Transcripts For FBC Making Money With Charles Payne 20240712

They have a plan to remake america, im going to go in depth with the fascinating story of one familys efforts to escape socialism. Its a cautionary tale for your family. All that and so much more on making money. Charles one hour to go before the closing bell. It looks like it is a story thats interesting because before the open, it looked like it was going to be a down day for the market, right . The tenyear yield was breaking down bigtime. Anxieties about a slowing economy of course were being talked up. The coronavirus cases continue to mount up. Drug Company Gilead reported more success with its covid19 treatment remdesivir that immediately turned things around. Potential vaccines. Even with cases rising each day, elected officials making judgments, i think the factor has not factored in the notion that the states will ever go back to fully locking down. It looks like the market sees two choices, treatment or vaccine or over time herd immunity. Thats keeping a floor under this market. I want to bring in our guest, rob luna. We know about the federal reserve, all the work theyve done and might do, despite the fact that we have seen hot spots, i think the markets believe there wont be a National Lockdown and were going to get a vaccine or herd immunity, whether you believe it or not, thats helping the market hold up thats exactly what it is, charles. Like you said, the fed is continuing to be accommodative here. When you look at the ten year we saw it breaking down this morning. Investors arent getting anything there, and i think whats interesting youre starting to see as we got that information out of gilead, were seeing that reopening trade. Look at these laggards. Your know the dividend aristocrat index down 11 year to date, charles. Nasdaq up 20 something percent. 30 differential this morning. Thats where i put my money in the names like pfizer, a name like cocacola, some of those big dividend stocks. Thats where the money is moving today, and i think youve got to pay that balance. The question is how long does that last . How long does money flow in there . Or are we going to be right back to the zooms tomorrow . Charles i like your thinking. If the markets open tomorrow, i would be playing it as well, rob. I do want to say were going to talk about the reemergence perhaps of the value trade. In the meantime, lets talk about these high fliers because this morning, citi raised its target on amazon. Now they are 3550 from 2700. Rosenblatt saying 500 from 400 thats the highest on the street so far. Goldman raising target on netflix from 670 to 540. Obviously wall street is still chasing these names. Yeah because wall street telling everyone like goldman saying sit on cash month month and a half ago, now the names have popped, 30, 40 percent, the names you have been talking about all of a sudden they are on the bandwagon. I would be a little cautious like nvidia, that surpassed the market cap of intel today. We have seen that in the past. That happened before with some of the names like texas instruments, qualcomm. We have seen what happened there. Thats a commodity. Netflix a little bit scary here. Amazon though i think look charles i have been talking about this stock for years on any pullback, youve got to get into a name like that. But right here you might want to sit on your hands for a minute. Charles the second half of the year, its early but a couple weeks into it is different than the first six months. I think one of the things is that the broad market is still marking time really waiting for clarity out of washington, d. C. About this next round of stimulus. Im going to go on the record. I think it will be about 1. 5 trillion dollars, especially when you see the recent increases of folks who are getting pandemic Unemployment Benefits. Mean were talking about independent contractors, normally shut out of the regular unemployment process. How big does it need to be to get wall street excited . It played a role in the rally. Pence was talking something about a trillion. I think your number is probably more in line. Right about 2 trillion right now. Like you said, look, the government here in california we have talked about this before, putting restrictions on businesses. As long as the government continues to keep people locked down, theyre going to have to accept up, and step up, i think 1 trillion that pence is talking about is not enough, i think 1. 5 and maybe eventually approaching 2. It needs to be more targeted this time. I had clients who said they couldnt get people back to work because theyre making more in unemployment. Lets be a little bit smarter about it. Charles real quick, less than a minute, though. We talked about the special purpose acquisition companies. Individual investors, millennial investors love them. They have been rocking, a couple of new names, spaq up there, lca in the mix, do you like any of these names even for a trade . Yeah, i mean, look we talked about trading maybe for a trade, you might want to play that, look at the technicals but longterm you tend to see these get popular at tops of markets when theres a lot of liquidity. I think thats where it is right now. I personally stay clear of those, but if you want to take them for a trade, look at the technicals on those. Charles i like the idea of buying blue chip names, fat dividends, good risk reward. Have a great weekend. You too. Charles breaking news. More fallout for tiktok in a memo amazon telling employees to remove the video sharing app from their mobile devices immediately over quote security risk. If they dont, employees will not be able to access their amazon email. Now, earlier in the morning, expert video game player social media superstar tyler ninja blevin said he would delete tiktok from his account also over security concerns. Stunning revelation for you, the Roman Catholic church received at least 1. 4 billion dollars in taxpayer backed ppp loans, an analysis from ap. They actually say that the church could eventually total more than 3. 5 billion dollars. Thats something that we have been warned about. A congressman is joining us now. When we heard about 1. 4 billion [inaudible] you kind of said i told you so. I think this is short of shocking. Sort of shocking. Maybe the Roman Catholic church got 3 1 2 billion dollars. Kanye west got a lot of money. Rock bands got money. Still im saying to you, i think it is a mistake if congress waits too long for that next round. Dont leave out the congressmen. They got money. The Democratic Party in ohio got money. Planned parenthood got money. It is a long list of people who got money. I dont think we should do another stimulus slash bailout. Look, kentucky unemployment is at 47 right now, 47 . How do you have a v shaped recovery if you keep paying people to stay home . So i think it is dangerous. Charles yesterday we got initial jobless claims and kind of lost in there is this new claim, right, the pandemic Unemployment Benefits, and over the last five weeks, they have really started to climb. Were talking about 14 Million People have pandemic unemployment assistance. The numbers climbing. It is climbing in states that we have seen a reemergence of coronavirus, at least higher case loads. I just dont know that you can have over 30 million americans getting some form of Unemployment Benefits and say we should put another jolt into the economy. I agree, you dont want to pay 600 bucks on top of this for people to stay at home, but theres got to be something that nudges the economy back in the right direction, or do you think were on pace to do it already . I think its were in big trouble if we spend another trillion dollars. Look, thats going straight on to the debt, and if some day we pay 5 on a trillion dollars, thats 50 billion dollars a year from here to eternity. Thats the whole highway trust fund. You say congressman we dont pay 5 , we pay 2 1 2 for the federal government, okay 2 1 2 interest on a trillion dollars debt is the whole nasa budget, 25 billion from here to e earnty. Eternity. This is a problem of spending another trillion dollars. I dont think we should do it. If we spend 600 every two weeks for people to stay home, the democrats would love that. They want the economy shut down till november. I think it is bad for the economy and republican reelections and bad for our children and grandchildren because of the interest just the interest alone on this let alone 3,000 in principle for every man, woman and child is what a trillion dollars is. Charles right. This week we saw i think a 30year bond with almost nothing in interest. They sold 29 billion of those. On thursday i think they sold 30 billion of those tenyear bonds. Theres like maybe half a percent interest on that. Corporations have raised trillions of dollars of these low Interest Rates. Does it make any sense for the u. S. Government to take advantage of them as well if applied properly to try to again spark the economy . Im with you about the future, but weve got to live today as well. Right. Thats a great interest rate. You know, thats how much we pay the Social Security trust fund when we take money out of there to float these exorbitant bills. So, you know, low Interest Rates are good in a certain part of the economy, but for seniors and Pension Funds and retirements, when theyre only getting half a percent on those bonds, thats why theyre going bankrupt. Charles all right. Congressman, you stick to your principles and your guns. Thats why im glad you came on to talk about the other side of this. Thank you very much, sir. Have a great weekend. Thanks, charles, you too. Charles hey, im settling an argument once and for all. While capitalism could use some tweaks, i would never argue that. It will always better for humanity than socialism. A ceo compliments President Trump and the left loses its mind, but his response to the boycott calls is why im calling him one of my winners of the week. Find out who else made the cut. We will be right back. Vin, did o is now offering an extra 15 percent credit on car and motorcycle policies . Ok . Thats 15 percent on top of what geico could already save you. So what are you waiting for . Dj khaled to be your motivational coach . Yo devin remember to brush in a circle motion. Thank you. Dj. Khaled. Tiny circles, devin. Do another one. Another one. Is this good . Put in that work, devin. Dont give up. Geico. Save an extra 15 when you switch by october 7th. Save an extra 15 yeah. This movingtch thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Charles former Vice President and Presumptive Democratic president ial nominee biden releasing two plans to the public yesterday. One was a 15 page America First like initiatives that were not impressive or even new. Sort of like checking a box without any real thought or imagination. Now biden talked about higher taxes and took a shot at amazon saying that that company does not pay any taxes. The company does pay taxes but more importantly they generate Economic Opportunities for a lot of americans and the ability for people to buy and sell goods on their platform has been an economic boom to many many folks, also the number of jobs at amazon is limp amazing. Is simply amazing. Maybe joe biden thinks theres 17,000 employees like there was in 07, but now the company has 798,000 workers and theres no way they could created those jobs with the punitive tax and redistribution plans biden has in mind. Business investment, last year amazon, microsoft, cookle invest googed invested almost 74 billion dollars in capital expenditures. Google. Finally, the thing is, big businesses already taking the notion of a stake holder approach to business. They outlined it last year at the business roundtable. Now my concern is the left will take common sense adjustments to a system based on profits at any price to one based on no profits at all but redistribution. In other words, socialism. He will not use those words but the second plan biden released yesterday was 110 pages of changes designed to appease Bernie Sanders and the aoc crowd. It is amazing to me with all the historic example of socialism failing it continues to be romanticized in this country to the point it will be a major part of the democrat platform in november. Last night my wife and i watched a movie called balloon, a german movie about a familys attempt to escape east jgermany in 1979. They failed the first time. It became a race against the clock for a second successful attempt. After the credits rolled, i was curious about whatever happened to them, i discovered once the wall came down about a decade later, they returned to the same home they fled. The moral of the story is that socialism crushed the spirits and dreams of working people to the point where they actually risked their lives of their own children to escape the country that they otherwise obviously loved. Joe bidens misguided promises will with the far left compromises with the far left taking him further away from where most americans are on these critical issues. Also coming up folks, the ceo of goya dared to praise President Trump amid backlash and well its swift and severe. We have got the details on the cancelled goya movement right after the break. Sarah for a while ive had like a, kind of negative self image. There was like this contrast between like the way that i was thinking about my personality and the way that i was thinking about my body. With noom, i was able to learn how to interrupt those habits and create new ones. So my goal was 35 pounds and ive lost about 30 pounds now. So. Ive never been this confident in my body. My name is sara and i changed my life with noom. Visit noom. Com and lose the weight for good. Charles former Vice President joe biden making a risky shift on his police stance saying that some funding should, quote, absolutely be redirected amid calls from some in his party to actually defund the police. His campaign has said that in the past he does not support that. Want to bring in a spokeswoman Liz Harrington for more. Liz, the last couple of days it feels like joe biden is trying to parse words, and hes got obviously a track record on things, but hes trying to appease the Bernie Sanders aoc wing, and i dont know, its a pretty tough needle to thread. Well, joe biden and nancy pelosi are unable and unwilling to denounce the radical left wing mob because its their voter base and just like nancy pelosi says people will do what they do when they tear down statues of abolitionists in ang angry mob joe biden says yes we will defund the police. Whats happening in new york city right now, same with the central plan they put out yesterday in Bernie Sanders eliminating cash bail look at the crimes in new york city, up 130 from last year thats what you get with the democrat policies and joe biden has shown he has embraced this lawlessness and will allow it to continue if he ever gets into the white hi house. Charles and you know, weve known politics sometimes people appease the far side of their party and then try to go back to the middle. On this police issue, in particular, a pew poll showing that most people want Police Funding to stay where it is or actually to increase, not decrease, certainly not to be defunded. I think hes going down a very dangerous path here. Absolutely, and hes shown that hes not going to the middle whatsoever. This so called unity plan where joe biden yesterday said that hes united the party, well the Democrat Party has united behind socialism. It is a central plan that makes clear that democrats, they dont just want to cancel your free speech, they want to cancel your tax cut. They want to cancel your kids School Choice voucher. They want to cancel your private healthcare plan, cancel your safety, cancel the American Dream and cancel the v shaped recovery under President Trump thats already underway. It would absolutely destroy opportunity in this country, and its just a completely radical plan that would fundamentally transform the country like joe biden promised. Charles you know whats interesting of course is he had a 15 page economic plan and then his plan with these policies that he had with biden was 110 pages, you mentioned unity, unity within the Democratic Party, not within the nation, because bernie gave him a pretty good run for the money. You mentioned other areas, healthcare, climate change, education, immigration, i mean, hes talking about some dramatic reversals not just of President Trumps policies but on things that weve kind of done in this country for a long time. It is so radical it would remove our borders, completely open borders, make the entire nation a sanctuary country. Again, it eliminates cash bail which we have seen the devastating outcomes in these democrat run cities. There would be absolutely mayhem and there would be no opportunity, and theyve taken what Ocasio Cortezs Green New Deal that she introduced, theyre retrofitting on the buildings, they removed the references to the farting cows. Thats the only difference. Charles yeah i read something this week that the Green New Deal meets the swamp and it got more menacing, like godzilla getting a jolt of radiation. Liz, thank you very much, have a great weekend. You too. Charles goya foods facing swift backlash after the ceo praised President Trump at a white house event yesterday, hashtags calling for boycott are now trending on social media. Gerri willis joins us with more. Hey, charles, thats right. Goya, the nations largest hispanicowned food company enduring criticism here, also calls for a boycott after its chief executive, well, he said some really nice things about the president. He praised on President Trump. 24 hours later, hes not backing down. This call for a boycott, theres so many people for our company against the boycott and for our company. The it is a reflection of the division that exists today in our country. Unanue also compared whats being said about him and his company to suppression of speech. He was also one of the Business Leaders on hand as the president yesterday signed that hispanic prosperity initiative, meant to improve access by hispanic americans to educational and Economic Opportunities, but the backlash on twitter, see the Hashtag Boycott goya and go away. It is hard to say, but it says bringing together go away and goya. Julian castro tweeted this goya foods has been a staple of so many households for generations now their ceo praising a president who maliciously attacks latinos for political gain. Americans should think twice he says before buying their product. Of course many latinos feel trump has been antilatino. They believe some that after he called mexicans coming into the country illegally criminals and rapists. That wasnt a good thing or separating families at the border. As i toss it back to you, you should know that goya is donating a million cans of chick peas and one Million Pounds of food to u. S. Food banks. Charles . Charles gerri, thank you very much. Thats what goya has done for a long time. In fact, it brings me to my first winner of the week. I have to go back to the goya ceo. You know, despite Harsh Criticism and of course this growing social media backlash, he says hes not going to apologize for praising President Trump, and i want to bring in on this discussion District Media president beverly hallberg. You know, beverly, the quintessential american story, the father comes here with the mom in the early 30s, they go first to puerto rico and open a small store, becomes number one Hispanic Company business in america, 4,000 employees, 26 facilities, donate to 300 charities, president obama praised them. They did work with michelle obama. I think it is an unmitigated shame that they would be targeted like this. I think it is not just the praise of trump. If you go to their website, they talk about our story, and they say family and achieving the American Dream. They talk about hispanic family being able to achieve and attain the American Dream. Julian castro and some of these other folks keep saying that you cant. Yeah, and one of the things that the ceo said yesterday when he was at that press conference, he said that he appreciated that this president cared about building, so you just went through the history of this company, and i give this man a lot of props today for refusing to apologize, for refusing to cave to the woke mobs that think Corporate Leaders must bend to the liberal ideology. So i think hes done the smart thing, and one thing that he did say as well, he said look, if i wassen vited by obama if i was invited by obama, which i was, being invited by trump, this is about the honor of being invited to the white house. The president of the United States has invited me. This isnt a about politics. It is about him appreciating the American Dream and it is a shame people are trying to tear that down. Charles my other winner of the week, you know, people have been sheltering in place, been working from home because of the coronavirus, doing school from home, its really helped to the point where after the first quarter, Industry Insider said it was going to be dead, 53 Million Units shipped worldwide, almost 80 million in the second quarter, so beverly, the pc is back. The laptop is back. I think thats great news. Before you opine on that, let me just toss in my loser as well. And unfortunately, it is tyson foods. Now, listen, we know they are the biggest u. S. Meat company and have had some issues, but they are going to turn to robot butchers. Yeah, robot butchers. The company 122,000 employees help them churn out the chicken, beef, pork we consume in this country. They want to speed everything up. I think they are using the cover of the covid crisis. I feel really bad for those workers because im not sure if the company is going to retrain them as they are building their own robot system. Whats your thoughts, beverly . Whether it is the pc or whether it is robots for this type of technology, were seeing that technology is the winner right now. Thats what people are turning to. Now, for tyson, in the past we have talked about robots as far as it being cheaper to have robots than to have employees, thats where the debate has been, but now its turning to safety. Now its turning to the fact that between march and april, you had people in these types of factory floors, about 91 people died due to covid. I think companies are realizing because of the pandemic they have to make other choices including the fact that they could be sued should an employee get covid. Charles right, yeah. They can do things there, though. They have them working side by side. That may not they could do some changes i think before bringing in the robots. We have a minute to go. I need to go to your winner. Kayleigh has done a great job, perhaps the hardest and toughest job in this administration is press secretary. Shes come out strong not only with her binder of facts and very knowledgeable and prepared, but her tone has been perfect, and this week especially she called out the reporters in the room who said she said to them you didnt ask me once about the killings and murders across the country this past week. Many of whom were black Young Children and for her to call them out, i think shes doing a great job. Charles shes killing it. Whats not killing it is your loser of the week, and thats the decline of the welldressed man. Brooks brothers filing for bankruptcy. Now, of course you do not fit into this category. You always come very welldressed for your tv appearanc appearances, charles, but there is a trend across this country, Brooks Brothers even said one of the reasons for the bankruptcy was because casual wear has become so popular. So business casual was popular before, now due to covid19, im not sure if any man ever wants to put a suit or tie on anymore. I dont know about you, but when i have my meetings with staff and clients, theres a whole lot of tshirts and hats. Im not sure what this is going to mean for other businesses, butm a but i am a fan of a welldressed man. Hopefully we will see that in the future. Charles my small company, we still have a dress code. Not going for tshirts just yet. Beverly, always a pleasure. Youre the only one with a purple suit. [laughter] charles see ya. Folks, more signs that the housing boom is back and back in a big way. So why are we always constantly barraged by these experts that tell us owning a home is not a good investment . Is that true . And new york mayor de blasio and al sharpton teaming up to paint the town black, black lives matter, that is, a mural in front of trump tower. We will have our guests take on that. You can bet it will be heated. He will be here in 15. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Onceweekly trulicity is for type 2 diabetes. Its not insulin. It starts acting from the first dose. And it lowers risk of heart attack, stroke, or death in people with known Heart Disease or multiple risk factors. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. 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How are you feeling about this . I think the rally we saw in 2019 is back. Sure. So my first question is when can i debate these experts that say that owning a home is not a good investment . I mean, when you look at basic economics, like you said, lumber is up, construction is up, you know, naturally if youre spending more to build a home, the price of the home also has to go up, so i think when were looking a it from that perspective, then yes, it is not a matter of is it a Good Investments or bad investment, more so, it needs to be a longterm investment. Instead of owning the home lets say three to five years before you sell, you might want to own it for seven to ten years. Lets look back at Mortgage Rates. 30 year fixed right now at 3. 03 , thats insane. I know people who are buying homes of Mortgage Rates for 30 year fixed under 3 , 2. 875 because they have good credit and so on and so on. You know, when we ask that question of is it a good time to invest in real estate to own a home . It really depends on your situation. Do you have a job . Do you have money . Do you have that security . And if you can really check all those boxes, then now is a great time to be buying a home. Charles yeah. So, you know, sam, i guess the question, though, is when they talk about the American Dream, the centerpiece for most people, right, before they buy stocks and bonds and gold or bitcoin or whatever it is that may buy, for generation after generation we were told, get yourself a house. Start a new family, buy that house as your centerpiece, but as you grow older, maybe not overnight, but as you grow older, it will be the thing that can be your fallback. If you need to sell it, you can send a kid to college. If you need to sell it, you can get your retirement home and have cash for the grand kids. Wall street at least has said thats never been true. I dont know, i see where people do their sell homes after living in them for a long time and they do extraordinarily well. Sure. I think the American Dream has definitely changed, especially for the millennial generation. Im 36 years old. My husband and i, we rent our primary home, but we own nine homes. You are seeing that in people who live in San Francisco and new york city, 3,000 a month, for example, gets you a shoe box, so maybe youre going to rent because the median price point to own in San Francisco is what a million two . I mean, thats insane, so instead, rent there, and then you are going to buy in other states and invest and get that rental income. Its all about, you know, the side hustle money, the cash flow, the bitcoin, whatever else it is to bring in more money. Thats the American Dream is having money in the bank, having security and being able to make other forms of income, not just necessarily putting it all into one home. I think thats the main difference from, you know, boomers versus people that, you know, in their 20s and 30s, were thinking so differently than back then. Charles right. Well, sam, im all about the side hustle, so thank you. We will talk to you again real soon. Thank you. Charles folks, later in the show, why tesla could see the mother of all short squeezes and maybe send that stock above 2,000 a share. A Seattle Council woman threatening to overthrow the capitalist system if jeff bezos tries to dodge a massive new tax that that city just passed. David webb reacts next. I like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. 49i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. We are coming to this deeply oppressive racist sexist violent utterly bankrupt system of capitalism, this police state. We cannot and will not stop until we overthrow it and replace it with a world based instead on solidarity, genuine democracy, and equality. Charles a seattle congresswoman goes on an unhinged rant after approving the so called amazon payroll tax saying she will overthrow the system if jeff bezos tries to dodge it. I want to fox nations david webb on this one. So interesting because everything that she was using to describe capitalism reminds me of all the things that are going on in venezuela, right now the current capital of socialism you know, i dont understand them, but i do in a sense understand the ideological bend. First of all, this Council Woman is dangerous not just delusional, charles. Seattle imposed a tax. Business owners fled downtown seattle. You bring in socialism. You bring in chop. You bring in all these elements. If you are a business owner, how do you trust that they are going to protect your business when theyre telling you theyre going to take from you if you earn it . It is delusional and dangerous, whichever way you put it, and the people of seattle really need to take a look, whether you are left, right, or otherwise, mostly left and wonder how you are going to survive and feed your families. Dont argue with me and charles payne. We will talk economics and facts and data and the history of communism and socialism. You go ahead and look at how you will feed your families. Charles you know, one thing, though, thats also bothering me is the tone. You know, this sort of this violence thats being woven in to this tone. Of course were coming out of weeks and weeks where peaceful protests morphed into overnight riots, looting. We saw to your point chop and the murders committed there. Im really worried about that also, you know, seeping into our regular dialogue amongst politicians. Yeah, its actually full on flood into the dialogue, charles, and it is being pushed in two ways. You have those who directly support it in our political system on the left. And you have the approval of the leadership of the Democrat Party. Wheres Chuck Schumer . Wheres nancy pelosi . Nadler . Elliot engles . Wheres congressman conyers . Wheres hastings . Where are all of them . Wheres karen bass . Maxine waters . They are absent. Why . Because that supports their march to power. To all the people who think they are on your side, they are on your backs. They are on your necks. They are in your pockets for tax dollars. Charles i can tell you where new york city mayor de blasio is, at least where he was 24 hours ago. Hes with al sharpton painting a black lives matter mural in front of trump tower. Many people saying its a political stunt. In fact, de blasio was even reportedly heckled at the event. This kind of division that were seeing, no laughing matter. Again, this is a stunt, but why . I mean new york citys in trouble. Its a dangerous stunt because if you go around the corner from where they painted it and where i recently was, you go up and down madison avenue, 5th avenue, saks 5th avenue, boarded up. While they paint the town black lives matter the thing is criminals are painting the town red with the young blood of black men and women, or black men and women of all ages because crime has been emboldened in new york and the nypd and Law Enforcement are the ones who have the politicians standing on their backs saying that you cant do your job. Theyre seeing retirements in new york city in the Police Department that outpace last years retirements. Not few, not dozens, hundreds, and between now and august, they had to slow down the processing at the Pension Office because they couldnt handle the workload that was coming in. What do you think that means for new york if crime goes up, its painted red, with blood from criminals, shooting innocent bystanders or others, whatever you want to call it, in a gang war, and then the economy goes out of the black and into the red. Charles yeah, absolutely, it is a shame. David, thanks a lot. Talk to you again real soon. As we head into the final hour of trading for the week, the market seems to be getting ahead of Bank Earnings that are coming out next week. Maybe well see another rally in those so called value stocks, and what will spark these markets to really break out . Also, you know, i think theres no doubt that tesla could see what im calling the mother of all short squeezes. Well be right back. The new house is amazing. So much character. Original crown molding, walk in closets. 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And then i tried noom, it was easy and it was super convenient. Its effective, id say its life changing. My my name is nefertiri and noom worked for me. Visit noom. Com and lose the weight for good. Charles hey, you know, this has been a very impressive session for several reasons. First, it underscores how explosive this upside will be once we get a vaccine for covid19. When thats discovered and approved, we see the sky being the limit. Second the broad market shows kk rally without technology. Shows it can rally without technology. Third buying begets buying. Before the news was out an gilead this morning the market was poised to open lower, there were no signs of buyers now each tick higher forces those to get in. Banks are helping financials ahead of big earnings reports next week so maybe value is going to give another try at rallying. I want to bring in Wealth Management cio fox business contributor scott martin, mahoney asset manager kim mahoney. Scott, let me start with you. This action in the markets particularly this huge move in Goldman Sachs and financials ahead of next week, could we see another attempt to bring value back led perhaps by bank and energy . Yeah, some value, energy, yes, i guess to some degree, charles, on the big days. I dont know if energy has lets say the staying power that i think rallying in the financials does and thats frankly because the financials earnings picture which you mentioned starts next week just looks much better. If you are looking at the financials coming next week, look at jpmorgan and citi, two banks we own, charles, look at things like loan loss provisions, you look at the bond issuances coming out as well as Management Fees and also the fact that we have the fed basically in every part of their business backstopping what they are doing. Charles i hear ken saying he cant hear me. Can you hear me . We will go to him when he can hear me. Only 15 companies have a higher market cap than tesla, yet tesla is not in the s p 500. They report on july 22nd. I think that will change everything. Keep this in mind, the stock is up 72 since may 15th. 1 million shares less short sent this stock up 72 . I think we could see a 2,000 stock if you see a million and two shares covered. Am i nuts . No, youre very wise, as usual, charles. Youre telling me those kind of numbers suggest the companys had a pretty good couple of months, i guess. I will tell you, you are right about this. This is a company my charles a few years ago a couple years ago that was maybe going to go bankrupt, wasnt going to be able to pay their debts back and now is turning the corner on profitability. You are seeing an event coming up like you mentioned with earnings with tesla in my opinion that are probably going to be so loud that ken could even hear them at this point because of the fact that you are getting massive delivery numbers out of tesla. We have seen the tesla truck. All the things they have been doing on the ingenuity side. To me thats a bet on musk and certainly the electric vehicle phenomenon that is going on now in the country. Thats why tesla to me im waiting for a pullback to buy it in here but i think it goes higher and drives much higher from here. Charles it is tough to buy the pullbacks. Ken mahoney, talking about tesla, im saying it could be the mother of all short squeezes. 20 billion dollars worth of shorts, the largest short position in the history of mankind, we dont have ken still. Anyway, the largest short position in the history of mankind. Scott, you talk about buying it on a dip. It was down this morning. Its up 120 points from todays low. I want to talk about another fascinating company. Its carnival. The number one percentage gainer in todays session. They came out and said their reservations are actually up for next year. Hey, listen, would you be a buyer here, scott, because it looks pretty attractive . If they are right and people are going to start cruising again that soon, maybe the stock is a winner in six or seven months. Well, okay, it is not 5 00 yet on friday, so i probably dont have the onions to buy carnival yet, but you know, i do like the travel stocks, though, charles. I do like things like expedia and the airlines like southwest. But carnival, youre buying it as a trader here, it is going to be a wavy ride because of the fact that the cruise lines in my opinion are that last part of travel to come back. It could take longer to recover. Charles all right. Well, all right, scott, we got to leave it there. I want to give you kudos, gold up five weeks in a row. You called it before everyone. It looks like the juggernaut. I want to apologize to ken mahoney. We couldnt get his shot up. Nevertheless, it was a great show, scott taking us out. We are near the highs of the session as i hand it over to my colleague liz claman, take us up another couple hundred points before the weekend. Liz i got your back. Dont worry about it. Charles thanks a lot. Liz especially on a friday; right . Nice to see a 306 point gain. Charles there you go. Liz folks, we have a developing story starting to break over the past hour, could the clock be ticking on the wildly popular tiktok app . Within the last hour amazon has ordered all employees to delete this popular short video app from their work phones and laptops. Whats really behind the ban . And could amazons move embolden the Trump Administration to blacklist this chineseowned company . State Department Undersecretary for Economic Growth and energy in the environment is here to talk about the sudden focus on tiktok and why the administration