Of security at facebook, about the next big hurdle that the company is facing. As coronaviruses spike, loews longtime ceo Jonathan Tisch will talk to us about his belief about the governments role too revive the travel industry, but also all business in the United States power lunch is right now its agreed to see ygreat tl the s p 500 is lower by about 2 bob pisani has more on all the market moves. Hello, melissa. Were near the lows for the day. I want to emphasize what melissa was just saying, because the outperformance is truly extraordinary. What you want to focus on is the nasdaq 100 while up 16, the nasdaq 100, which consists of the top five five, up 21 this is an unusual dispersion. Were also seeing the equal weight down, the average stock on the s p is down 12 thats a good way to look at it. Meantime the russell 2000 small cap is down 16 . To show you the outperformance, remember these numbers these are the top five these five stocks are 6 trillion in market capitalization, almost 20 not quite, but almost 20 of the s p 500. Up 65 for amazon, alphabet also up weve kept the markets in a six budget here. The first one, of course, is whether the reopening is going well or not. The stimulus, is there more on the way. Treatments, but a couple others ones weve seen with movement. The trade war with china, and then the valuation issue regardless of all these other things, im going to add a sixth one. Thats the election risk we may be facing here meantime, the ipo etfs, rocket mortgages announced they were filing for an ipo. That owns quicken mortgage a lot of the fin Tech Companies are doing well a basket of about 60 of the most recent ipos, they tech oriented ipos, biotech as well as fin tech have done remarkably well melissa, back to you. Thank you, bob. There are now more than 3 million coronavirus cases in the United States. The White House Task force taking about plans to reopen the school meg tirrell has the details. Hey, melissa, states reported more than 52,000 cases across the United States, or if you go by the june hopkins data, more than 60,000. That is a record in terms of the states adding the most, texas surpassing 10,000 daily new cases yesterday, california adding a lot as well as florida in that Coronavirus Task force briefing that happened just now, dr. Deborah birx highlighted what they saw as signs of potentially hope in these states seeing such surges in terms of what dr. Birx referred to, and also specifically in areas like arizona, a decline when that they are seeing, so they are hopeful this means we might getting close to a turn in the curves in those states Vice President pence striking a pot tone when looking at those metrics specifically heres what he said. We are actually seeing early indications of a percent of positive testing flattening in arizona, florida and texas we believe the takeaway for this is keep doing what youre doing. Of course, now we hear a lot more concern from people like dr. Fauci. Back over to you. Meg, you know, theres been so much debate as to whether or not well see a vaccine sooner rather than later. If everybody could have access to a vaccine, but in the meantime, there is a study that could be under way around convalescent plasma and the ability to protect workers on the front line qaconvalescent plasma could potentially be protective and potentially be treatments. Regen ron is already in latestay trials, so we could see that by the end of summer. Weve all become biology students again, havent we earnings season will be the next big hurtle. Q2 earnings are on track for the biggest decline since 2008 lets bring in a cup the investors, david katz, and dan suzuki, deputy chief Investment Office with Richard Bernstein advisers good to see you both dan who are your expectations . Will we see any positives comes out of this earnings season . It depends on what youre looking at if you look at the numbers, you wont see any positives. We all know, having like tess other data out there that the Second Quarter earnings season was probably miserable, but its a bit backwardlooking to look at that numbers, so companies will tell you miserable, but things are on the upswing now. Whats less important for me is the numbers that they post, but im curious how they balance, you know, the focus on preserves cash and cost cutting and profitability. If youre more focused on the former, i think thats more of a negative as a whole, but if theyre more focused on the long term and growth, preserving their employees and spending on growth, i think thats more bullish of a growth signal. David, what about you from the value standpoint . Whats the theme that youre looking for this earnings season well, we agree with dan were expecting a fairly miserable earnings season, but its crillically important to put it in perspective. We think the market will focus less on this quarters earnings season and more about what companies talk about for the balance of the year, their Balance Sheet, are they good are they seeing demand pick up then the market will start looking toward 2021, looking for a pretty reasonable stock market so were not expecting the Current Quarter to be particularly good or bad in terms of moving the market the actual earnings will be poor, with certain sectors being worse, a few session broadband outliers like Consumer Staples. I they are were all in agreement that its the forward guidance, but dan, how confident are you that they can give guidance, particularly towards the third quarter. Were at a critical juncture, the ends of july, stimulus checks to consumers, unless another stimulus policy round kicks in there are things still unknown about how it will impact consumer behavior, so there demands, we could have seen that pick up, but we dont know what it will be in august or september. Exactly if youre going into this earnings season hoping for a lot of visibility and color from company aguidance, thats a bit hopeful. And to your point, a lot of those uncertainties havent gone away in fact, you know, to what you were saying, theres probably even more uncertainty so i think for that very reason youll see a number of Companies Issuing guidance continue to be low until its very much about what have companies told you about the trends over the last four weeks, and hower they reacting are you going to see wholesale cuts in advertising budgets and more cuts to cap ex . If thats the case, you know, theres a lot of companies that will get impacted by that. Lets bring it down from the high al attitude iscussion you mentioned you feel like Consumer Staples might be attractive at this point anything else . Whats on your list . We looked at it on a more stockbystock basis we like cisco, cvs we have not liked the electrical utilities. Theyve been poor the yields are now pretty attractive, especially relative to zero in a money market and we would be very wary of the meltup in technology now is not the time to jump aboard the fang stocks dan, was about you . I would have a barbell i think owning energy and materials and transports for that matter, theyre very leveraged, but i would balance that with a focus on quality and some of the more defensive sectors like healthcare and staples. I think always have gold in a portfolio is just for protection and diversification. Legitimatgentlemen, good to u both United Airlines warnings as many as 36,000 layoffs could be coming on the 1st. Phil we knew yesterday when they had a town hall meeting saying tens of thousands could likely lose their jobs this was not going to be good news. They outlined the specific jobs that will le cut october 1st, the question is will some take an early buyout or voluntary leave . It breaks do you think like this overall youre talking about 36,000 employees who will have their jobs eliminated come october 1st. That amounts to 45 of the frontline workers, in other words workers who interact with customers, 45 will be eliminated come october 1st. The layoff notices, as you look at shares of united, they will go out in august they still need to see if they can get early buyouts. And then in august theyll send out the layoff notices the problem is demand. Weve talked about this for some time theres not the snap back in recovery that many people were expecting. In fact, if you look at the latest passengers levels e. Theyre down anywhere from 72 to 75 , and airports around the country add in the covid19 quarantines in the tristate area as well as massachusetts and chicago, and youve got more people saying, you know what im going to hold off booking a trip right now if you look at the Airline Stocks today, keep in mind that starting next week well get the q2 Financial Results starting first with delta that will happened on tuesday. Thats when well get a better sense of exactly where the airlines are on the important metric of cash burn and liquidity. Phil, which airlines deserves the most cite any . How concerned are analysts about, lets say united versus american analysts will say american is the one they are most concerned about because of its debt level. The cash burn is higher than southwest, the daily cash burn so thats why it gets more scrutiny perhaps right now phil lebeau, thanks. Coming up, Facebook Says it will not bow to the current pressure to the advertiser well talk to alex stamos, he used to be the chief security officer. Plus the travel industry trying to get back on its family Jonathan Tisch will join uwhs y hes still optimistic about a rebound. More power lunch after this. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Lets get to julia for the latest on the facebook controversy. The civil rights auditors finding that facebook has been too reactive and slow to take action on hate speech, writing that they, quote, watched the company make painful decisions, the decisions that are serious setbacks for civil rights and saying facebook has not devoted enough resourcesto this issues and the algorithms fuel extreme and polarizing content, warning that facebook could be weaponized to suppress voting. Auditors say facebook should bring in civil rights experts to and should be consistenty the policies Sheryl Sandberg responding, quote as hard as its been to have our shortcomings exposed, its undoubtedly been an important process for our company. The auditors echo the criticisms of the nearly 1,000 ties e advertisers, calling their meeting yesterday dis appointing shares of twitter is up based on rumor of of a subscription service. The Ceo Jack Dorsey has said in the past he ade kicked around an idea snap shares are up more than 5 , increase from bank the america getting back to facebook at home, for those at home keeping track of the head winds facing that is separate, those two issues are separate from the issues every section 230 of the Communications Decency act facebook has been engaging civil Rights Groups for years now. They had issues regarding targeting ad on descriptions fo things like real estate advertisements when they made the changes to the targeting criteria, they said le will undergo this twoyearlong audit led by civil rights leaders the fact that those results come out today echo the complaints of the boycotts and the nearly 1,000 advertisers that are participating seems like facebook has certain issues to address. Stick around, julia. Worries are growing on how quick the social media giant handles the election issues. Alex, great to have you with us. What is the greatest challenge facing the company we touched on a few of them just now with julia. Well, i think the biggest challenge is facebook has put itself into the position of being arbiter of was acceptable speech, and they were placed in a situation where powerful sourc sources, people who are currently in government as well are on very different sides and because theres no Legal Framework here, its up to facebook it seems in a bitof a happen hazard manner. Had there been anything done since the past election for allowing election interference to be clear, i dont think theres another company dealing with more. People have been working on a dedicated team the approximate is where you have people at that level building these teams, building these processes, looking for and trying to ferret out groups trying to interfere in the election. Thats overshadowed by the big political decisions being made at the top level of the company. Whatever the team does to try to improve their enforcement, it doesnt really matter if youre in a situation where it looks like the largest impact on votes disinformation might come from the position itself. What has happened is facebook has effectively exempted facebook leaders from some of the rules being applied. Thats the core of a lot of this controversy. So i think its hard for them to get out, just doing better by having a bigger team and better contact, isnt going to do much for them, as long as Mark Zuckerberg is dealing in his hee heels. Speaking of that digging in his heels, as chief security officer, you worked closely with Mark Zuckerberg, you know him. Im curious your thoughts on his motivation right now hes resisting change being discussed by this audit that came out hes resisting change that the advertisers are demanding right now, what is his motivation . What does he care most about the brand or the bottom line its hard to get into marks head on some of these things i think he feels like hes probably taking a principled position here around what kind of control facebook should have over political speech. To be honest, this is actually a hard problem there is a reason why in our country we dont have laws around this, because we have decided that more political speech is generally better, and that its very dangerous to allow centralized powerful organizations to control that speech were not talking about whether people speak or now, but about amplification, thats the mistake that mark keeps making, which is he is considering only whether or not the speech exists or not and whether or not facebook should be seen as censors, in . Cases democratically elected leaders, when it should be about what kind of ability, does facebook have well beyond what would have been possible five, ten years ago before everyone was on social media. If he changed his view on that and applied more of a subtle kind of model to this, i think he would do a lot better the company that mass done well is Twitter Twitter has decided its very difficult for them to deplatform of United States, if they can if theres a situation where an elected politician comes out, they will label it as such, use their First Amendment right to say we and they will limit the spread of that message, so they have found a middle way. Thats the middle way, if market had adopted a couple months ago, facebook would be in way better shape. Its a middle way, but then you fall into the category of being the arbiter of truth, which is exactly what Mark Zuckerberg does not want to be, because then you played a role of publisher but then theres another issue and another thing that just came out today, is that facebook not wanting to be the arbiter of truth itself, has created this council to be sort of like a Supreme Court for content on facebook. That was established about a year ago now were hearing its not going to launch until later in year, until fall this is an organization they need to sort of instantaneously to be making these calls in real time, and if theyre saying that organization is not going to be up and uning until after the election, thats a long time between now and then where theyll be making these calls on their own. I think zuckerberg wants to make sure hes not jensors people, but at the same time you need the organization to make some role in making the decisions. Great conversation, thanks, guys and still ahead, tesla near the report high, as the rally takes a bit of a breather, but a top tesla analyst says bears beware hell explain why he thinking that stock do surge in the next two weeks. Gold has crossed 1800 is. And one trader thinking theres more room to run ow, its made m, ow, its made m, im closer to my retirement days than i am my college days. Hm. Im thinking. Will i have enough . Should i change something . Well, youre asking the right questions. I just want to know, am i gonna be okay . I know people who specialize in am i going to be okay. I like that. You may need glasses though. Yeah. Guidance to help you stay on track, no matter what comes next. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Welcome back to power lunch. Im seema mody gold topping 1800 for the First Time Since september 2011. One of our next guests sees another goalpost our trading team today is here boris, what do you tie golds recent yoism performance two ed fed low inflation . I think its all those things i wrote today that gold is the real bitcoin a little snarkily this morning its making the bet that inflation is starting to pick itself back up of course, is the Balance Sheets have ballooned because of the covid crisis, but whats different now, from the time of 2008, 2012 when we had the qe, all of that Balance Sheet that is gone to surreptitiously gone to finance the fiscal expansion rather than the bank reserves. That means the money will thats likely going to drive Inflation Higher of course, you can have higher inflation. The banking will still have to keep rates very, very low, because their first and foremost priority is to maintain a momentum, maintain expansion as much as possible theyll suppress Interest Rates, a and, of course, gold loves nothing more than Interest Rates going lower and lower. Thats why i think it has a chance to test the 1921, which is the alltime high, as we move along. Lastly the rally for gold hag orderly and steady we havent seen this kind of parabolic rise, robin hood investors going in there, so i think theres a way for it to go craig, youre tracking the stock. What is the next level to watch . How do youing in the stimulus and not expect to get in inflation in the future . As i look at the chart, this has been a tenyear base in the making as were moving above this level, theres zero question in my mind well trade up about 6 . But when you see bases these big, ive always been told the bigger the base, the bigger the move you could have a substantial higher price in gold as you start to break out even above that 1912 level. Thank you both melissa and bill, back to you. Well be joined by Jonathan Tisch to see how his business is handling this pandemic and shutdowns. One analyst is telling his fellow bears to stay in their caves. Stay tuned now the latest from tradingnation. Cnbc. Com and a world from our sponsor stock slices. 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Plus get 200 off a new Samsung Galaxy s20 ultra. Ed associated presses reporting a nationality coalition of labor unions and social justice organizations staging a massive workout from next month organizers are asking workers to walk off the job for about eight minutes on july 20th oprah winfrey, lionsgate and New York Times are teaming up to produce movies and tvmt shows based on the papers 1619 project. In richmond, virginia, the soldiers and sailors statue has been taken down. Its made out of 13 blocks to represent all original 13 states. And at least 58 people have deed and more than 3. 8 Million People have been advised to evaluate thats the news update this hour i will send it back to you, bill clearly the pandemic has hit the travel and Hospitality Industry headon Hotel Occupancy nationwide averaged 44 last month. While thats actually an improvement, it is still way below the 84 occupancy we saw this time last year. That progress is being threatened, of course, by the reopening rollbacks in some states that have become hot spots. Last week Tilman Fertitta called for federal guidelines to give more guidance to industries. Lets not have experts in every city, state and county, lets get the smartest people in the United States into the oval office, and lets come up with a system and a plan and give everybody clarity and do everything by percentages. If youre a small city or big city, small state or big state, we all play by the same rules. Lets find out what our next guest thinking about that. We welcome back Jonathan Tisch, coowner of my beloved new york giants always good to see you thanks for joining us. Thank you so much for having me today you famously were one of the owners to try to revive the Tourism Industry to bring people back to the big apple. This time around, do you use the same strategy . What do you do, and what role do you think the federal government should play . There are some opportunities, there are some similarities to think back to 9 11, where we really put aside our individual concerns and Work Together towards the greater good our industry was once thought of as disparate entities restaurants, broadway as our case in new york, travel companies, the credit card companies, they all did their own thing. Today weve come to understand that by speaking together, speaking with one voice, telling the story about travel and tourism, we can be much more effective. We do it through our industry association, the American Hotel and lodging association, travel association. They are very effective at helping us tell the story. The story as it relates to rebuilding tourism today is a bit more challenged than t9 11, but on september 12th we came together to come up with a simple message new york city at the time was open for business. That message can be used today, as we look at the National Travel and Tourism Industry and the opportunities. Our industry is open for business now, granted its going to take some time. We are facing enormous challenges that none of us have ever seen before, but by working together, in partnerships, and to your second part of the question, there can be a partnership with government. There is a role for government to help us have a consistent message, to help us say that certain marks are open granted, we have to abide by certain regulations, state regulations, and it changes rapidly. I know this past weekend we were looking forward to a pretty robust couple days july 4th weekend in miami, then they closed the beaches, and then the curfews and they closed the restaurants. We can work with government, we can be effective we need to spread the message that our entities are open for business, and please travel, understanding that we take your safety at the most paramount responsibility we have is to ensure the safety of our team members and our guests. You know, those rollbacks must make it virtually impossible to plan ahead whats your vision for the rest of the year if things change to rapidly what are you planning for. I think its looking at this in pretty digestible pieces. Right now we enjoying summer drive usiness. Its transient very beneficial for florida, for texas, for california hopefully after labor day, there will be a bit of a bounce back in corporate that depends on several factors if you work for a large corporation, the ceo has to feel comfortable to let their men and women back on the road, and thats lends itself to hopefully when we might have a vaccine to need to feel comfortable, our ballrooms are so big that if you want a socially distanced meeting, we can do that. We can make sure you are safe and secure interNational Traveler is really important. What is the sale pitch, though, jonathan, to a business to say, you should let your employees travel and stay at our properties when people have so seamlessly adapted to having zoom meetings and zoom conferences, and Microsoft Teams meets, et cetera 42 of your business was group business, so this is a very important component, but if im going to have an event, im going to be six feet apart from other people in a giant ballroom that doesnt sound like much fun. Im old enough to remember this, we had a saying that you cant fax a handshake. We dont use fax machines anymore and not allowed to have handshakes, so we have to come up with a new marketing line we can use. People want to travel, yes, technology is having a huge impact on our industry currently, but there is pentup demand theres nothing that can replace being in person, having a conversation were hearing that also on the other side of, do we still go back to our offices . I want to be near my men and women. I want to hear my a socially distanced meeting might be different, but well get there were having some weddings right now. Were doing okay we know that we will provide enough to socially distance a wedding people want to travel, they want to and Business Travel will return. Before we let you go, jon, im dying to ask an owner of the nfl,ings will there be a football season this year . What are you guys talking about . Bill, certainly everything is working towards have 32 team most train camps start in three weeks, i think in the past few months we were able to keep in touch with our fabs through virtual ways of community indicating we hope to be able to put a product on the field their medical experience, their cdc, but once again the safety of our players, the safety of our fans, that will dictate the answer to your question. As driv. Fauci likes to say, the virus dictates always good to see you, jon. Thank you so much you bet. Coming up, the incredible ride for tesla, the to be up more that 500 well talk to a scared bear, coming up. [narrator] at Southern New Hampshire university, were committed to making college more affordable. Thats why were keeping our tuition the same through the year 2021. [student] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. We have some breaking news julia . Thats right, melissa cnbc announcing that former fox news anchor Shepard Smith will be joining cnbc to host a onehour Evening Program monday through friday the newscast will be called the news with Shepard Smith will launch in the fall he will be cnbcs chief general news anchor and chief breaking news general anchor spent 23 years at fox news channel. Now, smith left fox abruptly in october 2019 after standing out on the network for his criticism of president trump, who had repeatedly criticized smith. Cnbcs chairman saying, quote, were thrilled that shep will continue his pursuit of its truth. Smith saying im honors to continue to pursue the truth for those who have been following my reporting for decades in good times and in bad now, my boss is saying that smiths program will go beyond the Financial Markets to stories across the entire landscape of global news. Shep will join us here on cnbc tomorrow on mosquitosquawk on e street at 10 00 a. M. Speaking personally, we have close mutual friends im thrilled hell be joining us here certainly a wellrespected journalist we welcome him aboard here to cnbc julia, thank you very much coming up, the impact of the coronavirus and the social Justice Movement is having on corporate america. After this United Airlines warning a potential 130,000 layoffs. Job losses taking place across the economy in companies more on ceo turnover. Hi, melissa, yes. Ceo turnover especially in the entertainment and leisure sector is up, up almost 83 this year compared to the same time last year through june 42 departures, compare to 23 during the same time period in 2019 and the finding from Outplacement Firm is really interesting when you consider this the same part of the economy, the bars, the restaurants and hotels that were the most impacted by covid lockdowns. The report suggesting the employees may have worked its way to the c suite top sector for ceos, government, that does tend to top the list thats followed by health care and the Service Industry guys, there were also at least three departures due to race and racism senior Vice President saying in the report black lives Matter Movement may lead to metoo reckoning for executives but executive teams overall as workers begin to demand equity in hiring practices. So sounds like the fallout is to come from the social Justice Movements. It certainly does maybe people arent protesting on the streets as much anymore but there is certainly cause for racial inequality all over america. That may be for quarters to come. Thank you rahel. Thank you, rahel. Take a look at shares of tesla, above 1300. Up next, were talking to an analyst whose price target is 300 minus the one in front there his warning to fellow tesla bears is coming up next. Dont forget, you can always watch or listen to us live, on the go, on the cnbc app. Back after this. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Tesla shares lower after a strong run but playing catchup Goldman Sachs upping price target to 1300 and barclay out with a note telling bears to stay in their caves, nothing to stop the run despite its own overweight rating. Brian, great to have you with us. Good afternoon, melissa. On a fundamental basis, you have been a longtime bear. Yet it sounds like youre sort of acknowledging theres this lift to the company because of the possibility that they could be included in the s p 500 now. Yeah. This is our Second Quarter, we had one First Quarter when we were above on deliveries and following that on earnings this quarter were also looking for positive cap earnings, which would qualify for s p. Despite differences on calculation, especially in a market like we have today with tech stops, thats hard momentum to fight so. Hence, day in your caves. What are the fundamental bear caves you have, brian. Im wondering because so many of the bear points have faded the worry about cash, ability to access capital, that seems to have largely disappeared and that has always been a major tenet of the bear caves. Yeah. Its really what do you value a company thats primarily, despite some of its other business, an automaker what kind of margins can it make four or five years at what kind of volumes and discount that back. Okay. So how do your forecasts in terms of volumes different from what they are forecasting. They have been able to hit most of their targets at least for the past few quarters. We think in our valuation, were using about 700,000 units at a little bit better than industry average margins to get to where the stock is youd have to assume it could be several Million Units at margins two to three times the mass Market Industry and even above what luxury carmakers have gone where we disagree with other we dont think theres a big business for tesla, were skeptical of the Energy Business yet in terms of where the momentum can go, shortterm data points off of what i would say would be lowered expectations are, in fact, beatable. Brian, one wild card you havent brought up is the company founder. There are plenty of investors, im sure, quote, unquote, betting the joke they are investing in tesla because of elon musk, not necessarily the business itself. Thats a pretty powerful motivation for a lot of people, isnt it yeah. Its again why were not fighting it shortterm at all. We think the reckoning, if there is going to be one, could be more when we get to second half and Fourth Quarter if this were a real growth start wed be talking about things like same country, same model sales. If you back out china from this quarter, back it out from a year ago quarter, the rest of the world shrunk 28 of course theres covid, of course theres challenges. That isnt so different from legacy automakers that sum them all together and barely get the market cap for many of them. Why fight this, brian i understand you have a model, youre a fundamental analyst you do acknowledge there are other forces at work here and perhaps even another force could be the scarcity value. There arent too many value propositions for somebody that wants to invest in the ev space. Were seeing value propositions come to market. Youve got some specs out there. Since im a veteran of 99, i dont think scarcity around a hot theme is enough. In the past ive compared this to cisco and qualcomm. Both absolutely great companies. I would argue with less of the key person risk that you have with the tesla founder, both of whom have struggled over the decade to get back to their 99, 2000 levels. Right okay brip, thank you. Interesting note, Brian Johnson with barclays. Its a momentum play once again. It was for years, then it wasnt, now it is again clearly. Its a favorite of traders. Thats for sure, bill. For sure. Thanks for melissa thanks for watching power lunch. Closing bell starts right now. Thank you, bill and melissa welcome, everyone, to closing bell. Im sara eisen with wilfred frost as always. S p 500 drifting along the flat line now but nasdaq is surging again. Its up almost a full percent, back near record highs, 59 of trading. Lets look whats driving the action 3 million cases in the United States with concentrated surges threatening reopening across the country. That has reopening trade weakening. Airline stocks are sinking as United Airlines warns thousands of provide he