Its up 9 you think about the Digital Infrastructure for fitness, a time when its kind of hit or miss whether people can gather inn provides some of that not just in the bikes but in the apps spotify up almost 7 twilio, which provides payment and tracking services, data services, those apps up 7. Service now, amazon up considerably most of those stocks also up quite a bit over the past few day days youre right on peloton, wedbush puts them at 66 saying a blowout quarter is possible. Mark may joins us this morning to talk more about this. Mark, good to see you. Welcome. Thanks for having me back after a week when people wondered if this trade was still fresh, is today another reminder that its hard to keep this narrative down sentiment in the tech sector among investors varies depending on the time horizon especially now with earnings. Investors in general in tech are bullish. I know that for the most part Stifel Research analysts are bullish over the medium to longterm. There are differi ining views a relates to shortterm earnings the netflix earnings, i would use that as a barometer for things to come over the next week or two. Strong q2 results but a bit conservative in the outlook. You know, you might see more pull backs like we saw with netflix in the shortterm. What you will generally be seeing is investors buying on those dips and the analysts Community Supporting these stocks in general. Of the names that will report this week, which ones would you suspect get that kind of reception post earnings well, Stifel ResearchSoftware Team this morning came out with a preview of microsoft earnings again, i think thats what is coloring my commentary of netflix is probably, you know, an indicator of more to come where strong q2 results may be tempered a bit with a little bit more conservatism around the guidance with a reversal here, and going back to work in some states, its creating uncertainty as management teams look to set guidance i think youll see tech investors buying on weakness still bullish on microsoft but maybe a shortterm pause mark, if you are an investor, not a trader, and youre looking at tech, i suppose youre probably wondering how much great news is priced in. Just not news on this quarter but the overall trajectory what do you think is left in the tank not just for the big mega cap stocks but for this Digital Infrastructure trade in general . Is there still a positive story to be told where investors can get in now and expect growth absolutely. What the pandemic has done has pulled forward not so much demand, but its pulled forward, you know, cloud projects as an example, where Large Multinational Companies may have had a five to sevenyear transitional period in mind, and they moved those projects up cloud migration projects can take several years i think that this is durable demand thats picked up. Yes its true that amazon prime has deep penetration in the u. S. , but this is a Global Pandemic its likely to drive subscription and ecommerce usage for a number of companies not just in the u. S. For late adopters but in other markets that represent equal to if not greater opportunities for u. S. Based Tech Companies to drive market adoption sooner than they and investors forecasted so i think thats very bullish for the medium to longterm. How do you separate the sheep from the goats here . Not every Technology Company has a great platform from which to grow ebay and shopify are not the same, for example. What things do you look for to determine who is better positioned coming into this pandemic with a strong Balance Sheet is certainly important. And so i think part of it is looking at how financially stable these businesses are. Its not easy to raise capital now. There are a number of small and Mediumsized Companies doing okay prior to the pandemic their business exploded but their challenged to raise can tall in this environmecapital in because of the uncertainty is this a onetime benefit or not part of it is looking at the Balance Sheets and looking at the management teams ability and history of executing prepandemic will certainly tell you a lot of their ability to continue to perform going forwar forward. Mark, we always talk about china risk its always the third or fourth question, what about china after attorney general barrs speech last week at the Gerald Ford Museum where he actively named names, referencing apple, google and disney. To what extent are these companies expose the not just to the decoupling of the economies but to active scrutiny by Law Enforcement in this country . The fortunate thing for many Tech Companies is theres not a tremendous amount of exposure to china. They dont source their product or own technology out. There are exceptions but in general, theyre not overly dependent on the Chinese Market either as a source of supply or for demand its not an issue that frankly we hear a lot of companies that we hear at stifel on the Investment Banking side, we have a lot of issues with the bigger issue is on our own home turf where large cap stek tech is under scrutiny and the opportunity that might present small and mediumsized Tech Companies many of which are clients of ours, but benefit as theres more scrutiny on large cap tech here in our own homeland, frankly. You could always broaden it to say if china is not a concern maybe its digital taxes in france the lost promise of international growth, that narrative remains. Yeah. The International Market is important for most large cap companies. I think youre calling out a good risk factor here for the large cap names. It might be one of the reasons why you want to focus if thats a concern, you knfocus on the mid cap tech space which is not as reliant on growth from outside the u. S. And have plenty of runway to grow here domestically yeah. Thats good stuff, mark. We love chatting with you. Always appreciate the insight. We have a big week ahead thanks for helping to set us up. Have a nice week. Coming up, the executive producer of the office is on the other side of this break as Nbc Universal gets peacock off the ground in a crowded streaming space. Were back in a moment 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. Save without even weleaving your house. G a way to keep on pushing. 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 the dow, s p and nasdaq trading pretty much in a range this morning. The dow near the breakeven point. The s p also nasdaq has been doing better than the rest, carl. We started off this morning talking about tech stocks. You mentioned that peloton sort of got a little bit of a boost from the Analyst Community its not just that this idea of Digital Infrastructure, think i, thats where i see a lot of the trading going. Dropbox for example, up 8 this morning. Twilio up close to 8 . Certainly a lot of investor attention going towards some of those stocks that are fueling continued Economic Activity despite the fact that inperson gatherings and inperson business is not anywhere close to coming back to normal yeah. Its true. Dropbox got an upgrade from jeffries, they go to buy zoom, amazon and citrix are the top names on the nasdaq 100. It points to an interesting thought process that the market is in. We get, for example, good vaccine data today if we went back a month, you might see some of these digital names suffer as a result but not today. It makes some wonder whether or not we priced in some element of Good Health Care news because we have been unable to surge on that front given the data we got. Yeah. There is that. As weve been talking about all morning well get earnings information, Earnings Data this week normally guidance factors into how stocks trade in the situation were in now, a lot of Companies Wont give the same kind of guidance they normally do. Theres a backdrop of a different type of uncertainty, companies having to open up and roll i peexpect to hear that on the apple storefront how they have to open and close stores we dont expect them to tip their hand about the iphone launch and how that will go. Certainly investors will be looking for signals from that company about whether they have been able to build up and continue to manufacture the same amount of product supply that they normally do during these periods. We are keeping our eye on the major indices. The dow down 66, s p up about 8 points well be right back. mom come on, hurry up all systems go . Mission Control 5 4 3 2. And liftoff. vo audi etron. The next frontier of electric. Get audi at your door Remote Services through participating dealers. 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. Stocks by the slice from fidelity. 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. Media companies are attempting to capitalize on the streaming demand peacock entered the fray last week here to break down the content is Ben Silverman you have content that you made for netflix, hulu, apple tv plus, you have a podcast on spotify. Handicap for us, give us a sense, given where we are now, which structures look especially smart now, which structures dont . Im thinking peacock coming out with a model that it has, and maybe some others that havent done so well quibi for example. I love the way peacock and Nbc Universal did their upfront i watched liz lemon and the 30 rock special on cnbc. I thought that was a brilliant take appealing to a group sitting on the sidelines, the advertisers who have been left out of the streaming wars and thought it was brilliant to launch a free tier well see how it manifests i think an advantage to Companies Like nbcu and comcast and hbo Warner Brothers and disney is the fact they have this Library Content in a moment when we cant be in production were literally not in physical production yet so theres going to be a lag for originals. Netflix was ahead with that, but when you looked at the Library Content for peacock, including the office it made me think theres an advantage due to what coronavirus is doing to physical production and i think theres so much choice, free is an easy option yeah. Library is a gift that keeps on giving because there are these ancillary possibilities for content like this podcast you are doing on spotify thats a behind the scenes about the office how did that come together and why is that worth money . We were doing it to celebrate our show its the first take on the show by us, the producers and creators and talent in the show. So we wanted to tell our story and comment on what happened and hopefully, you know, drive conversation and communication about the show culturally towards when we launch on peacock and keeping it, you know, unbelievably relevant for the audience i am concerned about theyre waiting into ecosystems that are not great for the consumer i dont like that amazon is not carrying peacock or hbo, and i then worry will comcast throw amazon off their platform in retaliation . And then how will the consumer find the content as as a person that cares about their shows and how it reaches the audience, that annoys me you used to have ala cart, on demand when you want it, now theres a system where you nehae all these walls. Do i need ten devices to watch ten Different Services the consumer wont do it i think that will be a big frustration for the big players. We were in a moment where we were thinking about, okay, we have ten subscriptions, i dont want to manage ten subscriptions. I thought we might be in a chapter where there was a reaggregation of content, but youre saying the silos are getting deeper and more narrow looking at this spat with roku and Amazon Service platform replicating the mso model, were in a situation where youre seeing people potentially not access their content through the platform they choose to aggregate it part of the battle with hbo and peacock relates to the fact that they are part of conglomerates a it it and comcast that deliver wifi and broadband so theres so many levels to the fight. Is it about the pipe entering the home the content being produced through that pipe . Is it about the system and service aggregating that content that then puts it through the pipe and what is really a disservice to the consumer is if those battlegrounds lay bear and if everyone is asking for the piece of the pie, is the pricing going up and will the access be more difficult . I want a Remote Control that i can talk to that allows me to search from every service i sub skr subscribe to all the shows that i want to see when i want to see them this recent battleground could end up frustrating consumers thats interesting. I have to ask you, im fascinated by all oral histories about any movie, broadway show, album, you name it i think were in a period where Consumers Want to see how this whole thing got made and how the players were thinking when they were making it i read correll didnt think this would be the cult classic it became none of us did, including the chairman of nbc at the time. To be clear on the Office Everyone passed. We had one buyer for the show if you want an indication of how many people thought it would work at the time we struggled to get a rating and an audience i think over time the quality of the content found an audience and a new generation i cant tell you whow many of my friends kids want to know who the scranton strangler is. I look at somebodys son or daughter and i see the adoration in their eyes towards me because of my relationship with the office. I did a lot of shows, had a lot of jobs, but now when im on a plane meeting someone or am introduced, all i answer when someone asks me what i do, i say i produced the office. I dont need do anything else. Its a drop the mic moment steve is one of the many people who contributed brilliant work to it, we were kind of in a little bubble on our own, trying to make the best show we could that also made us laugh. We enjoyed the show. I think that comes through 15 years later. Ben, you propagate, develop, produce, distribute content for a living, but developing it and producing that is a big part of that given all thats shut down what are you doing right up no . Is that where the podcast comes in absolutely. The timing of that is good were finally starting some production we produced the bear gryles show we were able to shoot in iceland, which is a place we wanted to go any way because its so beautiful and also safe. We were able to shoot some episodes of our cooking show chopped which we make for the food network outside, which also, you know, opened up the possibility for safety and protection and were just trying to be as smart as we can, as creative as we can about creating the content and producing it we have been developing and inspired right now this is a moment to come up with content thats informed by what happened with covid butgives the audience a place to retreat to and enjoy and learn and grow. I think theres also a lot of us who really want to use content more and more to unify our world. Were as anxious and concerned as everyone about where the world is going and as somebody who created and pushed jane the virgingly betty and the biggest loser to help people lose weight, i really care about the world. So do many of us i think were looking to tell stories that inspire that makes sense now may be a good time for a series remake of castaway. Thats what she said. Thats what she said i had to put that in ben, thank you. European markets set to close in just a moment seema mody has that breakdown. Seema . Jon, stocks are mostly higher across europe, but perhaps getting more attention is the eurozone currency. Trading at a fourmonth high versus the dollar. As leaders in europe locked in talks since friday appear to be getting closer to agreeing on a stimulus plan that will include a combination of grants and lowinterest loans the size of the fund is being determined talks continue tonight in brussels analysts say this plan is critical to keeping borrowing costs low in nations like spain and italy. Its also a test of integration between the 27 eu member states. Speaking of italy a merger may be in the cards between two banks. Intesa san paolo in talks. And beijing could impose export controls on nokia and ericsson if the eu bans to move huawei 5g technology to networks and dominic raab announcing in the last hour that the uk will suspend its extradition treaty with hong kong and extend its arms embargo on china to include the territory. This, of course, in response to chinas controversial new security law on hong kong. The latest rise in tensions between beijing and london thank you. For us. Ne starting phase four of its reopening today. Governor andrew cuomo says large groups not following social distancing rules could force rollbacks. Hes calling on local government is, and Police Departments to crack down on big parties at bars and restaurants the bad restaurant and bar owners are going to make it worse for the good ones. Were going to have to roll back the opening maplan were going to have to close bars and restaurants the fda has given Quest Diagnostics emergency approval to begin pool testing for covid19 this move will speed up testing by allowing samples for up to four people to be analyzed at once if there is a positive result, all four people will need to be retested sports news, a rare lebron james rookie card has seat bet record it sold for 1 1. 8 million at auction. This autographed card includes a piece of a jersey that lebron wore in a game thats our cnbc update for this hour carl incredible price. Thanks, frank. When we come back, well talk about this move out of jeffries, raising its price target on amazon to 3,800. Stock is up more than 60 this year is 4,0 aunthcoer00rod e rn well talk to the analyst in a moment for smarter trading decisions. Fidelity. We mentioned amazon before the break. Swifter, snap and others are moving higher. Julia boorstin has information on why twitter up 3 , snap up 2 , and pinterest up 3. 3 . Twitter earnings come out thursday morning luke capital says advertisers survey suggests internet advertising is recovering ahead of expectations. They prefer stocks and valuations less stretched and saying they believe snap has the best overall fundamentals. Goldman sachs out with a note saying snap has seen out performance on data and improvements in underlying usage while the gap between growth and digital Stock Performance leaves them bullish with snap and twitter along with amazon. Twitter, despite that hack last week, is on pace for its best month since june of 2018 carl julia, well watch those names along with mega cap tech as microsoft up almost 2. 5 leads the dow. Interesting morning taking place. Thanks take a break here as we the mesome of esnas. Well be back in a minute. Jeffries is taking its price target on amazon up to a street high of 3800 this morning. The analyst behind that call joins us now good morning good morning. Okay. So amazons up 30 since reporting earnings last quarter. You put a price target on it thats 20 higher than where it is right now why is that necessary . I think if you made the opposite call at any point on amazon youve been wrong we just continue to see a fundamentally great story and it has multiple levers. The aws business and cloud computing, were working from home were ordering everything online the advertising business is flourishing now. We continue to have great checks on the ad side so we think the inventory has been restocked they have gone from essentials to nonessential. And ecommerce as a category does fantastic so we recognize the 60 run year to date. We dont wantto run investors over a cliff on this again, we continue to look at the sum of the parts so we take six parts of their business, we apply different multiples to the business. No one thought software would have a 25 multiple increase going in to covid. The aws business continues to thrive and is generating not a higher multiple relative to the rest of the software industry. Its multiple factors that play into where we get to our price target are you doing a similar look at some other stocks that youre taking up price targets significantly either in the ecommerce space specifically or internet generally we brought our price target up on microsoft as well. The challenge with tech is tech had a huge run we think the fundamentals are behind the sector. So each one of these names were looking at differently microsoft is trading at a high in terms of earnings multiples thats the case for us in tech tech continues to work despite the multiples weve seen we think, again, whats really happening is just the other sectors, whether its energy, banking, other retailers that are physically shutting their storefronts is receiving this new capital and inflow this is a Portfolio Manager reallocation and were continuing to see, again, fundamental shine in tech. Multiples are there as well. Were cognizant of that. Thats a big risk factor going into this earnings season. An important read on some stocks, one in particular, amazon, that investors have been paying a lot of attention to brent thill, thank you. Thank you. Getting some reporting on this meeting at the white house between the president and leader mcconnell. Lets get to Kayla Tausche good morning good morning. We are just watching that video come in of the oval office the Top Republican leaders from capitol hill are talking about their priorities for the next stimulus package the treasury secretary said they will focus on jobs, kids and vaccines that there will be tax incentives and credits for schools that are able to open safely and other businesses. They kept the conversation high level, but there were a couple points of interest that we should highlight the first is that the president doubled down on that payroll tax cut. When he asked the room about support for that, he did get a nod from kevin mccarthy, the Top Republican in the house of representatives. He just got a smile from mitch mcconnell, the Top Republican in the senate, where support for that payroll tax cut has been hard to come by. The president said he will be resuming the Coronavirus Task force briefings, that they will likely happen at 5 00 p. M. Beginning today or tomorrow to continue to update the nation on the efforts to get a vaccine and to develop a more therapeutic. Mcconnell said he will be socializing this set of ideas with republican members in the coming days to wretch a c s ts s on what republicans want to put forth to their counter to what the democrats passed back in may. Back to you. All right kayla well be tuned in tomorrow for the first of those briefings to return. Kayla tausche with an update on what were getting out of the white house today. Tiktok facing potential bans in multiple countries as the company tries to distance itself from its parent, developer bite dance. Our next guest calls the platform the best social media platform at the moment, but admits she uses a burner phone to access the app due to its privacy concerns recodes cofounder kara swisher joins us this morning. Hi, care ra good morning. So what do you think about this app i like how its delivered i think its good. So its a great service, its a great tech product the issues are the nervousness around china and security and things like that so, you know, even though i feel stupid using a burner phone, i feel better using a burner phone. There has been no proof that they are stealing data any more than the facebooks of the world or the googles, but its still a concern. Thats what i wrote about. What a lot of people feel about tiktok, teens are fine and dandy using it completely. Yeah. Can we detect any a footprint or a fingerprint from kevin maher on the platform so far i dont think so. The reason i wanted to write about it is i think this is a company that will go public in the United States and be a separate company they had talks in london to set up a separate London Office to separate it from china even though its founded in china it has a beijing headquarters, to assuage worries around it especially with huawei and other chinese companies. The reason i wanted to write about it, i wanted to write about an ipo of a company that could be a real competitor to facebook we always talk about no competitors to facebook, i think tiktok is. Its like a turbocharged snapchat you just talked about snapchat doing great. I always thought snapchat was innovative and interesting but its small you could see this becoming a global phenomenon in an interesting way. If they were a u. S. Company they could buy snapchat so i wanted to start the discussion about that topic and talk about the worries of chinese ownership. My feeling about tiktok, i dont use it for security reasons as much as anything else im kind of on social media overload but heres my problem with the tiktok attacks on the one hand, the federal government is saying this is bad. The Chinese Government can demand access to the data from the app. The u. S. Government seems to want to demand access to data from a lot of apps and not have a problem with that. Then also i wish this were framed in terms of policy about u. S. Citizen data. I dont care whether its a chinese app or a cuban app or a venezuelan app, shouldnt there just be a policy about how citizen data is treated and 100 . Some Company Based elsewhere is in violation or cant prove theyre in compliance and that becomes the issue . There should be a privacy bill let me contrast, the government in china we have a difficult government going on, whats happening in portland right now is disturbing, but its not china. There is a difference in what theyre doing there. That said, yes, there should be a privacy bill that protects u. S. Consumers and these companies have them in other countries obviously. They have to adhere to other countries laws there is not a privacy bill here and we should be thinking about this issue one thing you said social media, youre overloaded i dont think of tiktok as a social media company, i think its a social entertainment company. Thats different whats interesting about tick tock, it can go so many directions i talked about stuff gary is doing on it. You can see financial stuff. The directions it could go are vast its beyond people doing dances and seeing the cat, putting the cat by the head and saying the queen is on the line sarah cooper is on there, a wonderful comic. So i think its an interesting platform that could be a competitor to facebook if its on the New York Stock Exchange or nasdaq run by a u. S. Ceo, which it is now, it could remove itself and deal with its privacy issues, which are theyve been dinged for privacy issues and deservedly. I want to hone in on something you said whats the difference between social media and social entertainment and where does snapchat fall versus youtube you know, i think you think social media, its just media its social communications, thats what took is. There is media, but they dont make any this is media. This is almost like what quib i should have been shortform entertaining videos, not professionally produced, though some of them are now. I advise you to get a burner phone, get a google pixel or an inexpensive android phone, make up a name like jon loves tiktok or whatever at gmail, which i have, but try it out its entertainment its really entertainment you can see directions it could go im thinking about it a lot. Im like 109 years old, what could i do on it that would be interesting for the businesses i have it feels like a business thing that i could do things on the way sarah did or whoever its not limited to comics we need to think of this company, if it goes public in the United States as a much bigger deal and definite competitor to facebook in a way that would be interesting, in terms of news consumption. The media part, which is the big problem at facebook is that they dont want to do anything. So its just interesting i think people should not immediately jump to conclusions about this company at the same time be wary of the Chinese Government which we all should be. I have no i have the disagreement in how secretary pompeo is talking about it i think its all political hes not thinking about the bigger issues. I think its smart to be wary of these companies and especially ones that are sourced in china even though theres a Corporate Structure that keeps this information out of china, but you never know its not clear enough. Youre right. Kara, do you expect instagram reels to be a tiktok killer . Theyll try thats what facebook does, they never think of a fresh idea on their own. So theyll try i think this is really its quite special. Its a different thing yes, of course they can mimic everything it would be nice if they thought of an idea on their own. That would be nice some day. That would be an interesting trend. But sure sure why not. Well see. Well see how it is. They have the base using it already. But they have to be careful not to go too far from their they did very well with stories by grabbing that from snapchat. But maybe. Well see. They failed, i dont know what happened with their dating service. Where did that go . They had a lot of things that work and dont work. Thats normal for a giant company like that. Sure. Kara swisher, the best looking 109yearold we have on our air. Thank you. Im not doing any dancing dont worry. No dances by cakara swisher on tiktok thank you look at this chart it is a stock nearly 900 higher in just the last four months one of the biggest winners in the stayathome stock basket . Does this stock belong in your portfolio . Well tell you what it is after the break. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Its been one of the biggest stock winners in the age of covid, up 800 since the march low. Kate is taking a look at wayfair. Hey, kate. Hey, carl wayfai h w wayfair has been a big winner and quite the comeback story its benefitting from consumers staying home more and the move to online spending flash back to year ago wayfair was hit by the trade war and tariffs with much of manufacturing done in china. It also raised prices and sales slowed down. All this resulting in deeply negative margins in what was called a downward spiral the Company Still isnt profitable but wayfair moved up to time line to break even the goal was set for 2021. Executives now say the company will turn a profit for this current quarter. Analysts i spoke to say they appear to be on track. The big question once the pandemic is over and some of wayfair brick and mortar competitors are back up and running, can they keep up the growth lets take the bull case first work from home could persist into next year people might make upgrades bullishes are betting on first Customer Loyalty and expansion into other areas take Home Services a the bear case, if the miss the new profitability target and customers dont keep coming back plus spending could slow down in a recession. There comeback has been amajor wind fall for some of wayfairs biggest shareholders we have fidelity and spruce House Management which is a new york based hedge fund followed by the uk based Asset Managers john, back to you. All right thank you. Lets get a quick check on where we stand in the broader markets. The dow trying to climb back up to break even. Down about 37 points the s p up about 13 points the nasdaq, up 1. 5 were back in just a moment. Geicos been helping people save money for over 75 years. Theyve really stood the test of time. Much like these majestic rocky mountains. Which must be named after the. That would be rocky the flying squirrel, mr. Gecko sir. Obviously ahh come on bullwinkle, theyre named after. Our first president george rockington that doesnt even make any sense. Mr. Uhh. Winkle. Geico. Over 75 years of savings and service. Fitness centers and gyms in philadelphia reopening this week with reduced capacity and social distancing protocols in place. City Health CommissionerThomas Farley saying facilities will be subject to random inspections and shutdown if theyre not following the guidelines joining us now is fran kcassidy. Good to see you. Welcome. Thanks. Good to see you too. You guys have been shut down for four months, as i understand it youre opening up with the safety protocols in place. What are the Big Questions that youre getting from your members . Well, our members obviously are concerned with their health and their safety our communication to them, they ask the questions. We had the opportunity to speak to doctor thomas far lee who is the director of Public Health for the city of philadelphia he gave us guidance on the requirements of the city which include, as you said, safe distancing you see in our background our fitness floor that has extensive amounts of equipment you see our track above there. All of our equipment is set six, sometimes eight feet apart dr. Farley required that we all wear masks at all times. I dont have my mask i have it here since were not opening until a day or so to train our staff, we have separated all the equipment, as you can see. What do you view as the most Important Message to the people who are going to be using the club and what would you say you would like to see the city of philadelphia do to support this being done in a way that is sustainable . I imagine if other clubs dont take the care they need to, that could reflect on you were confident that exercise, health, fitness activities are very beneficial especially in times like this. The message i would give to our members and any potential member who wants to join is Sporting Club at the belview is safe. Its clean our equipment is distanced our check in process is very tight. If you feel sick, follow the cdc guidelines all of us have been hearing for months wear your mask at all times. Stay six feet or more from other people that would be the simple message. Maxes make sense if youre on a weight machine or doing free weights. Are you expecting resistance to wears masks in a fitness class or doing cardio . We did anticipate that. We have been here 31 years our members are dedicated. They loyal and they by in large follow our procedures. Some people may do that but other members and our staff will be around and we will inform them both by email and personally that we dont want to be shutdown. Dr. Farley was insistant on that well give them maybe only one chance to say you need to wear your mask at all times all right general manager at the Sporting Club at the bell view in philadelphia thank you. The week is just getting started. We got a bunch of names well be able to drill down on during the course of the week microsoft and tesla wednesday night, snap tomorrow night come thursday well get twitter, at t, intel and mattel its like chefs choice this week it is apple is next week these big stocks what they say and what they cant say about their outlook will be important, at least to sentiment, i would this guess who is back the judge. Lets get to the half. Welcome to the halftime report. Im scott wapner what could be the most important question for your money. Has tech topped . We debate and discuss that with our Investment Committee today joining me for the hour today, joe, josh brown, brynn and amy is back