Can you see. T the Housing Market continues to thrive in the u. S. , Manufacturing Activity is recovering it jumped to a 19month high comparable data out of the eurozone and japan. Familiar names leading us up apple is up 5 market cap just hit 2 trillion earlier in the week. Its more than onetenth of the way to three trillion already. Incredible move for that stock with 59 minutes left in the trading day. S p 500 as we just showed you, up 0. 4 on pace for a record closing high speaking of apple, by the way, we have breaking news this hour on the companys fight with epic games. Josh so apple just responding with a legal filing the two epics charges. They alleged exactly the same things will all of the legal theories apple is saying here will fail as a matter of competition the motion will fail because they need to show the balance of equities and Public Interest are in its favor in fact, the factors favor apple. Apple goes on to say that epic knew full well that in circumventing the processes and breeching the contracts, they were putting the entire relationship with apple including the unreal engine, a set of Software Tools that developers use to create content, we would welcome epic back on the store if they wind the clock back eight days and condition to work with us for a decade remember they added this new in app Payment Option it allowed to bypass the 30 cut on Digital Goods sold through the app store. They responded booting fortnight from the stores. Epic then sued both companies but apple now clearly filing here and not giving an inch in this brawl here. Thanks so much for that stick with us. And lets bring jon fortt for more analysis as well. Glancing through this since we got a glimpse of it, it seems not particularly surprising but it seems that the two sides were discussing things for quite a few months leading up to when this sort of exploded. On top of that, epic was prepared to file the lawsuit very, very quickly as soon as apple took the first action in august 13th. It looks that way this is the way these things typically start, right epic made the move now apple is coming out full throated saying were not giving an inch. Heres our position. This doesnt mean apple is not giving an inch theyre not going to give it right up front the court issues remain. Epic is arguing anyway that apple is extraordinarily powerful and its demanding this 30 Commission Epic is arguing that is too much and looking at the history of the app store, i would say this. In the beginning, apple argued to developers you need to pay us this commission because we have all the tool that you need to enable digital commerce, people to be able to pay you. For people to be able to find new dajtal space this is crucial. People knew about fortnight before they were on the app store. Epic developed an in app Payment System they dont necessarily need apples in app payment to the degree that other developers do. The i think what apple hasnt done yet is give an answer for why if you dont need the full compliment of tools that apple offers the way other developers do, if if you are a more capable developer, why do you have to sit and pay that same cut of all of your revenue . John that, is something that came up at the hearing in washington a few weeks ago apples position is the rules the rules are the rules. We all developers the same they tried to cut a sweetheart deal with amazon to offer a Lower Commission to them to get the video app in the store so even if apple is in the right here, how much is its position undercut by some of the other negotiations with other developers going on behind the scenes to try to get some of these large ones on the platform yeah, this is another case where its not clear whether there needs to be new digital rules that are a bit different from the physical world. If im a consumer and i want to get this app on my phone, why do i have to go through apples app store to get it . I mean i bought the phone. It belongs to me why do i have to jailbreak it to have another legitimate retailer to do business with . Now i mean thats a lot of people say we love apples app store. They have the right to structure things the way they want but there is a question here of monopoly not in the sense that apple has the most smart phones in the world or necessarily in the sense that apples app store is the only App Store Google has one think about the way Cable Companies work where i live, comcast isnt is pretty much the only Cable Company that i have an option for. The that is our Parent Company there are other Cable Companies in the world, in the country but im sort of locked in locally. Can folks like epic argue that for certain customer groups theyre locked into apples ecosystem . Sure this he can move to android. But that would involve going to a different ecosystem. Thats a big leap. I think thats the sort of legal case were going to see some of the companies try to argue im not sure there is any clear precedent that will show which way its going to go to jons point there, maybe there is a bigger argument to be had about market power but as it relates to this particular disagreement, there are clear rules, developer guidelines and agreement and that epic had signed up to and apple is quite clearly trying to push along those points of the rules are the rules no, thats exactly right. When you see the filing here, that is their point. There are rules. Theyre saying you liabided by them for a long time apple says because that in sense puts some users at risks we have different Payment Options. We introduce privacy risks this court case could go on for years. And epic certainly is a power house on its own i think jon is referencing that. Tim swinney is a billionaire in his own right. They just raised a war chest of money. Theyre valued at Something Like 17 billion. I do thi i do think the bigger issue is do u. S. Lawmakers fuel this and get together propose and pass new antitrust rules. More taylor foilored for a digie tim cook is not backing down the rules are the rules. His point is most apps are free. When he does charge a commission that, is in line with other marketplaces you heard him say he believes competition is alive and well in his store. Hell say that there are almost two million apps available for consumers. The real bigger issue here for apple and the Tech Companies is does it increase recollect torre scrutiny and do lawmakers get together and propose and pass antitrust rules with real teeth in them . Josh and john, thank you so much for joining us here you saw the apple share price there. Up about 4 at the start of the show its up 5. 3 now nearing 500 a share and well above that 2 trillion market cap. Quite extraordinary the on going run for apple. Of course, that brings the rest of the market which is at session highs as we speak. The lets move on to the Broader Markets and the other big stories today. Bob pisani has the markets for us phil lebeau is focusing on tesla which continues a relentless rally. Bob . Weve been just off the highs for the day. Weve been on a slow meltup ever since this morning when the manufacturing and Services Number for july came out much better than expected in opposition to europe which wasnt better. St so the markets been moving up heres the five day for the s p 500. You can see, were poised to close at a new high. The old high was 33. 89 back on tuesday, wednesday were right up against it intraday so were right up against the intraday what a week its been as a milestone. Not only s p 500 but nasdaq hit record highs and, of course, apple crossing the 2 trillion mark the shortest bear market in history. 33 days from february 19th to the march 23rd bottom. The third fastest rally to recoup all the losses in history. And, of course, we keep saying its been mega cap that is moving it up with apples big move not only on the quarter, not only on the month, but even on the week it wins up 7 heres the other big names all up 2 , 3 , 4 , 5 . Apples wild month, truly amazing numbers here 27 over the past month. Its added 420 billion to the market cap from 1. 6 trillion to 2 trillion that 420 billion is more than the market cap of 493. The other 493 companies in the s p 500. My thanks to my friend Andrew Brenner who pointed o thought amazing statistic. Its hard to figure out, to understand just how much money apple garnered in terms of market cap in the last how much value they garnered in if the last month or so thats a good way of looking at it more in the last month than 493 companies are worth in the s p 500. So set for record close again for the s p 500. Obviously again for the nasdaq which is fairly regular these days that said, the dow only going positive for the week as we stand. Its essentially flat for the week the breadth this week, not been brilliant. And the likes of banks and energy having quite weak week. We keep pointing out banks 30 below the highs. Energy 30 below the highs of industrials, 11 below the highs. So once again, outside of tech oriented stocks and Health Care Stocks pushing the market forward, its tough for a lot of companies out there. 60 of the s p 500 are still at least 10 or more below their old 52week highs. The dispersion is very, very wide and the large cap and mid cap too, bob another day, another record high for tesla. Of that stock now up nearly 50 since last weeks stock split announcement up about 822 in the last year its market cap is now bigger than walmart there are only eight companies in the United States that are bigger than tesla right now. Lets bring in phil lebeau for more on this pretty stunning run, phil. And a lot of this is triggered because of the five for one stock split auns noed last week . You gave the numbers in terms of how much the stock is up by the way, that stock split, it goes for shareholders of record at the end of today. And when that goes into trading on a split adjusted level, if it were to trade now on a split adjusted level, 417 a share a lot of focus on what might be the next catalyst. People are focusing on the battery business, in specific, what is going to happen with the battery data coming up in september . Remember, the factory out in nevada slowly been expanding production earlier this week, panasonic said theyre expanding the production out there they make the battery cells and the battery packs that go into the tesla vehicles take a look at the battery costs, remember, they already lead the industry in terms of battery cost you want to go as low as possible they have the lowest right now thats an advantage that many believe they will hold at least for the next couple of years and well get more details about the future of teslas batteries and the business there on september 22nd in terms of market cap, tesla is now worth four times more than if you added the big three market caps together so put together gm, ford, fiat, multiply it by four, guys. And its still not at the same valuation as tesla shows you how far that stock has come this year yeah. Phil, i know tesla shorts used to be a very vocal, a very loud contingent we would hear from them all the time are there any left at this point . If so, when do they think this stock is going to turn the short interest, i have not checked in a while to see how far down its come but there are still people out there who are shorting tesla perhaps not as many, certainly not as many as we saw before and theyre certainly not as folk vocal its nod hard to find people on social media that says elan is a con man. It is going to collapse. People will have egg on their face and lose millions of dollars. Theres no shortage of those people there are far fewer now than what we had six months or a year ago. Well see how much that stock split makes that stock for the average trader at home, phil thanks for that. Meanwhile, up next on closing bell, pfizer out with an optimistic time line for the covid19 vaccine motorcycle riders love the open road. And geico loves helping riders get to where theyre going, so to help even more, geico is giving new and current customers a fifteen percent credit on their motorcycle policies with the geico giveback. And because were committed for the long haul, the credit lasts your full policy term. The geico giveback. Helping riders focus on the road ahead. The geico giveback. I cant wiat to share at ts big 5g news. shouting through the glass at t has nationwide 5g . Yup and thats faster . Faster, yea but is it reliable . Ah huh and secure you should consider making a big deal about it bigger . I said bigger oh, bigbigger deal bigger than what im doing . Its not complicated. A 5g Network Needs a 5g device. Now everyone including existing customers can get a free Samsung Galaxy note20 after tradein. You say that customers make thelets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g, everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. Welcome back biontech and pfizer moving higher today the company is announcing they could see a regulatory review a soon as october. This after Johnson Johnson announced plans to launch a late stage vaccine trial with up to 60,000 participants in september. Joining us now for more is former fda commissioner dr. Scott gottlieb he sits on the boards of pfizer and ilumina. Great to see you thank you for having me lets talk about this news. How long would this regulatory review generally take and what could that mean for when that particular vaccine could hit the market if approved well, i think when you look at the vaccines, the good news is in the news we had this week is the trials are enrolling pretty well. Pfizer announced they enrolled 11,000 patients in the trial in the first three weeks. Moderna enrolled 30,000 patients as t astro zenica has a trial under way in the united kingdom. They enrolled about 8,000 patients the trials are progressing well. If the vaccines are effective, you could get a readout as early as october that is a little less effective. The rule of thumb is if theyre about 80 effective at reducing the severity of symptoms or preventing disease, you may get a result in october. If theyre 50 effective, it mate take until november to readout from the trials. Its going to depend on how effective the vaccines are when you get a signal out of the clinical trials. And then there is the announcement from j j. They plan to enroll 60,000 patients in their late stage trial. I know you said that could allow j j to draw conclusions quickly or Access Global markets more quickly how will they decide which vaccine to cover its different in the flu vaccine. There are a number of flu vaccine manufacturers. We dont think about which vaccine were taking there is differentiation in the market there is high dose vaccines used by older people. There may be certain vaccines more tailored to certain populations. That is not something we will know yet wet have to wait to see how the data shakes out. We need more than one manufacturer to be successful to supply the market effectively and hedge against any unseen risks. Right now the three manufacturers that are the furthest ahead are astrazenca, pfizer and moderna i think that would put us in a very goodposition to have supply sufficient to vaccine the population in 2020, were looking at the possibility that a vaccine could be available but available for probably a very select population and under some kind of protocol where you still it continuing to collect information about the safety and effectiveness. How concerned are you about certain polls that suggest peoples desire to get vaccinated may not be as high as some people would expect how high does it have to be for it to be effective across the entire population . I think its concerning generally because we see more and more skepticism about vaccines these are one of the greatest Public Health advances we have had in modern times. Generally about 40 of the population gets vaccinated for flu. The that is way too low. Its clusters around very young people, kids, and older people but people who are sort of middle age or young adults generally dont get vaccinated some of the data whether they will get vaccinated for coronavirus is around the same amount 40 to 60 vaccines when they come to market, theyre not going to be indicated for kids an older population where coronavirus is particularly troubling and cause a lot of death and disease, theyre more motivated to get vaccinated. If you can get 40 of the population vaccinated, thats a good number. Its not great youd like to see it higher. It is good considering by the time they come on for broad availability, probably 30 of the u. S. Population will have had coronavirus and already have some immunity from prior exposure pt so you layer on to that vaccinating 40 of the population, youre getting to a level of immunity and exposure and some level of immunity that should be effective at stopping the widespread propagation of this disease you made headlines earlier today suggesting that there would be a third spike of this virus following the spike in new york and the spike in the sunbelt that just around the corner here. Do you see any precautions out there that we could take to avoid Something Like that . I know the president of the minneapolis fed is suggesting a six week economic lockdown to try to kill the virus wednesday and for all s there anything that the u. S. Can do to stop that from happening . Or do you see it as inevitable at this point . Its not inevitable i think if the population was more cautious on the whole, that could go a long way towards slowing the spread of the virus. I think what youre seeing in the sunbelt where youre seeing the rate of infection come down is a kbiction of