Overshadowing the iphone 11. Do either move the needle for investors . Plus, quote, bone heads, president taking on the fed, calling the extcentral bank naie and telling them to cut to zero. Is wall street afraid of Elizabeth Warren more from jim on what hes hearing from leaders in the financial industry about the 2020 president ial race start with apple, though, shares rising one day after the big product event, not only did the company unveil a new line of iphones, and other devices, created lots of buzz with news of apple tv plus that this is what tim cook had to say on stage. Were excited to tell you first shows will be available on november 1st and will be thank you and will be adding more apple originals every month and apple tv plus will be available in over 100 countries that launch and it is just 4. 99 per month for your whole family were going to talk to Morgan Stanleys katy huberty the event was compelling to a large degree because pricing was aggressive. I went through every single note im so glad you have her i didnt know that she is the one who i think really captured the zeitgeist of the moment and the term i would have used if i were working with her to say we have consumables now. Apple has a lot of consumables no different from im interviewing david taylor from Procter Gamble they have a line of consumables. Now cook has it. 4. 99, when i like is thats that level that i dont think about. I just dont let it be in my bill every single month, like the like the photo protection, the cloud. It is a great price level because it is a level that we will not think about we talked yesterday about a lot of the ones, how many can you have that are 10 apple has this store, the New York Times talks negatively about the store today, apple has a store and you buy things there and it is the only place you dont bother to check out. Just ive seen that ive seen some of the pr programming. We didnt get anything on the card, you were hoping for. Little discussion of privacy, some said might be a talking point. Yeah, i tried the card is a mystery. Why they dont talk this up, because it is cards are per se not exciting. But they have it is another theme, you get it, it is in the app store. The video games, that was important. The thing that really stood out to me, i know the man to my left has never bought me he thinks about his parents, fallout shelters in 1962, they have a brandnew watch. And you dont have to flip your wrist. But most importantly, it is a 199 when the ipod mini went down to 199, thats when it exploded. Thats when it exploded. 199 will explode the watch. A very, i have big deal. That to me was the most important takeaway. They didnt raise the price for the high end either. No. 199 is an important price. That was a lot of peoples take away, also the iphone prices come down. At least for you can get one for 699. Yes, very sensible, something that people and they are already applying to some of their including the watch,i believe. Yes i think this there was a moment where the Senior Vice President , phil shuler, said the new video is computational photography mad science. There is so much Machine Learning look, i think when people take pictures, have to understand, theyre doing it for instagram Everyone Wants to be a professional and this is a professional level camera for instagram huberty, by the way, reiterates outperform, target 247. She posts a study, survey of the Morgan Stanley summer interns asking them the most important features when you buy a new phone, number one. Want to guess . Battery life additional hour number two, compatibility with my other tech and number three is camera there you go. I wonder if those people shake hands, look them in the eye. They do they do. I had plenty of interns. My friends children now who im trying to help secure internships if i can, it is after junior year, very important, they serve during the summer and it means you get a job at Morgan Stanley or Goldman Sachs, theyre an impressive bunch. They look you in the eye. They dont just text you they look you in the eye. They do a good job they have super days for interviews these kids go through that sound brutal them still want jobs at these places. Im thrilled they actually the handshake is still in use . Absolutely demand they sit down with me and i enjoy a rigorous discussion with them before i would even think about recommending any of them arrogance and ignorance has been a hallmark. Back to apple and the streaming thing, to call it to call their streaming an also ran is even being kind. Oh, david. Come on. 4. 99, i dont care what the price is you sign up to watch what . What they send me because i like that they have. It is cheaper than a cup of coffee at starbucks, does it matter 5. 97, no so much lower than disney 6. 99, thats the price that changed everything in streaming. 6. 99, period. For 24 bucks less a year, great, i can let me tell you why youre so wrong. I get Jennifer Aniston and reese witherspoon. Hey, sunshine hes still in the demo. Sparky, get this. Here is the deal dont sunshine me and sparky me. Im sparky you, thats the lowest level imaginable. You try to lock for aprok for a icebreaker what are you watching . You know what hes watching . Hes watching narcos this is a man who has taste. Youll be blown away he was watching a netflix show interesting. Im saying he has taste what matters making the decisions about what is on oh the board didnt hire tim cook because he was a programmer or a movie studio executive. Im saying youre take meg literally. What im saying is they are watchers like us watcher like us. They love entertainment. Im saying they are not just technologists. Theyll build it over time and maybe a few years from now talking about it come on. Youre so patronizing what i mean, i want to go back on this. People say, cramer says that what im saying here, what im saying is that it is going to surprise you some things ive seen are so cool that i say to myself, you think these guys that are technologists wouldnt even think about it they are much more than that what got my attention is the watch, the face that stays dont have to do the compass, you come out of the subway, you know which way which face are you using now. Im using the sunrise one. I alternate all the time tim says you got you got the mickey mouse i change everything. If youre on the cybex it works in the pool. I dont like anything on when im swimming i think he ought to wear this one. It would hold up better. So hubertys target nearly 250. Fair has to rise the price target. She will have a better, more articulate way to explain why i believe the 4 . 99 will have interesting 4. 99, you go to the movies, have you been to the movies say again. Have you been to the movies i went last week for the first time in a long time. You went to see something diet coke is the same price as what hes paying per month the popcorn, the big popcorn and put that crummy butter on it now you got ones i got a guy who spilled a margarita on me. I went to one of those places where you eat. People are talking and theyre eating i cant hear a darn thing. The guy spills a margarita on me. This has to do with the Apple Streaming Service you go to the movies, full year of apple. Im going back on this again, im saying that the guys who run apple, if you put them were going to be able to sit here a couple of years from now and tell you, i told you. Youll have it, youll watch it youll think Jennifer Aniston is the watch has done fairly well i will admit that. Do i see you do karaoke for 4. 99, im done with you. President sending another message to the feds. This morning he tweets, we should get down to zero or less and then start to refinance our debt, interest costs could be brought way down while at the same time substantially lengthing the term the usa should always be paying the lowest rate, no inflation, only naivete of jay powell that doesnt allow us to do it. Other countries are already doing a once in a lifetime opportunity that were missing because of bone heads. Thats the word of the day today. I think he should have used sunshine or sparky i know jay i used chowder head when people confuse me with people i think dick fisher was on earlier, hes a genius negative rates, we dont want negative rates, thats a sign were not a robust economy is bone head appropriate for a fed chief who actually he appointed by the way, he appointed. That was his appointee. It was. Do you think bone head is as we well know, he tires of people quickly and in this case he cant fire him. Right. One would think given the frequency of tweets, if he could, it would have happened a long time. I think that you got a keen eye for the obvious. Keen sense for the obvious is what i made a career out of. This is just if you came home from school, and you and your mom heard that you called someone a bone head, i dont think it would go well i dont think it would go well you get that five fingers there, five days later, still see five fingers. Were seeing negative rates, back a bit in germany. Minus 53. That sounds impressive no you it does robust. Yeah. They could print money over there and put people to work it is really she is so rooted in history, it is strange. This you do believe trump is on to something and we talked a lot about it with get those rates as low as possible and issue long, longterm bonds to fund something or other he does sort of indicate that as a thats not wrong, the opportunity to reduce interest costs. Nobody is talking about borrowing money longterm and using it for something productive. I talk about a 50 year bond that we all love to make our roads great again. Nobody in government. Nobody in government. Mnuchin, secretary mnuchin will be on squawkbox. Good opportunity that is what the question is how much would you need congressional approval to do that gigantic 50 year i dont know thats something to hear. Now you have jpmorgan, dimon, saying theyre preparing for zero Interest Rates. Lowering their guide on net income. Someone posted they were looking at five yesterday. That was the best tweet of the day, carl. It just shows you, they prepare for everything or say i dont know what theyre doing. I dont know which is a better way to do it. Shows you how much can change in less than a year. Obviously ma obviously marking the anniversary of the 9 11 attacks today. Youll see military Service Personnel coming into the floor. Nypd it is a morning where were going to remember, not just victims and their families but the first responders, the servicemen and women who fought in the wars that followed, jim, you did some great work looking at the loss of infrastructure and just how long it took to build it back. 343 343 members of the new York City Fire departmentwere lost in that day and subsequently in the last 18 years since, couple more hundred have died through the 9 11 related illnesses. Not to forget that youre going to be seeing a moment of silence at the New York Stock Exchange in a few moments. And the president obviously in washington, d. C. Today, i think hell be laying a wreath in arlington, well keep an eye on shanksville, pennsylvania, as the commemorations continue from all over the country today it was at 8 46 that the north tower was nrbl linitially hit. 9 03, the south tower. And 9 37, the pentagon, followed by the collapses of the building and well mark time as we do every year amazing work being done today by politico, oral history of those who were involved. Karl rove talking about the moment he first heard about the news told then president bush initially, this is what we have, and bush looked back at him and said get more. I think that there is a room in the Museum Memorial where it has the minute before what the world was like, they show, and then a minute after and everyone has to go to this. I remember now that there is so many people who kids who were born after and they got to think this should be a National Field trip. I think that that museum is the most moving museum in they have the background of everybody. And it is just vital we all should have gone to pearl harbor bloomberg has a piece about a new documentary from a filmmaker aimed at kids who were too young to remember, how did she get the idea for the project when she heard about third graders on a play date and googling 9 11 attacks. When you do that, you get imagery not appropriate for kids there is a new wave of journalism and filmmaking aimed at helping younger people understand what you and i understand too well. I think thats great. The recreation of it, whether the phone calls and the stewardess, the unfortunate jumping that they tell people, be careful, whether it is the williams moment, talking about that is happening, we went in, friends, we came in, were going to go there for two hours and then see a show and go on high we just went home. It is just it is hard everyone must go everyone in the country. When we come back, well get the moment of silence at the big board in remembrance of 9 11 dont go away. You should be mad that this is your daily commute. You should be mad at people who forget theyre in public. And you should be mad at simple things that are unnecessarily complicated. But youre not mad, because youre trading with e trade, which isnt complicated. Their app makes trading quick and simple so you can strike when the time is right. Dont get mad, get e trade and start trading today. The nyse and nasdaq about to observe a moment of silence as we remember those who lost their lives on september 11th, 2001. Youll hear the words never forget a lot today but it happens to be true. That we will never forget. Nearly 3,000 people killed, 6,000 injured, 10,000 10 billion in infrastructure damage i did a documentary about the quite stirring, amazing is something going around . Ng in. Yeah, uh, welcome to cold season. [ sneeze ] you know at cdw we get that sometimes its smart to work outside the office. Thats why we would suggest the powerful, portable Lenovo Thinkpad t480. To let your people stay productive from anywhere. Wow, i feel really great about this. [ sneeze ] its probably nothing. Or something, really bad. You need it orchestration by cdw and lenovo. Featuring the intel 8th generation core processor. Are we supposed to dance . Boy bands without dancing are just ok. Get a better than just ok unlimited plan with spotify premium included on americas best network. Only from at t more for your thing. Thats our thing. We talked a lot about the Momentum Shift this week it is reflected in the nasdaq, down three Straight Days the dow up five Straight Days. Opening bell, six minutes away limu emu doug hour 36 in the stakeout. As soon as the homeowners arrive, well inform them that Liberty Mutual customizes home insurance, so theyll only pay for what they need. Your turn to keep watch, limu. Wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Experience the style, craftsmanship, and technology that have made the rx the leading luxury suv of all time. Lease the 2019 rx 350 for 399 a month for 36 months. Experience amazing at your lexus dealer. All right, were counting down to the opening bell 3 1 2 minutes before stocks start trading here we have time to squeeze in a mad dash. Yes, last week we had the ceo of Palo Alto Network he talked about directly going against companies that were really doing cybersecurity for the cloud. Hes going to do firewall for the on premise and that was the call to sell z scaler. Zs i like zs. It is a good company you see it is down thats because they dropped a bomb in the yeah. It is take longer for big deals to close. Tell people what they do, jim, so they can understand it there are so many clout related things people can get confused. What is one thing we dont want we dont want anyone to hack the cloud and get our stuff. Theyre effective at making sure that doesnt happen. Now, vm ware, vm ware is starting to do it. This them on last night. They talked about, were gunning for these people and what has happened is that it is working in the sense it is getting crowded. What is good for palo alto is just quite bad for what is the bomb that z scaler ropped. Hard to close, hard to close big deals. You hear that, what it says is someone is looking at z scaler versus another company and taking their time rather than just buying z scaler they guided down from what we thought they were going to do, down to zero to 1 cent to two cents basically. And what i come back is they say, wow, this is a crowded segment and cash to clear. We should also point out this underlying rotation we have been talking about, this violent move that continues it is part of this too getting swept up in that high multiple. This momentum selloff we have been referring to, this movement to value. Morgan stanley this morning says 75 done, whatever that means. Of the move is done. Of the move is done who did that . Same guys have been good. Not the research sign. Like for the yes, that whoever does that work, it is really sophisticated i agree with that. Theyre almost done. I think youre starting to see yesterday, you saw some of the stocks bounce. They have not bounced. They just have been dead cat, dead cat, dead cat how about you got downgrades of clorox and costco and upgrades of micron and alcoa. Clorox, very good piece about how clorox slowed meaningfully thatwas a very damming thing Morgan Stanley reiterates it was very rigorous piece. It made you feel like why am i still in that . Here is a quiz what stock sells at three times earnings three three micron, i dont know. Game stop game stop game stop, which cuts their sales forecast, right . 50,000 people work for them they still have a huge number of stores and what it says is theyre not losing money, but people believe that when you have 11 Comparable Store sales, somehow theyre goners, they are very susceptible to cycles waiting for a launch lets watch that to the opening bell here, s p 500 at the big board this morning, it is the fdny and nypd, representatives of the 9 11 national day of service at the nasdaq. It is tuesdays children promoting longterm healing to those directly impacted by the events on september 11th, 2001. Cantor fitzgerald did more than