Good Tuesday Morning im Carl Quintanilla with jon fortt and Julia Boorstin apple is going to be the story of the hour. Their new event is just hours away expected to unveil the latest edition of the iphone, jon likely story of the week in my book. Thats where well start this morning. Joanna stern off the wall street journal joins us product reviewer extraordinary air. Its been a long time since we had an iphone event that wasnt focused primarily on camera and screen quality, i would argue. Maybe back to the iphone 10 where we got face id but this time it might be 5g taking center stage, right supposed to be it speed, speed, speed. That was the tease in the invite last week from apple i think its going to be in 5g, certainly. Processors, processors, processors every year. And i think also we hear a lot of speed in charging this morning it was a i believe it was last night, a Wireless Charging grid that will clip to the back of the new iphones magnetically clip. Should be able to charge faster than current standard Wireless Chargers nobody cares about that, right . No. I dont remember everyone saying my iphone doesnt charge fast enough. If only they get me an iphone that charges twice as fast jon, im so happy you said that i have a piece tomorrow about fast charging. I care about this project this more than anyone else youre going to be testing 5g speeds in your city and other cities isnt that going to be the maintaining that people want to know about this thing . Does it really download and stream stuff faster . I can tell you the answer to that right now without having tested the iphone i tested a bunch of other 5g phones frankly, its not worth the hype i mean that is the situation were in right now the carriers themselves have a hard time explaining why you need 5g on your phone now 5g has a great exciting future well get all these great new technologies its going to unlock the new technologies like 4g did. St but but on the smart phone, what do you need the faster speed for . We need them to answer that and how theyre thinking about 5g on the phone do you always need that 5g signal and where can you get the freaking 5g signal . Thats the question consumers really want to pay to upgrade for 5g. And thats my question about paying there are four different phones. What are you anticipating in terms of the cost of the phones . Sounds like one is smaller, a mini, then you have a maxi where are the phones going to fall in terms of pricing and size yeah. On the 5g point carriers said theyre not charging more for 5g. Good thing for consumers there if you have a current plant with verizon or at t and t moibl, you tmobile, youre going to pay the same why wr does the new iphone start at does it start at that 650 price point . Does it bring the 12 for an iphone 11 mark because youll have something below that . And so can apple stagger the prices from 650 all the way up to, you know, 1200 on the pro max which then can be up to probably 3,000, 2,000. Then the other interesting thing apple does is keep around the oler model well still see the 500 price plan and the mid tier has been huge in the last section for iphones but also for android phones. So i think well see a smaterring of prices of course, it will be really interesting to see how they address the pressure and Consumer Spending right now and how much people are willing to spend. Also, are you expecting anything in terms of trade in, new trade in policies and do you think well hear anything about services or anything else other than the i phones which i know are the star of the show yeah. I think we there have been some reports around a new trade in program, a new program that we have been hearing is called the iphone for life. Which is a very funny, i think, were all going to we should all have tshirts that say iphone for life. There are rumors around that on other products, i think accessories are something we shouldnt play down. Apple has gotten people in on the iphone they can expect upgradesen on the iphone that is the recurring upgrade cycle. But on accessories, thats an area where apple can keep pushing. We talked about that wireless charger. Sure, you pay 700, 800, 1,000, why not pay more for a new wireless charger and new home pod mini that is 99 . All of those things keep you into the apple ecosystem, keep consumers in the apple trap. Joanna, i worry that were whistling past the graveyard here theyre on expectations of a 5 u iphone and youre saying that 5g is not going to deliver. What does apple have to do to perhaps enable this super cycle that so many people seem to be expecting . People say last year apple needs an 5g iphone. Maybe theyre delivering it too early. Is there something pandemic wise, anything they can deliver that will make people buy it in droves i think design is a big thing. The super cycles are usually driven by a whole new design i dont know if enough people are going go out this year in a year where theyre trying to cut spending and say i want that brand new squarish looking iphone because it looks so cool and has new colors that is one area the new design along with the 5g and some new camera tricks, along with a better screen new charging tricks. That might be all together compelling package for someone to upgrade is 5g the reason . I really dont think so i will say that firmly as i said right here. I think on 5g, one thing to bring up is im talking about the u. S. Market. I live in the u. S. I tested all across the u. S. I tested a lot in area in new york and new jersey. I dont believe that 5g is a reason to upgrade. I dont live in china. I dont live in europe those are place thats 5g rollouts are more advanced and have come a lot faster yeah. Well, perhaps the buying will be in anticipation of 5g not just because of 5g. Well have to see what demand looks like thanks were going to continue, of course, to talk about apple as we are less than two hours from that announcement starting with julia. Disney made headlines after the restructuring announcement help me understand what this is. Yes, its more of a commitment to a direct relationship with the consumer than in the past. But structurally, how is this guarantee that its a pretty unusual restructuring, carl. Theyre dividing the content creation business. Studio, film and studio for film and thentv and sports dividing that content creation from the content distribution creating a new Division Just focused on distributing content to consumers and making the choices about whether content should go on disney plus or in theaters or on tv. So the idea here is that by putting one person in charge of distribution and one team in charge of distribution, also putting that guy in charge of the streaming business that youll then have a more nimble ability to decide where things should go. And, jon, as you know, things are changing so quickly right now. But with theaters still shuttered, its more important than ever to put thing onz streaming. Does this mean they were giving more traditional distribution methods preference . How does this restructuring affect the way disney is going to operate couldnt they have just decided without restructuring . Hey, were going to do morewit direct and disney plus well, look, i think its really more silod before. The studio made decisions about whether they wanted things to go in theaters or disney plus tv also made the decisions but now by putting daniel in charge, hes not going to let the studio decide oh, i really would love to see this in theaters i think we should hold out and put this in theaters hes going to decide if financially it makes more sense right now. So i think what is really interesting, carl, we saw bob igers legacy is creating plans they can exploit across the platforms and building up the presence of streaming. And now what were seeing bob do with this big promotion of daniel is saying were going to create content that were going to figure out how to exploit across all platforms particularly digital, carl fascinating i was struck by morgmorgu by mos line were trying to establish how big a deal this is internally. Great Coverage Today and yesterday. In the meantime, getting back to apple, of course, the event in a couple hours, lets bring in guy kawasaki guy, its been a while great to have you back thank you, thank you. Im glad im relevantagain. 5g is going to change the world. Imagine getting five gigabytes up and down. Of that allows a lot of things, the internet of things, cars, talking to each other and just Live Streaming from your phone thats a huge deal apple is a master at saying how this is going to work in your daily life. The can you imagine how 5g will allow you to do things you couldnt do before will with, were assuming that 5g is coming today lets make that assumption if i were apple, i would think i would have somebody with the 5g phone in some great location far away streaming live with absolutely absolutely no latency. Its not quite true. But, i he mean, cant let the truth get in the way of good marketing. Well, is it good marketing, guy . If that is not the experience that people are going to have, i guess, in a way its a question about 2020 i think a lot of people are going to wonder how good is 5g coverage in my area . And use that as a basis for whether to get this phone if apple positions this as a phone that you should buy if you want 5g. Do they have to say there is 5g on this phone so its future proof. But here are a bunch of reasons why you have to have it. Right now is relative you know, verizon and at t, theyre just going down the road towards 5g. So i think you can take that as a given. And this happened every time, you know, with 4g, you could have gotten a 4g apple phone before 4g covered the world, too. I think this is a nobrainer it is the most important feature that could be announced today, particularly because there are so many android phones that already have 5g apple is behind the curve here guy, were going to have to cut it a tad short because there is so much news. I hope youll come back next time and talk canada which is another amazing story that youre involved in and its fascinating to talk about. Im just an email away guy kawasaki, thanks. Getting breaking news on boeing orders and deliveries. Phil lebeau has that presser in chicago. Julia, another month where boeing is shutout when it comes to new orders. New commercial airplane orders for the month of september the Company Reported negative 51 planes on the order books year to date, negative 983 planes when it comes to orders. That means the boeing max backlog, what all 51 of the planes were in terms of of what was taken off the order books in september. The total backlog drops to 4,325 commercial airplanes they did deliver 11 planes last month. Year to date, deliveries have not yet hit 100. 98 so far this year. The headline here is that the backlog continues to pull down as they report negative 51 planes in terms of orders for the month of september guys, back to you. Phil lebeau on boeing now take a look at shares of disney popping to day after that Company Announced it was restructuring the media and entertainment divisions do focus more on the streaming business heres what the ceo told me about the move squawk alley will be back right after this break we are tilting the scale pretty dramatically towards our direct to consumer platforms were going to be increasing our intostment in content thats gog fuel the machines in direct to consumer before we talk about taxsmart investing, whats new . Well, audreys expecting. Twins grandparents we want to put money aside for them, so. Change in plans. Alright, lets see what we can adjust. Wed be closer to the twins. Change in plans. Okay. Mom, are you painting again . You could sell these. Lemme guess, change in plans . At fidelity, a change in plans is always part of the plan. Amazons prime day under way this morning the biggest retail days of the year John Blackledge joins us with his expectations john, thanks for joining us. You just updated your expectations, your forecast for ecommerce tell us the acceleration that youre anticipating. Thanks for having me on we published the Fourth Annual report yesterday and then we significantly raised our commerce forecast. We now expect commerce growth of 48 year over year in 2020 obviously, a massive acceleration given the covid19 demand w that, ecommerce penetrations rises to 17 . Tha thats a 5 penetration jump its a big change. Weve seen ecommerce penetration rise about 1 a year the past five years. But with the pandemic driving the demand surge, were really seeing a big pull forward. And the categories that are driving it are really big. Consumables, food and beverage, home, among others and so now we actually expect 1 trillion in ecommerce sales by 2022 which is two years than we expected john, you mentioned consumables, food and beverage i anticipate that is a category that may slow down go back to prior levels post pandemic once people can go out to restaurants or to the store more freely than they do now. Is that something you anticipate to continue to grow or have that growth slow down or revert back . You know, we think consumables which is, you know, personal care, Household Goods and food and beverage will be drivers Going Forward. These two categories doubled and they drove about a third theyre driving about a third of the incremental e commerce spend. Prior years they had been driving maybe, you know, kind of half that. So we think those two plus home and auto will be the drivers of e commerce growth Going Forward. Were looking for 10 annual e commerce growth the next five years. Of and those are the four categories that we think will drive it john, the the other thing i call out is we awe on line grocery users double this year per our data. We think that the train is kind of left the station and people found it easy to buy groceries and your consumables online. We think that will persist Going Forward. Okay. We talk about the benefits of prime day. But we seldom talk about the costs. The there must be costs or amazon would have three prime days a year. So what are the costs involved here how are we going to gauge whether this prime day was as successful as previous ones . Yeah. So, jon, i would say amazons been investing and the last mile delivery, the last couple years, this is another thing we updated in the report. Theyre increasing the fulfillment Square Footage by 50 this year. Theyre increasing the delivery stations which are around major metro areas. Theyre doubling them this year. So i think thats part of it the margins wont be quite as high i think prime day kicks off the holidays for amazon and in the u. S. And around the globe. And because were only a couple weeks from november. And then to get into cyber 5 and then into december so i think its more about kicking off the holidays than the cost at this point yeah, of course, jon. Prime day used to be in the summer and now leading up to the holidays John Blackledge, thank you so much for joining us. Thank you were watching tesla today as well. A colleague officially cutting the price of the model s long range sedan by 4 in the u. S. Just days after reported Third Quarter deliveries stock gets a small price target raise over at citi shares are up 1 of course, up more than 420 since january. Wild thing, you make my heart sing wild thing i. Think i. You know what i think . I think you owe us 48. 50. Wild thing. If you ride, you get it. Geico motorcycle. Fifteen minutes could save you fifteen percent or more. If you and sweetie cant. Coloryou just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Disney one of the top s p 500 gainers this morning that stock up 5 after the announcement they would restructure the media and entertainment divisions to focus on streaming more on that after the break stay with us in every territory for every platform our expectations have been exceeded and exceeded every month. So were thrilled with the way its going and we just think this reorganization is going to catalyze growth even further welcome back, everybody here is your cnbc update members of antigovernment parra military groups discuss kidnap Virginia Governor earlier this year that is according to an fbi agent also testifying on plans by other groups to abduct the michigan governor. Judge barrett saying she cannot offer an opinion on whether she would recuse herself from any election lawsuits involving president trump. Barrett also declining to say whether she agreed with Justice Scalias dissent on the courts landmark decision requiring same sex couples be allowed to marry. Early voting has begun in texas. Some in line hours before the polls open it continues through october 30th and soccer mega staoccer star renaldo tested positive for covid19 hell miss portugals match against sweden which is scheduled for tomorrow you are up to date thats the news update, jon. Over to you. Thank you and we are just about 90 minutes from the scheduled start of apples high speed event. Josh lipton, this event is called by some the most significant iphone event in it years. Im not so sure. Jon, the super cycle begins thats what apple bulls are talking about. The expectation is that four new iphones are on the way complete are 5g connectivity which promises faster data speeds for streaming games and movies apples latest and greatest buy onic chip and longer battery life, there are trends potentially working in apples favor. Entering 2021, there is about 1 billion active iphones o ut there 120 million will be older than three years thats a lot of possible upgraders. There could be headwinds, too. Carriers are building out the 5g network. But coverage right now is still spotty thats why some argue that 5g adoption is actually more of a 2021 event so how does april trade on days like today they point out that investors often sell the new they have only been four times at a 15 that apple traded higher on iphone announcement day the for long term investors, the question is whether this covers a lot more iphone sales in the quarters ahead and sparks the next leg of the rally. In addition to new iphones, what could the ceo have up his sleeve today . A few other products could be unveiled reports do indicate that apples hard at work on a smaller u pod and ear tags they allow you locate physical items like your bag or wallet. Carl, back to you. Were going to learn a lot more in the few hours josh thank you for. That josh lipton we continue to watch disney this morning. The Company Announces that reorganization h the entertainment and media divisions to help disney plus and streaming. Another sign of the transition that were seeing among media and tech industries. The necxt guest is board member for several Companies Like net nix, ea and peloton. Jay hoag joins us this morning good to see you. Thank you for time today hey, glad to be back here how big a deal do you think this is . Well, i do want to call on my opinion that im not a close disney follower. Reorganizations are a lot more important internally than externally i will say as a industry observer ive been incredibly impressed with the jobs disney has done with disney plus and shifting their business from plastic media to the streaming world. So i think incrementally betting on that makes sense as an outsider but also observe that manufacture the businesses as good as companies as disney is are under significant duress in covid19 times the streets general take this morning is that reorganizations like this are fairly disney itself and that means they could last longer than the street might think but investors are likely to forgive that. Do you have a problem with any of those points . Not really. I give the company all the credit they were probably sitting there a couple years ago with no Online Presence direct to consumer and pondering that future all of their media being indirect through the cable partners, et cetera. And so leaning heavily to, you know, id say not the future to what the president and in terms of streaming makes sense as you mentioned. Ive been fortunate to be a long time shareholder of netflix and, you know, worth noting that streamers introduced in 2007 so it is 13 years. And netflix, obviously, innovated to deliver what you want to watch, when you want to watch it, where you want to watch it and continues to advance the offerings, making the product better, making the content better and leading the industry. Jay, you know, netflix does continue to advance and is clearly the leader in the streaming space. Netflix shares up 1. 5 today so not negatively impacted by disneys news. Um wonderi im wondering if you think there could be impact on netflix if they put much more of the content that went on tv and theaters on to disney plus and invest further in espn plus and hulu as you might imagine, ive had the pleasure of working for him for 25 years including before netflix and i strongly agree with pretty much everything he said and in particular on this point i know the press likes to focus a lot on streaming wars and so if disney is offering better, does that negatively impact netflix or others . My view supportive is its all about giving the consumer great value, greatselection, and what and there isment of things a consume kerr do in terms of alternative use of the time, screen time. They can play video games, develop tiktok videos, watch netflix and watch disney, perhaps cut the cord on their cable. And thats what its all about its about execution and delivering value to consumers. I dont view it as a zero sum game i will also point out that the viewing time shifted very dramatically online and perhaps at the expense, even in covid19 times, from many Classic Media networks jay, looking at hbo and news as well. Sorry. Jay, looking at disneys strategy here, is there a danger it looks to me like theyre going for more of a vertical strategy to more horizontal where media and distribution is its own thing separate, you know, separate from the creation and the development of the content. Might they get too short term focused to involved with the idea of disney plus . And if the landscape shifts yet again, might they be out of position i will ultimately leave that call, i guess, to you and the folks at disney. The i would also point out that disney obviously offerings are not just disney plus it includes hulu and espn plus and, you know, the lead into disney plus overall is, i assume, part of the rational behind the acquisition so im not sure they have lots of great choice given the media landscape. People are wondering, all right, when is disney going to get some pushback from the exhibitor channels you look at amc today, the nk is not good, not reassuring at least. I just wonder how much leverage they have to push disney to sort of remain at least somewhat with their traditional practices on distribution id say theater side, my observations may be twofold. One is, you know, prolonged period of time many of the exhibitors have been challenged strategically relative to the great content suppliers like disney the so i believe this is true. A lot of the economics were around concessions not the movies themselves. And obviously in a covid19 world, there are many, many, many incremental challenges for Movie Theaters and how that progresses Going Forward, your guess is as good as mine. I would also point out though that the fundamental shift towards, again, delivering what they want and where they want it, youve seen tremendous growth in streaming and availability of movies in netflix and other services while some people want it in a normal world, many want to be able to have it as part of their standard monthly fare and deliver to their living room jay, as you said, we mentioned at the top your Board Involvement at ea and netflix, its hard to imagine two companies that have a stronger stay at home tail wind than those two. I just wonder how alert are you at least for signs that Structural Foundation reverses, stabilizes, flattens out as we all talk about if and when were all going back to the office and leaving the house. Sure. Well, id say that at tcb, were very much focused on the long term we started in 1995 as the internet is becoming commercialized we had great, graeat tail wind. The focus is on technology which is showing itself to be extraordinary in this period of time as it was in prior times. And growth and private and public and those formulas have seemed to work pretty well. Companies like netflix, like peloton which you mentioned and zillow and spotify which were start bid incredible ceos who hired great teams and went after a prize that nobody else could see at the time. And so i would point out that covid19 hopefully in a relatively short term phenomenon, were focused on the long term. Was there some increase in demand due to the Current Situation . Sure do i think that the fundamental Consumer Value prop remains will remain very strong in the future for many of the companies . Absolutely and to continue on that path towards the mountain top whether the world reopens or the world is shelter in it place i understand from a trading standpoint that could be really important. But i dont have any im not an epidemiologist and again, ill leave that to the experts on when the world will be ready to reopen. Theyre reopening the world in 2021 might look quite a bit different than it did in early 2020 in terms of strategic landscape and lots of verticals being reshaped can i just quickly ask what you mean by that last point . Sure. So if you think about in the case of media and entertainment, you spoke a lot about cord cutting precovid19. I believe its true and accelerated in this time period. So the ability of historic Media Companies to compete in 21 and 22 is a little tougher. In the Movie Theater example i talk about, will people go back to theaters . Im sure they will at what level . What will that look like its going to be challenged. The other example, you know, i believe you had the ceo of peloton on extraordinary entrepreneur who slaved away in the wilderness when thought people his idea was crazy. Making it very Cost Effective for you have to an incredible workout experience in your home. And so again, strategic landscape. What will the studio if thenefi industry look like Going Forward . What will the Health Club Industry look like Going Forward with this inhome experience . Jay, i wish we had a full hour theres a lot to dig in there. We hope youll come back i really appreciate the help on all that and on disney too thanks its always fun i enjoy your coverage pretty much every day thanks. Jay hoag Johnson Johnson making headlines today beating on the top and bottom lines this morning. Also announcing late yesterday that it had paused a Clinical Trial after a participant in the study reported an unexplained illness. Johnson johnson is now the second Coronavirus Vaccine trial paused in recent days after ast another paused their after similar circumstances. Squawk alley will be back in two. Stay with us when i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Invesco launching a junior version of the nasdaq 100 etf. The nextg ten fund will be qqqj bob pisani joins us with the head of the etf bob hoffman. Julia, success begets success. The nasdaq 100 etf, the qqqs has become a monster etf trader. The fifth largest etf out there. Consistently very high volume every day used regularly by the momentum and growth people john hoffman joining us now. I know tech and growth is hot now. What prompted the move to do this this is the nasdaq 101200 this has been a big success. This looks like the 101, the Junior Varsity qqqs. Why now . Yeah, bob the j is for junior. And, look, innovation has never been so important. It couldnt be more front and center you know, during a pandemic when we all had to experience and create and build during this period look, innovation drives growth and that is persistence. And the qqq as you talk about, bob, has delivered growth for 21 consecutive years. Were expanding on that now. Providing investors more ways to simplify the investment and growth and innovation. Thats what this is all about, bob. You know, i notice that its got some usual tech names there. It also has garmin here, lyft. These are not securely tech names. I gather just like the nasdaq 100, its not just about having tech but somebody thats doing innovative things with tech, right . Thats right, bob you know, less than 50 of the qqqs is in the Technology Sector the Common Element there, bob, is about companies that are using technology to drivein ovation. Its the same thing in the qqqj which we launched this morning these are companies that are using technology to drivein ovation. Less than 50 of the exposure is in the Technology Sector but youre right we see this as a stepping stone to the nasdaq 100. There are 54 Companies Since 2011 that have moved from this Junior Varsity as you call it to the varsity program. Names like tesla, netflix, docusign all right going to have to leave it there, john very much appreciate it. This is the nasdaq nextgen launching today, qqqj. Thank you so much, bob. Financials in focus as they kick off earnings season obviously today we had j. P. Morgan, blackrock beating on the top and bottom lines its b of a, goldman and wells set to report tomorrow you dont want to miss that. This q3 season kicks off. Squawk alley is back in a moment before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Welcome back to squawk alley. Look at shares of Royal Caribbean as the Company Seeks to raise about 1 billion through a stock and offering proceeds, the company says, will be used through capital we use to get through the pandemic. While the cdc no sale order is set to expire at the end of the month, its been burning 300 million in cash every month. The Silver Lining is Royal Caribbean does say bookings for 2021 have continued to improve over the last two months more on th delinisevopg story on cnbc. Com squawk alley returns in two. Oh supermarket gives you the mosth bang for your buck. Something else thats good to know . If you have medicare and medicaid, you may be able to get more Healthcare Benefits through a humana Medicare Advantage plan. 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I want your take on the significance of this event to my eye, the first half of the iphones life was more about design changes and Network Upgrades the second half has been more display size and quality and camera quality are we entering perhaps a new era here i think thats possible i think definitely i would agree with your assessment i think the last few years have definitely been about the camera i think theres still a lot of room, though, to go on the camera and i think were sort of entering the beginning of this era of what they call computational photography where the quality of the video that you shoot is so involved with the software and the chips and the computer capabilities as opposed to just the lens and the sensor but i dont think were going to see radical changes in the form factor like we did in the first half of the smartphone era apple lately has been doubling down on the things they can control, the custom chips, the vertical Integration Services that are tied into the device here we are with networks now and 5g theyve got to rely on carriers again to help tell this story. I wonder if they do that differently this time than they have in the past yeah, i think its always a tough situation for apple because apples whole shtick, if you will, is that they do things their way. And the cell network isnt theirs and it cant be you know, the iphone is a worldwide product. Carriers are available around the world. And anything they can brag about with 5g speed is something that phones from other phone makers can also take advantage of and i think the other factor thats involved here, and i really do think it cant be overstated, most people i know, their biggest problems if you say what would you like in a new phone, their problem isnt lte speed. I dont even know that would make the list for a lot of people even if 5g is faster than lte, which given the testing of the Current Networks around the country, is actually a big if, for people in the real world, not hypothetical speed, which are clearly faster, is that really addressing the top problem people have . John, what is the top proble that people have and what are you expecting for pricing for the four phones that were anticipating i think one of the biggest problems people have is battery life i think it has has been and will be into the future i think people use their phones continuously its something you see on tv now, characters are on their phones all the tile. It part of modern life we can complain about it and think about the old days when we didnt have our phones out and its not about arguing hey, put your phones away for dinner. Its just the way it is. People want their phones to long laster if you s last longer and the other is photographic quality. Everybody wants their pictures to look better what was your other question oh, pricing. I think the pricing is going to be very much the same as it was last year. We have now leaks to know there will be iphone 12s without the pro name at about the same price point last year and the iphone 12 pros at the higher price points, around 1,000. Remember the days we were actually surprised what was coming here . These days we kind of know john gruber, great to have you hope to see you again soon oh, its great to be here thank you. Think about what josh said earlier in the hour. You and i have done enough apple events the price action on the day of the event historically not that great but long term almost meaningless investors have very little sense of the significance of the technologies that get rolled out here people were saying a couple years ago apple cant innovate well, their stock price looks pretty innovative. And well see what were hear about 5 dg and whether theres need for people to upgrade pipe r has about 5 will upgrade at the event and 10 will upgrade this fall or winter we spent so much of the year talking about supply and the fact that this event came a few weeks later than we expected well watch all of that and keep an eye on amazon prime day and the negative drift down about 88 points here. For now lets get to the judge and the half thank you so im scott wapner front and center, jpmorgan and citi both reporting and both falling even after pretty good quarters what does that say about the beaten up bank trade today joining me for the hour today, stephanie link, josh brown, Pete Najarian and lets take you to the wall we have the dow and s p to the negative territory nasdaq is having another good day afte