Investment, what do youd see as the future valuation for this business within mgm and if they dont get there do you plan to sell your stake . I tell you what on the first question i would not put a number on it but i would say with absolute certainty it is worth more than negative the Online Business is getting a negative in there. Im certain it is worth more than that and that is something that we looked at and considered when we were making this investment and you said your second question i have no idea. Were me in this for the long term and that means that well there r is all kinds of opportunities that may arise from here. And well consider everything. Finally are you looking at anything similar to this given all of the cash that you have . Were always looking at everything that is the fun thing about iac. We have the ability, the flexibility, and the time horizon to do anything that we want to do and were always active in the marketplace. Thank you, we appreciate you taking some
The month higher for all three major averages. Again, we should say. But apple today not keeping investors away. The iphone giants earnings crushed it during the covid quarter. Apple hitting a new record high briefly, becoming the worlds Biggest Company after its stock split. We have a full recap of the tech titans earnings parade. It was Something Else. And one of the most widely followed economists on the planet is here to put this wacky final week of july into perspective. Mohammed elerian on the record evaporation of Second Quarter growth, what that means going forward. Plus, the Online Shopping boom creating another covid winner. Overstocks ceo Jonathan Johnson on his companys pandemic sales and nearly 1,000 pop in his stock since the start of this year. Plus, the latest on stimulus negotiations, President Trump is maybe campaigning in florida and charlie breaks it on a possible tiktok spinoff. Less than an hour to the closing bell, im Cheryl Casone in for liz claman. Lets start t
After hitting another all time high earlier in the session. The selloff coming as California Governor Gavin Newsom rolling back reopening plans as coronavirus cases spike in the state. Bars, gyms, salons, malls, other businesses ordered to close indoor operations in 30 counties that represents 80 of the states population does this officially put a close on the reopening rally guy . I dont know again, i dont know if this was a rally on the reopening or hopes that there was some vaccine out there or the fact that the fed is back stopping this entire thing, but ill play your reindeer game, mel, and say this was the reopening rally. Im shocked that people are surprised that the reopening is not going as well as a lot of people were indicating it would. So it should put an end to it because on top of that, as we just talked about earlier, or sara and wilf talked about, you had one of the biggest reversals in the market. It looks to me eastererily simio some of the moves in late march when t
Narrative is that President Trump and the ministration looking to get things back to work, even as the coronavirus is now firmly in the white house itself and the administration. We have the likes of Cardinal Health 5. 2 , and some of the other Health Care Stocks like gilead, eli lilly up more than 2. 5 apiece. Under armour continues the guidance story, not giving any indication of what it is expecting, but says the Current Quarter will be the most impacted by the coronavirus. Shares are down about 11 . The yen we getting today. Stronger dollar once again. Food is unchanged crude is unchanged, 24 a barrel. Guy interesting to see that spread between brent and wti widening out. Lets figure out what is happening in the markets and what is going on in terms of portfolio construction. Riserto gallo from algeb investments is joining us on the line. We are trying to figure out how we reopen an economy in the united states. Weve got the u. K. Starting to think about reopening its economy, or a
it s 4:00. we ve got news we have a behind the scenes legal battle with potentially major consequences for the justice department s investigation into the ex-president s handling of classified documents at mar-a-lago the washington post is reporting this quote, a federal judge has at least partially granted a request from u.s. prosecutors to force an attorney for donald trump to testify before a grand jury about the former president s possession of classified documents after leaving office that s according to two people briefed on the decision. evan corcoran had refused to answer investigators questions about his interactions with trump. prosecutors sought to show the chief u.s. guess strict judge beryla.howell of washington that there were grounds of a crime-fraud exception. they spoke anonymously because this is under seal this breaking news is is where we start today with some of our favorite reporters and friends jackie alamany is here her by-line is on that neil is here