Begin with what appears to be a bit of a breakup. Apple, falling again. Its nearly two stocks down this year and it seems to be diverging from the rest of tech. The xlk the, up 7 apple down about 1 in the same time period. Apple is now lost about 50 billion in market cap for the past week. Tim see more, is apples rally over tech has been rallying without apple. If you think about amazon, amazons never been this overpat going into their own earnings this week since 2007 roughly. If you look at where apples trading and talking about positioning and market momentum, you got a 27 rsi which means that apple sentiment is terrible. You had everything from the supply chain rumors to the reality that we know that the Fourth Quarter or their fiscal q1 may be shipments are south of 30 million which for the market is not great news. A lot of news is already in this the stock price. Expectations are extremely low. Big tech cap is as good valuation that you have and nobody has more leverage to pull
Moving closer to the first tower as you head in the southbound direction. I advise that you stay on the far left hand lanes rather, tar right hand lane. There is an accident in San Francisco, a quick update two lanes are blocked on southbound 101 mere the skyway. Starting tomorrow, one of San Franciscos biggest annual evens kicks off in golden gate with they days of performances with the biggest names in music. This has been controversy in the past. Amy hollyfield . Yes organizers lock set up and ready to go were we are standing in front one of the stays here in Golden Gate Park and it is calm here. No last minute scrambling to get ready. They were set up yesterday getting ready for the sold out threeday festival. It will feature big acts like elton john and the black keys. This is the concerts eighth year here in San Francisco and residents are hoping it will be a cleaner one than in the years past. Some complain that concert goers leave trash in the yard and use the yards as impact r
Good tuesday morning. Welcome to squawk alley, joining me is jon fortt and sara eisen. Also joining me walter eisen and a lot to get to with walt this morning. Among it, apple, as berkshires Warren Buffett nearly triples his stake in the company to more than 19 billion. Stock hit yet another alltime high this morning. Walter, lets take a quick listen to what buffet said amid all of his mea culpas of miss in amazon and missing alphabet why he is increasing his stake in apple. The shares when we bought them were much more reasonable in relation to current earnings. Apple didnt have to do a lot better in the future than they were doing at the current time. When you get into a google or amazon, you are paying for the future more. The future may be more than justified. So, walter, here we have a very smart man who laments missing a big chapter in tech, doubling down on this one. What does that tell us . Well, it tells us that apple is a very secure, stable, good company because Warren Buffe
A half million pounds. We begin with a look at todays eye opener, your world in 90 seconds. This one incident requires Jared Kushner and all of his staff to have their clearances pulled right now. New questions emerge about Jared Kushners ties to russia. A lot of reporting in here and a lot of unanswered questions. There is no news here. No allegation of anything improper. What is the story here . Why is it on the front page . President trump and leaders from other g7 nations kick off talks about Climate Change pushing President Trump to stay in the paris accord. He is learning he is e vol ving. British police, security in the uk remains at the highest level. Parallels to richard nixon. We were furious about a man whose presidency would end in disgrace for impeachment of a man. Memorial day weekend weather wise looking active. The portions of the midatlantic. All that. Uhoh. Critter on the field. What is it about a squirrel on the field that gets everybody excited. Down for a fifth. Wh
Well talk a lot about this and well get back to harvey in just a few minutes. Now back to the political storm. The president at odds with the gop leadership. But the white house says all relationships are status quo. I think it relationships are fine. Certainly there will be policy differences. But there are a lot of shared goals. We are disappointed obama care, they failed to get it repealed and replaced. President trump worked with leader mcconnell with other members and well continue to do that when the senate comes back from recess. Connell stove cortez is with us and john burnett. Welcome to both of you. John, ill start with you in the studios here in new york. Tell me how all this infighting, if there is a feud between President Trump and Mitch Mcconnell, tell me how this is not counter productive . How does it make any sense. President trump, its a delicate dynamic. And he likes to keep people on their toes. Hes the only person i know who wants you to know exactly what hes think