tv Bloomberg Technology Bloomberg March 21, 2017 1:00am-2:01am EDT
>> it is wednesday, i'm here in hong kong. is af you confirmed there link between president trump and russia during the election. there is no evidence to support claims his phone was tapped. comey said president obama did not have the power to order surveillance. another chunk of midtown manhattan could be about to come under chinese ownership. the media deal to acquire 245 park avenue. at $2.2 billion it would be one of the highest prices paid for a new york skyscraper. the tenants include j.p. morgan. softbank has dropped
$100 million investment in smartphone started essential products. the wall street journal says it is because of the close ties between the ceos son and apple. put 300old softbank has million. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. is bloomberg. let's take a look at the markets. afternoon trading getting underway in hong kong and china. .25 of 1%.ng is up the shanghai is up into is -- so is shenzhen. the nikkei bucking the trend data about one third. -- down about one third.
>> this is bloomberg technology. coming up another blow for uber as its president heads to the exit. apple makes a bet on the next big thing. could augmented reality per replace the iphone? note snap's public debut, one analyst had a buy rating on the firm until now. we will ask the analyst why he is bullish on the company. but first, to the lead. uber has confirmed that jeff jones is leaving. thereing reports that were controversies. this follows reports of allegations from sexual harassment to the c.e.o. travis kalanick. the company is embroiled in a lawsuit with waymo.
waymo claiming uber is using stolen secrets attained by one of uber's former executives. joining us to discuss is brad stone and eric newcomer who is all over things uber. it is interesting because on one side of the equation, is it the amount of controversies and scandals? on the other side, is it about that they are about to hire a c.o.o.? >> they brought in jeff. he was a big hire. they were going to make the ridesharing operation more marketing savvy. he was in charge of the global ridesharing operation. now we are talking about hiring a c.o.o. who will be the number two. or travis is calling him appear. pure -- petepeer. it is an effective demotion for jones. his role never measured up to what was advertised as when he was hired.
caroline: we have a statement from jeff jones who is saying uber is at odds with the beliefs and approach to leadership he had before. >> he knows where to kick them on the way out. word came out jeff jones was leaving uber. travis kalanick sent an email to employees that leaked out saying or implying jeff was leaving because he was going to be passed over. jeff released the unkind statement saying the leadership roles were not consistent. this is not how uber wanted to have a list. they do not need another controversy on the back of so many others. one thing jeff jones had to do at uber was really improve relations with drivers. they want higher fares and tipping function on the app. it was not my sense he was empowered to do those things. he did not accomplish much in his months out uber. caroline: do you know what the reticence might be about the tipping function?
will this be another not to the brand? >> i do not think this by itself. i just came back from london. never was it more clear to me that uber has more holds on daily habits. uber has little competition in london. that is true in many parts of the world. they have been through a lot. the brand has taken a beating the last couple of weeks. you can rip the smartphone out of people's cold hands and they will cling to it. i think people love it. caroline: money talks and it saves real money. >> the real risk is the employees, the third wheel on this. these are software engineers who could work at any tech company in silicon valley. they are globally sought after. if they think they are working for a company they do not believe in any more, will not go public soon, they go home for thanksgiving and people think it is evil, why are you working at that company?
i think that is the big brand issue they face now. caroline: interesting to talk about employees. another employee walking out the door is ahead of mapping. >> brian mcclendon is leaving. i think on much nicer terms. i think he is staying on as an advisor. he is going home to kansas. he is among a string of executives who have had to depart in a very short time. caroline: all of this comes at a time when many were hoping the ipo had stalled and we thought we might see giants come through the door. uber has been able to raise money on the private markets. these sorts of things that tarnish the brand and regulatory risks postponed it further. >> in the short term, yes. uber cannot do anything in the near term and needs to solve the reputational issues. i think in a weird way and you might disagree with this it , might hasten an ipo because this is a company that needs to show it is professional and subject to the scrutiny and willing to be responsible and accountable to investors, to the world at large.
i think going through the ipo process sooner might help them put these controversies behind them. >> the leverage relationship between uber and its investors is complicated. most of the power sits with travis and his close friends who are fellow executives and board members. it is hard for investors to get much of what they want. at the end of the day, uber needs investors to have a positive view of the company. i think it is possible the theory holds water. travis needs to retain the relationship in some way. investors have been clamoring for an ipo. they want it to happen at some point. now travis feels more pressure to make them happier. >> what better way to reward employees staying than to take the company public and give them liquidity? caroline: this is what bill gurley has been calling for, the discipline for the company, maybe an ipo would help. thank you, brad stone and eric
newcomer. speaking of uber, the company is facing another newly formed alliance of rivals. this time, it is a dubai-based company partnering with a chinese company. they will use the london-based startup technologies to correlate fleets and payments after they forged a four-we partnership against uber in 2015. coming up, tim cook is betting augmented reality will keep his company on top and may even supplement the iphone. we will bring you the story next. this is bloomberg. ♪
caroline: tim cook has talked about a lot of technology. driverless cars and television streaming to name a few. now he is making a big bet on what he thinks will be the next big thing -- augmented reality. a.r. overlays images and games on the real world. according to reports, apple has embarked on an ambitious to bring it to the masses. joining us is mark gurman who brought us those reports. what sort of products are we talking? >> it will be in a few new products in the 5-10 coming years. that would be a.r. glasses that would beam information to your eyes. also a camera app on your iphone. caroline: something along the lines of google glasses? >> their two ends of the spectrum for digital lasses.
-- glasses. there is something on the side of flimsy, not useful on one side. on the other side, there is the oculus rift. these devices are big, powerful. they work well and do what they say but they require a connection to a desktop computer. at all times. what apple needs and wants to do is strike a balance. they want the small, skinny factor of google glass but they also want the power and connectivity of the more powerful, more expensive items from oculus and microsoft and whatnot. caroline: how crucial will this be in terms of supplementing or surpassing the iphone? >> investors are itching for the next big thing. what apple has been good at is cannibalizing itself before a competitor cannibalize is them. we are at a turning point where the hot item now is the smartphone.
10 years from now, is everybody going to have a smartphone? that is the question that needs to be answer just like the question of transition from laptops to smartphones to smart watches. apple needs to think about the next big thing. a.r. will be key to that. they are assembling a team to build those products. caroline: you're talking about oculus, halo? >> it is possible apple will want to create the experience longer-term. in the short-term, three to five years, tim cook seems that on delivering the a.r. experience. v.r. is medical. there are commercial practices.
there are commercial practices. you can put on a pair in anatomy class, you can walk around and tap different elements of the brain to learn more about it. it is possible apple would want to do that on a smaller scale through a.r. in vr, you get a fully encompassing experience. in a.r. i can be looking at you and it will give me information about you. i also see everything around us. vr, i would not be able to see anything but the app i am in. caroline: what about the competition? i was reading a story about facebook's focus as well. >> everything seems to be dipping their toes but very early. apple is still very early in its ambitious even though they have -- in its ambitions even though they have been working at -- on it for a few years. facebook is still early. oculus is focused on the v.r. microsoft is focused on the headsets for gaming and movies. after speaking to people, it seems apple will be the one to pull it off. it is not only hardware side and miniaturization which apple has shown a good attitude at doing those products in a small frame, but it is also the content and media side. apple better than any other
company has been able to integrate software and services with hardware in one package. we have not seen a delivery in terms of hardware from any other consumer maker. caroline: mark gurman, brilliant reporting. all things apple with mark gurman on "bloomberg technology." satellite-based internet is one of the hottest frontiers in the commercial space race. we will speak to a company that recently got a $1 billion boost. that is next. a feature we would like to bring to your attention. it is our interactive tv function. you can find it at tv . you will not only be able to watch us live but also dive into any of the functions we talk about. you can become part of the conversation by sending us instant messages during the show. this is for bloomberg subscribers only. check it out at tv .
caroline: the software-backed company just broke ground on an $85 million satellite factory near the kennedy space center. the new facility will be capable of making 15 satellites a week bringing it closer to its goal to having a constellation of satellites capable of beaming internet around the world. joining us for an update on the plan is the founder and executive chairman, greg wyler. wonderful to have you in the studio with us. the new facility, when might it be up and running? >> we have a facility in france already we are inaugurating in june. we will be inaugurating two lines at possibly the end of this year. a lot of things have to go smoothly for 2017. caroline: what about the
constellation of satellites with the internet? when will that become a reality? >> we are more than on track to bridge the digital divide by 2027. we made a statement originally to connect every school in the world by 2022. there are 2 million unconnected schools globally. we will move to connect every school to everybody. that means they can have a gdp adjusted internet to high-speed access available. caroline: it sounds incredible and a positive outcome for many of those who are not connected. there will be appetite for the telecom sector. where are you finding the appetite for potential clients? >> the appetite is everywhere. i really enjoy it when people say, is this philanthropy? are you doing it as a donation? the answer is no, it is sustainable. it will be a popular business but it will accomplish good
things for humanity. the most important thing we can do is bring the other half of the world online because without access to the internet, people in those regions have no ability to be economically related to us. caroline: talk to us about how it is profitable. i think of satellite networks built to bring the internet and the amount of money and bankruptcies. how do you not have that problem? >> the history of satellite and broadband satellites is bad. there are a number of bankruptcies. a company i founded was the first one to go through the whole thing without bankruptcy. we were very lucky. a lot of luck and hard work. that was very successful and is successful today. if you look at the other companies, the key thing first of all is spectrum. whenever i talk to an investor, it is spectrum and then we get to the rest of the conversation.
iridium has about 7.5 megahertz of spectrum. we have about 3500 megahertz of spectrum. it is a completely different ballgame for what we are doing. iridium is designed to go to a small handset for emergency situations. we are designed to go broadband to home, to the connected car. i mean hundreds of megabits per second and gigabits per second. and one in an you caroline: the use case is much wider when it comes to something like oneweb. >> 5g, you cannot roll it out everywhere without having proper backup to the sites. caroline: i want to get back to competition. looking at some of the ones wanting in on the game, spacex, what does it mean if elon musk and is casting his eye at it? it looks as if spacex is having discussions with the fcc.
>> there are 10 or 11 that have filed for trying to get some of the u.s. spectrum. the fcc is under the itu under the u.n. every other country except the u.s. follows the u.n. the u.s. is on its own path. we have global rights with the u.n. and have filed with the fcc. they have made positive statements recently, so we are excited about what is coming. caroline: the last time i spoke to you, it was before the announcements you were merging with intel satview with the money coming in from softbank. can you give us an update on how that is going? >> there is so much going on and so many people talking, i could not give you that. there are many emails flying around at activity. but it will be exciting. we are looking forward to the
eventual outcome. caroline: thank you so much, greg wyler. please keep us updated. is the founder and executive chairman of oneweb. fast food giants have placed big bets on technology with the aims of getting a competitive edge. with well-known and upstart restaurants getting in on the action, we have more on this story. >> the automation wave has arrived and has whetted the appetite of your lunchtime favorites. mcdonald's is the latest fast food company to take advantage. the burger chain has begun testing mobile ordering and payment in select cities. it says all of the 14,000 national restaurants will be equipped to handle mobile preorders later this year. the creator of the big mac is a bit late to the party. other chains have already adopted this kind of technology to help with sales. domino's is a leader here.
for the past five years, the company has been emphasizing all the ways you can order pizza with minimal human contact, maximum digital contact. it has engineered more ordering methods through facebook and twitter with emojis and the apple watch. as the company both of its tech cred, it has seen financial results. the share price has increased 60 fold. the company is now worth $9 billion. starbucks also an early adopter with mobile ordering and pay technology, in the u.s. mobile ordering makes up 7% of all store transactions. the company may be a victim of its own success. customers who order on their phones and pick up in-store are in some cases seeing longer lines resulting in lower traffic and sales. one san francisco-based restaurant chain might offer a glimpse of the fast food future. it is a highly automated food
chain where all of the ordering takes place on ipads or mobile. you pick up your order on a wall. there is no need for cashiers or servers. just a few human hands behind the scenes. the premise is maximizing efficiencies. where this may lead is anyone's guess. all of the evidence is showing we are marching toward a fast food world where human intervention is optional. caroline: working up an appetite. a story we are watching. they are considering whether to make a higher offer for moneygram. in january, it announced the plan to acquire moneygram for $13 a share in cash pending regulatory approval. last week, they swooped in with a $15.20 per share offer. it is likely they will counter the bid with a higher offer or wait until due diligence before delivering a rival bid. snap trading got off to a volatile start. analysts could not seem to get behind it.
>> 1:30 p.m. here in hong kong. let's get an update of the top stories. south korea's former leader has began what could be hours of questioning over the undue influence scandal that forced her from office. she's accused of pressuring top business leaders to donate tens of millions of dollars to a confidante in return for government favors. bhp militan bhp billiton accepted an invitation to meet for the first time in a month with union leaders. the chinese communist party will be screening delegates later
this year. committees are using so-called negative lists to ensure only those with impeccable credentials can attend. unacceptable behavior includes foreign passports or doubting official policy. a profit on each car sold last year, by contrast their local rival mercedes made about $5,000 per car. ferrari is number one, it makes fewer cars but pockets $90 million profit -- $90,000 profit apiece. global news, 24 hours a day, powered by over 2600 journalists and analysts in more than 120 countries. this is bloomberg. now for a check on how markets have been trading across the asian pacific. here's juliette saly. >> a little mixed. we had japan come back online after the public holiday and we are seeing downsides to the tune of .3%. we are also seeing the yen,
normally at a divergence, under pressure as well. we have seen the little bit of a comeback in the dollar after the spot index cut four sessions of losses. weakness is coming through from commodity-based currencies, weaker,won also although it has been tracking five-month highs. in terms of equities and south korea, the absolute standout today is up by over 1%. the indexes tracking at levels we haven't seen since may 2011. -- since mid-2011. the new zealand stock market fell quite heavily yesterday and chinese stocks are looking good particularly, those listed in hong kong. that is holding at highs we haven't seen since 2015. weakness in some of the commodities, iron ore coming off its recent run. is having a second
consecutive session of losses, but overall we are seeing mixed movement. some of those material players are fairly flat. we're going to be live from london at the top of the hour for "bloomberg daybreak: eu rope." this is bloomberg. ♪ caroline: welcome back to "bloomberg technology." i am caroline hyde. the snap ipo came with a lot of fanfare. it also brought a lot of scrutiny for snap which has been slowing user growth of late. since snap went public, not one analyst gave the company a buy rating until now. james cakmak just initiated coverage on snap with a buy rating and a $25 price target. he joins us now from new york. with me in san francisco, cory johnson. we are going to battle it out and see what the views are from james. $25 price tag. you say there is substantial execution risk but are prepared
to give the benefit of the doubt at this stage. what are you giving the benefit of the doubt? what numbers do you need to see to substantiate this valuation? >> you need to see a steep trajectory in the revenue curve. what it boils down to is three things. one is innovation on the camera. we have not seen that much innovation since the invention of the digital camera in 1975 aside from pixel quality. as they push on the hardware side and software side, i think they will be in a position where they can take over the camera app on your phone. the money, the holy grail, will come from premium content deals where they curate that an offer a differentiated mobile, optimized experience. with all the competing platforms, it is plug and play. i think if you have a mobile optimized and differentiated one, you can separate yourself
from the pack. lastly, it boils down to incentives. if they move more to an affiliate model, the financial incentives of the content producers is going to jive better with the experience and interests the end users are looking for. when you have that balance, i think the trajectory for revenue per user will grow at a 60% clip over the next couple of years. caroline: cory, there are a lot of needs to achieve. there are also a lot of concerns. there is a slowdown in daily active user growth. cory: i think what is going on with this company is the question is, how much revenue can the user support? it is interesting.
how many ads can they support? how many ads have they not put on? where are the possibilities for more inventory? can they sell the kind of inventory or our facebook and google sucking up so much of the ad dollars are online advertising that there is not room for other outlets? i think that is an unknown question. the other big issue with this company is the head-to-head competition with instagram. when instagram launched instagram stories, the dramatic growth snapchat had seen fell off. cameras will not make up for that. they will have to sell ads for the platform to grow. it looks like instagram is preventing that from happening. we will know in the next couple of quarters whether they can grow the business or not. right now, it looks like they are in trouble. caroline: james, respond in terms of the competition. can snap create a new model and get content not designed for
users before the way they do for the mobile phone and create something different and make money at the same time as facebook and the like? >> i'm going to have to fundamentally disagree. cory: what? how dare you. >> what facebook is trying to do and are doing well at is direct response, trying to get the immediate conversion right then and there. it is based on hyperbolic content and click bait. cory: fake news. >> it is a revenue sharing model. the more clicks, the more revenue the publisher and facebook generate. snapchat is trying to replicate television where you have brand dollars and affinity. you compare facebook and snapchat dollars.
the television dollars is 40% of the $600 billion ad market. they have not moved over to digital at all. why haven't they moved? because the products and expenses on mobile do not jive with the marketing goals these companies have, because they are not building affinity for coca-cola through click. i think if you can create tv-like experiences with premium content which facebook is not willing to pay for, snapchat is in a curated way, i think you are in a position where those dollars start to come in a more meaningful way. it is winning new dollars stuck in television. cory: what we have seen in technology is the big companies are much bigger than the number two players. intel is so much bigger. google is so much better than any other search engine to dream to be. facebook is so much bigger than twitter or any other social media. they are fighting over peanuts
now because they do not get the network effect. you can see them slowing user growth they cannot get around. the ads might help revenues in a small way. but fundamentally, they have to change the user growth number and that has not happened. >> in fairness, user growth has only moderated in the second half of the year. instagram did slow down. at the same time, android pitfalls were a slight hiccup. where are the users growing? from the most affluent, dominant tier one markets in the world. facebook is growing from around the world. we can argue lower value users are coming to the platform. if that is the case where you only most affluent users in the world in the top 10 markets, 70% of the ad dollars attributed, and you can start to shift those over, you can move it in a
meaningful way. here is the call. you have $400 million in revenue in 2016. if you can grow or double your users in the next three years, which is not inconceivable, and continue on a path with growth where you get to one third of our facebook is, snapchat is only 20% of twitter, you can be in a position where revenue is up 10x in 10 years. caroline: that is the call. i want to show you the call on a chart we have. you can login on the bloomberg. you will see how high the call price target is from james cakmak. you will see what the average consistence is on the white line. the lowest being the $10 price target on one of the 12 analyst recommendations. what if we do see a fight back against the no voting rights?
we are seeing that being called for in the u.k. and the u.s. >> that is a concern. it is one i cannot dismiss. that is something in the back of my mind. i think the bigger risk is on the modeling side. it is funny. i put in the report that this is not as much investing in a post-ipo stage company. we are delving into the unknown because we do not know how the media world is going to evolve. multiple assumptions being made here, but knowing what we know about snap and their mission and the vision they outline, knowing what we know about the propensity and viruses of competing platforms, i think he's make the case -- you can make the case snap has the edge. on the price target, if we are right, the target is not meaningful at this point.
it can bend beyond that. cory: he is right. i'm totally wrong. just buy the stock. caroline: all is fair in love and war. great to get your analysis. james cakmak and cory johnson, great to have you fighting it out. speaking of newly public companies, they are planning an ipo. the company will sell shares at about $140 per share which means the company could raise more than $2 billion in the offering. tencent owns about 25% of netmarble which makes games. ibm is bringing services to china. it signed a deal to form a new joint venture called the wonder cloud company. the deal is meant to help me the demand for cloud computing in the market.
it introduced blockchain services at a conference in las vegas. we will be on the ground at that conference tuesday for a sitdown with the ibm c.e.o. do not miss that conversation at 2:30 new york time, 11:30 on the west coast. it was a quiet day for u.s. trading. there were some standouts in tech. we will break it down for you. this is bloomberg. ♪
he joined " daybreak" earlier. >> they need to address a zero tolerance policy for jihadist and nazi videos. this has not hit the u.s. yet. but in the u.k., it is a very big deal now. he does have global ramifications. caroline: it was a quiet day for equities. there were a few standouts in the tech sector. let's bring in abigail doolittle with more. talk to us about how tech performed. there were a few standouts despite the flat day for u.s. stocks overall. >> there certainly were. it was the most quiet day of 2017. the tech-heavy nasdaq had another record high, bullish activity even in the context of quiet trading activity.
behind the record, apple, amazon, and nvidia. apple being given a boost by bullish comments on the iphone 8. they also took up the price target to $155 per share. nvidia also positive comments from bank of america and merrill lynch and goldman sachs. that seems to be giving intel a boost. you and i have been talking about apple and how it appears to be overextended. let's take a look at another chart that suggests we could see apple back. it is a five-year chart of apple. we see a nice uptrend in relation to its 200-day moving average. right now, apple is about 25% above the moving average. in 2012, apple was 27% above. it dipped sharply quickly. in 2015, it was 29% above the moving average, sideways and a dip.
this might suggest apple is overextended in the near-term so there could be a pullback for apple. caroline: nice technical indicator. talk about some of the sectors within tech that did well. some chipmakers are hot. >> you are right. we saw lots of chip stocks trading higher. the chip index outperformed the broader markets quite nicely. at one point, up more than 1%. in addition to nvidia and intel, we also saw strength out of micron i had the report on thursday. there's lots of bullish call activity. we also saw a.m.c. rise up more than 6% on bullish comments. the analysts thinking there is more upside available relative to revenue. look at the one-year chart. the stock is on fire up more than 400% over the last year. a big turnaround. one point to be made.
is this sector overextended? the bloomberg analyst told me recently he has a big concern about valuation. take a look at 3925. this is a long-term chart of the stock. the semiconductor index is approaching its 2000 highs on the extended valuation. there may be reason to think we could see a turnaround. the question everybody is asking, what is going to be the trigger for the potential pullback so many are looking for? caroline: amazing topping the leaderboard today. we will see how long that lasts. you know the u.s. inside out. you keep a keen eye on europe and asia. any records for the tech area there? >> there are. there were a number of records today. sat hitting a record high. checkpoint security hitting a record high. both stocks are being helped by the cloud.
checkpoint being helped by new demand. alibaba not hitting a new record high but up nicely on the day, close to a record high. another side of the story, and i.t. consulting firm based out of india. the bloomberg intelligence analyst told me the shares are being hit by immigration concerns. two sides to the coin on global technology. but overall, stocks are high despite the relatively flat day in the u.s. caroline: a great roundup. thank you so much, abigail doolittle, all over everything today. a programming note. this tuesday on bloomberg television, the marriott c.e.o. will join "daybreak america." you can catch that conversation at 7:45 a.m. in new york. tech giants around the globe are doing just about everything to avoid being hacked. that includes baidu.
caroline: a story we are watching. vodafone is merging units in india with a local company called idea cellular. the move is meant to help the carrier confront a price war in the world's second largest market. it has had a $5 billion write-down and a $2 billion tax dispute. it also postponed plans for an indian ipo. with companies facing increased scrutiny, most tech giants are taking extra measures to avoid any kind of breach. baidu has revealed the mounting pressure interfaces from hackers and the steps taken to combat them. tom mackenzie has the story from beijing.
>> baidu's head of cybersecurity knows he has a fight on his hand. he says hackers test their differences every minute of every day. in the serious case, a gang was put together to try to steal the prized automated driving technology. >> we definitely know someone tried to hire someone in the underground market to steal those things from us. >> cyberattacks can come from automated hacking bots or sophisticated international gangs. baidu responded by boosting the cybersecurity team. it is also backing what might be called ethical hackers like the blue lotus team. >> now you have taken control of my phone. they showed me how they can open up my phone. test out the website.
now we see hacked i blue lotus. supporting these guys is one of the way to keep china's best i.t. mines on side. professors say there is a growing demand for ethical hackers. >> they probed for weaknesses that can be dangerous and report them to companies including apple and google. >> baidu has teamed up with competitors including tencent and alibaba to go on the offensive. >> the underground industry is getting bigger and stronger. we must help each other against the underworld industry. we are not the enemy. they are the enemy. >> the threats are expected to increase. china's tech giants are gearing up for the long haul. tom mackenzie, bloomberg, beijing. caroline: samsung is seeking to challenge apple in mobile artificial intelligence.
it will feature a digital assistant that studies user activity to offer helpful information. it will be unveiled later this month and can activate a digital assistant. samsung is counting on its marquee product to reclaim its global leader in smartphones. that is it for this edition of "bloomberg technology." on tuesday, we will be at the ibm conference in las vegas. we have a great lineup of guests including the ibm c.e.o. our producer has been busy and i have got to get on a plane. all episodes of "bloomberg technology" are now live streaming on twitter. check us out weekdays at 5:00 in new york and 2:00 in san francisco. that is all for now. this is bloomberg. ♪
anna: french face-off. macron and le pen in the first tv debate of the french presidential election. guymatt: brace for brexit. the eu takes control by leaving the u.k. prime minister waiting. we follow the european finance ministers to brussels. anna: a long shadow over a big week for trump. fbi director comey confirms he is investigating russia's interference in the election and establishes that trump's wiretapping charges false.