what does that mean for cisco? glenn: cisco and other vendors who are in the security space -- and yes, cisco has a business and security -- these companies are all benefiting from the mass hysteria and justified paranoia around this. but where we see the real future for security is building security into these technologies. cisco has done a lot to build security into the network. emily: ok. glenn: and that's great, but we have to expand that baked in security across the board. emily: thanks so much for joining us. and be sure to catch our interview with the cisco ceo thursday, 9:40 a.m. eastern on "bloomberg daybreak: americas." this is bloomberg. seem tohe bond markets be saying that the people in washington could throw the feds off if the rate hike passes. the fear that the fed raises rates next month are about 60%, but down from about 80% a week ago. the chances of a move in september are also falling, and the fed funds futures market is not pricing and a full hike until november. veteran investors say there is

what does that mean for cisco? glenn: cisco and other vendors -- thesecurity space companies are all benefiting from the mass hysteria and justified paranoia around this. but where we see the real future for security is building security into these technologies. cisco has done a lot to build security into the networks. emily: ok. glenn: and that's great, but we have to expand that baked insecurity across the board. -- baked in security across the board. emily: thanks so much for joining us. be sure to catch our interview thursday,isco ceo 9:40 a.m. eastern on "bloomberg daybreak: americas." this is bloomberg. ♪ >> i'm alisa parenti in washington and you are watching "bloomberg technology." democratsutin blasted today for what he called anti- russian sentiment. he said in u.s. politicians are either "dumb or dangerous" for upsetting they political client. rance's a manual acheron -- --anual macron announced his ministers today. finance minister, and foreign minister. merkel says a future cap on immigration for eur

. >>> still ahead, cisco skids. why the world's largest networking gear maker could put more pressure on stocks when the opening bell rings tomorrow. >>> dow component cisco warns revenue for the current quarter will come in below analysts' estimates. it will also cut jobs. it earned 2 cents better than estimates. revenue fell to nearly $12 billion. investors punished the stock in initial after hours trading. seema mody has more on cisco's quarter. >> reporter: cisco, the networking giant, issuing weak guidance for the fourth quarter. revenue has now fallen for a sixth quarter in a row, although earnings did beat street expectations. cisco also extending its restructuring plans, which will impact an additional 1100 jobs. the cuts come on top of the 5100 job cuts announced last august, as cisco tries to stay competitive in the fast moving world of technology and invest in new areas. for "nightly business report," seema mody. >>> amazon shook up the retail industry and has forever changed the way americans shop. and n

what is your trade on cisco? right? cisco is in this restructuring. you have this dinosaur of a tech company doing this restructuring. they laid off 5500 people in august. it doesn't look like it's going as fast as they would have liked it. at 31 bucks, if you want to take a stab at it. i think you have to wait a few quarters to see this trends reverse. >> this is emerging the middle east and affect. people wonder whether they're getting real demand the recurring revenue progress is something people need to watch with this company. after a 30% more, this should be a big surprise, frankly when people are questioning global sicyclical cyclicality. >> they gave their year-to-date in this after hours. so it's more often than not compared to juniper. juniper spiked higher maybe in a month or. so if you look at the longevity of this business, amazon web services is going to steal their lunch, eventually. so can it spike higher on a restructuring play? of course. can it rally back? is it wore atmosphere stab here? i agree with your level on a technical basis

why should we own the stock of cisco? >> well, jim, first of all, david, jim, thanks for having me on here today. first and foremost, we talked about the fact that the sp business in emerging countries had been challenged. that continued and actually got a little worse. we saw a significant slowdown in the u.s. public sector, particularly the federal business which is a pretty significant business for us due to the uncertainty in budgets and then this transition to software and subscription continues. we put $5 million on the software so the fundamental strategy of moving to software and subscription, you know, we have doubled the amount of that revenue sitting on our balance sheets since i took the job. we continue to leverage our internal and our inorganic ability to innovate and as well as new product announcements and you'll see more over the coming quarters. as customers build out these next generation networks, things like integrated security on the system will be critical. >> those are terrific pieces. i'm dealing

cisco versus ibm. i mean, you can't compare them. it's not that easy to say management can turn it around, bring in new management. there's so much to go on here. in efficient businesses, they cannot turn around their businesses. >> if i said and sort of what i asked you before, you got a choice. by ibm or amazon, facebook, app apple, netflix, google or twitter. who's putting disturb. >> ibm is a company that decided to burn tens and tens and ten of billions of dollars on a buy back that now looks very, very, like a very, very poor decision. the other companies are in varying states of dominance of their field or attempts to do something new technologically. this is a company that decided on financial engineering. >> glad you went there because if you would have listened to stan, one of the greatest investors of all time, legend on the mt. murush there is more, dlifing alpha, here's what he said about ibm then. >> corporations were more interested in buying back stock and financial engineering and investing in their business. i would

>> we are indeed getting help with cisco, and especially cisco's channel partners. we share a lot of partners in common with cisco. those cisco partners tend to favor the cisco gear over the dell emc alternatives and so a lot of work done in conjunction with emc, we believe we're shifting over to pure and that, again, is a big tailwind for our business. >> all right, scott dietzen, the ceo of pure storage. quite a day for the stock on that positive earnings report. thanks for joining us. >> thank you. >>> as we head to break, take a look at oil prices, they are plunging down 3.5%, just breaking below $50 a barrel again. the energy sector is the worst performing in the s&p right now, this after opec ministers signalled they will extend those production cuts for another nine months. whether that was baked in already or disappointed the markets is certainly weighing on the price. we'll be right back on "squawk alley." it's all yours. wow! record time. ♪ at cognizant, we're helping today's leading life sciences companies go beyond developing prescriptions to offering

cisco ceo chuck robbins from san jose. we fundamentally believe tax reform is needed. we have discussed in washington about how that should be structured and there are two key things. tax reform for overall lower corporate tax rates are needed to make u.s. corporations more competitive and repatriation is important for those of us who have cash overseas so we can bring it back and making investments in the united states. variousorking with groups in washington, congress, etc. to try and help move that forward. relative to the business impact, we are focused on a few things right now. number one, we are transitioning our business to a more software subscription business. secondly, we are leveraging our ability to innovate both through inorganic and organic capabilities and finally, working with our customers to help them prepare for billions of new connections that will come online in the next generation of capabilities and neck working -- networking. tax and perspective of repatriation, we don't run our business under the assumption it is going to happen. if it did hap

cisco ceo chuck robbins from san jose. chuck: we fundamentally believe tax reform is needed. we have been active in discussions in washington about how that should be structured and there are two key things. tax reform for overall lower corporate tax rates are needed to make u.s. corporations more competitive and repatriation is important for those of us who have cash overseas so we can bring it back and making investments in the united states. we are working with various groups in washington, congress, etc. to try and help move that forward. relative to the business impact, we are focused on a few things right now. number one, we are transitioning our business to a more software subscription business. secondly, we are leveraging our ability to innovate both through inorganic and organic capabilities and finally, working with our customers to help them prepare for billions of new connections that will come online in the next generation of capabilities and networking with deep invaded security. -- deep embedded security. from the perspective of tax and repatriation, we don't r

cisco a security play. before the trump news it was the big ransomware news over the weekend that was the focus, and all of the cyber security stocks were ripping. it doesn't look like that company -- look, if it says revenues down 4% to 6% later this year, i'm not seeing much of a cyber security pop there. >> no, and, you know, cisco is one of the core technology spending indicators is why we care so much about it. from my perspective, kelly, this strok has run pretty well. it is nowhere near where it was in the tech boom, but it's run pretty well for the last year or so. i think from the perspective of 4% to 5% drop in the coming quarter, probably not what the generals were expecting and makes sense why it is dropping right now. >> again a 5 1/2% decline. >> just a minimal top line growth expected for cisco. it shows you it is one of the maybe cheap for a reason stocks. it is hard to get running on a high metabolism. >> rise ann, let me zoom out, it has been the big cap names driving the rally this year.

cisco ceo chuck robbins from san jose. chuck: we fundamentally believe tax reform is needed. we have been active in discussions in washington about how that should be structured and there are two key things. tax reform for overall lower corporate tax rates are needed to make u.s. corporations more competitive and repatriation is important for those of us who have cash overseas so we can bring it back and making make -- make investments in the united states. we are working with various groups in washington, congress, etc. to try and help move that forward. relative to the business impact, we are focused on a few things right now. number one, we are transitioning our business to a more software subscription business. secondly, we are leveraging our ability to innovate both through inorganic and organic capabilities, and finally, working with our customers to help them prepare for billions of new connections that will come online in the next generation of capabilities and networking with deep embedded security. from the perspective of tax and repatriation, we don't run our busin

it is a disappointing forecast from cisco. it says revenue may fall as much as six are sent from a year ago. it said it is cutting 1100 jobs. cisco and other hardware providers face challenges to cheaper software-based networking. there are reports that the brazilian president michel temer was involved in an alleged cover-up scheme. the office the nice the allegations. that is your bloomberg's newsflash. alix: brazil totally pummeling markets. futures plunging 8%. real futures plunged 6%. the brazilian central bank is calling for an fx swap. gettinge present etf's clobbered. isning us now from new york black rock emerging markets portfolio manager. great to get your perspective on the call by mexico, argentina, brazil, then this happens. what is your take on emerging markets right now. an event like today reminds you of why emerging markets are cheap. one of the reasons is volatility and uncertainty. this is for brazil itself a major shock. the context through which we are anding is quite positive quite constructive. the funda

cisco ceo chuck robbins from san jose. take a listen. chuck: we fundamentally believe tax reform is needed. we have been active in discussions in washington about how that should be structured and there are two key things. tax reform for overall lower corporate tax rates are needed to make u.s. corporations more competitive and repatriation is important for those of us who have cash overseas so we can bring it back and make investments in the united states. we are working with various groups in washington, congress, etc. to try and help move that forward. relative to the business impact, we are focused on a few things right now. number one, we are transitioning our business to a more software and subscription business. secondly, we are leveraging our ability to innovate both through inorganic and organic capabilities, and finally, we are working with our customers to help them prepare for billions of new connections that will come online in the next generation of capabilities and networking with deep embedded security. from the perspecti

cisco ceo chuck robbins from san jose. take a listen. chuck: we fundamentally believe tax reform is needed. we have been active in discussions in washington about how that should be structured and there are two key things. tax reform for overall lower corporate tax rates are needed to make u.s. corporations more competitive and repatriation is important for those of us who have cash overseas so we can bring it back and making make -- make investments in the united states. we are working with various groups in washington, congress, etc. to try and help move that forward. relative to the business impact, we are focused on a few things right now. number one, we are transitioning our business to a more software and subscription business. secondly, we are leveraging our ability to innovate both through inorganic and organic capabilities, and finally, we are working with our customers to help them prepare for billions of new connections that will come online in the next generation of capabilities and networking with deep embedded security. fro

cisco is a great example, a good company. it does not have the type of rocket fuel oriented growth that companies that are more involved with cloud services have. or that a sales force on adobe. the software companies that have migrated their models away from a one-time enterprise sale and consulting contract, these are the hottest stocks on the planet now. >> look at auto desk today. unbelieve bable. >> that ceo who was just on the team before us did a fab b louse job b describing why they're killing it right here. he and benny, those would be two stocks i would want to own for a long time. >> three big calls in the tech sector. anybody a buyer of panw or any other name? >> this will shock you. i'm a seller of puts in palo alto networks. say reason i say when i do that. and obligate myself to buy it if it falls to that point. if it doesn't, i'm warren buffett. i get to look that premium and just hold on to it like he does with geico. >> i like that one right here. when you talk about it being low, is it an individual name hi

more jobs are being cut at cisco systems. it is going to lay off another 1100 workers as it accelerates efforts to transform itself into a software focus company is this going on skype this going as 5000 job cuts in august of 2016. the company also did issue a disappointing revenue forecast for the current quarter that stock sharply lower than 7.5% right now. we will see how cisco opens. investors will get a look at numbers from wal-mart this morning. it's going to cut hundreds of corporate dogs in this international technology businesses along the sam's club warehouse chain. wal-mart of dow component up with an 8% so far this year. definitely a stop to watch when the rketen. analysts looking for the chinese retailer to report a jump in fourth-quarter revenue from a year ago. shares higher, more than 2% in the premarket ou. some sad news in the music world rocker chris cornell has died. ♪ black holes find what ♪ wash away the rain. reporter: chris cornell is the man for soundgarden, a popular grunge band in the 90s. they

. >>> tonight 1,100 more cisco workers are about to lose their jobs on top of the 5,500 jobs cisco announced it was cutting last august. as the company continues to shift its focus to the software side of things. at this point cisco is not saying where the job cuts will come from exactly. >>> a security guard is out of a job tonight after a confrontation with a customer in san francisco. that security guard is white. the customer is black. veronica de la cruz shows us what appears to be a racial profiling incident caught on camera. >> yeah, ken. things got ugly after a routine food run in the mission on mother's day. take a look. >> you just said i'm loitering? i'm a customer. >> you're loitering. >> am i loitering? this is my food i just bought. >> amos gregory just finished shopping at the grocery outlet bargain market on south van ness. he got back in the parking lot and stopped to smoke a cigarette and that guard approached him, called him combative and said he refused to leave the property. the guard blamed black lives matter. >> black lives episode? >> that's right. that's you. >> what

cisco is looking for sales to drop at least 4%. earnings per share will be on the lighter end of what analysts anticipated. this is bloomberg. ♪ mark: i am mark crumpton. time for "first word" news. a senior white house official tells bloomberg news that president trump has decided not to immediately move the u.s. embassy in israel to jerusalem. mr. trump promise to such a move during the campaign. visit israels to the white house says he is fighting a provocation. the president is taking aim at clicks and naysayers after more than a week of negative news coverage, beginning with his sudden decision to fire james comey. in an address to the u.s. coast guard officers at the commencement ceremony today, the president urged the graduates of 2017 to "fight, fight, fight," when life presents them with adversity. president trump: look at the way i've been treated lately, especially by the media. no politician in history -- and i say this with great surety -- has been treated worse or more unfairly. mark: the president made no mention o

this is ibm and cisco teaming up to try to get ahead of the hackers. >> cisco and ibm historically have been competitors, maybe you don't think of yourselves that way, but what is the view? you come together and be stronger and play against google, amazon, and microsoft? is that what this is really about? >> it's all about cisco and ibm coming together against the hacker. in cybersecurity we have complimentary portfolios. we have both risen to be two of the largest players in the space. $2 billion portfolio at ibm, grown to 8,000 people. cisco is about the same size. we compliment each other to help defend against hackers. i think it's more about the hackers. these guys are relnt leentless. we saw that with wannacry. >> what is the product? >> we have many capabilities. cisco is defending at the network layer. ibm is analytics and watson with cyber. so now we're integrating them. so we're not trying to sell something new. we're saying when you have one plus one, we want to make sure they work together and that ibm and cisco are sharing threat intelligence. that's how you get ahead of th

it got bought by cisco. interesting, cisco looks like it is on the acquisition trail today with another startup. what do you think about the exit strategies and where you would like to see companies going? is it all about m&a, ipo's? >> i would say most companies should not go public because most companies don't have the length of runway rubrik does. i think for most successful tech companies, often the right path for them is to eventually get acquired. in rubrik's case, given the size of the market they are addressing, the market analysts put this market at $50 billion. that is a significant size information technology market. people's data is not going away. data is only increasing. people have a need to store data on premises and on cloud, so the idea is you can store the data wherever you want or back it up wherever you want and then restore or have access to it wherever you want as well. and on top of that, be able to do search, analytics, compliance in a seamless or holistic way. that is the vision. if

if cisco is trading down, that is probably a poor harbinger of the days to come. david: lenore, you're the only person using the "r" word, the >> unless we see a recession we'll probably not have a huge pullback. keep in mind the average s&p stock today is trading more than 10% below the recent high. we're already seeing a quite a big pullback. i point out the fed hiked interest rates into every single recession over past 50 years. that's what they do. in 2007, nobody was thinking we would see the pullback that we did. david: lori, 372 points on the dow is huge. it is not recessionary. >> no panic. david: you see no panic down on the floor, right? >> couple metrics to look at, average daily volume is trending one month daily average. the fact people are playing in the market is important. we've been reporting on record highs, record highs, benchmark averages day after day. you have the terms of overuse of and consolidation. perhaps this is entry point. look at shares of apapproximately coming down today. they are climbing and climbing. individual it being names, m

shares of cisco down sharply. they beat forecasts, but revenue fell for the sixth straight quarter on continued weak demand. cisco plans to cut 1,100 more jobs on top of the 5,500 it cut last sug. the cfo says a slowdown in u.s. government spending was a big factor in the guidance. we saw some new kind of macro issues in areas like public sector and the u.s. fed space and things like that i'm assuming that that will continue on in q4. finally we are seeing an impact, because overseeing it go to the balance sheet of this transition that we are accelerating through to the tune of 1.5 to 2 points. the combination of those three things are driving the guidance in the minus 4 to 6 range. >> cisco shares down almost 8%. >>> there's a pair of economic reports out before the opening bell. and that would be weekly jobless claims and the may philly fed survey. cleveland fed president, loretta mester speaking about the economy this afternoon. as for earnings, alibaba and walmart before the opening bell. applied materials, ga

. >> plus, how many cisco workers are being laid off in san jose? >> and the market just opened up about 10 minutes ago. let's get a quick look at the big board here. well, the dow is up less than a point. coming up, we'll get an update from kcbs radio's financial reporter jason brooks. >>> before you head out this last day of may, let's take you for a free ride across the bay area. the sun will shine at the beaches today in the 50s. 60s, 70s common across the peninsula. good morning to you in santa clara at 72 degrees. east bay 70s and 60s common at 78 in antioch and good morning petaluma, your high in the low 70s. >>> roberta, thank you. cisco systems plans to chop 1100 jobs worldwide including 250 people in the south bay. according to an official company filing. the san jose-based company describes the layoff as permanent in a notice filed with the state employment development department. earlier this month, cisco posted profits and revenue that beat expectations. the company's forecast for its 4th quarter would include a slump which cisco says l

. >>> new details this morning from san jose based cisco. the company is laying off 1100 more workers as it faces declining revenue on top of the 5500 jobs cut last august. the hardware maker reporting 11.9 billion dollars in revenue in its quarterly report yesterday. that's down from 12 billion a year earlier, we're talking about revenues. cisco expects revenue to decline 4%-6% in the next quarter. >>> let's talk puppy love. is your dog a deal breaker? >> think about this, can the relationship with your pet interfe fortunately there's a bedples dwhere you both get what yous? want every night. enter sleep number and the semi-annual sale going on now. sleepiq technology tells you how well you slept and what adjustments you can make. she likes the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. oh, and right now it's our lowest price ever on our temperature balancing i8 bed. save $700. go to sleepnumber.com for a store near you. >>> coming up at 4:00, billionaire richard branson is brin

. >> he drove the couple to richmond where they wanted to stop here at cisco market on 13th street so he could take out money at an atm. >> i bolted into the street. >> last night richmond police and san francisco police interviewed him at the richmond police department. >> when he found the opportunity escape, he did. and it proved to be a right thing for him to do. >> a cisco employee said the boss showed the surveillance video to police. the vehicle which is still missing is a white 2015 toyota camera with license place 7hqw692. the driver has this advice for other uber drivers. >> you're desense advertised fr desensitized from people coming into your car. i is a normal thing. but there are people out there trying to take advantage to always lock your door. >> the driver was off the app and is you can direct any information to police. >> san jose police officers fired shots at a person for the third time in less than a week. abc 7 news was along the road where the shooting took place. officers answered a call about man with a gun outside a big 5 sporting goods store near the mall.

the dow is being helped by walmart, dragged down by cisco. with that, we'll turn it over to scott wapner and "the halftime." >> thank you so much. we'll keep our eye on things taking place in the nation's capital. the market, a nice little comeback after the worst day of the year for stocks. the dow only up about 17.5 points, s&p up less than 4. it is the nasdaq up 20 points, still hanging above 6000. with us for the hour today, joe, josh brown will be along in a moment, kevin o'leary is mere and mario gabelli is here. it's good to have you back, mario. >> oh, it's a privilege to be here. >> joe, nice to see you as well. so that was it. kevin, 400 points down for the dow and here we are. why no follow-through? >> because it was just noise. the washington circus is really disconnected from the market and i think most people are pretty comfortable with that idea. even today listening to wilbur ross after all that chaos, the administration has a lot of functional people in it outside of the circus that we're watching with the trump/russian story

i think it was a flaw in a firewall that cisco makes. cisco eventually confirmed this was a real flaw. this was a major, major problem. this time, when they released this cash, they released the password on medium, which we all have access to if we want to. it is basically a kind of blogging site for regular people. carol: talk about what they released. dune: they did not get the money they wanted. $1 million inup bitcoin for its cash. eventually, in april, they posted this really bizarre medium post. trump,nt all directed at president trump, saying, don't forget your base. just remember, we are supporters and we want to see you get this right. in a released the password for this file online of this cash of tools, giving it away to anybody online. oliver: so these hacking tools -- is ite specific, it about hacking different entities or the most easily hacked? what is the information you are buying if you were to go and download? directionalls or tools? dune: until a month ago, it was tools to hack into any windows computer. it is a whole

. >> reporter: he drove the couple to richmond where they wanted to stop here at cisco market on 13th street so he could take out money at an atm. >> i bolted into the street. >> when he had the opportunity to escape, he did. and it proved to be a right thing for him to do. >> reporter: last night richmond police and san francisco police interviewed him at the richmond police department. a cisco employee says his boss showed the surveillance video police, the vehicle which is still missing is a white 2015 toyota camera with license plate 7 hqw 692. >> definitely having the logo on my car in the front and back victimized me a bit. >> reporter: uber says the incident happened while the driver was off the app and directing questions to police. in san francisco, melanie woodrow, abc7 news. >> the top coroner is expected in court after suspicion of molesting a girl. darrell harris is accused of having a sexual relationship with a girl who was under 14 when it began in 2008. harris faces four felonies. he is being held without bail. harris has been with the coroner's office since 2003 and w

i think it was a flaw in a firewall that cisco makes. cisco eventually confirmed this was a real flaw. this was a major, major problem. this time, when they released this cache, they released the password on medium, which we all have access to if we want to. it is basically a kind of blogging site for regular people. carol: talk about what they released. >> they did not get the money they wanted. no one ponied up $1 million in bitcoin for its cash. eventually, in april, they posted this really bizarre medium post. this rant all directed at trump, president trump, saying, don't forget your base. these things are wrong," just remember, we are supporters and we want to see you get this right. and they released the password for this file online of this cash of tools, giving it away to anybody online. oliver: so these hacking tools --let's be specific, it -- is it about hacking different entities or the most easily hacked? what is the information you are buying if you were to go and download? are they tools or directional tools? dune: you hav

i think it was a flaw in a firewall that cisco makes. cisco eventually confirmed this was a real flaw. this was a major, major problem. this time, when they released this cash, they released the password on medium, which we all have access to if we want to. it is basically a kind of blogging site for regular people. carol: talk about what they released. dune: they did not get the money they wanted. no one ponied up $1 million in bitcoin for its cash. eventually, in april, they posted this really bizarre medium post. this rant all directed at trump, president trump, saying, don't forget your base. just remember, we are supporters and we want to see you get this right. in a released the password for this file online of this cash of tools, giving it away to anybody online. oliver: so these hacking tools --let's be specific, it -- is it about hacking different entities or the most easily hacked? what is the information you are buying if you were to go and download? are they tools or directional tools? dune: until a month ago, it was tools to

cisco putting a damper on that. more bad news. shares down almost 6% after reporting cisco's sixth straight quarter of declining revenue. company pointing to for this miss, it was not a miss but they did report for guidance, a slowing revenue performance of 4 to 6% decline in revenue for cisco and they're going to cut 1100 jobs they say. i'll leave it here and back to you emac. liz: thank you, lori. talk of impeachment triggered a white knuckled gut clenching ride on washington with concerns that d.c. chaos knock the engines off of president trump's growth agenda, including health care reform. and infrastructure build and tax reform, major indices posting the steepest losses, shattering the calm that blanketed the market for months. bring in the market experts on this. lido aisle adviser managing partner jason rotman and jonas max ferris. looks like the markets are saying do the trump agenda, republicans. we have a bad obama economy out there. what do you think? >> i think the main message today is the market is, again, as it does

>>>investigators and semper cisco are searching for clues after a deadly shooting. police got a call shortly after midnight about shots fired in the corner of mission and main street. officer sadie found a man suffering from a gunshot wound, and another man who had a gun. the victim died at the scene, police say the man with the gun was arrested. police are now looking into try to figure out the 2 men's relationship, if there was one, and the motive for the shooting. >>> a fire in oakland force more than a dozen of people out of their apartment. it broke out after 5 am this morning. in a carport underneath the building not far from castleman high school. it started in one car, and then quickly demonstrate mac others. the flames did not spread to the homes above the carport, and the people were evacuated only as a precaution. no one was hurt, investigators tonight are still trying to figure out what caused the fire.>> memorial day weekend is the official kickoff to the rafting season along the american river. raptors prepare for a day of fun out the water. a ban on a

. >> reporter: he drove the couple to richmond where they wanted to stop here at cisco market on 13th street so he could take out money at an atm. >> i bolted into the street. >> when he had the opportunity to escape, he did. and it proved to be a right thing for him to do. >> reporter: last night richmond police and san francisco police interviewed him at the richmond police department. a cisco employee says his boss showed the surveillance video to police, the vehicle which is still missing is a white 2015 toyota camera with license plate 7 hqw 692. >> definitely having the logo on my car in the front and back victimized me a bit. >> reporter: uber says the incident happened while the driver was off the app and directing questions to police. in san francisco, melanie woodrow, abc7 news. >> the top coroner is expected in court after suspicion of molesting a girl. darrell harris is accused of having a sexual relationship with a girl who was under 14 when it began in 2008. harris faces four felonies. he is being held without bail. harris has been with the coroner's office since 2003 an

. >>> cisco is about to lay off 1100 more worker. last august the silicon valley tech giant fired 5500 workers. the company is shifting its focus to the software side of things are. at this point, cisco isn't saying where the job cuts will come from. ♪[ music ] >>> we're live in el sobrante this morning where the contra costa county sheriff's department ordered a "shelter in place." we'll bring you live to the scene. >> reporter: new rules governing refineries in california. coming up, we'll tell you what prompted them. ,,,,,,,,,,,,,, i'm michelle griego. and i'm kenny choi. let's start with a live look outside... >>> good morning, everyone. it is thursday, may 18. i'm michelle griego. >> and i'm kenny choi. let's head outside take a look at the conditions this morning. a live look at the bay bridge on the left and you have 880 in oakland. traffic looking good right now. >> pretty good right now. >> yeah. >> for now. >> right now. >> but it's 5:00. >> i had delays at the 580/680 corridor 15 minutes delayed because of the detoured.

cisco tonight, walmart tomorrow. jimmy, you own cisco. >> yeah. there's a bunch of questions here. one, what are they going to do with the cash? two, they have a lot of cash, a third of their market cap is cash. two, a lot of their competitors, june perfect reported good numbers. does that mean their cannibalizing eating cisco's lunch? we have to find out. and then the other thing is how is security doing with regards to the hardware business. is that taking over from the hardware business which has matured? >> somebody give me 20 seconds on walmart. >> just off the highs and i think somebody has to be winning with all the money that's being spent in stores, judge, not just amazon. could be these guys with jet. >> josh, final trade? >> i want to pull out jpmorgan from the rubble today. this is a stock i think still down two. i would be a buyer here. i like this thing anytime i can get it under $90. >> jimmy, do you have a final? >> apple. you have to buy this dip here. the highest quality name in the s&p right now. this is an opportunity. >> erin browne? >> the index to buy, i thin

when you talk about cisco -- >> quickly. >> we'll find out if cisco deserves to be with the other stocks like microsoft. >> up next why snap is up 7.5% right now. dear predictable, there's no other way to say this. it's over. i've found a permanent escape from monotony. together, we are perfectly balanced, our senses awake, our hearts racing as one. i know this is sudden, but they say: if you love something... set it free. see you around, giulia ♪ ready or not, here i come.ek.) ♪ anyone can dream. making it a reality is the hard part. northrop grumman command and control systems always let you see the complete picture. and we're looking for a few dreamers to join us. >>> final trades. i mentioned what's going on with snap. the stock up 6% on friday. it's up 7.5% today. investors, i guess, reacting to news about big name money managers getting in including i think we see according to twitter 20 million shares. >> 13 fs were filed. >> you never know what's current. we always say that when we do that. >> 45 days ago. i don't think they flip them around like that. that's a lot of stock.

first, some bad news from cisco. it's going to lay off another 1100 workers. this on top of the 5500 firings last fall. the company's earnings report was not that impressive. its forecast going forward was on the weaker side. cisco in the middle of transitioning to a software and services-based company from its legacy as a hardware firm. cisco shares with down 7% in the early going. >>> internet radio firm pandora out of oakland is reportedly talking to satellite radio operator sirius/xm about a potential sale that report according to the "new york post." sirius has been reported to be interested in pandora over the past year. pandora said it's exploring options including a seam. their stock is up 6% on that news. >>> let take a look at the big board. the dow was positive but now going down 37. nasdaq up 5. s&p down 1. back to you. >> thank you, jason brooks from kcbs radio. >>> time now 6:45. let's check our weather and traffic. we got haze. we have traffic. we have something for everyone. >> i like that moon. >> a little bit every everything. >> the haze. >>

same researchers tracking a great white named cisco is nearby he's just a kid. cisco kid. he's a juvenile. rutchers tagged mary lee off cape odd massachusetts in 2012 she's traveled up and down the east coast logging thousands of miles. she weighs about 3500 pounds. 16 feet long by the way. researchers say she inn cisco hanging out this month near cape may and rehoboth beach. >>> talking about sharks. check out these pictures captured by an australian fisherman after a great white shark jumped on to his boat. luckily his 15 feet foot boat had enough room for him to get away from the 9-foot shark who took some of his arm off when he jumped in there. radio hope and held on to the canopy top until the rescue boat arrived. >>> now to colorado a zero receives wrong turns probably saved someone's life. >> so a hiker fell 50 feet down canyon an tourist was the only person there to help him but sean supposed there be is the whole thing. bailey parton was touring boulder cannon by accident. she trying to head to different sight as she was taking her detour a little lost she heard s

heather holmes having lived in separate cisco and been blessed with a fortunate life the past 40 years, i want to offer my expenses, expertise, skills and passion to addressing the challenges facing san francisco. >>> some potentially bad news for certain retirement plans. the u.s. senate yesterday approved a bill to end an obama era policies encouraged states mother retirement savings program strictly woodblock account when you let effort to offer retirement accounts to low-income workers who do not have them. republican lawmakers listed the need for state and local government involvement and retirement planning. the measure goes to president trump was about to sign a. >>> the time is 5:10 am. five department the timmonses go that may soon have new requirements to be allowed to fly drones. a committee will vote on a set of rules that the department would have to follow. the committee on information technology began studying drones two years ago. the only department that could have applied to use it drones are the port department, iraq department, flyer, and office of the comptroller.

seven cisco 22 to 65. 93 yesterday. san jose dropped to 81 degrees. there is a lot more fog here danny zell image as showing request at 50 and we are picking up. status but am looking for. also out to the delta see that start to ramp up. the fog and low clouds once they make a push. water temperatures are called the 50s and 60s. these are down 10 compared it yesterday. out toward the brentwood it was a 75. that is a big difference. 56. that is also huge job and 10 degrees warmer than yesterday. a big cooldown and areas inland will take another day. the ridge of high pressure is moving towards the seer and into nevada which allows the door to open up to a cooler pattern. >>> good morning. the fog is around as you know and a lot of people have been waiting for it. we are going to start off with the bay bridge plaza and there is no fog low enough to obstruct diverse. it is cloudy which is nice. that means it is going to be cooler for people like the weather. there are no problems of traffic wise. continues it to look at a cost of the stand. this is a loo

he's basically the cisco kid. just a juvenile. research chers tagged mary lee off massachusetts in 2012. she's traveled thousands upon thousands of miles up and down the east coast. she weighs about 3500 pounds. she's 16 feet long. she's kind of big. researcher say she and cisco hanging out near cape may and rehoboth beach this month. >> speaking of shark check out these pictures captured by australian fisherman after great white shark jumped into his boat. luckily his 15-foot boat had enough room for him to get away from the 9-foot shark. he radioed for help and hug on to the boat's canopy top until the rescue boat got there. >> a mother of a marine passed on says her son name should be included on memorial wall. the tragedy that struck the family that's keeping that honor away. >>> out of office and now joe biden has some choice words for his own party. how he says democrats are failing voters. sean? >>> iain with the phillies struggling in major way we take look back at the good times. see what happened seven years ago today th

fire eye and cisco systems went up day. cisco jumped 2.33%. >>> a doctor and a nurse in santa cruz are under arrest for sex crimes against children. police are investigating but are staying tight lipped. >> reporter: this doctor was a known neurosure juchb, but now he's at the santa cruz county jail on several charges, they include a lewd and lascivious act on a child. >> the three charges that currently, that he was booked in on, he faces a possible life sentence. >> reporter: the investigation started last week when a person came to them with information about a case. a nurse from dominican, rochelle brandon was also arrested on multiple felonies related to the production of child pornography. police would not confirm if brandon's arrest was linked to kolhart. >> reporter: we visited his home in santa cruz, his neighbors were shocked to hear the news, they told us that he and his wife had moved out of state two week ago. an online posting confirm ed k h kohut had just joined their staff. >> there are no other victims that

cisco, theyafone, are reporting at the outside. avis fell 19% post earnings. that will be a focus for weakness in the rent-a-car companies. hurts always a big -- hertz always a big focus. can snap rebound from their fall? and if we go into the bloomberg, #8544, these stocks, retail stocks, the number of closures have exploded. it is up to 97%, and you are seeing that reflected in the brick-and-mortar companies falling victim to the online again. that is the trends of that industry in terms of earnings and stocks performance in the weeks ahead. haidi: thank you so much for that. let's get to what we should be watching in asia. adam is here with us. we have stocks from oil and the new south korean president celebration. are we seeing more volatility in asia? the u.s. stock is normal. adam: we have seen strength in the den-dollar. -- yen dollar. we did see a move in the u.s. bond market, so we expect to see more of that follow through with australia. they are also saying they are trying to assess the severity of the missile test from north korea. is it a misunder

fire eye and cisco systems went up day. cisco jumped 2.33%. >>> a doctor and a nurse in santa cruz are under arrest for sex crimes against children. police are investigating but are staying tight lipped. >> reporter: this doctor was a known neurosure juchb, but now he's at the santa cruz county jail on several charges, they include a lewd and lascivious act on a child. >> the three charges that are currently, that he was booked in on, he faces a possible life sentence. >> reporter: the investigation started last week when a person came to them with information about a case. a nurse from dominican, rochelle brandon was also arrested on multiple felonies related to the production of child pornography. police would not confirm if brandon's arrest was linked to kolhart. >> reporter: we visited his home in santa cruz, his neighbors were shocked to hear the news, they told us that he and his wife had moved out of state two week ago. an online posting confirm ed k h kohut had just joined their staff. >> there are no other victims

cisco adding a wrinkles. one was federal spending. and the government line. another spending in mexico, specifically pointing to economic investment uncertainty in mexico as hitting them. now you have got to look at president trump's policies there and the stories that we have heard about investment kind of freezing as we wait on clarity on nafta. we are starting to see little movements on that. in the meantime, perhaps some businesses, tech businesses feeling the heat. >> another reminder about how the public sector is such a big business for cisco specifically. i do see the semiconductors hard hit yesterday up about a pars and a half today. a lot of big down moves bounc g bouncing. on the s&p we've redwayned a fifth of the yesterday's losses right now. tentative at the start but it has built. >> l brands is surging 4% on the back of what was a better than feared quarter, which has become a common thread. walmart coming in better than expected. i think it was an 11th straight quarterly gain for same store sales, 1% or higher. >> ten year high. >> children's

cisco says it's restructuring and shifting its focus. it plans to invest millions of dollars into software and subscription services. it has led to several quarters of declining revenue and thousands of layoff. last year cisco cut more than 5,000 jobs. >>> uc berkeley has a new dean to lead its law school. erwin is part of the uc family. he's dean at the uc irvine law school. the search for a new dean began last year. >>> firefighters struggling in silence. >> we take a closer look at the services to help the firefighters. >> as part of our six-month investigation we surveyed hundreds of firefighters. most days they don't think there's enough recognition about the importance of mental health. many are struggling to con front the tragedies they have witnessed on the job. the conversation about post-traumatic stress is important now in the wake of oakland's ghost ship fire. as the smoke clears and the shift changes, the harder work was still to come. >> it was a challenging assignment that first morning. >> reporter: they recovered 9 of th

there is a says paradigm shift to security defined networks, and that will benefit cisco not based on just this attack, but in general. we are watching oil prices, but not just oil. we have oil moving up because of the talk by russia and saudi arabia to extend production cuts. we have gold also training higher, and we have four straight losing sections for the -- straight losing sessions for the dollar. down .33%. u.s. supreme court has dealt a surprise blow to the voter identification movement. justices refused to reinstate north carolina ballot restrictions. state republican leaders supported the restrictions, which required voters to show a voter id, and reduce the number of early voting days. governments and companies around the world have started to gain the upper hand in this unprecedented cyber attack. authorities say more than 200,000 computers in 150 countries were infected with that so-called ransom ware. the u.k.'s national health service says most securities are back to normal. french carmaker renault says 90% of its families have -- of its factories have resumed operation

. >>> cisco systems has laid off workers to do away with 1100 jobs worldwide. they filed a notice that the layoffs were effective may 18th and permanent. they cut 940 workers in san jose and 390 the year before. >>> a seismic retro fit for the golden gate bridge is in the home stretch. >> the final phase of this multidecade are the retro fit of the towers. it is more earthquake resistant. it will strengthen the bridge into a life line structure that will remain in operation. it will be shock absorbers. even a quake as big as a 1906 computer simulation. it can only happen once the platforms can with stand winds ones every 10,000 years. that can only be with an 8-foot mini structure to test designs to guarantee safety of the workers. no one wants a repeat of the tacoma narrows bridge that collapsed under high winds. >> we expect it to be complete in 2024. >> this was after the loma quake. they initiated a project to prevent collapse. >> we started with the most vulnerable sections of the bridge. >> phase one completed in 2001 on the marin county side. phase two c

cisco systems will release earnings "after the bell." the fixed-rate quarter hurt by sluggish demand in the company's network equipment business. lauren: stock market under pressure this morning. news from washington will do that tax cuts in health care refund if congress calls for more testimony on widening investigation. >> my fellow citizens deserve to see the entire context of what conversation may or may not have taken place. quite frankly, director or comey deserves an opportunity to tell us how he heard it on what he heard. lauren: will ask one portfolio manager and a gop strategist about the faith of the trip agenda. a deadly tornado touching down in wisconsin. meteorologist janice dean coming up with this story. but shape the market reaction to the news out of d.c. the futures than 103 points. s&p futures down half of what%. nasdaq up three days and wrote another record yesterday visiting 3.4%. oil prices getting past the games. $48.47 a barrel down 19 cents this morning. you are watching "fbn:am," your first look at morning mar