Also, a new apple tv and ipad pro plus, that apple pencil. A few of the announcements coming out. Well take you there live with the details coming up. Fitbit is on fire these days, up 7 this week. We have the analyst that says that stock is going to 50 a share. Plus, new details on the wall street heavy weight who went to meet with the Chinese Government. More on that story coming up. Thats very interesting. Lets start with the latest from apples event. Im sure hes having to keep talking to us while its going on inside there. Give us a quick recap of what weve whats been unveiled today from apple here, john. Well, you caught me at a good time. Theyre wrapping it up. Ive got more detail than ive had up until this point. And key details on pricing. How does apple talk about pricing in a world where so many carriers are moving away from subsidies . Well, the same way. They will be priced the same as previous generations. The 6 and 6 plus are going to be 100 cheaper, and the 5s will stick around at the beginning of the line. Sounds like theyre getting rid of that 5c. But they also said a number of carriers will be doing installment plans. Apple said they, themselves, have an iphone upgrade starting at 32 a month where youll be able to choose your carrier. Its an unlocked phone. And thatll be 32 a month. Sounds like you can switch between carriers more easily. Saturday, september 12th. The 25th is when availability will open up for the first Retail Stores and the ios 9 will be available september 16th. New interface borrowing from the technology that weve already seen in the apple watch. It is mostly going to be used, looks like, multitasking. Switching between apps, doing more, drilling down without having to do so many. And craig, of the Senior Vice President over software did a demo. Take a look. Instagram, i can jump right in. And when im in here with these picture thumb names, of course, i can peek right in. I can do it just like this. Or if it was a person i follow and i want to see all of their photos i can, of course, dive deeper and pop right in. Now, besides that, theres also an upgraded camera on the backside. Its 12 megapixels up from 8 meg pixels. Theyve worked on the sensor so it doesnt degrade with more noise from the pixels. Also, the frontfacing camera, the eyesight camera, the facetime camera is 5 megapixels and the screen lights up to provide a flash thats appropriate for the type of lighting condition that you have. They also talked about apple tv. That is a new box. A bit more expensive, but it has an app store. Were now going to have games, wider variety of apps, fitness apps and the like on this. Besides just content, Major League Baseball had an app demonstrate that got the crowds attention. Also, a new ipad, the ipad pro now close to 13 inches diagonally, 12. 9 inches, starting at 799, more powerful with an a9x chip. All of the demos had to do with enterprise and professional applications. They say that this is more powerful in graphics than 90 of the pcs that have shipped over the past 12 months. They want to do this, obviously, to beef up an ipad line that has seen declines in growth. Not just slow growth, but actually declines in sales from a revenue and unit perspective over the past several quarters. Well see if theyre successful with that. The take away, apples not focused in the september event on the iphone anymore. Its an eco system. And sounds like theyre hoping the products will help to drive iphone sales. Also the new financing plan theyve got. Back to you. Youve done many of these presentations, how do you rank this one . Is this what the markets been hoping for . Or is this another presentation by apple . Bill, i think its notable that apple, at least for most of the day hasnt been down as much as the overall market. Ill tell you, the day of, investors are just bad at reading the significance for the announcements. Apple has been trending in the right direction as far as taking share from samsung, taking share from android overall. Theres a decent chance with this given the success of the 6 and 6 plus that these new phones will do well because, i tell you, a camera is a key feature that tends to spur people to want new phones. And the fact that apple is helping to make new phones affordable itself, not just the carriers helping to get people out of that twoyear cadence, necessarily, that could help, as well. Got to take a better selfie, bill. Thats big. John, well leave it there for now. Very much appreciate it. Our jon fortt in koocupertino. And max wolf from manhattan, welcome to you both. Can the stylus save the ipad . I think it is. Its a huge product for them. And i think a lot of people discounted that. Ipads have been slowing for the last six quarters. This is a big deal. A lot of guests on today that have talked about samsung and microsoft being a competitor. What i see is they can take market share under 1,000. This is a 60 billion to 70 billion market. If apple has the functionality that they can replace the laptops, this could be a huge opportunity for apple. And i dont think enough analysts are talking about this opportunity. Max, youve been the skeptic on apple, bemoaning the lack of revolution. Were getting more evolution from the company lately. What do you make of at least what youre hearing out of the presentation today . Its why i like the company. I think its a good bet, a pretty safe place and a pretty rocky market where a lot of the other places people are likely to be a lot worse. That being said, i think this was incrementalism at its best. To me, the big news was really kind of enterprise focus on the ipad. I think if they can make it hipper, newer. They can penetrate the living room. Not get left behind in the internet of things. To me, that was really exciting and i think the company deserves a lot of credit for pushing out the boundaries of what they could do there. That to me was big news and i think it was sort of a buried lead in the whole day. Lets delve more to that in a second. To this point on the ipad, the two new features introduced here are the keyboard that goes for like, i think, 179. And the stylus, steve jobs said was a sign of failure in the tablet space. Now it has a host of new features. Do you think the stylus is a significant, or the pencil, i should say, step here, or is it more incrementalism for the ipad. Its a little bit of saying, hey, looking, we realize that other guys figure out what the public wants and were not going to ignore it. Whether its a larger device or a stylus which has long been something people associate with a larger format target stuff from samsung. That being said, its a good idea. I think if you want to be competitive in the low price, sort of maybe desk top replacement market. Maybe charging people 100 for a product that cant cost more than 10 to make on top over the 1,000 device isnt a great way to make the penetration. Its a little bit, maybe guilded lily, but i like the product, i think it does interesting things, and i think youll find a place for it among creatives and early adaptives. Channing, what do you think about what max is saying . I think hes right. I mean, were going to have to see how this product evolves. I think theres a lot of potential there. For years, weve been waiting on some type of creative product. Weve watched the ipad deteriorate. I think this is a promising growth opportunity. Id also agree with max. And if you look at apple tv, they can go after a lot of different markets here. Look at the gaming market, a 30 billion to 40 billion market. Theyre going to come in on the low end but start taking market share. I take your point. Trying to be a jack of all trades and a master of none . Well, look, theyre a master of consumer products, and this fits right in the wheel house. They have shown time and time again that they can dominate product categories. Theyve waited to dominate apple tv. Just think of the potential, if apple starts creating bundles for tv content. This could be a huge opportunity. Thats the big opportunity coming down the road. They can really thrive in that area. Thank you for your thoughts on the presentation today. Thank you very much. Appreciate it. Lets turn to the market downturn. We thank their patience. John brady at the cme with r. J. Obrien. There are an awful lot of people lately, they feel like theres another shoe getting ready to drop at some point. Do you feel that way, as well . What do you think is going on here . No, i do think there is another shoe waiting to drop. I think theres going to be disappointment come next week when, you know, people, some people are betting that the fed is going to start raising rates come, you know, next week. Im not one of them. Those people will be disappointed, then therell be people who will be disappointed with, you know, data thats going to be coming out for the next couple of months. I think that, you know, we have a ways to go. I think theres a lot of risk in this market. And i think that youve got to be very careful. John brady, is it possible apple can quell nervousness about the Chinese Market here as it continues to try to say, look, our sales trajectory remains strong there . Kelly, maybe apple can quell maybe global unrest or unrest in china. China has shown signs the last couple of days of stabilizing. The thing that the single most important thing thats dragging this market lower today is indecision by the fed. We have entered their blackout period. And the guess right now, and its only a guess, about 30 is that the fed is going to tighten next week. And this the kind of situation the fed did not want to find itself in where its been trying to be transparent and communicate more clearly to the market. The market has no clue whether its going to tighten next week or not. And neither does the fed. Thats going to lend to volatility. Any safe havens in this market right now . I think there are very few. I think, actually, Investment Grade bonds, highyield bonds look pretty good. I think equity values are still supported by a huge Leverage Community thats really banking on rates staying near zero. I think fixed income is going to be competitive with equities over the next six months. John, what do you think . Especially as we keep a close eye on treasury yields. Right. Well, treasuries are certainly a beast on their own. And theres been a lot of talk today about the relationship between credit product and treasuries. Specifically, the 4 to 5year sector. But more to the point of equities, we think this 10 down drop we saw in august is very healthy for the market, but technically, were probably going to retest it in the coming weeks. As soon as the fed gives clarity to the market, its going to be up, up and away again. And we think stocks will be higher, 3 months, 6 months and 12 months from now. You are going to see a retest of the lows. If the fed fails to communicate, can clear policy. Peter, last few minutes of trading here, what are you expecting . What levels are you watching here . Well, well look at the industrials just because thats a simple one. I think 16. 3 would be my baseline. I dont think were going to hit it. But i think, you know, with the close looking toward the sell side. Not a big deal. I dont think its unexpected. You know, its more about what were going to see over the next couple of weeks if you think the fed is ready to do something, you get ready for it. Thank you, everybody. The shares of Chesapeake Energy spiking here a report saying the company is possibly seeking a sale of some of its assets in the utica shale region. That part of the shale in new york, pennsylvania, ohio, parts of canada. That utica shale sale could fetch upwards of 2 billion. Very much of the energy trades. So well see if that sticks around if that fundamental buying comes in or whether, again, this is Short Covering for some of the energy names. Back over to you, kelly. Thank you for now. The dow giving up 103 points. The s p 500 down 11, the nasdaq, doing okay. Hanging about a third of a percent, 18 points. They are wrapping up in cupertino. Much more ahead on apples big announcements. Walt mossberg will give his key take aways coming up. Up next, well hear from the analyst who says fitbit is going to 50 a share. Youre watching cnbc first in business worldwide. At t and directv are now one. Which means you can watch movies while youre on the move. Sitcoms, while you sit on those. And even fargo, in fargo binge, while you lose weight and enjoy a good cliffhanger while you hang from a. Why am i yelling . The revolution will not only be televised. The revolution will be mobilized. Introducing the all in one plan. Only from directv and at t. A turn around day on wall street. The dow opened up 172 points. Weve been down about 130, coming off those lows right now, down 93 points. Alibaba shares are up. And yahoo has reversed yesterdays after the bell losses. Our david faber reporting that yahoo may, in fact, proceed with its spinoff of alibaba shares afterall despite being rebuffed by the irs at the request of a private ruling in favor of a taxfree spinoff. Thats crucial to that spinoff. And if its not going to be taxfree, they may not do it. But davids saying, maybe they will afterall. Shares up nicely, 2. 5 . Now apple may have some big plans for that watch. But when it comes to wearables, fitbit out in front. Up more than 80 since it went public in june. Its a technology and Research Analyst at fbn securities, initiated the stock with an outperform today. He has that 50 price target on fitbit with it trading at 35 a share. I was looking during commercial. Are you wearing one . No. Youre not wearing one . No. Just checking. I was looking for one. Why do you like this company . I think the wearable trend. At the very beginning of the trend is going to go from 70 million to 500 million by 2020. Why fitbit . Its the market share leader right now. They have a 25 share of this market. Apple just with apple watch is now 12 . I think, you know, those competitors are going to be very strong, but fitbit has a market advantage. And i think apple watch is going to hurt fitbit. But apple watchs price point is 500 to 600, the sport version is 400. But the surge, the sport watch from fitbit retails for 350. So its completely different. They still had a problem keeping their sales momentum up, especially in the, what is it the Third Quarter . Current quarter . I dont know if it aligns with the fiscal quarter. Nevertheless, they go from a strong start of the year, they have mothers day, fathers day. The middles a little bit of a soft patch. That could be a fair pattern for many retailers. Do you still expect it to be okay. To see a deceleration in sales quarter to quarter . Well, realize, you say deceleration a decline, outright in sales. There was a guided sequential decline in q3. But they were smaller then. I think as they get bigger and more mature, theyre going to have more seasonality. What you should also realize is that the q3 guide implies well over 100 year to year Revenue Growth. Theyre still growing very rapidly. And i expect that Revenue Growth to decelerate from 100 as they usually do. I still think that strong growth is intact. The skeptics were saying that they felt like it was right or wrong perceived as a onetrick pony in the Health Industry whereas a multifunctional wearable piece of technology might be the place to go where youre hedging your bets. Youre going with things that people can do. They can do email, answer the phone, you know, whatever it is instead of just counting steps and watching their diet. I also think those would be more expensive products. A lot of the products at 100 to 150 price points. The highest selling product, 150. You know, i think that the swiss army knife, the product that can do everything is going to retail much higher price point. Eventually, the prices are going to come down. If you look at the r d investment from fitbit recently. I dont understand, do you want their prices to come down . Or do you want them to be the cheaper end of the market because that differentiates them from apple . Or on the higher end which some of the products at the upper ends of the line where where theyre getting the better margin . I see the market this way. It is at the very low end. Okay, like the the low end product is like 20 50. Then you have apple, i just mentioned 400 to 600. And then you have fitbit in that sweet spot. I wanted them to retain focus on that sweet spot. Theres a lot of opportunity in that market. All right. Well see what happens. You know, stock has done well. But its its up 2. 5 today in an otherwise down day. Fbn securities. Good to see you. Thank you. Appreciate it. Were heading to the close, got about 37 minutes left in the trading session here with the dow down 109 points after opening up 172. So, yes, weve had volatility today. Corruption at United Continental. Phil lebeau with new details on the ceo. Plus, Walt Mossberg will be joining us to get hiss take on apples new product announcements. A lot of questions for walter coming up. So youre a Small Business expert from at t . Yeah, give me a problem and ive got the solution. Well, we have 30 years of customer records. Our cloud can keep them safe and accessible anywhere. My drivers dont have time to fill out forms. Tablets. Keep it all digital. Were looking to double our deliveries. Our fleet apps will find the fastest route. Oh, and your boysenberry apple scones smell about done. Ahh, youre good. I like to bake. Add new Business Services with at t and get up to 500 in total savings. Hey hi our cloud its a platform based on awesomeization really . Can it keep our data where it needs to be no matter what country were in . Integrate with our systems to help keep transactions secure . Combine Customer Data with likes, tweets, the weather, to predict trends . That would be awesome. Tote . Now theres a cloud that understands business. Now theres the ibm cloud. Welcome back. Keeping an eye on markets here. The dow edging toward session lows, down 125 points. Its. 75 . The s p down 13, nasdaq 21. And keeping an eye on oil for you, as well. Lately, the selling pressure on oil has gone hand in hand with the Broader Market. Thats definitely true today giving up 3. 5 . Good enough to send wti below 45 a barrel. Another stock were watching today, special situation, United Continental shares have been trading a little bit higher. There it is up 1 today. Phil lebeau has more on this breaking story. We mentioned it here on closing bell. Phil joins us now with the latest and the aftermath. Whats going on, phil . And bill, i think one reason why t