But i think that the sideways period that we have had, has that cooled off for a few weeks, going nowhere. The s p has been in the tight range through july that whole period netted out we could not get away from upside risk. No selloffs, and you had things like m a popping up today and friday, and the idea that we may get a fiscal deal, and the highest stocks in the world continue to pull in dollars. Yeah, i know in general youre not a huge fan of seasonty and people making arguments based on seasons, but s p only had three positive augusts in the last decade i dont know that it changes that i feel like you have to be mindful of seasonty but know what it means. There is a tendency to have a uptick in compatibility and market action. I dont know if that is market wide or not. I think you have to be aware of it combined with the fact that youre seeing froth. It seems to come together. I find it interesting today that the dollar is bouncing and not really taking anything out of the big indexes and that was a big question i think we have benefitted on the equity side from a weak dollar. Meanwhile we said, microsoft and tiktok, a big story. Lets goat josh lipton is the opportunity worth the risk theyre wondering if microsofts pursuit of tiktok makes sense. I checked in with patrick moo moorehead. He say thats microsoft is relatively week in Consumer Services so this is a chance for them to immediately become a bigger relevant Player Technology they could grow that business monetize that big pool of fans of businesses at the company and they understand, and theyre on cnbc talking about the potential benefits obviously it depends on the price. Price is important, as well as whatever restrictions come with it from the government perspective. I think it is an exciting avenue for microsoft to increase their consumer ase but there are risks here, too. Ath Rick Moorhead points out that microsoft has not always stuck the landing. From nokia to mixer. And this is a big change in strategy it is a focus in the commercial Cloud Business that is quite a chart thank you for setting us up. Lets go to kara switcher this morning. Good morning. Well get to microsoft strategy in a moment but i want to refer to your oped over the weekend in which you said potus could make a mess if he doesnt trade carefully. This was already in the offing and it was going well and he had to log these ban the bombs. And it required microsoft to write that hostage letter and praising him when he made a miss Lindsey Graham and marco rubio had to come calm it down this was a good solution for this problem about what to do about tiktok in this country hopefully he will let the deal go forward what about for microsoft itself does it have Something Else to do with proving the stability of azure or Something Else . It is such a bargain if they get it for right price and almost any price is a great price. This is a great job. They cant go to amazon or youtube. And microsoft is topnotch at this it shows off their ability to do things like this, like minecraft. This is a gift to microsoft in many ways. It is a real deal here if the government gets out of the way and allow microsoft to do what they do well which is to create a secure system. Certainly compared to the Chinese Government it is a different story. Do you have any sense why President Trump opposed it in the first place . No. You know everyone was joking about the kids of tiktok that messed up his election peter novaro was in that spouting all kinds of nonsense i think Steve Mnuchin saw the value here this is just a distraction and the real issues around the internet are more serious and widespread and i think the chinese are like fine, let them take the social network where american teenagers dance around and we go over and dominate the internet. There is much more important issues than tiktok spying on our teens. There are all kinds of issues around china, military, technology, and who controls the next internet age. That is what we should be focusing on but here we are arguing about tiktok you mentioned the security benefits they would have they could control any acquisition and make sure the data is secure is there any other companies that were not thinking about whether or not it is Additional Technology companies, private equity and so forth . That could be a big player in this race . No. Amazon i suppose because they have consumer background and you know, but of course amazon and microsoft tangled over the jedi contract that was going on and mr. Trump moved it to microsoft. Amazon is suing about that if you want to make it like a lock box, you to have a company that has the security chops and microsoft has them amazon has them. I wrote an article about it a few weeks ago in is my tiktok burner phone here. But there is a concern about chinese ability to influence, use propaganda and it is an issue, but the real issues are elsewhere and this is a shiny object example which is almost screwed up in the back and forth by the white house, and smarter minds have just tried to sail this through this is a deal for sure. No doubt in terms of a financial basis. Would they have been very interested in buying this asset if it did not have the chinese backing. If it were not suspect or in some sense already in play do they want to get into this area it is opportunistic they want to go public, right . That is why they brought in kevin mayer. They could do that too, but it could take an enormous security structure, but i dont think the committee would allow it to go forward. There is a overlay, executive orders are, this is National Security and he has a wide umbrella. The problem is that he is yelling at the rain. We have to deal with the rain, not the umbrella there are no other buyers that could handle this that the government would accept. I cant imagine the this white house going to jeff bezos if is really, and the other two are zeroed out, i think this is the choice and i think this is a gift for microsoft in a lot of ways we asked jim this morning, a handfull of anecdotes, reports that apple is scrubbing some apps from the app store in china. Are Tech Companies sensing the train that is coming and scrambling to get out of the way . That is for now, right . This is done in a cartoonish way. We have to put research into innovation money into research and innovation we have to face this internet age. And not these one off twitter wars the threats from china that have i been talking about for a long time are quite real and this is not the hill its a hill, its not the hill so i think yeah, theyre going to try to pretend that theyre not ensconced in china this is a Global Environment all of our phones are made in china. Lets be real, there is no necessary proof that anything is happening. But china is so important to the Global Technology supply chain there is not an easy solution like lets start a factory in kentucky or whatever that will not solve the problem. It is much more about who will dominate 5g. Climate change tech, communications tech, it is a big topic, and here we are again talking about tiktok it is like taking a lap on this is ridiculous. The larger story youre pointing to is so large that we have to understand it in pieces and this is one piece today. Kara, thanks as always. After the break, an exclusive with Global Payments announcing a new partnership with amazon, st wh owti aad ayitus eenhour flight, thats not a weekend trip. Fifteen minutes until we board. Oh yeah, we gotta take off. You downloaded the Td Ameritrade mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Shares of Global Payments moving higher. Joining us now is the ceo of Global Payments, jeff sloan. Good to have you with us today in the quarter we awe operating margins flat can you help explain what were some of the key drivers for us i think they are Getting Better every month may was better than april, june was better than may, and i think as the economies around the world reopen, we saw the consumers really go back to spending none the less substantial improveme improvement. And you talked about cutting about 400 million in costs. As a response to the pandemic, where are the cost cuts coming from none of them will impact our longrun performance for example in travel and entertainment. As a result of the pandemic there is less corporate Business Travel today than there was some time ago were also looking at rationalizing a number of facilities we have looked at accelerating some of thosetivities. You mentioned they are continuing to come back, but does the way it happens matter much do they do much in that part of the business i would say the good news for us is the proliferation of contact lists, so for example our ecommerce business grew 16 in the Second Quarter. That is absolute growth year over year. The preference for paying with your face or your thumb, having it delivered, is really having enough growth. Jeff, if you had to play devils advocate on yourself, what is the case for cash. It seems increasingly different to build one i think there is no case for cash there is nothing but good news for our business if is the same trends you heard from paypal, visa, and mastercard last week consumers have accelerating their buying choices in the next two or three years it would have take an harder period of time and so i think in the near term, carl, it is nothing but good news for our business. Realizing that the macro will be whatever it is there is 3. 5 million merchants. Among those among colleges, universities, Public Schools, and so forth im curious what youre seeing from that Customer Base lets just start it was by fur cas bifurcated that way. The tuition changes, housing changes, those are all generally good things for our business. We service 39,000 primarily Public School districts here in the united states. A lot of our revenue in that business comes from school pl lunches which, of course, children need. I would have said to you a quarter ago while the Second Quarter was difficult for our k through 12 business, i think sitting here today it is likely to take longer to come back given some of the announcements you have seen from health professionals. Our k12 business is really tbd. No revenue guidance from you all this quarter, is there anything you can share with us with regard to what you are expecting for the remainder of the year i think it is what we expect. We continue to see return in growth across a number of our businesses more Technology Centric our businesses are the getter the you better the growth was in june, and our software business, our e commerce business, all grew absolutely in june year over year and we expect them grow in july and there after. There is no reason for the trend to change from where it is today. Those businesses like k12 schools will take longer to come back we continue to see announcements. Our business, we are wide open for Strategic Investments and i think that could continue for the rest of the year thank you for joining us today. Thank you for having me. Back to close to session highs here still to come, the nlr resuming games over the weekend as you probably know by now can they avoid the early missteps of Major League Baseball 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. I opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. I just discovered sofi, and im an investor with a diversified portfolio. Who am i . i refinanced my Student Loans with sofi because of their low interest rates. Thanks sofi for helping us get our money right. Welcome back, at the session highs. Up about three quarters of one percent. Pushing above that range since late february. Time now for a news update hi, everybody here is what is happening at this power Tropical Storm isaias is staying just below hurricane strength. It is expected to make land fall tonight. Bulldozers are helping beach communities prepare for the search and a search has ended for eight Service Members missing after their Amphibious Assault vehicle sunk the eight missing Service Members are now presumed dead. The xfl has been bought by a group that includes dwayne the rock johnson. The price tag is 15 million they filed for bankruptcy in april after the pandemic forced the league to cancel its inaugural season you are up to date, that is the news update this our, ill send it back to you after the break, more on the deal with that stock nearing an alltime high. Well be right back. Stayitus wh with microsoft looking to acquire tiktok joining me now is the managing director at Longview Global and former asian policy of defense can we conclude using any evidence that has been out there that there was, indeed, security risks associated with tiktoks business the use of Customer Data or Something Else very good question. I think were witnessing an example of what it means for a company to be caught in the middle of of a grueling g. O. P. Competition. Look i have no evidence of anything that suggests that data was mismanaged but as we have known for some time, there is a concern about china and how the others tiktok either through their ability to collect data or monitor their activity as you suggest, preempted. And there are no ideas, but i dont know of a personal one with there being issues with data mismanagement of the chinese side i dont see this stopping. I think as you look at where this is going they are not very happy about what is happening. The chinese Online Community was very upset about what they think is a fore sale of a Chinese Company to a u. S. Company. So this thing has additional legs between now and whatever the decision on tiktok being made clearly china has been doing this for some time, its not as if this comes out of nowhere, but when you say this has legs and it is going to maybe intensify, what do you think that means specifically . Retaliation from china or is this just nowthe world w live in where it is essentially a hostile relationship i hope it is not the world that we live in, but unfortunately it looks like it is so far. We have not heard much about how they will respond. What we know, what history has shown us in the last three years is they will be quick to take Counter Measures and that could come in the form of a range of things what i hope happens is that cooler heads prevail in this case the chinese started looking at this and wondering why is it that a company that many chinese tiktok is a Great Success story for whooi in a and has been targeted. The announcement that microsoft would run f this if they were to acquire it canada, the u. S. , it says to me that this is an issue. The issues that we recall are the intelligence sharing nations. It suggests to me that this is real and not just just a vendetta there is something there from the u. S. Intelligence perfective per spective you mentioned the chinese medicine thats have fwbeen in opposition do you see resistance on that from bite dance or the Company Government getting involved . A very good question. I do not envy the founder of bite dance unless you address the security concerns that the committee on Foreign Investment in the u. S. , who is taking a look at tiktok unless you address those i dont see another option in the countries that i mentioned for tiktok to move forward 9 11 an independent spinoff. Dont think the chinese will take this lightly and theyre not going to look for ways to retaliate or prevent new pressure from letting it go to microsoft. He is calling a tough spot he has investors chinese and u. S. Government, and all of the fans that use this app. We cant under estimate just how popular this app is with kids who dont know anything about any of this stuff, they enjoy using this app against this backdrop you have zoom that said theyre haulting their sale of paying products to customers in china what signal does all of this in the Community Send to potential startups who are looking to expand to china one day, or upstarts in china that want want to expand globally very good question. I think the simplest message here is that if youre in a Technology Space in an innovation space, if youre in biomedical spagss, these are no longer spaces where cooperation, at least from government perspective is looked on near buy. They have cases that they have identified as critical to their ability to win looks like we may have lost your shot there. We appreciate your time today. We appreciate your time and well come back to you later we started the hour looking at apple. A new alltime high for the second day in a row. That magic number, by the way, if youre curious is 467. 77. Johnson controllers getting a peek as more companies are looking to upgrade hvac systems. George, welcome back, always good to see you. Its glaet to be with you today, and im here in milwaukee. Yes, where jci has long been. I want to talk about the quarter and cost measures. What really drew my eye is the number of patent filings that the company has related to covid solutions. What is happening to the invoe vags of innovation of hvac a potentially monitoring the temperature of someone going into the building. We had a strong execution in the quarter. Being about to operation in unprecedented times. We were able to drive improvement. We have been reinvesting in new producting and new technology and driving innovation we sthau with our open blue, the launch of our digital platform that we announced on friday. So when you talk about ip, it is not just what were doing at the product level, each of our domains, hvac equipment, fire, or security. But also now the work that were doing in creating a very interesting dynamic. And it really makes a dynamic platform that enables us to be able to support our customers to provide the greatest environments in building and infrastructure so walk us through a cupping examples of it the Indoor Air Quality right now is top of mind we provide the state of the art equipment. Filtration, it is elevated to a higher level we apply inner purification technologies we also have the controls that control what comes in from the outside. And it leads to the highest level of air purrification that is just within our equipment. But providing a healthy and safe workplace is beyond just the hvac it includes what else we do in a building you might have seen we launchedd a thermal camera being able to be scans for elevated temperature if someone was injected we could separate and quarantine them think tof as a building that had a lot of system thats are now coming together into one single architecture that allows us to take our Product Technology cop lines with technology and was as, and raets a healthy safe and sustainable environment. If iing a building, i call you up and you tell me what . So go in and survey what their existing condition is. We have a Tremendous Service to our system today filtration, some of the new air purrification technologies, but combining all of that. A lot of this is available today. And were doing this today like with the camera there is a huge demand for the academies and t systems, and open blue will be a platform to create the healthiest, safest, and most secure environments. Ak you look ahead, have you found reason to rethink what it will look like in environments the concentration of employees, if there will be less intensity of the usage for the buildings, and what might it mean for services yeah, the work that has been done in the last four or five months and we have learned a lot. And work will change, but what we see today today, we want our employees and customers to come back to work were working with them to redefine what that means we believe there is manitivitys in a customers site that the are essential to being able to main tear their business and success. So how do you make sure you have the highest air quality, how it combines with some of the other protocols that we learned are all critical wearing masks, social distancing, and the like we can deploy all of that in one system in a building, to ultimately ensure the healthiest and safest environment finally what is the answer to an executive that says well one day were going to get a medical breakthrough and were not going to have to worry about this the way were worrying about it right now . I believe what were learning, the activity that takes place in the infrastructure will still continue and it might be reapplying, but what we do, you look at our open blue platform and what we have done here, in the last few years pulling it together, well have the ability to support the healthiest safe and secure environments, but there is more that can be achieved in the infrastructure that we provide. I think blue will be a huge differentua ua differentiater for us. And it will provide infrastructure on a Going Forward basis. A fascinating look at how our lives are changing george, we thank you chairman and ceo of Johnson Controls great to be with you. Coming up, the nhl commissioner on the league restarting its season over the weekend. Well be right back. Stay with us this has been. Its unexplainable. These last three months, i have been wondering about the future in many ways. Im not the only one going through this. Some of my dearest friends, their businesses are still closed. Theres always peaks and valleys. Even through this pandemic, were all in a valley at this moment. But the one thing you can always know is that theres a peak on the way. Is that theres a peak on the way. What happens when puts its customers in charge . Well, the good news gets shared. And it gets rated 1 for customer satisfaction. But dont just take our word for it. Take theirs. Its your wireless. Your rules. Only with xfinity mobile. Call, click or visit a store today. So far so good i think our league is doing a great job. E informs orlando, i dont get to go in the bubble. There is a separate owners bubble they are kept well apart and let me say managing partners, the word owner is offensive, but managing partners bubble it is separate that was talk about the nba restart. Basketball, the mlb, and now hockey, we will talk to gary bettn tethbrk. Maafr e ea some see a Grilled Cheese sandwich and ask, why . I see a new kitchen with a grill and ask, why not . I really need to start adding less to cart and more to savings. Sitting on this couch so long made me want to make some changes. Starting with this couch. Yeah, i need a house with a different view. And this is the bank that will help you do it all. Because at u. S. Bank, our people are dedicated to turning your new inspiration into your next pursuit. To turning your new inspiration 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. The nhl returning to action over weekend for the First Time Since the pandemic halted sports in midmarch the league resuming play in two hub cities in canada with 24 teams making the cut in a modified postseason set up. Joining us is commissioner of the nhl. Good to see you. Good to be with you thanks for having me you have these two hubs, kind of twin bubbles. Maybe its described as a mini olympic village, kind of selfcontained did they operate as you expected the players have now been in the hubs for more than a week. They have been set up well and theres plenty to do and plenty of ice for skating and practices and the games themselves the players feel safe there. Obviously, we went to two places where covid19 wads at a relatively low point in places in north america we felt it was important to get the players in a situation focus on their held and well being obviously, we want the keep them safe no fans in person have there been any whats the positive tests rates, if any, at this point weve had no positive tests for any of our players or other Team Personnel we went through a process where we first opened our Training Facilities and did some testing and we had Training Camps with the players would tested regularly. We were pretty confident, hopefully. Obviously, nothing is risk free right now that once we got everybody into the bubble, we should be in praa pretty controe environment. More important not more important. Health and safety is the most important but from a gaming perspective, the competition over the weekend was absolutely sensational. The games were intense, emotional, hard hitting. Youre seeing the extraordinarily competitive balance that we have in the nhl. It makes for great tournament. What is this going to mean for the start of what was going to be the 202021 season, i kdou think that can start in december were planning on playing a normal season for 2021 weve learned over the last four months that perhaps with things that are going on in the world, you have to be a bit flexible on the timing and we will be. That means we start in november december. We had proposals from our clubs in their cities and they were all terrific but we didnt make a decision as to where to go until the very last minute because we want to look at the data, understand where would be the safest places to go and thats how we reacted. The same thing will apply to the start of the 20202021 season. The exact timing doesnt matter as much as getting it right. Commissioner, were in this era where were all arguing about data, whats reliable, whats not thats everything from logistics to vaccines, therapeutics, testing. What inputs youre finding reliable and how that data is presented to you its a great question it really applies to two things. One, were tracking where covid19 was outbreaking, where it was increasing and where it wasnt and that is readily available. We have been consulting with the experts, both our internal people and the outside expert who is are leading canada and the u. S. In terms of the response for covid19. We also wanted to go to place where we knew there would be enough Testing Available where we wouldnt interfere with any of the medical needs obviously, were paying for it all ourselves. Were using commercial establ h establishments but we didnt want to be in a position where there was a lot of covid19 and a concern over how much tests would be available because were testing the players in our other personnel every day. Gary, as this structure looks to continue into the future, is there a risk for some of the smaller market teams that they could go belly up . No. Our franchises have never been stronger our ownership has been terrific and has the strength to see this through. We have a very good stable system with our players. Players association. In the midst of all this, we extended our collective Bargaining Agreement by four years so were looking forward to six years at minimum of labor peace. Our system is the strongest, most solid, most predictable in all of major sports. It provides us with the extraordinary competitive balance that we have theres been a lot made of the difference in case load between the u. S. And canada. Hockey is a sport where we get a nice share of both in terms of player backgrounds are you seeing a split within the league in terms of how they view the u. S. Response no. I think at this point the fact that the players knew and we did this all in collaboration with the players and the players association. Everything we have been doing whether its been the format of the return to play, the extension of the collective Bargaining Agreement, the protocols, these are things we have beenworking on together and our fans have been telling us overwhelmly they really wanted to see us concludes the 1920 season and our players wanted to do it as well. This is a tremendous sacrifice for our personnel because if you actually go to win the stanley cup youll be away from your family and friends for more than two months this was a commitment that the players wanted to make because of how they feel about the game. I think theres a unity of new that this is all good for the game and the players want to compete. You mentioned the quality of play seemed to be completely up to snuff in terms of the players being ready and everything like that what about the feel. It would seem hockey of all the sports tend to be loud in the arena. People feed on the fans. Have you done anything to try to simulate that . Yes you should be tuning into our games this afternoon we have five games on saturday five on sunday we have six today. I think at least half of which will be on the nbc sports network. Our events and hockey operations people have done an extraordinary job to make the arena look and feel good and give an appropriate level of Background Sound to the game its very entertaining and you can really get so caught up in the action that you wouldnt realize until you focussed on it that there were no fans there. Finally, lot release the merchandise. How is it selling . With all the social and digital platforms where theres no shortage of opinions, overwhelmingly what the seattle franchise did by picking the name cracken, the colors and the logo who is the principal owner and the ceo have been doing an incredible job seattle nhl hockey is going to be an amazing success. The naming rights have been spoken for by amazon, by calling it the climate pledge arena which is going to be environment ly neutral the most focused in terms of the environment in any arena in the world. Its going to be a huge Success Story out there. Were excited to have him starting for the 2122 season thanks a lot for the up date. Appreciate it. Good luck with the rest of the tournament thank you thanks for having me the stanley cup qualifiers continue today gbeginning today on nbc sports. Carl as we close out the final minute of the show, as we say, live by the apple, die by the apple. The indices have been tracking apple intraday as its a huge influence on the price weighted dow. Well get berkshire this weekend and that might give us a little more indication to how berkshire and buffet see whats become an amazing home run huge. Huge home run. Hes made in three or four months multiples of whatever he lost on warren buffet on what he lost on those airlines and presumably not sold a share. He hasnt sold it. Its amazing its not always the case the bi biggest, most obvious stock out there is the one that leads to market we have that situation right now. To the degree this is about the stock split. You have to squints and say its not justified but its barrelling higher. Quite a Performance Today thanks well see you later on lets get back to the judge. Welcome to the halftime report. A new month for your money and traditionally not a good one will august be any different this time around well debate for the next move for your money with our Investment Committee we begin with a look at where we stand another new high for the nasdaq. A new month and over the past decade, august is the worst for
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