Transcripts For FBC The Claman Countdown 20240712

Economist fears to put it all in perspective, chief Economic Advisor mohammed will be joining us. The worlds searching for a cure for the deadly coronavirus, one Company Thinks its device could help save lives, the chief medical officer and cofounder will tell us how it all works. In schools across the nation get set to reopen, one company is ready to make learning from home easier for teachers, parents and students, is sounds good, sullivan learning is here with the fox business exclusive, were less than hour to the closing bell, im abstention Ashley Webster in for liz claman, lets start the claman countdown. Ashley breaking news, right off the top of the show, mgm resorts is said to reopen the mirage casino resort on august 27, and headed crucially of the long Labor Day Holiday weekend, the 3000 room resort along with many other casinos in sin city has been shut since march due to the coronavirus, a sign of progress, right there. Mgm reopening the mirage august 27, as for the markets, apple hanging around the bottom after a fight broke out on the countdown yesterday, i hope you did not miss it but the creator of popular videogame fortnite has epic games suing apple and apple but for being kicked up every respective app stores over the way it collects payments, draft kings down after then a loss despite beating revenue estimates and an upbeat forecast, that is draft kings, as you can see down more than 6 , the fallout felt across the sector, National Gaming which is soon to be the Golden Nugget online gaming, those two stocks down 2 . It is topping the s p 500 and nasdaq after a double beat on earnings and bullish guidance, that will get you every time, that stock up three and half percent. Lets move on, as the vaccine optimism ramps up, two different market pointer up there when it comes to the s p 500, Goldman Sachs thinks it can rally to 3600 factoring in economic prospects but in japan they say the vaccine news is priced in already in the gap between the leading and lagging sectors is too wide. The question is, who is right, the time to bring in wall street most closely followed economist chief Economic Advisor, mohammed, great to see you, lets begin right there, who is right, is a golden or the european or over in asia, who is right . Is a really difficult question and understand why it is because you are trying to get three things correct, the health outlook, the Economic Outlook and people behavior during this period of living with covid. I think in the short term we can expect the market momentum to continue but for the longterm we need these things to resolve in our favor. Ashley a lot as made of the huge gap, the 4 trilliondollar gap between the leading on the s p in the five in the big techs and those that are lagging, is that a warning sign or the new normal . It is understandable, what is so special about these names that have consistently outperformed, one the world is coming to them by going virtual the world is going to their business, second they have massive cash on their Balance Sheet, they are acting from a position of strength and third, they generate positive cash flow, these companies have become everything to everybody, you want to go on the upside thats a way to go, if you want Downside Protection and a strong Balance Sheet thats where you can go, i think the gap is understandable, i think it depends ultimately on whether we get back to normality quickly. If we do then i will save them, but i dont see a reason to save them at this point. Ashley were talking about stimulus with congress, your big proponent on helping the economy along, what kind of damages is doing as businesses were desperate and continuing to have to wait . I fear we will see the damage in the august numbers that will be available in the next few weeks, the july numbers give us a strong message, this is a resilient economy, that is the good news and i saw that with retail sales, we saw this all week in terms of a resilient economy, we dont want to press that too hard, we dont want shortterm problems to become longterm problems in this economy needs not just relief but Needs Congress to think about the longer term. Ashley you know what we discussed the graphic on the screen, retail sales were up more than expected when you take out the autos jobless claims down to 936,000 with still a very high number, under 1 billion which is very encouraging in the first time thats happened on anyone weeks, we see industrial productivity taking up, is a surprising or is the momentum starting to slowly come back. Momentum was coming back and coming back in a very good way, i think if you look at the leading indicators on the data its a little bit lagging unfortunately and in the past those windup critical, when the Health Situation changes in various states, these become important. If you look at the Weekly Economic indicator that the new york publishers, if you look at the highfrequency daily numbe numbers, they suggest that certain states are not just leveling off but slowing and thats what we have to be careful about, we cannot lose momentum at this point, we gotta maintain positive momentum in the economy. Ashley while we are here, i have to ask you about gold, immediate order rise, that is pretty interesting but is not troubling to you . The troubling part it is collected people that are hedging against all sorts of things, the reason why that is happening is because people are looking at treasuries and say not only do i not get paid very much but my price is asymmetrical at this point, so gold has attracted most people trying to protect against economic armageddon, its also attracted people trying to protect against inflation and also attracted people trying to protect against reflation and it has also attracted people trying to protect against the basement. When you have so many people compacprotecting against competg things and told you the system is distorted, this is another consequence of the massive Federal Reserve involvement in the pricing of market security, weve seen all over. Ashley you talk about normality with that factored in, who knows when well get back to normal, thank you so much for joining us today, a lot of people want to know what you have to say, we appreciate you saying it right here on this network, thank you very much. My pleasure in thank you. Ashley lets check the big board why dont we, we have less than an hour just over 52 minutes before the close, the dow is flat down just five points. Lets move on, nova vax is on a deal with the united kingdom, the uk said to purchase 340 million doses of the bill gates vaccine maker potential coronavirus preventative, those shares up 8 . A vaccine too late for the nearly 21 Million People diagnosed with covid worldwide but coming up we have a look at a migraine treatment that is shaking up the race for a cure to the deadly disease, how it works and what the trials are telling us, that is next on the claman countdown. Oy pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. 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. Ashley agreement new prediction from the cdc where they coul u. Could reach 200,000 deaths by the coronavirus by labor day, that is 32000 more than the latest tracking shows but Anthony Fauci morning that of all people after Matthew Mcconaughey the aiming to fight the virus through herd immunity would lead to a enormous death toll. But when more than 500 Clinical Trials underway around the globe to treat covid19, what is there was a treatment you could do a home with the device the size of your phone, joining me now is a cofounder and chief medical officer doctor peter, thank you for joining us, i believe you have the device with you and in doing my research, you placed this device on either side of your neck and its supposed to stimulate the vagus nerve which im not sure what that does and you would use this to treat migraines, correct but then you realize it could be treated for other elements associated with covid, i will let you explain. I appreciate the opportunity to be here and talk to your viewers about this. The device is a noninvasive name under vagus nerve stimulator, we place it on either side of the neck for two minutes to help with initially migraines, cluster headaches both in the acute and prevention but also we have shown that we can decrease airwave reactivity with this device, it is been authorized via the emergency use pathway of the fda into treatment that a patient can use at home or in a healthcare setting to help them with their breathing problems associated with covid, it is one of very few therapies that have been authorized by the va for the treatment of covid, it is an exciting time and im thrilled there are new Therapeutic Options for patients with covid. Ashley is it is fascinating is someone is struggling to breathe and they dont think theyre doing well with the medication, this is a viable alternative. That is correct. I personally there are other things that have been looked at and evaluated but the fda who gets hundreds of applications for this have evaluated very a number of these therapies but of authorized very few therapies in the treatment for this. This is something that does not require nebulizers or aerosol is asian of drugs that could potentially spread the virus but actually has a very profound effect on the lungs and opening of the lungs and allowing people to breathe. The fact that the fda has looked at the safety profile of this, the efficacy of what we demonstrated today and found that there is nothing else like it is why the fda has authorized this via the emergency use pathway. Ashley it is fascinating, did you know this that you essentially have had this device of people who have suffered with bad headaches, did you by accident discover there is help covid of the airways. Is a great question, when we got started on this, one of my partners in crimes and starting this company, we were looking at trying to block airways, via activity, my son had peanut allergies and i was looking for a solution to that originally, we did a bunch of studies together with animals and later on in humans, demonstrating this improved airway reactivity and breathing, what we found along the way is a helpful headaches. , a variety of commercial, and concentrate on that aspect, but i never forgot the dna of the company which was on improving airway reactivity in response to inflammation. Ashley that is fascinating, i had it the wrong way around, you started with breathing easier, you mentioned the fda has approved this for emergency use, when do you hope that this can be for a permanent endorsement for the fda. We begin a certain amount of data to the fda in a very late early time. , its important to note, this virus came out of nowhere to a lot of us in january of this year and the fda looked at what we had at that time when we submitted this back in early april and granted us in emergency use for the duration of the pandemic. We are collecting more data as we go, we have a randomized trial ongoing and you mentioned 500, several of those are ours and were looking to demonstrate more definitively in longterm randomized controlled trials with profound efficacy, it will probably mean more data down the road for a permanent application of this. Hopefully covid goes away and we will not need it but in the meantime while we have more than 5. 3 million or fivepoint to million americans who have been diagnosed with this and we just discussed the number of deaths, we need to therapy today that has been authorized by the fda to help our doctors in our patients get through this. Ashley before i let you go, you released your earnings yesterday and on the share basis, younger earnings on the outside, you missed on revenue but what other treatments are you working on . I think its Public Information that we have a variety of headache indications as you already know, in march we got the approval for migraine prevention and that puts us in a very unique position as being the only medical device thats been approved for acute and prevention for cluster in migraines but we have studies going on in terms of iits and a variety of very interesting indications that are going to be very exciting to your group. I dont want to talk about too much of the other things that are going on right now but we have some studies that are going to rock your socks pretty soon. Ashley that sounds great, on a friday, rock my socks. Congratulations on this device and if it can help anyone which it already is, that is very good news, doctor peter, thank you so much, thank you, doctor for joining us, before we head to the break lets take a look at the big pull, lets move sideways for most of the day, check that out, the dow down 18point on the dow, 2000 plus students, teachers and School Staffing testing positive for covid19 across the united states, this heading back to school, it is a problem. Coming up house to live in learning is helping students and educators right in the thick of the pandemic uncertainty. Plus the two wall street big weeks joining the ride as the ev maker looks at joining the markets most elite the claman countdown coming right back. Instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stocks by the slice from fidelity. Find your getupandgo. Find pants that arent sweats. Find your friends. Find your sense of wander. 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Retire better ashley breaking news, big tech turning on th big tech jumping o forte, bu reports facebook is coming up against apple that the fees are hurting businesses during the covid19 pender Mick Facebook saint apple dismissed the companys request to reduce the 30 App Store Tax or allow it to offer facebook. So it can absorb the cost for business, facebook by the way announcing the paid online event that will provide businesses, creators, media publishers, the ability to earn money from Online Events from facebook and facebook will not collect any fees for the paid events for at least the next year, that is the fight that rumbles on. Two tesla bears coming out of hibernation you could say, bank of america and Morgan Stanley shifting their position on elon musk empire from the equivalent of a cell to neutral, the big moves coming as electric vehicle maker awaits his potential entry into the s p 500, bofa siding the growth ability and access to cheap capital, Morgan Stanley predicting the giant could be a valuable thirdparty battery supplier to the Automaker Tesla shares up a ridiculous 650 from just one year ago, as you can see even with elon musk doing, the stock up 1636. Lets go to Edward Lawrence for todays fox business brief, edward. Autozone going on a hiring spree, the auto retailer or parts retail hiring 20000 employees to address the increasing demand at local Retail Locations the distribution centers, luxury ev retailer farfetched reporting a smaller than expected loss in the quarterly fiscal result the Online Fashion retailer with estimates, and due to the coronavirus pandemic it could add a Material Impact on future results, quicken loans, the parent reported a 40 quarter over quarter jump in loan origination, the volume more than 42 billion, it may have saved you in the market last week reporting 437 surge from the same period as last year, up next the ceo of Sylvan Learning is talking about the Online Education of the Job Opportunities it is creating, the claman countdown coming right back. 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. 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Period we welcome john, thank you for joining us, before we do and how to best approach this, how has covid affected your business model, are you being forced entirely online or have you been able to reopen from learning centers . Thank you for having me. When march came, it was a very difficult. Over a couple of weeks we were forced to close all of our centers but fortunately for us we were able to migrate, but most of the tutoring to virtual because of our investment technology, and slowly but surely weve been able to open about 90 of our centers are crossed the united states, we have seen our business drop off fairly dramatically in the beginning but we fought back very strongly our franchisees are Resilient Group in the activity in the last couple of weeks with the backtoschool. Has been fairly tremendous, we have come out with a new program called School Support at sylvan where children can come into our centers, get on their classes virtually and we helped to stay engaged, provide homework support for them and as a matter of fact over 40 companies have contacted a over the last couple weeks just because they want to have their students have the ability to avail themselves of that service. Ashley have you seen the increase in the number of people coming and wanting to be a tutor, perhaps teachers who are retiring from the classroom in this model may suit them better. I think for virtual we have seen an increase in teachers interest and weve been fortunate that teachers that were in centers, we had quite a few that were comfortable with coming back and weve been able to handle the demand of famili families, families certain ones that obviously want to come back to the trenton gobetween virtual and center weve been able to handle all of our customers. Ashley just let me break away for two seconds, the president is talking to reporters after landing in new jersey, listening. Okay. We are coming out here to make an endorsement, were very honored by that. We will see you probably later, do you have any questions . [inaudible question] what about it . [inaudible question] are they happening or not happening . We are working on a deal but i feel differently about china that ive ever felt. I will see you later. Ashley there you are listening or trying to listen to the president who is being drowned out by the ruhr of the plane, air force one engine, but at the very end he was asked about the meeting with chinese officials on trade talks and he said i feel very different about china than i did before the pandemic, he said that a number of times, he will headed to new york city to visit his brother who was taken to a new york City Hospital and then hell go back onto Trump National to speak to the Police New York City Police Union tonight. There was a president getting a little jab at china as a briefing coming up this weekend, i apologize for the interruption, ceo of the Sylvan Learning centers, one of the questions i have for you is a difference between online tutoring and actual in person, there are some students who do well, they are able to pretty much pick up straight out of the classroom and there are many who dont do as well and what advice to give to someone who is stuck online, a parent who is trying to be a teacher . That is very difficult in the situation, i think teachers have a pretty typical, students but most important parents, it is a different environment for them, they have to become educators and work hard to keep the children engaged, they become the homework master, i suggest they be patient and then if they need to to seek outside support and as you said every child is a little bit different especially younger children, engaging in Virtual Learning can be a little bit more difficult, i think people are adapting but i think that is why we see a lot of people coming back into the Sylvan Centers being engaged with that teacher who really motivates and inspires those children to learn. Ashley you mentioned the franchisees, your franchise operation, have you seen more interest with people wanting to operate a franchise. It is interesting similar to the recession before, a lot of people have reflected on what they want to do with their career and we have seen an uptick in interest in becoming a sylvan franchisees and especially people are passionate about education because thats top of mind with everybody. These days, weve seen a lot of interest and a lot of passionate people. Ashley we will have to leave it there, thank you for the interruption from the president but im glad we were able to get through that. Thank you so much john, appreciate it. Lets check the big board, my math is terrible, 23 minutes ago before the close, the dow losing a little bit, down 54 points, down about two tenths of 8 , we will see how we do at the bell, tiktok, rankandfile ready to join the fight against the white house, coming up next, charlie brings on the new attacks being planned by the social Media Company, u. S. Employee, interesting. 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Ashley another legal challenge in the works involving President Trump span against tiktok, the social Media Company trying to distance itself with the actions being taken by some of its employees, interesting development, Charlie Gasparino will break and has a detailed. We should point out we have not seen the lawsuit filed by tiktok employees who used to work at google who is hired by tiktok named patrick brian, we have not seen the lawsuit, his lawyer has gone on the record and has not called us back but a simple upshot the lawyer telling people simply this that the Trip Administration executive order that bands tiktok from being used after 45 days if its not sold to a u. S. Company, it is in current negotiation with microsoft, it is illegal and that the Trump Administration engaged in illegal taking with taking illegally taking property in this case, salary and wages from tiktok employees, we should point out tiktok itself, the company is distancing itself from the lawsuit weve been to told, are sources telling us that tiktok has made it very clear, it is not part of the lawsuit, it may file a legal challenge to the executive order but it is not part of the lawsuit. I think one reason why the company is hesitant to get involved in this even though it does not like the trump executive order, obviously it turns the screws on them and forcing almost a shotgun marriage with the u. S. Acquire which in thisas ce i microsoft, one reason it is on flimsy legal ground if you tkeald to enough lawyers, taking cases are difficult in illegal taking case in government has to take property of a person or company, you kinda have to argue that lost wages as property in some ways and i dont think so, the Real Property is the company, nobody is taking the company, the Company Still exist, i think thats where this thing falls flat from a legal standpoint, but be that as it may, there is a lot of legal stuff brewing for the trump executive order, i will say this, the power of the federal government to seize property and to pass executive orders, im not a lawyer, the judge would know this but is pretty vast in particular in this regard and we should point out that the government in this case is not taking the company, it is not creating, it is not using the company for illegal purposes, it is not taking over the company, this is not like a landgrab where youre building a highway and not compensating a homeowner, this is a new can operate in the u. S. Because you fail the smell test and we engaged in surveillance. We should point out that tiktok denies that in the surveillance. The bigger question i have, were trying to track down is just where these negotiations for microsoft are, if theyre still going on, i understand that its awfully quiet, when stuff gets quiet, its either happening fast or could be dying, i dont know. Ashley i want to get back very quickly to the employees, the white house order i think prohibits any transaction by any problem with tiktok and that is why the employees say based on that wording, if we get our paychecks here in the u. S. From tiktok, then essentially we are breaking the rules outlined in the van. What theyre saying theres no due process, there illegally taking their salary, if im quoting, there is no lawsuit or i have not seen it. If you retake cases, more recent greenberg sued the federal government for essentially wiping out the shareholders of aig during the financial crisis, that was an illegal taking, it aig screwed overture holders by engaging in the take it or leave it deal by the government, the federal courts ruled it is not illegal taking, the contract was between the government and aig which is acting on behalf of the shareholders through due process, it is very, very difficult to argue with taking case, the distinguished law professor at columbia university, we asked him about this and he does not believe that employees have standing. Itll be interesting if tiktok does Something Like that. They may have standing from a legal standpoint because the government is preventing them from operating in the u. S. , and the interference in the distance practices, legal questions, the power of the president and the federal government in terms of Companies Operating in the u. S. Is pretty vast and those powers have expanded over the years particular after the financial crisis again, im not a lawyer, judges but im suspecting he agrees with me on some of these things. Ashley very quickly, microsoft, is there any major stumbling block or is it a slow grind to an agreement . There are so many potential stumbling blocks on the steel, as you know we first reported, they are talking, they have to get the technology and secure the technology and make sure the algorithm, they may have to rewrite the algorithm for the tiktok app, they have to put in the cloud, they have to figure out how much of tiktok they want to buy, do they want to buy u. S. Or beers portions, we can go on and on, i understand why microsoft wants them, this is an app that could have very vast usage, not just for kids dancing around with music videos but supports teams with their highlights on tiktok. This could be used commercially in the way that twitter is used without the trolls because you see a guys or womans face and you cut out the trolls. Ashley whenever news breaks we know you will have it first, Charlie Gasparino, thank you very much. As always, the closing bell rings in ten minutes, coming up next why the countdown closer says now is the time to go small or go home in your portfolio, big tech strike that. Well be right back. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Shingles doesnt care. I logged 10,000 steps today. Shingles doesnt care. I get as much fresh air as possible. Good for you, but shingles doesnt care. Because 1 in 3 people will get shingles, you need protection. But no matter how healthy you feel, your immune system declines as you age, increasing your risk for getting shingles. So what can protect you . Shingrix protects. For the first time ever, you can protect yourself from shingles with a vaccine proven to be over 90 effective. Shingrix is a vaccine used to prevent shingles in adults 50 years and older. Shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. The most common side effects are pain, redness, and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. Talk to your doctor or pharmacist about protecting yourself with shingrix. Shingles doesnt care. Shingrix protects. Ashley closing bell ringing in seven minutes, the marking closing out the week slightly lower on a Light Trading day, that is for sure, lets take a look, the dow up five points, the s p down, for the nasdaq finishes below 31 52, 0. 0, there you go, all green, dont hold your breath, lets go to Edward Lawrence for some of this weeks biggest movers, edward . Biggest winners, losers and winners, you and i were the best haircuts and tv business news, i want to look at the s p for the biggest winners, were talking about when, were a vehement and mgm, visa restrictions being lifted, maccallum represents about half of wynns revenue, and gm announcing that the mirage will open on august 27, travel was hit very, very hard in this pandemic but now you can feel the money burning in peoples pockets as they want to go on vacation, the market looking forward, the losers, newmont corporation, one of the losers by handsdown the loser for the week is cisco systems, that has the worst week and more than a decade, they did report betterthanexpected earnings for however, the Forward Guidance has been disappointing Going Forward or will be Going Forward. Ashley thank you very much, the major averages indian slightly lower into the weekend although the dow, not exactly a riot, but another opportunity for new records on the s p and the nasdaq, having a lot of trouble pushing to the next level, do we continue to move up or is a pullback on the books, as some have suggested, lets bring it 360 milliondollar man himself, portfolio manager, steve sharon, thank you for joining us, lets start right there, the s p is getting closer and closer to the record highs and keeps coming back perhaps the momentum is running out of steam . I think were putting in a base, i think the big story is that the stayathome recession is likely over and were indeed in the early stages of recovery, itll be a bumpy recovery, will not be u Straight Line but there will be better days and higher stock prices to come more likely than not. Ashley how important or how damaging is it as Congress Continues and the stalemate over the next stimulus bill, theres a lot of businesses, we talk about this all the time trying to hangn, the longer in congress, what damages are doing to the economy . We have done a good job with fiscal support measures in the central bank in terms of winning bankruptcies and getting consumers through but there is still more work to be done because we are not finished with this pandemic. Some of the executive actions over the weekend help put pressure back on both sides of the political aisle, the deal will get done, it would be nice to have it now, quite frankly is not the best thing for congress to go on recess while this is not done but ultimately we do think a deal will get done and i will help support this recovery. Absent that we got something from the executive actions, we think more is needed. Ashley i think what is interesting, we talk about rotation, weve seen it, out of the tech stocks and going into companies that will benefit the most from the economy reopening but all the sudden going back into tech, backandforth, do you expect this action to continue . We think once the recovery really takes hold, thats when parts of the economy need Economic Growth will start to do better, this move over the last week or so is so different than weve gone before because you sell treasury yields get higher in gold selloff, you saw Oil Prices Move higher, this could be a beginning of a real run and i know you mentioned the small caps are another real big beneficiary in a big way to that recovery story. Ashley i hope youre right, were getting ready for another run, where are you putting your money, what sectors do you like . All start with small cap, they underperform in the first year after recession, bottom one average by 25 , these companies are more cyclical, they benefit from the manufacturing renaissance which is going to be a big move to production act in the united states. We like value sectors that are exposed to that recovery and internationally, we think International Smallcap companies, better total returns, a little bit more simple cool and youre still exposed internationally for diversification but youre getting a little bit under total returns and more exposure to growth, those are the three areas that were focused on in terms ashley are you getting out of any particular sectors . No so we dont think this is a story about tech rolling over and dying. We just think its a story about the value names that have been so beat beaten up starting to catch up. So we generally like equities and on the fixed income side 50 70 basis points youre not really getting compensated to be in the treasury bond so we would rather have corporate exposure there but ultimately the story is higher equity markets based on a recovery and theres some chance that as we go through the next few months here that you could get a deal on stimulus , you could get breakthrough on a vaccine and an election outcome thats viewed as relatively benign and we think that could push equity markets meaningfully higher. Ashley i like the way, i feel good at the end of the week here , steve it could be the beginning of a new run. That makes me feel very good. Steve thanks so much for joining us, appreciate your comments as we head now into the last what, 20 odd seconds of todays session. Okay weve been flat all session , just coming up a little bit, just 31 points if you take a look up about a tenth of a percent at 27, 927 if the nasdac finishes more than 31. 52 points to the downside. It will be negative for the week but a lot of side way moves, and anyway that will do it for the claman countdown thanks for joining us, after the bell coming right up. Connell well its a holdup of thousands of dollars to american families. Now the markets today the dow did turn positiver in the final moment moments of prayed and a mixed day on wall street and President Trump is putting the blame on democrats in a delay of a second round of stimulus checks being sent out good to be here with you on a friday im connell mcshane. Hi, everyone im cheryl casone, this is after the bell major average is weighed down by the weakness and big tech and the s p is hovering just above or excuse me just below as you can see the flat line there, for the week the dow and the s p finishing in