police cadets before he they were leader our beat programs is reflective of the city and those young people are really helping us working on projects we try to reengineer the way we use force and increase transparency and be a good and better police department. >> supervisor avalos join us you have a question. >> thank you and i appreciate making some time for me to come in with questions and chief welcome to budget committee i had a couple questions regarding staffing levels i wanted to see cleared up i actually want to ask the controller's office to provide analysis as well i think i saw that we're reaching the staffing level that was mandated in the 90s but on trajectory for next june. >> 1806 they should be in the academy and out next year. >> there was a statement i saw on the slide i don't have in front of me three hundred officers that are not on the streets no

ways of engaging with our employees go such internal surveys and use of share point which is like salesforce and increased subcontractors between the staff this work will help to support our workforce and gave me us with our mission as well our last goal is viral stewardship the stewardship is one of the core values that addresses management and adapting to climate change and go pro-active in national resources for the operations through ssip we're investing in new temp for preservation and providing green infrastructure and while sanborn map is not specifically called out in the - will provide customers to be one hundred - all 3 enterprises will continue to address climatic change and last but not least as we move forward we'll be readvancing our sustainability at our last preservation presentation there were questions about the agencies priority and the matrix that is in all the packet on the table connects our top priorities across the combridz that enables the priorities that are strategic plans and parenthesisal plans that support our higher level goals we want to commend give a quick s

deal vetoed a so-called "religious liberties" bill following pressure from disney, time warner, salesforce, and others. whether you spend your entire career in the private sector or take a detour into public sector, like i did, you will have the ability to not just affect our economy but to affect the very fabric of our nation. as a famous jesuit you may have heard of and one of my personal heroes has said, let me quote pope francis, "business is a vocation, and a noble vocation , provided that those engaged in it see themselves challenged by the greater meaning in life." challenge yourself to a greater meaning in life. become a force for good. seize the opportunity afforded to you as a business leader to change our country and our world for the better. so, congratulations to the georgetown university mcdonough school of business class of 2016. i wish you all the success in the world. hoya saxa! [applause] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp

cisco and salesforce among strong earnings. we'll hear from both ceos in their own voice.the after-hours session a shady deal. goldman sachs updating to a buy ahead of the announcement of a $2 billion stock offering. get this, goldman

for apple, seagate technology has historically fallen by 25% and so has qorvo and then we have salesforcehen apple's down over 20% in the month and trades positively less than half the time. and that's a look at sector no, ma'am -- nomics for technology. >>> susan li, thank you very much. >>> dismissing donald trump's plans that apple build its iphones here in the u.s., our next guest says that quote for once donald trump's rant isn't so crazy. in a "the washington post" op-ed today stanford law fellow argues that it certainly is possible for apple to bring manufacturing back to the united states. and he joins us now in the cnbc newsline. good to speak with you. >> good to speak to you. >> so you think mr. trump is right and they should build their damn computers in this country, why? >> i hate using those words donald trump is right, but i looked into whether it was possible, and i was really surprised at how feasible it seems. when you look at the value chain for its components. >> i mean, how would that work? because apple's value chain and its supply chain is so complex, so diversifie

marketing companies to buy vehicles for their salesforce very common strategic purchasing initiative.well, why not. look at the amount of savings, the broader choice of vehicles, et cetera. each of those operating companies got the financial benefit. they got an immediate benefit of money saved fake abuse for themselves. it doesn't quite work that way here. you have to demonstrate the benefits commission and you have to make the process simple enough that people get it and build on it. we've got to demonstrate that value. we can talk about morale a little later. >> with the new common appropriation structure that you mentioned earlier debut in the secretary and leadership team additional leverage to drive back, or is that one believes in terms of acquisition? >> know, the common appropriation structure and we are now in our second iteration of that will be so much simpler for the new administration to plan and manage and we are getting better working with the appropriators on mac, so they are getting more and more comfortable with it. i think that will be a huge benefit. i have a huge

. >> mark benioff for salesforce. zillow.hould be here, but he's showing up on "mad money." and then udi mokady which i think has the keys to the kingdom in cyber security. but cyber security stocks have been bad because of the high multiple. technology connected with apple because of the trillion dollar call by tony, i really don't like it, but now i love it, trillion dollars. >> we'll see you tonight. vocal rest. >> it's just the voice, man. i'm speaking too much. >> "mad money" 6:00 p.m. >> i'm not going to talk to the wife. that's the way to do it. >> talking too much. >> when we come back labor secretary thomas perez on the white house's new overtime payroll and charter communications tom rutledge completing that merger with time warner cable. >>> good wednesday morning. welcome back to "squawk on the street." i'm carl quintanilla with sarah eisen, simon hobbs, david faber at the new york stock exchange. two-years seeing some action but being dragged down by goldman going to a neutral over equities over the next 12 month

ways of engaging with our employees go such internal surveys and use of share point which is like salesforce and increased subcontractors between the staff this work will help to support our workforce and gave me us with our mission as well our last goal is viral stewardship the stewardship is one of the core values that addresses management and adapting to climate change and go pro-active in national resources for the operations through ssip we're investing in new temp for preservation and providing green infrastructure and while sanborn map is not specifically called out in the - will provide customers to be one hundred - all 3 enterprises will continue to address climatic change and last but not least as we move forward we'll be readvancing our sustainability at our last preservation presentation there were questions about the agencies priority and the matrix that is in all the packet on the table connects our top priorities across the combridz that enables the priorities that are strategic plans and parenthesisal plans that support our higher level goals we want to commend give a quick s

salesforce. >> that does lead us to retail. let's get to that quick. sharing the earnings spotlight gap reporting profit in line, cautious full-year outlook announcing plans to close 75 old navy and banana stores mostly outside ofhis country. foot locker earnings matches estimates but revenues and comps down and ross stores down sharply on a quarterly revenue miss and weaker guidance for the current quarter and full year. >> where do you want me to begin? >> let's do ross. comps up 1.2, but looking at eps 64 or 67. >> california bad, florida bad, womens apparel bad. ross stores, womens apparel, home goods -- look, they'll give you something. they all have a category that's good. shoes were good. shoes were good. okay. but midwest business was good. but i didn't see anything i liked and i didn't like the forecast 1 to 2%. i don't need that. forget that. foot locker, i think the problem, helping from the street, steph curry, not enough room for under armour, too much nike at under armour. >> comps did miss. >> too much nike, not enough steph. steph is a

saw some one time savings as a result of debt funds that offset much of that as well as others salesforcethe general manager talked about earlier this year. >> the wastewater enterprise seeing the reduction of 13 plus million dollars offset entirely on the budget and then the power enterprise we have reduced sources in terms of sales to the w s p p market-rate for powsdpo low and on the power enterprise we continue to meet all the fund balance and the coverage metrics and conditions one item i'd like to update that provides you a more thorough information at the next commission meeting today, we sold $308 million in wairmentd enterprise revenue bonds and over the next strooerld successful interest rate for including all costs for the year debt and many bids extremely competitive bids very happy with the pricing and as well two weeks ago we had the watermelon was part of progress a rating from the stated and poorest and moody's a credit upgrade and it is rated x x and very good press as a result of this a significant portion that of green bonds as i mentioned and were the first agency to i

we've seen double digit gains in nvidia and salesforce throughout the month.h care also did really well. energy and industrials were doing well until recently. and they have been laggards this month. so we see a little bit of rotation going on. we also saw this with the two biggest winners and losers. banks laggard earlier in the year, they did well in the month of may, retail stocks all fell apart of course on their earnings reports and on the realization that a lot of their businesses simply are not going to be coming back. also big story china where we saw very nice moves in china in the shanghai and shens shenzen exchanges. there were some very interesting moves and perceptions that msci and their indices may include mainland china in their major indices. right now only stocks in hong kong are included. that excludes a big part of china here. goldman upped the chances of inclusion from 70% to 50%, msci will make a decision by june 14th. this will have a lot of implications for indexers around the world. shanghai and shenzhen have had problems recently. mas

stockbrokers not within the definition a retail use for banking services and products like banks and salesforcend loans and credit used and had been licensed by the state of california the public put up with not the financial service definition it is the business and professional service definition of business and professional service a limited subset of stock brokerage that is something an interpretation of the planning code stock brokerage is professional service we had to determine part of the enforcement whether or not that was a stock brokerage and i think we had a productive and very lengthy hearing with the appellant i felt that the business model could go made in such the stock exchange was accessory to their advising services they provide to their clients and this could be conditioned through the conditional use process so that's my position on - >> i got a question can you explain the moratorium to me again what you just explained. >> open a bank there. >> no. >> can you open an insurance company. >> a financial service is prohibited not on my level. >> bha would an insurance company