Im Courtney Reagan. Stocks trading again in another fa narrow ray but another high. A volatile session for oil. Saudi arabia and three other countries cutting ties with qatar raising concerns about supplies. More on this as oil prices fall. And whats moving. A major cancer conference under way in a number of biotechs rallying as a result. Loxo and puma among them. Herbalife down 6 of its latest outlook. Brian . Here is what else is happening this hour. Csx shareholders approving a proposal to reimburse 84 million for arranging the hiring of a new ceo hunter harrison. The ceo of mantle ridge, by the way, is the vice chairman of the board for csx. In the skies the good times continue to roll. Airlines globally are collectively raising their profit forecast. The Industry Group that represents more than 200 Airlines Says the profits should top 31 billion this year. Thats about 1. 5 billion more than previously forecast. And the Supreme Court scaling back the s. E. C. s power to recoup profits made in securities fraud. They can still Order Companies to pay back illegal profit but must do so within five years of any claim of fraud. Those headlines falling all under the shadow of another it terror attack in london over the weekend. Seven reported dead, dozens more remain in the hospital. This is the third attack in less than three months and happening just days before the uks general election. Wilfred frost . Reporter brian, thanks very much. Were going to start with some live pictures of a vigil taking place as we speak on the banks of the river thames between london bridge, the site of the attacks, and tower bridge, the mayor due to speak in about 15 minutes time, and also to hold a moments silence. The story of the day hasnt been one of silence after a brief hiatus things picked up in pace early this morning and security has stuck top of the agenda in a way that it didnt really do after the Manchester Attacks two weeks ago. After manchester people thought it might be the tough on crime and immigration conservative party of Prime Minister teresa may, but she is taking more flak today than her main opponent labor leader Jeremy Corbin who has attacked her for Cutting Police numbers when she was home secretary from 2010 to 2016. While she has pushed back to frame Jeremy Corbyn as light on police powers. But the main takeaway this has been yet another day on the campaign trail with very little focus on brexit which was the reason why teresa may called this election in the first place. That, despite her trying to change the subject yet again today. We immediate that strong leadership now more than ever. For in just two weeks we embark on perhaps the most difficult set of International Associations this country has ever known, the most difficult and the most important because everything we want as a country depends on getting these negotiations right. Reporter the result two more polls out today showing momentum for Jeremy Corbyn but teresa may still in the lead. The latest ft poll of polls bringing it all together showing the conservative lead slipping from nine points this morning to seven points as we stand this evening. Guys . All right, wilfred frost in london for us. Thank you, will. In washington the focus shifting to infrastructure today and the president s plans to reform the air Traffic Control system. Eamon javers is live it at the white house with the very latest. Reporter we saw the president sit behind a desk today and sign a letter to congress in which he said he wants them to embark on reform of the nations air Traffic Control system. Take a look at a summary here of what it is exactly hes proposing saying that he wants the air Traffic Control system to become a nonprofit entity, no longer a government service. It would be overseen by the faa but those employees themselves would no longer be government employees. The white house says thats going to increase safety, Cyber Security and national security. The president in remarks at the white house contrasting this with the approach of his predecessor. Here is what he said. After billions and billions of tax dollars spent and the many years of delays, were still stuck with an ancient, broken, antiquated, horrible system that doesnt work. Other than that its quite good. The Previous Administration spent over 7 billion trying to upgrade the system and totally failed. Reporter so, melissa, this is the first day of what the white house is calling infrastructure week. Theyre going to focus on different pieces of infrastructure over the coming days this piece, this air Traffic Control idea, they say they want broken out as a separate piece of legislation. Theres no overall infrastructure planned yet from the trump white house. They say theyre working on that. They hope to have it, to release it, and pass it before the end of the year. So well wait and see what comes next. They say this piece will be broken out as a rifle shot. The rest of the ideas will go in one big package they expect and hope to pass towards the end of the year, melissa. Eamon, thank you. Apples annual Worldwide Developers conference just g Getting Started in san jose. Josh lipton is there live with the latest. Josh, whats going on . Reporter well, courtney, there are more than 5,000 developers here today right behind me and the job of apple executives, tim crook, phil schiller, is to win over those programmers, convince them and excite them about creating apps for apple products and apple services. Theyre going to likely do that by unveiling new versions of their operating systems including ios, their mobile operating system for iphones and ipads. When you look at market share ios controls about 15 globally. That is a far distant second to android but the Developers Behind me here today are less concerned with market share. They want to know where they can earn the most money. Apple recently told us those developers have earned more than 70 billion from the App Store Since its launch in 2008 over the past 12 months downloads up about 70 . Analysts will be looking at the new version of ios, does that give us any clues about that iphone in the pipeline . I know gene munster wants to see do we see any new a. R. Features. And its probably not just software. Might also see some hardware updates, maybe updates to the laptop lineup, the mac represents about 10 of the companys total sales as well as reports maybe we see that new siri enabled smart speaker, apple taking on amazon and google. Right now amazon controls about 70 of that market but apple would have advantages of its own, huge install base and, of course, a big retail footprint nearly 500 stores around the world. Guys, back to you. Josh, thank you. Josh lipton in san jose. For more on what to expect lets bring in an apple analyst and managing director at btig and our own john forte joins us for the conversation. Walter, i will kick it off with you. This is a stock that moves on the notion of an iphone 8 super cycle so in terms of what they could announce today, whether it be an ai chip that has been reported in the past or ar, what are you looking for . I mean, what you talked about, software that maybe gives you hints about hardware because thats what drives the company. Wwdc has never been an event that is a rallying cry for the stock the day, the week or the month that follows. People are focused on the product. If there is a new product that will be an incremental positive but i wouldnt get too excited about anything they say today having a major impact on the stock. Amazon has worked very hard on alexia. On alexa. A lot of people have those products. Do they . They seem very popular. They do seem very popular but, look, i agree with walter on the substance. I disagree in one point. I think this is the most important day of the year for apple investors and its not because the stock is going to move. Its because its not going to move but if you dig into the substance of whatever gets announced on stage youre going to be able to make smarter bets about the future. Just out of comparison, what did they say last year about the major run that the stock has had this year . They talked about the continuity between the mac and the iphone. They talked about some of the encryption features that will remain in imessage, building in more capabilities into that. They talked about improving siri in a way that wouldnt try to go step for step with amazon and google but would keep peoples information safer while also making it smarter. Do you have any vivrin because im falling asleep up here. Thats great for investors who want to be smarter worldwide snoozer conference. Youre not going to pop awake at this but if you Pay Attention to the details. The point im trying to make, walter, is that if you look remember apple is famous for that one more thing, the one more thing list was pretty doggone impressive for years. Itunes store, the ipod, the macbook air, the ipad, major groundbreaking products. Now were talking about incremental improvements to siri. Is there anything that you think will sex up this Developers Conference . Well, i also covered telecon. Thats not ever considered a very sexy area but it is a recurring revenue business and those boring businesses that a lot of analysts are looking at Services Segment which is now 13 of sales are things that drive higher valuations in the stock. Remember, apples p e multiple is a discount to the market multiple. If these boring things provide some evidence that they have a true recurring revenue and not some explanation of someone upgrades their phone every two years, no, a true Services Business that also lifts margins can be very interesting for investors. Jon, making money is sexy. To melissas point the stock is up. Weve pointed out apples secondary business. The services, itunes store, app store, is bigger than facebooks entire business. Yes. And i think its false apple calls this services. A lot of it is really retail. Its kids buying a new game for their phones. Which i dont let them do but it would be which is why i dont let them do it. A lot is transactional, downloading apps, yes, im a grinch when it comes to that stuff. Really what this conference is going to be about detail wise is about a new interface and that is voice. And really its as important as touch and multitouch was to the iphone whether you have a watch or a speaker in the home or whatever it is youre not going to end up touching it. Youll end up probably talking to it and touching it. Lots of different ways of communicating. And right thousand it appears amazon and google are ahead in figuring out that mode of communication but theyre not ahead in making money at it. Theyre not making a whole ton of money because theyre not reporting the units theyre doing in the business. Apple has a chance to figure out how to put the things together in a way thats actually profitable which is something that apple is good at. Yes, certainly. Jon, thank you. Jon fortt. Walter has a 184 price target on apple. That was a live shot of tim cook who just took the stage. As soon as we have any sort of headlines, well bring them to you as soon as we get them. Stick with us on power lunch. A different call from one wall street analyst. What he thinks will happen with the stock ahead in street talk. First, who is doing better in this record breaking market, act active or passive investors . Dominic chu knows. Whats behind the move . Well have that after the break. [pony neighing] what . Hey gary. Oh. Whats with the dogsized horse . Im crazy stressed trying to figure out this complex trade so i brought in my comfort pony, warren, to help me deal. Isnt that right warren . Well, you could get support from thinkorswims inapp chat. It lets you chat and share your screen directly with a live person right from the app, so you dont need a comfort pony. Oh, so what about my motivational meerkat . Inapp chat on thinkorswim. Only at td ameritrade. We all know passive investing is all the rage and more investors have gone this route, lured in by promises of lower fees and less risk. But could the pendulum be set to swing back toward the stock picker . It turns out this year theyre already winning. Dominic chu has more. Those stock pickers are doing pretty well so far in 2017, and to put some numbers behind it Christopher Harvey heads up equity strategy at Wells Fargo Securities and he and his team looked at a whole universe of Mutual Fund Companies to see just how large cap managers and small cap managers that pick stocks are doing against their indices. Take a look at this chart because the red line represents relative performance, outperformance over large caps. Yellow line over large caps. Both segments of the market have become better for stock pickers, outperforming by 2 , 2. 5 the first half of the year so that might be the sign this is the First Step Towards maybe that pendulum swinging back. Whats behind the move . Check out some of the motions here, growth factors are doing better. Think about apple you spoke about, growth factors like momentum are beating value factors like price to book, price to sales, that sort of thing. Maybe also a reprising of the trump trade, the value segments are losing steam compared to stocks like apple or amazon or facebook and small and large cap funds just to underpin this more are actually underperforming their fundamental stock picker cousins. As you look at the broad themes and interesting moves here with regard to that outperformance, could it be . Well see if the rest of the year plays out that way. Back to you. Thank you very much, dom. Lets stick with the markets. A new report out by Janice Henderson shows investor growth. To give us the names of the biggest payers is global port foal yoe manager with janice hander son. He does join us from london. Theres a lot of action going on in london. Thank you for joining us. First of all, could you give us the highlights of your reports and as you speak we sort of have some graphics to show our investors where the payoffs are. Yes, sure. So one of the highlights of the reports is growth in q1 has been a bit stronger than we expected so headline growth, the underlying growth is about 5 . Last year to put it in context the year was about flat. We saw a pickup in growth, a synchronized pickup in the second half of last year and thats coming through in dividends. Does that also mean the companies are not deploying that capital in otherwise . Does that suggest that perhaps activity is slowing . What does that mean for the Broader Market investor if youre looking at equities . Yeah, i think what youre seeing in this period is that some companies that cut their dividends very significantly in the past are increasing them again. Some of the headline names would be bhp billiton, the mining company, but has seen a big pickup in mining Commodity Prices mainly driven by china. Weve seen a few Oil Companies p paying back a little bit more. So wood side in australia. Were seeing Companies Like bank of america, citigroup, some really big increases year on year there that go unmentioned by the market. Theyre big parts of the index and make a big difference when they start increasing them. And your number one has held that spot a number of different times. You also, as you mentioned, have some Oil Companies, exxon mobil and shell. Now you are in london, ben. So if we could just get you to turn your focus a bit on whats going on in the markets. We had yet another terror attack in london but the markets are somewhat shrugging it off. They dont seem to be afraid or worried about what that means for investors. Why . What would it take to rattle that market . What you see he with terror attacks, they affect sectors and stocks. If you look closely within the uk market youll see companies in transport, hotel, airways and the same we saw last year with paris. Again, the leisure stocks. The equity market is very global in most markets nowadays. In it the uk twothirds of our earnings come from overseas. And so to actually destabilize youre looking at more factors that affect Global Growth trends. Ben, as part of this stability in the markets and also reach for dividend paying stocks the move weve seen in the bond market and the fall in yields, we cant look at the bid for dividend stocks without putting that in the context of where yields are and the global desire for safety, right . I think thats very true. I think investors are starved for opgs from a yield basis. Were seeing all sorts of income generating assets around the world whether it be housing or stocks or bonds so i think when you see yields going back down again than what weve seen in the last month or so is a big leadership taking over in the markets by defensive stocks, so telecommunications, utilities, tobacco stocks are back in favor very much the antithesis of the trump trade from last year. And so the bond market in the short term is definitely moving equity Market Leadership. I think longer term we would hope that higher bond yields would be accompanied with higher equity markets because wed be more confident about growth. All right, ben, leave it there. Ben lofthouse, janus henderson. Forget silicon valley. The new place is next. 98. I did active duty 11 years. And two in the reserves. Our 18 year old was in an accident. When i call usaa it was that voice asking me, is your daughter ok . Thats where i felt relief. It actually helped to know that somebody else cared and wanted make sure that i was okay. That was really great. Were the rivera family, and we will be with usaa for life. Usaa. We know what it means to serve. Call today to talk about your insurance needs. Welcome back to pow