Their latest financial reports. Susan lee sat down with apple ceo tim cook this afternoon. Weve also got some very big news just out from twitter from the Ceo Jack Dorsey. We will tell you what you need to know about that before the markets open tomorrow. Im david asman. Joining me on the panel today carol roth, steve forbes, and zachary karabell. Lets head to susan lee who is at apple headquarters in california. A big beat by apple. You have more specifics from your own personal time there with tim cook. Thats right. So i think the main take away is that it was a Strong Quarter and also a very Strong Quarter heading into the holiday season. Tim cook says hes very bullish heading into the holiday season. The iphone 11 has been received very well. In fact, he sees the u. S. Economy as being very strong. I asked him about the u. S. Consumer given that we just got an Interest Rate cut from the Federal Reserve and in his view he says he feels very good about the u. S. Right now. As for china, which has been the achilles heel so far this year, he says things have improved and trade tensions have gone down. To him, he saw the bottom probably in december and january of last year and hes optimistic that tariffs will be resolved. However, he doesnt know if the december tariffs will be reeled back. We know iphones and ipads may be subject to a 15 hike in tariffs on december 15th. But he says from what hes read so far, hes optimistic that that phase one trade deal will be signed in november. Now, as for whats happening with the rest of the business, and we saw the services is starting to pick up, off of wearables, up 50 in the quarter. That includes the watch and the air pods, air pods pro just being launched today on their website for sale. And he sees that as the future. Apple tv plus, the streaming service goes into effect and will be available starting this friday. He says thats very exciting, at a very aggressive price point of 4. 99 a month. Also the apple card, launched in conjunction with markets owned by goldman sachs, the most successful he says credit card launch ever, and he says you bet, im looking to take this international. Now, one interesting question i asked him, and he, you know, basically kind of punted it was about crypto currency. I said what about apple launching its crypto currency in the future since facebook is doing it with libra . He says there are some things that the government are better at and that includes currency and the military. David . David a humble man. Lets bring in Senior Editor of mobile nations Russell Holly with us whats your impression of these figures . Incredible boat incredible beat on both top and bottom line. It tells us two things, one is that even though apple had a really good quarter from productivity standpoint with iphone sales, they are down 9 year over year. While it is higher than we expected, it is still a decline were seeing. Similar decline when it comes to mac sales but thats overshadowed how well the ipad and apple watch is doing. Services is really kind of the start is whats going to be a fairly rise for apple. As we move into apple tv plus, this will be a fascinating year for apple i think. On that, continuing that teem that theme, how quickly can the Service Stream of revenue increase and become meaningful . Right now it is in the low billions which is lot for most people but not a lot for people to compensate for the 9 decline in iphone sales. I dont think anything is really going to reverse that trend of diminishing revenue on the hardware. How quickly will the software and the Service Revenue became enough to compensate for that . I think were already seeing the software you know, the software and Services Start to compensate for this a little bit when it comes to the apple card. What we are going to see with television, it is a little more difficult to calculate. You have to remember that this year everyone who bought a new iphone and ipad, gets the first year of apple tv for free. Next year we will see how apple tv is doing. Thats not pointing to revenue because everyone has the service. It will be interesting when we get to this point next year and we start to see people who have decided to maintain the subscription as they move into the second year. Russell, it is carol roth. The thing that stands out to me when you hear about the apple card is this is the most successful credit card launch of all time. You have this incredibly valuable ecosystem. When does apple take this a step further and bring on an Affinity Program to really help to monetize this ecosystem without it costing them a penny to do that . I think thats a fascinating thing that we keep using that phrase because it is something that apple kind of coined, that it was its most popular credit card launch to date. We dont really secret Card Companies hype up the launch we dont really see credit Card Companies hype up the launch. Its not like American Express is going to say hey we have this new card, you should sign it up for now. It is a complicated thing to look at this kind of 30 day launch versus what it will look like over three or four years. This being said, i think apple will see this as a positive way to approach services that they can hype them up and get a whole bunch of people excited at first. When we move into the next batch of major hardware purchases, we will see exactly that kind of affinity deal. Russell, steve forbes here there were some parts that were a bit surprising, david, the fact that i brought up the miss in mac sales and also ipad Revenue Misses which actually surprised them given the mac had a tough compare, they had two new models that were launched last year, they said it was the best year for mac sales in a long time same thing for ipad as well best quarter for a while. They said this might be a case of high expectations, also a strong dollar effect as well. If we have the Interest Rates being cut here in the u. S. Maybe that also weakens the u. S. Dollar and that may help i guess apples bottom line Going Forward as well. They also have a lot of cash still on the balance sheet. They didnt give me a precise amount, since they will probably announce that on the earnings call. You can say it is roughly in the 200 billion dollars range. What they will do with that, you know, remains to be seen. I think they are still going to give a lot of that back to shareholde shareholders, want to get to net cash neutral meaning get a lot of that cash back, getting it down from 200 billion dollars, but i dont think acquisitions or takeovers are part of the equation or strategy for tim cook. Russell, steve forbes, on a scale of one to ten in terms of innovation, thats what it was under steve jobs, is this just a refining products that are sort of out there . Does apple have Something Big on the horizon that would revolutionize hightech again . Thats an interesting question. Over the next year or two, the answer will be no. What we will see a continuation of refinement. We will see apple next year possibly move into 5g which will be viewed initially as being somewhat behind some of the competition even though thats kind of consistent how apple handles new Technology Like that. The next big thing for apple that people will keep an eye on are the glasses. We keep seeing it come up here and there where we have, you know, this augmented reality tech thats going to live on your face. Thats exciting for some people and kind of nervous and big brotherish to some. Apple is going to carefully walk the line on how it approaches that. That will be apples push into the new innovation. David russell, thank you. Deirdre bolton has a report. Another beat, a beat on top and bottom line. More important as you go through some of these figures, you know, in mobile ad revenue is soaring. In fact, it even beat facebooks own internal digits, own internal expectations, so very strong there. Basically all the metrics, david, look very strong for this company. 17. 62 billion daily 1. 62 billion active daily users. Thats stronger. Monthly active users exactly in line 2. 45 billion. If you add everything together, facebook, instagram, whats app, messenger, more than 2 1 2 billion people are using these products worldwide. Some of the details show not going to call it saturated in the developed world but thats slowing where facebook is really growing is overseas. Also find their Stock Performance pretty impressive. I mean it is up 43 , if you look at the s p 500, 21 1 2 roughly year to date, thats a pretty impressive performance no matter what other kinds of head winds facebook has had to deal with, including, im going to go down this list, david, doj antitrust probe, ftc probe, dozens of states attorneys general, we know they have already paid out in the past tense 5 billion dollars to the ftc on data security, privacy practices. They have paid out a few hundred Million Dollars to both the u. K. , separately to the eu, but i think one of your guests said it earlier, it is like the teflon stock, no matter what, they keep delivering. They keep delivering on the metrics they set out for themselves and keep delivering on the ones that wall street sets for them. David . David its a money machine. It is as simple as that. Deirdre thank you. Facebook has come under fire for its stance on not policing political ads. Now twitters Ceo Jack Dorsey moving in a different direction, just tweeting out the following quote we have made the decision to stop all political advertising on twitter globally. We believe political message reach should be earned, not bought. Why . A few reasons. Quote, a political message earns reach when people decide to follow an account or retweet, paying for reach removes that decision forcing highly optimized and targeted political messages on people. We believe this decision should not be compromised by money. Dorsey tweeted out about eight more explanations. He finally ended with this, a final note, this is not about free expression. This is about paying for reach. And paying to increase the reach of political speech has significant ramifications that todays democratic infrastructure may not be prepared to handle. It is worth stepping back in order to address it, end quote. So steve, what do you think of this . Well, i like jack dorsey, but i think, david, this is absolutely gobbleygook it is about the suppression of free speech, in the sense how do you get your message out there . You advertise. In the old days you had brochures. Youve got to get your message out there. This is one way to do it. Is this the prelude to dropping President Trump from twitter . Steve, they cant afford to do that. That would be their biggest money maker in a while. I think this is good gobblel gobblely they were having fake robot accounts following to get people to think they were more popular. Twitter is doing a good job cleaning up the platform late more, making it more real and merit based. This is why you should own the stock. What . Steve on your point this is the way the message gets out. This is the big confusion with Citizens United which is money and speech are not the same thing. They may at times be parallel and we can have much more robust public space if we remove some of the influence of money in it. All that dorsey is saying it should be the potency of ones ideas that should draw the traffic not the size of ones wallet. Come on guys. David every time we come up with a new law with money in politics we always end up with more money in politics. Heres the problem, in terms of the way twitter works, theres already a mechanism via algorithms, via who is ever popular that pushes certain messages higher. There are a lot of people who are getting paid to deliver messages and not tagging them as ads. This is already going on all over the platform. Why not participate in it if you are somebody if you are twitter, why not capture that revenue because this is already happening all over the platform . David russell, i didnt realize you were still with. What do you think about this . Political advertising especially when it comes to twitter and facebook is essentially a rounding error to begin with. Making this decision isnt a difficult one for jack and easy punch at facebook. I dont think it gets too much more complicated at that. I dont think it is a free speech thing is we just watched our competitor get trashed on capitol hill for several days so this is something we can do to win brownie points for our audience. I dont think it gets more complicated with that. David we will see what happens with the trump tweets, whether they try to close that down. Russell, thank you very much. Lawmakers meeting on capitol hill on how to decide a frame a formal impeachment hearing. Theyre actually changing the process for the worse. They are making adam schiff now the prosecutor, the judge, and the jury. Liberty mutual customizes your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. thud crash grunting whistle play it cool and escape heartburn fast with tums chewy bites cooling sensation. Tum tututum tums or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. All of the members of the Intelligence Committee as well as those committees that are on these respective committees, on matters ongoing before those committees are to be left in secret, loose lips sink ships. Dd sounds like there are a lot of committees there, doesnt it . Scolding a republican colleague on closed door impeachment depositions. This as critics slam House Speaker pelosi for her role in green lighting adam schiffs secret hearings on impeachment. Tomorrow the house votes on a bill that sets rules for more open hearing process, but Speaker Pelosi insists it is quote not an impeachment resolution. We welcome back in texas congressman to help us make sense out of all of this. What are you going to be voting on tomorrow . Have you had a chance to read through it . I havent really had a chance to read the whole thing, but we have talked about this in meetings and what it looks like is they are going to legitimize whats been going on for months, under adam schiff, thats what it looks like. Congressman, we all know why they are doing it because if this was out in the public and you could crossexamine witnesses and the like, they know people get confused and wonder what is this all about . Is there any way you can flush this out, compare it to the clinton impeachment hearings, where it was open, you could call witnesses, have a normal process of investigation . Well, its totally different from that, steve. You know, from the nixon and the clinton impeachment proceedings, this has been a thing thats been behind closed doors. I happen to be one of the ones that kind of forced our way in, if you will, the other day into there to see what was going on in there. Quite frankly we wanted to just simply, you know, i represent 750,000 people, just the same as adam schiff does and his california district, and i think our the representatives that have other districts around the country have just as much right to hear whats going on, and they start each one of these proceedings inside with this is not a classified briefing, so it doesnt really make a whole lot of sense about what they are doing except they want to hide things. They dont want the American People to see what is happening. Can you, congressman, call them out on the floor that they are selectively leaking information to favored journalists to try to dominate the narrative . Absolutely. Weve been saying this for, you know, for weeks now, that we have been shut out of the process. And quite frankly, its great to have this vote coming up, but it is so nebulous. It is so unclear exactly what were going to be voting on, except that we think that ms. Pelosi is finally looking around and seeing what Public Opinion is and the American People are very disturbed. The American People are basically a fair people. They want to see fairness, and they are not seeing that. Congressman, its carol ross. Also at the boeing hearings today dealing with two crashes of 737 max airlines, crashes likely caused by a new Flight Control system. Listen. You said youre accountable. What does accountability mean . Are you taking a cut in pay . Are you working for free from now on till you can cure this problem . These peoples relatives are not coming back. They are gone. Your salary is still on. Is anybody at boeing taking a cut or working for free to try to rectify this problem . Congressman, my board will conduct a comprehensive review. Did the faa approve the planes and the Flight Control system too quickly . Are you asking me that question . Yes, congressman. You know, i think boeing came out today, their ceo and their chief engineer both said we take full responsibility. They are telling the world and have been that they are culpable. They are taking ownership of this whole thing. They also said that i mean nothing can replace, you know, departed relatives and friends and loved ones, but theyre taking financial responsibility for this as well. They are diving into this thing in a way that i think is trying to find solutions, and while i i appreciate, you know, my democrat colleagues line of questioning, i thought it was rather sensational. My heart goes out to the people who lost loved ones in these two crashes. But lets look at the real thing here. Lets look at it. We have 5 million people, americans today who are flying on boeing aircraft. Weve had 90 million americans that have flown excuse me, billion, billions of people have flown on boeing aircraft over the last ten years. David right. And weve had one fatality. The Gold Standard for safety in ntsb, d. O. T. , faa, which our you know, tni committee have jurisdictio