Trump said he will raise tariffs on $250 billion in Chinese goods to 30%, and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Supreme Court Justice Ruth Bader Ginsburg has completed a three-week course of radiation therapy for cancer, the top court said in a statement Friday.Politicsread more
Multinationals that rely on the supply chain from China are tumbling after President Donald Trump ordered them to find alternatives to their Chinese operations.Marketsread more
WHEN: TODAY, MONDAY, SEPTEMBER 23RD
WHERE: CNBC'S "CLOSING BELL WITH MARIA BARTIROMO"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Oracle President Mark Hurd today on CNBC's "Closing Bell with Maria Bartiromo." Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?play=1&video=3000201603. All references must be sourced to CNBC.
Hurd on Industry Change:
THE SECULAR CHANGES IN THE INDUSTRY HAVE BEEN ENORMOUS. WHEN YOU THINK ABOUT ENTERPRISE APPLICATIONS WE WERE TALKING ABOUT THIS EARLIER TODAY, THE AVERAGE AGE OF ENTERPRISE APPLICATIONS IN THIS COUNTRY IS 16, 17, 18 YEARS OLD. THINK ABOUT THE FACT THOSE APPLICATIONS WERE WRITTEN BEFORE THERE WAS ACTUALLY MASSIVE USE OF THE INTERNET, BEFORE THERE WAS A MOBILE DEVICE, BEFORE THERE WAS TWITTER, BEFORE THERE WAS SOCIAL MEDIA. SO MANY OF THOSE THINGS THAT WERE DONE LONG AGO THAT ARE STILL IN PERVASIVE USE TODAY HAVE GOTTEN WAY BEHIND.
Hurd on Europe:
WE'VE HAD GOOD PERFORMANCE IN EUROPE OVER THE COURSE OF THE PAST COUPLE OF YEARS. ONE OF THE REASONS HAS BEEN OUR EXPANSION OF THE SALES FORCE. WE'VE BEEN ABLE TO GET INTO MORE DEALS EVEN THOUGH THE EUROPEAN I.T. MARKET HAS BEEN FLATTISH, PROBABLY AT BEST, WHEN YOU LOOK AT THE NUMBERS. I THINK ONE THING THAT HAS HURT I.T. HAS BEEN THE BRIC COUNTRIES. THE BRIC COUNTRIES WERE ROUGHLY 10%, 12%, 13% OF ALL GLOBAL I.T. WAS EMANATED FROM THE BRIC COUNTRIES. THAT GROWH HAS SLOWED.
Hurd on Gained Share:
IN THE LICENSE SOFTWARE PART OF THE FORECAST WE ACTUALLY BEAT CONSENSUS. NOW, WE GREW IN LOCAL CURRENCY 6%. AND OUR OVERALL SOFTWARE BUSINESS GREW 8%. SO, THAT'S 8% IN LOCAL CURRENCY. SO, WE CLEARLY GAINED SHARE. WE SEE THE SAME THINGS THAT YOU DESCRIBED, THE I.T. MARKET IS TIGHT. WE HAVEN'T SEEN GREAT GROWTH BROADLY ACROSS I.T. BUT WITHIN THE CONTEXT OF THAT, WE GAINED SHARE.
Hurd on Sun:
WELL I THINK THAT WE DONT MEASURE, PER SE, SUN. IT'S NOW A BLENDED PRODUCT LINE. I THINK IF YOU SAW IN THE QUARTER WE ANNOUNCED 60% GROWTH IN WHAT WE CALL OUR ENGINEERED SYSTEMS. THOSE ARE THESE VERTICALLY INTEGRATED SYSTEMS WHERE YOU CAN GET SOFTWARE AND HARDWARE ENGINEERED TOGETHER. WE WOULDN'T HAVE THOSE ENGINEERED SYSTEMS WITHOUT THE SUN MICROSYSTEMS ACQUISITION. THE FACT IT GAVE YOU THE TOOLS AND BUILDING BLOCKS TO BE ABLE TO HAVE THOSE PRODUCTS. AND THE SERVER MARKET OVERALL GREW PROBABLY FLAT IN UNITS. WE GREW 60%. WE GAINED MATERIAL SHARE IN THAT PART OF THE MARKET AS WELL.
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