Im michelle carusocabrera, heres whats happening right now. Stocks are trading near their session lows with the dow currently sitting down 99 points. Were going to have full market coverage coming your way. In the meantime, evacuations are under way in california as a Massive Wildfire tears through parts of los angeles county. We are live on the scene ahead. And, take a look live at the floor of the Wells Fargo Center in philadelphia, thats where the Democratic National Convention Kicks off today. Full coverage coming up in just a few minutes. Brian. Well, as you can tell, folks, from michelle and tyler theres a lot going on today including more on this incredible heat wave smacking much of the country. But we begin with apple. And a big call on that stock that is pushing apple shares to session lows, lets get right now to cnbcs josh lipton with more. Josh. Well, brian, thats right. Those apple bulls are getting tougher to find. The reason for the worry, the health of that iphone franc
Correction for stocks. Im in for melissa lee. Tonight we start with apple. The stock surging on a big top and bottom line about it. We just sat down with the ceo tim cook moments ago. Lets get straight to josh with the headlines. Josh . Sarah, i did sit down with ceo tim cook to go over the quarter. Let me give you the highlights. He said he feels fantastic about how the iphone did in q3. 40. 4 million un iits. Cooks point to me was that iphone demand was actually even better than what those sales might indicate because he took down that smart phone inventory by about four Million Units in the quarter. He also says he feels bullish about that iphone franchise looking ahead. He pointed at the q3 that the switchers from an zroidroids hi record. Iphone se he pointed out that, is the latest iphone, the four inch device, is attracting a whole new group of users to the ios system. And as for other products, ipad about ten million. That is a product still under pressure. Cook telling me this
Well over the next two hours. Welcome, everybody. Im Tyler Mathisen with brian and melissa here and michelle in havana. But we begin this hour with john fortt in cupertino. This phone here might look old. The iphone 5s. We expect Something Like it to be the star of todays event. Perhaps called the iphone se. Apple is expected to resurrect this four inch iphone form factor in a newer phone with upgraded internals, better camera on the back, and upgraded chip inside, perhaps the a9, recently been in other phones. Now, part of the question is how much this will cost. Rumor has it could cost as low as 450, comparing to 650 for the iphone 6s. The latest out the gate. That could be important if this is part of apples move to get deeper into Growth Markets like india and china, which have had the strongest growth from apple thus far. It is not just about the iphone. We also expect new watch bands for the apple watch. Now the new watch itself, but new bands and also the ipad expected to get an
First though, that big hacking news. A News Conference set to get under way any moment now. We have the details from d. C. Earlier today u. S. Authorities unsealed this massive 68page indictment alleging a global hacking scheme against j. P. Morgan, wall street journal and a host of other companies and institutions in the United States. This scheme, according to the indictment, involves hacking attempts against major financial companies, attempts to manipulate individual stock prices and also a whole host of other alleged criminal activities including running illegal internet casinos and illegal distribution of pharmaceuticals. A big Coin Exchange and a host of other activities around the world. The three men indicted here are jerry shalom, jash what samuel aaron and israel, United States and russia. You dive into this, what you see is a picture of a vast global hacking scheme that had pockets in all corners of the world including a server in egypt that was used to allegedly hack into
Hershey. Two economic reports today. Weekly jobless claims at 8 30 eastern time and december pending home sales at 10 00. And eu Foreign Ministers are meeting in brussels. The rouble weakening today on the threat. Andrew. Well talk about the big changes happening with mcdonalds in a minute but first a quick snapshot of other stocks this morning. Facebook beating the street on the top and bottom lines but Revenue Growth was the weakest since the start of 2014 and it rose faster. The Company Plans to cut spending by 15 billion over three years as Lower Oil Prices take a toll and qualcomm lowering its outlook for the year. They warn the newest mobile chip will not be used in Major Customer flag ship smartphones. Is that an app . Apple is selling all of these phones. Citrix with better than expected growth. The company is also cutting about 900 jobs. Also salix pharmaceutical will restate financial statements. First three quarters of 2014. Earlier this month the company said it was explori