tv After the Bell FOX Business July 5, 2019 4:00pm-5:00pm EDT
50 points. still off the session lows. [closing bell rings] there you go. the s&p 500 down about five points. the nasdaq down 11 point as we head into the fun weekend, you know, cool off from july 4th that will do it for "the claman countdown." i'm kristina partsinevelos. >> booming economy weakening the case for the federal reserve. all three major averages ending the day in the red after better than expected jobs report with investors less hopeful for a rate cut. dow is down 40 points at the close off the session lows. subpoena 500 and tech-heavy nasdaq in record territory after hitting record closes. i'm jackie deangelis in for melissa francis. susan: i'm susan li in for connell mcshane. this is "after the bell." here is what is new this hour. president trump touching down in bedminster new jersey with the
commander-in-chief will spend the holiday weekend following his salute to america celebration on the 4th of july. the president is thinking of bypassing a ruling from the supreme court and adding the citizenship question on next year's census. we're live in the white house with breaking details from the administration. speaking out as he loses steam in the polls. former vice president joe biden latest defense as 2020 contenders campaign in texas this afternoon. amazon turning 25. the challenges ahead as the tech giant marks a major milestone. >> hiring bouncing back. the u.s. economy added 224,000 jobs in june, beating wall street expectations, easing concerns about a economic slow down. let's go to edward lawrence at white house. reporter: great to see you, jackie. showing fundamentally the
economy is very strong the unemployment rate ticked up to 3.7%. it ticked up for a good reason. the size of the labor force grew. that means for people are looking for jobs. the president is still upset seven fed rate hikes have happened under his presidency. >> if we had a fed that would lower interest rates we would be like a rocket ship. we're paying a lot of interest. it is unnecessary. we don't have a fed that knows what they're doing. reporter: federal reserve chairman joe powell says pressure does not play into any dizzy but they look at average hourly wages as sign of inflation. wages grew 3.1% over last 12 months. that is low enough to indicate inflation pressures are low. that could be indication the federal reserve possibly could cut rates to get their inflation target back up to the 2% range. white house economic advisor larry kudlow confident for a
boost from the fed eventually. >> well, look, i will leave mr. powell aside. again the fed is independent. they're working and puzzling through the same issues that everybody else is. so i'm confident, or at least hopeful, but i'm confident that will get fed will get to the right place on this. reporter: very interesting numbers over the past year. the health care sector added 403,000 people. twice the size of the entire population of des moines, iowa. in june construction added 21,000 jobs, making 224,000 over the past 12 months. that is about the size of des moines, iowa. the president and the administration is going forward to challenge the court ruling that the census question, citizenship question could not be on the census. the justice department officially notifying them they will continue the legal fight. the president said he could do an executive order and bypass
and restart this whole thing. >> edward lawrence, thank you. here to talk more about it, carol roth, former investment banker. deion raoui, "axios" market editor. carol, the market closed down 40 point because the fed may not be in such a rush to cut rates. what was in everything that edward reported for us? >> the standout for me i feel bad for jerome powell. he has the worst job. we're in the bizarro time when good news is bad news and bad news is good news this is a fantastic jobs report. it picked up from may. concern there would be a trend. that was not the case. people coming off the sidelines into the labor force. we want the economy to be great. we don't want the fed to cut and
supporting. it was blow away to me. i feel very bad for mr. powell. >> the unemployment rate ticked up to 3.7%. there was greater labor participation. that is a good thing. >> definitely. there is not a lot to nitpick at. employment force increase. average hourly earnings continue to rise and stick at the 3% level. you have seen what this report showed us was a declining trend. last year we got average of about 225,000 jobs added per month. this year we're short of that, it is 180 this report. june is historically strong month for nfps or the jobs report. this one continuing that trend, still not blowout, not anything that will knock your socks off. remember the fed didn't say it was labor market or making them consider cutting rates. this really to me doesn't change a whole lot. when you look at markets investors see that too. >> stick around.
melissa: susan: let's get back to the markets. president trump considering a executive order to lower prices in u.s. gerri willis at the floor of the new york stock exchange with the very latest. reporter: that's right. what the president want to do, he wants to decrease drug prices. how will he do it? he puts in place a executive ordered would be a favored nations clause. what would that do? u.s. patients would pay no more than the countries with the very lowest prescription drug prices this is big issue. americans want lower drug prices. here is what he said to reporters. listen. >> as you know for years and other years other nations pay less than drugs than we do, sometimes by 60, 70%. we're going to be, we're working on it right now, we're working on a favored nation clause where we pay whatever the lowest nation's price is. that is being worked on right now. we'll do it in the form of an executive order. reporter: as you imagine drug
prices down today as you can see pfizer off, merck off. johnson & johnson down as well. all three of those stocks are dow component. that is part of what is pushing the dow lower today. the s&p pharma index also down 1.4%. the president is also gone after middlemen in the pharmaceutical industry, trying to get them out of the way so price cost come down. medicare cannot negotiate. so big moves there. we'll be watching that. back to you guys. susan: gerri, have a great weekend. a new casualty of the trade war. samsung expecting profit to drop more than 50% next quarter from a year earlier. the company citing weak chip demand. also the trade war with china. let's bring back in carol and deion. we have a casualty of the trade dispute this south korean company, 75% of operating profit comes from chips. there is knock-on effect as we head into the second-quarter earnings period, carol. do you think this will be
brought up over and over again for excuse for companies that miss? >> absolutely this is going to be an excuse but you have to look at samsung a little bit difficultly. they are, basically the huawei situation, followout there is causing a glut in terms of number of chips. another trade war with japan. japan restricting export to south korea including some of the key supplies going into the chips. so they are getting trade war from the u.s. they're getting trade war from japan and i do think this will be an excuse you see over and over again. susan: oh, yes. deion, 70% of companies heading into the second-quarter earnings period have been ratcheting back their guidance. >> this is a big story. we've been talk about this in the "axios" market newsletter. these earnings expectations are looking really bad for the second quarter. looks like we'll avoid that earnings recession that was a possibility earlier on this year. that is just because companies wrote down the expectations so badly in the first quarter. again we're seeing that.
we also see the stock market rising to record highs. so something has bottom to give here at some point. you have a trade war going on. you have earnings write-downs by companies, big companies. obviously samsung not in the s&p 500. this is happening a lot in the s&p 500 as well. companies are missing earnings reports. those are missing earnings but those earnings expectations have been whittled down, whittled down to the point -- susan: we could see earnings recession we've been talking a lot about. right? jackie? >> amazon celebrating its 25th anniversary. jeff bezos started what is now the world's largest retailer in his garage, august 25th, 1994. he has grown this company. there are a lot of challenges ahead too. >> definitely. the 150 billion-dollar man at one point has come a long way from his garage. amazon like, that, when you get
to the top you have to have a big new idea. this stock has been booming t has done a lot for investors. one of the most held stocks here in the u.s. but worldwide. what investors are looking to do, can amazon continue to keep the momentum going, not just momentum they have. >> good question. >> really get the snowball going. >> a lot of different businesses they entered into, carol. they are trying to take a bite out of apple with the web services. what do you think? how will amazon stand up? >> i think they have done a incredible job. this company is remarkable american dream. only 2 1/2 decades old at this point. i think you hit the nail on the head, jackie. something like amazon web services really enabling the cloud, such a huge driver of what is going to be ahead. things like a.i. i think amazon has been at ther from forefront of that. will continue to be at the forefront of that. if you think what company will be here 10 or 15 years from now, i think you're thinking about
amazon. >> thank you so much. have a wonderful weekend guys. >> thanks for having me. susan: setting the stage for 2020. joe biden taking a swing at the far left-wing of the democratic party. he is warning a progressive push could backfire in battleground states. we're live on the ground in texas with the latest. plus apple is under pressure. >> it certainly is, jeff williams assuming leadership of product design as the tech giant searches for its next big hit. what critics say make-or-break test for the future of the company. susan: president trump's historic salute for the brave men and who fought for our nation's freedom. steve forbes of forbes media joins us next. >> nearly 300 years ago, a volunteer army of blacksmiths, farmers, militiamen, risked life and liberty for liberty and
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[cheering] susan: quite a scene yesterday in washington, d.c. president trump yesterday, in his speech touting the successes of our country during the his tore salute to america celebration in the nation's capitol. >> we will always be the people who defeat ad tyrant, crossed a continent, harnessed science and soared into the heavens. we will never forget we are americans and the future belongs to us. susan: it is friday. here to discuss, steve forbes, forbes media chairman. i think that is what bedminster will look like with the president in town. what did you make of the speech? there was all the pre-game chatter it, would be partisan and use the speech basically again to criticize the opponent? >> he rose to the occasion. just as he has done with state of the union addresses in the past. he gave a superb speech,
stirring speech, gets to what kyle smith of the "new york post" said yesterday, as a country we're not perfect but we're the best, always striving to do better. >> very patriotic. >> i think the whole history of the country trying to do better and doing it. susan: do you think it was partisan, cbs, nbc, abc didn't pick up -- >> they were hoping it would be failure, rained out something would happen. they just couldn't stand the fact that he put on, oversaw spectacular celebration. i think people felt proud. i think people don't want to see the country run down continuously. we are moving forward. a lot of exciting things are going to happen in the future. reminding the world that we also have the muscle to make sure aggressors are kept in their place. good thing. susan: i was so impressed by the military might yesterday. what is wrong with putting your military on display, especially a patriotic day like independence day?
>> it enabled him to take each of the services which he did very nicely, praised them for what they have done in the past, great battles they have fought in the past. sadly we'll have battles in the future. liberty is always under threat. nice to know that liberty will have muscle to defend her. susan: those fighter jets were impressive. >> and the coordination. they're going huge speeds, low levels. the fact they could pull that off is -- susan: air force one, that was impressive. >> 300 feet off the ground, yikes! susan: talk about the june jobs report, speaking of impressive, that was blowout. past 200,000. unemployment ticked up, for a good reason, more people getting into the jobs market. they feel confident they will find a job. >> yes for the previous 10 years that was going in the opposite direction. miserable labor participation rates. now they're moving in the right direction. also another part of that survey, which doesn't get much attention, it is called the household survey. they have two. they surveyed businesses an
households. households much more volatile but gets better at new business startups. that number was very good last month. >> absolutely. let me ask you about entrepreneurialism. today marks 25 years of founding of amazon, small company, $10,000 jeff bezos started with in 1994. worth close to trillion dollars. richest man on the planet. do you think entrepreneurism will be stamped out if democrat gets in office? >> they will suffocate it short term this country always comes back. let them have their day in the sun. it will not last long. we'll want to move forward. we're tired staffing nation. we can't do things anymore. we had previous periods in history we had pessimism about our future. they will be proven wrong. big stuff coming along. susan: you bet. it is a bifurcated market in terms of expectations we should cut rates, keep rates as they are. your feeling? some people say if we cut-rates
isn't that an indication we have a slowing economy? >> they may cut rates by quarter of a point to show they love the economy the fact of the matter is, what you have to worry about at the fed, they fear prosperity. they think prosperity causes inflation. they talk about overheating, if your income goes up, you start to sweat, the bad things happen. it is preposterous. nobel prize economists refuted the theory. it is holy writ over there, the president's nomination, judy shelton to go on the fed, will fight the tendency thinking doing well is not good. weird. susan: i know, right? the weather will be hot this weekend. don't try to sweat too much, steve? >> i wish the sweating came from rising income not just the weather. weather is good for the economy. that is the key thing. susan: thank you so much. we'll go to break but escalating tensions with iran. the regime vowing to ramp up the
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jackie: hundreds of aftershocks are rocking california a day after the state was hit by the strongest earthquake in two decades. fox news's jeff paul in ridgecrest, california. he has the latest. reporter: jackie be this was the strongest earthquake felt in california in 20 years. we're in local department store. we're surrounded by a mess. much gives you a scene of how powerful the the 6.4 inning taught quake. these are tiles that felt after the shaking due to a water main break.
a few minor injuries. a few other structures were damaged. the police chief who we spoke to, says he is very fortunate that the injuries and the damages were not more severe. >> the damage could have been a whole lot worse. we didn't have any casualties, which was, amazing. minor injuries. and, we did, we dodged a bullet. somebody was looking out for us yesterday. reporter: now the concerns moving forward are all the aftershocks, from the time yesterday when this first earthquake started, 6.5, just a little after 10:30 in the morning. there have been at least, upwards of 200 aftershocks. we felt several throughout the night as we tried to sleep in our hotel room. they would wakes up rest of the while. i'm sure everyone in town was uneasy. everyone woke up to a very powerful earthquake, magnitude 5.4. that is what even is talking about in town. the warning from size poll
exists. not only could be more aftershocks. there is one in 20 chance there could be a stronger earthquake ahead. back to you all. jackie. jackie: jeff paul, thank you so much. >> 45,000 barrels of bourbon up in flames. my goodness. crews are fighting a major fire at a jim beam warehouse in kentucky. firefighters letting it burn for a third straight day. that is in order to burn up some of the bourbon to keep it from polluting the water supply. the building went up in flames on tuesday night. may have resulted from a lightning strike according to officials. thankfully no injuries were reported. but what a shame with all that bourbon. jackie: absolutely. chicago's newly-elected mayor is laying out a strategy to stem the city's violence but is it working? we're on the ground next. susan: president obama sounding the alarm about the left ward shift in the democratic party.
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hate, to split -- only way he can sustain himself. susan: democratic 2020 candidate joe biden unleashing not so subtle words towards president trump as his fellow white house contenders are trying to stand out from the crowded field while pitching to voters in texas today. fox news's peter doocy live in houston with the latest for us. peter? reporter: susan, just a few minutes ago the former vice president left the stage. he was well-received by self thousand school teachers and just before he took the stage a interview was released. >> you know me too well. the idea that i would be intimidated by donald trump? he is the bully that i knew my whole life. he is the bully that i have always stood up to. he's the bully who used to make fun of a kid when i stutter, i would smack them in the mouth.
reporter: that isn't the first time joe biden talked about physically confronting president trump, but it does not sit well with the vp of comes for emily's list, which is group tries to elect pro-choice democratic women. that official christina reynolds, count me as voter prefer someone who handles a menacingly bully calmly making her point over someone who announces he will pop me in the mouth. president trump is pushing back too. >> i'm not a bully at all. i don't like being taken advantage of by other countries. by pharmaceutical companies. by all the of people have taken advantage of this country. reporter: kamala harris turning her attention towards president trump as well. she is repeating a line at the campaign trail, she thinks it is time to prosecute the against against the president. she is making it clear she does not plan to approach him delicately. >> we need a fighter on that stage, in that general election, there is no question, good ideas
and pretty speeches will not be enough. reporter: texas is potentially a competitive state in 2020 but the teachers here are from all over. every time that one of the candidates comes forward with an education proposal the teachers that are gathered here excitedly cheer. education policy, not something that we hear a ton about on the campaign trail these days. susan? susan: definitely not settled. susan, thank you so much. jackie: here madison gesiotto trump 2020 campaign board advisor, richard fowler, nationally syndicated raid crow show host and fox news contributor. start with you, madison. i wonder if joe biden's criticism, not a result of the fact he is not doing so well in the polls? >> you know, joe biden is getting killed in the polls right now. he was trying to come off in the comment as a tough guy, who will challenge the president. he came off a bit foolish as he did in the democratic debate. kamala harris made him look
frankly like an idiot in the debate. he is sliding down in the polls. when we look back to the original strategy, attack trump, attract trump. now we're starting to see him shift he is attacking fellow democrats. he is recognizing him they may be jump ahead of him very quickly. susan: do you think it is smart strategy to attack the opponent? michelle obama used to say, when we go low, we go high. shouldn't democrats take the high road? >> what you see from joe biden, there is clear contrast between all of the democratic candidates versus donald trump. donald trump never room full of educators. talking to teachers how we improve public education across the country. last year, thousands of educators walked out because the conditions were so deplorable. betsy devos, donald trump's education secretary didn't have a response. what you will see from joe biden, kamala harris, they will be tough on the president. they will ask him the president, are educators better than they
were three years ago, four years ago, when the election happens. you see joe biden doing in the interview. susan: jackie: madison, the president says he is not a bully. he is taking a tough stance against countries that have taken advantage of the united states for a long, long time. there are a lot of people out there who will agree. it was about time somebody stood up to china, to mexico? >> yeah. it is not just republicans that would agree with that. democrats and republicans across this country felt they were looking at our government. the government under leadership of both republicans and democrats is being taken advantage of not only china but many other countries. they feel president trump on foreign policy stance in doing a great job, putting our country first, putting our interests first on national stage. >> madison, i have a couple responses, 20% tariff on soybean farmers, pork farmers, automotive manufacturers across the country taking a tough stance is -- >> maybe you miss what happened last week, richard, when president trump reopened up
negotiations with china where they guaranteed that they were going to be purchasing large amounts of products. >> no, i didn't miss that. allow me to very clear. >> no -- susan: one at time. >> when you said before, richard in the fact you're talking president trump never talked to a room of educators. that is ignorant statement. he talked to rooms of educators,. >> when? >> when 2015 and 2016 when he was run -- >> he had not said that was group of educators. >> stop interrupting me. >> i let you talk. susan: hold on one second i want to pivot here. so many democratic candidates on the stage right now. the everybody is almost like a boxing match. they're trying to fight it out amongst each other. that will go on a while before the event all nominee comes to the stage to even take on the president. start with you, richard, on this one. wondering who you think kamala harris, elizabeth warren, joe biden, how they're doing in terms of taking on each other
with the issues and expressing why they should be up on the podium? >> listen, we'll have a tough fight about the issues because we want real solutions to america's real problems. the fact that senior citizens sit at dining tables every day figure out how to pay for prescription drugs. the fact that young families sit at home every day how they pay for early childhood education. we want a fight on these issues. we want our candidates with the best policies and best plans to move working families forward instead of toting empty economic numbers, job numbers, how you're helping working families. this president ran on platform he would solve paid family leave. he ran on platform, make life better for working families. today seniors citizens are still cutting their bills in half. young families are trying to figure out how to pay for early childhood public education. we plan on solving that. jackie: richard, madison we could go back and forth. thank you. >> thanks. susan: yesterday was a holiday for celebrations. three people were killed and dozens injured in shootings across chicago on the
4th of july. this after the city's new mayor, lori lightfoot, says security headed into the holiday had been increased. what else needs to be done here in the city? very latest from chicago, mike tobin. reporter: susan, chicago police went into the holiday weekend prepared to deal with gun violence in troubled areas. instead they had a stampede at navy pier. after the organized fireworks display people blew off firecrackers. a member of private security team at the pier who mistook the firecrackers for gunfire. >> private security officers assigned to the navy pier signaled a possible active shooter, began to caution the crowd to take shelter at the ground. this caused a stampede-like situation. individuals were sheltering, exiting the pier. >> you saw a lot of chaos. it was random. a lot of people just running away, children. once one person runs, everybody runs. it is kind of like a domino
effect. reporter: 17 people were injured in the panic. most injuries due to trampling. one person was impaled in the leg as he ran into overturned table. that added to chaos. officers initially thought he had a gunshot wound. to compound matters, area where crowds exited pier, teens flashing gang signs got into a night. one knife came out. according to police, one man nothing to do with the fight was stabbed in face. no one has been arrested. mayor lightfoot had additional 1500 officers working shift. despite that, 33 people shot over the holiday weekend. three people were killed. susan? susan: thank you so much for that update. update, time for pay back. great britain taking control of iranian oil tanker headed for syria. what the rogue regime is threatening to do for retaliation. that is coming up next.
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susan: welcome back. look at this, a father vacationing with his family in florida spot ad shark in shallow waters taking drone pictures of his children in the ocean. he immediately ran to his wife to get the young kids out of the water. susan: new threat from iran, with the regime warning of possible retaliation against the uk after the seizure of an
iranian oil tanker by british troops. this is, as we're already in the midst of an escalating tension in the region. so fox news's lucas to lynn son at the pentagon with details. reporter: the incident which comes more than two weeks after iranian forces shot down that u.s. drone. president trump issued this pressure warning to iran before leaving for new jersey. >> we'll see what happens with iran. iran has to be very, very careful. reporter: while americans were celebrating independence day off the coast of gibraltar near spain royal marines commandeered an oil tanker filled with suspected iranian oil. fast roping from a helicopter, climbing up the hull from speedboats near the entrance to the mediterranean. john bolton congratulated the british. they commandeered the grace 1.
they will prevent america and our al wise will continue prevent regimes in tehran and damascus from profiting off this illicit trade. they said they were tipped off by american intelligence. >> we'll look how it affects our sovereignty. reporter: this comes as iran's president threatens to enrich the its stockpile of low enriched uranium past the cap set by the landmark 2015. highly-enriched uranium is needed to make nuclear weapons. president trump walked away from the deal last year. but other countries in the agreement are trying to hold it together. the president wants a new wide-ranging agreement to include iran's 2,000 ballistic missiles. former iranian leader, the iranians need to take the tanker back by force. another official says they should is seize a british tanker as well. susan: thank you. jackie: we have the vice president for research.
william, what are you making of this particular incident. also how it raises tensions in the persian gulf and how iran may react in terms of retaliation? >> thank you for having me here to talk about this important issue. i think one of the things we have to remember we shouldn't be surprised by iranian behavior in some way because since we withdrew from the deal there is lot less incentive for iran to comply and to behave. i think what we need to remember, keep really in mind here, is that president trump talked about how mid-east wars are for losers. they're not good for american national interests. we need to keep in mind that we need to find a way forward here. i think the president's committed to negotiations that could get as you deal. we shouldn't have preset conditions because that will prevent the opportunity to really get there without war, because again, war isn't in our national interests here. jackie: does it help president trump with his mission that other countries are standing behind him? re we stronger united for
example taking on iran? >> sure. but again the united states is the most important actor in this. it is up to president trump to set the tone here. i think this will be good for the united states to negotiate, find a path forward. it will also be good for president trump here. electorally it doesn't make sense to get into another endless war in the middle east. he talked about that. he talked about that during the campaign. he has talked about that since some of polling bears that out. a poll by concerned veterans of america, a majority of americans oppose attacks on iran. this is case where president trump's interests here is in peace, both politically and for our country. jackie: no, the president is definitely made that clear but of course iran hasn't really stopped punching back at the night. president rouhani actually saying that it is going to continue to enrich uranium and they will move this ball forward. so what happens if president trump's hand is forced? >> again hopefully he will cut through this, he will find a
path different from what his advisor john bolton wants. the president wants peace. i'm not sure all his advisors do. i think the president needs to assert himself to break through this. peace is in our interests here. we could deter iran. that is really important that we do that. we signal that we will strike back if we're hit. the fact getting to peace is the answer here. it is food for america. it is a good for the global economy. it is good for our allies. it will be good for iran to sit down and cut through this as well. jackie: what brought this all into the forefront again iran's economy is struggling because of the sanctions. is one negotiating tactic from the president potentially ease up a little bit, give them room to breathe? >> there has to be a off-ramp here because if you put preconditions on negotiations, if you have a maximum pressure campaign where the iranians are forced to either capitulate completely, then try to find a way out of that, i don't think that the regime is just going to
give up. i think it is really important to find the off-ramp, to get to the negotiating table, and meet our shared interests in something more peaceful than some types of strikes like we were worried about about a week ago. jackie: william, thank you very much for talking with us today. >> thank you for having me. susan: taking over for an icon at apple. not easy to do. we have new details on the successor to jony ive. plus the most patriotic brands in america. find out which companies are supporting the red, white and blue. ♪ since my dvt blood clot i was thinking... could there be another around the corner? or could it turn out differently? i wanted to help protect myself. my doctor recommended eliquis.
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>> his slot is not being filled with someone with a design background. and as someone who is very familiar with apple's history and the way apple has been run, this poses a very serious i'd say threat to apple's long-term potential, as a true innovative company. and i think jeff williams, you know, he's a fantastic executive on apple's team, but he's fantastic in what he was trained in, which is more of an operations role, and, you know, there are folks in apple who
actually refer to jeff williams as a spreadsheet guy. >> right. >> so you have wonder what this also means culturally for all of the highly-trained designers within apple that will now be reporting to a quote unquote spreadsheet guy. >> but john, doesn't that also signal very clearly where the transition is going for apple? they are not into design. in the future you don't need someone like john to be there. >> i think it does indicate that apple is heading in the direction of services. the problem is, services if you look at their revenue numbers still can only account for a fairly small fraction of the business. and the problem is, and this is something i think is very important to point out, in order for apple to increase services revenue, at scale, they need to also be increasing device sales because in order to use apple services, you traditional need their devices. >> that's not happening -- iphone sales stalling at this point. >> right.
>> that's not going to happen to bring up services. what's the future of apple like? >> it is very unclear, you know. this take me back to memories of hearing my grand father in the late 90s complain about how john scully was running apple before steve jobs returns. this is one of those pivotal moments where it is the decision making right now that will dictate apple's future in the next decade, and i do worry pretty significantly for apple at this point, in that they will be left behind as an innovator and more like how apple in the 90s were describing ibm. >> exactly. >> more of a static -- >> that's exactly the comparison i was going to use, ibm which hasn't seen revenue growth for many quarters in the last decade. there's a company that's stalled. is that the future for apple? >> that is the future based on what is at hand here. we don't know if there's going to be any new surprises. i think what will be important to track, though, is if and how many of apple's designers will
actually be now leaving the company over the next few years, given again the fact that they will now be forced to report to someone who has never trained in design in the first place, which seems very very illogical to me, from a cultural standpoint, wb the organization. -- within the organization >> what about hardware then? if apple is no longer the leader, who is it? where is the next leadership coming from? >> with john gone, i think the leadership in hardware is actually coming down to companies such as google and even facebook. you know, facebook is now a hardware company with what they are doing in the virtual reality world. >> they haven't been successful at it. they tried it in 2013 with no success. >> right, and they did try it in the phone world, completely flopped. the one thing, if you look at some of facebook's actually leaked internal e-mails over the last year or two, they are making a huge long-term bet on virtual reality being the future of computing. this is something i don't think apple is putting a lot of focus on and do need a lot of hardware
specialty to do this right and facebook is the only company with that right now. >> that's a long bet, john. thank you very much. have a great weekend. great to see you. >> thank you. life, liberty and the pursuit of hot dogs, this 4th of july. americans expected to consume 150 million hot dogs on the holiday alone. that's on top of the 6.9 billion dollars that americans plan to spend on food. the 1.6 billion dollars on beer and wine and the 1 billion plus dollars on fireworks, that's according to data from wallet hub. and embodying values of patriotism, consumers ranking jeep as the most patriotic u.s. brand for the 17th year in a row. that's according to an annual survey. other patriotic companies following the automaker are disney, ford, and coca-cola. disney, mickey mouse. >> that's right. americana. that's what i love about it, right, it is creative, happy, joyful. >> absolutely. it is all inclusive, a family brand.
>> it is. everybody loves going to disney. >> it's been joyful to finish the week with you. the dow finishing down 43 points. not so bad. >> that does it for us. bulls & bears starts right now. we had great numbers this morning. i think it was 224,000 jobs. those were really unexpectedly good. if we had a fed that would lower interest rates, it would be like a rocket ship, but we're paying a lot of interest, and it is unnecessary, but we don't have a fed that knows what they are doing. david: president trump praising the solid june jobs report, which easily beat expectations. but blasting the fed and raising new questions about whether we could see rate cuts. hi everybody. this is bulls & bears. thanks for joining us. i'm david asman. joining me on the panel today carol roth, jonathan hoenig, john burnett and jonas max ferris. let's go one-on-one