Transcripts For FBC Varney Company 20240712

Billion on amazon during the lockdown. The stock is up 169 per share. Facebook, another pandemic winner. 2. 4 billion people used facebook or one of its apps every day. That is global clout. The stock is up 16. Now, google, that is the exception to the stock price rally. They reported a firstever decline in quarterly revenue with the economy lockdown, advertisers slowed their spending. That stock is down 16 bucks. Overall, stocks are going up this morning. I see green for the dow, green for the s p and especially a lot of green for the nasdaq, up 111 points. No deal on stimulus. Democrats and republicans negotiated last night. Neither side emerged optimistic. Politico reports that offers were exchanged. The white house wants a fourmonth extension of jobless benefits. The democrats want much longer. Perhaps a deal is still possible. Here comes the hurricane. Look at that cone. Probably not going to be a good beach weather up and down the eastern seaboard this weekend. What does that do to the spread of the virus . Watch that cone. Stay there, please. We are going to celebrate the wild success of big tech today and weve got feedback friday coming up as well today on the program. Varney company is about to begin. Stuart big tech is the story of the day. We will look at the nuts and bolts of those earnings, take them one at a time. Start with apple. Susan, a blowout quarter even when their Retail Stores were mostly closed. Susan mostly closed in the u. S. Tim cook telling me that 75 of apple stores are open around the rest of the world so they still put in a record june quarter and the stock, yes, is up big in the premarket, set to add another starbucks on to its market cap with gains today, 100 billion more. Tim cook telling me yesterday in the earnings saying we grew revenue in each of the product categories and set june quarter records for wearables, macs and services and also grew revenue in each geographic segment including setting records for the americas, europe, japan and the rest of asia. Big announcement in the Earnings Report was the four for one stock split. I asked him why are they doing this. He said they wanted more feeble people to afford it and own apple. This is the fifth split in apples history. The last one was 2014, a seven for one split. We have had three others in 1987, 2000, 2005. This really doesnt change much. Its still the same value they get. The only thing that changed is apples influence on the Dow Jones Industrials which is price weighted instead of market cap weighted like the s p 500. Analysts say more people can afford to own the stock which is positive for the stock price. Stuart it sure is. If you cut that thing in quarter, more people can buy it. Susan even stu varney might look at it. Stuart only time will tell. How about amazon, please. Lauren, clearly a lockdown winner. Their Online Business absolutely took off. Lauren it grew 40 . Revenue grew 40 to 88. 9 billion, 50 billion of that from products that they stolold 39 billion from services. The Cloud Business which was popular hosting zoom calls in the quarter. As promised, amazon spent that 4 billion fighting the virus. It pledged to spend another 2 billion on it this quarter. Stuart, it still came out wildly profitable. Prime day is making room at its warehouses for that to meet demand and also for the upcoming holidays. The bottom line is, isnt it ironic that bezos tried to convince congress that amazon has competition but after these numbers, growing massively in every category, wheres the competition . Stuart very good question. I would point out again, the stock is up 171 per share, 3224 right now. Facebook, lets move to that. 2. 4 billion daily users. Susan, how much money did facebook make . Susan 18 billion in sales, a big number but the slowest sales growth since 2012 ipo. Because the bar was lowered on covid and the slowdown in advertising revenue during this time, it was easier to beat. Profit came out ahead, guidance stronger for the rest of the year and huge user numbers, as you mentioned, over 3. 14 billion monthly active users across facebook, instagram, whatsapp and users grew during the stayathome orders and despite the thousand Companies Facebook advertising boycotts, that includes cocacola, disney and starbucks, Facebook Says july ad revenue has been up double digits with some even coming back to facebook after pausing in the month of july. Northface said it would resume facebook advertising, so did puma and heineken. Things are looking up. Stuart it was a blowout. Absolute blowout. However, look at alphabet, thats googles parent. That stock is down right now. They reported disappointing revenue. The stock is down, only one of the big four down, down 18 bucks. They brought in 38 billion last quarter. Thats a 2 drop from last year. First drop in revenue, quarterly revenue, in their history. However, their total profit came in at 6. 96 billion. Enormous. Put them all together and those four companies brought in a profit of 28 billion in the threemonth period when much of the economy was shut down. Look whos here. Mark douglas, ceo of steelhouse. Mark, i know you are bullish on amazon, even at these lofty levels. Explain yourself. Why . Yeah. So basically, america is moving. We talked about this before. Theres a really big shift where youre seeing basically people want to move from cities, move out to the countryside. If you think of amazon, where did they start, they started selling books to towns that didnt have bookstores. Now whats happening, they will start they are selling everything to towns that dont have the products that those people from the city are used to. So amazon is truly becoming americas store, and this is a trend i think is going to go beyond covid. I think its a permanent shift. Even in the uk right now in the countryside, i spoke to a Real Estate Agent yesterday, not looking to buy real estate, they told me its record sales even here in the uk. A permanent shift that favors amazon. Stuart one quick point. You are skeptical of apple. Very few people are skeptical about apple for the future. Make your case in 30 seconds. Sure. Apples Earnings Announcement could have been written by its just numbers. Apple claims the biggest innovative product, name the last time they talked about a new product and how well its doing. Apple plus wasnt mentioned. Only thing thats mentioned is their monopoly on the app store. I think longterm its a problem. Stuart we hear you. Mark douglas, dynamite stuff in a matter of three minutes. Very good. Thank you. See you soon. Look at gilead sciences. They make remdesivir, the drug treatment, thats the virus treatment, i should say. They reported a drop in sales. Lauren, this is overall a drop in sales, right . Lauren yeah. It was a 10 drop in revenue last quarter on low demand for the noncoronavirus drugs because fewer people went to the doctor. But as for remdesivir which is their coronavirus treatment, gilead expects Strong Demand to lift its full year sales by 2. 8 billion to 25 billion. So very bullish on remdesivir. They are also now working on an inhaled version. If you get that, you can take it at home, not in the hospital. You can take it with a nebulizer. Stock is down 3. 5 . Stuart that would be very important if you can take it at home. Thats a very big deal. Next, this is happening now, by the way, dr. Fauci testifies to the house subcommittee hearing on the virus. Joining him, dr. Robert redfield, cdc director, admiral bret giroir, the testing sarcza. They will be asked about the strategy moving forward. By the way, total number of cases in america, nearly 4. 5 million, but the rate of new cases is beginning to slow down and actually reverse. Look at caterpillar. Whats that stock . Its down. Their profits dropped by more than 450 million last quarter. Could it be much worse . At least thats what analysts were warning. The stock is down two bucks, 1. 6 . Big oil reporting. This is not looking good. Chevron, their revenue dropped 20 billion last quarter. Low oil prices, not many people driving during the lockdown. That hurt them. The stock is down 4 . Exxonmobil, tough times there as well. They lost more than 1 billion last quarter. They say they are increasing production of Hand Sanitizer as protective equipment for First Responders but they are an oil company. Down it goes. Overall we see green on wall street, especially on the nasdaq, home of big tech. Get into that more later. Cocacola, hopping on the hard seltzer craze, rolling out its first alcoholic drink. You may have to wait to get your hands on a can. We will explain why you have to wait. Miamidade county, one of the countrys largest districts, starting the School Year Online. 345,000 students. How much is that going to cost . Its not cheap, you know. The superintendent of those schools joins me in our 11 00 hour. President trump defending this tweet that went out yesterday. He had suggested delaying the election. Heres what he said yesterday afternoon. Roll tape. I want to have the election but i also dont want to have to wait for three months and then find out that the ballots are all missing. Stuart yeah. This is what everybodys talking about this morning. A lot of hostility to that tweet. Lara trump joins us shortly, 2020 Senior Adviser. Shes next up. It was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. 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But best of all, it eliminates those monthly mortgage payments so you get more cash in your pocket, every month. Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit stuart heres another drug company thats doing very well. Look at merck, up two bucks, 2. 8 . Leading the way for them is their cancer drug, keytruda, up almost 30 . Merck is optimistic, looking forward raising their profit and sales outlook. When you do that, the stock tends to go up and merck is up. Under armour Second Quarter revenue down more than 40 . Thats less than what wall street was expecting. Ecommerce gave them a bit of a boost and the stock is up just 14 cents right now. Under armour is down to 11 a share. Pinterest, they are another lockdown winner. Monthly active users up 39 . That stock is up 34 at 33 a share. Watch it go. Now, President Trump, ah, he really sent shock waves through the Financial Markets and the political world yesterday after suggesting delaying the election because of the virus. Hes afraid that mailin voting will cause big problems. Watch this. I dont want to delay. I want to have the election. But i also dont want to have to wait for three months and then find out that the ballots are all missing and the election doesnt mean anything. We want to have an election where people actually go in and whats your name, my name is so and so, boom, you sign the book like ive been doing for years. Its very very unfair to our country. If they do this, our country will be a laughingstock. Stuart okay. Lets bring in lara trump. Shes back, Senior Adviser to the trump 2020 campaign. Lara, welcome back. What can the campaign do to ensure theres no mailin ballot fraud . Well, i mean, youre hearing from the president. The president has been calling attention to this for quite some time and yet its funny how most of the Mainstream Media have totally ignored him and have not wanted to talk about it. Maybe its a tactic that the left is using because they know they have such a bad candidate in joe biden so of course, the master marketer that donald trump is, he puts out this tweet and now suddenly everyone is paying attention to this but i think the president is very clearly saying mailin ballots do not work. Theres a difference between absentee ballots which you have to request and full mailin where you just send millions out across the country. There was an instance not just of random people getting these ballots and people that have been tenants have been gone for years. A cat was dead for 12 years and got a ballot in the mail. You wonder why the president is taking this so seriously but if the campaign, look, we are doing everything we can for election day operations. We have the biggest war chest of money and group of lawyers we have ever had in the Republican Party to fight back against this but the democrats, as you see out there, are pushing this really really hard and it doesnt work. I would like to ask the question if you can stand in line six feet apart with a mask on and stand at the grocery store, target, home depot, why cant you do it at a polling location. Stuart the other side of the coin is not electoral fraud. Its the chaos thats going to come with mailin balloting on a mass scale. You dont know when you can start counting, you dont know which ballot will be kicked out. Theres all kinds of challenges to it. If things stay the same as they are right now, you will not have an election result on election night. I dont think you will have a result until christmas. I dont think theres much you can do about that. Yeah. Its really frightening. Look, to try and change a system that weve had in our country for so long that has always worked and always given us a president in a relatively short amount of time, very quickly thereafter an election, you know, to try and change it like three months before an election, it does beg the question why are the democrats pushing this so hard. Are they politicizing the coronavirus again because they know no one is excited about voting for joe biden. I think the answer is probably yes. Stuart you got that in. Would you hold on just for a second for me. I want to update the situation on this rescue or stimulus package. I bring in edward lawrence. Edward, as we speak, there is no deal. Is that correct . Reporter thats correct. We are no closer to a deal. Senator mitt romney has introduced a bill that would extend Unemployment Benefits next month, 500 a month in the extra benefits from the federal government, 400 a month after that. You see how it tapers off there. Or states could choose 80 Wage Compensation as the extra benefit. Senate minority leader Chuck Schumer blocked a similar extension yesterday so now the Washington Post is reporting the white house might cave to democrats and allow, go forward with a bill without that liability protection. However, Senate Majority leader Mitch Mcconnell says he will not bring up a bill without Liability Protections in it. So democrats want to basically force republicans to pass the heroes act. There was another phone call this morning to both sides are still talking, but again, a big impasse and that cliff coming. Stuart we shall see. Thank you very much indeed. Back to lara. Lara, i think the president wants more money to be spent. I think he wants to juice the economy right before the election. Am i right . Well, he wants to take care of americans. You know, you have seen every step of the way that this president with such an unprecedented situation as we found ourselves in with the coronavirus has done everything he could to help the American People. Whether its the fact nobody in this country that needed a ventilator went without one thanks to the president partnering government assets with private, you know, partnerships across the country, to make sure we got those. You saw governor cuomo, Governor Newsom even had to say what a great job donald trump and the administration and the federal government did in their response to the coronavirus. The paycheck protection program, keeping Small Businesses afloat, making sure that american citizens could weather this storm and thank god, we had the great economy going into this that donald trump gave us, the greatest economy in the history of our country so that we had a little cushion going into this. I think the president is always ultimately looking out for american citizens and he knows this has been a very tough time and he wants to help them and he wants to get through this on the other side and then he wants to bring us back, stuart, to that incredible economy that we saw just a few short months ago. You remember in january, i probably talked about it on your show with you, we had a million more jobs than we even had people to fill them. We want to get back there. The president wants to get back there as soon as possible. Stuart i miss the good old days of january and february when we had a riproaring economy and things were going like crazy. Thanks for coming back on board today. We do appreciate it always. Thank you. You got it. Stuart look at all that green on your screen. Thats what happens when youve got blockbuster reports from the Big Technology companies. You got a nasdaq going up about 100 points, up 60 on the dow, 10 for the s p. Thats a friday morning rally. We will tell you all about it after this. As a caricature artist, i appreciate what makes each person unique. Thats why 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. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. I wanted more from my copd medicine thats why ive got the power of 1, 2, 3 medicines with trelegy. The only fdaapproved oncedaily 3in1 copd treatment. Trelegy the power of 1,2,3 trelegy 1,2,3 trelegy woman with trelegy and the power of 1, 2, 3, im breathing better. Trelegy works three ways to open airways, keep them open and reduce inflammation, for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy and the power of 1, 2, 3. Trelegy, 1,2,3 woman save at trelegy. Com. Stuart you know, when youve been right about predicting the stock market, we should have you back on the air. Well, one man who has been consistently right about big tech is ray wang so we have invited him back. Here he is. Ray, as i said, you have been right. I want to go through these stocks, the big ones, one at a time, where you think theyre going from here. Start with apple. 409 a share now. Wheres it going . Yeah. We are definitely seeing apple hitting somewhere around 450 at some point. Apple, the reason that its great is because its done a great job building the services business. If you look at that, its grown almost 22 of its revenue has now shifted to services. They did a wonderful job pulling ipad, ipod devices as well as the mac. Thats the front end of the equation. The back end is the services piece. There is more room to grow, especially when they launch the new iphone later in q3. Stuart ray wang says 450 on apple. How about amazon . Currently at 3200 a share. Where is it going . Amazon, we see at 3350. Part of the reason, its the most diversified of the digital giants. Its a pandemic winner but its because its got advertising, its got commerce, its got streaming, its got memberships, its got other sets of businesses that its launching, the cloud, and because of that, being the most diversified in its portfolio, its truly a digital giant with a bunch of digital monetization models. Stuart facebook. Put it on the screen, please. I believe its now 254. Up 20 bucks. 254. Where is it going, ray . I still think its going to sit around 250. Its not going to make that much of a movement but they have shown monthly active users growth and part of it is because as the pandemic cedes, people will spend more time outside and you will see activity numbers drop. They are holding at about 250. Its down from where it is at this moment but thats part of the getting out of the pandemic. Stuart okay. Google. Put it on the screen now, please. 1500 a share. Down this morning. Wheres it going . Google has a lot of upside, despite being a onetrick pony on the digital ad side. The Cloud Business is doing really well and of course, they are pushing the [ inaudible ] piece. We think they have room to grow. We think they should be able to get to much more than three to four billion a quarter more than today. Stuart you think these Tech Companies with a ton of money behind them, you think they will start buying other companies, right . I do. Because theyve got massive Free Cash Flow and have to diversify their holdings and monetization models. Facebook, for example, should be jumping more into commerce and diversifying into that area. When you think about google, they should be doing more than digital ads and the cloud. They are going to be diversifying, buying ai companies, looking at what they can do with data, consumer areas, and expanding. You see how amazons getting into satellites. Google is being able to get into satellites. Other people will expand out to Autonomous Vehicles and driving and other areas, banking and payments, health care. These are areas they are all going to jump into. Stuart it wont make them real popular in washington, d. C. But there you go. Ray wang, you have been consistently right. Hope hes right again. Thanks, ray. See you soon. Here we go. The bells ringing. You have five seconds this friday morning until we start trading. Im expecting to see the nasdaq just take off. Here we go. Friday morning, 9 30. We are starting to trade now. Right from the getgo, the dow is up, what, about 70 points. I see a lot of red, though, among the dow 30. The s p, thats up just about a half percentage point. Not a huge rally. Now show me the nasdaq. Im sure that thing is really going up. The nasdaq composite as we speak is up 158 points. Thats 1. 5 . That is a major gain for that index. We are going to show you apple and merck. Put them together, please. Both of them are up nicely. They are both dow stocks. They are contributing 190 points to the dow. In other words, something there must be a big loser among the dow 30 because if those two stocks are adding 190 points and we are up only 48, theres a loser somewhere. We will try to find it for you. Stay on apple. Sales up across the board. But susan, whats this about a possible delay, i think in the iphone 12 . Is that right . Susan the new 5g. A few weeks later than usual is what they said on the Earnings Call. Think october instead of september. Not a big deal, as long as we get it before the holidays which looks pretty likely. Tim cook telling me that production is back up to normal, back up to full speed. I asked if he was ramping, he didnt answer, probably trying to get an indication as to when we will get the 5g iphones and when the release will be. It was a huge quarter for apple, services doubling since 2016, now selling 13 billion worth in those three months and thats six months ahead of schedule, ahead of their target to do that by this year. Iphone sales returning to growth in the quarter, cheaper iphone se helping out, wearables saw an expected deceleration in growth. Still, wearables are still a fortune 140 company on its own, the airpods and watches, and analysts love these numbers, rushing to raise price targets this morning. Ubs just added to the count. 14 analysts in total now raising targets including citigroup, deutsche bank, wedbush on the screen and the big just keep on getting bigger. Take a look at big tech, a winner of the pandemic. Look at these stock moves, blowout earnings. Ironically, just one day after being grilled on capitol hill for being too big and to influential. Stuart yes. What a contrast. Big and powerful on wednesday and bashed for it and demonstrating their power on thursday afternoon. What a contrast. It really is. I want to move on to caterpillar. Another dow component. Should we call them a victim of the lockdown, the pandemic, lauren . Lauren yeah, you know, weak demand for construction, mining and energy and transport hit caterpillar in the quarter. Their sales of heavy equipment to all of those industries i just named fell sharply, pushing profits down 70 . This is important. Cats considered a bellwether for Overall Economic activity. They say they will continue to be hurt by the pandemic. As a result they are cutting costs, focusing on their services business, but investors are saying we are disappointed. The stock is down 2 , it is weighing on the Dow Jones Industrial average along with chevron in a big way. Stuart yes, it is. Chevron and caterpillar. You got it right. Weighing on the dow, as they say. All right. Oil names. Lets get back to that. Chevron and exxon both reporting. Not pretty, susan. Susan definitely not pretty. 8. 3 billion loss for chevron in the Second Quarter. One of the record losses i have ever seen in this specific sector. Also for exxonmobil, largest loss in a generation, almost in modern history for exxon, down over 1 billion. They lost over 1 billion in those three months. The reason, a collapse in oil prices, even going negative during march. That was during the height of the pandemic. That showed how bad things were. Planes were grounded, drivers were stuck at home and that means less demand for oil. Second straight loss, i should mention, for exxonmobil and its not cutting its dividend despite the fact they lost for two quarters in a row and generational loss record. You would think they want to preserve cash, not maybe issue a dividend but not the case here. Oil prices are coming back. We are at 40 bucks. China importing at record levels once again so there are some positives. But still an ugly picture. Stuart i think im right in saying that exxon has an 8 dividend payout. It yields 8 at the moment at that price. Susan why would you keep it at 8 when you are losing for two quarters in a row and the outlook is still not great . Stuart i would have thought it would have been in danger. That dividend yield, in danger. I would have thought. Susan no. Stuart next case is ford motor company. We show you the stock. Its up a little tiny bit. Whats the story, lauren . Lauren well, this is another theme, bad but not that bad. Ford reporting a loss of 1. 9 billion. Factories were shut down. They are back online and demand is returning. Thats the bright spot, especially for the f150 pickup truck and more than 150,000 people have reserved spots for the new bronco. Ford also started repaying against their credit lines that it drew down to get through the pandemic and investors like all of this. Its not a huge winner but the stock is up. Stuart talk about contrast. Fords stock at 6. General motors at 25. Tesla above 1,000. Go figure. All right. Overall, the markets, take a look at the all the markets. First of all, the dow. Very very small gain, pushed and pulled in Different Directions by various dow components. Look at the tenyear treasury yield. Man, is it down. Its up a little bit this morning but. 55 . Thats your tenyear treasury yield. Historically that is exceptionally low. Gold, 1978 an ounce as we speak. Bitcoin, where are we . 11,160. Thats your price for one coin. The price of oil, as we said, down today. No, its up 50 cents. Okay. 40 a barrel. I will leave it at that. We are going to take a look at shake shack. Lauren, they are taking a beating today. Down 7 . What happened . Lauren yeah. The virus and the riots, remember that, double whammy for shake shack. That pushed their same store sales down 49 but they say suburban restaurants are outperforming as people leave the cities. Thats a theme we like to talk about on this show. What they are doing is building their first ever drivethrough. Its expected to open next year because the ceo says now people feel safer in their cars. I think thats a sign of the changing times. Stuart yes. Weve got the chipotle ceo later in the show. They, too, are shifting towards drivethrough where and when they can. Bear that in mind. All right. Thank you, everyone. The big board now up just 14 points. Big gains today are in three big Tech Companies. Former president barack obama turned his eulogy for congressman john lewis into an opportunity to take a swipe at the Trump Administration. Watch this. George wallace may be gone, but we can witness our federal government sending agents to use tear gas and batons against peaceful demonstrators. Stuart it didnt stop there. You will hear a lot more of it coming up later in the show. The hurricane, i cant pronounce the name, heading towards the florida coast, forcing the closure of staterun testing sites. Senator rick scott joins me in our next hour, how they are preparing and whats the impact on the virus spread in florida. Amazon, clearly a big winner. Our next guest says we should be looking at some other retailers as well. He will make his case. Stuart ive got news on a couple retailers. First off, tjx, they own retailers like tj maxx, home goods, et cetera, joining the long list of retailers who are now requiring customers to wear masks in their stores. All over the place. Mandatory. Lowes, the Home Improvement people, shelling out another 100 million in virus bonus pay to all their hourly workers. 300 bucks if youre fulltime, 150 bucks if you are parttime or seasonal workers. The stock barely reacting, down nine cents. Thats it. You cant talk retailing without talking amazon. Yeah, another blowout quarter. The stock is going straight up, 140 higher. Here is our top retail guy, gerald storch. Theres just no stopping amazon, is there . It shouldnt be a surprise for anyone who has been watching you and i talk about amazon over the last several years. Amazon is the strongest player in ecommerce. It isnt just the biggest. They are the best. Just try each one of them, compare what happens, compare the ability to track the package, whether it comes on time. They have built out their own logistics system and actually, thats the key. Their logistics system. They are fantastic. Absolutely the best. They are not just the biggest, they are growing at a spectacular rate. They were growing at 18 , 20 a year. Now with the pandemic they have doubled that rate. Stuart just incredible. It seems to me we are really just starting out in the new digital era, the Digital Economy. Give me another winner in that economy, which is not amazon. Right. Well, we talked a lot about apple and of course, thats doing great. We talked about walmart. Target. Talked about costco, value players. Walmart in particular does very well on the internet themselves, particularly in grocery. Dollar general, another value player. We talked about tj maxx, another value player. Again, these companies will all do well in any times. Also, of course, home depot and lowes in the Building Materials area because people shifted their focus there. Something we havent talked about are the payment processors, visa and mastercard. They basically tie the entire economy. They get a share of every transaction that occurs. They are a little beaten down right now because people feel Consumer Spending is a little off but nobody has found a way to do business without them. Even when apple and Goldman Sachs got together, they couldnt issue a credit card without mastercards help. I believe they are going to do very well with good times and bad. They dont have credit losses. The banks bear that. The issuers on the cards. I think these companies are very strong. When you shop on ecommerce which is growing the most rapidly, you need to use a credit card. You cant use cash when you are on amazon. Stuart exactly. Good point, gerald storch. Good point. Put your Long Distance glasses on for me, will you, and tell me what the whole retail picture looks like one year from now. We are consolidating ten years of retail evolution into a year or two. You are seeing massive bankruptcies of mallbased apparel retailers and department stores. Thats only just begun. But it feels like, you know, every day we hear about somebody else going bankrupt, neiman marcus, brooks brothers, ann taylor, plenty more wind up behind them like planes circling getting ready to land. They will go bankrupt one after the another because nobody is going to shop in these formats anymore. They were dying before. They will die faster. We have probably two to three times the retail Square Footage we need in this country. I thought before that would work its way through over five years, maybe ten years. Thats going to happen in a year or two. We will see massive store closures, then that leads to other guys, walmart, target, home depot, tj maxx, dollar general, to pick up the pieces. Thats where it will go. Of course, amazon. Nowhere surprising. The companies we have been talking about one after the other are taking all this share. Smaller number of larger players. Stuart fascinating. Im sure you are going to be right. Thats just the trend, you can see a mile off. Gerald storch, thank you, sir. Come back before the year is up, okay . We want to see you again soon. Okay. Quick point here. We are flashing that on the bottom of your screen, the july chicago pmi. The reading came in at 51. 9. That signals expansion. It is a measure of midwestern manufacturing and its showing expansion. Thats a positive reading. Not influencing the dow which is now down 12 points. Show me under armour, please. Athletic wear retailer. They are actually down 4 today. Are they a pandemic victim or what happened to their online sales there . Lauren okay. This is an interesting story today. First of all, they said look, selling directly to consumers is a much more profitable business for us and that was a positive. Their margins improved. Shares were up as much as 14 . Now theyre down 4 . Sales fell 40 in the quarter because stores were closed. But this is what the company said and i think this is what moved the stock sharply down. There are challenges in the near term with respect to consumer demand and its that quote that seems to really have taken a bite out of the stock. But for the most part, all of the numbers for under armour were bad in the quarter but the fact that online was showing such promise, investors tried to be optimistic but i guess theres only so much optimism you can have. Stuart im fascinated by the impact on all of us from this longrunning closure of so many businesses and shutdown of the economy. I think we are changing our habits and that includes how much we spend, what we spend it on. I think its really, really changed. I think under armour just stated that, frankly. Thats why the stocks down at this point. Lauren gerry said it just now, ten years of Natural Evolution in the retail space is being consolidated into one year because of the pandemic. Things are changing really fast. Some retailers just cant keep up. Stuart they certainly are. Thank you very much indeed. Now look at electronic arts. Video game publisher, obviously. Nice gain there, 2 . Susan, i guess they are a pandemic winner . Susan impressive since they were already some pretty High Expectations on the market and we know people were stuck at home playing more video games. Record sales for the month of march for the entire gaming industry. For ea, electronic arts, fifa soccer franchise doubled the number of gamers from last year. Nfl almost tripling in the quarter. Also new highs for apex legend and we also have new game consoles coming in the fall, including a new playstation 5 et cetera, so thats just spawned more interest as well. Hedge funds are bullish on these Gaming Companies like activision blizzard, their number one choice, even take 2 interactive and ea as well. Definite pandemic winners. A little bit more sophisticated, stu, than your preferred pong interest. Stuart you definitely know that things are changing if i take up modern video games. That will be a real sign of changing times. Susan that would be an Inflection Point for sure, yes. Stuart dont hold your breath. Just dont hold your breath. Here in new york, new york city, i should say, we are seeing homelessness spike and we see a rise in public drug taking. Fox news Lawrence Jones spoke to new yorkers about it. Listen to this. What do the leaders do as a result . Nobody nothing. What do you think about new york being compared to San Francisco and skid row . Its getting there. Its getting there . Absolutely. Who do you blame for all of this . The mayor. Stuart yeah. They are indeed blaming the mayor, bill deblasio. Do they have a point . Lawrence jones joins me at the top of the hour. That would be the 11 00 hour. The phillies postponing their series against the blue jays after reporting at least two virus cases on their team. My next guest has a live sports etf. I want to know what happens to it if sports is put on hold again. Well be right back. Experience the joy of a bigger world in a highlyconnected lexus vehicle at the golden opportunity sales event. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Exsimon 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. Stuart watch out, baseball. Were getting a report from mlb network that tonights cardinals brewers game in milwaukee will be postponed due to cardinals players testing positive. The phillies have now canceled all their games at their ballpark, including this weekends series with the blue jays, because of a couple of positive virus tests. Tim maloney is with us, cofounder and creator actually of the betz, betz, Sports Betting etf. Tim, i put it to you, you got a real problem here if any level of sports is put on pause again. Yeah. Good morning. Thanks for having me. We will definitely start with the hardhitting questions. Yes, i think whats happening in the mlb is potentially a little bit scary. A couple counterpoints, though. The nba and nhl are taking a markedly different approach and so far, so good there. I also think that during the last four months without the big four sports, people have found things to bet on as a different type of entertainment, whether its table tennis or video games, betting on esports. So i do think that in the short term, yes, this could potentially be an issue but the longer term theme is still, i think, fairly strong for Sports Betting. Stuart i think you i dont mean to be pejorative here but look, you are going to have a really big problem if there is any problem with football. Thats the big one, isnt it . Yeah. Thats really the big one. I think theres kind of been headlines over the past few days about how College Footballs going to approach it, and i think that hopefully, they will be able to learn from whats happening with the mlb, nba and nhl and there will be hopefully positive lessons they can take from that but yeah, footballs definitely a big one for the industry, and one that well be watching closely. Stuart look, tim, look, thank you very much for being on the show. You took the hard questions right up front and you dealt with them and we appreciate that. I think youre in a tough spot and along with your etf, but look, again, thanks for being on the show. Tim maloney. Betz, betz Sports Betting etf. Thanks, tim. Ahead, tammy bruce obamas swipe at President Trump. Senator rick scott as the hurricane approaches the coast of florida. Lawrence jones on growing violence here in new york city. And the ceo of chipotle, brian nichol. His company is clearly a pandemic winner. 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Retire better lou heres where things stand this friday morning, the market is mixed but im going to show you stocks which are really going up, the dow is down 18 points, now look at apple plea please, blowout Earnings Report, that thing has moved to an alltime high, apple is worth 1. 7 trillion as we speak more, they are developing two separate vaccines adding oral drug to fight the virus, both of those stocks are dow now, its helpint out in a difficult situation elsewhere. How about gilead sciences, profits falling on lower demand for the nonvirus drugs. People are not going to the doctor said theyre not asking for the drugs which they put out elsewhere. They do expect the drug treatment remdesivir to be in strong and sharp demand, as for the hurricane, attending to the florida coast, we will be tracking all the time. I have this breaking, the university of michigan that consumers sent sentiment indicator breaking right now, forwardlooking indicator. What do we have lauren. Lauren 72. 5. This was weaker, this is why its important, and measures the mood of the consumer and their wellbeing and their outlook for the future, that basically is a gauge of are they going to spend money, to the number this is the final reading worse than predicted, 72. 5, the numbers for the current economic expectation also fell to 82. 8 and expectations fell to 65. 9, all in with the surgeon virus cases, we are not feeling as good about things as we were a few weeks ago. Lou that is an important forwardlooking indicator and not a great report. Got that, now this. Wednesday, the politicians went after big tech, youre too big, too rich, too powerful, amazon, apple, facebook, google, they were pounded. Thursday, amazon, apple, facebook and google showed just how big rich and powerful they are. They made a combined profit of 28 billion, right in the middle of the virus shut down. It is more than dollars and cents, these companies are the shape of things to come, the virus has pushed us all further into the new digital era. And these are digital era companies. They and Companies Like them are the future. Thats where the stock market comes in, investors dont buy stock because of its past performance, they dont look backwards, they buy because they think the future looks bright and as the new economy rolled out, investors piled in, also you were big tech is as of right now. First of all, amazon, that stock is going to the moon, its about 3200 per share, its a huge pendulum a winner, that is amazon. Sales of 40 , look at ago, the retailer of the future, by dominating online shopping. Apple, the most valuable company in the world worth 1. 7 trillion, the iphone rules, facebook, talk about global cloud, 3 billion people regularly go to facebook or one of its apps, 2. 4 billion use it every day and look at the stock price, up 17 bucks a share. That is now 251, it was 1374 months ago. Google has become a verb, synonymous with search, youre googling something, the stock may be down a bit today but up over 500 a share since march. I do not know where these stocks are going from here. Im not making any kind of prediction, i will say this again, these are the crown jewels of american business. They are leading the world into the new Digital Economy and we should revel in the fact that it is american capitalism that made them their success possible. Here is jonathan hoenig, the capitalist Pig Hedge Fund manager. Think everything that, they are dominant but the dominant because look how theyve improved our lives, we cannot even imagine life without google, facebook, amazon. Just as you pointed out these are the companies that had been leading the economy but leading the stock market as well. So the fact that congress had two days with them it makes me nervous investor these days, you can go back and look at history, 199,092,000 they went after microsoft, that stock was dead money for ten years and they could do the same thing now. Lou there are moves to raid the men, to break them up, tax them, regulate them, you dont want anything like that at all, you want to let them go . We have socalled let them go and look what they provided, they improved our lives demonstrably. You say it yourself, american capitalism, you dont see google coming out of cuba and north korea, why because america has always been the free market where protects individuals rights to be an entrepreneur and created company that wouldve kept these companies and put them there, thats only thing that can keep them there, long story short, the more government regulates big tech, the more prices the big tech stock will go down. Lou you dont invest in them you and you dont have a really big position in alphabet, amazon, facebook and google, you dont have a big position there . I am looking for some of the next big bull market, as much as i appreciate these big cap companies, theyve had a helluva run as you said and i see a lot of similarities through 2000 probably anymore of the concentration. You name the big five stocks in the Big Five Companies were in capitol hill, those five Companies Account for about 50 of the nasdaq 100 and about 35 of the entire nasdaq, thats 2000 companies, i love them but i think investments have come to fort, too fast so im looking other areas that can emerge. Lou they are the crown jewels of american business, thank you for being with us as always. On a friday morning. See you later. Lou i have a big headline for you from facebook. Here it is, i want more on this but the headline is, employers will be allowed to work from home indefinitely, to me that is a cultural shift. It is, and Mark Zuckerberg says he has no timeline for when employees can actually return to facebook offices, he criticized the Trump Administration again for the way it handled the coronavirus but he did say, weve been working on Remote Working for a while but because of the pandemic its been accelerated, he expects up to half of staff to be home forever within the next ten years. Lou that is following google, last week they announced that 200,000 workers will not be coming back to the office until at least next july. I just think that that makes a cultural statement, were changing the way that we work, where we work and how we work and were doing it rapidly. I think youre on board with that, right . Lauren Mark Zuckerberg has said, he said this month ago, hes concerned about the duration of the virus even though its been good for his company, hes concerned how long this actually lost in our hearing from google, next july, facebook, indefinitely as a try to figure this out, Facebook Stock did hit an alltime high of 25585 just moments ago but it still is up 7 . Lou its good for them. Back to the other Major Corporation reporting extraordinary earnings, apple, the sales were up 11 , the stock is going straight through the roof, got that. What is apples Economic Outlook . Susan positive, and asked him what his outlook was after the record any city still bullish because they went into this very strong and more stimulus is required but im optimistic that will occur and yeah, i do think we can have a strong bounce back, remember President Trump has a vshaped recovery, tim did not give us a letter whether v or w but given that is the biggest single market, roughly 40 of their business and recovery is in apples best interest. Iphone cells growing again in the Second Quarter when they launched the cheaper iphone, the iphone sc, and all Product Division splitting the stock for 1, thats a big newsmaker today, this time they had to split their stock for the first time in six years, i look back to 20147 1 stock split, and rallied 8 afterwards, thats what analysts are looking for this time around. Lou i understand it, you make the stock cheaper and work people combined. Whats apples future in china. Susan recovery, he said the sales grew around 2 coming back from being down in the First Quarter of this year since they went through coronavirus first and asked for production he said there back up to full speed and i asked him if he was ramping in order to get indication on where and when we will get the new 5g iphone and he laughed and said no, at this time. But they did say on Earnings Call it will be the new iphone delayed a few weeks usual probably in october and the get out before the holidays. All in all, looking at the stock moves, tech is getting bigger with the pandemic and accelerating these trends, its almost ironic that the block earnings came out day after capitol hill are doing the tech giants too big and too much control over our lives. Lou what a contrast. Wednesday they get bashed, thursday they produce stellar results. Excellent conversation with tim cook. Thank you so much prepresident obama took a job at the president while delivering for john lewis. There are those in power who are doing the darndest to discourage people from voting by closing polling locations and targeting minorities and students restrictive id laws and attacking our Voting Rights with surgical precision, even undermining the Postal Service in the runup to an election. Lou that was a heavily political eulogy. Tammy bruce, what do you think of it . We are being reminded why this country is been divided for so long, we have opportunities for bringing the country together and unifying us but the democrats we know that one of the mottos is you dont want to let a good crisis go to waste. Americans look at that and i was reminded of the political rally, funeral memorial that backfired on the democrats because it was so unseemly but if anything considering the violence in inner cities, the damage to the businesses, particular people of color in urban areas, if theres anybody whos having an impact on the freedom of anyone on this country but especially people who live in the urban areas, it is the democrats and their aligned groups, now we have not just the death of a civil rights icon of representative lewis but then herman cain and in the midst of all of this, you have the same people condemning herman cain as they always did because he happened to be different and isnt that ironic from the main stream of the democratic party, republican, successful businessman, americans are looking at this and we want to come together, there must be unity and you have something that is supposed to be a somber dynamic and lots of people by the way gathering in a church which americans themselves are not allowed to do. That has also struck a cord but really its a shame and americans deserve better instantly and regardless of your complexion, we all deserve better and leadership brings us together and that certainly was not in evidence yesterday. Lou point taken tammy bruce. Thank you for joining us on a friday morning, tammy bruce. All good stuff prePresident Trump eating with the heads of the National Association of police in our next hour, will bring you the highlights when we get the highlights. A bombshell report alleging human rights abuses at mba training academies in china senator rick scott for the republican demanded the league cut all ties with china in response to this. He is on the show coming up. Preparation underway on florida for the hurricane that is approaching. Watch this. While we cannot be certain of the exact track of the storm, we certainly cannot be sure about the intensity it will ultimately reach. We do expect to see impacts to the state of florida, even if the storm remains offer short. Lou the trail has already done some damage in puerto rico and were tracking the latest movements on its path towards United States and we will keep track drop the show. Hi, im pat and im 75 years old. We live in the mountains so i like to walk. Im really busy in my life; im always doing something. Im not a person thats going to sit too long. In the morning, i wake up and the first thing i do is go to my art studio. A couple came up and handed me a brochure on prevagen. Ive been taking prevagen for about four years. I feel a little bit brighter and my mind just feels sharper. I would recommend it to anyone. It absolutely works. Prevagen. Healthier brain. Better life. vo touch and go. Handwriting recognition and the audi a4. Get exceptional offers at your local audi dealer. Yeah. This moving 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. [speaking in foreign language] lou the Puerto Rican National guard rescuing a child kept in the street during the storm that hit the island. It is now a category one hurricane and it is headed to florida and up and down the east coast, chief meteorologist rick joins us. Where and when will we feel the impact . Yes, an interesting thing, a lot of times these storms hug the coastline of the u. S. Because itll be one of those storms, this is where the storm is now, brought up to a foot of rain across puerto rico who cannot catch a break between the hurricanes and earthquakes, now we have the storm up toward the bahamas, really concerned, last year we had Hurricane Dorian that went over the bahamas at cap five causing incredible damage, the storm will impact them in all of our models that we watch, keep this just off the shore of florida which is good news, the official track keeps it mostly just off florida in the worst part of the storm is always to the side, i think florida you will be fine, going little bit forward in time and probably impacts across the outer banks, maybe a landfall of a Hurricane Navy sometime tuesday of next week. Lou we hear you and thank you very much indeed, i want to bring in florida senator, republican rick scott. The storm, and understand is forcing the closure of state run Virus Testing sites, what is the impact of the storm on the spread of the virus imported . I spoke to the governor puerto rico this morning, they had really bad flooding and i know shes traveling around the island to see what needs they have, she said they were getting support out of the federal government that they need. I think the testing is really important, some people no, we do need to get the testing done and the results back quickly so people can quarantine themselves and tell everybody also they might be positive. When you shut down testing centers, you slow down information for the most appointing we can do is make sure they wear their masks and social distance but get them good information if theyre positive or not. Lou is it possible the storm could slow down the spread of the virus imported . The theory is people will stay home, i hope everybody and right now everybodys getting ready and just to make sure these storms are unpredictable, hopefully rick is right in his days off our coast but in terms that could cause storm surge, bad wind and a lot of rain and flooding, all and i hope it to get serious and get ready, that would be nice if we stop seeing a growth in the number of cases imported. Lou i want you to address this, we have a stunning new report of human rights abuses at mba Training Camps in china. Young participants reported that they were beaten by chinese instructors, if this is true, how do you think the mba should respond . It is disappointing, the nda did not stand up to the systems of hong kong and they turned a blind eye on this, this is been going on, the mba economy, they do not do anything about it, im very disappointed, they need to tell us exactly the facts, when did they know, why did it take so long and why are they kowtowing to the cummings party china, why are they playing games when we know the abuses that are going on, and finally why are the 22 olympics going to be held in china when we see these horrible abuses that are going on in communist china. Lou thank you very much mr. Senator, always great when you come on the show. Just want to segue for second, look at the big board, now were down i know you see my dharna, we are down 160 points on the dow industrial, even though we have apple as a dow stock which is gone straight up, there is a broadbased selloff going on here. The main stocks that are going up our big tech, three of them in particular apple, amazon and facebook. But they are the three big winners, the rest of the market not doing that well. Let me go back to my dharna, there are reports that chinese based hackers that targeted that company, the covid19 vaccine from the dharna. What we know about this . Behar gated the Vaccine Research and as you know thats a vaccine that is in advanced stages in one of the most promising so far, last week the Justice Department made an indictment of two chinese nationals that conducted, for china by targeting the Computer Network of the massachusetts biotech into other firms. They said the Massachusetts Firm is my dharna. So the race for a vaccine is ongoing, china allegedly looking to get some of the promising research. Stealing the secrets by the looks of it. Thats allegation. Twitter, were getting update on the celebrity hack, back on july the 15th, what is this about hackers using iphone to fool twitter employees. Susan talking their way onto the phone and the Companys Network to get to the phone, heres the latest update on the investigation on what they discovered so far. They tweeted this out last night, the attack on the july 15 target a small number of employees through a phone spearfishing attack and this attack relied on the significant and asserted attempt to mislead certain employees and exploit human vulnerability to gain access to internal system. So phone fishing orders spirit fishing means giving up some of the information to the 130 accounts were targeted and 45 of them were sent out and the direct messages of 36 and the twitter data of seven, that some famous people on your screen, will gates, barack obama, joe biden, Jef Jeff Bezos and kanye west. They limited access to our internal tool systems so we know the fbi says they are continuing to investigate in the New York Times says hackers with ring leader named kirk and one still lives with his mother in southern england but they only netted 150,000 of bitcoin which is low to the experts. There wondering whether or not there was a bigger all teary or motive at play. Lou if you reveal and expose the private twitter messages being sent out between people, you can do serious damage to somebodys reputation especially if their public person, that is the worry here. Right before the election. We still have a downside move for the dow industrial. Were up 140, the nasdaq holding onto a very modest gain. Broadway, new york city becoming overrun with drug use. Watch this. Three months they have been here, since they shut down, every single day. What do the leaders do as a result . Nothing. Lou you saw him on the streets, Lawrence Jones, good friend of the show, has been on the streets following the story for some time and is in our studios next hour. First we are seeing a new economy emerge from the pandemic and part of it is online order sales. We are changing the way that we buy cars. We will deal with that and just a moment. Apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com robinwithout the commission fees. So, you can start investing today wherever you are even hanging with your dog. So, what are you waiting for . Download now and get your first stock on us. Robinhood. She asked whose blonde that was hanging in the back of the store and she said it was the owners blog. She was the administrator of a Facebook Page and she was going too post it online and she was going to drag me out of business. This womanhood posted nasty things about me online and was asking the community to boycott patio pizza. Lou he is a famous guy, on the program yesterday, people rallying behind him after the canceled culture mom went after him for displaying a trump flag at his restaurant. Shortly after our interview, the president tweeted this, support patio pizza in the wonderful owner in st. James long island new york, great pizza, what do you know, patio pizza started trending on twitter, one of the top trending stories of the day and you heard it first right here on Varney Company. Back to the markets, were still down pretty much across the board except for a few tech stocks, dow was up 150 points. Interesting news from cocacola, theyre getting to hard seltzer, that is where the demand is right now, correct. Lauren absolutely. They are entering the alcohol business for the First Time Since 1983 and their leveraging the popular sparkling water to launch hard seltzer and then u. S. Next year americans spent 3 billion on hard seltzer in the past year end cocacola competing with white claw, truly, bud light and starbucks pray they also plan to launch it with caffeine in january. This has twice the amount of caffeine as a coke in the Company Think that will be popular because guess what, the pandemic has changed our daily morning routine, we dont go out for coffee and go get on the go as much, we have it at home. Lou thats the theme with the show, all kinds of changes because of the pandemic. The way we live, how we live, what we shop, what we buy. Heres another item. Prodigy. Thats an online car seller, that means they specialize in online selling, you buy through them, there is no facetoface, no haggling, you dont have to worry about who youre talking to and the cofounder and ceo of prodigy joins us now. I think you are onto something. Because this is the trend, this is the trend in the car industry, go online, am i right . Absolutely, if you look at the market, tesla selling online, the most vital carmaker in the world, carbonic, one of the most largest valuable Car Companies now in terms of dealerships now at 25 billion is to us online car sales up 279 since precode levels so consumers are saying they like this and its here to stay. Lou this is because the pandemic has made the difference but if you buy online, there is no haggling, there is no haggling about the price, heres the price you pay or you dont or you buy or you dont. And you dont have to sit facetoface with anybody with the some people is an uncomfortable experience prethats what you got going for you. Absolutely. We can now sell cars over video chat, if you want to talk to someone, there there and can answer the questions but there uncomfortable experience that customers associate going with the dealership does not have to be there for consumers, they can go online, its the amazon effect, everything you said is going online in a pandemic, car sales are no different. Lou what exactly do you do, i as an individual, i dont come to you and buy a car online, what you do your platform for online sales to dealerships, is that right . Absolutely we work with the largest Car Manufacturers in dealerships in the country to power their online buying experience, when youre buying the car, as far as you know, you dont see your brand and know that youre buying but were powering the untiring experience in doing our best to make it easy to get the car that you want. Lou is there particular kind of car or vehicle selling particular well online. We see consumers buy cars on the higher end of Consumer Trust into whether that is ford f150s, or even porsche, 9 11 a car the house of very good loyalties are doing exceptional welding coping because they by the same model year in year after year. So the gravitating toward the purchases that are most comfortable to them. Lou any reason to believe that the trend will slow down and reverse and go back to dealerships. I dont think so, carb purchases every 3 5 years and none of the Consumer Expectation has been set, this will be the way that they by the next car and 3 5 years, its becoming quickly the norm for many car buyers in the u. S. Lou you have a great story on your hands, thanks so much for joining us on prodigy. To take a look at kodak, a stock that has been all over the place recently, today it is down 23 , why is it down today lauren . Lauren is started at 2 and hit 60 at one point. I will give you three reasons for why it is down today, it was an amazing run and we started seeing the run before the official announcement from the government and the company that kodak was going to make the ingredients for generic drugs, so people are saying, who knew what when. In the second reason is the power of social media as a trading platform, there were some reports and tweets from local broadcasters sources saying kodak was getting into the drug business. So that would be the second reason. In the third, a lot of nonage traders trading from home were chasing the good news after the fact. So on monday was up 300 , another day 200 , now its down 25 . Lou all over the place as we said. Have a look at draft kings, i think the stock is down right now, if it is down 3 . I guess this is because of the problems that baseball is having with the virus. The season is in jeopardy, the cardinals game has now been postponed in the marlins by the way has had some Serious Problems with coronavirus bread and the marlins have had 70 players test positive in many of the fillies had a coach and as stoffer the tested positive in the cardinal say they have positive test with their ranks and they are self isolating at their hotels in the hotel rooms so you add the bruise and the cardinals onto this, 20 of mlb teams have needed to postpone games as a result. This is wreaking havoc on a tight schedule on the season and last night we had the nba restarting but theyre based in a bubble meeting there insulated and isolated from everybody else and some say the mlb shouldve done that as well and thats having impact on draft kings. Lou is having an impact, thats for sure. Moments from now, chief of staff, mark meadows will take the podium, that podium right there, we expect an update on the stimulus talks. Interesting, will take you there what happens. Miamidade county, the nations Fourth Largest School District and confirmed the school year will begin online. This is going to cost them, it is not free, i want to know how much its going to cost, all asses superintendent of the school in the district. How much. The first, a tiktok superstar, he has 20 million followers. Buddies calling it quits on tiktok. Hes leaving and hell tell us why after this. Lou we have a tiktok superstar with us, his name is josh richards, he is over 20 million followers on the tiktok platform but he is leaving and going elsewhere, josh is with us, josh welcome to the show. First of all, why are you leaving tiktok when you have 20 million followers. I just felt like it was the responsibility of mine to take fellow creators and the people that follow us to a platform where we knew wed be treated properly and safe. Lou you dont think are treated properly on tiktok. I feel like a lot of the creators there arent valued very well and a lot of the times we try to bring up different suggestions for helping out the creator benefiting them and often gets pushed away were told it cannot happen. Lou the chinese ownership of tiktok were you . It is definitely a concern and thats why were moving over to trailer. Lou before i leave the subject, your 20 million followers on tiktok, i took get you can make it a very good living off of that. There is definitely ways to monetize your platform. Lou thats a nice report. You do 10 million a year . I am definitely going to be making seven figures this year. Lou ive tried to work that out, youre up there. Yeah. Lou a big smile, come on thats a lot of money. If youre leaving tiktok youre going somewhere called trailer what is so attractive about that. There creator first app, thereby the artist for the artist, when we started talking to them they were very receptive of our ideas. Lou can you make more money there . Of course. My whole job there of chief Strategy Officer is to start rolling out other options for monetization so im really looking forward to that. Lou tell me an idea how you roll something out for monetization. I dont understand this whole market, you tell me. Something that were going to be doing very soon is adding a life future where people can give donations and we will have a large sum of that because to the creator. Lou want to have a platform like this theres no into all the other things you can add on and out onto the platform. You can go for a very long time with different teachers, that is what so awesome but the team at triller is so awesome and they want to hear all the ideas. Lou you have any thoughts on banning tiktok in america . My major concern is the safety of the people on the app, if it gets banned or not i want people when they go to social media to have that feeling of safety. Lou you are a superstar in the whole area, thank you so much for coming on the show and explaining what it is all about to be. I appreciate it. The very first air jordan sneakers worn inside by Michael Jordan himself, rookie season, their offseason will show you that in a whole lot more from golden auctions in the next hour. Another changing industry where the movie box are transforming their backyards into big screens, because the theaters are shut down. We will show you the setups and we will tell you how much it cost. Look at the market, still on the downside losing about 170 points on the dow and were waiting to hear about the stimulus from the president chief of staff mark meadows. Back in a moment. Last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. And the clock could be ticking towards bad breath, receding gums and possibly tooth loss. Help turn back the clock on gingivitis with parodontax. Leave bleeding gums behind. Parodontax. Welcome to camp leavtonsafun on xfinity nd. 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. Lou overall this is a downside day for most stocks, the dow is off, the s p is off and the nasdaq is actually up because a big tech, look apple, amazon and facebook, they are absolute standout stocks today, all three of them came through with extraordinary performances in their earnings yesterday, look at them go today, apple is up 23 books and amazon is up 131 in facebook at 17. Major gains for those companies and otherwise downside selling off market. Electronic arts, people play video games because youre stuck at home, they added tens of millions of new players in the last quarter, the stock is up 1 . Another lockdown winner, pinterest, monthly active users jump 39 , 460 million of them. The stock is up 28 . Pinterest up 20 on that news. People help getting more involved in the stock market, yes they are. Look whos here anthony, the ceo of weibel financial which is an online trading platform. I know you have open 450,000 new accounts in a very short period of time, i want to know how people are trading, are they day traders, buying something at 10 00 oclock and selling at 1030 or are they more longterm investors, by net at 10 00 oclock and holding it for three weeks. Its a healthy mix of both, we seen a lot of billet silty with names you talked about kodak, thats a great example in apple on a tear, their day trading those names for the volatility. The overall bcm healthy mix on investing and day trading. Lou what are the top traded stocks on weibel financial. They tend to be lower price, its a lot easier to access the one that are very volatile, we see genius, gn u. S. , the airline names, american airline, delta, a very popular trade, chinese version of tesla, electric carmaker very popular on the platform. Lou when apple done the four for one stock split and bring down the cost of each share of apple, that will be very good as a trading instrument on your platform. Absolutely, much more retail trader friendly when a stock goes from 400 to 100 on a four for one split and you can trade more shares. Lou is there any reason to believe that your business will recede and retreat a little when the economy fully opens up and were no longer stuck at home . I think the Trading Volume will recede a little bit but the overall trend of traders moving from a pc or an Online Platform to a mobile platform like weibel, i dont think thats going away, that is here to stay and we are seeing that in the account that we open, we open more accounts than e trade on a quarterly basis. Lou a pretty good performance, people stuck at home have more time to do things like invest on the computer. This is huge, real transformation, a real shift in the way that we do all kinds of things. This lockdown has affected us in so many different ways, especially for platforms like ours where not only do people have more time to look at investments or make investments but a lot of times if theyre lucky enough to stay employed during this lockdown, they have more expendable cash in their accounts, then are going to restaurants or Movie Theaters, wife keeping a Checking Account earning 0, put into the market. Lou i understand entirely. Thank you for being with us, Great Success story, anthony of weibel financial. Lou you might not be able to go to the Movie Theater but that does not mean you cannot make one in your backyard. Jeff flock is in Mount Prospect illinois, you have all these set up there, i want to look at it and tell you how much it cost. Go ahead. Of course you do, how big do you want to go, how about this big, look at this, this is a Great American backyard complete with dog homeowner, viewing area, people are buying these blowup, you blow it up like a bouncy house or one of those things and its a huge screen, michelle wanted to get the family together. I have two teenagers and during quarantines they just wanted to be in their rooms and could barely get a board game night out of them. How does this cost . 200 bucks. Plus you have to have a projector and what is this an epson projector. Thats about a hundred bucks. So a grand for the set up, if you want to go big, that is a big screen but what if you want to watch tv. Lou i dont know if you can hear me i have to break in i have to go. We have mark meadows, the president chief of staff beginning to talk about i think the stimulus. Lets listen. At the present instruction we have made no less than four different offers into democrats on capitol hill on how we can make sure the enhanced employment that is set to expire today along with eviction protection that is set to expire as well and protected, those four different offers have been actually rejected but more portly than that they have not even been countered with the proposal. The democrats are certainly willing today to allow some of the american citizens who are struggling the most under this pandemic to go unprotected. The president has been very clear for us to be aggressive and forward leaning to make sure they get protected. And yet what were seen as politics are shes well from democrats on capitol hill. It surprises me, when we talk about compassion and hearing about that a temporary solution to make sure that unemployment, enhanced unemployment continues, has been rejected not once but multiple times. The democrats believe that they have all the cards on their side and theyre willing to play those cards at the expense of those that are hurting, and well continue on with additional discussions today, with senator schumer and speaker pelosi, perhaps an inperson meeting tomorrow on capitol hill as we stay engaged. But im disappointed in what weve experienced over the last three days and i want to stress that the democrats have made zero offers over the last three days. Zero. And so in a spirit of compromise, the president has sent us back not once, not twice, but three different times to try to find some Common Ground and what weve found from our democrat negotiators is that they are bumping the price higher than the very bill that they passed out of the house several weeks ago. To give you a particular example of that, in their heroes bill, they have 100 billion for schools. We matched that offer and actually put forth a proposal for 105 billion for schools for k through 12 and higher institutions, and yet what did they say to that . Oh, no, that was two months ago, we want to increase the amount of money that we send to schools to 400 billion. Were going in the wrong direction. Theyre going in the wrong direction because of partisan politics. It is very disappointing and so we call on capitol hill to get serious about their negotiations. The president is serious about the negotiations. We are willing to engage. As you know, leader mcconnell yesterday put forth a one week extension at the current level for enhanced unemployment and what did we see . Senator schumer objected to that. So theres no clear message that the American People should receive other than the fact that the democrats are willing to play politics at a critical time in our nations very dire circumstances as we deal with this pandemic. So i wanted to give you that brief update so that you could have it straight from the negotiations as they have happened over the last three days, and as we work, im going to turn it over to stuart okay. That was mark meadows, the president s chief of staff at the white house. He came out and gave a briefing on the status of the rescue package, the stimulus package and the status is no deal at this point. Mark meadows said he and the republicans have made four proposals to the democrats. The democrats have not responded at all. He did say, however, the talks will continue and maybe there will be inperson meetings tomorrow with senator schumer. But as of right now, 11 00 eastern time, no deal and the dow industrials, not really responding to that news particularly. We were down about 150 before mark meadows spoke. We are down 150 as of right now. Dow still down, nasdaq still up just a fraction, s p still down. Now, we received blockbuster reports from big Tech Companies late yesterday. Apple is hitting an alltime high this morning. Right now its at 408, up 24 bucks a share. We will take a close look at that in just a moment. First, though, look at this. The hurricane headed towards florida. That state seeing a surge in virus cases but testing sites have been shut down ahead of the storm. Thats florida. Now this. The president issued his now famous tweet on delaying the election and the response was immediate. You cant do that, its unconstitutional, it is an assault on our democracy. Some in the media implied that the president was scared of losing. I think the critics are missing the point. The way things stand, the election in november will be chaotic and that chaos will undermine our democracy. We should be doing something about it. Im not talking about Election Fraud. That is in my opinion, that is a separate issue. Im talking about the extreme difficulty of counting mailin ballots and getting a speedy result. When does the count begin . Election day or when all mailin ballots have been received . That could be a week after election day because the Postal Service has slowed down with the virus. Which ballots will be thrown out and on what grounds are they thrown out . Both parties are lawyering up because they know there will be countless legal challenges. There was a primary election in new york city on june 23rd. They are still counting. Imagine that. In a president ial election. I dont think this is a political issue, although it will certainly raise the political temperature. Remember bush gore. It is, in fact, a practical issue. How do we conduct a president ial election when the country is reeling from the virus . Good question. Thats what the president s getting at. Chaos is coming and were running out of time to do something about it. I want to bring in steve cortez for this, senior strategic adviser for the Trump Campaign. Steve, look, forget Election Fraud for a moment. Forget that. I dont think you can argue that we are going to have chaos because of mailin ballots. I dont think theres anything you can do about it. Right. Stuart, you make a great point. I would caution the audience, i do think vote by mail does invite Election Fraud but putting that aside for a moment, youre right on the practical nature, we dont have to guess at what would happen. We simply look at that New York Primary that you cited. If new york state was unable, is unable to give us a winner weeks later in a low turnout primary election, that is Proof Positive that on a national basis, this nation of 330 Million People will be unable to give us a conclusive result quickly as the American People want. We should have our results election night, of course, preferably. This kind of system of vote by mail could very well drag on weeks if not months into the future. Now, look, i want to be clear, those of us in the Trump Campaign and the president himself, we believe in absentee voting. We believe in early voting. What we do not believe in is universal vote by mail because we think it invites fraud and it will also usher in the kind of chaos that you are talking about. Stuart got it. Thats cleared that one up. I think the president did a great job in raising this issue in our national consciousness. Hes warning chaos is coming and he was quite right to do it. Thats my opinion. I want you to take a look at these numbers. They are coming from realclear politics. Vice President Biden leads the president , this is a national poll, by around eight percentage points. Now, you just joined the Trump Campaign as a Senior Adviser for strategy. What are you going to do about numbers like that from realclear politics . Strategize with us. Sure. Happy to. Im thrilled to have just joined the Trump Campaign. Im here for a threemonth sprint to victory in november. I will tell you regarding the polls, i do Pay Attention to the polls. They are not our north star. They dont guide everything we do. Certainly not the president regarding policy and not even the campaign. But its important to Pay Attention to them. When i look at the battleground state polls, which i think are far more important than the national poll, what i see is a race that is extremely tight and that is very competitive. I suspect it will stay that way but i also know this. One poll matters in the end and that is the poll on election day. Im confident right now that there are a lot of folks out there in america, unfortunately, because of the cancel culture, because of the arena really of intimidation that is out there from so many leftists, there are a lot of people who are very reluctant to tell a stranger they are voting for President Trump. But i do believe that those reluctant voters are going to vote for President Trump and so im confident, im by no means cocky, by no means complacent but i am confident that if we execute our strategy well, and if this Great American comeback economic story continues to accelerate, that President Trump is going to prevail in november. Stuart we hear you. Steve, thanks for joining us, as always. We better see you again real soon. Thank you. Thank you. Stuart next, president obama gave the eulogy for the late congressman john lewis, and he received a standing ovation for suggesting that President Trump is working to suppress minority voters. Watch this. There are those in power who are doing their darndest to discourage people from voting by closing polling locations and targeting minorities and students with restrictive i. D. Laws and attacking or Voting Rights with surgical precision, even undermining the Postal Service in the runup to an election. Stuart that was strong stuff. It was very political stuff as well. The young man on the righthand side of your screen is Lawrence Jones. Hes on the show with us right now. Lawrence, do you think that the black vote is being deliberately suppressed . No, i dont think so. I do think its concerning that some polling locations in some states, the way that they operate their elections, but i mean, its a local basis so you know, the way we conduct our elections are not on the federal level. So most of those cities and states should be responsible for it. I will say when it comes to, to be fair, when it comes to the politics, preaching at a funeral that is john lewis, that doesnt surprise me. Knowing john lewis himself, this is probably what he would have wanted. Stuart how do you feel about it . I mean, i ask the question because that was a very very Strong Political message, delivered at a funeral. How do you feel about that . Well, in black america typically we dont call them funerals because they are homegoing celebrations. Its normally to remember the legacy of the person that has passed away and gone to glory. But when it comes to john lewis, the thing that he championed was Voting Rights and its something he felt passionate about. So although i may disagree with the content in president obamas speech, when it comes to john lewis, i dont think he would have been prouder to have president obama to deliver that exact speech. Stuart fair point. Again, i try to separate my personal politics from what john lewis would have wanted that day. Stuart i think you do a very good job of that, lawrence. Now, lets get into this. I want to talk about whats going on here in new york city. Homelessness, spiking over the past few months. Some are even being housed in fairly swanky hotels. Drug use, public drug use is on the rise. Lawrence, you spoke to new yorkers about it. Just bear with me, lawrence. I want to show the audience what you came up with. Roll tape, please. Three months weve been here, since the shutdown, theyve been here every single day. They just shoot up. What do the leaders do as a result of this . Nobody. Nothing. What do you think about new york being compared to San Francisco and skid row . Its getting there. Its getting there . Absolutely. Who do you blame for all of this . The mayor. The mayor deblasio . Yes. Hes responsible . Absolutely. Stuart is that what you got from other people, lawrence . Blaming the mayor . Yeah. I mean, i think deblasio, its fair to say hes the most hated mayor. When you see whats happening in this city, a lot of people compared to what took place during the 80s. I saw people actually shooting up drugs on the street and no one was there to enforce the law. Now, of course, many people, the police would say its because the new york mayor has been very anticop, hes wanted to defund the police, he actually took 1 billion, we saw skyrocketing shootings in the city and now you got people shooting drugs. Now you have them also moving the Homeless Population into four star hotels. Now, a lot of the people that are on the street and the people that live in that community, theyre not antigetting the homeless help. But they dont want to move them into their community and they are also very frustrated that the mayor as well as city leaders didnt consult them before they moved them into their community. You can see these people just coming out with the shirts off, naked in the middle of the street. The businesses that surround the area had to hire personal security to protect their patrons from these people that they moved into this four star hotel. Stuart i do believe that all big cities in america are in serious, serious trouble. That will be my opinion. I think you back that up with what you have seen in new york. Lawrence jones, thank you very much for joining us, sir. I appreciate it, brother. Stuart yes, sir. Thank you. One more check of amazon. You got to watch this stock. Its up 140 a share. Blowout earnings. 88 billion something or other worth of sales in a threemonth period. Its Cloud Business, amazon web services, aws, that fell a little behind other sectors in terms of growth. The growth there wasnt particularly strong. Nonetheless, the stock is still up 138 now, 3,190. Facebook, very similar story. Revenue up big. They posted a monthly user growth of about 12 . 2. 4 billion people around the world use facebook daily. Thats extraordinary. Heres blockbuster news, cultural news from facebook. They are going to let people work from home indefinitely. Think what that means, for where you work, how you work. Facebook saying home indefinitely. Just like google. You work from home if you work for google all the way through until july of next year. Thats a switch. Show me apple, please. One of the biggest winners today. It is now americas most valuable company. Susan, tell me about the cash theyve got. I always like to know about that. Susan a ton of cash. Think 194 billion. On its own that would be the 29th Largest Company on the s p 500 yet and it went up during the quarter at the height of the pandemic. So apple has been giving back a lot of this money back to shareholders and thats probably one of the main reasons the stock has run up so much, hitting record territory this morning. And also probably why somebody like Warren Buffett is one of its largest shareholders. They have been buying back almost 100 billion of stock each year and issuing dividends including another one in the Second Quarter. The big news is splitting of their stock 4 1, making it cheaper for more people to own, fifth time in its history, six years is the last time, in 2014 when they split 7 for 1 and the stock rallied 8 afterwards. The march to june quarter is typically a boring quarter since it all leads up into the september phone launches and tim cook says that this new 5g iphone they were all waiting for will be delayed a few weeks later than usual. Think october instead of september. Speaking to tim on the antitrust hearings yesterday, i asked him for his thoughts and heres what he told me. He says i think people watching the whole thing, it became clear it was about data and i think the concern was about data. It was also clear that that didnt relate to us and i hope that people can understand that. Heres the big takeaway for you, stu. Its official now because apple, 1. 775 trillion in market cap, passing saudi aramco as the worlds biggest company. Stuart at 410 a share, its worth 1. 7 trillion and small change. Extraordinary. Susan it is extraordinary. What does that say about the innovation and freedoms and capitalism enjoyed here in america . Stuart i dont think apple, amazon, facebook or google would be anywhere near as successful as they are were it not for american capitalism. Good call. Thanks very much, susan. See you later. Look at the white house again. In just a few minutes, President Trump will meet with leaders of the National Association of Police Organizations. We will bring you any headlines. Chipotle, pandemic winner. Digital sales spiking 216 during the lockdown quarter. They are expanding drivethrough service. Talk about a shift in the way they do business. Can they keep up the momentmome . The ceo is coming up. Miamidade, nations Fourth Largest School District, going with Virtual Learning this fall. How much is that going to cost . 345,000 students in that system. How much does it cost to teach them online . 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Liberty. Liberty. Liberty. Stuart i like the sound of this. United airlines planning to resume some of its international services. Lauren, tell us more. Lauren this is a big deal. They plan to restore between 25 and 30 International Flights starting in september to all sorts of destinations, asia, israel, india. They are tailoring their destinations to where people want to go, both domestically and internationally. Think beaches, think mountains, places where you can social distance, if you will. All in, if you count international and domestic, in september, they will be flying 37 of their september 2019 schedule. They are adding flights. This is important and a big deal for two reasons. The holidays are approaching. People are going to want to go visit family. Can you imagine people staying put . They will want to go visit family, take time off, maybe they will have to quarantine for 14 days. The other reason is i think people are pulling their hair out, what can we do, what can the kids do. They are looking for options, every day starts to look the same. Stuart i agree entirely. It is a modest step forward if we get a few International Flights back on the calendar for united. Thank you. Miamidade county, the Fourth Largest School District in america. They have announced their school year will begin online, completely. Alberto carballo is with us, superintendent for the miamidade schools. This may seem like an odd question but how much is this going to cost . You have 345,000 students in your school district. This going online is not free. How much . Well, stu, number one, good morning. Our system has been a oneonone system, really prior to the covid crisis. We launched da eed a Digital Convergence platform in 2012 empowering our students, our teachers with devices and connectivity so prior to the last shutdown back in march, we were able to achieve 100 connectivity between our students and Digital Content with every single student in our School System with a device. But the cost quite frankly that i would like to talk about is the cost of social isolation, social and emotional deprivation some students may face as a result of remote learning. Stuart sir, i hate to interrupt but you are bringing up a very important point. There is a cost to staying at home. There is a huge cost to Online Learning and its not dollars and cents. Its the emotional distress, the isolation of those kids who have to stay home. Im sorry i interrupted you but thats a very important point. Its one that we cannot ignore and quite frankly, knowing the conditions we face right here, right now in miamidade, are unlike conditions faced across the country, where the Positivity Rate for covid19 may be around 5 elsewhere, right now in miami, conditions of positivity specific to covid are comparable to what they were in china back in january, close to 18 with high mortality and high morbidity. Critical cases of icu bed capacity. That is why we had to make the difficult decision of starting the School Year Online but with a plan to return our students back to the school house model which is the preferred model for all the reasons that we know. They learn better, their Cognitive Development is better enhanced, the social and emotional interaction is most beneficial. But the conditions need to improve before we are able to do stow. We hope to be able to restore that model no later than an announcement september 30th for a resumption of inschool education no later than october 5th. Stuart that is good news indeed. But i do want to raise another issue and another cost. That is the cost to the local economy because parents of children who are at Home Learning online, they cant go to work and theres a cost involved there. No doubt. Thats something that obviously we try to balance out alongside our municipal city and county partners. Its unavoidable. We are part of the country where we are still in phase 1. Most of our restaurants, actually all the restaurants in our community cannot serve food indoors. They can only serve it outdoors with social distancing. There are still a lot of restrictions in this community that quite frankly are impairing the economy. We are cognizant of that. Thats why we want to be good partners. Thats why im not one who took this decision lightly and the decision that we made is a stopgap measure until such time as the Positivity Rate decreases to a level where we can safely return students and teachers back to the classroom because we are part of this Greater Community and while we are talking about social and emotional deleterious impact on students or the business implications to the economy, it all has consequence and its not lost to us. Stuart we are on the same page, sir. We want to get back as soon as possible. We want that to come quickly. Miamidade county superintendent, thank you, sir. Appreciate you being with us. Check those earnings. Look at merck. They are doing well. They are on the vaccine short list. Their sales are up. Their profits are up. And their drug, the cancer drug keytruda saw a big boost in sales. Thats why the stock is up a buck in an otherwise down market. Look at gilead, gilead sciences. Theyve got a virus treatment, remdesivir, that they are down today. Why . Because they are selling a whole lot fewer less nonvirus related drugs. People arent going to the doctor so theyre not asking for and paying for those other drugs. Down goes gilead to 69 per share. Look at the retailers. Now, there is some rebound going on here in the retailing industry but what about backtoschool . Theyre not going to get much of a rebound out of that, are they, lauren . Lauren no. Less money is going to be spent at the Shopping Mall and on items like clothes. So bank of america says thats going to be bad in particular for these three companies, childrens place, American Eagle and abercrombie fitch. The reason is they get about 30 of their overall annual sales in the Third Quarter which includes backtoschool. But we are shifting spending. So this could be good for sales of technology, art supplies and pajamas. Comfortable clothes, loungewear if you are sitting in front of a computer all day. Thats what we have been buying. Really comfortable clothes with elastic waistbands. Stuart thats right. Okay. Okay. Sometimes you need the elastic waistband if you are eating too much at home but thats another story entirely. We will move on. Thanks very much, lauren. This month, the National Association of Police Organizations made it clear why they are endorsing President Trump. Watch this. President trump has initiated the attorney general to aggressively pursue those who intentionally harm members of Law Enforcement just for the mere fact that we are part of our profession. Stuart President Trumps going to meet with Police Leadership in just a few minutes. If we get any highlights out of that, you will get them, too. Today is National Avocado day. We are going to tell you where you can get free guacamole today and possibly all year. Free guac. Whats wrong with that . Looks like they picked the wrong getaway driver. Theyre going to be paying for this for a long time. They will, but with accident forgiveness allstate wont raise your rates just because of an accident, even if its your fault. Cut sonny. Was that good . Line the desert never lies. Isnt that what i said . No you were talking about allstate and insurance. I just. When i. Lets try again. Everybody back to one. Accident forgiveness from allstate. Click or call for a quote today. And im an area manager here at amazon. When you walk into an amazon fulfillment center, its like walking into the Chocolate Factory and you won a golden ticket. Its an amazing feeling. My threeyearold, when we get a box delivered, he gets excited. He screams, mommys work when the pandemic started, we started shipping out all the safety stuff that would keep the associates safe to all the other amazons. All of these are face masks, weve sent well over 10 million gloves. And this may look like a bottle of vodka. When we first got these, we were like whoa [laughing] with this pandemic, safety is even more important because theyre going home to babies, theyre going home to grandparents. So, our responsibility is to make sure that they go home safe every single day. Stuart not so much red ink now. The dow is down 79, 80 points. We have gone to the green on the nasdaq, up 80. Thats because of the strength in big tech and also, the s p has turned green. Its up just two points. All right. Now this. They need to tell us exactly the facts, when did they know, what did they do about it, why did it take so long for them to take any position and why are they kowtowing to the communist party of china, why are they playing games there when we know the abuses that are going on, they know the abuses going on. Stuart that was senator rick scott earlier on the program today. The nba is reevaluating its Training Program in china after a blistering report about abuse at training academies. Thats what senator scott was referring to, that report about abuses of young nba people in china. The nba restarted its season last night in its disney world bubble. The pandemic shut down sports for months but it made the memoribilia business a huge winner. Look whos here. Ken goldin of goldin auctions. Now, ken has brought with him his usual series of all kinds of items that are going up for auction. Can we start with this, i think i hope you can show it to us mike trout, the signed rookie card. Show me, please. How much . This card is a one of one. The current bidding which just opened up monday is at 1. 3 million. We expect the card to settle in around the 4 million range for this card. Stuart what . 4 million . 4 million. Stuart okay. Im blown away. I will move on. Want me to explain why . Stuart yeah. Okay. Its the only its only a one of one. Two weeks ago we sold a lebron james card for 1. 85 million. Trout is considered the best baseball player today. He just went off paternity leave this morning. His people feel hes basically the greatest player of our time. They only made one card in existence. Its really the holy grail of all baseball cards. Stuart i understand. 4 million. Got it. Next case, a pair of air jordan 1 sneakers signed by Michael Jordan. There they are. How much . They are right here. This right now, we expect to go for over 500,000. This is the only pair that is actually bid on. He wore these during his rookie season, then gave them to the l. A. Lakers announcer on camera. That was actually captured on camera. We recently sold one of his pair of rookie sneakers for 369,000. This is signed, first pair, better provenance so we expect it to go in the 500,000 plus range. Stuart you never cease to amaze me. Lets move on to look at a signed Michael Jordan jersey. I think youve got it there. How much for that . This one is his rookie jersey. It is the only one that is graded a 10 in existence. It is gameused and signed from his rookie season. The current bidding at goldin auctions. Com i believe is 120,000. We expect this one to go in the 400,000 plus range. Stuart 400,000. Okay. All right. Here we go with the signed lebron james rookie card. Thats got to be worth a fortune. Yes. This is the sister card to the one sold a couple weeks ago. That was limited to 23. This is limited to 99. We expect this one to go between 750,000 and 1 million. Stuart ive got to get this in. The nolan ryan rookie card. Tell me. Okay. This is a wonderful one, a 1968 nolan ryan topps rookie card. It was the only one graded a perfect 10. We expect this one to go in the range for approximately 500,000 to 750,000. Or possibly more. It would not shock me if it hit 1 million. Its an extremely strong market right now. Stuart ken, you have been coming on our program for a number of years now. Five or six years, at least. I keep seeing the prices of this stuff, the memoribilia that youve got up for auction, you keep going up. Theres a huge inflation in memoribilia. There is. Whats happened is, i have spoken to a lot of hedge fund managers, i have spoken to people who have investment portfolios, because this has been going on for so many years now, a lot of them are considering sports collectibles another asset class. There have been a lot of alternative Investment Funds that have been created and put into this. The individual who won our lebron card for 1. 85 million is actually a Silicon Valley tech billionaire and he announced hes doing this, he announced hes starting a fund to do this type of stuff. This was just a couple weeks ago. So all the collectors are in there and now theres big money coming into this. They want the top of the top, the high grade, the blue chips, the guys like babe ruth, mickey mantle, mike trout, lebron james, Michael Jordan and so on, and that is why the prices are going up dramatically because its a very limited supply of the top product and theres a lot of people looking to get that top high quality product. Stuart fascinating. Ken goldin of goldin auctions. Thanks for joining us, ken. Dynamite stuff. No problem. Thank you. If i can get this in, the auction ends august 22nd so its online right now at goldin auctions. Com. Bidding ends august 22nd. Stuart got it. Thanks, ken. See you again soon. Thank you very much. Now, we are going to talk about funnel cake. Yes, we are. State fairs, they may be closed but you can get your funnel cake in one state, at least. We will take you there, show you how you do it. Chipotle, yeah, thats a pandemic winner. Digital sales up 200 in the lockdown quarter. And they are expanding drivethrough service. Thats interesting. The ceo coming up next. announcer reliability is everything. So, if your networks down, youre down. Verizon knows your customers need to reach you seamlessly. Your team needs to work from different places across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. And thats why you trust us. The most Reliable Network in america. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. Learn how an aarp Medicare Supplement insurance plan, insured by United Healthcare Insurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . 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Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Stuart still got a down side move, not that much, down 100 for the dow. The nasdaq is up 80 points. Big techs doing rather well. Now, state fairs, we got that, canceled coast to coast but i want to know where i can get some funnel cake or greasy french fries, whatever you want to call it. I know where i can get it. That is wisconsin. Grady trimble is there. How do i get funnel cake if the state fair is closed . Reporter well, you need to know two things about the people of wisconsin. They are resourceful and they love their fair food. So they set up a drivethrough here at the fair. You just ride right on through, place your order and they have a variety of vendors that they have brought here to serve you your fair food. Of course, we are in wisconsin so we had to feature the cheese curd taco. I want to show you what they look like. Richie runs this stand. Heres the tacos. Tell me about how this kind of helped you at a time when you dont have large gatherings and big crowds. Yeah. They gave us the call a couple months ago with the idea and i was kind of iffy to see if it would work, but its kind of mindblowing, the response weve gathered from the milwaukee area. Reporter 12,000 people, stuart, came last weekend. They are doing this for the next three weekends, including this weekend. Theres different vendors so they are hoping that people will keep coming back and keep coming back. But im a little bit worried im going to get run out of wisconsin because im lactoseintolerant. I cant even enjoy these delicious meals. Stuart what are you doing in wisconsin . That was a great exit from your report. Im lactoseintolerant, what am i doing here. Well done. Grady, youre all right. See you soon. Okay. Couple of stock checks for you. First, beyond meat. They are coming to wawa markets. Wawa. Wawa markets. Which are rolling out plantbased breakfast foods. Beyond meat is at 124 per share. Shake shack, same store sales dropped 49 last quarter. Hurt by forced closures and a cut in operating hours. Shake shacks down 10 . It is the end of the work week and time for friday feedback. You have been sending us your questions and suggestions. We are going to read them coming up later on this program today. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Stuart yes, its that time, friday feedback. Here it is. Youve been sending in your comments all week. Lets come into this with susan and lauren, please. Everybody on the screen. There you go. First one comes from gary. Im going to read it. He says would someone tell stuart and ashley that when a stock is down, it should be stated that it is down, not off. The british accent makes the word off sound like up. If its down, its down and if its up, its up. Okay. But you really would not want me to try to put on an american accent. I mean, my family cringes whenever i try to do that. Susan do it. Lets hear it. Stuart no, no, im not going to do it. No, no, no. Susan why . Want to hear our british accent . Stuart because i cant do it. I was tempted but i cant do it. Susan you have been here for so long. Stuart yes, thats true. I can do cockney, london, new zealand, all kinds of different accents but i cant do american. Okay . The producer just said to me how about a jersey accent . No, i cant do that. Okay. All right. The next one comes to us from rick. He asks this. Is Varney Company considering relocating its home from manhattan to a businessfriendly community that embraces the values of capitalism . I like that one but lauren, why dont you answer it. Lauren um, um, okay, i cant comment on Company Decisions but i can say this. Im so jealous of the two of you who are like in the actual office, im here at home with little kids coming if you only knew what happened behind the scenes here when sometimes on air, its becoming chaotic. Doorbells ringing. I said naked kids, my daughter has been naked about five times in this room. I will go anywhere, okay, anywhere but this room. Stuart i would love to do the show out of florida because theres no income tax or no state income tax in florida and no estate tax either. I dont think we are going to do that. I just dont think thats going to happen. Next, we will get you into this, susan. Dont worry. Susan im not worried. Stuart a. C. Writes this, stop calling facebook big tech. They produce nothing but ad space. They are a digital bathroom wall. Facebook is nothing more than a data scraping ad pump. Okay. Well, susan, thats for you. Susan well, with the company that has a market cap of 700 billion, that sounds pretty big to me helmed by the third richest man on the planet. Yes, you may not like facebook but its definitely one of the top five Biggest Companies on the planet earth. Top six now. Stuart can i hear someone in the background, lauren . Is that some of your kids . Lauren yes. Yes. See, i told you. Stuart okay. Lauren mommy, im bleeding. Thats what i just heard. Susan oh, dear. Stuart if you have to leave the set, we do understand. We do understand. Lauren just a mosquito bite. Its just a mosquito bite that she probably scratched. Thats my guess. Stuart how old is she . Lauren i told you. Stuart tell me again. Lauren almost 5. You want to come in . No, she doesnt want to come in now. Stuart i put her off. This comes to us from rachel who says my sister and i have recently discovered Varney Company. Now watch it every morning. It always puts my days off to a great start. I really dont know what im going to do when i go back to college and dont have cable. Well, you can watch us live on our website. Download our app and follow us on twitter. Our handle is varneyco. Even i can do that. Barbara tweets this. I bought kodak, stuart. If not for watching you tuesday, i would have missed it. Thanks very much, barbara. Im glad you got into that one. But i dont know whether you did well or the no because its been all over the place. All right. I think this one is for you, susan. You have to read this one. Susan lets read this one then. Remember, do you remember this comment from a few weeks ago . Stuart is a flibbertyjibbit, lacking in real understanding of how Financial Markets work. He has succeeded because of his charming manner. Susan so jim writes in, he says i take issue with a viewers opinion that stuart is a flibbertyjibbit. I have no idea what that is. Maybe he is but hes our flibbertyjibbit so i love him just the way he is. What is a flibbertyjibbit . Stuart someone who is not really well put together, doesnt understand whats going on. Flighty. My mother would have dismissed someo someone, thats what she would have said. Susan i wanted to share my british accent. What do you think of please, sir, id like some more . Stuart thats good. Thats really good. Dont expect me to come through with an american accent right now. Okay. Were not going to do that. Okay. That was a good friday feedback. Excellent, ladies. Thank you. We will do it again next week. Okay. We love to talk about those pandemic winners on this program. Chipotle is a big pandemic winner. Down today but look at the stock price. 1,139 a share. This is a company where drivethroughs are going to be big. I find that very interesting. Brian niccol is with us. Hes back with us, i should say. Hes the ceo of chipotle. He joins us again. Im intrigued about this drivethrough deal, because i never think of chipotle as drivethrough. I think of walking in and for my rice and beans. Are you really shifting the business towards drivethrough . Thanks for having me. Good to be back. Yeah, so the chipotle is a little different spin on the drivethrough. You order ahead in our mobile app or on the website, and literally its a pickup window. So all you have to do is place your order, pick your time and then you show up at the window, give them your name and out the door you go with your food. Its a really really fast experience without having to give up all the customization and obviously all the great culinary at chipotle. Stuart online sales, online ordering, thats here to stay, and you think its going to get more and more a bigger and bigger part of your business . Oh, yeah, absolutely. 2020 the t lasndnder over200 20 didwe o dveidridrr 825 in les. Itso p iutts puts that bessine over er 1 illi bonillion nowow 1 1 billi bonil alindon w ahat we are hearingrom crstosrstorstoto ey love t expnce and wnd ar heari hng from our otors and team meers, ters,y los,ve ovg the experience. He fact that weveeve invested in the Digital Kitchen and now things like the pickup windows, pickup shelves, it just provides unbelievable convenience. Stuart have we changed the way we live because of the virus . You know, look, i think what is going on right now is definitely people want to make sure they can have confidence in the safety of their eating experience. And then with that, because patterns for how people are doing work has changed dramatically with working from home, more and more offpremise occasions i think are going to be the game plan for the near term. I do think longer term, though, people enjoy socializing, getting back out and eating together. So you know, longer term, i think well see people return to some level of using the dining room. May not be the same level it was before this pandemic. But you know, im optimistic that well get past this and stuart thanks [ speaking simultaneously ] stuart youve done a great job of turning that company around. Thanks very much for scrambling to get on the program today. Good to have you with us. More varney after this. And m . Wow. Ok thats 15 on top of what geico could already save you. So what are you waiting for . Idina menzel to sing your own theme song . Tara, tara, look at her go with a fresh cup of joe. Gettin down to work early following her dreams into taxidermy oh, its. Tax attorney. I read that wrong, oh yeeaaaah geico. Save an extra 15 percent when you switch by october 7th. Give it up for tara i was blessed to be part of building one of the greatest game shows in history. During that time, we handed out millions of dollars to thousands of contestants. And i thought, what if we paid the contestants their winnings in gold instead of cash and prizes . Back in 1976, we had a wonderful contestant named lee whose threeday winnings were valued at 12,850, and you know what . That was a pretty big haul back in 1976. So i wondered, what would have happened if lee had put 12,850 in cash and then put 12,850 in gold in a safe, just sitting there sidebyside from 1976 until now . Well, i went back and i ran the numbers, and what i found was amazing. We all know that 12,850 in cash would still be sitting there, but it would be worth a whole lot less than it was in 1976. But that 12,850 in gold, safely stored away, its worth 135,000 as of the taping of this commercial. Now, thats more than 10 times the original amount. And thats why ive been putting my money in Precious Metals for years, and i dont see any reason to stop now. [announcer] if youve bought gold in the past, or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone and call to receive the complete guide to buying gold, which will provide you important, neverseenbefore facts and information you should know about making gold, silver, and platinum purchases. If you call right now, you can also receive a copy of our new u. S. Gold report for 2020. Inside, youll find the top 25 reasons why you need to start owning gold today. With nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, u. S. Money reserve is one of the most dependable gold distributors in america. Stuart i did not have time to get the same with brian nichol from aaa. Today is National Avocado the and to help us celebrate that, brian nichol at aaa is celebrating free walk today. Thank National Avocado today. The markets are showing the downside move for the day, up 150. We are up 48 on the nasdaq component but this whole down wall street is dominated by big tech. Going straight up. Neil cavuto, it is yours. Take it away. Neil thank you very, very much. We will follow up on National Avocado day, i had no idea, now that i do, im not a fan of avocado but those of you who you are, how matter. They never have National Coffee day but ill let it go. We have about 157point with the dow, stu has been telling you here, technology is not singlehandedly going to save the day, a lot of the tech stocks that reported earnings yesterday are surging just nicely but they cant save this puppy on themselves, were following that and were also focusing whats going on in