releases results three days early. hi, everybody, good morning. welcome. you are indeed watching worldwide exchange . we re very pleased to have you with us for the next two hours. what we ve just heard is pretty important from the spanish authorities namely that they are delaying the findings of the audit report until september. they need more time. by looks of things markets coming off on the back of this particular news. we re higher by 0.3%. so we ll have to wait until september for that. we got a couple more weeks to go. the ftse 100 higher. the ibex 35. remember when we spoke late last night it was down close to 3%, we re flat lining on the back of pretty big loss we saw in equity markets for spanish equity markets yesterday in particular. now, the bond be market still very much in focus. today it s all about a t bill auction. you would assume it s not good news for people to invest in spain if we look at this audit process being pushed out to september. the 10 year
recession. it is one packed road map this morning. apple, of course, is the lead. a massive beat last night on profits, on revenue, margins, iphones. but is it enough to move back into the stock? you will not believe some of these new analyst price targets. and caterpillar posting better than expected profits. but it did miss on revenue profits and said while north america is improving, china and brazil slowing. what does that mean overall for industrials? and it is fed day, the central bank issues its statement host ago press briefing that will happen this afternoon. some economists predicting it will lower its rate. and as the inquiry into news cor corp. s hacking scandal continues. first, of course, it is a blowout march kwashger for apple. earnings, 1230 a share, more than $2 above estimates. revenues beat forecasts, rising to $39.2 billion. apple says it sold more than 35 million iphones and almost 12 million ipads in the second quarter. and it took them nearly two
estimate is. i can tell you earnings per share 1.61 x items which is a little better than had been anticipated. what is that number? earnings for the year, $4.1 billion. what s the estimate for the the year? dupont. looking 425. i m still hooking for thelookin revenue number. breaking out all the individual and we have ellen colvin coming on at 8:00, talking about this and a whole lot more. and you will see input costs because of $102 i thought it was interesting yesterday when they made the point that with brent where it is, why is wt it i is like the cheapest thing. yeah. deal book being i assume. it was. let s talk about deal news this morning. apologies about the voice in advance. as you were saying what happened to your voice? when i say things off camera, if i already use them, i feel bad using them on air. i walked in this morning, he have a little bit of a frog in my throat. he says obama rally. you lost your voice at an obama rally.
conservative show, and i got things back, hey, man, tweet from the heart, what is this? this is this is business. tweet from-of i don t know. the glow is gone. my guess is you ll get over. i follow all these people, but i m not following them, i m not looking through and reading it, so nobody is even reading me either. even though they love us or we like to think that they love the show 99% said this is grade, i ve been watching you for years. 99% were really good. but we have to talk about eventually we will, we ll get to this story, but i don t like the way exxon is developing resources in this country. what? i don t want to give obama any ideas, but why not seize exxon and nationalize them? do you think argentina will be a good model for us? it s a western country. i thought it was a democrat he can country. it s not a communist country. they want repsol. they may compensate spain s parent company. but don t you think exxon has done enough with the pi
this is a little over an hour. everybody sit down. welcome. let me just say a few words to introduce mike. in 1977, when i joined the house harvard economic department i think it was fair to say it was not a congenial place. was basically a juxtaposition, the kingdom. and he didn t feel very welcomed. but those key people who were very different, and one of them was mike, and that s when we met. and he took me under his wing, made life much easier for me, much nicer for me. and you have to realize at the time i was a lowly assistant professor. and he was already god, or very close to that. i mean, he had done this very crude word on signaling. he was dealing with asymmetric information, had major results. and for those of you who have worked on that information, it can get very messy very quickly. the beauty of it was mike s work was incredibly beautiful from just an aesthetic point of view. from an aesthetic point of view. so i think we re all in all of them. and that