Transcripts For FBC Varney Company 20240712

On fox business. He will be talking about the jobs numbers, about the stimulus plan, if we will get one or if the president will have to pull the levers himself without congress. 30 minutes from now, larry kudlow. Well also ask about President Trump issuing those executive orders banning u. S. Transactions with wechat and tiktok. Shares of tencent, lets see, tencent is down about 6 right now. Well see how things are going. Futures, by the way, are down about 73 points. They had bumped up into the green from triple digit losses earlier when we got the jobs report, but they have settled down a little lower. Again, a lot less than it was earlier this morning, before the jobs number came out. As President Trump threatens executive actions to get another round of stimulus as democrats are stonewalling any compromise. We are also going to be weighing in on the market trade worries as the president signs a new executive order reimposing 10 aluminum tariffs on canada and that crackdown on Chinese Companies listed on u. S. Stock exchanges. Meanwhile, apple is at a new record, now about 12 away from 2 trillion in market capitalization. And another record for gold and gold is trading up just a fraction right now. But again, it is well over 2,000, 2,071 an ounce. Meanwhile, pfizers ceo says it could have a vaccine ready to distribute by october. Well be talking about that. And of course, those joe biden stumbles. Once again, weve got the tape you dont want to miss. Now democrats are trying to kill the nra. Will americans be left without police or guns to protect themselves . A jampacked show straight ahead. Varney company starts right now. David lets get right back to the july jobs report and bring in First Trust Advisers chief economist brian wesbury. Good to talk to you. What do you make of these numbers . Great to be with you, david. You know, a lot of people worried that because some states shut down, that this number would be bad. Obviously, it blew them away, it blew the consensus away, and things continue to improve in the economy. I just want to make two distinctions because on one hand we have governors and mayors who shut things down, but on the other hand, america is a free country, people want to get out and when we look at all 50 states, there are nine states right now where the numbers for covid are actually worse this past week than they were the previous week. Those nine states only make up about 17 of the u. S. Economy, of the u. S. Gdp. So what i believe is happening is that people are looking at the numbers and deciding that they want to go out and thats what we saw. Retail activity and leisure and hospitality, they were about half of the improvement in jobs for the month of july. I think its just people moving to be free in spite of what some governors and mayors are doing. David i love that. I think youre absolutely right. I dont mean to nitpick but manufacturing numbers were not what was expected. There were about 220,000 less than expected. What do you make of that . I think theres a lot of things happening there. Number one, we have seen global trade fall off and a lot of this has to do with transportation around the world and moving people around the world. I think thats going to slow down some of this manufacturing improvement. At the same time, weve also seen, you know, with transportation, et cetera, there are bottlenecks and we see this in the ism reports, in the manufacturing reports. There are bottlenecks and shortages starting to develop. So i dont think this is a permanent issue but i do think we with manufacturing, and transportation and all the things that go into it, we are going to hit some hurdles along the way. David talk about hurdles, we only have 30 seconds, but talk about whats happening inside the beltway. Democrats have essentially stonewalled republicans on any kind of compromise. What happens if the president tries to pull the executive order lever . Yeah. Im not sure of the legalities of that, david, whether he can or cannot do that. But i just look at this from kind of 40,000 feet, if you will. You cannot just shut down the economy and then borrow money from future generations and pay everybody. The more i dont want to use government to put pressure on people, but what were doing now is using government to take pressure off and then the last thing we need is to bail out states who have decided to keep shut down even though their numbers are good and they had problems, massive problems, even before coronavirus hit. Illinois, the pension problems in this state are awful. If theyre looking for this bill to bail them out, i think thats a mistake and i dont think the republicans and the president should go for that. David dont forget, theres still a trillion dollars that they have in their kitty they havent spent yet. Its not like were running out of money from coronavirus help. All right, got to leave it at that. Great to see you. Thank you very much. I like your optimism. The other big story, President Trump signing an executive order that will soon ban the use of tiktok in the United States. Shares of tencent is down about 6 on that news. Susan li is here to fill in the details. Susan it took down Global Markets across the rest of the asia pacific and europe as well. Tiktok has 45 days to find a buyer or it will likely be removed from apple and googles app stores, unable to get u. S. Advertising or deal with any u. S. Companies, and thats what a ban would look like. Microsoft said on sunday night they are looking to finalize a deal with tiktok by september 15th. Tiktok issuing a statement saying they were shocked by the executive order and they say that it Undermines Global businesses trust in the United States commitment to the rule of law which served as a magnet for investment, spurred decades of American Economic growth and sets a dangerous precedent, they say, for the concept of Free Expression and open markets. Meantime, tencent, one of the Worlds Largest companies, makes wechat which is the Whatsapp Facebook app of china, also accused of collecting data from americans and then sending it back to beijing. They are also facing a ban next month as well. Wechat is a big, big deal for china, an app that nearly every person in china uses, and there are concerns that if you do ban wechat and tiktok, china could retaliate by limiting, say, apple or even microsoft and other American Companies in china. David lets bring it back home and talk about apple. Its been on an absolute tear recently. Five record closes in a row. How close are they to narrowing into that 2 trillion market cap . Susan 14 away. We are very very close. The stock needs to hit 467. 76 to get past 2 trillion, doubling in two years, just crossing 1 trillion in the summer of 2018, something i covered as well. But u. S. china tensions on tiktok and wechat likely to drag on the stock today, since apples business might be under threat if china retaliates for this executive order. Now, apple rallied thursday about 3 on virtually no news. Lots of wall street enthusiasm as we head into that four for one stock split at the end of next month, in august, and apple is now the most heavily weighted, most influential single stock on the s p 500 in 40 years going back to 1980 and one of the big five tech names, amazon, microsoft, facebook and alphabet apple making up nearly a quarter of the broader benchmark. David lets bring in politics a little into this. Facebook, they have banned another protrump organization. Even though they said, zuckerberg said he wasnt going to do any Fact Checking, apparently changed his mind. Susan arbiter of truth. Thats the term he used. This is temporary. They are banning ads from the committee to defend the president which is a super pac for President Trump and Facebook Says its for what they call repeatedly sharing fake news. The super pac fired back accusing facebook of allowing other politicians to make fake claims in their political ads. This news comes one day after facebook removed a post from the president s page for the first time for breaking its covid rules for misinformation and that claim on fox friends that children were almost immune from the virus. More than a Million People follow the committee to defend the president and they spent more than 300,000 on facebook ads over the past two years but facebook is notably stepping up its policing of politics and politicians heading into the november vote. Facebook also reportedly looking for an outright ban on any political ads heading into november 3rd. David the suspension for this, by the way, will end november 1st. Essentially eliminates any kind of advertising on facebook until just two days before the election. Thats essentially saying they cant do it at all before the election. Susan, thank you very much. Lets get an update on the virus vaccine. Check gilead. It is now up about a percentage point. Makers of remdesivir. Lauren, more good news from them, right . Lauren yeah. The theme here is sooner than you think. Gilead says it can ready enough of their treatment remdesivir to meet demand by october and have two million courses ready by december. It increased supply 50fold this year but look, this treatment is expensive. It costs 520 per vial and six vials are typically needed. Also, this is very rare, they are getting some help from pfizer to manufacture the treatment. That is a very rare drug manufacturing david again, this is a therapeutic, not a vaccine. Theres a lot of work on the vaccine as well. Pfizer for one is saying they could have a vaccine ready by october, right . Lauren yeah. Again, sooner than we thought. Their vaccine is one of three that are in phase three trials right now. We do expect results this fall. Potential fda approval immediately following that. We are talking about potentially getting a vaccine on the market one month before americans go to the polls. David lets switch gears a little. Thank you, lauren. To uber now. Just reporting their earnings and susan, its all about food delivery for them. They got into that business just in time for the pandemic. Susan yes. Food delivery doubling over the past year. Not enough to make up for the 73 drop in ride hailing. Uber lost more money than expected in the quarter, telling me its because they had to pay out over 380 million to compensate for employee layoffs. Uber laying off around 25 of their work force. Meantime, uber is betting big on food delivery for the future. Remember they bought postmates for over 2. 5 billion last month. They tell me that deal wont close until next year. Despite the lack of recovery in its may ride hailing business, uber sticking to its promise to finally make money next year, saying our continued confidence that we will achieve adjusted, this is adjusted ebita profitability outside of costs before the end of 2021. Uber has never made any money in its 12 year history. David wow. Remember, amazon didnt make any money for almost a decade. Things can change. Susan, thank you very much. Check the futures. They are now down about 92 points. They were slightly positive after the jobs report came in as a beat, gaining more jobs than were expected, but they have come down again. Not as low as they were before the jobs number came out. We will keep a close tab on that. Also check flir, flir, a world leader in making thermal imaging cameras to take your temperature from a distance at airports, places like that. Shares are actually shares are up a little. They were down earlier. They had a very positive Earnings Report but immediately the market took a negative turn. Looks like thats turning around right now. Whats going on . The companys ceo is going to join me later in this hour to react to all this. Larry kudlow, he is here on the latest jobs report. Of course hes got a lot of news that he wants to share with you about details on that jobs report. Also, we will be asking him about details on the president and whether or not he is going to sign an executive order lowering payroll taxes since congress clearly is not going to do it. And President Trump also signing an executive order banning tiktok in 45 days. What does this mean for that apps potential deal with microsoft . Senator kevin cramer met with the big tech giant and joins me coming next. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. 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Call now so you can. Retire better so you can. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. David President Trump is putting pressure on tiktok by issuing an executive order to ban them if its not sold within 45 days. What does that mean for microsofts negotiations with the chinese based app . North dakota senator kevin cramer met with the big tech giant on thursday and joins us now. Senator, i imagine that this executive order brings down the price a little bit, puts pressure on tiktok to sell at a cheaper price. Microsoft, if they buy it, should american taxpayers get some kind of finder fees as the president was talking about . Well, thank you for the opportunity. Im glad you asked that question first because this is an area where the president and i do not agree. I think that the finders fee for the taxpayer are the taxes themselves, not just the income taxes of the company but the many income taxes of many employees. Its my understanding that microsoft could expect to add as many as 15,000 american jobs as a result of an acquisition like this, and who wouldnt love to have a legacy American Company like microsoft who, by the way, has their second largest campus outside of redmond, washington in fargo. Our interest here is more than Just National security although that is the highest interest. I think it can work. David before we leave tech, i want to focus on facebooks banning of this trump pac. It comes back to the idea of protecting these companies, these social platforms as theyre called from section 230 that protects them from litigation. Theyre just a platform that dont do any editing or censoring, fine, they should be protected from litigation. But if they are a Publishing Company that edits and censors and everything, then they are responsible for whats on their platform, and they should be exempt from this section 230, right . Theres no question. I couldnt say it as eloquently as you just did. Because thats exactly the point. You have to choose, do you want to be a utility or do you want to be a publisher, do you want to be an editor. If you are a censor, if you are engaging in censorship that puts you in a whole different category. Youre right, the 230 protections relate not to somebody who is a publisher. David yeah. All right. Lets move over to the covid, the next edition of a covid bailout bill. You are against extending Unemployment Insurance benefits. Have you talked to employers who say these benefits really do disincentivize workers from looking for work . Let me give you a couple statistics from north dakota first. North dakotas Unemployment Insurance benefit is already 529 a week. I dont have to tell you that 600 added to that adds up to more than 28 an hour to not work. I have heard more complaints about the Unemployment Insurance bonus of 600 than any other part of the cares act. In fact, all the other complaints added up dont add up to this one and its not just from employers, by the way, which obviously they are having trouble getting their work force back when people can make more money staying home. By the way, throw on top of that what i believe is an exaggerated fear factor and you are going to have a hard time getting people to work. There are also people who are working, their neighbors are essential workers in Grocery Stores and medical facilities and on the front lines and theyre not making as much working, required to work, as their neighbor who is not working. David senator, i wish we had more time. Just ten seconds. Whats happening with those wonderful frackers in your state . How badly were they hit and are they recovering now that oil is creeping back up in price . Its creeping back up in price. We need to get it a little higher. We need to continue to focus on they are showing some losses but there is a stabilization taking place. Obviously there will be some consolidation which is probably necessary. But between the state of north dakota and the market action, what we need of course is the market back. We need that, you know, that demand back. By the way, remember, too, were running up on the expiration now, into the expiration of the saudi opec plus deal. So we need to make sure we arent going to participate in allowing the flooding of the market by some of our david cant have negative future prices for oil like we did. That was a pretty wild moment. Senator kevin cramer, great to see you. Thank you very much. Good to be with you. Thank you. David back to your money, lets get a check on zillow, the online real estate site. Lauren, they just reported a massive quarter, right . Lauren housing is booming. The stock up 14 . It will open at a record high for zillow. They said revenue grew 28 and they thanked favorable shifts in the housing market, the ceo crediting work from home. You can live anywhere. Advancements in technology, think 3d home tours and affordability as three of the big reasons people are moving and will continue to move. Zillow is even offering to buy peoples homes directly. Right now it has 440 in inventory across 24 markets. David wow. Lauren, thank you very much. Theres nowhere to go but up for these urban households. Check futures. We are below triple digits. That is, we are trading better than triple digit loss that we saw before the jobs numbers came up. It did pop into positive territory after a very favorable jobs number. That was good news. Now the market is settling into negative but not a great loss. About. 3 on the Dow Jones Industrial average, down 83 points. The nasdaq is down about the same amount, percentage wise. S p a little more. Opening bell is coming up. We have larry kudlow next to respond to the jobs numbers and a lot more. Stay tuned. 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. 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. They get that no two people are alike and customize your car so, our responsibility is to make insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. David futures are down and that has a lot to do with expectations of whats going to happen in washington, d. C. With regard to a new coronavirus bill. There was good news on the jobs front but mixed news on the international front. Were getting word now and susan li can certainly is qualified to talk about this possible u. S. Sanctions against carrie lam. She is the administrator for hong kong. Lot of people say shes just a puppet of beijing. Susan, whats the detail . Susan thats right. Shes the de facto mayor of hong kong and the Trump Administration of course, bloomberg reporting is going to sanction hong kong chief executive carrie lam along with other chinese and hong kong officials after the implementation of the National Security law. This goes back to the act signed or passed by both houses of congress and signed into law by President Trump and they promised they would sanction and limit individuals that were responsible for implementing this National Security law which is seen as an infringement of that 1997 handover from the uk back to china because we know hong kong was promised autonomy for 50 years, we are around 27 years into that agreement and the National Security law basically allows beijing to rewrite security laws. They can send individuals from hong kong back to china to be sentenced or to face trial and people see this as a major encroachment of hong kongs freedoms. Also, this adds to wouldnt you say the tenseness in the markets, given u. S. china relations after the executive order on wechat and tiktok last night and now again, implementing these sanctions on the hong kong chief executive . David we havent talked about the delisting of Chinese Companies, the possible delisting by 2022 which was Just Announced if they dont come forward with better accounting rules, right . Susan yep. Thats right. That was announced as well. These are pretty strict implementations of these s. E. C. Accounting laws. There are huge companies, as you know, one of the biggest if not the biggest of whats here in new york, alibaba. David what you hear are the opening bells for the stock market. Trading has begun. We saw the market jump around in various directions before the jobs report came out. Of course, it was a positive jobs report. We added 1. 76 million jobs in the month of july. That of course was a lot less than june where we added 4. 8 million but it was much better than expectations. The Unemployment Rate also came down to 10. 2 which is still extraordinarily high for the United States. However, we were expecting it to come down to only 10. 5 . So it was a beat on the unemployment number, a beat on the number of jobs created. That turned the market around. It had been triple digit down. It went green after the jobs report but as you can see, it is now trading triple digit down as well. That may be due to some of the International Events i was talking to susan li about. But theres a man who can answer some of that. He is larry kudlow. He joins us now from the grounds of the white house. Hes economic adviser to president donald trump. Larry, first of all, just general question, what do you think of that jobs number . I think it was a very important, very positive number, david. It really tells us a whole bunch of things. Number one, the job recovery continues. Bear in mind that this was in july, the week of july 12th to 18th. That was smack in the middle of the spiking hot spots in the southwest and a few other places. So the diminution or the worries that some partial shutdowns or some pausing shutdowns would wreck the job numbers did not pan out. I think thats a great sign of strength. Getting unemployment down to 10. 2 puts lie to the idea we will have double digit unemployment in the fall, around election time. You are going to see single digit Unemployment Rates. We may not get back, we are not going to get back to where we were at the peak in february, i grant you that, but the idea we are going to get down to, you know, below 10 , 9 , 8 , i dont want to go too far but thats a big change in attitude. Let me add a third point thats very very important. This is a selfsustaining recovery. Why do i say that . Away from the jobs numbers, you had a crash of inventories, all right, so whats going on in the economy, car sales, david, are booming, retail spending overall is booming, okay. But companies are going to have to produce new inventories to restock the shelves all across america and that is a huge boost to the economy in the third and fourth quarters david larry this is selfsustaining recovery and the job numbers are stronger than anyone thought possible and were climbing our way back from the awful pandemic david it was a great beat of the estimates and i dont mean to rain on the parade but there were a couple issues i want to talk about. First, there are still millions of americans unemployed. The federal bonus of 600 a week in Unemployment Benefits expired and it looks like democrats have no interest in extending it. Will the president extend that on his own . Maybe not at the 600 but at some other mark . Well, the president is looking very very carefully, i have been engaged in this with others about using executive authority to take up the slack. If the democrats, the other side, doesnt want to make a deal, and really dont seem to be making much progress, maybe the tone was better a few days ago, but nothing but disappointment, so the president is looking for a payroll tax cut. Hes looking for administrative action to keep the Eviction Moratorium in place. Hes also looking at executive authority to reform unemployment to provide a benefit for reemployment, a retention credit for employers, and a benefit for reemployment for the work force. Those are essential items on his list. We want to keep the momentum going here in the economy. As you noted, theres still hardship and heartbreak out there. The great news is the vshaped recovery is springing back. But david let me just ask about this we have more work to do. Let me just finish the thought. He is intent on using all of the federal power levers at his disposal and if we have to do executive orders, he will do them. I can tell you, yesterday and last evening, when i left, im working with the counsels office on a payroll tax cut. The draft is basically completed. David we will talk about that, but the issue of the unemployment bonus, of course, a lot of people say its a disincentive for people to go out and look for work. I think theres a lot to that. However, there are people who are counting on it. How soon can you give them any idea of how soon they will have to wait . Well, i cant, because of the stalled negotiations. We want to get stuff done right away. Youve got difficulties, of course, in the low end on the unemployment side. They may not be able to get jobs. One of the things here is the temporary layoffs and furloughs, those folks are coming back to work in large size. That was from the Payroll Protection Program and other parts of the first cares bill in march. Thats a great part of the story. There are other parts of the story, though, that are not as good and we would like to put out some additional extensions of temporary assistance to help those folks. If the president has to use his executive authority, you can bet he will use it just as he has in the past. David will he use it for a payroll tax cut . I believe he will. As i said, the legal drafting is complete. Weve had intense discussions about this in the last several days. I dont want to make a prediction. Its up to him to inform the public. If hes satisfied with what the works been done. But we are hard into it and other areas. We may be able to repurpose funds that were not they were obligated but not spent last march. Theres a whole variety of issues and federal powers that are at the president s disposal and he will use them. You can bet on it. David lets talk about spending, if you can. There are trillions of dollars spent already on covid relief. The democrats want to spend trillion more than republicans do. We still have over 1 trillion waiting to be spent in the coffers and actually, judy woodruff, shes not a big trump fan. On the other hand, she pushed nancy pelosi on this and nancy pelosi said youre a republican sympathizer for suggesting that theres money left over. But there is, is it not true that theres over 1 trillion that has yet to be spent . Well, i cant give you the exact number but i think youre in the right ballpark. Judy woodruff and her husband al hunt are very dear friends of mine. I was on Judy Woodruffs pbs news hour last evening talking about this very subject. The questions here are part legal and part fiscal. Whether the Legal Counsel and the office of management and budget can see their way to repurposing some of the monies that werent spent, or else just to add them on to various relief and assistance programs that were all looking at. Yes, that gives us a lot of resources to work with. I just cant say this enough. People should not believe the president is bluffing on using his executive authority. He is not bluffing. And since we cant seem to get a deal done with the other team right now, he will take his executive authority to the fullest. David hes not bluffing on tiktok either. Coming out with a deadline for them to sell to presumably microsoft if somebody else doesnt come up with the money. Theres also of course the new rule that Chinese Companies have to adhere to our accounting standards, otherwise they will be delisted by 2022. Is all this sort of a payback for what they did with the coronavirus . Well, actually, no, in specific terms, we are very unhappy with how china behaved during the coronavirus but thats kind of a separate set. We have been working on Investor Protection for quite some time. National security adviser robert obrien, a dear friend, hes a really smart guy, he and i have worked together. We stopped the thrift savings plan from investing in chinese securities. We are trying to urge the Railroad Retirement funds to do likewise. The Bigger Picture here is that the Public Company accountability board is not happy for years with chinas lack of disclosure and transparency, and as you said, were going to give them a year. They have to have audits that are confirmed by the Public Accounting board and signed off by the s. E. C. Not only just the audits, david asman, but also the work papers behind the audits. If that is not done adequately by companies that are public now or may wish to go public in the future, then it will not pass muster. They have to meet american standards. What we are doing here is u. S. Investor protection as well as National Security items. I would take that one very seriously. David lot of people think its about time, frankly. We have been talking about this for years. Larry kudlow, what a pleasure to see you. My best to everybody there, particularly to your wife. Thank you, buddy. David thank you very much. The president and ceo of flir joining me next for a fox business exclusive interview. The company which makes cameras that check your body temperature just reported a blowout quarter but the stock took a hit shortly after. Whats going on . Keep it here. We will tell you the details coming up. Find your keys. Find your getupandgo. Find pants that arent sweats. Find your friends. Find your sense of wander. Find the world is new, again. At chevy wed like to take you there. Now during the chevy open road sales event, get up to 15 of msrp cash back on select 2020 models. Thats over fiftyseven hundred dollars cash back on this equinox. Its time to find new roads, again. 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. 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The dow overall is down about 100 points right now, with just a tick more than 100. All the indices are down but not terribly so. Again, they traded in positive territory as futures right after the positive jobs numbers came out. There are winners today. Lets look at several of them. Home depot, lowes and walmart, i picked those out because they are kind of homeoriented stocks. Homeoriented nontech stocks. Home depot, lowes, walmart, you will see a number of those basic nontech stocks that are actually doing pretty well. About the only tech stock that i can see that is doing well is again, facebook on that upward trend after they presumably pleased the advertisers, remember they had that boycott because they wouldnt do Fact Checking on the president s websites but they Just Announced yesterday that in fact, they would pull at least one trump pac off of their advertising because of comments that they said were incorrect. Lot of dispute on that. To a fox business exclusive now. Flir, you may not know the name but they are the company that makes thermal imaging cameras, some of which are helping businesses test workers temperature to get those workers back to work for the virus, just reported a blowout quarter. The company did. Come in, james cannon, flir president and ceo. James, thank you for being here. Your stock, despite beating the estimates, took a hit right after the report. Its down slightly now. Why didnt you get a better result from the stock market to those earnings . Well, it did surprise us. We had a sound Second Quarter with record backlog, record operating margins and while demand for our elevated skin temperature cameras continued, only about 20 million of that backlog is associated to that. I think there were really High Expectations for what demand could be for these cameras after seeing almost 100 million in bookings in the last five weeks of the first quarter. That slowed to about 70 million of bookings in the Second Quarter. But the profile of the customer, large enterprise customers looking for Long Term Solutions to help protect their work force and customers is very promising to us. David im wondering, do you think there is a concern among investors about a return to lockdowns in some states or at least cities that, in fact, the wide range use of returning to work and the use of your cameras for that might be put on hold for a bit . Yeah, i think theres certainly a lot of uncertainty and weve seen the demand curves change dramatically. For 17 years, weve been producing technologies that can screen for elevated skin temperatures that could mean you have a fever. It doesnt diagnose, certainly, that you could have covid19 but its a great tool. But the demand curve we see now is unlike anything weve seen in the past. It would happen quickly and then evaporate quickly but now, whether to begin with during the lockdown, it would be all sorts of customers from retail to manufacturing, et cetera. We see now customers looking at longer term solutions, commercial real estate, manufacturing and essential industries. David theres another problem which is that we found this virus is so new and so strange in the way it operates that a lot of people could be asymptomatic and transfer it to other coworkers even if they dont show up as having a temperature. Thats absolutely right. Weve been very clear because over 17 years of working with this technology, weve learned a lot. This is one tool but it needs to be integrated with an overall plan, as you state, you could not have a fever or show those symptoms and perhaps be spreading and also to be clear, this technologys very effective at measuring large groups of people coming into venues but just because you have an elevated skin temperature does not necessarily mean you have covid19. So it must be integrated with wider practices. David also, finally, competition. There are other firms that do thermal imaging. How much of a push are they giving you . Well, right now, i think the demand has been so strong, weve not seen a lot of share being taken one way or the other. At flir, we have been doing this for 17 years and were a Market Leader with infrared technology so competition makes us better. David i got to ask you, we only have ten seconds, where does the name flir come from . It stands for forward looking infrared. Indeed, our name is infrared. David very good. James, we wish you the very best. Congratulations on those good numbers. Thank you. David appreciate you coming in. Well, we have been witnessing violent protests all over the nation and now one Trucking Company says they wont go to cities that want to defund or disrespect the police. But will that hurt their bottom line . They join me in the 11 00 hour to explain. And democrat socialist Bernie Sanders is attacking the rich again with a new make billionaires pay act. Whats actually in it . Will it affect more than billionaires . Know how they start at a billion and come down to your level . Its not good news for big tech ceos. Dolph lundgren, youve got a onesixty i. Q. , 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. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. David amc, remember them, the Movie Theater chain . Well, they just reported their Second Quarter earnings. Lauren, we knew it was going to be bad. Give us some numbers. Lauren i cant sugar coat this one, david. Cinemas are closed and yes, amcs revenue plunged 98. 7 . 19 million in the quarter. Yeah, but look at this. The stocks up about 2 . Look, the ceo said this quarter was the most challenging in our hundred year history but theres a bright spot. Almost all overseas theaters will open this month, including about twothirds right here in the u. S. , and then we always talk about pandemic changes. Well, theres one thats affecting this industry. Its video on demand. Amc says it expects more studios will release films digitally just 17 days after they have played in theaters and that parallels the deal that amc struck with comcast universal. So this is a change that amc expects to remain and they will take a cut out of that digital revenue. David 98 cut in revenue. Wow. Lauren i know. David amazing. Lauren its like the cruise industry. Theyre not sailing, you cant go to the movies so wheres the revenue coming from . David those are the times, folks. Thanks, lauren. What about papa johns . They just reported as well as another pandemic winner. Susan, they are going on a hiring spree . Susan already hiring 20,000 but they need another 10,000 so think 30,000 new jobs in total at papa johns as pizza delivery is booming. May was the best month in the companys history. Sales are up over 33 as people stayed home, they ordered pizza and that record streak continued with july sales already up 31 so far. 70 of these orders were being done online and over the past three months, we have papa johns adding three million new customers, also nba legend Shaquille Oneal sits on papa johns board which i didnt know. David shaq never hurts. Never hurts. Absolutely. Thanks, susan. By the way, happy friday to you. It is friday, and that means a special friday feedback edition with the ladies of varney joining us in the 11 00 hour for that. Coming up, Jonathan Hoenig is here. You might remember his picks have made a lot of investors a lot of money. He also says the markets are proving doubters wrong. And tammy bruce on joe bidens latest blunder. The second hour of Varney Company is next. 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. 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. Her husband had been a High School Football coach and it turned out, one of his former players came up with an answer. A loan, created just for older homeowners. And pretty soon, nellie young had one of the first reverse mortgages. Discover if a reverse Mortgage Loan is right for you. 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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 david hi, everybody, im in david asman in for stuart this morning. Lets get you started with the market here. The dow is down about 90 points, been that way for at least the past 30 minutes. The market was down triple digits before the jobs number came out, but 1. 8 million jobs added in july. The Unemployment Rate ticking down to 10. 2 . Both of those were beats on estimates, and larry kudlow telling us in the last hour that the Unemployment Rate will continue to trend lower. Listen. Youre going to see singledigit Unemployment Rates. We may not get back were not going to get back to where we were at the peak in february, i grant you that. But the idea that were going to get down to, you know, below 10, 9, 8, i dont want to go too far, but thats a big change in attitude. David and some industries adding more jobs than others. Lauren, which sectors had the most gains . Lauren yeah, to kudlow was optimistic on this path to recovery and optimistic about where the jobs are being ad. Onethird of the job gains came from leisure and hospitality as that sector came roaring back. The spike in infections, particularly in the southwest part of the country, did not affect this sector as of the report which went through mid july. And as kudlow expects, manufacturing will continue to be strong in the future as Companies Work to restock their shelves. So leisure and hospitality, retail, government all strong, manufacturing not strong in july, kudlow says it will be in the future. David yeah. It was about 200,000 less than the estimates, manufacturing was. Thats the only dark cloud there. Lauren, thank you very much. Lets get an update on tiktok. President trump signing an executive order effectively banning the sale of it in 45 days. Heres what larry kudlow said about it last hour. Listen. They have to meet american standards. What were doing here is u. S. Investor protection as well as National Security. So i would take that one very seriously. David susan is, how is tiktok responding to this order . Well, first of all, said they were shocked by the executive order last night warning that it could ruin the trust that International Companies place on the u. S. Financial system. And it also might reduce investment flows from outside the u. S. Now, President Trump has said that all along tiktok has to find a buyer by december 15th or they would be banned. Microsoft still the likely suiter here, also saying they wanted to finalize a deal by the middle of next months. Reports suggest they are still hammering out the details with price still in question. We have heard requests the price might be as low as 10 billion, as high as 50 billion, and does microsoft want the whole thing, or do they just want tiktok in the u. S. , canada, australia and new zealand a. Meantime, ten cents makes the whatsapp, facebook for americans to send back to beijing banned next month as well in that executive order. We chat is a big, big deal for china, that app is dominant because nearly every person in china uses it x there are concerns china could retaliate by limiting apple or microsoft or other American Companies operating in china, david. David i would never use that the, would you . I actually do use we chat. I havent used it for the past year because ive been locked out of it, i forgot my password, but it does everything in china, and 1. 2 billion people use it. David its true. I dont want them having my information. Lets bring in Jonathan Hoenig. Jonathan, i want to talk about gold first. It was just a week ago, i think, that you and i were talking on air when gold hit 1900 an ounce, and i said isnt it way overbought . Time maybe to pull back, you said, no, keep going, it has room to move. You were 100 right. For those listening who followed your advice, theyve made money. It is down today about 11 an ounce. Is there still room to go in, and is now i the time to do it . There is still room, david. And, look, the builds take time. The bids take time. Weve been talking about gold as an opportunity for earnings for a year now. We look back historically, gold has been in a bull market if 2001 to about 2012. [audio difficulty] were just getting started. Interestingly, often times, david, people say its at an alltime high, sometimes its the best indicator that its not the high, its just a high. I think that its what youre seeing here with gold. Probably room to run with all hard assets [audio difficulty] and theres some fundamental justification here, david. Were seeing the value of the david ive got to stop you, jonathan, because youre stuttering. Youre not a stutterer, but it does sound as that were having some difficulties with your audio. Were going the try to fix that, get back to the market which is trading down about 112 points right now. Here is apple. Record high, a record high for them, moving ever closer to that 2 trillion heart attack. Its trading down 2 trillion mark. Its trading down, but it was up earlier, and it could go up. They need to reach just under 468 a share to clear that 2 trillion market cap number. And check uber, just reporting their Second Quarter earnings. They are down as well. No surprise the ridehailing business took quite a hit, but they did have a winner within the company, food delivery for obvious reasons. Revenue for uber eats more than doubled in the quarter. The stock is now trading down about 5. 5 . Lets talk about true car which is on a tear today. Susan, tell us why. Well, thats because they had better earnings for the online used car trader, fourfold increase from last year. Also selling its alg unit to j. D. Power for over 100 million. Onlines doing very well for them with a pickup in visitor traffic, buying back stock the at 75 million, and we know theres within a lot of theres been a lot of trade thing when it comes to used cars especially in these covid types when you can get a better deal. David absolutely. Then there is stamps. Com surging today. Lauren, the ecommerce boom helping them, right . Lauren helping the company grow their sales 49 in the quarter from last year. Also raised their fullyear forecast, and the stock up 14 . Shares are up 214 this year, so can this rally continue . And most analysts will say, absolutely, especially if the businesstobusiness volume which is more profitable remains strong. So stamps. Com, pandemic winner. David okay. Lauren are, thank you very much. We were going to go back to Jonathan Hoenig, but were still having some sound issues, so well try to get him later in the show. Meanwhile, facebook banning another trump super pac from advertising on its platform. Is this going to hurt the campaign . Bernie sanders has a new plan to tax the rich. He is going after tech titans for the billions they have made during the pandemic. Weve got details on his new plan. And remember when joe biden had to apologize for making this comment . Roll tape. A long way until november. We got more questions. You got more questions. I cant wait. If you have a problem figuring out whether youre for me or trump, then you aint black. David oh, boy. Well, ladies and gentlemen, hes done it again. Whoops, he did it again. Now biden is apologizing for another gaffe where he compared africanamerican and latino communities and, well, well just play the tape and get your action to it. Youll hear that right after this. I had saved up some money and then found the home of my dreams. But my home of my dreams needed some work sofi was the first lender that even offered a personal loan. I didnt even know that was an option. 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Unlike the Africanamerican Community with notable exceptions, the Latino Community is an incredibly Diverse Community with incredibly different attitudes about different things. You go to florida, and youll find a very different attitude about immigration in certain places than you do when your in arizona. David president ial candidate joe biden once again raising eyebrows with his remarks on race. Once the criticism came in, biden tried quickly to walk it back tweeting out, quote earlier today i made some comments about diversity in the africanamerican and latino communities that i want to clarify. In no way did i mean to suggest that the Africanamerican Community is monolith. Not by identity, not on issues, not at all, end quote. But this is far from the first time bidens made offensive remarks like this. Come in Fox News Contributor tammy bruce. So is, tammy, its just too late, is it not . Weve seen examples of this before. With saw the interview he did with the deejay or the hiphop guy in which he said carl main, yeah. David if you dont vote for me, you aint black. Theres a repetition here, is there not . Right. And i think thats important because, look, everyone especially if youre in a business with, either in media or that politics where youre talking all the time that remarks can be taken out of context, misconstrued, badly put, etc. But with joe biden, its not just recently that theres an issue. David right. Its decades. Its remarks that will be moved through whether its, again, as a senator saying he didnt want his children to grow up in a racial jungle, and the two youre remarking on now are actually link ared, right in the remarks, the most recent ones were, of course, implying if not directly stating that all black people think the same or that people based on their complexion should be expected to behave in a subpoena way thats singular or to think a certain way, etc. And yet with the charlemagne the god interview where he said you aint black if you dont vote for me, its the exact same comment. Thats a comment that, in fact, if youre a black person, then you would vote for him. And if you dont, if youre not conforming in that way, well, youre not black. Its virtually an identical remark. And often its, theres the complaint that its because of some cognitive decline. I would argue that you might have a cognitive the decline issue with individuals, but it doesnt compel you to make these kinds of remarks. It might not allow you to edit as you normally would, and i think that thats a what his issue is which is making him a [inaudible conversations] dave david bottom line is its an insult that i dont think a correction going to fix, i just dont. I want to move on to democrats attack you are correct. David on the National Rifle association because its extraordinary that it comes on the heels, and this is not just being done in new york, there are other stateses that are following suit. It comes on the heels of their attacks or their calls for withdrawal of funds from police. So just when were in the midst of this horrendous crime wave throughout the United States and all the major cities, at least those run by democrats, they want to get rid of cops and guns to defend yourself. Does that make any political sense . No. You can ask anyone from portland to seattle, to new york on whether or not thats reasonable. Recent polls indicate over 80 of americans including, certainly, africanamericans, people in the inner city want not only the same amount of police officers, but more in many cases. And certainly better trained. But, of course, this is the attorney general in new york who also called the National Rifle association a terrorist group. So her agenda has been clear. She campaigned on getting rid are of the nra. So this is clear. But there is a mistake being made in thinking that the nra is the representation of gun owners. It is a Membership Organization that reflects the intentions of millions of americans. So whether and i would expect the nra to continue to exist and to fight this. But theyre making, theyre exposing their lack of understanding of the American People. The nra isnt their problem. American independence is their problem. David right. The Second Amendment that allows us to fight back against and to be independent from an overreaching government their problem. So theyre once again, i think, making a major mistake. David and if you live in manhattan or any major city in the United States right now, you need to defend yourself because you cant rely on the police. So many of them have been disrespected and defunded and are just afraid of making any move thatll be caught on camera that might end them up in jail, which is a real possibility. I just dont see the political sense of it right now. Tammy, weve got to leave it at that. Great to see you. Tammy bruce, appreciate you coming in. Same here, david. David we are down triple digits but, again, hovering from 90 points down to about 106 points down, which is where it is right now. And the nasdaq and the s p are doing, percentage wise, a little better than the dow. And take a look at some of the vaccine makers starting with gilead. They say theyre going to be able to make enough of their rem december e veer of course, thats not a vaccine, that is a treatment, a therapeutic theyre going to have enough to meet Global Demand in october. And here is pfizer, if we can take a look at that, put that up on the screen. Their ceo says it could have a vaccine ready to distribute by october. That stock is up a percentage, small percentage, about. 18 . We already have manufacturing, started manufacturing so that we will have available quantities that will be readily available. So from my perspective october, it is a timeline that there is high likelihood that we will know e if it works, and we will have enough product to start distribution. David well, the white house also says a vaccine is possible by the end of the year, so that is good news. We just saw the pfizer chief executive talking about the positive news there. Bernie sanders going after the wealthy again. He wants to take back the money they made during the pandemic. Lauren, whos he targeting . Lauren hes not being subtle, hes calling this legislation the make billionaires pay act, and it would take billions from the executives of our biggest, most popular companies. Hes imposing a 60 tax on what they gained between march 18th and january 1st of 2021, meaning the wealth they amass will face a onetime tax, proceeds will be used to pay for Americans Health care bill for one year. So for amazon jeff bezos, 42. 8 million. For teslas elon musk, that task would be 27. 5 billion. And lets take a look at Mark Zuckerberg of facebook, 22. 8 billion. And finally, you like walmart . You go there for good prices . Well, the walton family, 12. 9 billion. So these numbers are outrageous. And whats shocking is it just includes through august 5th. The sanders plan wants to tax them through the end of the year. Its a tax on their success, 467 billionaires would be hit by it. David the bottom line is nobodys going to shed any tears about these guys losing extra billions, but it doesnt work. Wealth taxes have been tried all over the world,s and in the overwhelming cases the countries that started wealth taxes withdrew them because people can move capital. People are not these billionaires didnt get rich bying being dumb. Theyre smart, they know how to move their capital out of the country thats overtaxing them, and thats exactly what would happen here. Lauren and it makes the assumption that theyre not generous enough as it is, that they dont pour their money and their time into their companies and their workers and to charity e in general. David well, and, again, nobodys going the lose any sleep worrying about a billionaire if they have a couple of billion less, but the bottom line is it just count just doesnt work. All right, lauren, thank you very much. Ive got to move on. Susan, trip adviser seeing a massive plunge in Second Quarter revenue but not all bad, right in super not all bad because they are forecasting some improvements, from march to june, worse than attempted. But trip advisor says that revenue will improve in the third quarter. For the Second Quarter, theyre still meaningfully, they say, lower than the year ago. Consumer travel might be coming back, trends have shown gradual improvements at the end of april, but they also had to lay off around 25 of their staff, and we have heard from the u. S. Travel industry warning of losses of close to a trillion dollars this year owing to covid, and thats seven times 9 11. David all right. And lets take a look at booking holdings. Big travel company, they own sites like priceline, booking. Com, kayak with. Even though total bookings on the sites are down 91 from last year again, these huge numbers they did see a boost from that state department announcement lifting travel restrictions on on recovered countries. The stock right now is up about 1. 75 of a percent. And here is online zillow e revenue growing 28 in the last year thanks to an upbeat housing market. That stock is up almost 8 . 18 . And lets take a look at this number, deal for apartments in manhattan plunging 57 in july over last year. Susan, i cant tell you how many people i know are moving to the suburbs from manhattan. Half of my apartment building. Yeah, makes sense because sales contracts more than doubled, say, in the hamptons, westchester and connecticut. Connecticut is hot. So anything within a two hour radius of the city is as busy as ever, and fear of density during covid, also being way too close to people have individuals thinking they can buy a house elsewhere. Are you going to get a good deal . I wouldnt hold my breath because it depends on whether youre looking at the high end or maybe the lower end, because the high end of the market is getting hit hardest. Coops are down over or 75 . Thats right. And one brand new, highend condo complex in Lower Manhattan also offers 50 discounts on their most expensive condos. Not so much for the middle and lower tiers according to the real estate agents. That might change though as the number of unsold apartments is now at the highest level in almost a decade. Mortgage rates below 3 , so you can get a good deal. Might be a good time to buy. David i dont know [laughter] this downward turn could last for a decade. Yeah. But as you know, opportunity in crisis. David thats true, and manhattan is an island. Theres only so much you can build, so eventually itll be up again, but that might be a long time from now. Susan, thank you. Big tech, as you know, has had an extraordinary couple of months. But coming up, we have a market watcher who says it is time to get out of big tech. Hell join us to tell us why. Meanwhile, truckers, they are some of the many workers on the front line during this pandemic. We love our truckers. But one Trucking Company is now saying it will stop making deliveries to cities pushing to defund and disrespect the police. Weve got him on our show in the next hour. Stay tuned. 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. To listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. But what if you could stdo better than that . K. I understand, lets get started like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. 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Retire better david david markets are still trading down, in fact, accelerated losses just a little butt. The dow is down 126 right now. Nasdaq and s p not down as much percentage wise. And check fle e er, they, of course, make those thermal cameras that can check your temperature. We just had their ceo on the show in the last hour, and heres what he had to say about the virus. Listen. For 17 years weve been producing technologies that can screen for elevated skin temperatures that could mean you have a fever. The demand curve we see now is up like anything unlike anything weve seen in the past. It would happen quickly and evaporate quickly, but now whether to begin with during the lockdown it would be all sorts of customers from retail to manufacturing, etc. , we see now customers looking at longerterm solutions. David and next one, stuart and the company have been very bullish on big tech on this show, and theres no denying the historic surge in that sector. Lets bring in founder and chairman of an nondale capital, george [inaudible] good to see you. George, you say it is good to be here. David that looks a little better with. You say its time to get out of tech and put your money elsewhere. Why . Yeah, i dont think its time to get out, i think its time to take about a third of the position you might have in Technology Stocks whether its apple or microsoft or tesla or zoom or any of these other companies that youve made huge returns on this year and put them into value stocks, something that is severely underpriced and has a lot more potential to run in the future. Technology stocks are priced beyond, its time to rebalance. David so you wouldnt sell it all, youd just rebalance it, take off about a third off the top. And what would you do with that cash . Its never a good idea to get completely in or out of a trade. Its too extreme. To that cash, i would put into value stocks. I would be in berkshire hathaway, in upstream and midstream natural gas stocks. Natural gas is starting to come back, and thats a trade that has legs and might go on for quite some time to come and have significant upside. Youve got midstream national gas that trade basically around nine to ten times earnings. And the upside potential senate. So its a good time to just rebalance your portfolio and rightsize it and trim the stuff thats done exceptally well and get into some exceptionally well. David george, let me just ask you about the economy overall. You saw the jobs numbers today. They were better than expectations, not spectacularly better, but significantly. When do you think this economys going to get back to what of a normal sphere . I think were in trouble, david, to be honest. I think that weve got a long, hard slog ahead of ourselves, and i think we ought to grit our teeth and as they used to say in the old days before we got more balanced about genders, man up to whats coming because its going to be a really, really hard period of time for our country. I think we need to get some resolve and resilience in terms of dealing with this for some time to come. Youre not going to see restaurants or airline or hotels or Industries Like that come back anytime soon. Technology stocks have done super well, Technology Companies are doing super well, but we need to strap it on and buckle up for a long, hard run. Well probably have a vaccine middle of next year, Something Like that, but to get herd immune few e and move on from this horrible pandemicking its going the take time. Its not going to be a quick process, unfortunately. David and then we have an election we didnt talk about. What happens [laughter] if, in fact, we see a change of government going from republican to democrat . I dont think its going to be as bad if we have a change in government as a lot of doomsayers predict. I dont think joe biden will accept policies that are so extreme that they keep us in recession or even worse depression for an extended period of time. I think well weather joe biden. I think well weather President Trump if he stays in office. His policies are very progrowth, probusiness, but theres a lot of volatility which creates turmoil for the markets and things of this sort. The countrys a big place. Its a vibrant place. Were resilient, well get through this no matter who gets elected. David george seay, thank you very much for being here. Ing. Thanks, david. David well, the administration sanctioning chinese and hong kong officials. Susan, we broke it here about an hour ago. What are the details . Looks hike the mayor of hong kong, carrie lamb, among those being directly sanked under the Hong Kong Freedom act. So its going to limit and punish those that were responsible for enacting that National Security law in hong kong which goes against the freedoms that were promised under the handover in 1997 from british rule to chinese rule. Not only carrie lamb, but im looking at a matter of her cabinet, the commissioner of the Hong Kong Police force, the hong kong secretary for security, and the u. S. Treasury says lamb is directly responsible for implementing beijings policies of suppression of freedom and democratic processes as outlined in these sanctions. So, you know, this was promised already, we knew this was going the happen, and the National Security law, by the way, not only does it allow for beijings military to now police the streets of hong kong, but they can the also enact security laws without hong kongs influence and also extradite some people to and those who face trial on the mainland as well. David susan, put this in perspective. We now have the hong kong sanctions, we have the news about Chinese Company listed here that may be delisted in 2022 if they dont come clean on their auditing, and then we have the tiktok issue. It looks like the United States is really taking the gloves off with china. Well, things are obviously very tense between the two largest economies in the world, and thats why youre seeing a drag on the stocks in this friday session despite the fact you had better than anticipated jobs numbers for the month of july. Look, the Campaign Rhetoric heading into november 3rd, maybe things will get better afterwards. As long as that a phase one trade the deal continues to hold, i think thats key for a lot of investors. David david it is. But the tensions between president xi and donald trump are rising every day, so itll be interesting to see how i think youre right, think the market would definitely, were it not for china news, i think the market would definitely be positive after those jobs numbers. Super, thank you. Lumber futures are setting new records. Lauren, whats behind this surge . Lauren they certainly are. The record is about 641 per thousand board or feet, no end in sight. The saw mills shut down at the height of the pandemic, and they cant ramp up fast enough to meet this demand. Were seeing more Builders Building more new homes and people stuck at home doing doityourself projects whether its the new deck, your backyard, your home, its your oasis right now, and these are some of the reasons why home depot hit another record tied today. We were high today. We were doing everything on our homes, but now were just trying to survive, david. David yeah. [laughter] its enough just cleaning up around the house, you know . Lauren i know. And constantly serving food. David yeah. Well, i dont have the kids that you have to deal with. Good luck, my friend. President trump ever so slightly trailing joe biden in battleground state the ohio. How is he going to turn things around . Ill be ask the president s 2020 senior strategy guy in our next hour. You dont want to miss that. And every august the car world descends on pebble beach for concourse deelegance. It is a vicinity arage car exhibit and auction for very high rollers. Its fun stuff. This years event, of course, was canceled because of the pandemic, so now in worlds first, these cars are going under the hammer online. Were going to show you some of the classics coming right up. Plus, General Motors revealing its new allelectric cadillac. Well take you inside next. Tara, did you know geico is now offering an extra 15 credit on car and motorcycle policies . 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 david welling its not just schools ad work that are going online, car auctions are as well. For the first time ever, gooding and company is about to auction off millions of dollars in classic cars all online. Bring in david gooding, the companys president. So, david, are you expecting the online structure of this to pull down the sales number . Well, certainly our online sales do not compare anything to like a live auction at pebble beach where we have hundreds of millions of dollars in cars that were offering. Our Online Platform is much smaller, 77 lots as opposed to manager like 120. Its a different kind of auction, but its actually a whole different business that weve developed just recently that complements our live auction platform. David i see. So how much do you think this online structure will bring in . So we have approximately 1520 million worth of cars that were offering, cars and automobilea, so well start seeing the totals come in at noon. Its exciting to watch. David all right. Well, we talked about the numbers, but i just have to say im one of the most envy e yous people in the world about your job, not that i dont love my job, but to get to deal with these wonderful cars all the time, you must have a lot of fun. It is a lot of fun. I mean, its, you know, in tomorrow times we get to travel a around the world and look at the cars. Lately, theres been a lot less travel, were doing a lot of Virtual Meetings and what not, and then we are getting the cars shipped in. So we till get to interabout with the cars. Interact with the cars. All of our cars are at our warehouse here in los angeles. David i think we can show folks some pick pictures pictures. Weve got a 1938 bugatti, i mean, if you like the style, i love that oldfashioned style. Yes. David hooks like its from a movie. How much are are you going to get if that . Our estimate is 1. 31. 6. It won awards at pebble beach and other events around the world. David and moving up to a ferrari, 1966. Its a 275 gtb long nose. Expected to go for how much . Were estimating that car at 2. 753. 2 million. Its beautifully, extremely original, extremely well preserved example. David by the way, is this rebuilt or this all original tough that youre looking at . No, its all original. I mean, its just been maintained throughout its life, basically babied. It needs nothing, but its never really needed restoration. David ive actually seen one of those on the road once, and it stopped traffic, literally stopped traffic. Ferrari 2003 enzo. Tell us about this car. Yep. Very low mileage example. Its coming from a single owner. We have a few very special supercars coming from one family ownership, and our estimate on that car is 2. 22. 6 million. David now, are these the original owners of this particular car . Yep. The end sow e is coming from its ene sow is coming if from its original family ownership, which is rare. David and then we have a ferrari, 1992, more in my price range. Yeah, yeah. 1. 251. 5 million. Its an f40, and this too is is a oneowner car. Its a u. S. Example which many collectors of f40s especially in the United States are really after the examples. David david, when do you think youre going to get back to the persontoperson shows . The live abes. Yeah, so, you know, were planning to do a live auction in the u. K. Right at the beginning of september, september 5th. David wow. Wow. And thats been approved by all Health Officials and everything . Yes, it has. Yes. David okay. Is it going to be masked . [laughter] well, its going to be there will be social distancing, expect crowds will be much, much smaller than what we normally have, and its a small auction but spread out over were actually doing it at a palace, and everything, theres quite a lot of space there. So all of the audience will be spread out, and its going to be a smaller audience. Only a group of 15 cars. So its an unusual mix that were able to just sell this small, very special collection to a Live Audience. But we dont need a large Live Audience because these cars are so special. We expect, as with a lot of our auctions, that the bidders will be bidding over the phone and internet, what not. David yeah. I can imagine an auction with a mask gives an excuse for people to get out of paying what they, what they thought that they were going to be paying. But, david, youve got a wonderful job. I wish you the very best. Please come back and see i again. Thank you very much. My pleasure. David david gooding, appreciate it. Well, General Motors unveiling their first allelectric suv. Come in, grady trimble, for the dell tails. Hi, grady. Reporter hey, david. Its the first ever allelectric vehicle for cadillac as a brand, only the second ever for General Motors as a company. Unlike the chevy volt, this is cheerily a vehicle that is designed to compete with the likes of tesla. Its sleek, its a luxury crossover suv. It seats five. General motors hasnt released a price on it just yet, but they say itll be under 75,000 which competes with the hes lahr model x tesla model x, quite a bit more than the mustang mock e. The vehicle will have a range of more than 300 mile, that is a little bit less than the tesla model x but right on pace with that ford mustang mock e. We talked to the president of north america for cadillac and for General Motors, and we asked him about how this car and General Motors in the future will be able to compete with a company like tesla. Listen. For sure we can. I mean, we changed the world before more than once, and so, you know, the is significance of this reveal tonight is to give everyone an up close and personal look at what our intention is. Reporter of course, shares of ev Companies Like tesla surging even during the pandemic. That has not been the case for the legacy detroit automakers, but General Motors indicating here that it is serious about what it calls an allelectric future. In fact, it plans to release 20 allelectric models by 2023 and that, of course, david, includes the electric hummer which is i leased later this year, or revealed, i should say. Dave david all right. Grady trimble, thank you very much. Appreciate it. Well, dozens of nfl players opting out of the 2020 season over virus concerns as the league comes to terms with losing billions of dollars with no fans in the stands. Weve got an Ivy League Coach coming up whos turning around the way the nfl does business. And if youre working from home and looking for a change of scenery, this is interesting, you might be interested in working from sin city. Resorts are now offering travelers special remote work deals. Weve got the details coming right up. More varney right after this. Im searching for info on options trading, and look, it feels like im just wasting time. Thats why Td Ameritrade designed a firstofitskind, personalized education center. Oh. Their awardwinning content is tailored to fit your investing goals and interests. And it learns with you, so as you become smarter, so do its recommendations. So its like my streaming service. Well except now youre binge learning. See how you can become a smarter investor with a personalized education from Td Ameritrade. Visit tdameritrade. Com learn she was not able to vote in her lifetime, but i wanted to honor all that she had done to ensure a Lasting Legacy of education and civic involvement. Im very proud to carry on her story. 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. David well, the list of nfl players opting to sit out this season as virus concerns continue to grow, so, super, how many are we talking about here . Were talking about 66 players that have opted out of the 2020 nfl season. Seven quarterbacks, four running backs, three tight ends and safeties, new england has the most players at eight, and that includes don today hightower, chuly every time has someone opting out. Players will get 350,000 for voluntarily opting out, 150,000, and thats an advance against their future salaries. Yesterday was the deadline to opt out, and thats why youre looking at 66 players in total here. David very interesting. Thank you, susan. And a lack of or players is not the only problem, they stand to lose a ton of money if fans arent in the stands so, lauren, how much are we talking about here . Lauren 7 billion in ticket resales according to ticket iq if fans are banned from the stayed yums. Already four stadiums. Already four teams have said theyre not allowing fans back in the staid e yums, that will be a 1. 3 billion hit alone. 2018 still undecided, so lets say they limit capacity to 20 or 25 , revenue is still going to take a hit, and its a double whammy. First, the traditional ticket revenue stream like season passes, thats gone, and now the resale market too. So its an ugly scenario for the league, for most leagues. David it is, indeed. Next up, golf. People are immune to this problem in some of the other sports. The Masters Tournament will likely be held without fans. Details on that . Thats according to georgias mayor, its likely to happen. Youll still get the tournament in november, and this is after the masters was moved from april, but the masters is traditionally the first major of the year end when it comes to pro golf, this year you had the pga championship being the first. But there havent been any details on confirmation on plans to play the masters up until now and according to the augusta mayor. She goes on to say the organizers will take the necessary precautions for players but with likely without the fans. No crowds trailing the superstars on the greens, but thank goodness we get to see tiger woods at least defend his fairy tale 2019 victory putting on that green jacket, i almost cried last year when i saw that. David it was spectacular. [laughter] yes, you did. David no, i didnt, but i will, i will be watching because, again, thats one sport where you can live without the fans. Baseball is tough though, ive got to tell you. All right. Bring back wimbledon. Coming up, were going to be speaking with the head football coach for dartmouth university. His blue print on reducing player injuries has been adopted by the nfl, but could it also keep them safe from the virus . Ill ask him. And the president teasing an executive order on student loan relief. What exactly would that look like . Weve got details. Also, stuart may be outed today, but lauren and susan are still here for friday feedback. Weve got some great entries. You could be among them. You dont want to miss it, thats coming up. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. 1 in 5 people you meet wear yeah. That many but right now, is not the time to talk about it. So when youre ready, search my denture care. Poligrip and polident. Fixed. Fresh. And just between us. David its 11 00 a. M. On the east coast and the nasdaq just hit an alltime high. Go figure. We had the market down, the dow is the only index right now that is down, its down about 46 points, but both the nasdaq and the s p are now in positive territory. There are other things positive. You can do some stock picking if you want. Home depot is up, lowes is up, walmart is up. These are all kind of homeoriented nontech stocks. They are doing okay today. As we see now, even the tech sector is doing better. Earlier, we learned, by the way, that 1. 76 million jobs were added in july. The Unemployment Rate ticked down to 10. 2 . Both of those numbers beat expectations and National Economic director larry kudlow says its going to get even better. Roll tape. Youre going to see single digit Unemployment Rates. We may not get back, were not going to get back to where we were at the peak of february, ill grant you that, but the idea were going to get down to, you know, below 10 , 9 , 8 , i dont want to go too far, but thats a big change in attitude. David you heard it here first, a fox business alert, the u. S. Sanctioning a dozen chinese and hong kong officials for their roles in limiting Political Freedoms in hong kong. Staying on china, the president issuing an executive order to ban the sale of tiktok in 45 days. Susan, how is tiktok responding . Susan they say they were shocked by last nights executive order and they say they will pursue all remedies available to them, including in u. S. Courts. You have heard President Trump warn that if tiktok does not find an american buyer it will be banned by september 15th. Microsoft still the lead suitor in this possible deal, also suggesting middle of next month for a possible finalized deal. The two sides are haggling when it comes to price. Is it 10 billion or as high as 50 billion. Also, does microsoft want all of tiktok or do they just want the u. S. , canada, australia and new zealand. The Trump Administration isnt only targeting tiktok with this executive order but also tencents wechat. Tencent, this company is almost the size as facebook and they operate the Whatsapp Facebook app of china, so nearly everybody in china uses it. But does china retaliate against this executive order if its implemented against American Companies that operate on the mainland. Apple, they get 20 of their sales in china and microsoft itself does a lot of business, even operate a social media site linkedin, where many other companies from outside of china are banned in doing that. David yeah. Yeah. We are all linked. Its true. But theres got to be some way to separate companies that could put our private matters at risk, which is what is susan you are seeing the reaction on the stock market. There is an International Outside drag today. David absolutely. Although its turning around. Two of the indices on the plus side. Thank you very much. Now the race for the white house. We are just 87 days out from election day. Imagine that. Lets bring in steve cortes, trump 2020 senior strategy adviser. Good to see you. Its been awhile. Trumps poll numbers thanks for having me. David lets start with that. With all the caveats that this time four years ago, trump was down by even more and of course, ended up winning. Nevertheless, he has sort of stopped slipping in the polls and some things have changed. Im wondering if these are responsible for the poll Numbers Holding firm or even improving for the president , that hes gone back to doing these sort of daily or most daily meetings at about 5 30 p. M. Eastern time with the press, and his tone has changed at these. Hes more laid back at these meetings. What do you think about that . Yeah, david, i do think that is certainly part of what we have seen lately reflected in the polls and there is a timing of the polls. Look, i will be the first to say when we look at battleground state polls, they are largely they largely reflect a tie. It is largely a coin flip from here. I believe firmly we are going to win but im also the first to acknowledge that look, i think this campaign in many ways is going to be a cage match. To your point, i think part of the improvement is the economy and i know we will talk more about the jobs number but part of the improvement in poll numbers for the president is also, yes, these daily briefings the president is giving to display to the country that he is in command of the situation regarding the virus and for him to do that in a serious and dedicated and regular way i think is reassuring to the American People. Its the right thing to do as a leader but its also rewarding him politically. David and his opponent is having absolutely the opposite sort of way of campaigning. Weve got a new report from the New York Times of all places saying that Democrat Officials are thrilled that biden isnt running a more Public Campaign the way the president is right now, all because of gaffes like this one. Roll tape. Like the Africanamerican Community with notable exceptions. The Latino Community is an incredibly Diverse Community with incredibly different attitudes about different things. If you have a problem figuring out whether youre for me or for trump, then you aint black. Im going to be joe biden. Thank you very much. Its chris, but anyway. David i mean, its clear that he has a problem and whether thats longstanding or newly discovered is open for debate. But im just wondering if there is going to be a debate. I mean, the more this guy says the more you realize that hes got real problems dealing with the public these days. Right. You know, david, look, i think its clear joe biden has had a terrible week. First he canceled on wisconsin which in some ways echoes Hillary Clinton and her mistakes, her snub of that state in 2016. Then hes also had to repeatedly clarify himself regarding these serious verbal gaffes. What we have also seen is the very few times he does subject himself to real questioning, to challenging skeptical questioning from reporters, he reacts back with vitriol. The one africanamerican reporter who asked him a tough question, he answered back are you on cocaine, are you a junkie. We see here a politician who has been so protected in his basement that hes not ready to face the level of scrutiny that is necessary to prove to the American People that you can be commander in chief of this amazing republic. By the way, we see the exact opposite with President Trump. I think hes david as we said before. Lets talk about facebook and what they have decided to do in banning at least for a time this trump pac. It may go to other trump organizations as well. The use of facebook and social media in general by the campaign in 2016 was instrumental in the victory. I think you would agree with that. If they are denied, if your campaign is denied social media like facebook and twitter and others, leading up to the election, wont that hurt your campaign . Well, it could, but were going to be very vigilant about it. Speaking out about it and if necessary, perhaps litigation to protect our rights to free speech, because this is critical. Look, i think in this age in 2020, the digital Public Square is effectively owned by a small group of big tech companies, all of whom have made it very clear through their actions that they despise President Trump and more importantly, that they dont care very much for trump voters and for those of us in the America First movement. So they are not neutral platforms. They are clearly putting their hand on the scale and trying to tip it against us. It makes our job more difficult but again, it doesnt make it insurmountable. We can still win. David very quickly, this attack on the nra by democrat prosecutors, it looks like not only are democrats going to be taking away cops on the street but also guns to protect yourself. What do you think of that strategy . Look, unfortunately, joe biden who the Mainstream Media wants us to believe is a moderate, thats a myth, joe biden has embraced the most extreme elements of american politics including confiscation of weapons. He promises to make beto orourke his gun czar, he says he will confiscate the most popular gun in america. Unfortunately, that stance is consistent with what we are seeing from the new york a. G. Going after the nra which is the oldest and largest Civil Rights Organization in america. We, on the other hand, on team trump, will defend the bill of rights including the sacred Second Amendment. David steve, good to see you again. Thank you for coming in. Appreciate it. We were just talking about facebook. Lauren, they are extending now their work from home order. Tell us about it. Lauren umhum. Yeah. Through at least next july. They are giving workers 1,000 as a stipend to outfit their home offices. In the meantime, facebooks policy, its in line with silicon valley. Google, remote work through next june. Twitter, some of their employees will be home forever. This is a trend, work from home. Its going to stay for a lot of people. David but on the flipside, loreal wants people back in their buildings, right . Lauren okay. This is interesting. Loreal usa says you must come back to the office unless you have a doctors note saying you have a legit medical condition that prevents you from coming back in, like pregnancy, high blood pressure, cancer, et cetera. Fear, not a reason to avoid the workplace. So loreal is an outlier. While their policy is completely legal, it could things like that. So this is the opposite end of the spectrum, asking for medical records. If you dont want to come back in. David weve got i love america because we are the land of opportunity and we are the land with answers to problems. Nobody thinks of more answers to problems than we do here. If you are tired of working from your same old boring house and you are looking to break free, susan, mgm in las vegas has an answer for you. Right . Susan viva las office. Work from vegas instead. How does the bellagio sound to you . You also get a discount on a round trip flight from jfk, flexible checkin, checkout times, and the Premium Package even includes poolside massages. Yes. Threenight packages start at 126 per night and that excludes the resort fees and applicable taxes. As you heard, facebook and google say employees dont have to get back to the office until next summer. You heard twitter and shopify say you can work from home forever if you can and its not only las vegas but barbados and other caribbean islands offering oneyear visas. Do you want to be in vegas or on the sands and shores and lovely drinks with umbrellas in the caribbean instead . David barbados would not be bad. Sounds like a good deal. Susan vegas sounds dangerous. Thats what i was thinking. David i think so. What happens there, stays there. Thank you, susan. Well, its the end of the week and almost time to share your friday feedback. Susan and lauren could be answering your questions this morning. Stay tuned to that. And uconn becoming the First College Football Team to cancel their entire season. Is this just the tip of the iceberg . Whats coming up . We will find out from buddy teevens, dartmouths head football coach. He has some ideas not only for college football, for the nfl as well. First, a new cnn analysis claiming that President Trump is trying to discredit the election with his talk about mailin voting. More on the growing controversies as we tick ever closer to election day, right after the break. We love our new home. Theres so much space. We have a guestroom now. But, we have aunts. Youre slouching again, ted. Expired, expired. Expired. Thanks, aunt bonnie. Its a lot of house. I hope you can keep it clean. At least geico makes bundling our home and Car Insurance easy. Which helps us save a lot of money oh, teddy. Did you get my friend request . Uh, ill have to check. doorbell ringing aunt jonis here for bundling made easy, go to geico. Com. Hello . But what if you could stdo better than that . K. For bundling made easy, go to geico. Com. 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. David lets get back into that mailin voting debacle. I say debacle because of whats happening in new york. President trump preaching the successes of floridas system earlier this week. Lets bring in mark smith, part of the president s 2016 transition team. Mark, why is it okay for florida to vote by mail but we see whats happening in new york where 21 of the mailin votes have been invalidated in just one race . Whats going on here . Florida calls absentee balloting which is the tried and true approach to voting, mailin balloting. However, what the democrats, when they talk about mailin balloting and mailin voting are not talking about the system that florida has in place, which really is absentee voting. What the democrats are talking about is mailing ballots to everyone on the voting rolls without any testing, doublechecking of infrastructure, anything along those lines. In other words, to implement a mailin balloting system and have it maintain the integrity of the election, requires years and years of preparation. Florida has an absentee balloting system which has met that standard because of their years of using it and its worked out quite successfully but absentee balloting again, where you make sure that the person voting is the person on the voting roll, that the ballot that they mail in is the proper ballot and everything is done correctly, is different than what the democrats are talking about this year where basically what theyre saying is in the middle of an Election Year, in the middle of an Election Year in a pandemic, we want states that have never done mailin voting to implement a statewide mailin Voting System with no checks, no balances, no protocols, no testing, no infrastructure, no ability even to teach the staff how to do it. There would be no way to get your election staff together in any state to show them how to do it even if you could pull that off. David bottom line is absentee balloting is much more monitored. Its highly monitored system. They monitor whether youre a valid voter, whereas with these mailin votes, they just spread it out and we see whats happened in new york, where 21 of the ballots have been invalidated. A judge might overturn that but the point is, it is much, much less regulated than absentee balloting but you read the reports in the media, and they would like you to believe that theres no difference. Absentee balloting is exactly the same as all the mailin voting. Thats right. And the way the media is able to do this sleight of hand is because in florida, the statute that allows for absentee voting actually is labeled mailin voting. So because of that disconnect, and the basically sleight of hand with how the left and the democrats are using the phrase mailin balloting to say oh, well its already done in florida, thats not true because what the democrats are contemplating is simply mailing out ballots without that check, where you go to your local town clerk and say hey, heres im standing in front of you, heres my signature, im on the voting roll, send me the ballot so i can vote. Thats a process, a procedure thats tried and true that is perfectly fine. But what the democrats are talking about this year is dramatically different. David of course its not just the democrats. Its the whole Mainstream Media. Cnn, by the way, just coming out with a claim that the president is trying to discredit our entire election with his talk about mailin voting and of course, not differentiating between absentee balloting and mailin voting. So is the public going to buy it . They are being deluged by this message that this is all an attempt by the president to steal the election. I think the American Public is far more sophisticated than Mainstream Media gives them credit for. I think we saw that in 2016, that despite the Mainstream Media saying that donald trump could not win, donald trump won in 2016. I think now the concern and the cynicism associated with the Mainstream Media among many Many Americans is greater today than it was in 2016. I think a lot of what the Mainstream Media reports will be taken by the American Public with a grain of salt, as a point of view, as opposed to objective truth. David mark smith, great to see you. Thank you very much for clarifying all of this. Appreciate it. And staying on the president , he is teasing a new executive order that could affect student loans. Lauren, do we have any details . Lauren yeah. Okay. So executive action to provide emergency relief for 45 million student loan borrowers. This is the tweet yesterday. Upon departing the oval office for ohio, ive notified my staff to continue working on an executive order with respect to payroll tax cut, eviction protections, unemployment extensions and Student Loan Repayment option. Congress through the cares act offered student reprieve through september. House democrats want to cancel 10,000 of Student Loan Debt for struggling borrowers. Senate republicans didnt include any relief in their plan. So without agreement in congress, we might see an executive order. Its not going to be forgiveness but rather, suspending payments, maybe keeping Interest Rates at zero. Heres the damage. 45 million borrowers owe 1. 5 trillion and that is a burden that can hold debt holders back from doing life things like buying homes and starting families. Well see what happens. But the president did promise executive action, david. David people eventually can get back to just starting families and making a living. Thank you very much. Lets run through some more earnings. First up, yelp, a solid report there. Ad revenue is ticking back up despite restaurant closures. They are spending less on their daytoday operations. The stock is trading down, though, significantly. Down almost 13 . Dropbox, a Cloud Storage company, great report from them. Swung to a 17 million profit from a 21 million loss last year. But they have announced their cfo will be stepping down next month. Could be why the stock is taking a hit. It is down about 9. 5 . Well, stop what you are doing and take a look at this. A Company Offering athome hologram machines. Wouldnt that be fun for people sick and tired of zoom meetings. How you can actually get one in your own living room. Weve got details you dont want to miss coming up. But first, a Trucking Company refusing to service any city that is pushing to defund the police. They say their employees safety is more important than their own bottom line. They join us coming next. 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. Guys guys 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 safe drivers do save 40 . Click or call for a quote today. 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. David lets get a check on gsx, a chinese education company. Bring in andrew left from citron capital. You are calling them out for shoddy financing and this comes just as the administration has announced they will start delisting some of these companies, these Chinese Companies that use bad accounting standards. Give us the details. Well, its not just me, but me along with probably 10, 15 other market commentators have looked at this one particular sto stock. Not commenting on alibaba, this one particular name. Its a 30 billion company which if it was a u. S. Company, would be halted and not be trading right now. Its financials are a complete disaster, Unrelated Party transactions that are not disclosed and they could be brought to light but the chinese are using our Capital Markets to prop this stock up, make themselves wealthy and if anything goes wrong, no one ever gets in trouble. That is why the white house, the administration, hopefully someones watching this, secretary mnuchin, will go ahead, call the s. E. C. And say we must look at this one particular company and if they do, they will see it will be a lot easier to move forward once we get rid of david do you have any interest in this company at all . Are you shorting the stock at all . Oh, of course im short the stock. I think their financials are inflated by 70 . Theres a website thats been established called gsx stock fraud. Com that pretty much consolidates all the information. I have been sending information to regulators. I know many other market commentators have as well. The stock is expensive on one level, not just expensive, more importantly, but the numbers are fraudulent and would never pass the smell test if it was a u. S. Listed company. David theres no question that the standards for u. S. Companies are much stricter than the standards for these Chinese Companies. Thats why they may be delisted by 2022 according to the administration. Andrew, thank you. Weve got to move on. Thank you very much. Meanwhile, a push to defund and disrespect the police happening from coast to coast. Now one Trucking Company is saying enough. They refuse to deliver to any city that is pushing to defund the police. Come in, coowner of jkc trucking. Mike, thank you so much for coming on. Im wondering if this will hurt your bottom line at all. Thank you for having me on your show. Yes, this is going to hurt my bottom line two ways. Trying to keep my drivers safe, i will probably lose business but secondly, my insurance. Currently we buy cargo insurance, liability insurance, physical damage insurance, and i wonder how my insurance contracts are going to read at the end of the year if i will have coverage in these defunded cities. Currently i have domestic coverage. Maybe i will have to buy special riders like i do if i go to canada or mexico and even with those riders, will that be enough. The Biggest Issue we are having is the Insurance Companies have never been fans of the Trucking Companies. Always raising our rates, you know, cutting coverage. I wonder if i pray every night that jkc and other Trucking Companies will have enough money at the end of the year to stay in business. David do you have any doubt that the increase in crime that we have seen is directly related to the decrease in funding of police and the disrespect of police . In my opinion, yes. You know, because if nobody is watching or nobodys going to be liable for their actions, why would somebody not break in somewhere or steal something or do bad things . David all right. Well, truckers clearly have a friend in donald trump. Hes been trying to lure the truckers to his side, he has a lot of respect for truckers, always has, even before he was in politics. How has he helped you during this crisis, not just the crisis with the violence but also the pandemic . Any tax breaks from him or anything like that . Well, first, i want to praise the president for even bringing Trucking Companies into the white house and explaining to all of america that Trucking Companies are the backbone of america, making all these deliveries, especially during this covid crisis. One of the things President Trump did do is offer the ppp which we got some money from the ppp which literally kept jkc in business, going during this hard time. It saved jkc and other companies. David before the crisis, before the financial crisis brought on by the virus, as i understand it, there were plenty of very highpaying jobs in the trucking industry. Have those disappeared . Correct. So what is happening is that all these states shut down, you know. The volume of freight came to a screeching halt. Food Service Industry came to a screeching halt which is like 45 of our business. Grocery went up but it wasnt enough to cover that void. And whats happening now is theres a decrease of volume of freight and now everybody is fighting for it, and the freight goes to the lowest bidder. Sometimes these rates are going so low that it doesnt even cover our cost. You know, its cheaper to park the truck. David very quickly, have you made any efforts to reach out to police departments, particularly those that are under the gun right now . You mean i have not, but i would be willing to sit down and talk and i welcome them to have that conversation. David my own personal feeling is that this is going to pass. Americans care a lot more about having police on the street than they do about defunding the police. I have a feeling that this is something thats going to pass. To you very quickly. I think its going to pass but you know, defunding the police is not the solution. We have to Work Together with Critical Thinking find a solution during this time of the crisis. The government has been in the drivers seat making decisions for Small Businesses. Its time for Small Businesses to take back the Steering Wheel and make the right decisions to sit down with politicians and i welcome politicians to sit down with us so we can educate them what is the best for our economy because Small Businesses are the backbone of america and i urge other Business Leaders to stand up and say something. Only our voices heard together will get this economy roaring again. You know, theres no theres no more time to be silent anymore. We have to take action. David absolutely. Absolutely. Its not just the defunding of police, by the way. Its the disrespecting of police, almost as bad. Both of those things i think have to change. Mike, great to see you. Good luck to you. Appreciate it. Thank you very much. David now taking a look at flir, they make the thermal imaging cameras that the ceo told us about earlier. Roll tape. This is one tool but it needs to be integrated with an overall plan, as you state you could not have a fever or show those symptoms and perhaps be spreading and also, to be clear, this technologys very effective at measuring large groups of people coming into venues but just because you have an elevated skin temperature does not necessarily mean you have covid19. So it must be integrated with wider practices. David next case, take a look at zoom. A huge pandemic winner. But lauren, tell me about the new product for people who are just sick and tired of video meetings. This is exciting. Lauren this is straight out of the movies. If you cant be here, you can beam here. Theres a Company Called portal that are selling a 60,000 tremendous machine, the size of a phone booth, that you plug into your living room or basement and what it does, it beams a live hologram image of yourself to someone else. So you feel like you are really there at a time when we are zoomed out. You cant wear your pjs, however. It will make life feel real again. Very expensive. They are working on a cheaper, smaller device as well. David they will get one, no doubt. They will get one. This is very exciting stuff. Again, its kind of unfortunate for those people who like to wear their shorts in these meetings. They wont be able to get away with that anymore. Thank you very much. Lauren i know. David heres something to cheer about. Its International Beer day. We love beer. People in more than 100 cities can score free drinks today. We will tell you if you qualify coming up. And more than 60 pro Football Players will sit out this season over fears of the virus. One college team seems to have safety all figured out. Their coach joins us, next. Now is the time for a new bath from bath fitter. Every bath fitter bath is installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. David we have some really good news for the parents out there and the students. New York Governor Andrew Cuomo just saying by current infection rates, which have come way down in new york, all School Districts in the state of new york can open. This is spectacularly good news for a lot of parents out there wondering what they were going to be doing for their kids. Meanwhile, at least 66 nfl players are sitting out this season over coronavirus concerns. This coming despite new safety protocols and social distancing rules. The nfl is now taking cues from dartmouth college, which has been holding contactless training sessions for years. Come in, buddy teevens, dartmouth head football coach. Coach, great to see you. Thank you for coming in. We should explain what was happening. You took over a losing Football Team, god bless dartmouth but it did not have a winning team until you decided to change the way the players practiced. Can you explain . Yes. Thanks for having me. About ten years ago, we made a decision we were no longer going to tackle. Too many injuries and we werent winning any football games. Careerwise might not have been the greatest timing. It was 010, 28, new a. D. And new president was on the firing line but we ended up flipping things. Our players are safer, they are exceptional tacklers which is a big thing certainly with us, and i think other people can replicate what were doing. David now, we should emphasize for those listening who may have heard you wrongly, this is for practicing. In practicing, you used to tell people when the army is preparing for battle, they dont use live bullets against each other. So why use live collisions when we get ready for opponents. So for practicing, you dont have that contact and i imagine you have a lot less injuries as a result of that as well, right . Exactly. It dropped considerably. Certainly concussive injuries, head injuries and orthopedic injuries. Players felt better on saturday and we played better and ended up winning a lot of ball games. David having messed up my acl in a practice, i applaud what you did. So the nfl picked up on a lot of this. They are a lot of those teams are now having the same kind of practice sessions. What are the lessons for teams whether in college or professionals who are worried about practice sessions going into the covid virus . Well, i think the pandemic, football may be somewhat of a blessing and it sounds awkward but the fact that were abbreviating preseason time frames, the Training Cycle is different than it used to be, you cant have the amount of contact in terms of social distancing and so forth, its going to force coaches to think a little bit differently about how they do what they do. We went to it awhile back, we dont contact each other, we contact we have a mobile tackling device which we use extensively for tackling pads, bags and so forth, and just mitigate the contact with our players. The end result is more productivity on game day, doesnt compromise, and that was a big shift in mindset. I think a lot of coaches are kind of the old school, well, this is how i learned it so this is what has to continue. I think right now its a pivotal time. Change what you do. The result is going to be the same and hopefully even better. David lets talk about the attitude of the players for a second. As you might know, im sure you do, uconn just canceled their entire football season. I want to play a little tape on that. Go ahead. Our players really felt like, you know, the risk isnt worth the reward of going through a season not being able to accomplish what you want to do as a team or what you want to accomplish individually. First and foremost, theyre the ones playing the game. David so coach, how do you change the attitude . A lot of these players are scared. You know, at our level, the ivy league took a step and i thought it was the appropriate one, certainly disappointing as a football coach but it was the right thing for the safety of our players. We canceled our season. And right now, we are kind of easing back into we may have practices, we may not. And i think a lot of schools will be following our lead very very shortly. The major colleges, money is such a huge factor in the decision and thats Holding Things up a little bit. Players i think have a split view. Some would love to continue and feel like they are invincible and others are very very cautious. You see it at the pro game. Lot of guys are stepping back and saying family first, we dont want to compromise our parents, our wives, our children and so forth. I understand that. David yeah. What an awful situation were in. Coach, you have done an extraordinary job with the team and really changing football, the way football is practiced at least. We thank you very much for coming in today. Thank you. David absolutely. Thank you, coach. Now this. Weve got something to cheer about. Its International Beer day. Lauren, how do i get a free drink . Lauren free beer. You have to live in a city thats named after a country. Since its hard to travel, miller is celebrating International Beer day for folks in norway, iowa, peru, kansas, even mexico, new york and some 110 zip codes named after countries. These are some of the cities. I didnt know half of these existed. If you head to millers website you upload a receipt that shows that yes, you bought a sixpack of miller light today and they will send you a rebate. David where is mexico, new york . I have never heard of mexico, new york. Lauren i have no idea. David i will look it up. If its near, i may go there. All right. Thank you, lauren. Well, its the end of the work week and time for friday feedback. You have been sending your questions and suggestions. Lauren and susan are ready to address them. Thats coming right up. David now, i happen to know this is stuart varneys favorite part of the show, or favorite part of week, actually, because it is finally friday feedback and you have been sending in your comments all week. Come on in, susan and lauren. Good to see you both. Thank you for booieing here. I will read the questions then toss it to one or the other of you. The first question coming from rick. Since Varney Company is now refined its pandemic remote programming, to heretofore unachieved perfection, is it at all likely instudio production is a thing of the past . Susan . I want to know what you think. By the way, were in studio. Thats a real background back there. Susan thats right. Thats right. Well, rick, heretofore, i have to say its been phenomenal how we have been able to keep the air waves going especially with all these skype and zoom calls but i will be so happy not to see one of those again after we get a vaccine and everyone comes back to work. David i agree 100 . Im sure lauren does dtoo. The viewer has a question on your report about home schooling this week, writing she had just said her homebound youngsters are not minding her. All moms of schoolage children still want to hear her experience and insight and lauren, im sure you are as happy as punch, the fact that new york Governor Cuomo Just Announced all School Districts will be open. Lauren i hope new jersey does the same thing. Okay. I was telling a story about a phone call i had with the National Home Schooling Association and i had to stop because the president was speaking, obviously. So this is the rest of my story. Wonderful gentleman at that association said that i was a bad parent because i was unable to get my kids to listen to me. David wrong. Lauren he didnt mean it exactly like that, but it really brought up this huge discussion that look, not all parents are cut out to educate their kids. Leave it to the professionals. I know other people will disagree but i dont think i can home school. David you got to know your limitations. That simple. All right. This viewer writes in, we all remember susan lis live reports from hong kong and i throw in my two cents. They were the best i have seen from any reporter, given her knowledge of the lay of the land, have business interests begun fleeing in large numbers or are they adopting a wait and see strategy with the communist party in china . What do you think . Susan i want to thank anonymous for the question. From what i see, there isnt a mass exodus. People are not rushing to the airport to get out of town but people are definitely rethinking whether or not they want to have their headquarters in hong kong. You notice the New York Times has started to shift their office over to stoweeoul, south korea instead. You heard that, singapore might be the beneficiary here of this National Security law, but i have to say its so sad to me, because i spent so many years in hong kong, i lived there as a child as well, and speaking to my friends who still live in hong kong, they say that the height of the i guess the height of the lifestyle in hong kong and all those colonial romanticized white linen dinner parties might be over. David people are doing the same with new york. Rethinking new york, because of our leadership. Its not the communist party of china but the leadership of this city is causing people to rethink it and a lot of people are fleeing for slightly different reasons, but not too far off. All right. Linda on facebook writes watch your show every day, my son is getting into investing because of your show, wow. Good for him. What do you think of disney charging 30 bucks to watch mulan on a service we already pay for . Lauren, this is made for you. Lauren okay. So yes, thats expensive but its cheaper than going to the movies and its not a rental. You would own it so its 30, you can see it right away and have it forever. I think its worth it. I think this is a sign of the times. I think we will see more of this. David all right. If you own it, you dont have to worry about those old vhss we couldnt find room for in our house. If you own it, it will be streaming in the stratosphere. This person wants to know about amazon. They write shouldnt bezos and the board consider paying stockholders future dividends and or stock splits as apple does . Susan, you know apple better than anybody. What do you think . Susan wow. Okay. I laugh at this question because bezos and amazon only made a profit four years after becoming a Public Company in 2001 and the stock is at 3200. They havent thought about a stock split at all. This is a company that has sold the mantra that as long as you show growth, you can spend and not make money for as long as you want. David hey, great questions. Thanks to everybody who responded. Keep sending in your comments. More varney right after a short break. Stay with us. 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. Ng about medicare and supplemental 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. David well the postmaster general just spoke about elections and ballots deliveries listen to this. Although there will likely be an unprecedented increase in election mail volume due to the pandemic the Postal Service has ample capacity to deliver all election mail securely and on time in accordance with our delivery standards and we will do so; however, as discussed, we cannot correct the errors of the election boards if they fail to deploy processes that take our normal processing and delivery standards into account. David and then there is this news out of new york, which comes as an amazing relief to a lot of parents and students out there. New York Governor Andrew Cuomo just saying by current infection rates which have come down quite a bit in the state of new york, all School Districts in new york state can remain open for the fall. Well see if they all do, but thats the announcement. Neil cavuto, take it away. Neil all right, thank you, my friend, very very much. As david just pointed out here, the read from the governor of new york is that schools can go ahead and open in the fall. Now thats his statement that doesnt mean they all have to adhere to that, and of course then theres the new york city mayor, with whom theyve had a little bit of a relationship, lets get the latest on this from Connell Mcshane following these fastmoving developments. This was not expected connell. Connell well, there is a difference though, neil, between something you can do and something you will do and well have to see how this plays out over the next few weeks in the state of new york, but the governor giving the goahead for schools to open pretty much is inin