The coronavirus takes a toll with tech leading losses. Earlier, apple cut its revenue guidance for the march quarter with the outbreak continuing to impact the iphone maker supply and demand. The coronavirus is impactful, but not permanently impactful. In other words, it is a temporary blip. On the demand side longer term for apple, i dont see any issues so that gives me a lot of confidence we will see a nice rebound when this is over. The bad news is, apple made a big bet on china. 20 of revenue, a huge part of the supply chain. If the virus isnt contained, this will continue to be a problem. In longerterm, it china and the was a u. S. Are likely to be at loggerheads. I think the virus could be a problem longer market thing. There is no better ceo to handle the current challenges then tim cook and while it is currently concerning, having him at the helm is very reassuring. It is quite hard to shift production in a number of weeks. Emily we got more reaction from the Senior Research an
Will a driverless fleet give truckers more time at rest stops . First, to our top story. Start says job cuts will this week. They said cuts will improve efficiency and accountability. Bloomberg has learned that about 2000 jobs have been eliminated s global 60 of wework workforce. Ellen huet joins us with more. What do we know about these layoffs and their broader strategy of slimming down, if you will . Ellen it seems, based on this new memo that the executive chairman sent this morning, it going to start in ernest going to start in earnest in the u. S. This week. It seems like maybe this week is going to be the big time. They had originally scheduled an all hands meeting for tuesday and another part of the memo says the meeting will be moved to friday. On friday, we expect a fiveyear plan of the company. Taylor do we have any indication of what that fiveyear plan will look like . Ellen if it is anything like what is talked about in the memos, it will be similar to that path that is tr
We will hear from qualcomm Ceo Steve Mollenkopf on the race to 5g. First, nasdaq climbing to a record even as the dow sank following disappointing reports from retailers. Some big tech names leading the way on nasdaq were facebook, broadcom, and tesla. Reports that u. S. And chinese negotiators may link the size of tariff rollbacks to terms set during talks in may. I went head over to new york where Bloomberg Cross asset reporter Sarah Ponczek is standing by. Are we ignoring the trade headlines . Sarah i dont know if we are completely ignoring the trade headlines, at least the good ones. That the u. S. Is softening its stance, that did engage in negative outlook. Take a day like yesterday, a bureau chief from cnbc noted that the tone in china is pessimistic. They were unfortunately seeing that the u. S. Was not going to rollback those tariffs. Focused on stimulating their economy. The s p 500 Information Technology index hit a new high, apple hit a new high. The bad news, as you said,
In hong kong, how news and rumors are playing a part in protests. And, market share, buyers turn teslas toyotas for model 3. First, to our top story. The launch of disneys streaming technicalt with some glitches and crashes, but still, buzzy plus generated across social media. Rickore, we are joined by springfield and bloombergs lucas shaw. Are the technical glitches perhaps a good sign, showing that demand exceeded expectation . Rick i have no idea. The reality is that technical glitches are sort of commonplace in big launches. You side with hbo and game of thrones. Maybe it was demand driven. Who really knows. It is irrelevant in the scheme of this is disneys longterm strategy. Bob iger has thrown down the gauntlet. It is not even just about disney plus. Fx content. As long as these technical issues are not ongoing, as long as you are not still hearing about technical issues 2, 3 weeks from now, no one will hear about the issues this morning. Taylor did disney cement itself as a clea
Give truckers more time at rest stops . First, to our top story. Wework says job cuts will start this week. The struggling Office Sharing startup said that cuts will improve efficiency and accountability. Bloomberg has learned that about 2000 jobs will be eliminated, some 16 of weworks global workforce. Ellen huet joins us with more. What do we know about these layoffs and where it fits into their broader strategy of slimming down, if you will . Effort that has been going on in bits and pieces but it sounds like based on this new memo that the executive chairman sent this morning, it is going to start in earnest in the u. S. This week. They had already been starting to have some layoffs overseas and there have been some cuts in side businesses like meetup and other side businesses they owned, but it seems like maybe this week is going to be the big time. They had originally scheduled an all hands meeting for tuesday and another part of the memo says the meeting will be moved to friday.