Transcripts For FBC The Claman Countdown 20240712

S p better by 7. The nasdaq down 49. But the news of this possible, we stress possible vaccine, is fueling travel stocks. Delta less than an hour away from landing its longest winning streak since just before the discovery of that first covid case in the u. S. Here in a countdown exclusive, deltas ceo live on the Airline Giants highflying turnaround, whether layoffs are coming if congress doesnt offer more Financial Relief to the sector, and the key safety promise thats fueling its surprise Pricing Power over deltas biggest competitors. From baby yoda to barbie. The coronavirus unable to completely lock down mattels toy chest. Will the force and blond ambition be enough to combat a socially distanced christmas . In another countdown exclusive, we got a whole bunch of them, mattel chairman and ceo joins us live. And remember the desperate calls in march for ventilators . One company pledged to triple output of the respiratory equipment. Now as the u. S. Death toll rises to nearly 23 of the Global Pandemic numbers, hes back on the state of readiness for a possible second wave. Plus, buyers are loving that used car smell. Our closers hot housing picks. And charlie breaks it on the latest standings in the race to buy tiktok. Lets start the claman countdown. Liz breaking news. One of the most longawaited ipos seems to finally be happening. Reports are that airbnb plans to file its offering paperwork later this month and could begin trading by year end, but that ti timeline is subject to change. The short term Home Rental Service was recently valued at 18 billion and Morgan Stanley will lead the offering with involvement from goldman sachs. Stay tuned to airbnb news. Airbnb is hardly the only name in travel making very big moves at this hour. In this final hour, two of our top stocks. Cruise lines setting sail on russias vaccine announcement. By the way, that vaccine, we are putting that in air quotes because we dont know if its viable. We dont know what the methodology was. But we do know norwegian, whose shares during the pandemic have been the hardest hit of cruisings big three, down more than 70 year to date, are catching the biggest tail wind at this hour, up 6 followed by Royal Caribbean up 5. 25 and carnival up 4. 25 . Flipping over to expedia and booking holdings. Booking right to the top of the nasdaq. Citigroup raising its price target on booking holdings, the parent of priceline and kayak and open table, by 150 to 2,050 per share. We have booking at 1,824 and change right now. But as far as percentage jumps, its expedia taking the lead. Intraday its currently up 5. 5 whereas we have booking up 3 . Let me get you casinos which suffered of course mass closures at the height of the virus lockdowns. Wynn finding itself in first place in the s p winners school, up 8 right now followed by Las Vegas Sands up 3 and caesars up just under 1 . And to the airlines. Now, you guys, the sector began flying premarket this morning thanks to the thrust of russias announced vaccine news that they have a vaccine they are ready to give to people. Delta first in line for takeoff. Its up 3. 25 . Ual up 1 . Weve got American Airlines up 1. 5 . But delta has another reason to celebrate at this hour. Today marks the eighth straight trading day that the stock has risen and that marks the longest winning streak since back in midjanuary right before the coronavirus pandemic took hold, leaving the entire travel sector in disarray. Since then, delta has dramatically cut cash burn but how long can it last without another tranche of government relief . Joining me in a fox business exclusive, Delta Airlines ceo ed bastian. Delta is just a company we have watched closely. Thank you so much for joining us. Welcome back to the show. Great to be with you, liz. Liz i want to get to this news of the russia vaccine. Of course, there are huge question marks as i said about the viability and what methodology they used, but just the whiff of success on the vaccine front had airline stocks, including yours, flying. What would a safe and approved vaccine do for your industry . Liz, we know that theres a lot of pentup demand for travel. We hear it all over the place. The question thats liz okay. Hold on one second. Eds shot froze. We will try and fix that. Weve got a crack Technology Team to fix it right now. Dont worry about that. One of the things we are going to be discussing with ed is certainly how the Airline Industry grapples with what congress is or is not doing. We all know there was a 25 billion package that was given to the airlines. Delta actually took the least amount but it came with a caveat, and the caveat is no layoffs. If you take the government money, you cant lay people off. That expires in september, september 30th. So what does the entire industry do . Right now we do have green on the screen for all of these names. But only a couple of these names and only one of the big three and that would be delta is leaving the middle seat open right now, as it allows for booking on certain flights. Believe it or not, while that brings down the number of passengers who are hitting every single flight, delta is actually found Pricing Power. When we look at exactly how this new normal is affecting the airlines, delta has said it is very much committed to keeping the middle seat open. They are also, im using their words, militant about masks and we are going to ask ed about how many passengers he has basically or at least the company has basically kicked off planes since you instituted the mask policy. I do believe we have you back. Lets just go back to what i was saying. What would a vaccine do to the entire industry and im talking about one thats been through all the appropriate phases of safety . Well, a vaccine would certainly give customers confidence not just in air travel but in life, in public life in general, and when the vaccine is in place and there will be a series of vaccines hopefully over the course of the next six to 12 months, we are going to see travel come back at a meaningful level. Will it return back to prior year, i think its going to take two to three years to get consumer behaviors back, but we do know theres a tremendous amount of pentup demand for transportation, for travel, for mobility. We are ready to serve customers when they are ready to go. Liz the International Air Transportation Association said today that it expects global travel, air travel, to come back by 2024. Youre saying 2023 . Can i just pinpoint you on that . Oh, i wish i could tell you that precisely. I think theres going to be a couple elements. Theres domestic travel, domestic is doing better than international. Today, we are operating about 50 of our domestic flights, with about 25 of our normal traffic on. So over the next 12 to 24 months, i see domestic coming back at a meaningful level. Internationals probably lagging domestic by about a year. So i think next summers when you are going to start to see some Meaningful International travel. Could it take to 2024, i guess thats possible. Hopefully in the next two to three years we will be back traveling at scale. Liz we are two weeks or so into august. I know that april, may, june, you guys were down 93 when it came to load factor. Can you give us some sense of how august is shaping up . How is it looking . Is it better than what we have seen . Its getting better. Youre right. In april we bottomed out at only about 5 of our traffic that we would typically carry at that point in time. For august, we are carrying about 25 of our normal traffic. Right after the fourth of july, we hit a little bit of a stall, but we are starting to see traffic slowly build again. As news of vaccines and developments not just in russia but more importantly, in our country, are starting to become more common place and consumers see the end potentially in sight, thats encouraging people to get out and travel. Liz is it more corporate or leisure . Whats the balance there and the breakdown . Its primarily leisure. Customers are traveling as they need to for essential reasons, whether its for work purposes in terms of going to the front lines to fight the virus for family events, as well as for leisure activities. Some great prices in the market. Theres a number of theme parks and hotels that have some great deals out there. So price takers, primarily leisure travelers, are out there seeking bargains. Liz i want to get to the middle seat policy that you, delta, have. You are blocking off the middle seat to have that covid distancing. United airlines isnt doing that. American isnt. I know i believe jetblue and southwest are doing it. But you of the big three are holding to that. You had said you would hold until about september 30th on keeping the middle seat vacant. Do you plan to extend that, ed . We do plan to extend that. Its out there through september 30th but we will continue past september 30th to keep the middle seat blocked. Our top priority as we have gone through the pandemic is to restore confidence in Consumer Travel and their travel behaviors and we believe distance on board the plane, having that middle seat open, having that seat next to you vacant, is an important factor in not just the comfort of the flight but also the safety of the flight. We want consumers to feel as confident as they do already with us in their Flight Safety as compared to their personal safety. Liz i want to for a second here you just got a covid test. Number one, weve got a little video of that. This is you live, ed. How many flights have you taken since the coronavirus really hit and number two, did you test negative . Im hoping. And number three, how many passengers do you find are reporting back to delta saying you know what, i tested positive after i flew on a delta flight . Well, i have been traveling throughout the pandemic. I have probably been on 30 flights since march and its a great experience. With all the protocols, masks, the distancing, capping load factors, middle seat blocked, electrostatic fogging, the work we do with our filtration systems, the Customer Experience is better than its ever been. Our satisfaction scores are up 20 full points. Consumers are coming back to me as i see them, when im traveling, telling me they are enjoying the experience. Certainly the first time back there is some apprehension as people get back into the environment but more and more people as they take that second, third and fourth trip, they are telling us we are doing a great job and its a discerning customer. Its someone, they are watching to make certain we are implementing all the protocols that we tell people we are doing and our team is doing a great job of that. Liz yeah. I took a delta flight, jfk to l. A. And i have to tell you, i was not worried at all. Everybody was really doing exactly what you would hope they would be doing. Congress, so much so, not quite. The government did give the industry early on about 25 billion in support because you guys were all down for the count. I believe delta took the least amount, just over 5 billion. But there is hope for more. What kind of clarity or visibility can you give us on whether congress and the government are going to give the industry more money and if they dont, will you have to resort to layoffs . Well, the cares act which was the first round of stimulus, was really important for our industry. It enabled us to hold all of our jobs in place, not just at delta but all of the airlines, it gave us six months time to plan for the recovery. We didnt know what we were in back in march and april, and what i would tell you is that i think most of us thought we would be further along in containing the virus than we are today. So there has been a lot of conversation, theres been a lot of support, all the way up through the president to considering extending the relief for airlines to get through the next six months in turn for agreeing to continue to keep those workers in place, because we know airlines are going to be essential to the recovery of our economy. Our country is too large, we are connected through Transportation Systems given our scale and size and how we operate, particularly our businesses. Keeping the employees in place will allow us to keep businesses in place that will get them moving as soon as theyre ready. Liz are you modeling for a nodeal scenario and if so, what does that look like . Will you have to hike fares, will you have to cut pilot pay . I know as a ceo, you always have to look not ten minutes in front of your face but about 100 miles down the road. Have you modeled for that . Well, i dont know the outcome. We have heard support but i think as we are all watching whats going on in washington, its pretty hard to predict. If we do not get the support we need, i know within the industry, there will be furloughs and probably some pretty large numbers of furloughs, in the tens of thousands of employees. At delta we are trying to mitigate that and hopefully we dont have to do that. Weve had a lot of great voluntary efforts by our employees to take time off. Weve got tens of thousands of our employees that either have taken an early retirement, a voluntary separation from the company or are off on voluntary unpaid leaves of absence. We have almost half our entire company out at this point in time. If we can keep using good voluntary measures to get through this, we can mitigate but its probably hard to say for sure that we will be able to do that completely. Liz and finally, the republicans, certainly Senate Leader mcconnell is saying one of the sticking points for the next round of stimulus overall in the cares act has to be a moratorium on lawsuits because the thinking is if businesses are terrified to reopen because any random person can walk in and claim they got covid on site, that is not going to be a fullthroated comeback for the economy. As an airline ceo, tell me what you think about that part of what the republicans do want and that would be just a halt in covidrelated lawsuits. I think its really important. Covid was no ones fault. It was something were all trying to manage through a very difficult time in our society, not just our economy. For an airline, having that confidence that not only us but our customers, the businesses that sit behind our customers that are travelers, are going to be protected from litigation, would be great confidence. I think that would be important to helping to stimulate more travel and more commerce. Liz ed bastian, ceo of delta, boy, i tell you, you as a ceo have been through a neardeath business experience. One last thing. Did you test negative . I did test negative. I have been tested a number of times. Its easy, by the way, we are testing all of our employees, all 90,000, and we are going to continue to retest them and keep maintaining them. Its another step for notbut pr our customers. Liz hope to see you again soon. Really encouraging about the august numbers. Thank you so much. Up next, mattels chairman and ceo counts down the days to the Holiday Season in a fox business exclusive. I know, i know. Covid christmas . Stay tuned. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Liz well, all you have to do is blink and this atmosphere, and now we are losing almost all of the gains for the dow jones industrials. In the commercial break we were just negative, down 24. Right now, up only 21 points. Just as this news hit the tape, the markets started to tank. The big ten has now officially pulled the plug on the 2020 College Football season. Apparently the president s of the colleges, we kind of flagged you on this yesterday because there were rumors, we are talking about penn state, michigan state, ohio state, iowa, have made the decision to postpone all fall sports. In a statement, commissioner kevin warren said quote, everyone associated with the big ten conference and its member institutions is committed to getting everyone back to competition as soon as it is safe to do so. We are also waiting on the pac10, like the pac12, but we will be watching for that as well. Right now, it looks like covid has killed the football season for the big ten. All right. Walmarts already announced this fall it is ending its tradition of Opening Stores the night before black friday. The traditional shop until you drop day after thanksgiving. What will Holiday Shopping look like this year of the Coronavirus Crisis . Especially for kids stuck at home all these months . If mattels numbers give any indication, one thing will not change. Barbie and the mandalorian inspired plush baby yoda will be on Kids Christmas lists. While the toy maker behind both saw a 15 drop in sales year over year in the lockdown quarter, barbie reigned supreme as the most popular toy in america for five straight weeks during the pandemic. Mattel shares up 20 since the start of the current quarter. Lets bring in in a fox business exclusive, the man behind the toys, ynon kreiz, mattel chairman and ceo. So much is changing under our feet as we speak. You just heard the big ten news. Kids are probably going to be staying home, not really traveling, but tell me what you are seeing on the toy sales front now, because i know that you had a tough quarter that you just reported, but any difference now . Hi, liz. Good to see you. Good to be here. We have been consistently demonstrating our execution capabilities and the resilience of our brands throughout the pandemic. We all know that 2020 is being shaped by exogenous factors and we enter the Second Quarter with extensive distribution challenges and had to absorb a full quarter of covid impact. But as we recently announced, our revenues exceeded expectations. North america was up 3 , barbie was up 10 and even our games category with uno continued to grow strongly. We also saw strong growth in ecommerce which continued to grow strongly in all regions. Online consumer demand more than doubled in north america which presented about a third of our volume. Ecommerce continued to almost more than double. We are seeing strong consumer demand and remain positive towards the second half of the year. Liz a lot of trends have shifted, as i say, directly under our feet. Its almost like an earthquake. But educational toys have become really big as children have been restricted to staying home in many cases. Tell me about, you just mentioned uno. Im interested to know about puzzles, the brain twisters. Those have been extremely popular, you know, interactive multifunctional. What do you expect will be hot this christmas and that you are really banking on for big revenue . Well, we know that parents continue to prioritize spending on their children and look for high quality product at affordable price points which is why the toy industry as a whole is considered to be recessionresilient. You mentioned barbie. Barbie continues to perform so well. It is up 35 in consumer demand in the Second Quarter and we are seeing strong growth driven by great product, new innovation, cultural relevance, effective demand creation and original content we are creating. We are seeing growth across almost all segments and even Barbie Dream House is number one selling, top selling item in the u. S. Year to date while its only meant to be a holiday selling item. Liz listen, i still want a Barbie Dream House. You know, i want to quickly ask you about your film business, because you of course have run maker studios which disney eventually bought. You got a big film and movie background. Theaters are still closed but tell me, the Margo Robbie Barbie mov movie, is it still on track . Yes, of course. She will star in the barbie movie. Greta gerwig is writing the script. Its looking great. We own one of the strongest catalogs of children and Family Entertainment franchises in the world. We know our deep library of iconic franchises continues to offer scinematic story telling opportunities as we partner with some of the great film makers of our time. We recently announced wishbone in partnership with Universal Pictures and peter farrely, an Academy Award winner. We continue to move forward in our film strategy. Liz we have to run but is there anything different you will be doing as a strategic move ahead of this Holiday Season considering people wont be shopping as much as they would in brick and Mortar Stores . Anything changing . Well, we know that the decline, up until now it was more about closure but with growing consumer demand, strong retail landscape that is improving or rather, improving over time, we are seeing parents continue to spend money on their children and based on our own momentum, the positive signs we are seeing and low inventories exiting the quarter, we are planning for continued Strong Demand for our product and expectation of an improved performance of the second half compared to the first half, including the Holiday Season. Liz ynon kreiz, chairman and ceo of mattel, i hope to speak to you before december. Lets promise that. Good to see you. Thank you so much. Thank you. Liz save me a baby yoda. I need a baby yoda. The dow has stabilized a tiny bit. We are up 32 points. The nasdaq at its low, down more than 100 points. We are watching all of this development, especially considering the big ten is now officially canceled its sports season for the fall. The claman countdown is coming right back. Charlie has news on tiktok. 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. I was blessed to be part of building one of the greatest game shows in history. During that time, we handed out millions of dollars to thousands of contestants. And i thought, what if we paid the contestants their winnings in gold instead of cash and prizes . Back in 1976, we had a wonderful contestant named lee whose threeday winnings were valued at 12,850, and you know what . That was a pretty big haul back in 1976. So i wondered, what would have happened if lee had put 12,850 in cash and then put 12,850 in gold in a safe, just sitting there sidebyside from 1976 until now . 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The rest has to go to creditors. Despite this potential new flood of supply, jd power claims used car prices which are currently at record highs will not be shifting into reverse any time soon. They will stay pretty high. Let me take you to jeff flock live in burns harbor, indiana where one used car seller cant keep vehicles on the lot. Jeff . Reporter hes not the only one. Its crazy. I see three ford explorers. Usually they have dozens of these, used vehicles. John schmidt, used car manager at lakeshore ford, this is crazy. You cannot get enough used cars to sell. Its extremely difficult. Theres low supply so Everyone Wants it. Reporter take a look at the numbers. You know what the numbers are on new car sales, down 30 plus for all the big three, but used car sales are actually up 9 year over year compared to last year. They were selling through our inventory every month for the last four months. Its been great. Reporter that means very low inventory, as we said. You look at those numbers, inventories are down 22 and liz mentioned retail prices. Auction prices where you get a lot of your cars, those are at an alltime high too. Put that number up. Its 14,895. They are sky high. If you want it, you got to pay. Reporter if you want it, you got to pay. There you go, liz. That says a lot. Liz ask him if it comes complete with cheerios on the floorboards for kids. Reporter with what on the floorboards . Liz cheerios. Reporter right. Right. Cheerios on the floorboards. John already has kids. Theyll be there. Reporter there you go. Liz i knew it. Jeff flock. Well, again, new life for used cars. The closing bell ringing, weve got 26 minutes away. Notice the dow was just straddling that flat line. It is now down 27 points. The high of the session, we have seen gains of 363. All of that and more is gone. Nasdaq, high of that session was up 21. We are down 144. The race for a vaccine kind of upended today because of what Vladimir Putin announced. Oh, we have a vaccine, oh, my daughters taken it. But its those who are still sick with covid19 that need help now. Coming up, the ceo of resmet is here. They have been supplying ventilators to 140 countries. Is he ready for phase two, second wave, whatever you want to call it . Its a fox business exclusive. Well be right back. How they gonna pay for this . They will, but with accident forgiveness allstate wont raise your rates just because of an accident. Cut is that good . No you were talking about allstate and. I just. When i. Accident forgiveness from allstate. Click or call for a quote today. 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. 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Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better liz so earlier, we had a big rally because of russia. Rushing out of the gate into the global race for a vaccine, claiming they do have a viable one. Shares of other vaccine makers are struggling to get to the finish line at this hour. Inovio taking the biggest hit, down about 22 as late stage trials have been delayed for its vaccine to september. Then we have novavax pushing ahead, securing 2 billion in funding to support Vaccine Development but thats not enough to get it out of the red today. Its down 16 . What about the new 20 million record coronavirus cases we just hit worldwide . Its not just the u. S. Seeing surges in numbers. U. S. May be number one but brazil, india, russia and south africa are rounding out the top five hot spots globally. Vaccines will not help those already sick but ventilators do and are. Remember the hysteria we saw in the early initial months of the virus, everybody was dying to get their hands on what was a shortage and that is of, yeah, we are looking at these ventilators saying where are they. Well, at the forefront at the time was resmed who supplies 140 Countries Worldwide and whose ceo pledged right here on countdown that it would triple its production. He is back with us again today in a countdown exclusive, the ceo mick farrell. Thank you for joining us. Tell us what the status is now. Is the demand as high and how much did you get out to the open market . Well, liz, firstly, its great to be back on your program. Thank you for the introduction. I remember being here with you just 70 days or so ago saying that resmed was going to triple out production of ventilators. We followed through on that promise, liz, and we produced over 150,000 ventilators from january 1 through to june 30 and we got them to 140 Countries Worldwide. We were able to flatten the curve and the needs of patients in hospitals in western europe, Northern Europe and north america and now as you said in your introduction, as the virus is moving to the latin america, to subsaharan africa, to asia, you add up the population of india, brazil, south africa, pakistan, indonesia, malaysia, we are talking many billions of people who will need our ventilators. Weve got our manufacturing running at triple still. We are actually at five times the production of our life support ventilators to keep up with this demand. But the demand is not as strong in this September Quarter as it was in the june quarter and thats been something we are working with all these countries but they are not yet following through on the contracts. Our local distributors and sales people are working closely with them for that need. Liz does that encourage you or worry you, that your orders are not as i guess fulsome as they had been at the worst point of the virus, because as we head into the winter, we have heard from so many experts that the second wave could be coming and we do see this virus, i dont want to use the word mutating but it is morphing and finding ways to stay alive. Do you feel that certain countries will be caught flatfooted without enough ventilators . Yes, frankly, i do. On the humanitarian side and our epidemiology models, we think there should be higher demand in these countries. They have Different Health care systems and Different Levels of funding than the western countries and western europe, Northern Europe and asia and north america that we were dealing with in the june quarter but we are working very carefully with those countries and we think we will be able to get demand to those folks. Look, you know, for resmed, its a tale of two markets really, because the core market is sleep apnea and copd and asthma treatment is starting to recover in Northern Europe. And in western europe and in north america. Which is great, we are already up to 85 of the diagnoses of our sleep apnea market. Theres two sides of this, where its great that we are getting back to treating sleep apnea, copd and asthma, but i am worried about some of these developing countries and making sure that they order ventilators now that we have produced. Liz we just had ed bastian of delta telling us that august now looks to be a 25 capacity for his airlines and it had been at 5 so slowly but surely, we are seeing a little bit of a comeback. Your stock, before we go, up 30 year over year. As a businessman, what have you learned from this experience and it is an experience unlike any other, complete force majuere. This is a once in every century impact, if you go back to the spanish flu in the 1918 pandemic. Resmed did really well during this process because we were able to pivot our whole business. Ventilators was just a small part of our business, a single digit percentage, but we had 7500 resmedians, thats what we call ourselves, that pivoted the whole business and produced ventilators, probably saving many hundreds of thousands of lives because the ventilators are used more than once. It was an amazing response. On the humanitarian side, we are so delighted to be able to fulfill those orders with the u. S. Government, with hhs and fema, with the french government, German Government around the world. Now we are pivoting back, as you saw, we are pivoting back to what i call a steady recovery over the coming year. Liz mick, thank the resmedians for us. We know they have kept people alive. Thank you so much. Come join us again. Thank you so much. Up next, charlie breaks it on the state of play at this very moment on tiktok talks and biden vp rumblings. Stay with us. Want to follow yos rather than worry about how to pay for longterm care. Brighthouse smartcare℠ is a hybrid Life Insurance and longterm care product. It protects your family while providing longterm care coverage, should you need it. So you can explore all the Amazing Things ahead. Talk to your advisor about brighthouse smartcare. Brighthouse financial. Build for whats ahead℠ brighthouse financial. 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. Liz how about this. Short video platform tiktok, your teenagers favorite app, is giving its creators cash. We are talking about people who post all the hot videos. Giving them cash as a way to encourage user growth as the Company Faces continuing uncertainty about its future in the United States because its chineseowned. Charlie, you have breaking news on the latest tiktok drama . Charlie yes. Sources tell me that i downloaded tiktok finally, finally downloaded it. Now i know exactly what im reporting on. Liz five years later. Charlie by the way, if you are on tiktok, Kellyanne Conways daughter has some pretty wild stuff on tiktok if you go on there. Liz okay. Charlie now i know why trump wants to ban it. In any event, lets get to the news. Tiktok is taking its viability seriously and this is coming, what i understand as of today, its continuing talks with microsoft. Microsoft is at least as of now, we should say, the main player thats looking to buy them. People give them low odds, people being investors, even investors in tiktok give very low odds that twitter can come up with the cash. Remember, theres been some reporting that they are interested or they have preliminary talks. They are going to have to come up with tens of billions of dollars in cash. Do they have the capabilities to basically do what the Trump Administration wants them to do and thats take the user data, take the systems of tiktok u. S. And maybe some other parts of the world and essentially secure that from the chinese government. Microsoft has that because it has immense Cloud Technology and anyway, so thats where we are right now. As thats going on, tiktok is taking some steps to basically ensure that its brand remains intact. This latest thing is paying for influencers to stay on. Now, i dont know how this is going to work. Weve got a call in to tiktok and asked them about it. They have not gotten back to us. I dont know if they are going to get a check for every time they go on, check based on how many views they have, but they clearly set up a fund for this. They announced that today. That comes as their main competitor triller is out there making a big push essentially to get influencers. We should point out that triller, as we were first to report, raised Something Like 200 million. Not a ton of money but you know, enough money to maybe do the same, you know. Or at least expand and at least offer some incentives for people to come on its platform vers versus the same sort of short video platform as tiktok. The game is on. Yesterday there was a report on npr that tiktok might sue the federal government. You know, we were told to stay away from that story, sue the federal government, meaning the Trump Administration, for its allencompassing executive order. You know, ill be honest with you. We were told to stay away from it. Theres no lawsuit as of today. Its not the most farfetched thing they would do something legally. If you think about it, they basically they cant sell to microsoft, who are they going to sell to . You know, there are slim pickings out there. You might want to, you know, get some distance and you know, basically stretch out the amount of time that they need to sell and one way you do that is enter the courts because 45 days might be, you know, if they dont sell to microsoft in 45 days elapses, they are out of business in the u. S. Thats a huge chunk of their market. 100 million monthly users out of their 800 million monthly users. One thing, liz, i want to talk about is joe bidens vp selection. I can just tell you, this is speculation we are getting from our wall street sources. My producer just came up with this. I got it and i got it from one of mine. They hear that biden has made his decision, obviously. Thats out there. And hes going to relay his decision to the candidates tonight and in the next couple hours, and you know, we could see an announcement tonight. Thats what were hearing from people, just so you know, my sources, this is not an inner circle biden thing. They know exactly whats going on. My sources are not in the inner circle. They are one or two steps removed but thats what theyre saying. This thing is coming down the pike. I cant imagine it lasting much more than tomorrow. But it could, you know, be prepared for something tonight. Its a possibility. Liz okay. Okay. Well, if they announce it on tiktok, they will get the youth vote. Charlie gasparino, thank you very much. Good to see you, charlie. Our countdown closers hot housing picks just as session lows are hit. The dow now down 130 points. Folks, we are in a 400 plus swing today. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. 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. Liz two minutes left of trade. What a difference. 59 minutes makes in this hour. Stocks started off on very solid footing. Look at this, we have the big 10 news, of football season being canceled. A double punch by comments by Senate Majority leader Mitch Mcconnell that stimulus talks were at a quote, stalemate. Maybe it was stalemate word but dont mess with big 10 football. Dow, subpoena 500, are about to snap a sevenday win streak. Nasdaq down 192 points. The dow down 117. Gold down 100 theyre moving in lock stop which is a little strange. Lets bring in gradient jeremy bryan. Your picks are housing place. Give me a sense what youre seeing when things shift so quickly within an hour . Yeah. Dont mess with the stimulus i think is probably the predominant thing from that right now. I think there is no question about that. I think that what has caused that. Overall if you think about the two plays we talked about with regard to housing, the market has been still really hot right now. The everything were hearing from refinancing perspective because of the low rates. Secondarily just from realtors we talked to with regard, yeah spring was probably slower but everybody is back now. Theyre just needs to be a lot of catalysts for housing to continue to work really well. So the two names we have there are home depot is more of the classic play. Obviously we think they will be 10 plus percent in the next year. Value play is little more of a backdoor fidelity national. [closing bell rings] liz well put that up on our website. Thank you, jeremy bryan, 2. 6 billion under management in assets. The bull market now ending in bearish territory. Connell yeah, that is what we call a reversal in the final hour of trading. Stocks erased what were earlier gains. Closed pretty close to the lows of the session. There were a few things happening at once. It seemed like stimulus fears, those Mitch Mcconnell comments hit wall street. Well talk about all. Im connell mcshane. Jackie im Jackie Deangelis in foremelissa francis this is after the bell. The dow and the s p snapping a seven day win streak. Senate Majority Leader Mitch Mcconnell telling fox news there have been no talks between officials from the white house and democrats on aid for millions ofme