The auto sector. Ford and nikkola news coming your way just about to flat line with 59 minutes left in the session. We have a big lineup of ceos coming up on todays show. Dan rosensweig on the back of cheggs earnings it is a moon shot. Then the head oof another stock that has been on a terror, henry ji, ceo of Sorrento Therapeutics and its a huge earnings news, disney, nikola and well speak with the ceo of ww right after the numbers hit. We have 58 minutes left of trade. Mike san totoli is tracking act and phil lebeau. B mike, start us off with the Broader Market it is flat. We alternate the days between when the indices look better than the majority of stocks and days like today when the indices are doing nothing but holding near the highs take a look at the s p 500 here we are on a year basis. You have the pop and turn pattern. You pop above the highs and then chops around right now were above that june high 3350 or so would be a 50 rally off the closing low for from 23rd that is 19 weeks ago but were just kind of churning around here. Really only apple of the big five tech stocks is up to day. That is marginally so. The average stock is doing better heres an equal weighted of the russell 1,000. It looks a lot different than the s p 500. Thats that june high in the average stock. Were working our way to find the trend. You still have a lot of air in there between the june highs and now. That was the peak of the reopening trade. Optimism thats what were working with with the more democratic look. This is that bifurcation bone trending in the right direction. One looks better than the other. What is going on here . Whats going on here is real yields are deeply negative minus 1 is the inflation adjusted yield on a ten year basis. If you only had one indicator to say whats going on with gold, with bonds with, stocks, with real assets, Long Duration assets this kind of is the driver here. Inflation expectations are going up bond yields are very very low. That is one that can revalue all kinds of Long Duration assets higher that is base lick what ically wg on now gold settled above 2,000 an ounce for the first time were heavy duty earnings mode everybody is beating expectations were so depressed are you getting any clear picture for the second half of the year it is a little unique not unique, unusual about this period is that Third Quarter estimates for the s p 500 are trending higher as Second Quarter numbers come through that is not the norm usually you get a little bit of a decline in the Current Quarter estimates. Thats a positive sign that you have this Inflection Point type dynamic. It happened in 2011. Thats a net positive. As you say, forecasts were so beaten down, so low that the fact that more than 80 of companies are coming in ahead of estimates isnt necessarily being celebrated in an outright way. There is a way to estimate what you would expect the stock reaction to be based on the magnitude of a and the stocks are underperforming that because everybody realizes that the estimates just were kind of just give up type numbers right now unless youre apple, that is. If you had High Expectations and came above it, thats different. Thank you ford announcing a shakeup in the c suite three years after the last ceo change. Phil lebeau has the details. Take a look at ford shares. Why are we showing you this . This is what ford shares have done under Ceo Jim Hackett who is retiring october 1st replaced by coo jim farley. Farleys forward plan is ambitious. It needs to be ambitious this is a company that needs to transform itself he wants to fix the operational issues that dogged the company, accelerate evs and Autonomous Vehicles and set ambitious growth options with all of that and knowing what ford has to do, the we to bill ford was put to him was why not bring in an outsider heres what he had to say. Our board felt we were on the right path that the kind of projects that jim and jim are working on together were exactly the kind of things that we needed to pro tell our company into the future so at the end of the day, everyone really, really responded to the notion of jim farley becoming our next ceo so it wasnt to answer your question, no, we did not do a deep dive externally i talked with jim farley today. He realizes the task at hand and what needs to be done. From an investor standpoint this chart says it all. Over the last four ceos going back to 2001, only one was able to grow the share price of ford. That will be one thing that investors will be keen to see if it happens weapon jim farley because this is a stock, guys, thats been stuck in that 6 to 7 range for some time. Phil, my question, i mean, i guess if we put up other share prices of the other key automakers globally, not just the u. S. Over that time, you also wouldnt have seen outperformers. My point is rather than saying that either hackett or fields failed to adapt to the ev world that were in today is just simply that tesla has been unbelievable and none of the traditional automakers managed to respond as opposed to blaming either one of the two ceos. Fair point. We did this earlier today. We showed how ford shares have done over the last three years versus gm, fiat and toyota they lack in terms of performance. Are any of them ones you would write home about no theyre up 14 , 15 after memory jur you youre correct, nobody has been able to keep up with tesla the legacy automakers are unable to reach the demand for what tesla has done having said that, look, ford is a company that needs to get moving quicker there is no doubt about that when you look at general motors, you know what mary barra is about. You may quibble about the response of the market to that, but she has delivered on the metrics she set out there. Thats what theyre looking fji farley. Phil, thank you nikola earnings after the bell today. Well see what they have to say. Let aet guess lets get to washington. Sara, stimulus talks are at a stalemate, not moving very quickly at all earlier today the press secretary at the white house gave a briefing where she said the president remains innately focused on Unemployment Benefits and helping those americans who are out of work but she declined to say whether given this agreement between the two parties and within the Republican Party whether the president would support a stand alone long Term Extension of these 600 weekly unemployment bump through the end of the year, something that would potentially be seen as an off i will branch to Democrats Senate republicans on capitol hill spent a couple hours trying to negotiate their position and find a place where they had consensus on Unemployment Benefits in particular Senate Majority leader Mitch Mcconnell acknowledged whenever they proposed would not have unanimous support. I dont think were going have a total consensus in this round. I dont think the definition of success here is whether we have a unanimous vote i think the definition of success is the product something that will actually make a difference now mcconnell is still keeping the card up his sleeve on exactly what if anything republicans agreed on on that front today. Negotiators from the democratic side of the aisle and Trump Administration are set to meet this afternoon at 3 30 is there anything that the president can do unilaterally here the secretary talking about executive action if the democrats dont yield. What can they possibly do . Well, its unclear exactly what they could do, sara most of the things are things you need congressional support for. Its really hard to free up dollars of Government Spending without a specific congressional appropriation. Things like moving the tax deadline like they did from april 15th to july 15th. Stuff like that that can be done through executive order or through an order by the agency with that jurisdiction but if there is a dollar sign attached it to, sar yashgs ita,e than likely you need congress to authorize that. Thank you nasdaq is red. After the break, shares of Education TechnologyCompany Chegg have been on a terror. Well talk to the ceo about what is driving the strength and how the back to School Season will be very different this year. Youre watching closing bell on cnbc. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. You say the customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept. 5g, everybody is talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item, corner offices for everyone. We just have to make more corners in this building. Chad . Your wireless, your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch to Xfinity Mobile and save up to four hundred dollars a year on your wireless bill. Plus, get two hundred dollars off when you buy an eligible phone. Welcome back check out shares of chegg. Theyre up more than 120 this year getting a huge boost from the learn from home and Online Learning trend cheggs Second Quarter net revenue up 63 subscribers, up 67 . Joining us now is the chegg ceo Dan Rosensweig explain what the last three months have brought, what youve seen not Many Companies reporting more than 60 Revenue Growth yeah. No its been, look, for the wrong reasons which is the pandemic. Weve been benefiting. But the good news from us is the benefits will be permanent this is a change in behavior with students. We were already seeing as you mentioned extraordinary growth in the u. S we were growing at 32 were now growing at 60 we set the second half of the year that we grow at least 45 that is the result of the fact that students need more help than ever before whether theyre in the classroom or going to learn at the physical premise of the school or online and more students are going online, they need help understanding the subjects they need something that is affordable, on demand, scaleable and adaptable to the actual needs. So as a result of that, chegg is just soaring the thing that surprised us is just how popular chegg has become outside the United States right around mid march when all the u. S. Schools closed, schools around the world had to close. International students were not familiar with chegg. The now that they are, theyre using it with the same engagement metrics that we see in the u. S its been brake through for chegg and one we imagine is going to sustain for quite some time what are you seeing as far as back to school for september. How much of that have you already booked into terms of orders for Online Learning programs because so many schools around this country have already decided that they are not going to be in person . Yeah, the great thing about chegg is were relevant whether theyre in person or online or hybrid all were is home work help. For 14. 95 a month or 19. 95 a moshgs in the u. S. , our awareness is 87 students said i need help. And schools cant provide it even if i go back to campus, labs are not opening, writing labs are not open pch because of our affordable, they just flock to us. What were seeing is what you imagine. Everybody said they wanted to open in person because the economics of their schools depend on it unfortunately, science and health are taking over for them. So were seeing schools trying to do hybrid, going exclusively online again and well revisit it next year as to whether or not we go hybrid or in person. So for chegg, were seeing the benefits of more people going to School Online earlier than we have ever seen which is why we have the confidence to give the rest of the year guidance. Last quarter we gave one quarters guidance. You mention the economics there. If more courses are done online, what does that do for pricing particularly for College Tuition . This is a debate that has to happen in the United States . What is the true value of a education and the in person experience one thing that dont know is 1 go to Residential Community colleges the average age of a staunt is 5 years old. Theyre often parents. They often have jobs they also get partial degrees. 43 of them dont even graduate. Those that do, overwhelmingly it takes six years. What we have to see is the price of education come down, schools accept more transfer kredz and expansion of relevant curriculum for the job and workplace which is why were seeing our thankful business grow which is a skills business so colleges have to use this crisis as a way to reinvent themselves more affordable, more relevant, expanded curriculum, online and offline. In fact, our Research Shows that definitively, for students who are only online had only taken one Course Online or never taken a course, 50 or more want to do a hybrid College Experience from now on because of the convenience and relevance. Pt colleges need to reinvent themselves or we predict about 25 of them might go out of business zb zb. Dan i want to get your expertise about what is going on with tiktok and whether you think microsoft is the right buyer and if if there is a Real NationalSecurity Threat here . Lets start with the last one. You know, as somebody that has tried to compete in china many times whether it was through internet or cnet or yahoo and advisement companies, the Chinese Government makes it difficult for any American Company to succeed in china unless that company feels chinese to the Chinese People like a nike or a lot of cases, believe it or not, like an apple. Most American Companies cannot succeed. Anybody with content cannot succeed. Maybe in commerce but when you saw something that theyre not worried about. So, yeah, i do think it could be a real threat. Do i know that its an actual threat i do not do i believe it could be a threat i absolutely do. As to whether or not microsofts the best buyer, that one took me by surprise. Microsoft is focusing so well on going btob and getting out of the consumer business with the exception of the xbox and theyve been brilliant in the cloud. Theyve done the most brilliant jobs weve ever seen as a refounder. So going direct to the consumer and getting to an ad business, content business, potentially a commerce business, i think its a great business i just didnt realize it would be great for microsoft i see other people that i think it may be more relevant for. But how Many Companies have 50 billion that they can put out there . Thats the problem like who . Ill keep those thoughts to myself i would say that i was surprised that microsoft put their hand out there. I dont know why they need to be in social media. I remember when they put on a big push to win search look at how incredible the company is doing ive not heard the argument for. I just know that they can afford it chegg is not bidding. It would be too distracting for the students well, you know, i think more of our students are on it and therefore we dont need to own it fascinating thing, my daughter, sam, when she was on furlough is actually doing social media work for us and discovered how big chegg is on tiktok. We had five million hash tags and now were ovat 8 1 2 million its an amazing environment for students and chegg is a big part of it. Dan, very interesting as always thank you for joining us thank you guys. Appreciate it. After the break, could a rapid saliva test be the key to getting americans back to school and back to work well speak with the ceo of Sorrento Therapeutics. They Just Launched a new test. The stock is up 60 in just one week well discuss that and much more still to come. S p 500 flat with just under 40 minutes left in the session. When the world gets complicated, a lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. In a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 rx 350 for 419 a month for 36 months. Experience amazing at your lexus dealer. Sorrento is up 30 after striking a Licensing Agreement with Colombia University for the rapid one step covid19 tests that sample saliva and can detect the coronavirus in just 30 minutes it is called covid19 trace. It gives a simple positive or negative color change result now and the first on cnbc interview is henry ji. Very good to see you thank you so much for joining us thank you very much for having us. It almost sounds too good to be true what i know is he and his group in the lab during the prenatal testing was the same technology, very often, to search for genetic the signatures and they apply the same technology to the covid19 viral genome and finding the Technology Works very, very well when we say very, very well, that means the accuracy is very well positive is positive and not a false negative the specificity is negative as negative right now is at the small sample is about 100 were very excited about the invention and the technology from Colombia University how expensive are these tests . These so right now, if a small scales is tz going to be a very expensive, however, our goal is to have this one large quantity manufacturers so that we can have the product in the 10 of the range of the people right now. Its in the 100 to 200 a test which is not acceptable if you have to test it multiple times in a week. So if it goatsets to a few cupsf coffee, people will test this one quite often. I mean the possibilities are endless here you think about how to open schools and how to go on planes and feel more secure if its just a quick spit test, change color. You know youre good how do you make that a reality are you seeking fda approval how do you actually take this and put night practice we all need Something Like this. Absolutely. Well, we have is right now have a places, were going to try to get the submittal in the next two weeks and were doing the samples with saliva and testing the positive and negative to make sure that the accuracy is very, very high. The technology and potentially providing. Meanwhile, the results have to be instantaneous and within 30 minutes, they open up the society. Meanwhile, the cost has to be low, too the cost has to be low such that the charging people 100 for a few days waitsing whiing which s useless results. You get to a couple coffees and the same 30 minutes within aan hour, you get the results. Youre going to open up the society completely that said, i guess were not quite there at a point where this would be done on a daily basis, for example, as people return to the office or arrive at a sports stadium for an event. Because 30 minutes delay and the cost youre talking about i guess make it still a little prohibitive for that sort of level of rollout so while we have this is the large quantity manufacturer. If we can get to tens of millions testing a day, then you will be able to charge this one in at the ten or under dollar that way can you test multiple times a day. That will open up the society. If such that were going to be able to help everyone in society to open the school, to open up the convention center, to open up the Sports Events you have a lot of fans. Your stock is up 30 right now its been on a terror ever since the licensing deal was announced. I want to ask about the work youre doing on antibody treatments youre testing antibodies like weve seen from a number of big companies. What point you are at on those tests . Are you looking at them as a treatment or as preventative so firstly, as a treatment as we talked is the fda and got the guidance that firstly you have to get into the treatment and were about a couple weeks away filing the r d we have the clinical material already made and were right now packaging ready to submit the rnd in the next two weeks or. So were going to be able to move very aggressively into a large study. And were very, very encouraged by the data weve seen, especially in the animal study which we feel we have very, very potent compounds were extremely excited about it and comfortable is where were at sounds like youre a few months behind some of the bigger companies. Is that right . Yes however, we have a differentiation. The way we do it is we have the antibody such that we try to avoid potential antibody dependent enhancement which is the big issue concerning that is called ade if you have this type of effect with the andy body and sometimes from either vaccination or from antibody you use, that can be even cost worse situation for the viral infection. So were very careful to have to avoid all these pitfalls especially therapeutic and prevention when you have a lot of people testing small percentage of that, there is not acceptable. So were very careful with antibodies its not up with play or two play many play needed and also the quantity supply is needed a large quantity that no Single Company can afford to do so true. Thank you for joining us dr. Henry ji of sorrento thank you etch have time to get a cnbc update with sue herrera hello, everybody heres whats happening at this hour lebanons Health Minister says the massive blast in beirut has now killed more than 25 people and injured at least 2500. The latest video shows the extent of the damage the cause of the blast remains unclear. You can go to cnbc. Com for the latest developments. Tennis star nadal says he will not play in this years u. S. Open. The defending champion says the pandemic does not appear to be under control. The current number one ranked woman has already announced she will be missing this years tournament in parts of the south, the new school year is beginning this week. In dallas, georgia, some students showed up at their Elementary School while others elected to do all their classes remotely you are up to date thats the news update this hour back to you. Thank you we were just talking about it. Still ahead, were counting you down to big earnings after the bell including disney, wynn resorts, beyond meat and nikola and the results. Well be right back. Its easy to get lost in the Economic Uncertainty. The volatility. The ambiguity. This moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you new clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. After the break, a hairy situation. Shares of edgewell is down well see with the ceo about that and the brand new acquisition. Thats next. First up is this exquisite bowl of french onion dip. Im going to start the bidding at 5. Thank you, sir. Looking for 6. 6 over there do i hear 7 . 7 in the front 7 going once. Going twice. Sold to the onion lover in the front row next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowedout loaf of sourdough bread. Dont get mad get e trade and get more than just trading investing. Banking. Guidance. 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. Shares of edgewell lower today. Down about 2 . After regarding a miss both on the top and bottom lines edgewell reporting a more than 14 decline in organic next sales. Consumers stay home and apparently opt out of shaving. Joining us via phone for a cnbc interview is rod little. Rod, thank you for phoning in. Obviously you make a lot of other products besides razors, that seems to be one of the pain points what is the deal people just not shaving at home . Yeah. Hi, sara great to be with you today there is some head wind around shaving right now in the work from home environment as people are a little more relaxed. And a little less formal youre seeing less shave incidents happening. That is the case we did have a head wind there. We expect that to abate as things open back up. People back more social, that is the category, returning to normal ultimately before the pandemic hit, we had gone back to flat to slightly positive in shaving which is good. The other portion though of our category story here is sun care. We have banana boat and hawaiian tropic brands we compete with. The sun category brand is down 20 . Thats a big driver for us as well we had good performance with our sun care brands up nearly 400 basis points but you cant overcome a category down 20 . Rod, we have a lower third of the moment that says stubble trouble. I wondered how permanent that stubble trouble could be for you and so many other business lines we talk about permanent shifts whether its in how people spend their money and into the cloud and all that kind of stuff do you think people will come back to shaving . We see sorry we cut out there with he see the head wind there. Its part of the shift weve made with the acquisition we made to participate in the Mens Grooming segment that is growing nicely in double digits we participate in that part of the category today its a prestige premarketous price point. And they fit neatly in between the two of them. So splitting mass and prestige offerings. Its the leading brand as rated by neilson across Mens Grooming so were super excited to have that brand join the portfolio. Its past growing, profitable and there is a lot we like about the acquisition. Anticompetitive than harries which didnt work out last year, rod. Just on the skin care and the sun Care Products that you mentioned. Why did you see such a big drop there from sunscreen people are supposed to be spending more time out side. They are and were seeing that now if you go back to the start of the quarter, back in the ending march and into april and may, it was the peak of the lockdown and people staying at home and in that we saw the category down up to 60 versus the prior year, 60 in some he weeks. It was a weak spring break sunscreen category outcome it was also weak at easter and weak at memorial day people started to get outside more and understand how to be safe outside, we actually seen our sales increase and in the recent weeks, the category increased as weve gone through the year, weve seen it improve. So were confident about the category Going Forward were just not able to make up what we lost early in the season. Do you miss out as well because salons are not seeing heavy foot fall . Do you benefit more from people grooming at home the grooming category actually grew despite, you know, what was happening in the last quarter. There is nice growth in the grooming category. What were seeing is a shift to more e commerce consumption and our share on amazon was up 300 basis points in the quarter. So were doing very well there but the acceleration towards ecommerce direct to consumer has gone a couple years forward versus where we would have been without covid19 i know the wet ones business has been very strong for you as well with the wipes. Were out of time. Thank you for joining us appreciate the time. Yeah. Sara, thank you the sec is investigating kodaks recent stock surge leslie picker has more details remember that pop in kodak shares last week super heavy volume and then the next day they announced a letter of interest from the gost to provide a 765 million loan to produce covid19 related drug ingredients. That caused the stock to surge even more and then amid all of that, several executives were granted options. Some of which had been approved earlier in the year. Now the wall street journal is reporting that the securities and Exchange Commission is investigating the circumstances surrounding that announcement. In a statement to cnbc, a kodak representative says that the company intend to fully cooperate with any potential inquiries. The company at this time has not been in active dialogue with the sec. That is according to a source close to the matter. But one director revealing today that he paired back his ownership by half and donated more than three million shares of kodak to congregation israel. Thank you very much for that one. Going to be an interesting story to see how that investigation pans out weve got 15 minutes left of the session. Were high now on all of the major indices. Were also minutes away from earnings from the likes of disney, beyond meat and nikola well highlight the kethgsy in to watch in the reports as we enter the market zone next hey, kids welcome to camp tonsafun on xfinity its summer camp, but in your living room. 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But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Less than 13 minutes left in the trading day. Were now in the closing bell market zone. All the action going into the close. Mike santoli is here to break down the crucial moments of the trading day. Well it off with the Broader Market were seeing a little strength here in the final 10, 15 minutes of trade the dow is up 116 points dow is the leader in the dow right now. As far as the s p 500, its up about. 2 . We were flat when we started the hour of you got strength in energy, materials, real estate and Consumer Staples the nasdaq hitting an intraday record high. Technology is one of the sectors lower, mike. That is a random assortment of gainers right now in the market. In terms of the actual sector look, it is grab bag i think the theme is the market is absorbing one of the days when most the big tech takes a breather really not a lot of heavy selling pressure but only apple is up among the real big names tip he cannily drive the s p 500. And do you have a subtle outperformance of what you would consider reopening type trades mcdonalds is the biggest consumer people have not considered what it means but it suggests there is focus on the pace of increase in National Cases of covid19 have rolled over a little bit and there is not necessarily a sense that things are worsening at the moment. And just standard mechanical rotation into the laggers as well. Yeah. Reopening cyclicals doing well lindsey, are you surprised to see resilience in the face of a stimulus bill that still hasnt gotten over the line no. I really think that this market remains strongly supported by fed actions. You know, the market knows that the feds got its back and also i do believe that the market is of the mindset that there is going to be a fiscal stimulus bill that will be eventually passed. And in this an election year, it would just behoove congress to really pass that bill, especially with unemployment rates in the double digits so i think that well get something and the market knows that and so the market is continues to feel supported by that shares of amd surged to a record high and surpassed a key milestone today. Josh lipton has details. Remember intel recently reported that production delay impacting the first seven nanometer chips. The team at jeffries is now weighing in saying intels pain could be amds gain here the bull case that amds market share will go from 30 to 50 over the next 12 to 18 months. They increase the price target to 95 amd is on a roll hitting a fresh record high today. It is now doubled its market cap in just four months. Crossing 100 billion today. Even with that massive run, wall street staying bullish of the 37 analysts on the street who cover this name, just two have sell ratings on the stock according to analysts. That particular trend is discussed since intel reported that amd would be a market share beneficiary from it. Clearly, an analyst has ability to push things further still have they tracked things to extremely stretched valuations they remain leadership. It has been at the expense of intel for the most part. So right now amd at 100 billion is about half the market cap of intel. Three or four years ago, intel had about 14 times the market cap of amd so this is really just an extra push to this trend of amd really taking over huge chunks of the market but in general, they have there is a stretch in the sense that theyre pricing in a very strong phase of the cycle here but im no the sure that theyve shown a lot of signs of really being really offsides based on what other sectors are doing, frankly. Of banking on a Global Industrial rebound is what is going on very strong day for that group. We have ten minutes to go. Disney earnings coming right up. Julia is here to give us a preview. Julia . Well, sara, it expected to be a rough quarter for diz by this no movie releases and most of the theme parks closed the entire quarter disneys revenues expected to decline by 39 to 12. 4 billion. The Company Expected to lose 64 cents per share. That is down from a 1. 35 gain the lo is is the first quarterly loss since 1984 h well be watching numbers from disney plus its expected to be a bright spot in the quarter. Were looking for any guidance around bookings at disneys parks for signs of Consumer Optimism back to you. Julia, thank you. Mike santoli, what do you think wall street is most focused on with disney . It used to be espn and then disney plus sort of stole the spotlight. En that and that should be a big area of focus. It will be. There is not a lot the street is in suspense about. I really think that anything that the company can say that gives color to what fiscal 2021 is going to look like, remember, fiscal 2021 starts in october. Thats really when it starts to show that it might be able to come back. Thats at the mercy in terms of what theme parks with do that is the change that is going to be driving their numbers next year so i dont know really if there is one particular Market Segment that were looking for here. It really has been a complete writeoff of two quarters here for disney the last quarter and this one lindsey, clearly there should be a return to normal post vaccine for the theme park business are there long term shifts that might take hold though in the movie business yeah, i mean thats a good question i think that theyre trying to figure that out right now. I think as far as disney goes, its really all about the outlook Going Forward. I think the strong franchises they have and the potential for streaming and business mus businesses Going Forward does make this a company even with also with the strong Balance Sheets still even in the Current Situation one that has long term very good long term prospect we also get numbers from beyond meat, guys, after the bell a read into how americans were consuming plant based protein during the covid19 lockdown we have a preview for us on those numbers. What should we be looking for . Hi, sara. Should be interesting. Investors are looking for top line growth and driving that revenue. Beyond meat had high Profile International partnerships during the quarter and those deals include starbucks china, yum china brands and alibaba backed grocery chain. Beyond also entered brazil investors are taking a look at how that increase spend on growing the business will effect margin ands how the company is dealing with pandemic challenge Food Service Channel restaurants. Back to you. Thank you dont miss the beyond meat ceo on mad money tomorrow night, 6 00 p. M. Eastern time with jim cramer that is ethan brown. Mike, whats the valuation these days for beyond meat and does that tend to matter when it comes to these earnings . 25 times sales. But, you know, the sales have been rising bat 5at about 50 a. A little over 50 , actually. So it matters in the sense that it just tells you how overexcited the market periodically gets about this as a representative of an entire category for many years to come. Its backed off from here. I want to see how big the market can be and how much beyond can exploit. That is always the questions we just get those answers real why any three month increments every quarter. Should just mention were improving as we approach the close. All three of the major indices now higher lets have a look at a five year chart of ford. Announcing a new ceo today theyve been cut in half down some 80 since the late 90s highs ford sales five million cars a year nikola has yet to sell a single car but is valued at 13 billion. That is half of fords market cap. They report earnings in just a few minutes. Phil has a preview for us. I wish i could tell you youre looking for a, b, c, d. Nobody is sure what to expect from nikola. This is the first financials report there is no earnings here. The first Quarterly Financial report from nikola since it was completed and what youre going to be seeing people looking nor is clues about where the business is headed three things that we focused on in the q2 results no revenue, no problem dont expect revenue there wont be any i am not sure that wall street will have a big to do about it they know thats the case. The badger pickup truck. What plans will they announce in terms of where production will take place and will they give any kind of future growth targets for wall street to investors to focus on. Tomorrow morning, you dont want to miss this interview cnbc is talking with the founder and chairman of nikola, Trevor Milton that is an view you dont want to miss tomorrow morning, squawk on the street. Ill be cure why us what they str to say about what they announce today after the bell. Back to you. Yeah. Someone said theyre very good at putting out Business Plans and drawings of future cars two minutes to go in the trading day. What you are seeing . Firm internals. All day, theyre outperforming the index. You had a skew to the Positive Side right now that continues more 21 to the Positive Side the indices get a lift going into the close going take a look at some of the dynamics regarding those reopening plays versus stay at home heres a look at the leisure and entertainment etf. Compared to the online retailing. Can you imagine longer term its not a contest. The i buy is way outperforming today you have a 2 outperformance of that reopening proxy in the pej so that is a little bit of a shift or mechanical rotation as i was saying before. Finally, the vix volatility index, it is doing the right things it is grinding lower were below 24 its withholding a firm verdict on exactly whether this rally can go up and away but its certainly compatible with the market that stays well supported near the multimonth highs. Mike, thank you should mention as well gold up 2. 4 today closing well above 2,000 an ounce. 2,033 oil up 1. 3 . The dollar similar to yesterday, attempted to rebound from the recent weakness. Lost steam throughout the session. Ended down slightly. The ten year treasury note down to 0. 5037. Very low yields. St that slipped throughout the session today. Equity markets though rebounded as we said in the last hour or so the s p 500 up 0. 3 . Dow up 0. 6 . Nasdaq 0. 3 . Energy, materials and staples the best performing sectors. Banks within the cyclicals, disappointing sector, not performing banks down. 5 because of the yields which moved lower at the bell there, were up 0. 3 on the s p 500 0. 56 on the dow 160 points nasdaq, 0. 34 . Lagger today another record close yeah. Fifth straight day new record close welcome back, everyone, to closing bell. Im sara eisen with wilfred frost along with mike santoli. Take a look at how we finished the day. Got a strong close to a directionless day. The dow after the open was lower then it started climbing through the afternoon and then really into the final hour of trade there up 165 on the close. That is about. 6 gain the third positive day in a row. S p 500 is up 2. 25 . The nasdaq was lower just in the final moments of trade there. Popped positive. That meant a record close. There it is, closing into the close. Up. 3 fi fifth straight day pt the nasdaq is the winner. Its up 21. 8 . The russell 2000 closed up. 7 second day in a row. Its down 9 for the year. But it had a pretty decent day to day big interesting names are reporting earnings now, disney to stay at home video gaming stock to two big momentum plays, nikola and beyond meat well have the numbers and instant analysis later, former Charles Schwab ceo on the robin hood trader rush h just how sustainable is it all first, joining us to talk about the market today, lindsey bell is still here from ally invest along with liz young, director of Market Strategy welcome, liz first i turn you to, mike. What turned out to be a strong close . Yeah. Market kind of equates itself relatively well. Without much direction from the mega cap stocks that we talk about so much as being drivers of the Overall Index definitely absorbed a little pullback there also the market is contending with a couple things coming into this week. Not just kind of being at multimonth highs but also august, everyones been talking about it historically it does start a seasonally weak period for stocks and then the dollar relative to other currencies bounced although today, guess when the dollar gave up the gains for the day or started to slide . 2 30 p. M. Eastern. That is basically when the stock market got that final little lift its not all that is going on. It is part of the constellation of asset markets that were contending here. Negative real yields i think everyone assumes were getting a fiscal deal even if it might be underwhelming at some point. Liz young, provided we do get that fiscal deal, do you think that allows the economy to hold together until we get a vaccine at some point next year . I think its a bridge i dont think it will get us to next year. I think the biggest risk is that the market continues to pull forward the expectations of when were going to get this vaccine. When this all started, we were expecting at best to get a vaccine maybe next summer. Now i hear rumbles about later this year, early 2021. So i think he really the risk is about the expectation of when that is actually going to happen and the longer we wait, the bigger that risk becomes stimulus talks are moving and on going but, you know, there is still this big stalemate lindsey how at risk is the economy the extra Unemployment Benefits are gone the moratorium on evictions and foreclosures is over so that warning of the fiscal cliff that we could fall off of, is that going to snap. You know, were in a wait and see mode right now i think the expectation is that the market is going to get that stimulus there may be a few weeks of waiting while we while the folks dont get their extra benefits or we need to watch the data and the Economic Data and to the extent that we get any deep falloff in data, including from the jobs report that were expecting this friday, that could rattle the market for certain. And were also keeping our eye on the High Frequency data like traffic at restaurants or travel in general theres been some stabilization after a bit of a slowdown. So all that weve got to keep our eye on for sure. Of course, one of the big red cards i think for this remainder of the year is theelection im not sure the bond market is speaking in these terms whatever we do get is not going to be a great accelerant to the economy. Its not going to cause growth to really shoot up. One element though is the weakening of the dollar does make it a lot cheaper for Foreign Investors to buy u. S. Treasuries and capture those relatively higher yields thats been a pattern for a while. When they can get that yield advantage because they dont have to spend as much, maybe thats one reason that were keeping a lid on treasury yields i wouldnt be surprised if also the bond market is kind of going to wait for confirmation of some kind of a deal before it decides if its going to be very positive for the economy mike, were getting breaking news on novavax. Meg has the story. Hi. Novavax reporting the phase one results of the covid19 vaccine trial that they ran in australia. This of about 130 healthy adults they are saying that in the trial the vaccine was generally well tolerated and induced an immune response. In every patient they generated neutralizing antibodies against the virus by the second dose youre seeing novavax shares moving they had been down more so theyre coming back now. Remember, novavax is supported by a 1. 6 billion funding award from operation warp speed. And they follow a number of companies from moderna to pfizer to astro citizen ka that already reported their phase one results. Really hard from just looking at the press release theyve put out to compare the results right now. I just want to pivot quickly and hit the disney earnings which are out. Im not sure about the bottom line whether that is comparable. Theyre reporting adjusted eight cents plost. Lets look at the revenue number it comes out on the miss in direct to consumer and international which is meant to be an area of growth and area that could have been well xpit zpooit the current environment that came in at 3. 97 billion. The forecast there is for 4. 6 billion were also seeing a little bit of a miss on the parks experiences and products media and networks came in at expectation. Studio entertainment came in line, 1. 7 billion so that direct to consumer line just a slight miss there just under 4 billion. The forecast, 4. 6 billion which accounted for that revenue miss. Were seeing it move after hours though not too significantly. About 1. 5 lower woehr continuing to build the incredible success of business any plus he also puts a number here he said the global reach of our portfolio of direct to Consumer Services now exceeds an astounding 100 million paid subscriptions which is a big milestone. So that is actually the first quotation from the ceo i think sara is right there in pointing to the fact that they give an aggregate number for the streaming subscribers that really indicates their focus on being able to go direct to consumer. Disney plus ending with 57. 5 million subscribers espn plus, 8. 5 million streaming subscribers. So that is up from just. 4 million in a year ago period i want to point out the covid19 impact it was 3. 5 billion affected but in terms of studio entertainment, there is better than expected results in terms of streaming video on demand so that operating income just decreased by 16 it was expected to decrease more than that. And then there was in ermz of it the bottom line, the Median Networks division benefitted from having the Bottom Line Results benefitted from having lower production costs and lower marketing costs. You saw the segment operating income in the quarter at Cable Networks actually increase 50 broadcasting increased 55 on some of the lower costs. Really interesting here to see where some areas were not as bad as some people anticipated, some savings and then, of course, the heavyweight of covid19 on the Parks Division in particular sara julia, it is interesting. I was looking at that within the media and networks lines despite what you said about lower costs allowing the operating income there perhaps to flatter the top line revenues. Cable networks were soft to broadcasting slight strength in the Cable Networks top line revenue down 10 to 4 billion, so that is a top line miss for the segment that captured espn and the cost saving will only ever abe short term factor. Theyll have to hope that revenue miss comes back in terms of subscribers in due course something definitely to listen to on the call the stock at the moment sarah do down. 6 down. 5 now. Well talk disney in a moment. Lets talk more earnings we have blizzard earnings are out josh lipton . What do you see . Sarah, theyre reporting q2 of 81 cents. Bookings, 2. 08 billion. That is better than the street is looking for consensus is closer to 1. 7 billion q3 bookings of 1. 65 billion. Statement here from the ceo saying well Economic Uncertainty could have an impact on our near term results, the initiatives that drove our growth for the first half of the year should provide the foundation for long term growth. Remember this stock is enjoying a nice run hit a fresh 52week high in todays trade. Back to you. Josh lipton, thank you. Mike, take your pick activision or disney we knew this was going to be a good one the market knew it. The stock has been really in liftoff mode for a while its at a high previous high is late 2018. It confirms the strength we know theyre in a sweet spot. Disney, i think first blush there is disappointment on the subnumber. Some forecasts were higher than 57. 5 million. Certainly there is sensitivity about the pacing of net ads in it disney plus subscribers given the fact it would seem everything is going right in terms of stay at home and Everything Else for new subs in that area. Otherwise, i dont think this is a radical reaction to what they showed us in the quarter its still a wait and see story. The cost savings did allow a decent beat on the bottom line will eight cents adjusted compared to estimates for 64 cents loss of course, the question will be whether the cost savings are sustainable. The bottom line beat explaining why shares recovered a little bit from the initial move of 2 , 3 lower wynn earnings are out. We have those now. Revenues declined 95 from the Second Quarter last year coming in at 85. 7 million compared to estimates of 212 million. Earnings come in with a loss of 5. 97 a share, rather 6. 14 a share versus the 4. 98 consensus estimate this is what analysts look at in this industry. Again this one is rough. The they expected the quarter to be a bust. But still, were seeing that wynn has not had a real ram notary publ p i business since february. On this call, were going to listen closely for information on how july is doing what is this outlook for august . And we should get some insight into how ceo matt mad dox is juggling a severe cash crunch and living up on this family to build as can you see the stock is off 1 in extended trading. Thank you very much for that one. Nikola earnings are out or the news release, we should call it. Phil and were seeing nikola reported adjusted loss of 16 cents a share. Hard to say that there was a consensus. Estimates were all over the street most were saying, look, we expect them to have a loss of 13 or 14 cents a share. Thats why youre not seeing a lot of reaectiction. The real nauz is going to drive this stock higher or lower is going to come during the web cast welling on it and let you no he what they have to say in terms of any metric that people can say, okay, we know what theyre planning whether its for their Hydrogen Fuel cell semis in europe or the badger electric pickup truck that starts in 15 minutes. Back to you. Thank you so much to saras point, a new drawings released or designs, no doubt, can move the share price significantly. Business plans. Phil, thank you very much for that one pivoting about a being to some of the movers after hours. Again on the disney point. Bottom line beat and i guess that is worth mentioning because of our endless discussions about pe multiples and how disney stacks up versus the netflix of this world. Theres no doubt about that the questionis for Something Like disney, when you essentially halted all film and tv production, the costs go down that is just not something you can build into next years numbers hopefully. One thing to consider with disney is they have a ton of debt now the there was renewed debt issuance this year when they wanted to make sure they had enough cash to make it through this period. Its a rich multiple if you look at enterprise value. I think that there is less room to maneuver than there used to be for disney. But they seem to be, you know, managing what they have under their control reasonably well. Disney is up 2. 25 after hours. I know you cant talk specific stocks do you think there is enough to be excited about in the direct to consumer and disney plus world . I think first and foremost, if we look at the communication side of this company and this industry, there should have been a good amount of tail wind to support Revenue Growth and as has been pointed out a couple times, they managed to preserve margins because they cut costs which is great that they got ahead of it and able to have that flexibility. But not just disney. A lot of other companies did the same they cut cost to support their margins. A lot of times you have to spend money to make money. If companies are looking to grow, that cost cutting is a thing of the past and they need the revenue support to make up for it in the third and fourth quarter, we really need the top line to come back. Investors are going to scrutinize that much more closely than they are with the Second Quarter earnings season because the expectations are just so low here i dont know that there are a lot of stocks that are going to get punished for the minor misses liz and lindsey, thank you both for joining us. Up next, more on disneys quarter. The stock dropped when it first reported numbers but it is now up a couple percent. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. Welcome back beyond meat earnings are just out. We have the numbers. Hi there. Thats right it is a handy beat on the top line beyond reporting revenues of 113. 3 million. Estimates were for 99. 7 million. Thats up 69 year over year on the bottom line eps is a loss of 16 cents. We dont have an apples to apples Reference Point for that. Gross margins, another important number for analysts. 29 , 29. 7 of net revenues thats down from 33. 8 a year ago. We did talk to ethan brown he tells us part of the reason for this is that the company made a decision to move over some of the products from the pandemic challenged Food Service Channel to retail which has been booming. We have to make a decision do we want to sit and weather this and potentially take a step back in the growth trajectory or go towards the Retail Sector even if it curved more expensive in doing so and, in if fact, retail channel net revenues, it says, up 192 year over year driven by higher household penetration and increased average spending for household brown also talked about pricing. The company cut prices in order to compete for traditional meet customers in the wake of the pandemic related meat shortages. Beyond meat debuted the value packs at target and Walmart Stores and of that, brown says, youll see us to continue to push pricing we believe that through the continued maturity of our supply chain particularly around the protein costs, a lot more protein flies splooiz are coming into the market as well as our own growth operation our operations in the u. S. And globally well continue to monitor the release and the call again at 4 30 eastern and well report back on you for that for beyond meat back to you. Thank you for that. Down 4 or 5 in after hours shares of disney moving higher after reporting the q3 earnings the company also says they now ha 57. 5 million subscribers for disney plus. We have two analysts joining us. Thank you for joining us ill come you to on call numbers first. Shares moved down. Then up. What is your key take away yeah. So it was a beat on the quarter. As you mentioned, margins were high her so thats one thing were looking for. If it was mainly driven by sports rights. So then the September Quarter then picked back up. Were also looking for common takery on the call on disney plus subscribers wet have the 100 million aggregate subscribers and how they paced after the quarters end. Notably because hamilton came out in the beginning of july july 3rd. Jim stewart, what is take on disney plus, how its doing from the launch and where it sits against the competitors . Well, its obviously a key element to the disney future because a lot of the things about the earnings are, you know, specific to the pandemic and they are going to go away. But disney plus is their decades Long Investment in the future of the company. Im hearing that there is a lot of subscriber growth in july you know, again, they had hamilton and they had beyonce concert video. A lot of adults are moving towards it i think theyve got all the families with kids so i love to hear them address that issue in addition to the shear numbers. Adult growth is ultimately going to vastly expand the Addressable Market talk us to about that cable number it sort of sums up their headline number for the entire business which is that a beat on the bottom line but a miss on the top line what does that imply for the rest of the year yeah, certainly core cutting is something that were laser focused on it is going to be accelerating during the pandemic. Thats why the top line expecttations are what matters seen when i was mentioning before about sports cost, the nba and mlb were not happening, they are apg September Quarter thats why when they give the puts and takes about what is happening next quarter from the two and the September Quarter. I want to know more about the espn situation studio entertainment, thats going to come back when there is a vaccine. Honestly, they did a little better than i expected i thought there would be more cord cutting this quarter. And even lower revenue than there is and the danger is that some of those people may never come back ultimately, do they have to move espn to direct to consumer i think most people think long term theyre going to have to find a way of making that tradition meanwhile, theyre trying to build the cable model. I would like to hear him address the dynamics of the cable strategy and subscriber status and ad status for espn i just want to hear how many people are going to disney world and what that experience is like bernie and jim, thank you. Always good to talk to you both. Likewise. Up next, she reinvented retail at the Home Shopping network, now another massive disruption in in ecommerce. Mindy grossman is at the head of Weight Watchers and shep joins us to talk about that next bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Ncht walmart planned to laufrnl a new Subscription Service that will cost walmart plus a direct competitor to amazon. Now recode is reporting theyre delaying that launch of that service again which would provide discounts and perks. The stock is down 1. 5 after hours. It was initially planned for march or april then pushed to july. Now theyre learning again that it is going to be pushed back unclear, they say, whether it will be a National Launch or regional launch. Clearly, trying to catch up here with amazon. There are so many pluses walmart plus, disney plus. Shares of ww are falling about 4 or 5 in after hours trade. 4. 2 the Company Released the q2 earnings joining us in a first on cnbc interview, mindy grossman. Revenues were a slight miss. Some of the decent subscriber numbers particularly online subscriber numbers mindy, thank you for joining us. Talk us through what stands out for you in the numbers i guess youre policed by the on line numbers sure. Great to be here we ended q2 with five million subscribers which was up 9 year over year. And a record level for the end of q2 and importantly, virtually unchanged from our typical seasonal peak which occurs at the end of q1 that is really driven by growth in Digital Subscribers and all time high up 23 which was incredibly strong. And what that also related to was gross margin, adjusted gross margin of 6 o 3erz which really talks to the strength of the bijtal model we had studio closures but able to move all our workshops to virtual so we ended with very high retention at over 10 months so the combination of that really talks to we have been working towards a shift to this deeply Impactful Technology experience company way before march 2020 but there is no doubt that our Digital Transformation accelerated with the on set of covid19 and that is evident in the strong Second Quarter results, notwithstanding some of the pressure on studio what do you from consumers, mindy . Theyre willingness to spend on Something Like this and what theyre eating habits and lifestyle habits have been it is really interesting. Weve seen fluctuations during this period. St you know, in the beginning it was kind of everybody locked down and now you really see people sitting back and saying i need to get healthy i need to do something for myself i need to lose weight. And were seeing higher engagement year on year in things like food tracking, fitness, we integrated video fitness with fit on and were seeing very high utilization were also seeing because a lot of the growth is am coming from digital members that 51 of the members signing up are under 45. So as a whole, were seeing a diverse cohort coming into the brand and the business which is what weve been working towards. And that engagement increase is really very important because that is directly related to both retention as well as member success. And we do see behavior in real time so were able to virtual workshops as well as our connect platform really understand what is motivating people to join and it really is this sense that given covid19 and the environment, what my wellness is no longer a luxury it its a very core necessity of what i need to do. Oprah winfrey still fully involved oprah is fantastic. The we had had a four week virtual tour with her after we had had already completed the arena tour, the nine studio arena tour we had 3. 5 Million People join us on that tour. We made it free to everyone globally because its really what people need right now and so were working closely on future content plans with her. But now more than ever, she feels she can help people lead better lives mindy grossman, thank you for the update fresh off the earnings thank you we appreciate it. Ww international ceo still ahead, shares of beyond meat are sinking after reporting lbrk wnhamo ago wel eado tt ve with an expert 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. The wall street journal is reporting that the u. S. And china have agreed to hold high level trade talks on august a15th where theyll be discussing beijings compliance with the phase one trade deal that was reached in the middle of january we have reached out to our sources as well as the white house and the u. S. Trade Representatives Office to try to get more details and confirm this reporting what we do know is the phase one trade deal did include a mechanism by which there would be an official semiannual dialogue between the two sides where they would be assessing the deal and the compliance of both sides it would appear that this meeting is that meeting that is codified in a deal and not one that was separately requested by china. But were efforting more details on that front and this is according to taccord wall street journal at this time thank you, let us know if you hear anything. Shares of beyond meat are tumbling right now after reporting a loss of 16 cents a share. Joining us for more is kate cox, editor of the counter of Food Industry news outlook, an outlet mike is also with us just quickly, mike, as far as the results, looks like obviously the Retail Revenue is a huge driver in the u. S up 194 . Food service got hit as was reported earlier, they made moves to shift some of that inventory from the lost business that food service into retail. What do you think investors are zeroing in on . I guess, you know, whether in fact that shift is going to be one that is a solution for the next couple of quarters. Also, i mean, it seemed as if the cash flow production was about what it was in the past in terms of margins there wasnt a tremendous hit that also showing not a lot of kind of leverage in the Business Model just yet so revenues coming in. Something like 14 better than expected you would imagine it would have been a little more reassuring than the stock is indicating right now kate, is it better to have exposure to restaurants or to retail i know they have both. I guess were seeing a little bit of what the tilt is overall. Might be bad for the current environment but good for the long term. Yeah. You know, its really its luck of the draw right now i almost say you cant really make a strategic decision at the moment whatever market youre exposed to is the market that will go with the next wave the if we talked about this last year, which we did, there was sort of a space between the two competitors impossible foods which makes the impossiblebur r burger and beyond meat and at the end of last year, beyond meat made some real strides in landing serious franchising contracts so it was Dunkin Donuts, i was starbucks. And it looked like they were going to come out ahead. It just happened that the restaurant sector took the big hit in april and may and thats what i think were seeing although the tumble is a little more than i expected. I dont necessarily think were looking at a big, you know, a big dent in beyonds market share. Or its foothold i think right now they have a lot of Brand Recognition they have Brand Recognition prior. And even if Dunkin Donuts and starbucks hasnt bounced back in the way we thought it might post pandemic which is not where were at yet, theyre still in retail theyre still in grocery and that wasnt a market that impossible penetrated fully prior to the pandemic. Theyre still competitive. Kate, i want to ask you clearly retail worked for them, right . They proved themselves through this pandemic as so many other of the staple brands did just wondering what you think is next for this category i think theyre going to stick it out in retail i think that i dont know that there is a lot more to say about plantbased protein at the moment right now it seems to me the name of the game is can you survive supply chain logistic problems and can you build a stable enough workforce to survive viral spread in your facilities honestly, that seems like the name of the game for the moment. Theyll probably then do the next thing which is to develop other products but expansion seems besides the point at the moment until we see where the next market is stabilizing. Kate, thanks so much for joining us down 7. 5 in after hours trade for beyond up next, we get more on all the big earnings movers. Nikola is down 7 . Disney is higher by 0. 6 wynn is higher well be talking to former schwab ceo David Pottruck. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. Andsnhu lets you transferns. Up to 90 credits [announcer] if youve tried college but never finished, toward your bachelors degree. [woman] it doesnt matter how old you are, you can do it. You can finish. [announcer] finish your degree at snhu. Edu. 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. Lack back. Novavax shares are plunging after receiving vaccine trial news we have details. Meg . Hi. People are trying to parse through these data from novavax now focusing in on whether there was a strong t cell response thats one arm of the immune system some questioning whether that will be strong enough. Also, focusing in on what were eight severe adverse events. Although, were not clear exactly what those safety concerns were. In a news article, they are reporting that these patients or participants were potentially hospitalized although we just dont know exactly the severity. We havent seen the full data set from novavax they we they were going to post the slide at 4 30. I havent been able to hold them and theyre holding a Conference Call at 5 00 tonight with investors. There are a ton of questions about these things, guys the press release really saying, well tolerated and strong immune response particularly on the neutralizing antibody data but as investors are parsing through the data, raising some questions about them that they will pose to the Management Team at 5 00. Sara, youre seeing novavax down 17 . They were down 30 as people were dealing with the data we should remind folks this is one of the Smaller Companies in this race in a very volatile stock. So you do see these kinds of reactions on these headlines we have to remind everybody, there is a very long way to go through Clinical Trials that are much bigger to ensure the safety of these vaccines. And those will be the answer thats really tell us if these vaccines work and if theyre safe guys meg, thank you. Time for a cnbc update sue herrera has it hello, everybody of heres whats happening some dramatic shots of the storm damage are coming in the side of a church has been ripped off in norfolk, virginia. In suffolk, virginia, two tornado damaged buildings and blew out windows the Tropical Storm has moved inland to the northwest of new york city. But still has sustained winds at 65 miles per hour. A former Michigan State gymnastics coach has been sentenced to sentence to 90 days of jail. They was found guilty about lying about what she knew of dr. Larry nassers sexual abuse of students and olympic gymnasts. Forget striking gold this miner found huge gemstone thats hernd him millions there he s receiving a 2 million check for a 14 pound piece of tanzanite, one of the worlds rarest gemstones he had a previous find which weighed in at 20 pounds and that one was said to be the biggest of its kind ever found youre up to date. That is the news update this hour sara, back to you good for him. Sue, thank you up next, behind genzs investment habits. Well talk to David Pottruck about how mill enyalz are investing. Or could things go a different way . I wanted to help protect myself. My doctor recommended eliquis. Eliquis is proven to treat and help prevent another dvt or pe blood clot. Almost 98 percent of patients on eliquis didnt experience another. And eliquis has significantly less major bleeding than the standard treatment. Eliquis is fdaapproved and has both. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily and it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Whats around the corner could be worth waiting for. Ask your doctor about eliquis. Whats around the corner could be worth waiting for. We did it c crowd cheering [narrator] wherever you start, snhu is where you can finish. crowd clapping crowd cheering here we go. [narrator] and its it. [group] yay [narrator] you did it, high five Southern New Hampshire university. [man] that gets a hug. laughing look at that masters degree, i did it i did this for my children. I am very proud of myself. [narrator] finish your degree at snhu. Edu. Welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Hi, julia. Big news in disneys theatrical Movie Distribution strategy, the Company Announcing its going to be distributing move on, releasing it direct to consumers who are disney plus subscribers on september 4th if they pay an additional 30 disney plus subscribers have the option of paying an additional 30 to watch move on on september 4th. Thats the same time theyre going to be putting it in some theaters a dramatic move here to get mulan into the hands of consumers. Another bit of news from disney. The company will be launching an International Direct to consumer general entertainment offering under the star brand in 2021 thats really making use of an app that it acquired as part of the fox acquisition. Another streaming strategy launching in 2021 trying to build on that direct to consumer relationship stock up 4. 6 after hours julia, thank you 2020 has seen a huge explosion in retail trading from everyday investors joining us to talk about how sustainable this trend is is Charles Schwab david, thanks for joining us what do you make of this frenzy of retail trading activity and just how sustainable it is. I think its very sustainable. I believe these kind of markets attract Retail Investors who both are investors and speculatorings you have both types of investors in the marketplace if markets are just flat orr trending very slowly, we dont get a lot of speculative action. These markets create more speculative action, which is driving the great rise in Retail Investors. To what extent did their early trades need to be successful for them to be longterm, active, engaged traders . I think its really important, because otherwise theyd run out of money. A lot of these Retail Investors dont have deep pockets. We saw this years and years ago at schwab where investors had relatively thin portfolios and they ended up investing until they couldnt invest anymore that usually happened when they lost their money hence, schwabs Movement Toward mutual funds and etfs and more managed portfolios for all kinds of investors what exactly are you doing for investors at magnify, and how is it different for what you did in terms of democratizing all investors at schwab . At schwab we democratized assets to a huge range of asset changes. Magnify is using natural language search to make it possible to find exactly the fund, the etf, the sma, whatever it is youre looking for we allow you to find that. Lets say you want an emerging market fund with low volatility or you want a hightech fund that specializes in Artificial Intelligence how would you even find those kinds of products today . Magnify enables that type of search the power of natural language search is extraordinary. David, pivoting back to schwab and its peers, initially a year or two ago when robinhood entered the market and was offering Commission Free trades, it was assumed that was a bad thing for the legacy players as we look at the marketplace today, do you think this has been a net positive for the likes of schwab in that the bigger players ultimately will get through the price war and end up with a bigger share i think so. I think the move toward zero Commission Trading is what created the opportunity for consolidation in the industry. Schwab, as you all know, is an extraordinarily wellrun firm. And the combination of schwab and ameritrade is a killer combination that is very competitive. Now, the industry is still competitive with fidelity and etrade and other firms and the robinhoods of the world, but i believe this kind of cons consolidation strengthens those who have the scale to execute well on top of this trend. David, thank you so much for joining us my pleasure up next, its been a busy after Hours Earnings season. Well break down the biggest movers when we return. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Busy after hours session here for earnings as we look to tomorrows session disney shares are higher after hours. That could be a dow driver tomorrow executives talking a lot about disney plus, the numbers, 60. 5 million as of yesterday, releasing mulanc et cetera what are you watching . Beyond meat is down sharply. Nikola is down sharply no novavax is all over the place. It was down this hour more than 20 . That 60. 5 million subscribers for disney plus i think is what turned things around thats a great rate of increase just since the Quarter Ended this decision to put mulan on disney plus. I think it hangs in there from day to day, sometimes relying on those big Growth Stocks and sometimes pivoting back to the rest of the field which is a more cyclical. I dont know that were looking so much at data. Were getting close to a point, i think, when the market is going to want to see a little more of a clear path to this next fiscal package getting done. The tenyear closing at ing significant concerns out there. Its the everything rally because dollar is down yes, i do think it shows theres an undercurrent of caution even as the stock market is up on the s p just about 3 . Disney is higher after hours by about 4 . Much more analysis still to come fast money starts right now. Im melissa lee. This is fast money. Guy adami, tim seymour, dan nathan and Chris Verrone a pair of retailers, target and costco going to all new highs. Chris verrone and whats got him feeling so bullish disney shares going positive after officially dropping on the results. Julia . Lower tha