Transcripts For CNBC Power Lunch 20240712

Juniors bakery took a ppp loan at the beginning of the pandemic now the company has been laying off its workers. All 650 workers. Some have come back. Well take a look what the they have done with the money the owner will be back with us a little bit later today on power lunch which starts right now. Thank you, bill. Welcome. The s p hitsi inhitting its hig level. Lets get to bob with more on those market moves for us. Bob. Kelly, five straight up days for the s p 500 and Global Markets are rallying as well we had a terrific opening. Once again were falling back on the usual. The big megacap names. You know those names im talking about new highs for amazon, apple, microsoft, netflix as well. Were seeing a notable rally over seas in china and china related stocks in the United States doing well. Were seeing new highs, for example in alibaba, Shanghai Exchange at a twoyear high as officials over there literally trying to jawbone the markets higher they seem to be succeeding in the short term banks were notable out performers early on. They have fallen back a bit. Financials are having a good day. Morgan stanley, having great day and even the card companies, capital one and American Express have not had a good 30day period but they are out performing today why are stocks out performing . We can explain why but a lot of people dont find it is a tis factory. Investors believe the worst is behind us. Hello, robert, how are you . Im great thank you. I know people are disappointed im not in my kitchen doing this thank you, bob as we mentioned the market has been grinding higher despite the Record Number of coronavirus cases and the economic implications that they have. Texas and florida have been hot spots, big time, especially over the weekend. Lets bring in meg with the do we have any new numbers yet we do have a few new numbers. Florida reporting its updated case counts but mondays are difficult after holiday weekends because they are typically lower over the weekend overall, in the United States, the New York Times is pointing out we reported more than 250,000 new cases in the u. S. Just since this month began six days ago in terms of hot spots were seeing they are still in florida and texas for the most part. Jacksonville seeing the fastest case doubling time in the country now of eight days. Charleston, South Carolina is up there at nine days san antonio, orlando and tampa rounding out the top five. This as Miamidade County announcing today they are reclosing gyms and restaurants amid a surge in cases in that area the state has closed beaches some of them reopening although they are watching that closely this as hospitalizations are on the rise across florida, texas and arizona. Texas you can see the spike in hotizations up to more than 8,000. Arizona up to more than 3100 this as the American Hospital association, american medical and American Nurses Association Just publishing an open letter to American Public saying covid19 is not behind us and we must resist confusing reopening with returning to normalcy underlining a message that we hear from dr. Fauci. He has said from day one that the virus will dictate the reopening and it should not be left to local officials to try and make a political decision of some kind. You just wonder how this is going to be treated in those areas that were resistant early on because they werent as hard hit as new york and the northeast was. Now they are being hard hit. They already started this reopening process. Yes they thought they missed it but they had not as stocks continue to shake off virus fears, our next guest raised his target on the s p he still thinks there are gains in for the year. Why the change of heart now . I think this is probably one story more than anything else. If you look at the actions that have been taken by the government, they have really done a great job of addressing the down side risk specifically look at bankruptcies which have not spiked the way that they normally do around a financial crisis the reason is, governments have taken action to make sure the company can borrow money they have these ppp programs and consumers have money in their wallets to continue spending and so that Downside Risk that normally plays out around a v s recession has been taken out of the equation on the other hand and were hearing it about the virus before, its going to be really difficult for us to get back to 100 were having what looks like a v shape bounce in the Economic Data which is great. Jobs being created, great ism report but when will we get back to a fully functioning economy its going to be much tougher than we think which is why the upside is somewhat capped. We had not a stock Market Strategist but more of a macro strategist on a couple of weeks ago and his point is hes looking at the feds money expansion and seeing 4,000 by the s p as feasible in that kind of environment is the Balance Sheet going to overwhelm a lot of the concerns that you and plenty of others have described these arent baseball cards were trading. These are ownership of companies and ultimately we pay a multiple, pe e on an earnings stream the market is trading with a 22 stock market multiple which is about where we were in mid1998. Its elevated but not outrageous there is a limit its not as if the fed can print money and stocks just go to the moon i do think theres the ability for stocks to go higher as the economy recovers this idea that willynilly investors will pay unlimited, i think thats not the right way to look at it. Im hoping for an economy that korn continues to do better we surely could. I think its really much lower than i thought it would have been given the number of people unempl unemployed kudos to the government for stepping in and bridging this situation. However, the additional stimulus they add is not going to put these 20 million or so unemployed americans back to work, at least, not in total the biggest part of the benefit that we have gotten from the stimulus is probably behind us and going forward, its not bad news but its going to be more of a grinds forward than i think its going to be a leap the way its been. Very good always good to see you thank yous for joining us. Airline stocks have been mixed today as virus fears put a halt on Summer Travel season phil has more on that right now. Bill, the mixed market reflects the fact while the airlines, not really sure about what might happen over the next several weeks or months with regard to bookings, they are enjoying the fact the fourth of july was as expected a strong weekend for the airlines relatively speaking compared to last year its still way down. Three of the four days last weekend, the passenger levels were above 700,000 people. When you look at the passenger levels and how much they have come back after falling off dramatically, keep in mind ha the fourth of july weekend still down 72 compared to last year its the really the best weekend that the industry has had since midmarch. Having said that, the week and weekend numbers see how the growth is slowing down it was 23 back june 12th to the 14th a bit of a rebound fourth of july weekend most people are saying dont expect a big bounce here for the remainder of july going into august as you look at the airline stocks, keep in mind that the airlines are noticing bookings slowing down united said last week they are seeing demand flattening out in the last week of june. Ticket cancellations, ive been told by a number of people they are also increasing as people look around and say, wait a second, if this particular destination is shut down or theres a spread of the virus do i really want to make that trip. While the airlines are adding capacity in july and august, they are hoping they can get people to follow through on these trips and to book these trips because this is when they have to make money we know that business will slow down in the fall it always does vacation season is over. They need to do well in july and august maybe this is old news for you but its news for me when i hear from friends who have been traveling on flights and they arent socially distancing in that they are still selling that middle seat. How are they getting away with that or how do they explain that away american and united said we will sell every seat we can on our flights. If youre a flight that will have greater than 80 or 85 , they will send you an email they will say you can rebook to a different flight theyre feeling is, we need to fill as many seats as possible on these planes. Compare that with delta and southwest who said we will keep that middle seat empty we believe its what the passenger wants. We believe theres an advantage in giving our passengers what they want. You really have two different worlds coming e ining up, coronavie are on the rise forcing businesses to pause their reopenings well talk to the dean of the Stanford Medical School about how bad this recent surge could get. With restaurants struggling to stay open, well talk to the owner of juniors restaurant and bakery here in new york who is putting his reopening plans on hold much more power lunch after this i think it will be very hard for states that have epidemics right now to reopen schools in fall those decisions are made local even if the governor sets out the open schools, local boards wont want to open sdochools against the backdrop of an epidemic he was on squawk box this morning weighing in on the challenges facing those schools in hot spots whether they should open this fall states like florida and texas have seen a Record Number of coronavirus cases over the fourth of july weekend california is one of at least 15 states to break a single day virus infection record just last week dr. Lloyd minor is the dean of Stanford University school of medicine he joins us now to talk about the issue at hand. Its good to see you thank you for joining us today, sir. Thank you, bill its good to be with you clearly, its a local issue its going to be different for every school district, every universi university if you were advising as a medical doctor these School Districts and the people who run the universities, what are the conditions under which you feel would be good for them to reopen i think the conditions include looking at the number of cases that are emerging in an area at a given period of time we know this is a very flulds situation. While children and young people are not that will from the Coronavirus Infection or may be asymptommatic carriers werks know they are in conduct with adults many of whom have medical conditions that make a Coronavirus Infection very serious for them Testing Capacity communities is also important and very importantly we have seen during this pandemic and here in the United States, we have really seen the impact of health care disparities. We know, for example, that the hospitalization rate is 4. 5 times higher among blacks and the Latin Community than among whites all those are factors that are going to have to be taken into consideration by local communities as they face this very important decision about whether to reopen schools and when to reopen them. Kelly i guess my question, doctor, is how much confidence do you have about some of the recent treatments that have been described and the progress toward a vaccine will we have to wait on that announcement or can heavy reliance on masks and social distancing continue to reopen the economy . I believe that masks and social distancing are effective at preventing the infection with the virus. We have to use them. Theyre not effective if the mask sits on the shelf theres a will the of progress being made in therapeutics both with antibodies and other therapeutics engaged in Clinical Trials and progress on the vaccine or multiple vaccines is proceeding at a good pace. Its likely well have a vaccine or multiple vaccines through phase three trials by either the end of this calendar year or early part of 2021 are you surprised at this wave that has hit now these hot spot states like texas and florida. Was it inevitable . Are we blaming the people who live in the states for this happening or is this part to have process of a global ban tell pandemic as it sweeps across the globe . I dont think it was in inevitable but it shows the importance of Wearing Masks and opening businesses in a prudent fashion. When those precautions arent taken then we see situations as we are now seeing in florida, in texas, arizona and yes here in california as well one related question to that and to the preventative measures that we can keep taking. What do you think about, were hearing more about air Filtration Systems as it relates to restaurants and movie theaters and heard people traveling say they were told their air is freshly circulated every seven minutes as they are making their trip. Are those factors really going to make a difference are they an important part of keeping us safe . A really important part and if so, should they be more or less required even though its a huge cost for some restaurants, in particular, is it something that should be part of our tool kit here i think they should be a part of our tool kit. Youre right the economic factor is coming to consideration. Even air filtration and the measures you mentioned, those still do not remove the need to wear masks and to observe social distancing in settings like restaurants as well as in confined spaces like a train car or an airplane my daughter went back to grad school last fall now she finds herself living at home now that they have gone to Online Learning again. Ive been having a front seat to the process. For her its okay. Shes fine for the younger students, what impact do you think it will have on them where socialization is all part of that educational process thats so important in Elementary Schools around the country, if they cant go back to school and have to sit in front of a computer screen again . I think it will have a significantly negative impact. Thats why every one is really focused on safely reopen schools recognizing all the caveats and challenges that with discussed earlier. Socialization is an important part extending through junior highway and high school. It becomes more important when we consider demographic differences because not every one has access to wifi service that is reliable and dependable. In those communities the impact will be even greater of not being able to reopen schools dr. Lloyd miner, thank you for joining us appreciate it. Thank you as the nasdaq hit a record high, check out the stocks driving the move its a familiar list tesla crossing 1300 a share uber jumping as it makes a big bet on its food Delivery Business by buying up post mates. The stock is up about 8 this year the traders tell us if theres more room to run with uber right after this quick break businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. 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With this type of plan there are no networks or referrals needed. Also, a Medicare Supplement plan. Goes with you when you travel anywhere in the u. S. Call today for a free guide. Welcome back uber is taking off today after agreeing to buy post mates for 2. 65 billion. Whether this gives an edge to uber over lyft, lets bring in your trading nation team what your thoughts on the stock . Well, we dont have a view on uber per se but we do think it should be provided at tail wind with just strength in ipos in general. Its at 8 waiting that ipo etf rates positively in our momentum work. We think it continues to lead. This begs the question, is the strength in these ipos, is that an indication of froth in the market we do not think so that ipo index up 25 over the last 12 months but for comparison purposes, was up over 300 into the year 2000 peak a real far cry from that strong but not too strong. We think it continues. That chart captures what youre seeing. Let me turn to you and your thoughts on buying uber versus lyft i would have to disagree about uber i think its been a laggard for the majority of the year its incredibly small especially compared to door dash. When youre looking at this and thinking is this going to be the straw that gets uber out of this hole, i dont think so whn y when you compare it to lyft, i think it had a much better idea on creating a Delivery Service for essentials because the margin is much better. For me when im looking at ugbe, i think its a short on this news you can short it around 35 if it trades up to 40, i would short it there as well that looks much better to the down side. Thank you, both for more trading nation head to our website or following along on twitter at trading nation we had the owner of juniors restaurant and bakery with us and he took major heat early on for not using the loan money that he got to pay his employees. Listen no, no. Were not paying them right now. We cant if we were to pay them now and didnt get the green light to open until the end of june, the money would be wasted. Restaurants dont have a ton of working capital sitting around they are month to month businesses this capital is going to carry us through our grand reopening, for lack of a better term. Alan rosen is back with us. Hell join us next to explain why he still hasnt used the money. He doesnt plan to use it any time soon either save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Welcome back u. S. Immigration officials have released some new guidelines for College Students from outside the country. Foreign students will not be allowed to take all of their Classes Online if their school is offering inperson courses. Other restrictions ban students from returning to the u. S. If their school is teaching all of the Classes Online golf fans will have to wait a little bit longer to see a tournament in person pga memorial has cancelled plans to allow fans to attend next week the memorial was set to g the first pga event with fans on the course nascar driver is receiving support from a gop senator after President Trump falsely claimed on twitter the sports recent antiracist stance lored tv ratings. Lindsey graham says he sees no reason he should apologize i will send it back to you bill, its nice to see you nice to be seen the dow is up about 264 points 364 points were about 100 points off the session highs. Had been above 2 earlier. The typical suspects are leading the way. Relatively quiet start to the week for oil part of the reason why is that analysts are pointing to the decline and u. S. Crude as one reason also alongside another month of cuts helping sentiment here. This is even as rising coronavirus cases could threaten demand bill, i will second sue. Good to see you back in the Building Back do you. Thank you good to see you as well. Nice to be back. Nearly 5 million businesses had a piece of the more than 500 billion of government loans. Today the government released more details of the ppp and who got what kate rogers joins us now about 660,000 loan recipients was released this morning for any loans in the program made above 150,000 were continuing to comb through the list a few motable loan recipients. Maritime company thats the Family Business pf changs, china bistro, the archdiocese of new york. 30 billion has been returned so far via the program for cancelled loans. They can be cancelled for any reasons. The names of business who repaid or cancelled large loans will not be on the list 51 million jobs are supported by the program. Remember, that was the number of employees that a business had when it applied for the loan theres no way to say where the businesses stand today or in a few months sbl speak of which, arent they extending the deadline of when this money would have to be paid back or determined whether or not it will be a forgiven loan or a grant of some kind. To all of that. Businesses have more time to spend the loan over the weekend President Trump did sign in a ppp extension. If you did not already access a loan in this program, you have until august 8th to apply for that which is welcome news theres about 130 billion still left if you wanted to go back into fund and apply for a second loan, congress would have to take some separate action to enable that to happen for businesses that wanted to tap this more than once. Thank you reopening plans are being rolled back and the window for sba loan forgive giveness is being extended lets welcome back alan. I want to say juniors cheesec e cheesecake alan, welcome back thank you for having me appreciate the time. Here is the question everybody wants to know. If you dont use the funds for your employees talk us through your opening plans are you going to be on the hook for paying it all back right now, just to be clear our plans are not on hold. We have increased our hiring by 104 people we believe because we waited from way back in april and didnt exhaust the funds, we now have chance to be successful for another 70 years thats what i said then and thats what im going to say today. They need the ability to hand this will as a local business. Thats what we all are we have stores in times square, if you went to times square, its pretty decembsolate and it not as great as it will be not a lot of cheesecake right now. Alan, my question was going to be to understand kind of where you are in this journey. You furloughed 650 workers with the time youve been able to hire back 100 of them. Not all the money had to go to payroll. They loosened up the rule a bit so it could go to rent and other expenses so far we havent made rent payments we only used it for labor and our employees. We still reserve some. Each loan is done to a different restaurant they are all separate entities do you think youre in compliance, that youre not going to have to pay back the money and when will you reopen in. I dont think anyone knows the definitive answers if the government is not allowing us to provide service and be open. It seems were complying because were doing what we have to do we cant break the law to use the ppp funds. Bottom line, how much did you get . We got a range of loans from 600,000 up to 1. 9 million the total was about 5 million if its determined that you werent in compliance, its going to be a loan, youre fully ready to pay that back absolutely. Its only 1 . This is like a cheap line of credit right now its a cheap line of credit but if i told you, bill, today, i would ask you to invest 5 million in the Restaurant Business in new york city, youd probably tell me, youd say goodbye the truth of the matter is its a risky bet right now when people arent buying what were selling. Who knows how long this will go on and with the amount of business youre doing right now, youre still not making any money in. Theres no money to be made you want to be in business for another 70 years, youll have to change the Business Model in how you interface with your customers two answers the first is youre correct. No one is making money in this revitalization or rebirth period we hope to get back to where we were once before im thankful we have a direct to conditi consumer business which is very strong were just going to be really smart. Its fully employed, we want them to be fully employed for the rest of their careers with us you sound very optimistic to me explain to me your confidence and why youre so sure that youve gotten it im the guy in the threefoot snowstorm would open his restaurant in this case, ive decided to be much more methodical and much slower what tilman is referring to is this opening and closing could be the death nail. When people are buying up food and you throw out 100,000 there are of food, its the end. You have to be really slow and really take your time. If used properly, it will save the industry some people say you would have been better taking the loans now. That forgiveness would carry through the holidays did i hear you say youre not paying rent . Will you your own landlord or are they pounding on the door now . In brooklyn im on own landlord in manhattan, i have landlords who im negotiating with they are being understanding the retail landscape which we have seen retail rents go up i think they will come back down to reality were in Good Standing we already paid our rent thank you so much my pleasure to check in with you again. Keep us posted for more on the path forward for roping americas restaurants and businesses, dont forget to join us ftilman tuesday bill the dow has a more than 1 gain right now looking for its fourth up day in the last five sessions a few of those points coming up from disney which announced a deal with Colin Kaepernick and his Production Company which well get to in a moment disney announced weekend down load numbers for the disney plus 500,000 worldwide. More than a half of those in the u. S. A big jump compared to the average weekend we have seen in large part thanks to the debut of hamilton on the disney plus weatform, which we all watched por lunch back after this with the days big movers stay with us when you walk into an amazon fulfillment center, its like walking into the Chocolate Factory and you won a golden ticket. All of these are face masks. This looks like a bottle of vodka. But when we first got these, we were like whoa [laughing] my threeyearold, when we get a box delivered, screams mommys work mommys work. With this pandemic, safety is even more important to make sure we go home safe every single day. Welcome back we were just discussing reopening amid the covid outbreaks and what it means for schools. The president weighed in he tweeted in all capital letters, schools must open in the fall well wait for what that means are most peoples ability to return to work is predicated on their kids going back to school. The plans have been made in a lot of cases its not going back to school every day. Its all local. The university that my daughter goes to will be all online harvard, ive heard of it not to spill the beans but they are not lowering tuition. Nooiim not going to get int that out in california they will do a modified online. Its about hands on, arts and sciences, labs and things like that, those will be in person with socially distanced rules. At least its different depending on where you are. Undergrads might have chance to defer or do Something Different from a year. If youre 11 years old and your parents are trying to figure out their work schedule, this will be such a problem. I dont know what the right answer is. There so no single right answer its like realit estate. Its all local lets get to some of todays power movers we start with dominion energy. Dominion and duke energy are abandoning an Atlantic Coast pipeline project next up, sally beauty. A Beauty Products retailer and wholesaler reporting june sales at most of its stores in u. S. And canada and europe are open and they are seeing Strong Demand right now then theres nio, the chinese electric car maker continuing to soar after reporting record sales in june. The stock is up 60 in just the past week and its nearing an all time high set during its first week of going public that was two years ago, kelly. Thats been a big mover Las Vegas Casinos are open for business but will they stay that way. The governor saying if rules arent followed, another shut down could be in the cards power lunch will be right back dear fellow Business Leaders and technologists, i see all the Amazing Things you have been doing. You are transforming Business Models, and virtualizing workforces overnight. Because so much of that relies on financing, we have committed two billion dollars to relieve the pressure on your business. As you adapt and transform, were here with the people, financing, and technology, ready to help. Welcome back Las Vegas Casinos reopened they may not stay that way Contessa Brewer has more contessa yeah. In nevada, kelly, state and local Enforcement Teams are on the hunt for violators on one day, last wednesday, the governor says the nevada state investigators found only about 50 of the businesses observed were complying with the mask mandate. The overall noncompliance rate, 85 in northern nevada, 65 in southern nevada, certainly not anything to brag about governor warned of swift Decisive Action this week and he is reprimanded the Rule Breakers youre not only jeopardizing peoples health, youre also jeopardizing your fellow businesses, your industry and our overall economy. Rumors are rampant on vegas blogs about casinos voluntarily closing again. Mgm resorts, Las Vegas Sands and caesars among others told me it is absolutely not true still, the casinos are cracking down mgm sent out a memo warning employees of disaplin airy action for not following the health and safety rules. Caesars ceo put it more plainly. Failure to wear your mask at work will be grounds for termination. Both caesars and mgm are reminding workers they must report coworkers or guests who break the rules too. Kelly, bill . Contessa . Thank you nice to see you nice to see you yeah, thats great. I feel the warmth of your sincerity there. Another market rally go away youre done. Another market rally under way as we head into the last hour of trading. The nasdaq once again leading the charge apple, amazon and microsoft hitting new highs. All worth 1 trillion dollars. Dont forget, you can watch or listen to us live on the go, on the cnbc app or anywhere experience the joy of a bigger world in a highlyconnected lexus vehicle at the golden opportunity sales event. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Experience amazing i am totally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Weall around the world. Ally tough time right now, and covid19 is still impacting so many people. If youve survived it, then youre the heroes we need. The plasma thats in your blood can literally save lives. But we have to act fast. So please donate. You fought for your life. Now, lets Work Together to take down covid19 to donate plasma go to thefightisinus. Org the nasdaq on pace for a five day winning streak. And here to talk some key market levels, layout some stock picks of his own, stewart grasso how are you, sir bill . Are you are you on the floor of the New York Stock Exchange . I am on the floor that would explain. Seriously, i was on the scale of 110, how much more handsome do i look with a mask on i have no comment on that, steve. I just dont what levels do you have for us yeah. So the s p 500, bill, so the way i look at this is look at where the support is support has been around the 200 Day Moving Average lets call that 3023 or 3025 in the s p 500 cash so were way above that right now. But for the last handful of days, weve had swing thats are 6 and 7 either way. So if you are the lay person, make sure we stay above. If you want to continue to be bullish in this marketplace, you want to stay above the 200 Day Moving Average if youre bearish, thats a whole other set of skilled work on your own. Youve had your face ripped off. Now youre going into reopenings even if theyre slower than we thought they would be, bill, its very difficult in the face of the fed and all this liquidity to be bearish for any length of time right now so support and then you have the old highs as resistance. And 3233 is your first layer to get up over. You dont have to buy the Market Intelligence you think there is momentum under it. I think will is momentum now go ahead, bill your turn. I think youre going to ask me about my picks now yes, i am, steve. Thanks you have sonos and Virgin Galactic everybody is using the speakers. Virgin galactic, you have an interesting take on as well. Virgin galactic, its a scarcity value if you want to play a direct play for space, you dont have a lot of choices ill give you the short answer you have one choice. Virgin galactic. I has to be covered. Any utf that covers space or there abouts and aerospace, it will contain this. Which means that people will have to buy it funds will have to buy it. Other etfs will youll have to have this the Top Five Holdings so people are going to have a forced sense of buying behind this there is a large interest in this any hint gf news, Virgin Galactic could be straight to the moon well put. And sonos . So when i look at sonos, you said before speakers, right . Think about this facebook, google, amazon, apple, all in a struggle to get the connect at home for your house, my house, and corporations any one of those names could be a possible acquirer of sonos so for me, it doesnt heroining that but its a goose to get the stock back up if you know the Major Players pushing the market higher and have tons of cash, want to buy you eventually please say hi to all my friends on the floor im dying to get back there and see how things are thanks, steve. I will. They all miss you. Thank you, bill. You bet kelly, its been fun it has been a joy lets do this again tomorrow. Yes, please i thought there was going to be a bigger boost to disney subs from the hamilton over the weekend. Watch it again and see what you think. Ill see you tomorrow thanks for watching power lunch, everybody. Closing bell starts right now. Thank you, kelly and bill welcome, everyone, to closing bell, im sara eisen with wilfred frost. Stocks are rallying again. Rare m a news to start the week certainly helping the optimism we continue to see an increase in coronavirus cases in the u. S. And abroad hospitalizations in states like texas are soaring. Nasdaq setting a new intraday