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Now looking at none to one. This is bloomberg surveillance with jonathan ferro, Lisa Abramowicz, and annmarie hordern. Jonathan live from new york city, good morning, good morning. For our audience worldwide, this is bloomberg surveillance with Lisa Abramowicz and annmarie hordern, i am jonathan ferro. We got to begin with this name. Apple. The latest reporting from our colleagues at bloomberg. Apple canceling a decadelong effort to build an electric car. Lisa a decade ago it was building a car would be the next vr headset, the next artificial realitytype of experience. It turns out it is a bad business to build cars. Its a Good Business to say we have something with ai in whatever form it is and it will transform your life. That will gain more traction. Jonathan there is information what theyre moving away from, moving ....
Reaction to these lawsuits. Back to you. Bertha coombs at the doj. Good news. Good morning. Its 8 00 a. M. At qualcomm headquarters in san diego and squawk alley is live welcome to squawk alley. Were live in cleveland this morning, the site of the Republican National convention. Holding back the fort there. The night was supposed to belong to Donald Trumps running mate, mike pence, but it was ted cruz who stole the show not endorsing the ticket. Hes calling on voters to do this. Stand and speak and vote your conscience. Vote for candidates up and down the ticket who you trust to defend our freedom and to be faithful to the constitution. I appreciate the enthusiasm of the new york delegation. Mike pence did go on to officially accept the vp nom. Tonight, Donald Trumps chance to make his case to america. And did mike pe ....
Cisco beat expectations. John chambers did talk to cramer last night. Jc penney narrowing losses but the news not great for kohls. Shake shack beating expectations with a nice profit. Cisco revenue coming in at 12. 1 billion 5 year offer year. Here is what John Chambers told jim last night on mad money. Our company is the most excessive position ever. We moved from selling boxes to outcomes. Youre digitizing every Company Every country. You change or disrupt or get left behind. Cisco is the lead player. You saw that in our quarter and balance and the Public Sector business was up 6 to 7 . So was our commercial and enterprise. Youll see sus change that. Routers up 6, switchers up 4. He came out swinging a way ive never seen him including an analyst who doubted the term. He shot down competitors saying there is disarray in th ....
Stocks . It may be early if youre trading oriented. I wouldnt be surprised to see a bit more choppy action and perhaps that extends but we may not quite have gotten there yet. Well keep watching for possible further decline in the market and deterioration on the earnings story. Rich peterson, we knew we were going to look at a contraction, how Many Companies . Is it 25 of the s p 500 has reported . Thats correct, little bit more than that. 23 have missed. But the dilemma they are saying is trying to find growth. When we started on october 9th when alcoa kicked off. A 1 to 2 decline in Third Quarter earnings. Financials has been the main stay, in part maybe we look at the numbers today, a little improvement, little help by refinancing, which is helping Consumer Cash flow. But the revenue hasnt been great, right . Thats goin ....