tv Bloomberg West Bloomberg February 17, 2016 11:00pm-12:01am EST
>> i have an update of the top stories. asian stocks have joined in the recovery listed by's -- lifted by oil prices. shares in hong kong rising. a two-week high. almost 10%. crude lifting energy exports and currencies in the region. japan trains and numbers disappointed, with exports seeing a month of declines. they fell 13% in most of 2009. imports plunged, down 18% to leave a $5.7 billion deficit. the latest data underlined contractingjapan's
economy. the aussie dollar weekend after a week unemployment date in january. 8000 jobs lost. the forecast had been for a gain. was the worstbs since 2013. the government is struggling to support growth. those of the headlines from bloomberg news powered like 2400 journalists in 150 bureaus around the world. we have breaking news from malaysia. .ourth quarter growth is up gdp rising 4.5% on year. a rise of 4.1% following a gain of 4.7% in the previous quarter. let's look at the market and how they are reacting. emily: i'm emily chang. this is "bloomberg west." coming up apple ups the ante in , the encryption debate, telling the fbi to back off. they rejected a judge's order to break into the iphone of one of
the san bernardino shooters. who wins in the standoff? t-mobile beats estimates again, closing in on at&t and verizon. how do they do it? we will find out. and google digs deeper into grocery delivery. we will see how long startups can compete in this business. emily: first, to the lead, a watershed moment in a debate to -- between six -- silicon valley and washington. apple is rejecting a court order to investigate the iphone of one of the shooters in the san bernardino terrorist attacks. tim cook framed it as a chilling attack on civil liberties. he wrote, we are challenging the fbi's demand with the deepest respect for american democracy, and the love of our country. ultimately we fear that this
, demand would undermine the very freedoms and liberty are -- our government is meant to protect. from there, it was echoed by the most famous defender of civilian privacy this decade edward , snowden, who said the fbi is creating a world where citizens rely on apple to defend their rights. rather than the other way around. press secretary josh earnest told reporters the department of justice has the full backing of the president, who vowed to the fight would not be over anytime soon. president obama: this is going to be a big agenda a long-term , agenda. it is extremely complicated and extremely technical, and is going to require a whole bunch of legacy systems already in place. emily: it comes down to whether national security or individual privacy is more important. here to defend apple is greg nojeim. defending law enforcement and the facts, is -- is cyrus walker, and here to give us the facts, chris strong.
chris, i will start with you. what do we know, and how does this play out? chris: the government has a court order trying to compel apple to give them the ability to unlock an iphone. apple is pushing back. there is no sign any side is going to stand down. this will be a legal case that will play out for a wild. -- for a while. emily: greg, we are going to talk about if apple can do this. first, i want to talk about whether you should. you think apple is in the right. greg: apple should resist the order. it would set a precedent. it would mean the fbi could go to apple and demand that any phone, no matter what operating system it had. it would go then to apple and say, well, if you can give us access to phones, how about computers? and it would go to other
providers and demand the same thing. there is a lot at stake. this case could present a precedent. particularly if it moves higher in the courts. emily: cyrus you disagree. ,cyrus: apple should participate in a controlled way. i don't agree with giving blanket access to the technology, as my cohorts have stated. but i do believe that given these situations, apple should participate directly in the process. that would require the government to change their rules as it relates to how they investigate situations and who is involved in that, but i do think apple should be involved and not have to be compelled to give up the keys to the kingdom. emily: this debate has been going on a long time. since the revelations of edward snowden. ashton carter has been trying to rebuild trust between washington and silicon valley and get these technology companies to help the government more. take a listen to what he had to say on "charlie rose."
ash carter: i don't expect them to do things to help us that compromise their business position or their competitive position. but i do want to have enough of a bridge to the second -- the tech sector so that we can work, where possible toward common solutions to common problems. emily: in response to this case, donald trump is backing the government. take a listen to what trump had to say. actually, it is a full-screen quote. donald trump says, i believe -- i agree 100% with the courts. we have to use our heads. to think apple won't allow us to get into a cell phone, who do they think they are? greg, your response. greg: i think they are the maker of the phone. look. the fbi has a lot of options for how it can conduct an investigation. it doesn't have to compel technology makers to weaken
the protections that they have built into their devices that protect us all. the fbi has enormous resources. in fact, it uses its own technology to exploit devices, to break in, to hack into our devices. that is certainly a troublesome thing that the fbi does, but it is better than making the companies make their devices even weaker so the fbi can get in. we had so many reports of cyber security problems. data spills. all of this personal information, stolen. if it is encrypted, it is more protected. what the fbi is doing is under -- undermining that encryption and our protection. cyrus: i don't necessarily agree with that. i don't think the fbi is causing apple to undermine their security. as i said before, i think if the
fbi cooperates with apple, and they can work together, apple can control how the government gets access to these devices. i don't think this is a threat to privacy. as a matter of fact, it is focused on this particular phone and question. emily: hang on. if apple does this for the u.s. government, what about the government of russia or the government of china? could they come in and say we want you to help us? greg: absolutely. cyrus: it will set a precedent. controlsnk if apple this particular situation, they can employ those same controls to russia, china, whatever country comes about and asks for a similar participation. i don't think apple should give blanket access. that sets a bad precedent. but i think apple should be directly involved in this process.
emily: edward snowden has been chiming in on this all day, saying this is the most important tech case in a decade. silence means google has picked a side. but it is not the public's. greg, go ahead. what does this say about google? greg: i want to respond to the other point. the other point was, other governments are going to be demanding the same access the fbi is demanding for the iphone. the government of china passed a law that the president of the united states criticized, that would require tech companies like apple to give the government of china access to the devices that are sold in china. the chinese are not going to go to apple in the case of a shooter. they are going to go to apple in the case of a dissident. we do have to worry about what precedent this sets. not just in the united states, but what it means for people
abroad. other governments will want that same authority. cyrus: technology will continue to evolve. when you look at the iphone 6, the security on that phone is light-years ahead of the 5 version. these are going to be issues that are going to continue for some time to come. as i said, apple can control this if they get directly involved instead of just giving carte blanche access to the government. i'm not advocating carte blanche access. i'm advocating controlled participation. that way they can control , divulging information. interesting point -- hang on, greg. an interesting point, the fbi
could give apple the phone. what actually happens from a legal perspective? chris: this is a clash of culture. you have the fbi saying that they want a limited access to one iphone. yet the larger debate is about how companies have been offering their users and customers more and more devices that are encrypted. the way technology is going, law enforcement doesn't have the traditional access they have wanted. really, what you have is a precedent-setting case. apple doesn't want to be in this business. apple doesn't want to have to basically intervene to assist law enforcement. they want out of that business. the government is trying to drag them back into it. greg: no technology company wants to be in that business. the fact of the matter is, they are being used in the commission of terrorist activities.
unfortunately, the are being dragged back in, not just by the government, by those that are using these technologies in these activities. emily: all right. cyrus walker, thank you. greg nojeim, thanks for your willingness to debate here today. chris of bloomberg news, thank you, as well. we are going to talk a little bit more in the next lock about the technical challenges of actually doing this. right now we are monitoring a story in m&a. the world's largest it should -- distributor of computer and tack products will be bought by tianjin tianhai. the price tag, a little under $40 a share, with a value of about $6 billion. the deal will enable them to accelerate investments while adding expertise and expanding its geographic reach. it will be headquartered in irvine, california, and will operate as a subsidiary of tianjin tianhai.
more news on yahoo!'s ongoing layoffs. instead of laying off 15% of the yahoo! workforce, marissa mayer has opted for several rounds of weekly layoffs. this week it appears the , company's media unit is being hit hardest, including the digital magazine section. food and beauty sections also feeling the cuts. coming up, can apple create a one-time only backdoor for the fbi in the san bernardino shooting case? we will focus on the text -- the tech question, next. u.s. watch sales recovering from a slump that began last year. december saw sales up 7%. the first gain in 10 months. turns out the apple watch did not provide the lift many were expecting. ♪
emily: a stock we are watching priceline jumped to the most in , more than three years. the travel agent said bookings rose 10% in 2015, and if not for currency-related losses, they would have surged 25%. one thing to note priceline gets , a quarter of its sales in the u.s. it is more susceptible to fluctuations than expedia. continuing our conversation on apple. according to josh earnest, it is not about building a back door. here he is, speaking earlier in the day. josh earnest: they are not asking apple to create a new backdoor to one of their products. they are asking for something that would have an impact on this one device. emily: but is it really that simple? we have to dig into the tech question. i'm joined by alex at immunity and chris ing from boston.
chris, is it really that simple? or are they asking apple to build a new product? chris: it is possible. what they are asking apple to do is provide a way for the fbi to attempt to crack the device, the password of the device. they want the data not to be deleted from the phone. they want there to be a way for them to electronically try all of those pass codes instead of having somebody punch them in manually. the fbi still has to crack the password. apple could design the software update so it would only work on that one particular phone. this is absolutely possible. emily: alex, how would you describe it? alex: i agree with mr. eng. it is possible to do, but i think there is a larger worry about setting a precedent and if apple develops this capability,
they can't forget how to do it and i think is the technical analysis bears out, this would affect all potential 5c devices. restrict the can update to that one device, they have demonstrated that they have the capability and that sets a precedent. emily: could the government abuse whatever software apple gives them? is that the problem? chris: if they were to lock it , lock the update down to that particular device, that uniquely identifies that particular phone, then the government could not take that update and apply it to any other phone. apple would have to create another version for them because the update would be digitally signed by apple. the government could not manipulated and put it on a different phone, assuming apple built it that way. emily: so, chris, is apple making a mountain out of a mole hill? they could do this for one person?
and there are not broader implications? chris: there are implications to everything. they are taking an ideological stance. they are protecting consumer privacy. that is the choice they have decided to make. one thing they are doing that is important, they are speaking with their actions as they evolve the iphone platform. this is an older version of the iphone. it is possible to do these things. as they build newer versions, with more security protections in place, that is going to get harder and harder. they want to get to a point where they say it is not possible for us to do that. with this older phone, the can't say that. the government is asking apple to create software to his change security settings on the phone so it they tried multiple passwords that are wrong, the information is not deleted. is it possible for apple to give them the actual password on the phone? is that possible? alex: no, i don't believe so. how we know the encryption
work, applems should have no reason to know. i don't believe they can retrieve the passcode in plaintext. it boils down to a larger issue of the government wanting software providers to backdoor their code or trojan their code when they give it to other clients. speaking for immunity we would , never do that. chris, would you do that? chris: we are not in the business of compromising our users' data. i'm not a lawyer. this is a one-off case. i think it is possible for them to do and it is for other minds to decide if it is the right thing. emily: say apple does comply. how long could it take law enforcement to get this information? i've heard it could take years. alex: that is right. with the algorithm they have used, we are looking at 12
guesses per second. if you have a regular four digit passcode, that is 14 minutes to make that happen. but if you've got a six character password, uppercase letter, lowercase letter, number, you are looking at the order of 150 years. it is outside the reach of this investigation. emily: obviously something we will continue to follow closely. alex at immunity and chris eng, vice president of research thank , you both. coming up, google gets into grocery delivery. how will startups survive the competition? that is next. ♪
everyone else, $4.99. meantime amazon fresh charges a , year membership that includes some options for prime members. grocery delivery is a low-margin business. how will independent players respond? i'm joined by alan hewitt. a lot of startups have been trying to explore this. first of all explain the , economics. i'm an amazon fresh user. i benefit from this. i wonder, how are they making money? >> i have no idea. they are trying to figure that out. everyone knows groceries are a low margin business. 2-3%. on top of that, to offer same-day delivery, you start to really think, it is unclear where the margin comes from. when you are google and amazon, that is ok because you have tons of money you can use.
if this is your main thing, that is a question a lot of people have been asking. emily: how well is instant cart doing? we've heard about layoffs. we of heard they have had to change their fees. there is the question, ellen: it will remain to be seen. what is not looking good is if you look how amazon and google have been tweaking their business model to make this work, both of them charge steep yearly membership fees to make the numbers pan out. you have seen amazon has played around with a bunch of formulas for this. the latest, $299 a year. it sounds like a lot, but if you order every week, it is six dollars. emily: i use it. to me it equals out. instant cart is a pain because it is not as good as inventory. i could go off on a tangent. ellen: it's true. they are pulling from retailers they partner with. amazon has its own warehouse is. that changes how accurate the
information is, what is available for shoppers. emily: how would you describe google's priorities? google express has gone through a number of changes. now, this, which seems like they are doubling down on something they were trying to figure out. ellen: there was a time when they shut down two delivery hubs. one in san francisco and the other in mountain view. people were thinking google thinks this is not going to work out. the news today was received as a surprise. it sounds like they are putting in new effort and they have had leader ship changes. one of their top executives left to go to uber. that is another company looking into delivering you stuff right away. so we will see how it turns out. google has a lot of money to play around with to try to find a magic formula that will work for them. emily: it is scary if you are
>> it is 12:30 in hong kong. an update of top stories. an outputng after freeze initiated by russia and saudi arabia. tehran has not committed to any curbs of its own. after talks, opec members cut ties to iraq and venezuela. malaysian growth slowed less than expected in the last quarter. gdp rising 4.5%. the dip in the ring get help t was-- in the ringgi countered by cheap oil. the indonesian central bank cuts are expected for
a second straight month. the majority of analysts surveyed predict the rates will be lowered to 7% of the current seven .25%. beener story, it has announced president obama will go to cuba. the white house says he will fly to havana in the coming weeks. this will be the first visit by an american president in many years. those of the headlines from bloomberg news. 2400 journalists in 150 euros around the world. let's check in on the markets in the asia-pacific. >> a solid gain across the asia-pacific on the back of nice numbers on wall street overnight with the s&p 500 reaching its first three-day rally, up 2016. the major markets in the green. shares in japan doing particularly well. to fiveei chewed -- two
up 6%. movers in japan, a dismal trade day earlier added to concern about the government's ability to respond to the economic situation. shares are in the positive because investors have been taking money out of the japanese yen and into riskier assets. that is why we are seeing modest moves in the chinese markets with consumer price numbers in. both consumer prices as well as factory gate prices showing a modest move in shanghai. consumer prices impacted by food costs, rising in china. that has an impact on the cost of living. checking in on the hang seng, 2% gain. majorlated companies, chinese oil producers up 5%. seeing ae casinos are nice advance. intheast asia, gains malaysia, singapore, as well as jakarta. keeping a close watch on the
indonesian currency, as well as the malaysian currency. indonesia has central-bank action later today. counting down to the reopening hong kong and china at the top of the hour. emily: the relationship between regulators in silicon valley's drive for destruction -- disruption is being tested. a startup is under scrutiny. automates hrch , being investigated by california and washington state. resigned amid the scandal, involving allegations employees sold insurance without holding proper licenses. here with me to discuss this and the fallout, our startup reporter for bloomberg news. a great piece out by you. first of all, you've got details
about whether parker conrad resigned. and willingly. what do you know? >> not as willing as everyone would like to make it seem. andreessen horowitz is the main investor. they own 25% of the company. definitely, there was a big patient -- a big push to parker, you need to step aside. there was an internal investigation. they brought in price waterhouse cooper. at the end of it, it was, ok, we need a ceo change. parker did not wake up and say i will resign. he was pushed. emily: interesting given their support for founders and founder ceos. eric: definitely. this was a firm that was founded on the premise that we want founding ceos, we will not build companies and swap out the ceo later. they brought in this big time coo, david sachs, to be parker's supervisor. but not the heir apparent.
obviously david sachs has replaced parker. emily: he has not minced words in announcing this transition saying, for us compliance is , like oxygen. without it, we die. processesct -- many and actions have been inadequate and some decisions have been wrong. as a result, parker has resigned. what did zenefits do wrong? eric: the parker camp is not happy with that messaging. there was a that thing that the company called the macro, which is a software told it says, ok, i'm taking training. i do not want to spend 52 hours paying attention. the macro deceives the licensing tool into thinking i'm paying attention for 52 hours when i might not be. the tool was created by parker conrad in the early days of the
company. and then, it has sort of persisted. emily: did you uncover at one point david sacks knew this was happening? eric: in november, it became more clear that something like the macro existed. there was an internal investigation. there was a response to a buzz feed article that zenefits had a lot of unlicensed brokers selling insurance. that article came out in november. the company says we are going to look into it. you hear about the macro and then in about late january, is when things really get serious and there is a board meeting. emily: parker had been on our show a few times. david sachs was on as well. we found a telling quote from an interview in 2014. take a listen to this. parker: starting a business is somewhere between very, very hard and absolutely impossible.
behind the facade of every punch -- every entrepreneur who is killing it, there is someone who is worried about, how are they going to handle these customers? are they going to be able to raise their next round? what are they going to do if it fails? emily: very interesting in retrospect. you also uncovered a lot of detail about how much money they are making. it's not that much. eric: zenefits raised money, $4.5 billion. $500 million from fidelity. it was a big growth story. zenefits has been missing the mark a little bit. it is a software to services business. they use annual recurring revenue and add 20 billion ar are after 2014 and only got to 60 at the end of 2015, which is good by most metrics. zenefits had hoped 100 million. or maybe more. so they missed the number. emily: has the investigation crimped their growth?
eric: it is hard to tie it to the investigation. there are morale questions of the company. there are a couple of salespeople who left yelp to zenefits and then went back to yelp. there are some morale, retention issues separate, may be related , to these licensing questions. emily: i know you will stay on it. we are hoping to get david sacks on it. eric newcomer, our startup reporter, thank you. the latest revolving door news, channing done g is the new head of entertainment at abc. he becomes the first african-american in charge at a major network. she has been at the company since 2009 and has developed shows like "scandal." she succeeds paul lee who is stepping down. abc suffered the worst audience losses of the four major networks this season.
the next time your laptop feels to heavy, consider not too long ago it weighed 30 pounds. that's right. this weekend 1984, ibm released the model 68, 1 of the very first portable computers, or as we know them today laptops. , imagine putting that on your lap. the machine was considered advanced for its design, which weighed 30 pounds. the keyboard folded into the base unit, creating a suitcase. how times have changed. coming up, one startup attempting to make your morning commute easier. and tomorrow, don't miss jonathan toews. more of "bloomberg west" next. ♪
emily: big news in tech out of the quarterly filings. a disclosure required that provides insight into the holdings of some of wall street's biggest investment managers. greenlight capital's david einhorn and carl icahn, cutting their stakes in apple in the fourth quarter, before the company's shares started to slide. still, other investors are seeing a buying opportunity in apple shares. tiger global added shares worth $1.1 billion at year end. so what do these filings tell us about investor sentiment? is it a sign of trouble ahead? meb faber has been studying the 13 f filings for a long time. thank you so much for joining us. so you have been studying these for a long time and you say that you, you say investors can use this information to beat the market. these filings show moves made
months ago. how should investors reacted to -- react to this news? >> when i started looking, i had the same question. i said, i'm going to let the data tell me the reality. can you follow the star managers? hedge funds attract the michael jordans of the finance space. we did this by hand originally. how miserable to think about now, but there is software to do it now. we said, can we track warren buffett, where each quarter we can go in, the filings or 45 days delayed what if we equal , awaited the portfolio. you could manage your way to two. how would that perform? it turns out the value type managers, it works. in warren buffett's case, it has outperformed the market massively for 15 years. there are academic papers that take it back to the 1970's. there is little domain
knowledge, you need to know the pros and cons. but in general, it is a wonderful strategy. emily: take apple. it is not clear-cut. ahn have einhorn and ic cutting back. you've got tiger global doubling down. what does an investor do? meb: we wrote a book that tackles 15 of our favorite managers. we take you through this process. it helps to have some domain expertise. to be able to know, for example, you can follow a manager that is high-frequency. you can't follow a manager that does arbitrage trades or macro trades or cpas or derivatives. you want the stock pickers. with long-term time horizons. being able to study those that don't have a lot of turnover. we think it is fairly easy to pick out some of the great ones, the buffets of the world, even einhorn, following all of those guys.
they beat the market by quite a bit. emily: if you are deciding to bet on apple or not, what would you do? meb: the way you apply the theory, you are not looking at any individual stock. you are betting on the actual manager. for example, you want to say, i'm going to let warren decide. i will let him decide where he will place his bets. that is my that. i will let him go anywhere. his top 10, whatever they are, i'm going to invest. some managers will own apple. some won't. some will our names you have never heard of. but that is the beauty of this strategy, you are outsourcing your picks rather than asking your broker. or the guy next-door. you are getting some of the best fund managers on the planet. the data shows it works great. emily: one of the points you have made is that, in cloning a hedge fund, you can outperformed the hedge fund itself. tell me about that. meb: you've got to remember hedge funds, the problem is the fees.
the standard hedge fund charges a 2% management fee. 20% of performance. that is a major hurdle. there are some funds where the , beauty of cloning, where you are buying the stocks they hold, rebalancing once a quarter, it takes five minutes, allows you to avoid the fees and it allows you to avoid the tax implications that are notoriously inefficient. it allows you to avoid lockups, gates, and fraud as well. there is a lot of benefits. a few drawbacks. but a lot of benefits of being able to do on your own for a low-cost in your own brokerage. emily: interesting. meb faber, thanks so much. san francisco's public transport system is not the best in the world. it seems entirely appropriate that startups should try to fill the gap. bloomberg's elliott gotkine reports. elliott: this is no ordinary bus. it is a chariot.
passengers voted for the bus route and paid in advance, including the startup founder. of crowdt is a network funded routes that are faster and more reliable and more comfortable than public transit, and more affordable than ridesharing alternatives, taxis. >> for workers traveling regular hours living on popular routes, that's fine. for those who don't, at $3.50, it is pricier than city busters. -- buses. but the commuters think it is worth it. >> it is always on time. super efficient. i can track it on my phone. it is more relaxing. >> it is an efficient way to get to where i work. i tried out the bus. >> bus startups have been tried before. albeit without success. in san francisco, no one mourned the demise of leap because so few people used to them.
after waiting ages for a second bus startup, several have come at once. israeli startups are taking a different route, making buses and public transport work better. move it enables commuters to find the best and fastest way to get around. another makes software that makes drivers and vehicles more efficient. >> we have developed a solution pending patent algorithms that optimizes schedule operations for bus operators. in israel, the solution is being used by all the bus companies. a few months ago, we started in europe and the united states. elliott: chariot's buses have thousands of rides a week. he is not worried about uber. after all not everyone has a 14
, seat minivan in the driveway. elliott gotkine, bloomberg news. emily: that was elliott gotkine. coming up, the uncarrier t-mobile releasing earnings that beat estimates. plus, stay tuned to find out who is having the best day ever. kent, his company's market value increased by over $11 billion since monday.
emily: the nation's third-largest wireless carrier is making a push for the top spot. t mobile posted its sixth straight quarter of one million new monthly users. investors pushed the stock higher. stephanie set down with the ceo and asked how they did it. >> i'm glad you are here. the brand is alive and vibrant. i couldn't the happier for our employees and shareholders. you are right. we crushed it.
customers .3 million in 2015 again. the phone% of all growth in the industry. added 3.5-mobile million paid phone subscribers. at&t and verizon and sprint, together, -269,000. >> are you making money? you started the price war a couple years ago with the un-carrier. it is great for consumers. how about you? >> i'm glad you're here today. the biggest, the reason i am behaving today is, it is important to get across this point. the model is working. what is that mean? scriber growth is leading to revenue growth. service revenue is up 11% year over year. we grew 32% in adjusted free cash flow year-over-year.
q4 was up 8%. the model is working. we are doing it by solving customer points. it sounds cliche, but beyond carrier stands for solving customer paying points, fixing what was a stupid, broken, arrogant industry for the most important thing in most people's lives. >> you are also doing things in an unconventional way. a video streaming service has lots of people talking about net neutrality. are you going to change the way you roll the service out? >> we are pro-net neutrality. we carefully described "binge on." let me give you where we are headed. all content is going to the internet. all internet is going mobile. the fastest growing use is video. the pain point, overages. and over buying. we created binge on, which has been successful. why is it pro-net neutrality?
anybody can come. any provider, any customer. most importantly, completely customer choice. 264, you can turn it on and off easily. we are content agnostic. it is clearly in the sweet spot. >> seeing subscriber growth is growing, what do you think it is going to grow next year? >> 2.4% to 3.4%. >> what can you tell us about the u.s. economy? and the consumer. so many people are saying we are in a massive slowdown. >> this quarter was the 11th quarter in a row we added a million customers. there are a couple things i would say. not that we are, we can survive in any economy, because again, good economy, bad economy, participateoing to in wireless services. maybe even more so in a rough economy, because you are more
conscious of your money. i see a vibrant economy. i speak people -- i see people especially on smart phones and , wireless services, participate at a rate greater than before. >> how do you make sense of your stock getting hit worse than the rest of the market? >> it is up 45%. we are a consensus long. it is a new environment for us. we are one of the most recommended stocks to hold. right now in 2016, i would call it hedge fund de-risking. people are selling what they can, not what they want to. but if you look at the 12 month targets, i think the average 12 month price target for us is about 46. >> you know what i want, 5g. how are you getting from 425 jeep. to 5g? >> it is delayed.
it is not really here yet. when it is available, you're going to get it. emily: john ledger with stephanie ruhle. this just in, the google ceo standing with apple's tim cook on his recent rejection of a court order to help investigators unlock the iphone of one of the shooters in the san bernardino terrorist attack. he tweeted -- important post by tim cook. forcing companies to enable hacking to compromise user privacy. we know law enforcement and intelligence agencies face challenges in protecting the public against crime and terrorism. we build secure products to keep your information safe and give law enforcement access based on valid orders. this could be a troubling precedent. to the best day ever, softbank ceo is officially having the best day ever. since monday, stock bank market value -- softbank market value has surged ¥1.2 trillion after the billionaire ceo outline plan
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