Transcripts For FBC The Claman Countdown 20240712

The month higher for all three major averages. Again, we should say. But apple today not keeping investors away. The iphone giants earnings crushed it during the covid quarter. Apple hitting a new record high briefly, becoming the worlds Biggest Company after its stock split. We have a full recap of the tech titans earnings parade. It was Something Else. And one of the most widely followed economists on the planet is here to put this wacky final week of july into perspective. Mohammed elerian on the record evaporation of Second Quarter growth, what that means going forward. Plus, the Online Shopping boom creating another covid winner. Overstocks ceo Jonathan Johnson on his companys pandemic sales and nearly 1,000 pop in his stock since the start of this year. Plus, the latest on stimulus negotiations, President Trump is maybe campaigning in florida and charlie breaks it on a possible tiktok spinoff. Less than an hour to the closing bell, im Cheryl Casone in for liz claman. Lets start the claman countdown. Cheryl we begin with breaking news. Hurricane isaias is heading towards the bahamas right now, and florida. The National Hurricane center predicting the category 1 storm is going to hit floridas east coast on saturday or sunday before continuing up the eastern seaboard and into new york and new england by the middle of next week. Now, as a Tropical Storm isaias slammed puerto rico, leaving hundreds of thousands without power before the storm went over the Dominican Republic and haiti. Taking a look at some of the hurricane preparation stocks that we follow for you, as you saw home depot in the red but those stocks could get a boost depending on the path of the hurricane and sadly, the destruction. Lowe is lower. Generac, the generators, is higher by almost 8. The covid19 pandemic bore down like a hurricane in the Second Quarter and left devastated Energy Companies in its wake. Want to take a look at chevron. Chevron really got the brunt of it, biggest decliner on the dow. They came out with earnings this morning, and the s p 500 energy index. They reported a larger than expected loss for the Second Quarter. They wrote down 5. 7 billion in oil and gas assets. Exxonmobil also reported their biggest ever loss. It was literally in the companys history this morning. They are planning huge spending cuts due to plunging oil prices and demand. Chevron, as you can see now, tease are both dow components, chevron down 4 , exxonmobil down. 75 right now. This kind of rounds out, if you will, the Energy Sector earnings parade and it really was a rough one. The Coronavirus Crisis also taking a toll on expedia. The Company Reported a quarterly growth booking plunge of 90 . The stock is down more than 4. 5 . The u. S. Online travel agency reported a bigger than expected Second Quarter loss as a result. Travel is still basically at a standstill. But the pandemic turned users to pinterest platform for content to keep themselves entertained. The Company Reported big earnings beat, user growth and they also reported a positive revenue forecast. To get any kind of forecast from a company right now is always good. The stock is up 32 right now. Now lets talk about apple. This has been Something Else. The big tech innovator leading the dow 30, surpassing the 400 mark for the First Time Ever after reporting blowout earnings and revenue yesterday after the bell. Today, it briefly, briefly overtook saudi aramco as the largest publicly traded company in the world as it hit new record highs. This is incredible to watch today. Apple also surprising investors, they did a four for one stock split which is going to have major ripple effects on the Dow Jones Industrial index. In fact, the dow today, if it werent for apple, would have 160 points within it. Apple has been the dows largest component since april 29th, we should add. Its now going to drop because of the split. The split is set to go into effect at the close of business august 24th. Now, the crown of the largest dow holding once the split goes into effect will belong to United Health care. If i had a drum roll, i would have rolled it in. Susan li is in the fox business newsroom with more on the big week for some of the biggest names in Silicon Valley and it was a big week. Susan yeah. The takeaway is that the bigs keep on getting bigger and winners in coronavirus and ironically, these big numbers coming out just a day after the capitol hill hearings which argued they were already too big and had too much control over our lives. As you mentioned, apple looking at session highs here, now officially the Biggest Company on planet earth, taking over from saudi aramco. Worth around 1. 7 trillion and change, adding roughly 100 billion in its market cap, think of adding citigroup or starbucks to its already lofty levels. Record june quarter, iphone sales growing once again which is good, and thats thanks to a cheaper iphone se that was launched in those three months and the big announcement with apple splitting its stock four for one. Fifth time in its history, first time in six years since the 2014 seven for one stock split. I asked why they are doing this now. They said look, we wanted to make it cheaper so more people can own it. It doesnt change the value of the stock. The only thing it changes is the lower influence apple has on the Dow Jones Industrials which is share price weighted instead of market cap weighted like the s p 500. The last stock split back in 2014, apple stock rallied nearly 8 . Some people are predicting that to happen this time around as well. Speaking to tim cook on earnings yesterday, he pointed to the optimism in the u. S. Economy, telling me that hes still bullish because we went into this very strong, he says, and i think more stimulus is required, but im optimistic that will occur. Yeah, i do think that we can have a strong bounceback as long as we get a bounceback i think thats beneficial to apple. Facebook had a better quarter as well with the bar lowered owing to covid and the advertiser boycott. Revenue growth slowest since its 2012 ipo, monthly active users crossing three billion. That was good. They also said advertisers were coming back after that boycott. At least the boycott for july. That includes the likes of heineken, puma and northface. Zuckerberg making news as well on the work from home front. Listen. From a health perspective, with covid growing quickly in the u. S. , theres currently no end in sight for when our teams here will be able to return to our offices. It is incredibly disappointing, because it seems like the u. S. Could have avoided this current surge in cases if our government had handled this better. Susan amazon, meantime, record sales in the quarter and profit doubling to over 5 billion, employing over one million. Amazon prime day, by the way, delayed until the fourth quarter. Finally, alphabet, bit disappointing, the Parent Company of google, with its first drop in ad revenue in the companys history. They are buying back more stock, 28 billion worth, in repurchases, lower costs, cloud, were the bright spots but as i mentioned to you, the bigs keep on getting bigger and the cash pile at apple, 194 billion, that on its own would be the 29th Biggest Company in the s p 500. Cheryl it is incredible what apple has done. The Consumer Products side of the business really staying strong which in this environment, you have to give credit to im the cook on this. Susan yeah. I should point out, no guidance again for the Second Straight Quarter for apple. Cheryl well, guidance would be nice. Susan li, thank you very much for that report on all the technology companies. Well, besides big tech dominating the headlines, this has been a really wacky week for the markets. You had Second Quarter gdp plunge by a third, a historic drop. 32. 9 . Never seen that in the history of the report. The extra 600 a week in additional Unemployment Benefits that covered job losses for americans that are unemployed right now, thats going to expire today. Then youve got fomc chairman powell, he used the fed meeting this week to plead for fiscal policy to kick in. A lot of news to go through. Joining the chorus for a relief bill, wall streets most closely followed economist, allianz chief economic adviser mohammad elerian. Great to see you, sir. Thank you, cheryl. Cheryl i do want to get your initial thoughts on that read on Second Quarter gdp. 32. 9 decline, a record breaker. The worst number we have seen was back in 1958, 10 . But it was better than analysts expectations. I had seen 40 predictions. Your thoughts on Second Quarter gdp . Historic, huge and as you point out, it really was a big blow to the economy. Having said that, most people were in the minus 30 to minus 40 range. Unthinkable but thats where most people were because of all the other data that came out. Whats more worrisome is what we saw in jobless claims and what we see in the highest frequency numbers. Retail traffic, mobility, electricity. There you are getting a leveling off of the economy so i was honestly, as bad as the Second Quarter number was, i wasnt surprised but i am really worried that we are levelling off as opposed to continuing to recover strongly. Cheryl i want to ask you about the issue of continuing claims. Because that came in higher than expected and we have now got 17 million americans currently taking in Unemployment Benefits in this country, and in washington, the discussion which has gone nowhere today is what to do about the extension. Republicans say take it down to an extra 200 a month, maybe even just for a few months. The democrats say keep it at 600, have it go through next january. All of this is an economic story in that these people are still spending money. Where would you, if you were in washington right now, what would you want to see happen . Its complex. A few weeks ago, when we were still reopening, and we were reopening in a relatively healthy manner, i would have been squarely in the camp of take it down from 600 because you want to have work relief. Now its much harder because many states, as you know, have either halted reopening or are going back. California, we have gone back. So that people willing to work but unable to work. So its no longer just an issue of willingness. Its an issue of whats the responsibility to people who want to work. And what i worry about is the longer Congress Debates this, and fails to make a decision, the bigger the damage not just to now but to down the road because you increase this notion of economic household insecurity and that means people will be less willing to spend later on. Cheryl how effective do you think the federal reserves policies have been . I ask that question because they have put out several different lending facilities but the reception to those lending facilities has been lukewarm. It seems its more the stimulus side coming out of washington thats boosting the markets even though we are kind of in wait and see mode right now. What do you say about the fed . Thats absolutely right. I think they have been very effective in assuring the normal functioning of markets and in boosting asset prices. Incredibly effective. They have been much less effective in impacting the real economy. That issue, wall street versus main street, is a problem for them. Now, they rightly say we dont have the instruments for this. We need the Fiscal Agency to step in. But perceptions are such that they are going to have to manage their reputation very very carefully. Cheryl third quarter, fourth quarter, same question we have asked you before, where do we stand in the recovery . Do you have any visibility at this point . So look at todays data. On the one hand, consumption went up by 5 in june which tells you when we get our act together on the health side, the economy bounces back. But the income data went down by 1 which tells you we are still highly dependent on washington. So moving forward, in order for us to get something that looks like a v or a u and doesnt look like a square root where we simply level off, we need healthy reopening. Thats the only answer to our economic challenges right now. So its an issue of getting the healthy reopening process back on track. Otherwise, we are going to end up stalling at too low a level of economic activity. Cheryl mohammad elerian, always a pleasure to speak with you and hear your voice on this. It was great to have you on the show, sir. Thank you. Thank you. Cheryl all right. Well, lets take a look at the markets. Again, all the things were discussing affecting the market. The s p 500 joining the nasdaq top of the show, maybe it was me, ill try and take credit. S p now up by four. Nasdaq up by 99. The dow, though, still way down by 56 points, despite the fact that apple, without apple it would have been a different story on the dow today. All right. Under armour getting dented intraday. Pandemic store closures fueling a 41 drop in revenue in the june quarter. The athleisure giant with warnings that sales could slump in the second half of the year. Stock right now down almost 10 . Brick and mortar is playing ecommerces game. Up next, we go inside what might be 2020s most epic comeback story so far. Overstock. Com. Wait until you see how much the stock is up since january. Jonathan johnson is coming up next on the claman countdown. A masters in Chemical Engineering and youre technically a genius. And it appears youre quite the investor. I like to trade. Well, Td Ameritrade has pros ready if you need help, say talking through a new strategy. Just in case things, you know, get a little rocky . Im sorry on the upside i think thats waterproof. Maybe not. Breeze from the air wind blows through my hair dont care if people see my dancing in my car and if it shines or rains oh i cant complain its still a Beautiful Day because i got love got love got love got love its a Beautiful Day as business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Across the country, youll see gratitude. Communities showing support in their own way. Our way is massmutual healthbridge, a free Life Insurance program just for healthcare workers fighting covid19. So to all the healthcare workers on the front lines, thank you. 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. Cheryl well, much of the physical retail world is shuttering its doors or being shunned by pandemic panic, many online retailers like overstock. Com are enjoying the glow of the shift to ecommerce. Shares of the online retailer down a little more than well, actually theres the stock since the beginning of the year. You are seeing that correctly. This stock is up 967 since the beginning of the year. Unbelievable. They had a huge move yesterday. They released a blowout Second Quarter number. They swung to a profit after seeing a loss for the same quarter last year. Overstock Beat Estimates on eps and revenue, sales topping a whopping 109 . The new number of overstock customers also tripling year over year, according to the company. Got to dig into this. Lets bring in overstock. Com ceo Jonathan Johnson. Great to have you here. Great to be on. Thank you, cheryl. Cheryl what a story. We know that ecommerce has flourished during the pandemic and thats not a good thing but you really have flourished. Are these new customers that are driving growth for you . What parts of the country are they in . And tell us really what theyre buying. So lot of new customers. Our new customers tripled during the Second Quarter. They are really all over the country. One of the things thats really benefited us during a stayathome mandate is we focus on Home Furnishings. 92 of the products we sold in the Second Quarter were Home Furnishings. People are staying at home, they are moving online and they are sitting on the couch that they need replaced or they are working from home and need a new office chair, or they are tired of being inside, they are moving outside and they need a new patio set. We are selling all of those things and lots of them. Cheryl thats interesting. Youre right, people are home and they are turning their homes into home offices, maybe on a permanent basis. Lets talk more about the demographic. A lot of older folks, maybe that did not shop online before, seems they are more and more getting on the computer just out of necessity. Then also, you know, where does this go in the future because i mean, your supply chain, we have heard theres some supply chain disruptions for brick and mortar retailers out of china. Does that affect you at all . So first on the migration online, before the pandemic started, about 23 of Home Furnishing was bought online. Now thats up to 36 . That number had been growing 2 every year. This has been a huge shift to online and a shift we think largely sticks, once people understand how easy it is to purchase and even return things, furniture, home goods online, we think a lot of thats going to stick. As far as the supply chain, we have over 3,000 suppliers we use and they dropship for us. Of course, instock percentages suffered a little bit during q2 as our sales doubled but weve got products still in stock, on the water, well be ready for the fall, the winter. Weve got plenty of product to sell. Frankly, we think this upcoming Holiday Season is going to be one where people are shopping more online, not going to the stores for black friday and being shoulder to shoulder with people. We think the holidays, people are going to be spending in their homes in a more cozy situation and need upgraded Home Furnishings just for that. Cheryl we got some government dato this morning and i thought of you because we got spending numbers, looking at what were spending. For june it was a gain of 5. 6 . People were actually getting out there. A lot of that is still unemployment check money. Is that something you consider in your forecast when you are looking out to the future if indeed Congress Takes away the extra Unemployment Benefits from these americans, are you concerned about that at all . We watch it. We did see a spike in spending when the first round of unemployment checks came out in the spring. We may see it again if thats reupped. But the bottom line for us is, our Business Model is we provide great homes for all. We have inexpensive high quality goods. When times get tough, as long as people are trying to spruce up, doing staycations, being at home, we think our deals are what helps us get through any kind of downturn in the economy. Cheryl sounds like youre ready for backtoschool. Hopefully there is a backtoschool across the country for you and for overstock. Well, we hope so. On a personal note, ive got five kids in different schools, university and high school. I hope theres a backtoschool, too. Cheryl you and a lot of other parents across the nation. Jonathan johnson, thank you very much, sir. Great to have you on the show. Thanks, cheryl. Cheryl we are taking a look at a dow thats only down 24 points. A lot can happen in the next 36 minutes. Thats why you got to watch this show. We are down 26 points on the dow. That can change. One of the blue chips most wellknown names, caterpillar, inching lower despite beating expectations and saying the worst is over. A warning that Equipment Sales are not going to recover in q3, hitting the industrial leaders stock. Right now it is down almost 3 . Charging ahead on electric vehicles. Gms latest electrifying move, coming up next on the claman countdown. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. An army family who is always at the ready. So when they got a little surprise. Two . They didnt panic. They got a bigger car for their soontobebigger family. After shopping around for insurance, they called usaa who helped find the right coverage for them and even some muchneeded savings. That was the easy part. Usaa insurance is made the way liz and mike need it easy. Quadrupled their money by 2012 . 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Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you new clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. Cheryl we have breaking news just in to fox business. A u. S. Appeals court has overturned Boston Marathon bomb ers sarnayevs death sentence. He was responsible for the bombing that killed three and injured several hundred. His death sentence just overturned moments ago. Gm helping buyers go full throttle on evs. The auto giant joining forces with electric vehicle charging station maker ev go to add 2700 new chargers across the United States in the next five years. Theres a slew of new evs including a pickup truck, which puts it in competition with teslas cybertruck. Taking a look at ev stocks, tesla falling despite ceo elon musk saying demand remains strong online through the pandemic. Just today he gave a podcast interview and broke that news. Tesla down 3. 5 . Nikola speeding ahead into the close at nearly 4 . As for their rival fisker, reporting delays in efforts to make a key deal with vw. Fisker parent Spartan Energy Acquisition Corp falling more than 11 right now on that news. Lets go to Lauren Simonetti for todays fox business brief. Lauren . Lauren biopharma giant gilead slipping, despite saying it expects sales of its covid19 drug remdesivir to help lift its full year revenue. Raymond james expressing skepticism that remdesivir may not be enough to change the longterm story for gilead. Shares are down 4. 25 . Shake shack plunging today after posting a bigger than expected loss and a 49 drop in same store sales in the Second Quarter, after having to temporarily shut locations because of the pandemic, and riots in some cities. The burger chain now planning to start reopening restaurants with drivethroughs. Shares are down about 12 . Colgate palmolive jumping after organic sales jumped on Strong Demand for soap and cleaning products during covid. The shares pulling back right now. They are down just slightly. Up next, President Trump is on the move in the state of florida as the stimulus package, including the 600 in Unemployment Benefits, expires. Weve got the latest on the efforts to extend those benefits next. 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. Honey, did you hear about these new geico savings . Mom . Youll get an extra 15 on top of what geico could already save you. Can i call you back . 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Enhanced federal Unemployment Benefits and the moratorium on evictions are set to expire today. The president already talked about it earlier this afternoon. But the real talks are happening between the republicans and the democrats and they have hit a standstill. For the latest, we bring in Edward Lawrence from washington, where nothing seems to be happening today. Edward . Reporter yeah. Butting heads is what you can see here, cheryl, in washington, d. C. In fact, chief of staff, white house chief of staff mark meadows said hes very disappointed in democrats, saying the democrat leadership is playing with peoples lives here. In fact, he says that the evictions start tomorrow. He said the 600 extra in Unemployment Insurance from the federal government will not come back. You know, the president also has this on his mind. In fact, in the last two minutes, he tweeted this. He tweeted out saying that both schumer and pelosi have no interest in making a deal that is good for our country, our people. All they want is a trillion dollars and more for their radical left government states, most of which are doing very badly. Now, he says, the white house chief of staff mark meadows says they offered no less than four plans that would address evictions and Unemployment Insurance. The democrats rejected all of them without a counteroffer. The democrats are playing for november 3rd and were playing for the good of the people. It is a disgrace that theyre not negotiating but theyre only looking to play a i happen to think its a bad political game. I think it hurts them. Reporter House Speaker nancy pelosi says they are not bickering. She says there are fundamental policy differences with the white house that cannot be worked out. She is clearly drawing a line in the sand as the house goes on break next week. With the election in november in sight, President Donald Trump reminding 50 million americans who received Food Assistance where that assistance came from in a letter with that help, it outlines in english and spanish to follow cdc guidelines also. It says one, practice good hygiene, wash your hands. The letter also saying stay home if you feel sick, protect the most vulnerable individuals, the elderly and those with preexisting conditions. Also practice good social distancing and wear a mask in public. The letter adds that farmers to families food boxes will continue to serve families in need. The election positioning is in full swing. The politics, the president saying today, making the point that with the politics, its just getting nasty. Hes also making the point that mailin balloting, Something Else on his mind, would be devastating for this country. He says we wouldnt have the results for months. He prefers absentee balloting or inperson voting. Back to you. Cheryl yeah. Youve got Mitch Mcconnell focused on Liability Protections for businesses and for schools. Theres just so many issues and they just are so far apart, looks like. Reporter on that point, there may be a divide with the white house there because Senate Majority leader Mitch Mcconnell says he would not bring up a bill that did not have it. The white house, some reporting says, might be open to that idea of getting rid of the liability protection. Again, theres so many lines here but the bottom line, fundamental differences of these two sides and the moneys not coming today. Cheryl yeah. Well have to see what next week brings out of washington. Youll be there. Edward, thank you. Lets take a look at the big board right now. We have got the dow we may go positive. Im not trying to jinx anything. But i dont know. Were down 21 points right now. 23. A lot can happen. I got 20 minutes to go here. Weve got a lot more coming up. Tiktoks chinese Parent Company bytedance weighing a big move on its ipo road as National Security pressures intensify in the United States. But could a deal with one of techs biggest titans help bail out the Popular Video sharing app . Charlie breaks it next on the claman countdown. Experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Safe drwelcome to camp0 . Tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. 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. Cheryl a 17yearold teenager from tampa, florida accused of being the mastermind behind a massive twitter hack that hit 130 high profile accounts back on july 15th, graham clark, is being charged by the Hillsborough State Attorneys Office with 30 felony charges for scamming people across america, including one count of organized fraud, 17 counts of communications fraud, along with other charges. Justice Department Also announcing two other individuals have been charged for their roles in the hack. Among those impacted by the hack included president barack obama, former vp joe biden, amazon Ceo Jeff Bezos and Tesla Ceo Elon musk. Clark posted messages in their names and directed them to send bitcoin, obviously users didnt do that, we hope. He collected more than 100,000, though, in bitcoin in just one day so some folks actually paid him. All right. Theres twitter right there. Stock is down almost 1. 5 . Well, could the dance party be over for tiktok in the u. S. . Reuters is reporting bytedance, the chinese Parent Company of the popular tiktok app, is now considering scrapping its plans for a global ipo and instead, listing only in china on a hong kong or Shanghai Exchange as National Security pressures mount here in the United States. President trump today again threatening a possible tiktok ban because of chinese spying concerns but one of techs biggest titans could step in to save the day for social medias newest rock star. Lets bring in Charlie Gaspar o gasparino. You have the exclusive details of this story you have been following today. Charlie yeah. We were first to break on fox business that microsoft is indeed in talks with bytedance, thats the Parent Company of tiktok, to buy at least the u. S. Portion of tiktok. You know, tiktok is a global company, as you know. I didnt know what tiktok was until i first started covering this story although i do seem to recall my 11yearold niece doing music videos on this platform named tictac. At least thats what i thought it was called. But be that as it may, its very popular. Its 80 million u. S. Users, 800 million globally. Microsoft is in talks with bytedance to buy at least the u. S. Portion of this thing. Im going to do a full writeup on this because its very complicated. We should point out that bytedance actually initiated the talks with microsoft, i understand. Why did it do that . It did that about a month ago because it knew its time was coming near, that the u. S. That cfius, the unit of the Treasury Department that basically allows Foreign Companies to operate in the u. S. , was basically saying that tiktoks u. S. Operations have to stop. They knew that was coming down the pike. The minute they knew that was coming down the pike, they initiated talks with microsoft. Now, why microsoft. Its kind of interesting. Microsoft doesnt have much of a, i guess, you know, social media presence. Its not i guess it has linkedin, right, but it doesnt have its not google, not facebook. I think thats why they went to microsoft. I dont think any of the fang stocks, popular fang stocks, facebook, apple, amazon, google, i dont think any of those stocks, any of those companies would be allowed to buy tiktok. Regulators just wouldnt allow them. If you notice the hearings this week, cheryl, there was one company that was noticeably absent from these tech hearings. It was microsoft. So thats the hearing why they went to microsoft. This gives microsoft a chance to play in this sfpace, possibly gt user data from young people and influencers and be able to leverage that in their business operations. Microsoft is a u. S. Based company so the federal government doesnt have to worry about surveillance. Thats why it was potentially looking to ban tiktok. They believe that its chinese parents were using that user data for surveillance purposes. It was a bipartisan concern. So thats where we are right now. The one thing i think from what i understand microsoft is trying to get its hands around is, if it only buys the u. S. Portion, how does it compete globally in this with this short video market . You know, this is a big global market. Facebook is developing its own product. Bytedance theoretically would keep the rest of its operation so if they take out 80 million u. S. And they have, what, 720 million still, you know, globally, how do they get scale and compete in that business broadly . I think thats part of the discussions that are going on right now. If you saw President Trump, he confirmed a couple things earlier today. He confirmed as we reported earlier, maybe i think we were like a minute before bloomberg on this, that they were poised, that the white house is poised to ban essentially tiktoks u. S. Operations. He says he also said were working on a number of things. One of the things theyre working on is this sort of sale to microsoft, if thats possible, or another u. S. Company. Again, this is very complicated. The federal government, if microsoft does buy it, you know, it would want to know a lot of things about how much its buying, do the chinese have any role in the Company Going forward. I mean, this is going to be very complicated. But it is happening. The talks are happening. Whether the deal happens or not, well know i think well know more in the next couple days. But its fascinating stuff. Cheryl you made a good point. Charlie i never thought the app, my 11yearold niece was using to do her version of beyonce was bsh wou would cau much trouble. Cheryl thank god for nieces and nephews. I had no clue about it either until my niece started using it. Same exact story. Because im not cool. I will tell you when you were doing your report right now, marco rubio came out with a statement. He supports the divestiture of tiktok, u. S. Operations anyway. Marco rubio is behind the deal. There you go. Charlie listen, one thing about the divestiture is that it has bipartisan support, too. Joe biden recently came out, the former Vice President , democratic nominee for president this year, came out and told all his staffers not to use it anymore. I cant believe his Campaign Manager is doing short music videos. So that tells you, theres a lot of concern. I think Chuck Schumer has expressed concern. The Senate Minority leader, democrat. So this is bipartisan. People are worried about the chinese using the app to gain surveillance. The big story is microsoft. I mean, microsoft going into this space, i mean, they havent done anything, really, in recent years. Cheryl and they have the money. Theyve definitely got the money. Charlie they do have the money and theyre not under scrutiny. Thats the big thing. They can do it. Cheryl Charlie Gasparino charlie its the government wont allow the rest of them to do it. Cheryl looking for your writeup on the website. Thank you, sir. Charlie gasparino. Charlie breaks it. The dow is up, hello, by 14 points. Told you. Got nine minutes to go. We just turned positive. Coming up next, the nba scoring in its return to the court last night. And this countdown closer says that could be a slamdunk for your portfolio. Coming up next on the claman countdown. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Is more important sthan ever. Rp wheres my tablet . You have to remember the names of your grandkids, pets, your soninlaw. Favorite soninlaw. And the eternal question, where did you put your glasses . Sure, you can spend the day looking for things that you misplaced. Or you can take natrol cognium. Cognium improves memory and recall in healthy adults. Its safe and is shown to be effective in multiple human clinical trials. Six letter word for head . Noggin. Stay sharp. Stay you. With natrol cognium. And my password . Breeze from the air wind blows through my hair dont care if people see my dancing in my car and if it shines or rains oh i cant complain its still a Beautiful Day because i got love got love got love got love its a Beautiful Day cheryl we have breaking news, we are waiting for President Trump to arrive he is aboard air force one, he is said to arrive at any moment, he is expected to hold the Campaign Coalition event with florida sheriff, we will take you there for the arrival and follow this event as it happens on fox business. Were also following the market, the closing bell, we are positive for the day, things have really turned around right now. The dow was up by 55 points, this is the last day of the month for trading, a lot of times you see a pickup in the last few minutes of trading, dow at 55, s p at 17 and tech up one and a quarter percent and basically this is the fourth week in a row for the s p of the last five that we see good numbers. Nasdaq breaking the two week losing streak and now this is the first week out of three for the nasdaq, were the connected numbers here, in july as you can see look at the monthly numbers, its been a really good month so far in a good week so far except for the economic move that we got. I want to bring in Lauren Simonetti. You can clarify my numbers. I got to, for the month, the dow is up 2 , the nasdaq up six and half percent and s p up about 5 , lets talk about the top three on the nasdaq 100, advanced micro devices, chipmaker listed the fullyear Sales Forecast since demanded big for its product as the work from home. It is taking market share from intel, amd at 47 . Lets look at tesla, demand is ripping through the pandemic, it turns out you dont need to test drive at tesla, its a cool electric car, 429, doc you sign handling legal manners digitally, another winner. Intel, the chip delays are hurting the stock in helping amd and its down 20 . Adp is also a loser along with gilead, fewer people are going to the doctor, that is hurting demands for noncoronavirus drugs remdesivir is what everybody is talking about but a whole lot of other drugs too. Lets switch it over to the biggest winner on s p 500, the retailer, amd and hca which is the bigger hospital chains has done better recently as patients return for medical procedures, up 30 , here are the losers, energy company, flooring company, Mohawk Industries as well as intel. You had all the good numbers. But the mba is back, basketball in summer. Lebron james finished with 16 points, 11 rebounds continuing the caliber run for the l. A. Lakers, could also be a boost for your portfolio. There is a tie here, lets bring in the one and the only, there is a tie in a set that you would like related to sports. How are you, the cc affected the cause of that. I think you have a lot of things going on but you have some stocks that have been beaten down fairly heavy like draft kings, one of them, about mid range from the high. If you look and say do we think that this coronavirus can get much worse, people are gambling more and looking for more sports and it brings the revenue, we have a lot of good things to look forward to and i dont think theres much more bad that can happen because people are getting more worse to working and betting online as well, we have a lot of good future ahead of them. Cheryl you also like wind, this is interesting, vegas has reopened, so far they have actually done better than a lot of folks expected in las vegas they also have the china store is. I think wind looks great, when you look at the level where the stock is, the business is probably going to go a lot higher and i do think vegas will come back, is not going to come back anytime soon but revenue will generate and it will open again and everything will be rolling as it was once we have more satisfaction on the virus. However, you look at where theyve taken it down to and very often in markets we taken them to hire two lot and draft kings and women have been taken to low. Cheryl ten seconds, go ahead. Apache has the going President Trump, p wins the election i think it takes off. But if trump wins apache takes up because he is an oil guy and he will continue to pump. Cheryl talk about taken off, the dow was up 124 points. That is it for me, after the bell, take it away. Melissa the clock is ticking, a standstill in washington as benefits are back to expire for millions of americans, i am melissa francis, happy friday. Im david asman in for Connell Mcshane and this is after the bell. Stocks gaining momentum in the final moments of trading, closing near the highs of the day as apple extends its gains adding about 275 points to the dow enclosing about 400 bucks a share, for the First Time Ever. Fox Business Team coverage, Edward Lawrence is in d. C. And Lauren Simonetti is watching the markets. Lauren we start with