Liz let me be clear, hes right, the fed moves the markets. Stocks thank you, charles are stinking, are sinking think kind of are stinking [laughter] as big tech selling of apple, amazon, facebook offsets j js vaccine, theyre not able to lift up this market. The dow looking at its fourth losing day in five. We are down 465 points, low of the session down 475 or so, so were just about there. S p is losing 66, the nasdaq hitting a new correction low, down 291 points. The nations top pandemic fighters from the fda to the cdc and more testifying on capitol hill just one day after american depths from the coronavirus deaths from the coronavirus trooped 200,000 topped 200,000. Well take you to d. C. For all the drama. Meanwhile, one tech company that helps americans get cheaper Prescription Drugs making its debut on wall street just hours ago. The coceo of good rx is here for his instant to his stocks day one pop and what he can promise, he says, without any help from washington d. C. And a pandemic gaming boom paving the way for the first publiclytraded mobile egaming platform. Theyre skipping the ipo process and doing it with the same guys that handled draftkings debut. The ceo of skills is here. Plus, the most important promise elon musk may have made on tesla battery day 24 hours after it debut as the wheels come off. The amazon stationary bike, yeah, that didnt take long. Were less than an hour to the closing bell, lets start the claman countdown. Liz all right, lets get to this fox business alert. We need to take a look at the nasdaq. This is an intraday picture, so you can see how it really is plunging. Couldnt quite make a go of it even at the open here, but we do have very heavy selling in the tech space. Now, we do have a bright spot as well, its the firstever for zoom shareholders. Zoom video shares just zoomed right out of the gate, surging the 500 mark for the first time ever. Just less than 2 below that right now at 498. 83. So its still a gain of 1. 25 . The Video Conferencing platforms stock has been on a tear, and im not just talking about since the lockdowns in march. Its up 60 this past month alone with companies and schools, many of them, still meeting by zoom. So the company hiked its annual revenue forecast. Check the dow right now, down 513 points. All right, 24 hours ago we told you about amazon debuting the sale of and i put this in quotes its own 500 connected exercise bike . That news sent virtual exercise firm peloton into a tail spin and amazon popped up. Today a total reverse. Amazon is down 4 , peloton is up a third of a percent. Peloton hit a record high earlier after amazon denied it had anything to do with the bike while the head of echelon, which is sort of the big name on the bike, said, wait a minute, we were in partnership with them. We have the ceo of echelons response to this disastrous roll outcoming up, youll hear it, well get it to you in just a minute. All right, nike hitting a record after they returned to profitability in its most recent quarter. Digital sales were the real driver here. Surging 82 even as so many of the stores had shut down or were barely open. You can see a great move, up 7 for nike. And then the is spillover effect from nikes success is splashing on lululemon, adidas and puma, all of them getting higher with puma up about 3 . The race for a covid19 vaccine adding a new competitor today. Johnson johnson announcing it has now begun stage three trials of its candidate. They have enrolled 60,000 participants. The stock popping on the news. Right now its holding on to gains. You can see from this intraday picture, folks, this is great what we offer you here. You can see the price, you can see the percentage jump, but then the intraday picture gives you that perspective. It was a lot higher today, just above 146, now its at 144 and change with 55 minutes left to trade. This Morning Health officials including National Institute of health, the National Institute of allergy and Infectious Diseases director Anthony Fauci testified in front of a Health Committee on the federal coronavirus. Our blake burman was watching every minute of this. Blake, we have the president saying were weeks away from the vaccine while dr. Fauci pumped the brakes, but what is the consensus of all the experts who testified in washington on when well see a vaccine . Reporter well, speaking with the president , liz, the president was certainly highlighting speaking about the president , i should say highlighting the news coming from Johnson Johnson today regarding its phase three covid19 vaccine candidate. The news while it is a singledose candidate, the president said the following today and people sort of highlighting this on his twitter feed, quote numerous Great Companies are seeing fantastic results. But look at the back half of the tweet. The president said fda must move quickly. Now, up on the hill today, youre right, there was the testimony of several of the governments top health officials. Dr. Stephen han, the head of the fda, he was asked this point blank hypothetical, liz, will you and your family eventually take an approved vaccine . This was his response. Absolutely, yes, senator, mr. Chairman. I have the complete and absolute faith in the expertise of the scientists who are terrific at fda. If they were to make a determination that a vaccine would be safe and effective, i would do that, and i would encourage my family to take the vaccine. Reporter also testifying, dr. Anthony fauci. Fauci today continued to reit rate that an answer on a vaccine, in husband belief, is at least in his belief, is at least a month plus away. We feel cautiously optimistic that we will be able to have a safe and effective vaccinal although there is never vaccine although there is never a guarantee of that. We predict that sometime by the end of this year, lets say november or december, we will know whether or not these are safe and effective. Reporter we will be hearing, liz, from President Trump later today at the white house, 6 00 hour he will have a press briefing. The Johnson Johnson announcement really caught his attention today. If you just go through the president s twitter feed, he was retweeting a lot of the news, links and some tweets there as well. Ing the president says tonight he will be talking about the economy, jobs and give an update on vaccines. Liz . Liz and we are also, blake, keeping an eye on names like google and facebook and twitter because reporter yeah. Liz the president is meeting right now with some state attorneys general about the specifics of controlling some of these companies and their sites. What are we hearing sort of inching out of that . Reporter section 230 of the Communications Decency act is really what is at stake here. That is the sort of blanket protection that gives these social media platforms protection over those who post on their platforms so that these social Media Companies arent responsible for it. Right now at the white house there is a meeting going on with President Trump, the attorney general bill barr, states attorneys general. The headline today, liz, is that the department of justice via the attorney general, bill barr, has put forth its recommendations as to what it wants to see for legislation to update section 230 of the Communications Decency act. They basically say that the moderators, that there needs to be some sort of control or at least a level Playing Field as it relates to the moderators. They also believe that the law should be updated so these companies dont have blanket immunity for when they knowingly are aware that criminal activity is taking place on their platform. So those are some of the suggestions that are being put forth by the doj, but we should also note no matter who is the next president , the president feels conservatives are being censored, joe biden and democrats feel Tech Companies need to control the miss information on their sites. Liz . Liz yeah. Lets control the child pornography just to start, please. That has been the outrage, i think, on all of this. And then well e get, you know, the political issue too. Blake, thank you so much. All right, folks, were looking at the market. They are getting dragged down. Its a number of issues, but if we just hook at the names that are dragging down this market, technology. But its also the fact, if youre looking at sort of the granularity of whats bringing these markets into the red so deeply, the fedheads are out in force today. Jerome powell testified for a second day in a row, Charles Evans, rafael bosick, Neel Kashkari and marely talely have been speaking mary daley have been speaking throughout the day, and Charles Payne just mentioned randy imarls, who is vice chair, he has made some comments at 2 p. M. In an oped, and i think that is also weighing into it. In essence, what are we hearing from all of these fedheads . Could it be a lot of talk and not a lot of action left to take since it does seem the fed has done quite a bit to the boost the economy . Lets bring in our traders, ted ity weisberg and phil flynn. Teddy, are you putting sort of credence like charles was into what the fed is saying at this hour, moment by moment, and who are you watching most closely . Well, i think, i think not to listen to the fed and Pay Attention to the fed clearly is a mistake. You know, we have this old cliche, dont fight the fed. But on balance, i think the fed has been in a very accommodate i mode, and i think that accommodative mode, and i think that their doing, certainly up until now they have been very constructive. You know, visavis monetary policy. But at the end of the day liz yeah. They are the 800pound gorilla in the room. They can only do so much, and perhaps they need a little help in fiscal policy. It would be nice if we could get a stimulus package. And there are all these other knowns out there that weigh on the market. So when you get the fed perhaps sending a mixed message and all the other issues that the market is concerned about, you end up with an ugly day like were having today. Report thats right. Liz well, phil, lets be clear on what randolph randall quarrels said. Hes the feds Vice President of supervision. And in essence, he painted a very optimistic picture, okay, that would be certainly something where he lays down the table the forks, the knives and then he spills the wine, and the red wine right on the table cloth. He said risks are weighted to the downside, and the economy still needs further support. But does that really fall in the lap of the Federal Reserve who has been brilliant at doing exactly that . In essence, it falls at the feet of congress who have been intransigent. Their feet are stuck in cement right now when it comes to any more help. It is. And i new not only did he say it, but i think every fed official in their own way said, hey, we cannot carry this economy on our own. Washington, can you hear us, we need help. You know, we cant do it along with monetary policy. Now admittedly, we know that that could do a lot of things because they have a whole bunch of ink. I think theres a bunch of other things as well when it comes to negative interest rates, but nobody wants to go there. Why . Beneed a little help from washington we need a little help from washington. One of the things that i saw that concerned me and, i think, the market today was fed president Charles Evans basically suggesting that the fed might not wait until they saw 2. 5 inflation or 2 inflation before they raised rates. Well, that was totally op out of what weve opposite of what weve been hearing. The fed wants to see inflation run hot. And to me, that was kind of bearish, right . If the feds really worried about inflation, then the talks about a flexible inflation rate might be overstated, and the fed might be more aggressive as they really start to see prices start to spike up as far as inflation. I dont think theyre there yet, but thats something that might be one of the negative takes from todays fed speak. Liz yeah. Im just looking at the 10year yield. Were at. 674 , so well keep an eye on all of the flights to quality or the safe havens. Okay realtime grammar. Realtime grammar on the claman countdown. Teddy, phil, great to see you again. We are watching gold, silver, all of the metals, and it is rather interesting because gold earlier today had fallen below 1900 and is going even further, down 45 right now. The claman countdown is coming right back. Tesla battery day, weve got to tell you what happened, what propses were made, what teslas stock is doing and what might actually be a bright spot in all that elon musk said. 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 so you can. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. We need to make more affordable cars. The, you know, i think one of the things that troubles me most is we dont yet have a truly affordable car, and that is something that we will make in the future. Liz okay. How affordable . Elon musk stood on stage yesterday during his battery day, and he announced his ambition, a 25,000 tesla. And this, of course, was just one of the many things he talked about yesterday. The carmaker aims to Lower Electric vehicle prices by producing cheaper batteries with longer range. Hut yum battery lithium battery makers see their big product becoming commoditizedded, right . Churning them all out. But lithium americas corp. Down 20 . But comping this in that price range, we a decided to put that together. Will it be the Toyota Corolla at tesla . Will it be the Hyundai Sonata the version at tesla . Gm buick . Those are all cars that sell for around 25,000. While that price point sounds terrific, wall street at the moment is giving a thumbs down to teslas stock, down 10 to 381. 61, but susan li, you and i both watched this hourlong presentation. I know it was fascinating to say it was a drivein, by the way, where everybody who was there drove in. If they liked what they heard, they honked their horns. Tell me what you thought. I think the shareholder meeting, it was almost three hours long, but youre right, i liked the setting, held in a drivein movie theater. But a lot of people were saying it was long on promises, short on details on how to get there. Remember heading into this battery day there was a lot of hype that elon musk was putting around a million mile battery, but in the end a lot of people said, look, its a battery redesign, and its going to take three years to ramp up production. Thats a long time. Also heard about that 25,000 selfdriving vehicle in three years, autonomous, he mentioned, and also making 20 million cars each and every year. You know, volkswagen only makes 10 million, so thats a lot of ramp and a lot of promises to make. He had a lot of monday morning quarterbacking amongst the analyst group, and theyre divided in terms of whether you believe elon musk. Goldman sachs seemed impressed, theyve got a price target of just around 400, thats a raise from 295. Deutsche bank raising as well. But then enough the naysayers, rbcs calling it a sell, and we have also wells calling it just a hold at this point. Why do batteries matter . Ive had to explain this to people, because this is how you brung down the cost of electric vehicles, and you want it on par hopefully in the next few years with the gas powered ones so people will buy more electric vehicles in the future. You also want it, i guess, more optimal, in fact, you want more range than just 400 miles per charge. But a lot of things happening with tesla including we heard about a global outage of the system this morning, tesla owners couldnt get access to their cars via the mobile app. It looks like thats been sorted out in some capacity. Some people have been able to now access their teslas. And one more piece of news for you, liz. We had elon musk and tesla suing the u. S. Government, i guess theyre going against these trump tariffs that actually made a lot of the imports of teslamade screens and displays more expensive, and theyre looking for interest on top of the e fund. Refund. Liz well, whats really interesting to see when he pointed out that the shanghai factory went from dirt to just churning out teslas in 15 months. It seems just amazing. My favorite point though, because i thought all those guys up on stage, made science very cool, was when one of the guys up there said every atom the has its place. Every atom has a place. And then elon was worried that iron would get offended because they were paying so much attention to nickel. [laughter] susan and i were geeking out. You know, we really like this. All right, thank you very much. This is a buying opportunity, Goldman Sachs says. Closing bell, were about 37 minutes away. Draftkings down today but certainly wearing the crown in 2020. That stock is up 376 since just the start of the year. Digital betting became a cureall forking lockdown malaise, and coming up the ceo of the allstar esports competitor joining forces with flying eagle to test its skilz in the public market. The ceo, andrew paradise, is here. 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. With the icon that does the same. The rx, crafted by lexus. Lease the 2020 rx 350 for 409 a month for 36 months. Experience amazing at your lexus dealer. Ive been involved in. Communications in the media experience amazing for 45 years. Ive been taking prevagen on a regular basis for at least eight years. For me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly. And i enthusiastically recommend prevagen. It has helped me an awful lot. Prevagen. Healthier brain. Better life. Liz all right. Were seeing a volume spike in airlines right now. We need to tell you that theres some breaking news at the moment on United Airlines, and the use is that ual has actually struck a deal with its pilots union to delay furlough ares which were set to start one week from today, october 1st. But theyre going to delay it until october 30th. United had planned to furlough some 2,850 pilots without an extension of federal payroll support that expires this month. Of course, they got during covid, the airlines in aggregate, got about 25 billion. Each one took a certain amount, but we have United Airlines down 2 . Flip it over to delta and american airlines, all of those stocks are moving significantly in the red at the moment, but theyre trying everything they can to stave off large scale layoffs, large scale firings, and we do know that theyre trying to preserve cash. Theyre delaying all kinds of deliveries of jets. Well be watching the story, but right now the Airline Sector is in the crimson. While the market has shown a lot of chop with spikes and selloffs, look at how resilient the ipo market has been. From snowflake to gaming tool leader unity, get, some of yes, some of them are red right now, but all are now trading above their initial Public Offering prices. No wonder theres a rush to jump on the ipo train. Mobile game platform skillz has already had one foot on the locomotive. They game, solitary tube, a huge part of that moment will be the first esports platform to go public. So we thought lets get the founder and ceo, andrew paradise in. Wow, andrew, eight years in the making. Are you on target to meet your goal of ipoing before the end of the year, december 31st . Absolutely. And thank you for having me. Its an important milestone for us, so itll give us greater access to capital to grow faster than weve ever been. Weve always believes fair competition is something everyone should have a stake in. Liz air airbnb and i bring m up because weve been waiting for years on that ipo its very tough to pinpoint a time on the calendar, especially this year. Clearly, youre thinking just get it done. But what is it about going public that excites you so much . You guys are already making tripledigit revenues here. I know youre not profitable just yet, but talk to me about what you would do with the money. We could be profitable today, but weve been strategically reinvesting our growth into the business. So its a rapidly expanding market that were in, mobile gaming, its 68 billion today, but its projected to be 150 billion by 2025. Mobile gamings actually now larger than movies, music and books in terms of media industries. Its really the Fastest Growing segment of gaming, and its when you think about it, gaming is interactive content built for devices which is why its the future of entertainment. And the way we think about our business and going public, its this opportunity to bring esports to everyone. Today were the leading mobile everythingsports platform in the world. Were running 2 billion tournaments a year, but theres still so much left to build to create the competition layer for the internet. Liz okay. Beyond what you just talked about, what left to build . Where do you foresee your app going . I downloaded it today because i had to do my research [laughter] some of these games are moving so quickly, you know, say youre fair and fun. But awe side from that aside from that, how is it fair, and talk to me about how you envision it expanding beyond what you just articulated . So just to give you one small piece, today 90 of our revenue footprint is in north america whereas the International Gaming market is four times the size of north america. So when you think about these next few years, market share expanding throughout the world is a huge part of what we see ahead of us. To put it in another context, today were at 2. 6 million active users, so were only. 1 penetrated. Liz you know, youre going this route that many are doing, and that is via spac, special acquisition companies, and flying eagle is the company that helped draftkings go public. To me, its obvious, you dont have to go through the whole that gill la of road shows and tap dancing for potential investors, but what is the incentive for you as a founder and ea ceo when it comes to is spac . We met the team behind flying eagle corporation, we met them three years ago when they were billing out a different spac. Wed also planned to be ready to go public by q4 2020, and we showed them our plan and the revenue build that we intended to hit. We hit that every quarter between 1a 5 , and then we met up with the team behind flying Eagle Acquisition corp. Which is harry sloan and ely baker, and i think this lets us go public faster. It lets us choose our partners, a minimal cost difference. And we were able to partner with Institutional Investors by running 159 million, and were able to partner with wilmington, fidelity, franklin templeton. So it was really an ideal transaction for us. Liz andrew, please come back on on ipo day. We would love to have you back to see how the first egaming mobile site goes public, and we would appreciate that. That would be great for how viewers. Thank you so much. Appreciate that. Thanks for the time. Liz well, you figure, god, i wouldnt want to do it on a day like this where the dow is down 476, the nasdaq down about 300, but thats exactly what goodrx is doing, talking the plunge today. Now taking the plunge today. Now, with about 26 minutes left before the closing bell rings, goodrx is looking like the picture of health in its debut. Up next, the reigning Prescription Drug coupon kings coceo on how hes accomplished what even president s have not yet done when it comes to drug pricing. The nasdaq down 297. The russell down 2. 5 . Were coming right back, dont go away. Weve often wondered what keeps the world running. Economics . Algorithms . Magic . Turns out, its you. Doing your thing. Dreaming dreams. Building new worlds. Its why we built our workspace technology. To help you do your best work and to see what you can become. Youre made for bigger things. They have a full complement well, its a great question, a very fair question. Yes, i think its very important. I think this will end up in the supreme court, and i think its very important that we have nine justices, and i think the systems going to go very quickly. Ill be submitting at 5 00 on saturday the name of the person i chose for this most important of all positions, and i think we should go very quickly. You see the republicans are very united. As far as timing is concerned, we were elected. We have a lot of time. One justice was picked in 19 days. 19 days. We have we could do four at that rate or five. No, we have a lot of time, you know, before the election, and then you have after the election too. But in terms of time, we go to january 20th. But i think its better if you go before the election, because i think this, this scam that the democrats are pulling, its a scam, this scam will be before the United States supreme court, and i think having a 44 situation is not a good situation. If you get that. I dont know that youd get that. I think it should be 80 or 90, but just in case it would be more political than it should be, i think its very important to have a ninth justice. Do you feel confident in Lindsey Graham [inaudible] i can only say were giving you a person, whoever it would be, i could say any of the five, frankly. Five women are the finalists, and they are all world class, brilliant, great, theyre great in every respect from academic [inaudible] oh, we could do it very easily. Very quickly. From what i heard, he doesnt even have to hold a hearing. He wouldnt have to hold a hearing. Hes going to. Hes going to, i think. He wouldnt actually even have to hold one, and, you know, most of these people are young, and they just went through the process. You know, many of them just went through the process recently, so its not like, gee, lets look at papers that are 15 years old. No, i think the process is going to go very quickly. The hearing, i think lindseys going to call the date you cant call it until you have the candidate, and once we have the nominee, i will, you we have nothing but time. No, i think, absolutely, we can get it done. We can do it even with a full complement of hearings. I think the president alluded Justice Stevens was confirmed in 19 day, Justice Ginsburg in about 40 days. We have got the wherewithal to do it, and i think we should have a vote before the election for the reason the president articulates, and i think we can get it done and we will. Mr. President , do you believe justice was served in the Breonna Taylor case in kentucky, and what is your message to the black community who belief that perhaps justice was not served by the decision that was rendered by the grand jury in kentucky . Well, my message is that i love the black community, and ive done more for the black community than any other president. And i say with the possible exception of abraham lincoln, and i mean that with opportunity zones and with criminal yous first reform, with prison reform, with what weve done for historically black universities, colleges, schools, what weve done, nobodys done more. Abraham lincoln, lets give him the nod, but beyond that nobodys done more. I love the black community. I dont know enough about a it. I heard a decision was just made. Weve been together here, and so we havent discussed it, but after i see what the decision is, i will have a comment on it, okay . Thank you all very much. Thank you very much. [inaudible conversations] liz all right. President trump just having completed a meeting with state attorneys general, specifically talking about social media, keeping checks and balances on social media. Weve been watching google, weve been watching twitter, facebook. Interestingly, twitter is higher, but facebook and google are both just off session lows, i believe. So, all right, we do have a market selloff, a broadbased selloff happening right now, but it is actually quite a good day, indeed, for goodrxs debut. The Price Comparison and coupon site for pharmaceutical drugs priced at 33, popped 40 when it began trading which immediately gave it a valuation of 17. 7 billion. Now its up 45 to 47. 97. And lets just give you some texture here. Goodrx is a free web and appbased engine, aggregates drug prices around the country and gives patients the lowest price and then the lower case of that lowest priced pharmacy. Doug hirsh, coceo, is with us live. Weve got 18 minutes left in the session, this is quite a day for you, a very impressive day. Lets talk about how you really are thinking, did you expect Something Like this on a day where we have such a major selloff . You know, i didnt have a lot of expectations for today. I can tell you theres been a ton of effort going into all that weve achieved which were super proud of, but im also excited about tomorrow when i get to go back to work and focus on helping americans get the care they need at a price they can afford. Its crazy times right now, for sure. Les liz well, congratulations. Youre not just a unicorn, which is a tech company thats actually a billion dollars plus. Youre a pegasus, which means you are profitable. How do you look ahead and say we want to double these profits . I know that your expectation is that last year with 66 million in profit on 390 million in revenue, what are you looking for and what will get you there for this year . You know, since our founding weve been focused on one thing, and we do one thing really well which is we help americans find ways to figure out Affordable Health care. Theres so much room for us to continue to grow and continue to offer more services in a 4 trillion industry. Health care is huge, bigger than, i think, any other industry in this country. And today we operate in a small sliver of that, and were growing quite quickly and quite profitable, as you said, so were excited to expand in both new services and addressing more needs across the customers we already serve. Liz lets show our investor audience how you do what you do. So goodrx, and heres a little bit of a gone straight for you. We took a demonstration for you, we looked at the price of zoloft on the side site, and it said that wegmans carries it for 46 cheaper than retail. Stop and shop, walmart was in there, and then you tend to offer a coupon as well. Tell us exactly how you do what you do. You know, Health Care Pricing is so opaque, and the data is so confusing and complicated, so we just try to decipher the mess that is out there because theres so many incredible ways for a consumer to save if they just put in a little bit of effort. We basically have to deconstruct all these complex contracts to make it simple like any other industry where a consumer can download the app and quickly save. Theres no need for insurance, in fact, our prices are often lower than insurance, and were just trying to make Health Care Like anything else, we want to make it a transaction that a consumer can approach, easily understand and fine savings so they can actually get their [audio difficulty] liz i know that you know we have an election coming up on november 3rd. Youve got to tell us if youve been modeling for a win for either side. How would things fall through if they went to one candidate or another as it pertains to your business . Because President Trump has made no secret of the efforts that he has made to try and lower the price of Prescription Drugs. Joe biden has said that, of course, he was Vice President when obamacare was put out there. He has said he will make health care a focus as we wait on the republicans to float an idea. What are you expecting . You know, were fortunate enough to have been in business for over a decade now, and when we started the business, we were told we were wasting our time because the aca was coming out, and we werent going to have to worry about the cost of health care anymore. Fast forward, ten years later its getting more expensive, insurance is paying for more sorry, insurance is paying less, and consumers are paying more. And, you know, weve heard lots of conversations on both sides of of the aisle and executive orders and lots of initiatives. Anything that drives down the cost for consumers, were a fan of. But were not going to sit around and wait for the government to solve this. Were going to give consumers the tools they need now so they can make the decision on their own health care instead of letting someone else decide it for them. Liz well, we hope, certainly, were big believers, on the claman countdown, of capitalism. We we hope that you will continue to do so. Doug hirsh, goodrx is a huge stock today. Folks, were going commercialfree right now. The Dow Jones Industrials down 52 points and falling. Ing 522 points. All major indices close to session lows, so we are watching a landscape at the moment where just about everything except goodrx and twitter, there are a few more names in the green, certainly, but were looking at all of this and more including potential threats to threats of potential changes to immunity that social Media Companies have had up until now. And i mentioned twitter. Lets look at it. Its not enough. Whatever President Trump talked about and said moments ago, its not enough to have twitter get dampened here. Were up 6. 5 . Intraday, pretty strong at the moment, but moments ago we said that twitter routinely restricts expressions of conservative views and some platforms exploit their power. The president said he expects to come to a conclusion on the issue of Technology Platforms in, quote, a shot period of time. Maybe short period of time. Pivotal research boosted shares to a buy with a price target of 59. 75, high hopes for a pop in business from this years, of all things, delayed Olympic Games now set for 2021 in tokyo as well as there are a bunch of things here, but as well as the potential for a new subscriptionbased business. Currently stands at 45. 45. But the nasdaq down 317 points. Just about, just above the lows of the session which i had at 343 points at the moment. Social media rival to twitter tiktok feeling the heat. Charlie gasparino reporting now that the white house infighting is ramping up as the deal with oracle faces uncertainty and now even more uncertainty, charlie. Weve got the chinese media, which we know is translation for the Chinese Government right. Liz in a huge wave. Everybody wakes up in china, and they see on the front page of all the business secs this should never happen, its extortion, its a disaster for china, lets not allow this to happen. Listen, there could be a way of doing this deal, and i can tell you that i know that oracle needs a deal, trusted partnership between oracle and tiktok to allow it to operate in the u. S. , and there could be a way, i can tell you a, that people at oracle, General Atlantic and sequoia who are major investors, theyre trying to work out some deal that threads the needle. But thisll give you an indication just how crazy it is. President trump over the weekend said that hes in favor of the oracle pitch. His good friend, larry ellison, a bigtime trump supporter, was going to make a lot of money out of this, and trump felt very secure in that. Fast forward it to today, wednesday, and heres what were getting exclusively from the justice department. We asked where attorney general william barr sat on the deal, and they said that he has not reached a final decision or made a final recommendation to trump on the tiktok matter. Thats a quote. That is Pretty Amazing that at this late stage the attorney general is not either, is not onboard with this thing. We had heard, we were fist to report that he had expressed misgivings about the notion that the chinese are still going to own either a major chunk of the new company that tiktok is being licensed to thats run by oracle or maybe tiktok will still control the app excuse me, the algorithm, which its their algorithm, or bytedances algorithm. So barr, for him not to be onboard right now tells you the heavy lift that oracle is going to have to do to get approval. Steve mnuchin, the treasure true secretary, who sits on the allimportant cfius board which is the committee on Foreign Investment in the u. S. Which has to approve any transaction, is onboard with this thing. Trump is hes going back and forth, from what i understand, being pressured by National Security hawks on china that, you know, maybe this isnt the best thing to do. But barr, if barrs against it, its going to be very hard for this deal to get done. That doesnt mean he will be against it, that doesnt mean they wont make him comfortable. But im telling you, for him to be at this late stage for him not to be onboard right now is pretty big. We should also point out that there is a lot of talk with people who deal with tiktok, they think this thing will be punted until after the election. I think trump has said it has to be done in the next week or so. Theres been also the Commerce Department put a soft ban on this until november 12th which is after the election. And, you know, im getting a lot of word from vendors of tiktok that do business with them liz charlie, were charlie, yeah. Charlie, let me dovetail for the markets here. We need to transition because we are now hitting session lows for the nasdaq. Actually, were right about there. Session low was 343, at least thats what i have. We now have the Dow Jones Industrials 568. When we started this hour, we were down 467. We got some buckling and recoiling, investors are turning tail. To what do you attribute this . You know, we had Randal Quarles who is, of course, one of the big wigs at the Federal Reserve who gave a speech and said even optimistic adjustments will take a long time to recover from the shock of covid. We knew that, jay powell has said that multiple times, but he said strong momentum for Consumer Spending will likely slow. Listen, theres the headwinds that Stock Traders trade off headlines, the stock headlines are not good, theyre keeping the government open, but theres no stimulus. So maybe some of the froth is coming along, the froth that was baked in for another stimulus plan is baked in. Wheres google trading today . Can you put up a chart of google . Liz yeah, it was down about, town about 1 last i checked. Theres a new low for nasdaq. Now its down 3. 9 . Okay, so just remember theres going to be a crackdown on tech. The google finish the antitrust case against google, liz, is coming very shortly, like the next week or so. And, you know, these are the stocks, google, apple, amazon, facebook, these are all stocks that are powering the market. Liz yeah. Theres a regulatory onslaught, if theres more scrutiny of them, you know, theyre going to take a hit, and thats going to impact liz great point. I think some of that youre seeing right now. Google is big because i dont know exactly where that case is going to be. If its farreaching, it could really impact the stock. As you know, google is a widelyheld stock. Liz well, we do have amazon now below 3,000. I do want to just can we bring up apple as well . Thank you so much, charlie. We really appreciate it. It bring up apple because at 106. 90 a share, again, thats postsplit, of course, we now have the market cap at 1. 8 trillion. So below 2 trillion at the moment. And we do have this pretty significant selloff here. S p down 349. We have the dow down 565. I will give a quick look at the vix. This is the fear index. So this usually goes up when we have a major selloff, up 9. 5 . It had been up 8 when Teddy Weisberg referenced it. But you can see the s p 500 pushing into correction territory at this hour. Since its record close on september 2nd, correction means we are down 10 plus percent since recent highs. The s p is there, if im correct. We do have the s p down 80 points at the just slightly below it. Down nine points. 6 . All right. Then we got to talk about amazon. I just mentioned amazon. Just one day after this company echelon announced it would be launching a 500dollar xprime bike, one of the connected bikes in association with amazon the ecommerce giant had to do major backpedaling after that very product. Amazon down after a decent bump yesterday. Youre looking this stock straddling 3,000 a share. Reporter never underestimate the power of amazon not our bike theyre saying. Echelon said they collaborated to make that 499dollar stationary bike. They deemed it the firstever connected fitness product, but people are raising eyebrows about that one. Amazon says it is not amazon product. It is not related to amazon prime. In fact there is no formnal partnership. Amazon is working with echelon to clarify all of this in its communications this is according to a amazon spokesperson working with echelon. The ceo of echelon appeared on fox earlier . We were asked to develop a bike that would fit a 500dollar retail price point. Echelon and buying department decided to call the bike prime, even though all the correspondence and our purchase orders called the bike, ex prime bike, we learned the internal team were not in full alignment t was a complete surprise to us. Reporter the bike is still on the site right now. You cant order it though. Echelon says they will rebrand the product, get it up for sale, that will not be today. The prime bike is supposed to compete with peloton. Look at that stock in the middle of a major selloff. Peloton stock went lower after the prime bike came out. Peloton, this stock is up 234 yeartodate, by the way, liz. You know what . You and i both love the peloton. Tough market. Tough competition. Liz yeah. It didnt even have anything to do with that. It got hit yesterday. By the way it was trading as high as 100 bucks today. It is at 95 getting swamped by the broader market. News to us amazon was not on the same page . That is interesting. Thanks to Varney Company grabbing that interview, the beg one. Thank you so much. Cheryl. Cannabis stocks, not only have they been underperforming the broader markets in 2020 there is one name right now absolutely getting slaughtered and that is aurora cannabis. It is down bp 28 right now. But todays countdown closer manages the cannabis based yolo etf advisor shares. It is up 60 in the last six months but right now it is just 10. 74 after a very rough march and april, down more than 30 yearoveryear. On a day where were seeing a major selloff it seems flighty to talk about cannabis stocks but dan aarons, give us your thesis here why on a day where people are turning tail on this market they should be buying cannabis . It is a tough day obviously but if there is one area that has an ability to grow heading into this election cycle and to act differently than the overall market i say it is cannabis but cannabis in the u. S. Primarily. There has been a lot of misinformation, miseducation about cannabis stocks. Some of the biggest names people talk about way too much are aurora and canopy and tilray and kronos, when in fact if you look at our fund, yolo, that outperforming the biggest cannabis indexes by about 30 in this calendar year, and we Just Launched a new fund this month and that is mso. That stands for ms state operators. Those are the u. S. Cannabis operators. Were the only funds that have access to those stocks in an Exchange Traded fund listed on the stock exchange. Liz okay. U. S. Is where the real opportunity in cannabis is. That is where people should be investing. [closing bell rings] liz great to have you, dan. Some of our investors would like to reach for a pot brown any after a day like this. Dow jones losing 528 points. Nasdaq down 331. It was a rough session. Now for after the bell. You guys get it. Connell were on top of the lateday selloff with stocks end tending losses during the final day of trading, end iting the lows. Not a great day on wall street. It was weakness in the big tech stocks that dragged us down. Welcome to the show. Im connell mcshane. Melissa im Melissa Francis this is after the bell. This is the dows the lowest close since early august. The s p is falling closer to correction territory. Nasdaq down about 3 hitting a new correction low. Yikes fox Business Team coverage. Blake burman is at the white house. Lets kick it off with jackie in the newsroom on on the big sell. Jackie