Transcripts For FBC After The Bell 20240713

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 are you against it . Just facebook in other words . Facebook has a credibility issue. That is the problem with facebook right now. There is a reason why all of the other companies are now pulling out of facebook. Connell so its the messenger . It is the messenger . I want to make sure whether facebook or anyone else, i have the responsibility making sure there is Investor Protection and consumer protection. Making sure there are rules govern the game in regards to it as we move forward, so we dont create a financial crises. Connell sounds like youre open to it . Youre not closing it off. Thats correct. Connell your issue with this particular company . I understand technology. I understand that it is going to open doors. We have to make sure we do it, but do it in the right way. Connell congressman, good to see you again, thank you for coming on. Congressman Gregory Meeks from new york. Melissa fox business alert. Ebay reporting Third Quarter results. Lets go back to gerri willis with the numbers on this one. Reporter melissa, were seeing Fourth Quarter outlook are little light. Shares are selling off 3 1 2 . Lets get into the Third Quarter results. Its a beat on the top and bottom line. You saw the numbers here. So weve got eps coming in at 67, versus expectations of 64cent a share on revenue line, we got a beat too. It is outlook which is a little light, has the shares lower. Remember this companys ceo resigned last month. Meanwhile, stubhub is up 5 . Company is reanalyzing stubhub business. They grew active buyers by 4 . So beat on the top and bottom line but we dont like the future. Back to you. Gerri, thank you. Connell busy day. Waiting for tesla. We find ourselves waiting a long time for tesla. A fox business exclusive. Meantime i have a sitdown with a top huawei executive coming up later in the hour there is news about this company. You know theyre blacklisted. Huawei working with american businesses despite the blacklist in the u. S. Well tell you how when we return. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. 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Verizon keeps business ready. thud crash grunting whistle play it cool and escape heartburn fast with tums chewy bites cooling sensation. Tum tututum tums about being a scientist at 3m. I wanted them to know that innovation is not just about that one aha moment. Science is a process. It takes time, dedication. Its a journey. Were constantly asking ourselves, how can we do things better and better . what we make has to work. We strive to protect you. At 3m, were in pursuit of solutions that make peoples lives better. Fidelity has zero commissions for online u. S. Equity trades and etfs, plus zero minimums to open a brokerage account. With value like this, there are zero reasons to invest anywhere else. Fidelity. Connell fox business alert. You look at microsofts stock price which fluctuated since the Earnings Report came out. It has been up and down. Down two cents right now. It is a strong number as we talked about at the time. Growth in the Cloud Computing platform slowed from a a yearer. Buzz that wall street expected more. The stock is flat. Azure revenue was up 59 . Last year they showed a 76 growth. Splitting hairs a bit. Microsoft not muching move after hours. Melissa working toward u. S. Trade approval. Robert lighthizer meeting with lawmakers over the new north american trade agreement over concerns that the deal is stalling. Fox businesss Edward Lawrence is live on capitol hill with the details. That is bad news, melissa. Reporter he met with the Democratic Working Group this morning on capitol hill. The house ways and Means Committee chairman richard neal part of that group says they worked out a few bumps of the deal. They have a handful of issues left. The chairman says they are on the path to yes. House Speaker Nancy Pelosi says she is on the path to yes for this, however still concerned about enforcement provisions specifically in labor and environmental protections. Now on the senate floor today, senator Richard Grassley came out and said that the, he is concerned that it is less likely now that House Democrats will bring usmca up for ratification in the house this year. He says that what the democrats are doing is a stalling tactic. President trump has done his job. He has renegotiated a trade deal. That nearly everyone besides a few Congressional Democrats can agree is better than predecessors we know as nafta. Reporter the u. S. Chamber of commerce and the Trump Administration say there is enough votes if usmca is brought to the house floor now for ratification. We even president obamas former commerce secretary is on capitol hill. He is talking to lawmakers to try to get them to a yes. We want the agreement passed as soon as possible because it will really benefit Many American companies, whether it the dairy industry or Wine Industry of california my home state of washington to automotive workers and even those who engage in e commerce, whether games, software, ebooks and music. Reporter also on capitol hill today, another deposition run by representative adam schiff, this Time Pentagon officer laura cooper. Only this time, dozens of republicans not on the intelligence committee, stormed the room, went into the room, to see the top secret proceedings. It delayed those proceedings. After several hours this afternoon, they ordered 17 pizzas and two bags of chikfila to come in. They called that supplies, refreshment supplies. That hearing was delayed. Back to you guys. Melissa edward, did you get any chikfila, that is the important question . Reporter i did not get any chikfila. Refreshments for those folks trying to see the proceedings inside. I did not. I love chikfila. Melissa me too. The government less so thank you. Connell moving forward with a plan that will impact nearly 200,000 residents, pg e is planning to shut off power across several california counties this afternoon. What you need to know about that coming up next. Melissa plus it is the fastest and most powerful mustang ever. Were getting an inside look. Gary gastelu is in las vegas at the motor speedway. He has even better one . What is happening here . That is so unfair. Connell he gets all the fun. Have you seen this, nicholas the rescued dolphin at Floridas Clearwater marine aquarium, is known for his world series predictions. He is weighing in on the church game. Melissa i have been down to see him. He is good. Connell see the hat . Going with the nationals. He is predicting nationals win. They won game one. Nick predicted astros would win in 2017. This time nationals. I will be at the world series for game 3. Well have after the bell live from national as park in d. C. First World Series Game in washington since i believe 1878. Melissa im jealous. Im going to the clear water aquarium. I love it there. You go to the world series. I see the dolphins. Connell each its own. Well be back. thud crash grunting whistle play it cool and escape heartburn fast with tums chewy bites cooling sensation. Tum tututum tums its either the assucertification process. Or it isnt. Its either testing an array of advanced safety systems. Or it isnt. Its either the peace of mind of a standard unlimited mileage warranty. Or it isnt. For those who never settle, its either mercedesbenz certified preowned. Or it isnt. The mercedesbenz certified preowned sales event. Now through october 31st. Only at your authorized mercedesbenz dealer. Melissa going dark once again. Pg e announcing it will move forward with more triggered blackouts to seven teen Northern California counties. 179,000 customers will be left in the dark starting in about 30 minutes. The mayor of san jose is so distressed what is going on in california, he wants to buy out the utility. Doesnt need to change anything about the scope of the company or what it does. But, what it helps to do, it enables the company to get better access to capitol, much lower cost of capital. It wouldnt be subject to federal taxation. It would not be paying dividends to shareholders. It allows financial interests to the public interest. Melissa we have lisa finley from the wall street journal. She wrote an oped, welcome to stakeholder capitalism in action. This is a great oped and you really put your finger on why this is kind of where were heading with this terrible situation. How have we come to this mess . Actually fascinating if you read through pg es annual reports to shareholders and how much they pay feelty to stakeholders. Its stakeholder model is as Elizabeth Warren expressed in her town hall capitalism act, businesses must not just serve shareholders, customers, workers, environmental groups, the community, all very nebulous but as weve seen in the case of pg e it is basically primary to serve the politicians. Politicians and regulators in california imposed a number of mandates, renewable mandates. They have quotas on the diversity for utility suppliers. Somehow managed to neglect whether pg e is even following basic safety protocols. Melissa what is interesting about this is, you can see exactly what the problem is. Theyre shutting down the power because they keep having fire because the grid and infrastructure is out of date. There are sparks flying. People are not clearing the brush away. Theyre not doing it. Everyone is concerned about the environment. In the end they decide the real solution is shut off everyones power. So theyre sitting there in the dark which is obviously a horrible solution. You wonder how you got there. You look at that, theyre working on things and spending money on state law requiring them to obtain 60 of their power from renewable sources by 2030. At a time theyre going bankrupt, they cant keep the lights on, theyre not clearing the brush, theyre not building infrastructure, theyre spending their money on getting towards more renewables, and you say that is because they have to kowtow to regulators . Theyre doing what politicians tell them to, instead of pursuing profit and efficiency . Thats right. It is interesting, pg e in its bankruptcy proposal proposed renegotiating a lot of contracts power purchase agreements with solar wind farms. It could save them 2 billion if they renegotiate them to the market rates. A lot of contracts signed prior to 2010 when rates are lot higher. Politicians weighed in, gavin newsom, democrats in the legislature, that you cant do that, this would save customers 2 billion they prioritized saving the renewable developer. Melissa theyre focused at a time when they should be focused on keeping the lights on and not causing fires. Instead, you know theyre looking at diversity in their workforce and diversity on the board which are great values but those are, when youre not even keeping the lights on, and people are sitting in the dark and, you know, businesses are losing money, there are fires happening, there are other things to worry about, what about, who do you blame for the brush clearing . They say it is global warming. It has gotten very dry there. I lived in Southern California. These winds come off. There are a lot of fires this time of year. That was 25 years ago. Looks like the same thing now. Who is really at fault in that part of the equation in your mind . Government is absolutely in charge of clearing brush on government lands and public lands both in Southern California and Northern California. The bigger issue has been Northern California where you have 140 million dead trees. Part of it, some on federal lands. Some on state lands and private property. A lot of it mandates, regulations, prevent private owners from clearing brush on their own land, if you can believe that or not. So youre seeing the results of many state policies, now, igniting. Melissa literally. Alicia, thank you. Appreciate your time. Connell some story. Inside scoop coming up. Exclusive interview with Senior Vice President at huawei. Well tell you how the company is getting around, trying to get around the blacklist. That is coming up. Tiffanys latest idea counting down to the holidays. How about this a calendar, priced in the six figures the luxury jeweler unveiling ultimate advent calendar. Melissa i love it. Connell i know you do. 24 pieces from dimonds to perfume. You have to be ready to splurge, the collection costs 112,000. Melissa three after you buy your wife one. Connell that is what i meant to say. Threeet available. Well be right back. So you can save big. Get a nofee personal loan up to 100k. To earn j. D. Power chevdependability awards. Across cars. Trucks. And suvs. Four years in a row. Since more than 32,000 real people. Just like me. And me. And me. Took the survey that decided these awards. It was only right that you hear the good news from real people. Like us. Im daniel. Im casey. Im julio. Only chevy has earned j. D. Power dependability awards across cars, trucks and suvs. Four years in a row. Hey brad, did you hear nationwide and amazon nationwide jingle have teamed up to bring you the allnew echo auto . Good answer. Dont we make a great band . Our fans are gonna love the lyrics what are those . I, uh, had em made. You like em . Yeah, you like em. I knew you would. You love em, yes join nationwide now and get a free amazon echo auto. Connell making a major claim. Fox business exclusive interview. Vincent pang a Senior Vice President at huawei. The company has been blacklisted here in the United States. But apparently it is working on a plan to still work with American Companies. Take a listen. We can license, you know, the patients or products to any potential american partners. Connell do you have any lined up . Yeah. We do have some inquiring, interesting, you know, they have parties to ask about that. Connell some u. S. Companies, so were clear what actually happened, come to huawei, said we want to license your technology. That is where we are now . They want to ask what exactly means, we have interesting, thats it. Connell okay, that would give you kind of a footprint still here in the United States so to speak . Still too early to see. Connell were joinedly lance ulanoff. We thought huawei was out of the u. S. , what about the idea for good, if we cant work there, well sell you technologies, does that create issues for you . What do you think . Very murky. A lot of American Companies dont have the idea what real rules are. Mike con and intel or sending products from huawei for integration in their products. Keep in mind, one of the Biggest Telecom and phone companies in the world. People want to do business with them. I think it is clear from those statements there, you know, people are asking huawei, what are the rules here . Can, you know, we license stuff with you . Is it okay . Because no one seems to quite know. Also no one quite knows the road ahead. Connell how do you think it ends up . Do you think huawei is completely out of here in the u. S. Even this licensing, maybe that ends up being banned or part of a trade agreement where the Company Still does business with the big chip companies. How do you think it ends up . I wish i had a crystal ball, really hard to say what will happen here. I mean theyre, i just dont honestly, i just dont know. Connell right. Because there are too many factors at play. We know huawei is not slowing down. They just released a x, only in china. By the way that is the folding phone. They are also using a unlicensed version of android but they dont have any google apps. Because theyre not allowed to work with google. Doing what they do in the u. S. Connell it is weird, one of the things, even, what type of a job our government has done, you know, huawei is the big threat, everybody says they are, there is reason to believe they are, indictments that would lead you to believe that they are, why arent our allies on board more like germany, for example . Is not banning them. We dont know what the uk will do. I asked vincent pang about that. Here is what he said. Take a listen. The market realizes the value huawei brings to the local markets. Not only benefits from commercial competitions. Also about the local innovations, ecosystems. Connell what about the uk, is there any chance they will ban huaweis technology do you think . How have the conversations been going there . Were still looking forward, for, any official decision coming out from, the government. Connell right. But definitely were alr some partners in the country already. Connell would make a better case for the u. S. , wouldnt it, lance, if big allies was onboard with blacklisting of huawei . Otherwise it allows company to say good enough for germany or the uk, should be good enough for everybody . I think tension caused by the rollout of 5g. Everybody wants their country on the 5g. That is the next generation of mobile connection activity. Huawei is leader. There is that poll. There is the absolute coast aniness coziness of huawei between the chinese government. There is no way to get away from that and the agreements and interference. There is hacking that comes from china. You have a company that works with china, but it is not in huaweis best interests to allow the Chinese Company to do something that could harm the u. S. This is crazy thing you have to decide, do you trust the company . U. S. Is saying no. The other countries are saying we dont know yet. Connell germany said yes, which is interesting. We dont know what the uk will say. Lance, good to see you as always. Lance ulanoff. Pleasure. Melissa launching to the future. Ford debuting the fastest, most powerful mustang yet. Fox businesss gary gastelu is taking it for a ride. Thats next. Each day our planet awakens with signs of opportunity. But with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. 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. Most people think of verizon as a reliable phone company. woman but to businesses, were a reliable partner. We Keep Companies ready for whats next. man we weave security into their business. Virtualize their operations. woman and build ai customer experiences. We also keep them ready for the next big opportunity. Like 5g. Almost all the fortune 500 partner with us. woman when it comes to digital transformation. Verizon keeps business ready. Melissa fox business report, tesla reporting Third Quarter results. Lets go to deidre with the bolton. It looks like a beat. Im going to continue to crunch the numbers for you, but i wanted to bring you this revenue number, which is exactly in line with what analysts were looking for. 6. 3 billion dollars for tesla. So as i mentioned that is exactly in line. And i think what this shows and what we are waiting for too is the production, the number of vehicles that were produced in this quarter. Basically to be on target for the year end production figure. Tesla would have had to have basically churned out 100,000 cars. So we need to see if thats going to happen. One interesting side note, and im waiting for details coming through as well from china, as we know, sort of the biggest market in the world for electric cars. You know, tesla has that shanghai Production Facility up and running. Now these cars that were sold in the Current Quarter did not come from that facility, but this is essentially the first fully owned car plant for any american company, which is in shanghai, so im going to wait to see if i can get some information from there. In the meantime, you have the stock moving much higher in the post market session. Revenue matching and eps, it is a beat. The question is just by how much. Melissa . Melissa we are watching the details scroll through here. Connell, why dont you take it away. Connell Quick Reaction from our panel, jonathan and michael, before we hand it over to the bulls bears. It is either a big beat or a really big beat. It is a good quarter in terms of expectations. I think that bar had been lowered; right . Disappointing Vehicle Production numbers earlier in the month and now the stock is up 9 . Exactly. I think thats right. Expectations had been lowered significantly for tesla and still even despite the beat, a lot of uncertainty about its selfdriving program, about its energy business, about the model y and perhaps most importantly to drivers about safety concerns. Just today new safety concerns. The stock is popping but certainly the company on a fundamental level not out of the woods just yet. Melissa cash and cash equivalent, 5. 3 billion, cash flow less cap ex 371 million. Michael, youre a tesla guy. What do you think of the stock . The stock is a great way to gamble. You dont have to go to las vegas. The Short Interest of the stock is enormous so any positive news it goes to up the side and vice versa to the down side. When you have a beat like this, no surprise 10 move after market. You could do it from the comfort of your own home instead of going to vegas when you play this. Connell it is a volatile one for sure. Thanks for that. I want to wrap it up. You have been very very helpful on a number of topics, huawei to everything else. Thankses thanks to all three of you. Looks like tesla as of now will be a big one tomorrow. Melissa throwi ining out some details we are getting there. Connell a lot of people have been interested in what they are doing in shanghai. Busy day to put it mildly. Thank you for joining us. Melissa bulls bears right now. I promise that as president id unleash American Energy like never before. Our Natural Resources do not belong to government. They belong to the people of this country. 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. [cheers and applause] david the president just wrapping up his remarks on shale and Energy Independence in the key battleground state of pennsylvania. Trump touting the economic benefits of fracking and job gains in that state. This marks the president s second trip to the region in just les than three months. Less than three months. With sanders and warren pledging to ban fracking