RUSH TRANSCRIPT Apple CEO ░░░░░░░░ Cook their to talking ░░░░░░░░ an earnings call about ░░░░░░░░ outlook for China and ░░░░░░░░ is what we re ░░░░░░░░ fiscal second quarter Sales ░░░░░░░░ China came in a ░░░░░░░░ better than expected sales ░░░░░░░░ iphones worldwide rebounded as ░░░░░░░░ though helping the world ░░░░░░░░ most valuable company whether ░░░░░░░░ industry wide down turn ░░░░░░░░ is battered much of ░░░░░░░░ s product lineup Joint ░░░░░░░░ grossman over the blankie ░░░░░░░░ world s run of ░░░░░░░░ joneses number with like ░░░░░░░░ is different Tim Cook ░░░░░░░░ India 20 times of ░░░░░░░░ conference school that doesn ░░░░░░░░ rid of the giveaways ░░░░░░░░ where they see a ░░░░░░░░ growth of this robbery ░░░░░░░░ bet with taking But ░░░░░░░░ experience do they do ░░░░░░░░ is Bob China becomes ░░░░░░░░ favorable toward them Or ░░░░░░░░ Having me and yeah ░░░░░░░░ the call today Tim ░░░░░░░░ did announce that China ░░░░░░░░ their new best friend ░░░░░░░░ India s or new ░░░░░░░░ friend but China s ░░░░░░░░ a great friend as ░░░░░░░░ If you look at ░░░░░░░░ net sales and obviously ░░░░░░░░ s the reopening effect ░░░░░░░░ China specifically about 11 ░░░░░░░░ so they are seeing ░░░░░░░░ growth maybe not as ░░░░░░░░ or as robust as ░░░░░░░░ would have hoped specifically ░░░░░░░░ coming out of it ░░░░░░░░ rebound in China That ░░░░░░░░ said he did shift ░░░░░░░░ eyes and all attention ░░░░░░░░ India which if you ░░░░░░░░ about and about a ░░░░░░░░ percent to the bottom ░░░░░░░░ At all best guess ░░░░░░░░ now which means that ░░░░░░░░ emerging market opportunity or ░░░░░░░░ development and opportunity there ░░░░░░░░ the room for growth ░░░░░░░░ apple is India And ░░░░░░░░ again Takeaway still remains ░░░░░░░░ the slot there s ░░░░░░░░ so going on It ░░░░░░░░ ease that but that ░░░░░░░░ sluggish to is still ░░░░░░░░ there Given the macro ░░░░░░░░ in the like here ░░░░░░░░ all are you looking ░░░░░░░░ this earnings as as ░░░░░░░░ positive or negative for ░░░░░░░░ stock Yeah I think ░░░░░░░░ obviously met expectations and ░░░░░░░░ a little bit Their ░░░░░░░░ forward guidance right now ░░░░░░░░ think was a little ░░░░░░░░ disappointing So if the ░░░░░░░░ trades down tomorrow or ░░░░░░░░ next days or weeks ░░░░░░░░ re going to add ░░░░░░░░ it we given that ░░░░░░░░ I mean they they ░░░░░░░░ a smoker guide about ░░░░░░░░ two percent At least ░░░░░░░░ Wall Street was looking ░░░░░░░░ two percent guidance for ░░░░░░░░ next quarter They guided ░░░░░░░░ Two percent for the ░░░░░░░░ quarter since about a ░░░░░░░░ percent delta they re ░░░░░░░░ yeah their revenue potentially ░░░░░░░░ still be coming down ░░░░░░░░ being said in the ░░░░░░░░ decade apple has had ░░░░░░░░ times where they had ░░░░░░░░ to back negative or ░░░░░░░░ or just slowing revenue ░░░░░░░░ and that s always ░░░░░░░░ been a pretty good ░░░░░░░░ or buying opportunity for ░░░░░░░░ Take the long view ░░░░░░░░ iphone sales It goes ░░░░░░░░ here but data that ░░░░░░░░ of the of this ░░░░░░░░ of their offerings are ░░░░░░░░ a bit long in ░░░░░░░░ tooth They in some ░░░░░░░░ even though they might ░░░░░░░░ fantastic chips in them ░░░░░░░░ I think what you ░░░░░░░░ pointing out to is ░░░░░░░░ mac sales But if ░░░░░░░░ go back a year ░░░░░░░░ think the year over ░░░░░░░░ comes apple gets hit ░░░░░░░░ by their own numbers ░░░░░░░░ introduce did that shit ░░░░░░░░ you re speaking of ░░░░░░░░ year in the mac ░░░░░░░░ of a year not ░░░░░░░░ say they re saturated ░░░░░░░░ I think that that ░░░░░░░░ is off the rose ░░░░░░░░ regards to the mac ░░░░░░░░ So that s where ░░░░░░░░ re seeing that down ░░░░░░░░ than what was expected ░░░░░░░░ because the demand or ░░░░░░░░ build up was was ░░░░░░░░ year and those numbers ░░░░░░░░ the backlash years were ░░░░░░░░ tremendous I m just ░░░░░░░░ get this whole Big ░░░░░░░░ rally seen of late ░░░░░░░░ data Thank you for ░░░░░░░░ one thing Robert and ░░░░░░░░ is apple s so ░░░░░░░░ best way to play ░░░░░░░░ sort of rally now ░░░░░░░░ to see all Big ░░░░░░░░ right now have a ░░░░░░░░ 20 to 30 percent ░░░░░░░░ depending on who you ░░░░░░░░ looking at year to ░░░░░░░░ rally is kind of ░░░░░░░░ relief rally I think ░░░░░░░░ s showing that the ░░░░░░░░ and still hold their ░░░░░░░░ position at least they ░░░░░░░░ showing right now relative ░░░░░░░░ recipe other constituents But ░░░░░░░░ being said if you ░░░░░░░░ at what time heck ░░░░░░░░ really bringing to the ░░░░░░░░ a I you know ░░░░░░░░ s one thing that ░░░░░░░░ haven t heard from ░░░░░░░░ is the a conversation ░░░░░░░░ we have heard from ░░░░░░░░ the other tech companies ░░░░░░░░ that could be a ░░░░░░░░ change right now as ░░░░░░░░ re seeing with a ░░░░░░░░ labor market and the ░░░░░░░░ for efficiencies for corporate ░░░░░░░░ This could be a ░░░░░░░░ wind for a long ░░░░░░░░ I m anything I ░░░░░░░░ says only to be ░░░░░░░░ out as Tim Cook ░░░░░░░░ that but that s ░░░░░░░░ take a look at ░░░░░░░░ to go five hundred ░░░░░░░░ dollars in assets on ░░░░░░░░ eda how you deploy ░░░░░░░░ What to industry goes ░░░░░░░░ companies I notice there ░░░░░░░░ another one that you ░░░░░░░░ Yeah we we like ░░░░░░░░ Tech We don t ░░░░░░░░ check for a good ░░░░░░░░ time but we re ░░░░░░░░ being defensive so that ░░░░░░░░ like healthcare obviously short ░░░░░░░░ on the treasury market ░░░░░░░░ now As we hang ░░░░░░░░ we for more volatility ░░░░░░░░ in mind We got ░░░░░░░░ lot more data the ░░░░░░░░ needs lot more data ░░░░░░░░ report tomorrow between now ░░░░░░░░ next fed meeting but ░░░░░░░░ also have we re ░░░░░░░░ as we come up ░░░░░░░░ the debt ceiling here ░░░░░░░░ the U s So ░░░░░░░░ s going to be ░░░░░░░░ our capital The very ░░░░░░░░ energy is down here ░░░░░░░░ but it s starting ░░░░░░░░ look from a long ░░░░░░░░ perspective attractive again So ░░░░░░░░ are some and financials ░░░░░░░░ re we re we ░░░░░░░░ we re holding our ░░░░░░░░ to the end of ░░░░░░░░ year for financials but ░░░░░░░░ think once we get ░░░░░░░░ of the regional bank ░░░░░░░░ of concerns here and ░░░░░░░░ get some stability in ░░░░░░░░ financial services indus string ░░░░░░░░ the u s long ░░░░░░░░ financial later on this ░░░░░░░░ could present a tremendous ░░░░░░░░ not right now But ░░░░░░░░ you be patient and ░░░░░░░░ the market come to ░░░░░░░░ we could see some ░░░░░░░░ good opportunities later on ░░░░░░░░ year Financial that what ░░░░░░░░ do you mean right ░░░░░░░░ Maybe one pack I ░░░░░░░░ t although my is ░░░░░░░░ more something that you ░░░░░░░░ you re willing to ░░░░░░░░ on the regional lenders ░░░░░░░░ more and the big ░░░░░░░░ Yes so so we ░░░░░░░░ it were steering clear ░░░░░░░░ region rent lenders I ░░░░░░░░ there s a lot ░░░░░░░░ work that needs to ░░░░░░░░ done on the treasury ░░░░░░░░ side and f I ░░░░░░░░ we re far from ░░░░░░░░ from this particular crisis ░░░░░░░░ you will but the ░░░░░░░░ banks once we re ░░░░░░░░ this new they re ░░░░░░░░ re Basically the big ░░░░░░░░ is taking over the ░░░░░░░░ bank so there is ░░░░░░░░ more market share and ░░░░░░░░ long term regulate Right ░░░░░░░░ so the at the ░░░░░░░░ of the day of ░░░░░░░░ look or JP Morgan ░░░░░░░░ for 10 billion dollars ░░░░░░░░ picked up all the ░░░░░░░░ assets public so we ░░░░░░░░ we re not stepping ░░░░░░░░ JP Morgan Today we ░░░░░░░░ it for our clients ░░░░░░░░ if JP Morgan happens ░░░░░░░░ tree down six months ░░░░░░░░ three to six months ░░░░░░░░ now we will we ░░░░░░░░ stop when you start ░░░░░░░░ to climb portfolios on ░░░░░░░░ bank Just like that ░░░░░░░░ about because you know ░░░░░░░░ Morgan will be even ░░░░░░░░ and larger and stronger ░░░░░░░░ a result of the ░░░░░░░░ increase The us What ░░░░░░░░ you may give the ░░░░░░░░ banking reactions as it ░░░░░░░░ going to What do ░░░░░░░░ think needs to be ░░░░░░░░ to stabilize it Unfortunately ░░░░░░░░ s been a new ░░░░░░░░ Frank Rule change If ░░░░░░░░ go back to two ░░░░░░░░ 80 thousand and nine ░░░░░░░░ Bair to his head ░░░░░░░░ the FBI see at ░░░░░░░░ time had the ability ░░░░░░░░ from executive order basically ░░░░░░░░ over had the opportunity ░░░░░░░░ efficacy insurance from two ░░░░░░░░ to five hundred thousand ░░░░░░░░ the banks which didn ░░░░░░░░ quite solved The problem ░░░░░░░░ health in sort of ░░░░░░░░ bank run situation for ░░░░░░░░ large banks Back then ░░░░░░░░ Frank has changed that ░░░░░░░░ you need Congress to ░░░░░░░░ the two fifty to ░░░░░░░░ hundred thousand I don ░░░░░░░░ think Congress is going ░░░░░░░░ agree The debt ceiling ░░░░░░░░ soon learned certainly not ░░░░░░░░ to agree to this ░░░░░░░░ right now simply because ░░░░░░░░ priority what what s ░░░░░░░░ their plate to do ░░░░░░░░ so that leaves the ░░░░░░░░ basically having to use ░░░░░░░░ tools and if the ░░░░░░░░ see tools in their ░░░░░░░░ again going back to ░░░░░░░░ 80 nine we also ░░░░░░░░ seeing short selling so ░░░░░░░░ we re seeing a ░░░░░░░░ of private equity doubling ░░░░░░░░ I think there s ░░░░░░░░ they re getting together ░░░░░░░░ they re strategically and ░░░░░░░░ forcefully going after one ░░░░░░░░ another after another It ░░░░░░░░ it s almost the ░░░░░░░░ playbook that we saw ░░░░░░░░ the big banks now ░░░░░░░░ a small regionals and ░░░░░░░░ think if they regulators ░░░░░░░░ t step in or ░░░░░░░░ something or short sale ░░░░░░░░ for at least if ░░░░░░░░ short period of time ░░░░░░░░ can see a domino ░░░░░░░░ in the small regional ░░░░░░░░ I will tell you ░░░░░░░░ ve We brought in ░░░░░░░░ least 20 five million ░░░░░░░░ net new assets from ░░░░░░░░ small regional banks Recently ░░░░░░░░ clients locally had money ░░░░░░░░ the banks and their ░░░░░░░░ so this isn t ░░░░░░░░ in this is a ░░░░░░░░ age You can move ░░░░░░░░ on your phone which ░░░░░░░░ much different though we ░░░░░░░░ her decade ago.