Always there, lloyd smareker. Thank you, lloyd, great job. [applause] gt thompson, we have them all today, huh, gt . We have them all. [applause] the great john joyce. John, thank you. Great job. Thank you, john. [applause] dan muser, thank you, dan, thank you. [applause] that looks like cary grant, doesnt he . Have you ever been told that . That is not a bad compliment, i must say. Today we have tom arnold, those days you had a little different. Those days errol flynn and cary grant. Somebody that fights like you never seen before, fred keller. [applause] great. Doing a great job. Thank you all. These are fantastic people. And david, wheres david . Is he there . Wheres david . What happened to him . We wont mention his name. He is in the back. Pretend that i didnt say it. When i last spoke at this conference in 2016, American American energy under Relentless Assault from the previous administration. You know that as well. More than a third of the coal mining jobs had vanished. A moratorium was placed on new coal leases on federal land. Drilling and mining on federal lands was blocked and restricted at every turn. Desperately needed pipelines were obstructed and denied. Federal regulations and bureaucrats were working around the clock to shut down vital infrastructure projects, bankrupt producers, and keep americas vast energies and treasures buried deep under underground. They didnt want you to go get them. So good for the American People in so many ways. I promised as president i would unleash American Energy like ever before because the Natural Resources do not belong to government. They belong to the people of this country. [applause] American Energy belongs to hardworking men and women like you to get up every day and make this country run. [applause] today im proud to declare that i have delivered on every single promise i made to this conference three years ago and much, much more. Everyone. [applause] cheers. [cheering] [applause] wow. Look at the great people. Thank you very much. Four more years. Connell President Trump speaking in pittsburgh, pennsylvania. Well monitor the president s remarks. We have breaking news at this hour. Welcome to after the bell. Along with Melissa Francis and im connell mcshane. Microsoft has reported earnings. Deirdre bolton has the numbers. The stock is down 1 after the figures were released. That is surprising. We take you through microsofts report. Beat on earnings and revenues. 1. 38 a share what microsoft posted. Were in the fiscal First Quarter for microsoft for 2020. Believe it or not theyre ahead. 138 versus expectations for 125. If you look at revenue, wall street was expecting sales of 33. 2 billion. Microsoft posting 33. 1 billion. That is better than 11 gain this quarter, this year, versus this quarter last year. I should mention as well the Earnings Growth is a bit better than 10 . What is standing out when you go through the business segments, intelligent cloud, as they sell it, up around 23 . If you look. They run in 10 point 85 billion. Ahead of what wall street expected for that particular unit, at 10. 94 billion. You have that really exceeding. That is about amazon versus microsoft. Amazon still the leader in that space with aws. Microsofts azure is closing the gap. A little indication of gaining more market share there. Productivity and business processes, that is around 11 billion, more or less what is expected. Personal computing around 4 billion. What is interesting about that middle category, that productivity is that there were some questions concerns about i. T. Spending with Business Leaders being uncertain. Do they invest in infrastructure and growing with all the concerns about the trade war for the moment. Microsoft answering that. Not sure why it is down. Those are the numbers. Connell up two cents. Maybe you turned it around, deirdre. Those are strong figures. We bring in our panel to talk more about it. Jonathan hoenig, capitalist pig hedge fund, and melissa will jump in as well. Charles surface revenue decreased 4 . I dont know if that is upsetting investors. Connell michael go mere first on microsoft. A huge revenue pete, company doing this big, 130, 140 billion in revenue can grow top line 10, 11 , theyre doing something right. To have the talk about upgrading windows, it is windows 7, im sorry windows 10 going away. The new upgrade. How much that will affect them next year. I think a pretty spectacular beat for microsoft. The stock is down, down marginally. This is buy the rumor, sell the fact. Microsoft has been telegraphing these extraordinarily results for the whole year. The stock was up 30 yeartodate before this news. As michael lewded to. Theyre in the sweet spot, connell, melissa. This idea after platform as a service. Theyre doing everything rewarded out of wall street this year. That utility model. They dont have the Regulatory Risk we saw, for example, from facebook on capitol hill. Connell weve say one of the cloud leaders to be fair to folks at amazon, right . They certainly, lance, have done a great job in the space. That is one of the things were looking at. To deirdres earlier point, will they tell us anything about the economy, whether people keep spending on i. T. Microsoft is in pretty good shape here. Lance, your thoughts . I had some cross talk in there. I was going to say, something to think about with microsoft, how well it navigated the shift from really desktop business, to oem business to the cloud business. Something im sure, the ibm wishes it had done as well. Something you said about the service business. It is not a big part of their business. Maybe it dropped a little bit. We came off a huge microsoft event where they have a ton of new devices. Theyre pushing the envelope. In 2020 well see the duo and the neo, one is like a surface phone. That business is set to grow. Connell talk a little more about that, lance . Will dig into the numbers. That is interesting from consumer point of view. I think were having a little audio trouble, lance, do your best to hear me. Apple comes out all the time as you say that is not always the focus with microsoft but what about some of those consumer products, if you hear me. I dont think lance does. Go ahead, lance. Look, so apples doing a lot of work to transition its business, even though so much comes from the iphone and other hardware to more reliants on the services business. Were about to see the plus. A smart thing for them to do. All the Companies Realize they cant rely on one horse. You, microsoft cant rely on windows. Connell right. Microsoft is melissa ford is out as well. But it is in productivity services. That is a real growing service for them. Connell guys. Stick around. Lance, apologize for the issues. Thanks for your analysis. As always, melissa. Melissa fox business alert right now. Ford reporting Third Quarter results. Lets go to gerri willis with the numbers. And it looks like from here the stock is taking a beating talk to us about this. Reporter the company is taking a beating, lowering guidance for full year. Adjusted ebitda 6. 5 billion. Below last year as levels. Adjusted eps in a range between 1. 20 and 1. 32. All about Forward Guidance where the stock is going right now. For the quarter theyre reporting tonight, eps and revenues a beat, 34 cents a share versus 26. Revenue of 37 billion versus expectations of 33. 98. That looks pretty darn good. They are saying that they see signs of improvement in their business in china. The detail there, theyre making countryspecific products for china. New country focused products they say at the same time, lowering costs, strengthening their Dealer Networks there. Company tells us they have product renewal in north america. Ford explorer, lincoln aviators, here is what is coming, new fseries super duty trucks. It would appear to be good news tonight for the report, the Earnings Report but looking forward, not so happy. Shares are trading lower. Back to you. Melissa gerri, thank you for that. Connell the guidance on the china side not great for ford. You see volumes lower there as well for the full year and for the next quarter. Again stock down 3 . Lets move on here. Pledging to revive the energy sector. You heard President Trump moments ago touting jobs and fracking to the working class in pittsburgh today as the race certainly heats up for 2020. To blake burman live at the white house with more what the president is saying. Blake. I will pick up where you began your show. The president is talking live in pittsburgh, he is at the ninth annual shale insight conference. The president has been on the stage for a little while. The white house pointing out before this, this area includes the appalachian basin which is the largest natural gas producer in the entire United States. Part of the reason why the president is there today. But also doesnt hurt of course this Conference Takes Place in the swing state of pennsylvania in leadup to 2020. The energy secretary, rick perry saying earlier today, natural gas, able to export it is a National Security issue for the u. S. Part of the reason why the president is at this conference right now, talking about it. Before President Trump though left, rather for pittsburgh earlier today, he went to the diplomatic room and made a pretty big announcement regarding turkey. The president saying there had been a permanent ceasefire between turkish and Kurdish Forces in northern syria. Adding because of it sanctions against turkey will be removed. President saying time to let someone else fight in the blood stained sand as he put it. Partners will make sure isis doesnt become a beneficiary of the u. S. Withdrawal. Listen. Now turkey, syria, others in the region must work to insure that isis does not regain any territory. It is their neighborhood. They have to maintain it. They have to take care of it. Reporter up on the hill, James Jeffrey the u. S. Special envoy to syria, testified, 100 isis fighters escaped prisons in the region. The president also saying, should turkey not live up to the expectations, more economic sanctions could snap back on that country. For right now, a live look at President Trump, pitburg, pennsylvania, talking natural gas, job production in the swing state of pennsylvania. Connell blake burman on the north lawn. Melissa california in the dark. The states largest utility about to cut electricity for nearly 200,000 customers in the wake of the new wildfire threat. What you need to know and why one wall street journal columnist is sounding the alarm about stakeholder capitalism in action. Connell defend agrisky enterprise, Facebook Ceo Mark Zuckerberg today facing tough questions from lawmakers and the companys push to create its own currency. Well talk to one of the congressman that pressed zuckerberg on capitol hill with moving testimony in a back and forth with the ceo. Thats coming up. Melissa history in the fast lane of the most powerful street legal ford mustang ever built is on the road. Were taking you for a ride. Why did we not get this assignment . Connell we should have done it, earnings from there, the whole thing. Melissa that looks fun. Into one monthly payment. And get your Interest Rate right. So you can save big. Get a nofee personal loan up to 100k. I get it all the time. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Hey. Hey. You must be stevens phone. Now you can take control of your home wifi and get a notification the instant someone new joins your network. Only with xfinity xfi. Download the xfi app today. I need all the breaks as athat i can get. Or, at liberty butchemel. Cut. Liberty mu. Line . Cut. Liberty mutual customizes your Car Insurance so you only pay for what you need. Cut. Liberty m. Am i allowed to riff . What if i come out of the water . Liberty biberty. Cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Melissa no likes for you. Mark zuckerberg getting drill by lawmakers on capitol hill. The hearing wrapping up. Hillary vaughn is in washington with the latebreaking details. Hillary, how did it go . Reporter melissa were waiting for zuckerberg to leave right now. He endured about six 1 2 hours of questions from lawmakers today. Three different times he was told that actions speak louder than words. That chairwoman of the House Financial Services committee, Maxine Waters, kicked off todays hearing by essentially reading off a rap sheet of facebooks bad behavior, ranging from russian meddling in the 2016 election to data privacy concerns. Zuckerberg showed up today, trying to make the case that facebook should be allowed to roll out their own currency. Digital currency libra. Also build their own global payment platform. He admitted though that congress may not see him as the ideal messenger based on his companys past. Would you leave behind your childrens inheritance in libra . Congresswoman do you believe in what youre building . Yes i do and would you leave behind your childrens inheritance in libra . That is a fair question. You have proven we cannot trust you with our emails. With our phone numbers. So why should we trust you with our hardearned money . Well, congresswoman reclaiming my time. If you cant answer yes or no, would you leave behind your childrens inheritance in libra . Congresswoman i would. Reporter zuckerberg defended his decision not to fact check any political ads on the platform. He believes he should not be in the practice of censoring politicians. That got push back from some lawmakers on committee, but from chairwoman, Maxine Waters but congresswoman alexandria ocasiocortez who pressed him about what, if he is concerned about the impact that may have on democracy by allowing politicians to post ats that could be fake or untrue . Zuckerbergs response was, he believes that lie lying is bad in democracy. He doesnt believe facebook should be in the roll of censoring facebooks bottom line. Questions why their company should be trusted to roll out a cryptocurrency platform. He tried at least to make the case for that today. Melissa . Melissa hillary, thank you for that. Connell a long day. Emotional moment at the hearing came from congressman in new york, Gregory Meeks, about to join us. Lets listen. Action speaks much louder than words and you do have a trust factor. I mean i met with a lot of investors who are pulling out of libra. Lets look at the news, bus the other thing that is most important to me, is our democracy. Connell congressman meeks with us from capitol hill this afternoon. So for people who didnt see that in person, can you explain, you were talking about minority depository institutions right, whether or not facebook is investing in those institutions. Explain a little bit what you would like to see that youre not seeing . What exactly were you challenging the ceo on . What i was challenging him on in his Opening Statements, in his justification for libra was how libra was going to help those who were unbanked or underbanked. And you know, so i did not see, so that was something that supposed to make him feel that he is addressing issues and concerns of many members on the committee. Well, the best way here in the United States to begin to address the unbanked and underbanked is invest, putting deposits into some of the and community and small banks. Connell right. That will give them the wherewithal. He has were saying, much money have you depos mdi . Connell just so im clear what i was listening, you were talking about his personal money, his personal fortune going into the institutions or facebook . Facebook. Connell so you would like to see facebook do what exactly . Facebook could put as well as the government, its money into mdis, that would then raise the capitalization of those banks. So that they could properly serve underbanked and unbanked communities. Connell is this something youre talking to other companies i could see a point a Government Program was doing that and the government was going to make an investment like that. Is this something youre talking to other companies about . Absolutely. Connell how have those conversations gone, not just facebook . Top 10 companies is companies that i want to have this dialogue and conversation. Connell have others committed. You talked about facebook i will be tough. The reason why i was tough on facebook today, in particular, s tough as i was, he continues to try to say the reason that he needed a, we should support libra was the cause it would up unbanked and underbanked. Connell the other side . On the other side, thats correct. That what i want to get to other banks to acknowledge theyre not doing it, they need to do it. They dont come out in the Opening Statement and say this is why you need us. Small banks and minority depository banks, theyre the ones that say they need capitalization. Connell let me ask you one final question just on the topic of todays hearing, this Digital Currency. If it wasnt Mark Zuckerberg and it wasnt facebook making this presentation today, to you guys in congress, could you be supportive of this . Idea of creating Digital Currency to make mobile payments easier to compete with china, that kind of thing . Would you be supportive of it in principle