Landing at 50. 79. Visa reporting a better than expected increase in earnings. Higher payments and the acquisition of visa europe helping results. Trading was choppy after the bell. Visas full year Growth Outlook was light of estimates. Stock lower by a quarter of a percent. Twitter planning job cuts that could be announced this week. The social network could terminate about 300 people. Thats the same percentage it cut last year when cofounder jack dorsey took over as choef. The news comes amidquestions about whats next for twitter. Bill miller was on Halftime Report yesterday. What twitters needs is an activist. I think an activist could make a difference there with respect to being on the board. That kind of thing. You have done a lot in your career. Maybe its time for that. No, not me. Twitter announcing it will change the release time of results to before the market opens on thursday. Originally it was scheduled to report after the bell on thursday. It wants to avoid conflicting with announcements by other internet companies. What do employees do at twitter now . They code. It seems like its there. They are changing the interface. That would be the idea. I always say they have a bunch of stuff i dont want to see. Do you want to see more of this . No. Then they still do it again. Heres some people you may know. I looked at who they had. I go, no, i dont want to e see that either. Just give me the neews feed. They just need a custodian to lock up. How many employees do they have . They give live feeds of certain football games. Thats new. Thats good. The election. In the vein of watching tv on your phone. Then you can tweet at the same time. So theres still code being written. Dupont is out. They need a lot. 21 cents was the estimate. And like last quarter, the quarter before that up 1. 26. This is a a quarter where they typically dont have the same type of earnings powers in the other quarters. 34 cents is what the company earns. Its well above those expectations. And Third Quarter sales was 4. 92 billion, which was above the estimate that people were looking for. Third quarter volume rose 3 . Look at how many different eps numbers there are. You got without the adjusted earnings they would break even. From continuing operations, it was 1 cent. Then earnings per share, you can compare to expectations. U. S. And canada sales, 1. 6 billion. Ema sales, 1. 13. And they see 2016 earnings of 2. 71. So they are talking by earning 34, that seems louk they are coming down. I dont think thats adjusted. Because the streak is looking for 3. 19. I dont know if you can compare that. Because if it is, its a big miss. I dont think. All these things, you got to know so many things before you say anything. I would say thats not the adjusted number because they are almost there already by a 13 cents. Thats just the beginning. A lot more to come. Busy earnings season just getting started. Five more set to report before the opening bell this morning. Heres the list. United technologies, Proctor Gamble, 334 and caterpillar. The ceo of Proctor Gamble is going to join us. The earnings dont stop there. Were going to hear from Pharmaceutical Company ceo eli lilly and talk to the ceo and results from General Motors and talk to the cfo. You got to keep watching for up to the minute earnings news and analysis all morning. Kicking off the week with a a strong showing in keeping with jeffreys model, which he now says is turning bullets. The chief investment strategist at raymond james. I feel bad for david. This big introof what hes thinking. We also have this other guy. David, well have you on together next time. Im going to start with you and have a long list of things you think and then just interest out. You were have i got that right . Yeah, the model turned negative look iing for a a smal window of vulnerability between midseptember and late september. We said it was probably going to be nothing more than a 3 to 6 pullback. We had a 3. 7 pullback. The models now saying that the window is closing this week. It has raised its 2016 view to an adjusted 325 and the street is at 319. They raised. They earned an additional 13 cents this quarter. So they are only going 6 cents higher on the full year. So i u dont e know if that means the 48 cents in the Fourth Quarter. They already just got 13 extra cents. Always crazy to figure this out. So david, you made me feel like its really simple in looking at some of your comments. Earnings have been better than the previous five quarters. And the fed in all likelihood wants to raise rates and will. Maybe worry about Interest Rate sensitive stuff, but stay with cyclicals and it might be a a good market. I think thats right. The economy is getting better. We had a lult bit of a soft patch in august. But the economy has rebounded in september. Were also seeing some improvement economically overseas. The one area they would say keep an eye on that might be a problem thats a . Its been getting stronger. But the fed is going to raise probably in december. Maybe just one time for awhile. So i dont think the dollar is going to run away from us here. So if you get better earnings, you get better top line growth, which is also a big story. We havent had Revenue Growth in a long time as well. I think thats enough to at least support valuation where is they are. To the point where i think the market brought forward some of these gains in the Third Quarter. And we need this Earnings Growth to come through simply to support these levels. I think we can move a little higher, but i dont think were off to the races here. It was baked into a large extent. Part of the dollar index is the pound. Thats why its breaking out. But its kind of back where it was with the euro when we were really worried about the head winds. But like you, if its a quarter point in december and it finally happens and its like pulling teeth with these guys, i wouldnt be surprised if the dollar weakened after they did that because its already discounted anything the fed is going to do. Do you think thats what youre saying . You think u it stays where it is . I think a lot of it also depends on what the European Central bank does. Thats it the far more important meeting coming up in early december. They need to do something about their program. It runs out of bonds. They are going to extend it. If they do, i think that probably lends a little bit of strength to the dollar here as well. Not in a huge way, but the tendency is far the dollar to continue to strengthen at least a little bit here. Neither one of you gentlemen have mentioned the other e. The election is two weeks from today. Do you care what happens there . I think ill get to what david said because i dont know if 1. 1 is a selloff. Were going sbo that s it going to affect the market . I think there will be winners and losers by industry basis. Information over the past 100 years, primary elections and president ial elections are not primary to portfolio. What david said is really key. I think the markets are transitioning from an Interest Rate market to an earnings driven bull market. I think its going to become evident of that and this is the first shot across the ballot with the Third Quarter earnings. Theres this guy that depends on what side of the aisle youre on. I see it on conservative websites. Hes some guy thats looked at the election and says trump is going to win. I think it has to do with how solid you were in the primary or something. But you say that if the market is down between july and october, the opposition candidate wins. I guess you mean the opposition in terms of the party thats in power. So its only down 1. 1 . So thats small. We have never had an opposition candidate like donald trump either. Im not saying that in a bad way. We have never had an opposition candidate like him. Hes not your typical republican or democrat. Thats right. Thats part of the point i was trying to make. This election season seems to be defying history a a little bit. Those data comes from s p. They say that the threemonth performance is indicative. But this time its not happening. The other thing thats not happening this time is market volumety uty is not moving. Youre all the zero. Nothing works. Thats why no Hedge Fund Guys can make any money. Everything is sort of massaged to be where it is. Its much more difficult. I also think part of it is the market is looking at the polls and at least saying were probably not going to have dramatic change in washington. No dramatic change. That makes me feel much better. Thats a joyless. Thank you. I miss the mustache. Any thought about having that come back . I have a side bar for it. I dont know if you saw peggys comments this morning. A sane donald trump could have won but hes a nut. That was yesterday or over the weekend. I saw that. This election is over. He said that person doesnt exist. That was the last line of her column. Well see. Well see. Br brexit, we were definitely staying. Wont mention any names. All of them . Thats what everybody said. People in this room. Thank you. That guy over there. When we return, the big report after the bell today. Its going to be apple. Were going to tell you which products are helping or hurting apples bottom line, well talk about it next. Surprise we heard you got a job as a developer its official, i work for ge what . Wow. Yeah okay. Guys, ill be writing a new language for machines so planes, trains, even hospitals can work better. Oh sorry, i was trying to put it away. Got it on the cake. So youre going to work on a train . Not on a train. On trains youre not gonna develop stuff anymore . No i am. Do you know what ge is . Welcome back to squawk box. The big story of the week, a trt and t buying time warner for 85 billion. You see the cover of the the wall street journal. Its almost the same exact story. The deal faces a barrage of criticism from regulators. Weighing in netflix ceo shared his thoughts on the deal. E he sat down yesterday at the conference. We didnt know anything about it. Were just sorting through it. For sure we want to make it so we want to require for at t customers that hbo and flix are treated the same. Now that they are going to own hbo, we think any special treatment would be inappropriate. But i think thats pretty basic. Hastings was also asked if he might consider going after time warner himself to which he responded, next question. Later he said that was not a no. Hastings said one reason netflix has been successful is because of his stayed out and they dont do banker meetings. Stock is up 27 in the last year. More of that interview throughout the morning. 54 billion company. Its a reverse pacman. That would be hard to do. If youre going to take it at that kind of premium. That would have been interesting. The new talk is whether if youre disney and you have to figure out what you u do next. Do you buy u next flit . Theres a great strategic rational. All of a sudden you could pipe through all the disney stuff, all of the espn stuff, create premium tiers of netflix. You could do a lot with that. If you believe Net Neutrality is real, that randall has to take your stuff any way, you dont need it. But you do need the direct relationship. With the consumer. Acquisition for this. It would be a massive acquisition. Based on their market capital. People were talking about that yesterday. That would be a big deal. Would it ever happen . Day two and the font page is the same exact story. I think its possible they get the deal done. But i tis its so difficult to make the strategic rational of it actually work very well that it becomes challenging. Meaning it could just live in its own silo. It could produce some cash and be a nice business. The question is what you can do after. They would have some cost savings. I dont know if its a billion. I was surprised at it. I understand why he wants to do it. The strategic merits i think the government is going to really chain the l hands. I u imagine will try to chain the hands to the point where the sort of national synergistic. Im just shocked at how everybody in washington is talking about how this is standard oil all over again. Big is bad. The notion that somehow they went easy on comcast, have we seen comcast do so well with these things they are able to do now . Has that happened . They werent tough enough on restrictions . Its been a great asset for comcast. The regulators went soft and didnt get the gauarantees they needed and they are going to do it this time around. If they allow it to happen at all. Buyers remorse they let it go through because the restrictions werent tough enough. I dont see it. These guys are straight shooters. Nothing happening in that regard. Just want to be on the record saying that. Do you agree with me or not . I always agree with you. Apple out with Fourth Quarter fiscal results after the bell today. The companys annual revenue expected to drop for the First Time Since 2001. Thats according to the wall street journal. Lets talk apple and expectations. I was off camera. Its very reasonable. I remember there was a big temper tantrum in the morning. And the stock was in the midu 90s. Its up 22 . First time you did it had a 750 billion market cap. I was saying its going to double from there. Then it went to 90 from 130. So lets remember that on the way down you didnt look so smart. So it had a down tick. The key here is tim cook make apple grow again. Thats what people want to e see. They want to see this Company Return to growth. The profit the sales cycle bottomed out in the june quarter. Mauk America Great again . You can run in 2020. Thats what were looking for. Again if we take a step back here, what was the big surprise . The iphone 6 in september 2014 was too big of an upgrade. You had 37 unit growth. The market grew at 12. Fiscal 16 units come down 9 . Over that twoyear period, iphone grew 14 . This is why china grew 84 in first call 15 but its going to fall 18 ending in september. This is all comps. Were going to start to return. Apple had no answer for that. And finally with the the iphone 6, that drove the camp. Were getting caught up in that company doesnt innovate. Its absolutely ridiculous. I hear it all the time from competing analysts, portfolio managers. You heard this in the summer of 2013. So i think you and i had a little bashing session in april 2013. The stock bolted out and doubled within 20 months. I feel like that bloom and doom that we saw in that summer is very similar to this summer. My argument has always been about numbers. Bomber was in this week. It was going to be worth 1. 2 trillion. It gets harder and harder. You know so much about it. Youre looking at the trees like this. Then the forest is the law of large numbers. Its hard to double from 750 billion. I agree. The big difference is microsoft had 90 share. Any company, they have all been to 600 billion. They go back down. Microsoft has clawed its way back. What about the reports that apple looked at time warner . Do you believe those . I believe it. Because i think i dont think they should make a bid, but apple has a fiduciary responsibility to look at everything. Especially when they they have ambitions in the media tv world. If they do that i dont think they are going to. They lost their way with what they know how to do. They are disciplined. Is there anything on the horizon . Were getting a a mac book pro. What we have in the future wearables, i hope one day a car. And i see which is not out in the press robotics. This is a big opportunity in personal robots. Cant wait. Hope youre right about the robots. Coming up, prepare iing think of it in this context. Preparing for the risk of Cyber Attacks. Well take a closer look at the Ways Companies secure your data and protect against hackers. Squawk box will be right back. Still to come, a flood of Quarterly Results. All set to report in the next hour. Well bring you the numbers and reaction from wall street. Keep watching squawk box for up to the minute earnings news and analysis, right here on cnbc. Whats Critical Thinking like . A basketball costs 14. Whats team spirit worth . cheers whats it worth to talk to your mom . Whats the value of a walk in the woods . The value of capital is to create, not just wealth, but things that matter. Morgan stanley welcome back to squawk box on cnbc. Futures are adding to some of the gains that we saw yesterday. Although they are muted 23 points on the dow as indicated so far. That was 8 cents short of estimates and revenue was also just below. Well talk about the quarter. This will be the last time as the ceo. The Obama Administration says premiums for plans under the Affordable Care act will go up sharply next year. And many people will be down to just one insurer. The department of health and Human Services says the average premium for a midlevel plan will go up 25 . Officials do note that about 85 of obamacare customers qualify for Financial Aid, which can cut their costs. However, republicans including donald trump are jumping on the numbers as a warning that the Insurance Markets created by the law are petering towards a death spiral. Its over for obama care. They it want to make it more expensive and its not going to work. I called it when it first came out. Its only getting worse. A kocountry cant afford it. You cant afford it. Were going to have Great Health Care at a fraction of the cost. You watch. It will happen. Insurers have pulled out of most state exchanges for 2017. As a result, customers will have fewer plans to choose from. In five states there will be offerings from only one insurance company. And a normal election year, this would probably be a big deal. We might be. Talking about this. But you wont see this on the big three nets. Tonight cnbc hosting the first ever net net summit. It looks at the ways the Top Companies and executives are promoting and managing innovation and using technology to accelerate growth. One of the topics thats going to be covered is how to deal w