Years. And lots to come on the show. Two big ceo interviews on the back of earnings in a few minutes well speck to the owner of Outback Steakhouse blooking brands and later the ceo of boston beer will join us that stock surging after the truly hard seltzer brand helped boost sales. Looking forward to both of those interviews were down. 6 lets get to the big stories were watching meg tirell has more on the signing. And mike san totoli is joining s meg, let aers start with youen that executive order news. Hi. Drug pricing hasnt been in the conversation as much this year as the drug industry has been racing to develop vaccines and drugs for covid19 but the president reportedly planning to sign an executive order with a few different aspects on drug price this is afternoon. One could be allowing importation of drugs from canada where theyre price moored cheaply. Another could focus on tying prices to basket of prices from other wealthy countries. And a third could focus on providing free insulin or free epi pens to some hospitals now not clear what exactly will be included, there is also some talk of whether there will be a revisiting of rules around rebating for drugs so were going to have to see how this shakes out exactly. But however it does, guys, folks arent really expecting a major impact on drug prices in the near term. Its not always clear that executive orders have real teeth to make changes here this is coming at an interesting time fwheer were in a pandemic and the government is awarding billions of dollars to the Largest Companies to support their work on developing covid19 vaccines and therapeutics you can see here they struck that 2 billion deal with pfizer if the vaccine is successful to acquire 100 million doses. The industry frustrated that drug pricing is once again coming up. Guys to your point about exactly what an executive order could achieve here i mean, if we want to go to the extreme outright price setting for drugs by the government, what would that take its not clear congress would go down that route. Right there is that whole debate over whether medicare should negotiate over drugs and that would require a lot more work throughout the government to accomplish so, you know, executive orders are really often seen as more of a statement than an actual making anything real happen. Meg, i also want to get your thoughts on moderna. Shares are falling a lot of talk about the loss of a patent ruling and whether that will effect the Vaccine Technology and Vaccine Development which were following so closely yeah. Its a really interesting case now moderna has come out with a statement saying that it does not expect any of these patent decisions and especially the one yesterday to impede their ability to get the vaccine to the market it was a company that owns the patents around the delivery of the r a medicines. They licensed the patent to another privately held company which would then make the decision about whether to try to sumo der sumo sue moderna for royalties which could delay the vaccine. Genoven has not commented on whether they plan on doing that but moderna says they dont expect this to impede their progress and, you know, since were on a friday, we still get drip, drip, drip news on the vaccines. The phase three studies are starting, right . What is the next deadline . What can we expect news . Monday. Phase one trials plan to get under way from moderna were expecting news from pfizer which is starting the phase three in the u. S. Next week. So well expect to hear how those start to go. And how quickly they can enroll. That will be a key question to how fast were going to get data on these meg tirrell, thank you. Lets go back to the broader markets. Tech is lagging once again mike santoli tracking the action with 55 minutes left to the trade. Wilf, the big names broke stride a couple weeks ago. Can this Leadership Group pull back from an overheated condition . Doing okay so far. Though it is right back in this range that we were talking about for weeks and weeks and weeks. That looks like a little bit of a maybe a little bit of a stretch to the upside that we peaked above it for a while. This also goes back to a point back in late february where the market really fell apart for the first time but really not falling apart in any broader way. Take a look groups will really tough intel results yesterday. And the reaction by wall street was pretty brutal. But it is not necessarily extending to overall semis it seems like a market share game this is the Philadelphia Semiconductor index. This is the ratio of those two things clearly the outperformance trend by the semis is very clear that is the market of a healthy underlying market. Just quickly, you know, draw basically a range of an uptrend. You see this pull back here in the semis. Its not doing much to change this channel that is showing outperformance here. I want to look at intel. Intel really is value tech, old tech, kind of i wouldnt say post growth, butdefinitely shows you how its been over the last 20 years. This is market cap of intel, cisco and nvidia both intel cisco following a very, very similar path. They were the glamour stocks in 2000 really came crashing down. They fought their way back now you see over here that is cisco and this is intel. Nvidia actually has surpassed intel. Basically neck and neck market cap wise with them fwnz very tough to make a value play inside of tech. Its the area of the market that is sort of most rewards the companies with market share and product momentum so well see if intel can find some footing here after this big break today. Mike, interesting to obviously point out what weve been talking about this tech pullback this week that said, if you look at the shares value versus the shares growth for the week as a whole there is only a. 7 share price differential for the week as a whole. You kind of almost all the themes weve been talking about would have thought it would have been bigger. Its not really a one for one rotation its not really anything that looks pretty really decisive just yet in terms of a change of character of the market. Youre right, wilf what you have seen is value. It stopped going down relentlessly relative to the overall market there is some traction there in things like industrials and materials, financials are up off the lows its not really, you know, a quick change and all of a sudden were handing the baton to have a Different Group of stocks. It is really trying to me tab lies the growth and see if the leaders can take up the slack. I dont think the macrobackdrop right now is really giving a lot of ammunition for those value groups, at least in the near term they also did well on monday, i guess, some of the tech players before they started pulling back again mike, thank you. Off the break, shares of blooming brands, the parent of Outback Steakhouse moving. Theyre down sharply year to date the whole restaurant secretary juror as well down year to date. Well speak with the companys ceo about their results coming up next. Youre watching closing bell on cnbc. Liberty mutual customizes your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Save without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. 49 minutes left of trade o Outback Steakhouse blooming brands reporting however, they did miss on revenue. They saw the same store restaurant sales plunge by 39 during the quarter despite todays rally, the stock is still down 47 so far this year hit like so many other Restaurant Companies joining us now in a first on cnbc avenue is blooming brands ceo. Nice to see you. You told investors today they had 92 of your stores open at your restaurants open. Yes how would you characterize demand overall including states like florida and texas where i know you have a few hundred locations. Well, our demand is demand is very strong one of the things we tried to do is dining rooms reopened is create a clean and safe environment for our employees and for our customers. And sales over the quarter, you quote the entire quarter, sales continue to improve, the trends. And our outback restaurants, for instance, where were dine in has been open, last week was down 10 so weve made significant improvements and florida and texas, even though its been a pickup in cases, weve seen our sales trends stay the same so thats been very heartening you also said that in many of the places youve seen capacity reductions youre not allowed to open the full restaurant. But that had a minimal effect on sales. How do you explain that . Well, it has had an impact on sales. I mean, especially on the weekends the we do see capacity coming, you know, total, in total. But one thing that has been able to help us is we built a very strong carry out and Delivery Business during this time. I mean our delivery and carry out system, delivery sales peaked three times our goal. We want to keep a large share of that. Were intrigued to know the strength of the consumer at the moment what is the average ticket price of those naem have been coming to use your restaurants . Any insights on that higher, lower than norm signal. Its about the same as normal i think we have seen in our delivery and carryout business, its a little bit less we dont sell alcohol, you know, in delivery format but in our restaurants, the guest check stayed the same. So the consumer is very healthy throughout in fact, what were seeing is consumers picking more indull jenlt higher cut steaks when they order how did you manage not to have to lay anybody off or furlough anybody like we saw across the industry and how long can that last if youre seeing levels like this in terms of sales and below normal demand . Well, first of all, when this happened in march, we had two major priorities, one, serve great food and two, take care of our people we knew if we took care of our people, didnt let anybody go, we didnt furlough anybody, we would have a very engaged and committed workforce. Thats what happened then we knew we wouldnt have to go out and rehire everybody and train new people so when the dining rooms came back open, we could then immediately pivot and serve our great products so now almost all of our people are working back to their normal hours and were in great shape we can continue to do this dastvid, have you experience food inflation the last month or so is that a problem for your bottom line given, of course, struggling top line too . No, we have not our flow threws aoughs are realy terrific the last time we talked there was concern about the supply chain. That did not materialize and were finding that beef costs, seafood costs are coming down and something that we can take advantage of 60 of restaurant closures since march 1st are going to end up being permanent according to a new yelp report. What do you think your industry is going to look like when this is going to be over . I wouldnt wish ill will on any of the chains. Chains that have a good consumer proposition and scale and offer customers great food and Great Service and a terrific environment are going to come out of this stronger there is going to be real estate opportunities. There is going to be consumer and market share opportunities as we go forward so i think youre going to see a more consolidated industry but one that has companies do really well he would do contact tracing, we do the quarantining. We do everything we need to do and take care of our employees we have relatively few of the cases given that we have so many thousands of people. If enough staff needs to go into quarantine that, could hachppen but that is in a very few number of cases got it. David, thank you for joining us. Will stock is up 8 today. Bloomin brands. Off a better quarter weve got just about 43 minutes left of trade. Were seeing red across the screen but things have certainly improved s p 500 is down. 6 . Consumer discretionary the only Group Positive despite the tech selloff, amazon is higher along with the other consumer names like restaurants and retailers. The nasdaq down. 8 . All head ford a down week. Still ahead, we have another big ceo interview coming your way. Boston beer surging to day on the back of earnings and its hard eltzer. That was a big part of that. Outhl talk to the companys ceo abt e strength in that category and a lot more. 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. Weve just been finding a way to keep on pushing. Now is the time to support the places you love. Spend 10 dollars or more at a participating Small Business and get 5 dollars back, up to 10 times with American Express. Enroll now at shopsmall. Com. Neiman marcus is bidding farewell to the glitzy hudson yards location theyll be closing down the 188,000 square foot store. The closure comes a year after that location opened its doors hard to believe that was just a year ago though also plan to shut the locations in ft. Lauderdale and bellevue washington. This comes after they filed for bankruptcy in may. Has covid19 continues to weigh heavily on the Retail Sector, we have seen other Companies Filing for bankruptcy in the retail space. J. Crew and Brooks Brothers and j. C. Penny the commercial real estate impact of these bankruptcies, this today was a reminder given how strong of an anchor, i mean do you remember how flashy that opening was at hudson yards when Neiman Marcus opened back in 2019 a whole lifetime ago this week the Parent Company of ann taylor, huge the bankruptcy announcement announced theyre closing 1600 stores no surprise the worst performing rooets of the year are names like Simon Property group, down 60 . Sl green, these are they have heavy exposure to retailers which are closing. W one site, hard to fill, again, certainly any time soon and hudson yards, of course, a Massive Development not just the Neiman Marcus part of it i remember going there around christmas time and thinking it felt empty in the runup to christmas for a new flashy Shopping Mall anyway and that was then. As you said, the potential commercial real estate impact we dont know it yet. The kind of bull cases there is a lot of foreign money particularly in private money, sovereign wealth funds and Family Offices waiting for an entry point into this sort of long term asset that can generate them cash and yield on any level of price pullback, 5 , 10 . So well see if that happens and if there is a fall but the fundamentals are not attractive for that part of the business and this is a great snapshot of that yeah. And if you think about it, who are they going to fill that space with if not the retailers and Department Stores that are suffering . Offices . I guess. Although, Office Spaces are also moving the other way so some big holes and prime real estate locations obviously its going to be a huge issue, not to mention the job losses involved with the retail closings i still think its sort of being overlooked by the broader Investment Community and by politicians just what a hit the entire Retail Sector is facing and saying right now yeah. I think its a massive outstanding risk certainly that is yet to be answered. The were down by the way 0. 7 on the s p 500 so weve been hovering around this level for most of the last hour or so you can see we are off the lows of the session which is more than 1 on the day the nasdaq is down 1 at the moment sticking with the consumer, American Express reporting mixed results earlier today. Kate rooney has the details for us kate hey, wilf, American Express was hit hard in the Second Quarter. Profits were down 585 last yea. They still came in above estimates. Spending on cards dropped 34 . The company did post a beat on 29 . Analyst had been expecting a loss some Silver Linings for the analyst call with the ceo this morning spending volumes recovered gradually in may and june rewards programs catering to the work from home climate are working. Customers are still willing to pay that 500 fee for their premium amex cards the ceo saying they have not seen more customer attrition theyre actually seeing more card engagement and n. Categories like streaming and wireless shares are down about 23 this year and looking like about a 1 drop heading into the close. Back to you. Kate, interesting this one. Both the theme of what the company does which obviously we have known throughout this year and with some of those themes you mentioned that came out in the earning this is morning, one could frame it the other way its a surprise its only do 20 to 25 year to date when the other financials are down quite a lot more amexs business mix is not the safe areas for 2020 at all its in much more the cyclical areas, much more the high end spend areas and credit card. Its no the quite the same as the banks credit card divisions. Theyre one of the areas to keep an eye on in terms of fears for the bank so far this year. Yes slightly surprising that fee revenue is holding up in the face of this customers are still willing to pay that 500 fee, 400 fee in the case of chase and the sapphire car the idea instead of travel rewards, people are using the points to spend on things like groceries. So that strategy has paid off for amex kate rooney, thanks so much amex down 1. 2 what do mcdonalds and the Worlds Largest hedge fund have in