venmo has a stronger brand now. seeing more pay with venmo options versus pay with onpal options when go internet site to make a canhase, it definitely you see venmo gaining traction. they want it to gain traction. square cash has been gaining traction lately. last thing they want to see upething like that coming sales.ing wind out their emily: lyft doesn't have this option yet. we expect lyft to answer here? upthere's a big push to ramp the number of retailers, merchants and apps. i wouldn't surprised to see someone like lyft or another app in theffering this well. as emily: thanks as always. silicone, china or valley. the asian nation produces most of the world technology and now developing itin as well. faster.rypto how are thieve able to hack into exchanges and what's being done prevent it. this is bloomberg. emily: this is bloomberg technology i'm emily chiang. is no secret china is to be the tech power in the world. china 2025n initiative and start-ups the dislodgelans it america. one of the keys to doing so h

they want to increase the venmo brand.tagram is seen as a great thing that escaped a lot of the scathing things that facebook dealt with recently and it is the bigger, better brand. that is not something people know that paypal owns. a lot of millennials are using this many times a day, if not several times a week as well. emily: what about the possibility of venmo cannibalizing paypal's business? >> i don't know that it would totally cannibalize it. it is something that paypal would not necessarily care too much, which one was there. i do think that no has a stronger brand right now. if you keep seeing pay more with venmo options versus paypal definitely -- you can see then mow gaining traction. and wanted to gain traction square cash has also been gaining traction lately. the last thing they want to see is something like that coming up and taking the wind out of their sales. lyft doesn't have this option, will they answer and to his next? >> there is definitely a big push to ramp up the number of retailers, merchant apps

you see pays for child care i have seen people poach and steal from venmo -- >> you find out what theyy i will pay you 30, guess who doesn't have a bibb sitter nanny anymore. >> make it worse take this more for you, here, steal someone's you can find out if someone is cheating on you boyfriend you find out the hey, so and so friends with this girl i don't know who this girl is find out on venmo page paying for each other's dinners sending heart emojis, kissing emojis turn privacy settings on private or else no babysitter no girlfriend. >> we've got a career for you -- >> cyberstalking. >> private investigation still is available online via venmo. [laughter] >> do you think this could happen people crazy with crazy friends know cyberstalkers. >> i think a real problemi ivip. now that we've educated what she is saying is correct you can make your transactions private, but venmo does no big favor to us, to help us do that. they don't put that out front. and now it is our job to tell you need to be out front with privacy they offer ability for you to make one of your transactions private,

customers will be able to use venmo to cover their rides or food deliveries. it could make it easy for anyone who doesn't want to link their financial information to uber. >>> how much would you pay to travel into space? it has been interested in the cost to see whether the company is generate enough to make it profitable. he plan to begin test flights. back over to you. >> $200,000. only the you. >>> new details about a pedestrian bridgelated to go up in fremont. it is already over budget and behind schedule. it is supposed to give workers easy access to the bart station. new estimates put the completion date in early 2020. that is one year and 10 million more dollars than first thought. >>> 4:42 for you right now. coming up for you on today in the bay a look at your forecast. good morning. >> good morning. it's a humid one out there. we are seeing a couple of spotty showers out there. going concord you'll feel the humidity as you head out the door. we'll be in the upper 70s by noon. we'll take a look at storm ranger and talk about what's ahead for the rest o

uber says rides are one of the most popular things that people use venmo for. partnership means partners can use venmo and then the uber app. >>> target is trying to help teachers get ready for the new school year with a 15% discount on select classroom supplies between sunday and july 21st that includes pens, pencils, hand sanitizer and storage and organization items. according to the national center of education statistics, teachers spend an average of $479 on classroom supplies without reimbursement. we have put a link to the target coupon code on our website, abc7news.com. >>> the polish dog wars are heating up. sam's club recently tweeted that polish dogs will be available at all sam's clubs cafes soon for only 99 cents. recently, costco pulled the polish dog from its food court, which really plunged a lot of its fans into despair. they were very popular. you can still get the original hot dog and soda deal for $1.50. a change.org petition to keep the polish dog on costco's menu has more than 5,000 online signatures so far. the only sam's club locations ne

to your point, one thing we are focused on is monetizing venmo.ly a peer-to-peer application, where you might be exchanging money with a friend or someone in your network. what we have moved towards in the last part of last year is to allow our venmo customers go shop at merchants. that is appealing to merchants because of the social aspect of this platform. it is akin to free advertising for them. emily: john rainey with caroline hyde earlier on bloomberg markets. a wrap of amazon's second-quarter results, the company missed estimates on revenue and the revenue forecast. growth on web services are strong and they beat on earnings. amazon is keeping a lid on expenses while investing heavily on devices and new businesses, like selling groceries and prescription drugs. take a listen. had what i achieve needed to continue strength in our most profitable areas. 49% fx neutral growth. advertising also had strong growth. elsewhere, we saw probably better than expected efficiencies in operations. emily: that does it for this edition of bloomberg technolo

. >>> and uber passengers can now eey with venmo. users will s a pay with venmo option for the one next to apple pay. they can use it to cover their rides, food deliveries via uber eats. this is for anyone who doesn't want to link their payments to uber. >>> a lot of folks a taking look outside on a beautiful, beautiful friday. >> they want to get out there right now. >> and this afternoon is going to be rlly nice to g outdoors. with high temperatures around 90, so it's hot, but themi ty levels stay nice and low. currently temperatures a in the mid to upper 80 ds. ifou're getting out of the area this weekend, it's looking nice. 87 and humid on sunday. so perfect to be at the beach. water temperature, though, now a chilly 73 degrees. maybe an isolated shower sunday at the but it's dry. if you're thinking about getting the car washed, go ahead. small chance for an isolated shower on sunday. i really think we're completely dry. as we look to monday and tuesday, we have the chance for attered showers and thunderstorms. and with the mlb a

they have the ability to raise prices then venmo, which i don't know what it's being valued at in the it's now a verb. millions of people in this generation and i think having ownership of that, having ownership and i like the pick and i'd like to see somebody who can switch it up and not just be buying the deep of deep value. >> you guys like this stock? >> my sources in the top ten position for them. so they believe in it and in part because of the venmo thing. >> i'll vrkwill i right now >> i think we think this is a $100 stock i don't think this precludes you from invest ng square, which is launching something similar. in terms of electronic funds transfers, it's the place to be b. >> scott, i do market check if i could. so the market has turned around. very positive today and i think that's despite the ten-year. despite the ten h year moving up, that's what's looking forward to earnings. >> that's my mark. just threw that in >> got to do things gradually. >> right >> let's get a check on the dow 30 as steve just told you as he just said. the dow jones industrial average is up. 's

>> he thinks they can improve their operations around venmo.ing tot realize how successful it could be. $1can add an additional billion in revenue to paypal in three years. the off-line payments business is a bigger market and he thinks those areas are going to help them become a more successful company. he thinks this is a company that is going places. standalonets as a entity. the chairman of paypal was the ceo of ebay. companies should have -- stocks. , he says het know has taken a new position, the one he is talking most about. this is a long position. vonnie: will -- have to disclose the number of active users? >> this is a $102 billion market. a 5% hold of the founder. the expense to which dan loeb will take a meaningful position above a percent or two and lobby for changes is to be questioned. this is a big market cap company. he did it with nestle. a very small position, made a lot of noise about things that could be done better, but is limited in the ability to engender that change. vonnie: you see the competitors and it will be intere

. >> venmo, paypal. >> lot out there. >> i will take cash. >> those are your tech bite. >>> this morning a brand of cracker under recall. the hazard to your health. >>> an animal rescue group uses a chewed up watering can to help a circus lion live a new life. >>> hundreds line up at the conservative of flowers at san francisco for a chance to smell a rare bloom. >> young women are invited to an afternoon of personal and career growth. learn from shantell anderson and showcase your personal brand, invest in the ♪ every day it's getting closer ♪ ♪ going faster than a roller coaster ♪ ♪ a love like yours will surely come my way ♪ ♪ hey, hey, hey ♪ every day it's getting closer ♪ ♪ going faster than a roller coaster ♪ ♪ a love like yours will surely come my way ♪ ♪ hey, hey, hey babies aren't fully developed until at least 39 weeks, which means babies born even a few weeks early can have breathing, feeding, and learning problems. if your pregnancy is healthy, wait for labor to begin on its own. a healthy baby is worth the wait. (tiffany) ask yourself what your children or cigarettes. for as

customersore venmo than we ever had before. is billion of total payment by him that room 78% in the last order. there are few companies that have that amount of payment volume that are growing at that rate. to your point, one thing we are o.cused on is monetizing venm it is largely a peer-to-peer application where you might exchange money with a friend or someone in your network. what we are moving toward in the last part of last year is to allow our customers to actually shop at merchants. that is very appealing to merchants because of the social aspect of this platform. it's akin to free advertising for them. paypal ceo's the with our own caroline hyde earlier on bloomberg markets. amazon second-quarter results, the company missed estimates on revenue and the forecast revenue growth for web services and advertising were both strong and the company beat massively on earnings. the results show amazon is managing to keep a lid on expenses while investing heavily in new devices and selling groceries and prescription drugs. >> we

paypal fell after saying it expects to miss avenue forecast and warning that growth of venmo will continueng. compared with analyst expectations of 3.7 billion. paypal beat revenue estimates last quarter and authorized a stock buyback worth $10 million. >> we felt that we had a very good quarter and gave good guidance for the year. we had reported 23% revenue eps growth.8% to your point, we also announced a $10 billion share buyback. increased guidance by 100 new dollars in increased our guidance by one cent, showing momentum in business. haidi: spotify boost its customer base in the second quarter, beating analyst estimates thanks to growth in latin america and emerging markets. paid subscribers reached 83 wheeled, -- 83 million, more than any other music service. the business is performing to the higher end of expectations. shares recovered from a premarket slump, pushing the market cap to $35 billion. ramy: amazon reported better than expected earnings in the second quarter and forecast were of the same in the current period. it sees operating income of up to $2.4 billion, igniting inve

. >> may be venmo. >> apple pay. [laughter] >> another reason they released this is because it looks again mike michael: throwing his spaghetti at the wall and hoping something sticks. >> maybe they are hungry. >> stormy daniels' attorney michael avenatti hoping for some noodles off that wall, too. speak out so many noodles. >> okay let's move on. some democrats are issuing bold warnings to the red state counterparts about supreme court nominee to nominee brett kavanaugh. want to make of this growing showdown just a few months before the election. and senator is ready to drill down on secretary of state mike pompeo today when he testifies on capitol hill about the president's summit with russian president vladimir putin. and at this development. republican leaders warn vladimir putin will not be welcome on the hill if he visits washington this fall. stay close. >> one of the things that gets lost is the determination that this administration has had pushing back against brush and malign behavior around the , we got e

not revealed why but experts think it's likely due to the struggling fight and the competition with venmol. >>> a live look at the new york stock exchange and we are down about 18 points as trading get under way this morning. >> okay. if you bought any ritz cracker products recently, check those packages. snack company mondella international recalling more than a dozen products after fears of salmonella. 16 varieties of ritz crackers sandwiches and ritz bits items have been recalled that contain whey powder a supplier has recalled due to the potential presence of salmonella. no illnesses have been reported yet. we have a full list of the recalled products on abc7news.com. >>> a transgender activist who won a discrimination lawsuit after a school refused to let her use the girl's bathroom will be tv's first transgender super hero. nicole maines will star in the series "super girl" and play a character called dreamer. producers describe her character as a soulful young transgender woman with a fierce drive to protect others. maine's gained national attention against her school district in m

cash ouapp, the adaptation of it up 140% we heard about the challenges they would have from paypal, venmo. they had 200,000 downloads so clearly there's a lot of acceleration in terms of user growth for that. it's a fantastic story >> the adoptioner is interesting, how fast it's been. jack delivering once again free cash flow stands out more than anything. this particular analyst note going from 44 to 81, that's not all that impressive. >> they're late, but better late than never >> absolutely. the free cash flow is what they point to i look at all the rest that was written about it, that was already knowns the cash flow will triple by 2019 and go further in 2020. those are huge numbers >> here's what they say. they say the evolution from a payment company to a differentiated consumer and merchant platform. that's what they love about it >> short-term buying, july 65 calls, these guys killed in that just last week the 13th, we had 20,000 double nickel calls being bought in this one i've been long this name for three months they continue to flood in. i love the way it's moving i'm not taki

. >> i agree with dan that you can consolidate here and venmo, i think the choice initiative are undervalued i think they're asset light here and i would stay in the name >> i prefer visa i like paypal. >> i didn't even ask you -- >> oh n. >> just kidding! >> go ahead! >> that was a little offensive >> anyway, but paypal, i do like what they're doing, and i like the acquisitions they've made of late and they paid a couple to expand themselves and their multiple is far and above what visa and mastercard did, and i think visa is an opportunity and i think that's a better name >> i always want to know what you think, pete. i'm just joking. >> the possibilities with crypto what does it mean for bitcoin which has been surging this month and spencer bogart joins us now spencer, good to see you it came back to the mastercard announcement last week, do you think this could be a major catalyst for crypto? >> you know, i think that the way to fail in crypto is to think that ip and patents will be your path to success. in general, look, any of the incumbents will have a hard time in the space and it's

at the same time, paypal, venmo, and other private mobile payment platforms continue to improve vee convenience and speed of person-to-person and retail payments. it seems likely that the use of cash will donate fall and it's worth noting that there is a tipping point at which even if consumers seek to use cash, businesses and banks will no want to deal with it. what happens then? one possibility is that people will be content to transact primarily in commercial bank deposits and things will be business as usual as a much smaller cash component to the monetary base. another possibility is that people will demand direct access to some form of digital central bank-issued money as a replacement for cash. and a third possibility is that people will turn to privately-issued cryptocurrencies like bitcoin. these options are not mutually exclusive nor are they independent. the adoption rate of bitcoin will depend not only on its performance as a money, but also on the forms of digital money that the central bank provides. if consumers perceive that have an adequate access to cash like medium of exchang

venmo could be a $1 billion business within three years. costine payments plus discipline.f we go back to the bloomberg and take a look at what is happening earnings wise, some quick math. $2.35 per share is a contest this -- a consensus estimate this year. that equals $118 stocks. $3 if they really just knock the cover off the ball. it could be a $141 stock. interesting call. scarlet: you mentioned competition. when you talk about competition, lots of different players involved, including apple. abigail: apple pay. scarlet: how is that checking out? i know apple pay is nowhere near the size of paypal. abigail: that is a great question because it turns out they are winning the online payment space. other companies instead of trying to be them are joining them. they have a partnership with apple, facebook, lisa, and andercard -- visa, mastercard permits things like they are doing all things right. you can see the stock price going up in the last two years. some investors have been on to this. scarlet: good stuff with thank you so much. coming up, a busy week for tech begins

that, venmo, cash app. >> reporter: he showed us a payment he made to a patient the day before. >> shelant, but she just didn't know any better so -- >> oh, you're all right. yeah, yeah, yeah. >> i always say rent. yeah if you, like, look at my vendo, you'll see how much people i pay rent to. >> reporter: he pointed to a doctor in beverly hills who he claims made a lot of money doing the procedures. >> dr. randy rosen. >> reporter: the same doctor, it turns out who did berry's implant surgery. >> excuse me, doctor? >> reporter: rosen declined our request for an interview. >> we've been wanting to talk to you about why patients are being paid to get surgeries. >> reporter: through his attorney, dr. rosen told us he has nothing to do with that craigslist ad and he has no idea who carter is. >> this is private property, you guys are foot allownot allowed >> reporter: they have tore sign this form stating they have not been paid to get the implants. as for brennan berry, three months after getting his, he overs doed, after taking heroin mixed with fentanyl. >> he was gone when i got here.