brian? >> thanks. i'm brian sullivan at apple's $5 billion headquarters in cupertino. probably a new iphone, maybe a new tv product, a new watch. could there be surprises we don't know. a lot of questions we'll get answers in a moment. michelle >> going to be exciting. i'm michelle caruso-cabrera at the alpha conference tyler mathisen is with me, too we have been speaking with important investors in the world. we are going to bring what they said coming up in the next two hours on "power lunch. melissa, back to you >> let's check the markets and keep up on the rally stocks are mostly higher s&p 500 hitting record highs nasdaq has been digging in and out of record territory. the dow would be higher if it were not for mcdonald's. they are down 3% because they will report below consensus estimates. this cites, specifically, the storms harvey and irma we want to point out gold mman sachs up about 2% and apple holding steady as they kick off their event in cupertino let's get to brian at apple headquarters >> we heard a wave of cheers because tim cook took the stage. he is underground. you don't see anything because they are underground tim cook is on the stage there's been a lot of leaks. we have an idea as to what we might expect here is what is widely expected to be unveils here in cupertino. maybe three new iphones, one costing $1,000 a watch that could run on its own. right now, it needs a phone near it that could be stock moving and perhaps a 4k tv product. let's dig into the iphone. that's what apple investors care about. one of them could have an old l.e.d. display i don't want to get wonky. it uses less power and that means your battery lasts longer. something with augmented reality. that could be a big deal the new top end phone, the iphone x or iphone 8 may cost over $1,000. 80% of people buying phones are financing them, they are not doing carrier contracts anymore. you are paying 25 bucks a month. there could be contracts as well these are speculation by analysts they are not going to happen, but fun to think about could they stream a video service? aka a netflix killer, if you will an amazon tv app that battle is gone and maybe we'll get an amazon app on apple tv as well a lot of speculation on a car. the last three are not things we expect to see, but they are fun to think about for anybody out there criticizing us saying why are you there? you are giving them free publicity. you may not care about apple, but you care about your money. it is, perhaps, the most symbolically important stock out there. even if you don't care aboutth phones, the technology, probably care about your money. that's why we are here the headlines are going to start rolling out and i have them for you. >> i love how brian brings me into the conversation. he's a professional. he's a pro >> speaking of professional, what is your opinion of apple, stock 40% into this event? >> jim cramer talks about this and people say, you have to sort of trade it and caid around a long position. my pushback is why this is a stock that's worked for you with the exception of a couple incidents for quite some time stay with with what works, apple does their valuation is going to be based on services. i think if they can get revenue up to 20%-25% of revenue, it deserves an evaluation >> raising the price target to 253. augmented reality, that's your favorite feature, services and the push to upgrade devices to support augmented reality apps that could be a huge opportunity for apple. >> the nintendo game kids go out and walk around. >> pokemon go. >> you are a huge fan of that as well >> huge. >> with that said, it was a huge game apple wins the things like that. listen, clearly, i'm not an augmented reality person i think you know you have known me for a long time but, something apple can benefit from the services revenue, they continue to push the envelope and move up the chain. that's why apple works >> the event is under way in cupertino, california. meantime, let's get to tyler mathisen tyler? >> guy, i am with you, i am not an augmented reality guy my reality is vivid without it being augmented in any way a lot of interesting stuff going on in alpha in new york city giving investing advice. leslie picker joins us with some of the highlights. >> we saw the conclusion of the ed show with ed green. ceo trian. we don't usually see the company he's invested in together on the stage. they discussed it with portfolio changes ahead of the company's three-way split. he had more choice words for another company they have invested in, p & g take a listen. >> p & g talking, making a lot of statements that are rhetoric and disconnected from reality. part of what the proxy fight will do is put a spotlight on those issues the intention is not to embarrass people the intention is not to fire people you saw this the intention is to put a spotlight on the problems so that a lot of smart people get around a table, jim, and debate the effects. >> the morning opened with steven mnuchin reiterating tax reform without the numbers the market was looking for he said they could get tax reform done, but didn't specify what that magic rate would be. >> i'm not going to comment on what's a win and what's not a win. as i have said, this is a pass/fail exercise passing tax reform, which hasn't been done in 31 years, that's a win. what the exact number is, we'll see. >> bridgewater predicted the rate would wind up being somewhere like 23% and come later than expected and will be a watered down version, that's a quote. guys >> thank you very much it was something, michelle, you picked up on in your conversation about corporate tax reform he had numbers in mind there, but a wide range in conversation >> it was. he was optimistic tax cuts get done because legislatures want to get re-elected and it will be in their best interest we started the conversation with the fact this is the first time he spoke in public about the president's councils, the ceo leadership councils were disbanned under president trump. he was the leader of the leadership council i asked him to talk about what happened in those days and what was going on behind the scenes he orchestrated the phone call with every member, all the ceos on the leadership council and he decided why they disbanned it. >> anyone running a public company could not deal with the pressure from their constituents and so, basically said, well, it seems pretty clear, you know, that really didn't want to have a melting ice cube type thing. people were under legitimate astonishing pressure seeing the e-mails that i got >> tell me >> you know, i was accused by people of being a nazi i'm jewish >> the lighter moments in what was a tense discussion at points, tyler. you kind of relive the moments >> you pick up on a really important point. the fact the counsels were discounted, that doesn't mean the ceos aren't walking to the white house. they are >> i asked him repeatedly if he was still talking to the president. it's well known in new york city circles, president trump and him have had communications. he would not answer questions on whether or not they have stayed in communication at this point said, that's none of your business >> he did, very directly >> very bluntly. i tried again, but -- >> as you always do. he said he thought the ultimate tax rate on corporations was going to be somewhere in the 25-28 neighborhood mr. mnuchin, earlier con creeded that the target rate of 5% was going to be very, very hard. it looks like there was a coalescing in the mid-20s, if we get there. he thought we would. >> i think that is the consensus at this point. and, you know, let's see what happens from here. it's been so unpredictable, what's come out of washington. >> that is an understatement let's go back to melissa >> millions of florida residents without power after hurricane irma florida power and light hoping to have all east coast customers by the weekend one of the hardest hit areas was the florida keys contessa brewer is joining us from key largo >> reporter: they opened route 1 to residents only. they had to line up and show their ids to get back to police to get back into the upper keys, only they are not letting people into key west when you look around, you can see what people are seeing as they return to their home. for instance, see this lift is empty? the rage of irma lifted that boat off the lift. this isn't the boat. this came from somewhere else. it scraped all the way in. this is the boat that belongs on that lift. the people who are coming back are devastated by what they are seeing, even though they knew irma was going to hit the keys hard the first shock of seeing their homes gone, of seeing things emptied out by the force of the water and so much wind damage. trees down has been a shock to the system still, what they are telling me is, the only thing to do is rebuild. so, to do that, we need gas, we need communications back up and running and, yes, we need food delivers to get our homes back in livable condition don't forget, with all the damage around here, they need the contractors to come in,the generators and fuel and all that that need visitors in the near future they have a lifeline to tourism. having tourists out of the keys doesn't work well. this island is their money and they want to make it run >> there's a lot of rentals that are gone now it affects us because our home is down. we are about to go into season so, it's going to be rough >> contessa, we'll take it from here thank you very much. three dow stocks, goldman sachs soaring as they bring in more money mcdo mcdonald's falling tim cook took the stage moments ago. waiting for details on the new phones we'll bring the headlines. all those orsties and much more delivering alpha as "power lunch" continues welcome back i'm brian sullivan at apple's headquarter in cupertino, california tim cook the stage now, announcing the addition of creative types at apple stores you have the genius bar where they can help you fix stuff. no market moving headlines yet from apple we are here for you. we have a lot more to go we are just getting started from this event out west. >> an incredible shot where you are right now. the building looks unbelievable, amazing. thanks >> john fort joins us with his thoughts on apple. a thousand bucks, are people going to spend that? >> yes over the last couple years, the larger phone costs more anyway that's been the big seller that adds to gross margins for apple. investors love that. if the design is different as the rumors suggest, you have this larger screen with a smaller border around it, just radically different design no home button people are going to know immediately if you have the phone. they are going to throw more storage in it. not just a higher price for the same phone i don't think apple will have trouble selling out of it. >> the way the phones are sold is different you used to get a rebate for the price of the phone as a reason to hang on to the contract now, it's like leasing a car, you are paying it off over time. people buy the monthly payment and say it's a $1,000 phone, but i'm only paying $30 a month. >> it's deja vu. now you see the line item differently, depending on whether you are paying your carrier or it or on the iphone upgrade plan with apple. the bottom line is, you are paying over time, usually. unless you want to pay up front. you can. >> what's going to happen to this button? >> when blackberry got rid of that button, i thought it wauz disaster >> if you do the face unlock, the infrared scanning is good for in the light you want to pay your bills in the dark i do it. >> what if i grow a beard? >> i can't grow a beard. it would reset automatically >> back to you, melissa. >> thanks, guys. let's get a shareholders take on how it could go today. "fast money" contributor guy domni. we had few headlines but one that stood out is they are going to have a fantastic augumented area saying they are going to have professionals in their stores to help people use the software bert. this points to me, to really beefing up and focusing on the services part of the business. >> absolutely. so, what you are seeing is apple rolling out the ability to teach people how to use the new phone and augmented reality, which is a departure. apple has been somebody who made it easy for people to use. this is going to be an interesting change of events here >> where do you go here? what are you looking for out of this event tim cook is seeing growth in the apple watch, a 50% on year what is the big thing that stands out to you? >> as you mentioned earlier, they add more services and capabilities outside of what you pay for an iphone. they need to grow those revenues in watch and tv and perhaps now the home speaker to take away the fear there will be a secular change and the iphone will be the device people don't want anymore. we want to see long term stuff >> a lot of people do. apple currently trades 15 times next year's earningsish. if they are successful, what's the right multiple for apple, in your opinion >> i think apple suffers pause of the fear of secular change. people don't want to wake up and have them become nokia or blackberry if you just gave apple 17-18 times multiple where the market is, that's probably fair we don't expect them to get a multiple in the 25-30 range because they are still asset heavy. >> what sort of switch to services would you like to see to feel comfortable with this multiple or a higher multiple? >> i would like to see the percentage of revenue associated with services begin to grow and be on par for iphone right now, it's 60% of apple's product. you want to see that come down you have to look at iphone as ios and all the services that come with it there's a lot about iphone that created these products young they are going to leave it i wanted to see more revenue we are going to leave it there we will check in with you throughout the hours as we get to this event in cupertino, california coming up, why investors aren't loving mcdonald's today mire interviews and big ideas cong from jaime diamond at 3:00 p.m. eastern time ...has grown into an enterprise. that's why i switched to the spark cash card from capital one. now, i'm earning unlimited 2% cash back on every purchase i make. everything. which adds up to thousands of dollars back every year... ...and helps keep my passion growing... ...in every direction. what's in your wallet? welcome back i'm brian sullivan at apple headquarters here. right now, the apple live e vept, forgive me, i have apple here and tv here tim cook saying the apple watch, sales up 50% apple is the biggest watch maker in the world the satisfaction rate on it is 97%. we heard moments ago from the gentleman that runs the watch division is if your heart rate spikes, it will notify you automatically. they are trying to sell the healthy. they rolled out a new commercial, which we will probably show later in the show. they are selling the health aspects. >> if my heart rate spikes, i want it to notify my doctor. >> why your doctor >> my heart rate spikes when i see you. >> your watch would be ringing off your wrist >> with that said, that, the push in the help has been a huge thing. a lot of people have been talking about that if apple can figure that out, it's a whole new sector. >> insulin monitoring. that would be revolutionary. >> it makes that watch, if it can detether from the phone -- >> indispensable >> i don't know about indispensable, but interesting nothing is indispensable >> you are indispensable >> i was waiting for that. >> mcdonald's is a big drag on the stock. they are down 3% researchers out with a note saying u.s. sales tracking below current estimates. they say specifically, the impacts from hurricane harvey, hurricane irma could impact a lot of fast food chains out there. >> it makes sense. 22.5 earnings, make mcdonald's is above their skis or over their skis i understand that. we talked about "fast money" for quite some time. i think the stock got up to 161 and change i can understand people being spooked by this. go back and look at the second quarter report in july, comps ridiculously better. their margins, much better mcdonald's has their mojo back look for this a little more as a sell off, but there's another opportunity to buy mcdonald's. >> would you rather. >> i love this game. >> mcdonald's or chipotle? >> mr. akman is forcing me to play the game. you are forcing me >> i'm forcing you >> mcc we have breaking news coming out of jpmorgan. jaime diamond is in a conference we have the latest >> talking about the barkley's conference trading down 50%, which is in line of expectations brexit ahead of the election that led to a boost in rates and currency trading down 15% jaime diamond said down 20%. the stock prices are not really moving it because that's broadly in line with expectations. we heard from harvey schwartz earlier of goldman sachs he didn't give a specific number, but said it feels like the first and second quarters. first of all is goldman sachs, closely behind by jaime diamond of jpmorgan. goldman sachs up today because they have been positive about their longer term turn around saying over the next three years, they can boost revenue. that's boosting that stock and all the banks are up nicely today. the other interesting point we heard from jaime diamond, much more detail when they sit down later, is on interest rate >> hold on hold up. we want to go back to brian in cupertino with headlines on apple. >> this is interesting this is what was speculated about the watch which may be a big deal the new watch that's coming out does not need a phone nearby right now, if you have an apple watch, you need to have your iphone it is tethered the new watches, which are coming out in a month, are going to be untethered they are going to be cellar specific you can leave the house with just the watch, guys they just announced seconds ago, you can stream 40 million songs from your watch to the wireless air pod. the dick tracy era is here it may move the needle for people who said i like the watch, i just don't need it because i have to have my phone anyway that's two thing that is are annoying now you have your phone, you can walk around and stream muse zic. let's watch apple stock. this is a really big announcement on the watch side and they say it's going to be available next month i'm going to keep listening here >> quickly, i don't know how the plans work, but presumably you have another device on a plan and you might have to upgrade your cellar plan so, i mean, i'm looking at the telecome service providers getting a boost from this as well if you are putting another device on your cell plan >> that's an excellent point glad you brought that up this is a cellar watch i don't know if it is part of your current plan. if you have five gigs of data and burn three on your phone and two on your watch ar a separate plan maybe it's like a my fy. you can go out without your phone and answer the phone with your watch >> you put this feature in, guy, and all of a sudden it becomes what >> we just had the conversation five minutes ago it's a game changer. not a huge game changer, but this can move the needle for apple. it makes sense to me i think it will continue the upside >> we continue watching this meantime, we want to get back to the headlines out of the barkley's conference goldman sachs is where we left off here, will >> goldman sachs allowed them to rally despite a bearish. they put it in the mix haven't been the same activity, less exposed also the type of trading their clients do harvey schwartz saying they are in market making versus the rivals doing lending that hurt them it wasn't going to turn, yet over the next three years, the 5 billion more revenue they could make back to jaime diamond because other interesting comments in terms of relationship, many thought that was a frictional relationship jeff introduced him and described him as the most important respected leader of a financial institution in our generation saying of his own most recent year, it's been very tough. out of the blue, the person to call him has been jaime diamond, an interesting perspective >> in terms of leaving the loose interest rate to environment, diamond did say, we'll have volatile markets again and panic. an interesting comment on that >> we have to go diamond saying he is considering not giving guidance anymore. we'll continue to watch the headline >> just on trading it was a tongue in cheek he hates how everyone jumps on it like we have. 20% down >> ahead, we have much more coming up on alpha let's head back to michelle. >> after the break, we are going to speak with a man who made billions off an investment he's going to join us next on "power lunch." teigceture of artificial inllenare robots going to kill s delivering alpha rolls on after this break cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. for tech advice. dell small business advisor with one phone call, i get products that suit my needs and i get back to business. ♪ people don't invest in stocks and bonds. they don't invest in alternatives or municipal strategies. what people really invest in is what they hope to get out of life. but helping them get there means you can't approach investing from just one point of view. because it's only when you collaborate and cross-pollinate many points of view that something wonderful can happen. those people might just get what they want out of life. or they could get even more. welcome back i'm michelle caruso-cabrera here delivering alpha back in 2005, pioneer jim breyer made an investment in facebook at $5 a share. since then, he's become a billionaire. he's joining us here later today to talk about artificial intelligence good to have you here. >> michelle, thank you >> artificial intelligence, most people are familiar with it because of alexa or google because you talk to it and it responds to you. is there anything else going on in ai that we should know about? >> it's extraordinary. it's an extraordinary time the watch annoyancemeuncement t that is all ai based many of the best, most innovative applications will take advantage of the fact our health data is changing, doubling every 60 days we need ai and technologies to help manage patient outcomes in better ways. >> jim is referring to, if you didn't see the last block, the new apple watch is going to warn you if your heart rate accelerates over a certain rate when you are resting to warn you of potentially a heart attack. we talked during the break you said there was an arms race for ai talent between us and china. really historically, they have always been behind us when it comes to tech >> we ignore chinese ai at our own peril. on the streets when visiting universities in beijing, the ten cent are close, if not equal to our very best ai companies alphabet, facebook, apple, amazon there is an arms race, but also an arms race for start-up talent it's like being an nfl quarterback prospect a great ai developer today is being identified, sophomore year, junior year in college and receiving an nfl-like quarterback contract >> we want to listen in just a little bit this is a super important guy when it comes to private equity. >> i have been on a 25 year, this is our 25th anniversary, i have been on a 25 year jour ane to go back and look across products to find opportunities we started in big buyouts because in the age of beta, that was an interesting place to be but, i think we are in a very different age now and we were lucky enough to set up the firm in san francisco at a particular moment and we have strong views as to what you have to be doing at this moment >> why is the expertise at tpg able to transfer from a large public equity buyout to a noncontrolled business in uber >> when i started with the buyout, i have a 20-year-old son, a sophomore in college, he could design in capital structure for a buyout today the product has become demystified. at the end of the day, i'm called a buyout person but i'm an investor. a buyout is a tool once they are used often, they lose their value what doesn't lose value is a company that is not tool dependent. we are set up more by sector expressing that across growth, across buyouts, across real estate, as opposed to a cross tool, which i think is a funny way to organize a market >> all right i want to talk about your specific investments you said in public market buyouts have they lost value to this point you are making? >> no. i think it ebbs and flows. if you look at tbg's investment pace in a buyout market, we were investing at three times the rate we are today in 2009 and '10. there was a moment in time, it was a value market you leaned in, bought good companies, put leverage on them and play an improvement in the businesses and improvement in the multiples. that double dip, better business performance has driven a lot of buyout performance today, we are late in the cycle. i don't know when the cycle is over, you have other people that comment on the macro but, i have to drive looking out four years at the extent of my life in that time frame, what do you do at this moment? i don't think you buy levered beta i think you try to find alpha and try to find growth that question, where do you find alpha and where do you find growth today is what's really driving us >> a lot of people in this room are trying to do that and trying to at this conference, hence the name they focus on the public markets. you seem more focused on the private markets as the place to find that out. >> i think there's a possibility, i'll be provocative, a time of the era of the private market. i'm not a public market person, but i'm an observer of industries if you are in the public market, take this as an amateur from the side if you describe a product that customers are down 40%, if you describe a product where people who normally would be buying a product are not buying and where the product is becoming undifferentiated, you would be describing the public market the number of public companies are down 42% from the high of 7500 down to 42. in the last cycle of innovation, maybe craziness in the tech market, there were 80 billion venture capital went into 6,000 companies. in a pretty short period of time, 1,100 of them went public for 253 billion dlarl$253 billin think about that this cycle $250 billion have gone into venture capital in 42 companies. i would expect a massive ipo boom but there's only 215 at $80 billion. the exact opposite companies are opting to stay private longer obviously, it will work out over time >> what does that mean are you sure it will >> no. what might happen, the public market people potentially give you better insight there are two things happening that i think are key first of all, more companies are being bought by the fact, so if you think of a company like instagram, that might have been a great ipo, but rather than go to the public market, it went to the public market in a way the beta players could play it i would love to trade instagram, but you have to trade in facebook to participate in that. more and more what you see is how difficult it is to go public look what snap is going through. people opt to sell to the big, public players the second thing is people stay private as long as they can. because there's a robust market of place of people like us, when we used to sell our investments, we predominantly sold them into the public market. now, we sell them into the private market i don't know how this all works out, but i would, just as a corollary point my finger at the real estate market in the corporate market, we have assumed that is the end state. in the real estate market you have a relatively small number then a bunch of private market assets that trade in the private market so, i do think there's a moment in time where finding alpha in the public market has gotten more difficult as it has market has consolidated and moved to a passive margin, not to say it can't be done, it east just more difficult. the hedge funds are the seals of the alpha. a lot of alpha pressure is going into the markets on the other side, if you think about the private markets, this is staggering statistic someone gave me the other day. hey, we just rolled out a new watch and added $8 billion roughly to apple investors out there. how about that right now, they are talking apple 4k tv. that is the apple tv box that will be rolled out minutes ago, they rolled out the first cellar apple watch the old watch needed to be tethered to your phone or be close. they unveiled a $399 cellar only phone. they did that by showing somebody speaking into it on a paddle board in the middle of the lake to highlight you can use it independently when they did that, the market reacted. apple stock up 1%. every 1% move in apple is $8 billion in revenue they roll out a watch, they get 1% they are talking tv 4k television we'll bring you more headlines on tv as they roll out apple stock up on the day. back to you. >> thank you very much, brian sullivan we are hearing about how much this new watch will cost, $399 what market? china will have the watch with three carriers supporting it as well as here in the united states it will be available on september 22nd so, to ship before that, available september 22nd, which is key for analysts. they were looking for that date to make sure there weren't production delays. >> price point will be right, against a $1,000 phone, it makes sense. if they can figure out the health care aspect, think about the rebates from insurance companies. think of ways this watch can pay for itself for the consumer. we talked about the stock going higher it's 1% higher given the volume, we traded already one day's volume at 1:45 in the afternoon a good day, the stock looks good >> up 1% now powering the s&p 500 back we are one point away from record highs we'll have more on ahalp -- delivering alpha when we come back welcome back, i eem brian sullivan if you thought apple and amazon were enemies not anymore moments ago behind us in the steve jobs theater, underground, apple advertising it will be available on the app l tv product. if you are an amazon prime subscriber, those shows. the two is coming together either way, whatever animosity between amazon and apple, appears to be on the tv side guys, by the way, they are adding live sports so they are giving you another reason to get rid of the cable box in some respect and go batch live sports right now you have to watch it generally, they're doing their own thing with to have sports. we got the new apple watch cellsel cellular and we are still waiting on 53% of the revenue and that's the phone there is a lot going on today. >> yes >> there is. there is so much going on, brian. they just announced that apple tv is going to feature live news as well. we are joining with jim breyer, lets talk about apple. you are on board with tim cook over in china, correct >> apple and their watch announcement today, what do you think of this company change ng t in the world the watch announcement is a changer, from a larger point of view, tim cook a, and apple do extraordinary job of developing and building ecosystem in china and that's one of the reasons why they are likely to be the next trillion dollars market cap. >> one of the announcements, too that apple says china mobile and chi china unicon will carry this mobile watch that news was certainly important to get the growth in terms of sales >> on the last trip to china when tim and i were together, he ran a contest for developer in china to develop innovative watch applications for developers around the world, apple and facebook right now are the most important ecosystems and as an investor, those are the boast place to be investing long-terms in terms of building major companies around the ecosystems >> did you see any cool apps you were there did you give us any hints of what's coming and what's possible a lot of facial recognition to be expected. >> final questions, artificial intelligence and the elon musk of the world and machines becoming so intelligence, they could actually turn on their creators >> do you believe that >> most of experts would say 20 or 55 maybe the median year where this could happen, but there are many who disagreed i think elon is brilliant and i congratulate thim congratulate him on the debate on the mark zuckerberg side, i learned to never bet >> got it. he does not believe in artificial intelligence. >> he does not thank you, jim, thank you for coming on. >> we got a lot more coming up we got to see what's going to happen with the new phones from apple. brian is out there live, don't move, "power lunchisig tethis" rht most etfs only track a benchmark. flexshares etfs are built around the way investors think. with objectives like building capital for the future, managing portfolio risk and liquidity and generating income. that's real etf innovation. flexshares. built by investors, for investors. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. what we know right now is tim cook is about to address the new version of the iphone. his stock is up by 1.4%. lets bring in our adviser, tim, based on what you heard, what do you make of it all >> it is pretty much what investors are inspecting and it is a way apple is continuing to merge the platform you are now starting to announce products that go all over different devices. >> and on top of that, the apple tv that they just announced, really starts to bring everything that you can use digitally across the platform. >> thank you for joining us, we want to get the brian. it is officially called the iphone 8 as we believe it would be 'lgouto iainwel o tbrn cupertino, california after this quick break. >> okay. and the wolf huffed and puffed... like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said... symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, 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(child giggles) symbicort. breathe better starting within 5 minutes. get symbicort free for up to one year. visit saveonsymbicort.com today to learn more. welcome back to "power lunch. the apple launch event in california at their new headquarter. apple begins to unveil what everybody cares about is the new iphone or iphones, we expect three different models and they are rolling it out right now the details are technical and glassy and back and stuff about the design, we are waiting to find out how big the phones maybe and importantly how much they may cost. the iphone really, i don't want to say everything but at 55% of your annual company's revenue, it is the thing that'll move the needle apple stock is up about half a percent. i got two things going on. stock is up about half a percent. during the apple watch launch, if you missed that, they'll have a cellular watch as well guys, this iphone and the iphone 8 or iphone x or whatever you want to call it is the big daddy of the lalaunch. with the average price targets of $175 a share, the stocks have some way to go over weight of the average rating it is one of the top rating of hedge funds. even if you don't care about the iphones, you may care about your money. this is the thing that'll move apple stocks >> brian, thank you very much. key details from the investors will the available date be any sort of indications or any delays or supply constraints or information that we would like to know so more. lets bring in our tech correspondent, molly, i will kick it off with you what stands out so far with you? >> well, we are still waiting to see how many iphones are going to be introduced if rumors are to be believed, what we are seeing now is iphone 8 and 8 plus is the expected incrementin k incremental. there is rumored to be the third iphone x, getting rid of the home button and costs more than a thousand dollars this is something that we see apple do when they refresh their mac book recently, they introduce their mac book of more technology and riskier so we may yet see another phone that is super premium. >> yeah. >> absolutely. we are still waiting for more headlines to come. there are a lot more details about this new iphone 8 and another iphone to come paul, in the meantime what we are hearing is the apple 8, that's going to be the heart of the phone basically, does it look anything significant? >> the advent of that particular chip is not a real surprise. the key is supply change just as you mentioned, it is going to be for if they do announce which i believe they'll in a minute. the thing that's most exciting about that, the biggest supplier in the world is samsung who was also an arch competitor on the wireless side. so that's the supply chain issue to considered most closely >> the stocks loed, that's not the one you are watching you are really concerned of samsung. >> that's right because samsung makes the oled displays for apple. they have apart competition relationship, that's much more important to me verses the cpo or the gpo >> molly i am not asking you to pick stocks here, but which company stands out to you? >> it is apple verses samsung, it is a fair head to head of the premium price range, i think at this point, you have to be looking at its chinese competitketel marts competitors. >> i know that apple continues to pursue the premium strategy, i think there is a host of new competitors that may have a better lock on those emerging markets because their prices are lower and brands are making a big impact >> as we are watching the stock, back off to our highs. i want to go back to brian in cupertino, brian >> reporter: i want to jump into the conversation, i cannot hear the show because i am listening to the feed here the analysts that we spoke with and i e-mailed him, the majority of the apple analysts out there of this event and what's going to move this stock forget about the technical stuff and the phone and that's nice, we care about the stocks because it can move the dow and the entire markets what everybody said was, paul, it was the most important thing is the timing of the availability if there are production problems and it pushes back later in the fourth quarter, that could be a negative in stocks people love to buy phones ahead of the holidays. it is nice and it is noise and what we care from about an equity perspective, moving the stock is selling 85 million iphone in the fourth quarter it means whatever they allow, you have to go to the store and buy. timing literally is everything agr agree? >>. >> brian, you are spot on. the most important part of today's announcement is not the company. all the functionallies have been ta talked about for months now. the key thing is what kind of production can they ramp in models and when i say ramp, incise over our calendar of 2018, we are expecting to shift 300 or 400 millions of these on the upside there is going to be all kinds of demands for it. the key is, how about the supply it gets back to the ability of all the screen produced by samsung. >> a lot of people are looking for features on the new phones sort of what sort of features are available in the longer term we are looking at two new sensors on the back of the phone right now and a light featuring in order to help the portrait mode when you take a look at some of these features, do you see apple positioning itself for augmented reality or what comes down the line based on what you see unveiled >> did apple move the needle forward? that's something that consumers are asking >> if you can come back to me, they're rolling out -- >> go ahead molly. >> every time wesee one of these, we ask ourselves, is there an invasion and apple has not and they have only made baby steps in reality i would like to see them moving in that direction. i am delighted that they are introducing powerful facial recognition and wireless charging >> sorry to interrupt molly. >> we want to go out to brian who got more details >> reporter: thanks guys i want to jump in the conversation, guys, you may have some perspective in this as well they're talking about this ar kit, you will hear a lot about this well, ar is augmented reality. a lot of people predict the next generation why we care about phones i want to be clear that they have not said these are the companies we are working with. when we talk about laser optics and 3-d imaging, two companies, lumeto lumethum, are names that are out there, providing the gut to make this ar kit available. just a couple of name to watch and perhaps some fast money, 5:00 p.m. eastern, i will watch on the flight home >> they had a september 7th earnings call and they had a small number of sensor because of production issues if that's one of the suppliers for apple, then you ask the question, are they able to meet demands of production issues >> brian, this has been out there for quite some time. it is been pretty powerful my push back would be if finisar have not been able to move upside with all those things working, when will it? >> molly and paul, thank you very much for joining us, we appreciate your insights today now lets get to bob pisani taking a look at the apple system hi bob >> reporter: hey folks, happy to see you. some of this thohas to do with apple. many of those semiconductors name that we talked about are apple suppliers, broadcom and micron i will tell you what people are getting excited, i hear from brian of the possibility of facial recognition from apple. this is really important right now after what's happening to equifax. now of the country, their information is exposed those information are considered important. are we in a post authentication now, apple supplying that gap in identity that we need right now. guys, back to you. >> facial recognition, that's lumethum, that's the stuff that brian mentioned. that's specifically what we have been talking about as well as a push in terms of forcing people to upgrade their devices and also using services which will be the reoccurring revenue stream of aspect why are you giving me that look? >> gyro scope. and augmented reality. >> lets get back to michelle >> reporter: we a earlier today you had a big interview. >> i want to tell everybody about it i want to praise you first >> oh gosh >> it was by a square mile the best conversation today was with steve schwartz >> thank you very much, you are too kind >> secretary mnuchin says a plan will passed. he weighed in oconee n north kon the effectiveness of sanctions >> may north korea's economic warfare works. i made it clear that the president will strongly consider and we excesent a message that anybody wanted to trade with north korea, we consider them not trading with us. we can put them on economic sanctions to stop people trailing >> i also spoke with the cio, the world's largest hedge funds. he had $162 billion in management the white house is dealing with this >> i think this will have geo political implications and in other words, what korea can reshape of the whole region is like this will have implications all through the region >> a lot of people were talking about wall streets right now dalio is taking on the implications of losing larry co cohn in the administration if it were to happen >> it would terrible in two dimensio dimensions it would under mind the future progress and economics and reforms and all. it will represent a challenge in the administration >> you know i remember when a call was made, some of the first noises was about whether gary cohn will be in or out of the administration, he says the markets were to hit hard if gary cohn will leave. a lot of people thought it is hyperbole but to hear dalio speak like that and believe it maybe some security. perhaps, he was speaking, ray dalio to the president as warning. indicating of what he's thinking >> next up, jaime diamond. >> we'll be doing this in about 40 minutes >> all right, cool we'll catch some of that later >> lets go to brian who's live at the apple event >> reporter: michelle, i have a question for you how many of these cables do you have 19 bucks or 29 bucks of these cables, dominating everybody's lives, well, apple wants to end them they said moments ago that the future is wire lsz aless and thw iphone is going to have wireless charging you set it down and it will charge some other phones already have the features i wonder of accessory makers, we are getting details on iphone 8. as expected, this phone is going to be big, you can get it in 256 gigabytes and you are waiting on this rumor there we go, we got the most important part, pricing. $699 for the iphone 8, that's where it starts. they're rolling out the iphone 8 plus, the bigger version, that starts at $799 the 8 plus is $799 and this is important, it will be available september 22nd this is what we talked about analysts want this phone on shelves and available to have in your hands and in the fourth quarter. happ >> brian, just to under score this, september 22nd is the date, which is the date that everybody is looking for have they said how many market if they limit the number and what would be applied is they are limiting the number of phones available on september 22nd >> i don't know, in order to do this, i have taken this out of my ear and this is where i am getting the feed from apple. they just announced one more thing. i don't know what this is. steve jobs, by the way, the the theater is named after him and that's where he was famous for this is what tim cook is announcing right now $799 for the starter level and 8 plus, it may go up and available september 22nd, but to your point, melissa, i don't know the specific market. i had some conversations about concerns it will be mid october, late october and then you wonder, should i buy it for christmas because i am not sure if i can have it and i want to make sure that i do. that's going to be a big deal. when we get the one more thing and you come back to me. 8 plus starting at $799. >> i don't envy brian's job, it is a hard one out there and he's doing an excellent one >> september 22nd, it is the availability date. we are looking at the number of markets this phone is available. september 22nd date becomes all of a sudden less important >> the number of the market is important. this september date is on the margins and the price point is a good thing not only consumers but investors as well. >> again, that's what we know now, tim cook is still on stage, we are awaiting for potentially one more thing and the x has just been announced, i want to know if we can go to brian of more details the high price of $1,000 and he's just unveiling it right now. brian? >> it is called the 10 and not the x, interesting >> we kept on saying x my roman numeral knowledge was weak the x is roman numeral for 10. it is a good part to have in this job the iphone 10/x just being unveiled and coming out right now, and if you -- the technical stuff, that's interesting again, we talk about the date of availability, but there are iphones that's key as we talked about and you dpgus talked about many times. more people have phones, it is easy to come off the base of zero the way you move of the revenue needle is what higher prices. you get the revenue needles and 55% of their sales get boosted i am going the listen in on the iphone 10 z, i will give you moe details after the short break. it is water proof, by the way. >> we got the 8 and 8 plus and pricing on both of those officially the iphone 10, we'll get more details right after this here is what coming up on "power lunch. we'll look at stocks benefiting on this launch very strong and comments on big point on dimon on bitcoin, straight ahead liberty mutual stood with me when this guy got a flat tire in the middle of the night... so he got home safe. yeah, my dad says our insurance doesn't have that. what?!? with liberty mutual's 24-hour roadside assistance, get a jump, tow, and more - any time of day. switch and you could save $782 on home and auto insurance. call for a free quote today. you can leave worry behind when liberty stands with you™. liberty stands with you™. liberty mutual insurance. your current iphones have these things here of this little button that a lot of people hate apple knows that and what they are doing is eliminating this, the entire screen is glass and you are wondering highwow you lg in, you hit this button and swipe up will it matter to buyers >> that's a true change for the iphones, back to you >> thank you, brian. apple stocks is higher than 4/10 of a percent we ask this all the time because apple runs into an event like this it was up for the year here we have, was this a news kind of event? >> we'll find out in the next couple of hours. i don't think it will be i think it will hold onto the gain jim cramer talks about it. apple is one of those stocks that you can try to trade it in my opinion, you sort of own and put it back in the back burner and let it works itself >> lets talk about companies that are benefiting from these new phones lets bring in the senior vp of semiconductor, manny, thank you for joining us, basically of what we are seeing o f iphone 8 and the plus and as well as the 10, who can you determine have benefited so much so far >> if you look at the iphone 10, in the context, companies like university display is going to benefit as apple helps to commercialize in new technology. addition buona additionally if you look at the iphone x, my expectation is the phone will have l a lot of contt of 158 or 26 and in the future of 3-d sensing and requiring a lot of storage companies like micron are going to benefit from iphones supplying memory chips >> yes, everybody focused on the augmented reality and focusing on the chips that enable that to happen and etcetera, in this whole push, you need more storage on the phones, right it drives the cycle as well? >> right, let me put it in context. generations of iphones, would accounted for 6% to 10% off of materials. with the iphone 10, that content will go up of an average of 20% on an absolute dollar value. the cost of apple will go up four times so company as western digital, these guys are going to benefit and not only prices are much higher, the content for iphone is going to increase. >> micron is having a big day today. how do you get around the fact that it is becomiing commodotized, how do you get around that? >> if you look at micron, there are a couple of things to keep in mind. the industry have consolidated, we used to have a 10 or more than a 10 memory in place and now it is consolidated to three to four. in the context, the guy that have naan technology is going to benefit. so far, what we have seen is they have proven they are wrong. i was expecting some pricing pressure by now but prices are holding up as we are looking for next year, we have to see how sustainable the environment is the increased content is a significant factor >> manny, really quick, we got ten seconds. the three stocks that you named as well as micron, they have been monster stocks this year in terms of performance which one do you like the most >> western digital right now, given the fact they are still fighting toshiba i think we are back to fundamentals and this is creating an upside western digital >> thank you manny for joining us straight ahead, we got a lot of news unbeliev unbelievable news from apple shl y cutler will jonah elto talk about taxes and steven mnuchin and as well as debt ceiling. stay with us she can't become a guitar legend just by playing air guitar. the baby's room won't build itself. and her paw won't heal on its own. we're all working forward to something. synchrony financial can help your customers make it happen sooner. so she can plug into her dreams... and they'll have a new addition for their new addition. whatever you're working forward to, even if it's chasing squirrels, synchrony financial can help you get there. . hello everyone, i am sue herrera. saudi arabia say they have foiled an isis terror attack >> authorities arrested two in e ira and two nationals. local crews need more time to clear roads that's damaged by the storms . >> this is one where the entire state of georgia have been afekaif he could -- affected by this hurricane. recovery is slow because there is so much great territory that has to be recovered. from the sports world, the lakers are likely to retiretire retire colby bryant's jersey he's the tenth laker that will have his jersey retired. that's the news at this hour, back to "power lunch" in minutes. building a website in under an hour is easy with gocentral... ...from godaddy! in fact, 68% of people who have built their... ...website using gocentral, did it in under an hour, and you can too. build a better website - in under an hour. with gocentral from godaddy. if they knew just howers rich they were.ed the average american home value has increased $40,000 over the last 5 years. but many don't know you can access that money without refinancing or selling your home. with a home equity loan, you can pull cash out of your house for anything you need- home improvement, college tuition, even finally getting out of credit card debt. come to lendingtree.com to shop and compare home equity loans right now. because at lendingtree, when banks compete, you win. i'm vern, the orange money retirement rabbit, from voya. i'm the money you save for retirement. who's he? he's green money, for spending today. makes it easy to tell you apart. that, and i am better looking. i heard that. when it's time to get organized for retirement, it's time to get voya. when this guy got a flat tire in the middle of the night... so he got home safe. yeah, my dad says our insurance doesn't have that. what?!? with liberty mutual's 24-hour roadside assistance, get a jump, tow, and more - any time of day. switch and you could save $782 on home and auto insurance. call for a free quote today. you can leave worry behind when liberty stands with you™. liberty stands with you™. liberty mutual insurance. this is iphone 10. >> that was tim cook eagerly sprucing the iphone 10 it is water proof and dustproof a and it is all glass. we don't know when it is going to be available and how much it is going to cost we know the 8 plus is going to be $799 to start and available september 22nd this phone may cost up to $1,000 its got facial recognition and it will not store your face on any server your facial recognition there should be preserved in some way and they are demoing some fun apps what they are showing right now which you cannot see which i can. we'll roll this video, it is a direct shot of instagram they are really promoting snap chat they did a big demo of how the facial recognition and 3-d imaging will work with snap chat watch facebook, they're not promoting snap chat but they are showing some cool snap chat features on the new iphone x >> what i want to know is why did they skip 9? >> i guess it is the 10th anniversary phone, right and they want to go to iphone 10, right? >> reporter: 9 is a lonely number and not 1 >> he had to switch to a backup phone. we are watching apple shares by the way, you pointed this out before and we talked about it before of being potentially a sale event we have apple shares in the negative right now and down by a third percent. >> once again your market prowlest impresses me. you said it in such a way -- >> lets get back to marvin marketplace meets cio, paul, it is good to have you as well. >> sorry, tim cook what's interesting is it is going to be a high price and got cool features of end the end glass. is apple creating a new clash of phone so there is the difference and there is the super high end luxury model >> i think you are it is sort of a hero device, they got a really fancy mac book that only hard core fans want. now they have a version of the phone where hard core fans are going to want. so i think they're definitely pursuing this, it is always been a fairly premium brand and now they want to stratefier buyer. they have those phones that may appeal to a broader swath of the population, is this the right strategy >> what's interesting, a couple of iphones ago, we had the same issue, we were hoping lower end cost phones who particularly are from china china has been a problem for apple in recent years. this one is your as aspirational product. the key is how many can i get and one. that's the key of today's announcement >> molly, something you said earlier in terms of watch. you name a lot of chinese smart phone makers out there did apple sort of give up those markets in your view now we see the direction that it is heading in with the potential iphone 10 or 1200 or $1,000 and so son are they seeding that market right now? >> i am sure they are. carriers do not subsidize so heavily like u.s. carriers do. it is not common for people to do this kind of month to month purchasing or lease. unless we are going to export the kind of financial model to the chinese markets. these phones are going to prove its expenses and consumeres are saying that and down the road, it maybe limiting the growth >> all right, thank you. we got cayla >> we just heard from mcconnell, the debt ceiling spending bill won't be linked. despite the fact that they are linked in a short term bill that expires on december 8th. leader mcconnell says the debt ceiling will be tackled next year treasury can continue to use extraordinary measures so that does not become an issue the assumption by democrats that they continue to keep those two linked in december when government spending is resolved, it is wrong. that's breaking news from senate majority leader mcconnell. now, we'll send it back to michel michelle caruso-cabrera. >> thank you very much tax reform can get done this year, he says 50% corporate tax rate, top, he thinks >> he's probably right the three people in this country that believes in 50% of president trump and steven mnuchin and me [ laughter ] >> he didn't rule out 15% or 17%, we'll see you are going to be a lo lot -- here is the point you will be a lot lower than 25% which is one of these stupid numbers, how we need to be lower and i want to say that and in respect to that, pastors are groi going to have lower tax rates, provided they are not individuals like accounting firms and hedge firms. this came up in the campaign and steven mnuchin was very good at it you retain earnings and you are going get -- trump is campaigning. as he must and by the way, expect trump out there on the stump constantly the whole tax plan >> which is noticeable >> what are you hearing? >> totally different i was in the white house all day on friday. the whole place is mobilized for tax cuts i just want to make that point >> we are hearing gary cohn no longer is in the lead for running the reserve. what are you hearing of this >> well, i don't know anything about specifics here i will tell you names that you see and hear the sweepstakes now and janet yellen and maybe jay powers, people should take this for what it is worth i am not giving you inside of anything it is kind of what you hear. >> you did not mention gary cohn he's probably not in there >> i did not hear his name mentioned. i do not want to attribute any sources what so ever it is my speculation trump talks about draining the swamp. the people that runs the federal reserve are the chairperson and the senior board staff that makes the model and gives the green book option. that senior board step and not personally, they are part of the swamp. >> kevin, for example, who is serving five years, he's a reformer he believes growth not causing inflation and higher wages he believes the senior board staff must be changed and altered and left out, the models have to go he's a trump kind of guy i am not pricking and i edictins coming in as a reformer and changing the swamp janet yellen is stealing the game that's what people say i heard some talk of jay powell. so you know what, michelle, maybe the next time with this conversation, there will be a whole set of new names >> larry, it is always great to have you >> appreciate it >> welcome to dc >> melissa, back to you. thank you guys, dimon is speaking out on bitcoin with we cmes. 'll discuss those straight ahead. ond 60 times faster. it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it is... the cloud. the ibm cloud. the cloud that's built for your business. designed for your data. secure to the core. the ibm cloud is the cloud for enterprise. yours. the ibm cloud is the cloud for enterprise. what?pony neighing] hey gary. oh. what's with the dog-sized horse? i'm crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. isn't that right warren? well, you could get support from thinkorswim's in-app chat. it lets you chat and share your screen directly with a live person right from the app, so you don't need a comfort pony. oh, so what about my motivational meerkat? in-app chat on thinkorswim. only at td ameritrade. if you hate charging your phone, apple has the solution for you. the iphone 10, will have wireless charging and apple is unveiling air power which is a pad that you can drop your phone on and charge it there are some wireless charging option is already out there. apple is unveiling their model hoping to make everybody who has no not upgraded yet will hopefully upgrade. the two things we need to know, what is it going to cost and when it is going to be available? we know the cost of the iphone 8 and this is the iphone 10. that's the key the fastest growing segment of consumer debt is phone debt. it used to be carrier's subsidizing it but everybody is financing it a thousand bucks for a phone may not matter if you can charge an extra 24 bucks a month and pay off the phone through times. the event is about the end and you can see this beautiful steve jobs' atrium that the camera is li lining you that's where everybody gets to touch and demo we know price availability, we know it is 256 gigabytes for the 10 that's a big phone for the 10. the air power wireless to be sole sometimes next year and we'll take a look at stocks. it is still down by a third of a percent. >> come back to me, please >> brian, you want to go back to you? >> there we go, as soon as i toss it back to you, it starts with $999. with that, you got a thousand dollars. it will be available november 3rd. that's the day of availability the order date >> november 3rd? there is the order date and there is the availability date my aweso october 27th is when you're goit the phone. melissa, we talked about this availability issue i think analysts are going to like the fact the iphone 8 and 8 plus are available, physically available on september 22nd. they may have questions about why the iphone 10 will not be physically available until november 3rd because the holiday season, 80 plus million phones sold in q4, going to be a big deal let's watch and see how the analyst community and stock investors react to that. >> yeah. >> still $1,000 phone is here. >> yeah. but a later date than what a lot of people had been anticipating. brian, thanks for that we do have apple stock down by a half a percent we got to take a quick break here on the other side of this break, more about what jamie dimon had to say about bitcoin it will shock you. stay tuned kevin kevin kevin kevin kevin kevin kevin trusted advice for life. kevin, how's your mom? life well planned. see what a raymond james financial advisor can do for you. jp morgan ceo jamie dimo speaking about bitcoin moments ago making very harsh comments see the reaction there down by 1.7 %. here's what he said. bitcoin will eventually blow up, a fraud worse than tulip bulbs would fire any trader trading bitcoin for being stupid and bitcoin went end well. >> lot to unravel there. now, i agree with the part -- any trader that speculating in bitcoin, i agree with. it's no edge to trade bitcoin as a -- as a proprietary instrument. >> let me push back on you, though. >> a momentum stock. do you have edge in trading momentum stock you might trade on momentum? >> i think the edge is -- i think the edge is a public information, you have the understanding of stocks. i think bitcoin is still in that sort of dark period that most people don't understand, but are willing to trade because they think they have an edge but they don't. what i will say is, i think bitcoin price might be in a bubble, but i think bitcoin the instrument is here to stay, whether bitcoin or some other cry crypto currency, centralized currencies are the wave of the future brian kelly speaks of it all time the block change technology behind it is something a lot of people believe in. >> mr. mack, he's investing in bitcoin and bitcoin technologies we've seen a very rough ride for bitcoin particularly in the past five days with china making icos or initial coin offerings illegal and shutting down domestic bitcoin exchanges that regulatory aspect, that's still to be worked out and can really provide hiccups in terms of the trade here. >> clearly in terms of the price, it will create hiccups without question in terms of the technology and underlying belief that that's where we're headed as society for these decentralized crypto currencies, in my opinion, i think brian kelly -- that's here to stay. >> you choose b.k. or jamie dimon. >> every single day of the week. >> all right by the way, stay with cnbc coming up on "the closing bell" we have jp morgan president and ceo jamie dimo live from new york city, 3:00 p.m. eastern time he'll be asked about bitcoin and , nyth ticops. you won't want to miss it. meantime, our final thoughts of the day, check please, is next what's the secret to turning a no into a yes? do you know how to network like a champ? what's a good way to have fun iin the office i have great answers to all the questions that could help you run a better business. check out the your business page for an exclusive online video series to help you work smart, grow fast and go further. >> sponsored by american express open helping you get business done. all right. welcome back the apple even cupertino, california. starting at $ 999. i got a comment actually from apple saying they want to reiterate they made guidance in july available that the iphone 10 would ship in their fiscal first quarter. their fiscal first quarter begins october 2 nd so they are within that first call first quarter. they've got kind of an unusual year they want to make sure, they gave the comment to cnbc, that the analyst and investor community knows about that back to you, melissa and guy. >> we're going to send it to michelle. >> yeah. so a lot of headlines coming out of delivering alpha. cnbc's annual conference one of the big moments or one of the moments that struck me the most was the ceo of blackstone talking about the time period where the ceo councils fell apart that were working with president trump during the crisis around the situation in charlottesville. what truck sstruck me, he said e pressure was so intense, i got e-mails, more than 100 calling me a nazi. and i'm jewish just showing you the tenor of the discussion that was happening at that time s he said it was too much for any publicly traded company, the ceo of one guys >> guy >> mel, thanks for carrying for me for two hours i appreciate it. >> thanks for joining us. >> you're a frpro. >> our thanks to you, guy adami, for riding shotgun on this coast to coast edition of "power lunch. we're of course watching shares of apple now down 1% as we go into the final hour of trading. thank you so much for watching "power lunch." "closing bell" starts right noup now. hi, everybody. what a day we have here. so much going on delivering alpha conference all day. we'll have more on that shortly. the apple news, several product launches anyway, welcome to "the closing bell." i'm kelly evans at the new york stock exchange. >> which would make me bill griffeth apple announcing the new iphone. it's the iphone 10 >> but do you think people will really call it the 10 or going to call it the x i thought it was mac

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