Admissions scandal. What his time behind bars could mean for the rest of the cheating elite. Cashing in on content. Tech giants like netflix and amazon dishing out billions of dollars in the streaming wars. The hollywood titans are joining the fight. Susan fox Business Team coverage, blake burman at white house. Edward lawrence with the latest on trade in d. C. And gerri willis on the floor of the New York Stock Exchange. Lets start with blake. Reporter this ninepage whistleblower complaint alleges that some in the white house were so concerned on the july 25th call between President Trump and new uranium president zelensky, that the white house officials were concerned that the white house used the call for personal gains. That the white house lawyers made sure the call records according to the complaint and transcript were placed on lockdown. The whistleblower alleges because of that concern the transcript was then put on on to a more secure server. Here from the whistleblower complaint, according to white house officials i spoke with this is not the first time under this administration that a president ial transcript was placed into the code word level system solely for the purpose of protecting politically sensitive rather than National Security sensitive information. Nancy pelosi says the complaint justifies impeachment talk. This is a coverup. This is a coverup. So here we are with another example of violations of the constitution on the part of the president. Reporter but the white house argues that the complaint is made up of as they say thirdhand accounts and press reports and the white house says it falls short of the memo of the call released by the president yesterday which details a 30 minute conversation between President Trump and president zelensky nearly word for word. President trump continues to insist he did nothing wrong. Its a disgrace to our country. It is another witchhunt. Here we go again. This is a terrible thing for our country. They cant do any work. Theyre froze penn the democrats they will lose the election. They know it. That is why theyre doing it. Reporter couple reports from this afternoon. First off the New York Times, connell and susan is reporting that the whistleblower as the times reports is a cia officer though this persons identity he or she is still unknown. And also within about the last 20 or 30 minutes here the Los Angeles Times posted to its website what it says is a recording obtained from an event the president took place in this morning in new york with diplomatic staff. On that recording obtained by the Los Angeles Times the president says the person who gave the information to the whistleblower, is close to a spy. That pro the Los Angeles Times this afternoon. Back to you. Susan blake, thank you. Connell china closer than you think. That is what President Trump said about a trade deal with china as he keeps waiting for congress to finalize the u. S. Mexico canada trade agreement. One question investors are asking, how will the prospect of impeachment blake was talking about impact progress on big issues like trade . A lot of headlines. Edward lawrence joins us now with the latest. Reporter that is the big question, how will this impact. Mixed opinions if the usmca will come up for ratification in the house because of that impeachment process has started. Tomorrow u. S. Trade representative Robert Lighthizer meets again with democrats to address their concerns about enforcement in the agreement. Now the House Speaker saying the process is moving but gives no dates. Were moving ahead on u. S. Mexico canada agreement. Were hoping to be on a path, continued path to yes. Reporter and however a member of her caucus says there is a lot of business to cover before the end of the year and the house may not get to usmca. Listen. No well this year is next 2 1 2 three months, i think that is unlikely. We have the appropriations still to do. We have a Government Shutdown that could occur because of a lack of a appropriation bill. Reporter lighthizer said it would be a catastrophe for the economy in usmca passed. The Republican Leadership warning the House Speaker to get her priorities in shape. Were waiting for Speaker Pelosi to serving the Public Interest concerns more than picking fights with the president. It entails addressing the peoples business. Reporter the white house pushing a vote sooner rather than later to end uncertainty for businesses. We are still thinking sometime this autumn Speaker Pelosi will give as you vote. We have a very good chance of getting there. Reporter now white house Economic Advisor larry kudlow says that a china trade deal is still moving forward. Wrapped into all this could be huawei. Right now u. S. Companies are selling to huawei una temporary general license. Those waivers end november 17th. Administration sources that is too far out to see if the waivers will be renewed. Likely, unlikely i think we should deal with facts as they occur. Well make announcement when we make the decision. Reporter they havent made the decision. So it is business as usual right now for huawei. Back to you, connell. Connell covering a lot of ground. Edward lawrence. Our market panel joins us erin gibbs, Gibbs Wealth Management and mitch rochelle, partner at twc. Erin, this idea you look at Something Like an impeachment inquiry, say im going to make an investment based upon that, thats tough to do obviously. What about edwards larger point here all this talk could impact other issues like trade . What do you think of that. When you look at corporations anytime youre fighting an additional legal battle it could be a distraction and less productive on other issues. This could flow down the possible trade talks but i think, for the most part the republicans know theyre not, impeachment will never get passed through the senate. I dont think they will take it that seriously. I doubt it will that be big of an impact on a slowdown. More about the house. I dont see it being a huge impact to investors. Any like real change in how quickly were going to see a resolution. Connell even if the removal, to the pointer rin is making of the president from office is low probability event, you have a long way to go to get to be talking about that, if the democrats in the house, do you still, you might have been inclined to do this anyway, are you inclined not to want to give the administration a win on say usmca . Is that the way we should be looking at this . What are the odds of that passing . It seems like they dont want to give him a win. The thing to remember Justin Trudeau is the 21st of october. Or they would say, 21 october. That will be an issue. If he doesnt win the election, all bets may be off on the deal on the table the market wants to see some progress leaning legislatively. One the reasons market freakses out if we get a logjam he said she said well not get anything done policywise. The administration will be distracted and well not move forward with anything that will help the economy. Susan lets talk about peloton ending down 11 on the first day of trade. Lets head to the New York Stock Exchange with gerri willis who has been covering the listing for us. Reporter susan, coming public at 27 a share. That was the opening trade. Theyre trading below that now at 25. 76. Questions raised about this company, about a lot of ipos frankly, lack of earnings, corporate governance, those are the big questions, coming public on the nasdaq here today. I talked to people who said peloton a fitness fad. Here is what the ceo of john foley told me about that. Listen. We have doubled the Company Every year since we have been in existence. The triple digit growth, the law of large numbers would say you cant continue that in perpetuity. This is hypergrowth company. We planned to be one of the special growth stories of the next decade. Reporter in addition to that he also said fitness is not a fad. We can change our business anytime we want to. I have to tell you this Company Expected to be public by 2023. That is what the company says in the meantime. Theyre spending a lot of money on two new studios, one in new york, one in london. 100 million on new offices right here in new york city. Back to you, susan. Susan gerry, thank you so much. Pelotons debut compared to other recent ipos. On average we had a lot of highprofile disappointment on average were still up 18 if you strip out beyond meats. Beyond meats can excuse everything, a outlier up 450 this year. Uber and lyft still above their ipo pricing. Crowdstrike was pretty good, that company we talked about in the transcript. We would bring up graphics for you. Finally beyond meat and the rest. Guys, i will throw it to you, erin. You know these valuations people are saying at these private valuations youre over paying for businesses that dont make money. Yeah. There are a couple issues specifically with peloton. One theyre valued 8 billion. One of these huge ipos that is coming out very highly valued and another thing not openly do they have losses, most Ipo Companies they go out when they still are incurring losses. The problem with peloton they admitted they have Financial Accounting problems. Theyre actually not sure about their own accounting. On top of that their losses doubled last year. So particularly bigger warning red flags around peloton than a lot of other ipos that weve seen. I think that shows, i believe this is the second worst ipo this year in performance. So i think investors should definitely stay clear of this one. Susan actually their losses quadrupled last year but sales are up 110 over the past 12 months. In fact churn rates are below 1 since 77. If you pay for growth, at least youre getting something in this ipo, right, mitch . The fact of the matter if you look at the ipos this year those that turn a profit and those expected to turn a profit in the future and the ones that are arent currently turning a profit are having a harder time in the market than those that turn a profit. Retail and Institutional Investors are looking, scratching their heads you know what . In a market with uncertainty in it they will gravitate to those companies turning a profit out of the box. Susan erin, mitch, thank you. Connell a lot of testimony from joe maguire. What both sides are saying. Susan china criticizing utz imposing new sanctions on chinese entities expected transferring oil from iran. The fall out is coming up. Connell another tough sentence for a parent in the College Admissions scam facing a judge, getting four months in jail. What does it mean for the likes of Lori Laughlin . Were live at the courthouse. That is later in the hour. Somet. Fisher calls regularly so you stay informed. And while some advisors are happy to earn commissions whether you do well or not. Fisher investments fees are structured so we do better when you do better. Maybe thats why most of our clients come from other money managers. Fisher investments. Clearly better money management. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief fun fact 1 in 4 of us millennials have debt we might die with. And most of that debt is actually from credit cards. Its just not right. But with sofi, you can get your credit cards right by consolidating your Credit Card Debt into one monthly payment. 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Call, click, or visit a store today. Susan fireworks on capitol hill. Acting director of National IntelligenceJoseph Maguire testifying in front of the House Intelligence Committee over his handling of explosive whistleblower complaint about President Trumps phone call with the ukrainian president. Hillary vaughn is live on the scene. She has been covering it from the very beginning. Hillary, what was said today . Reporter the top democrat on the Intelligence Committee adam schiff wants the whistleblower to testify to congress after what he heard from dni Joseph Maguire. He also said he thinks it is up to his committee to investigate the complaint and they will. The New York Times is reporting that the whistleblower is a male cia officer was assigned to the white house. Earlier today chairman schiff opened his hearing with a parody of the phone call between President Trump and ukraines president. I hear what you want, i have a favor i want from you though. And im going to say this only seven times so you better listen good. I want you to make up dirt on my political opponent, understand, lots of it. On this and on that. Reporter the Committee Said that schiffs reenactment of this phone call was a misleading political stunt. While the chairman was speaking i actually had someone text is he making this up . Yes, he was. The chairman described it as parody. I dont believe this is the time and or the place for parody. Reporter saying maguire had a deadline of seven days and did not deliver but magee pushed back saying the situation was unprecedented and the week time frame did not apply because it did not meet the Legal Definition for urgent concern. It also involved the president who is not a member of the Intelligence Committee and has executive privilege which the white house ended up not exerting. Maguire said his job is to pass the complaint on to congress. They decide what to do with it. There is an allegation of a coverup. Im sure an investigation and before this committee might lead credence or disprove that but right now all we have is an allegation, an allegation on secondhand information from a whistleblower. I have no knowledge whether or not that is true and accurate statement. Reporter Ranking Member devin nunez said it is very concerning, susan there is third phone call leaked between a private conversation between the president and a foreign leader. Maguire agreed that is also unprecedented. Susan. Susan inquiry continues. Hillary, thank you so much. Connell here is congressman jason smith. House ways and means committee, the trade subcommittee. I mentioned that largely because we want to talk about the potential knockon effects of impeachment inquiry on some issues he dial with. First let me ask you a question or two about the merits. I have seen a handful of republicans over the last 24 or 48 hours, look at the whistleblower complaint and memo described the call they were troubled by it or inappropriate or portions were concerning. Is there anything that troubles you, concerns you that is inappropriate. Anything at all . I wonder if my colleagues and i are reading the same transcript came from the white house call and whistleblower complaint. I read both of them. Connell right. Whats troubling is democrats are not paying attention to the facts and theyre not telling the truth. There is not any element of any crime whatsoever. It is bogus allegations. Connell anything that is inappropriate . Impeachment inquiry is a you dont impeach. Connell its a political exercise. It doesnt necessarily be something criminal or indicted in a court of law. Just an example, right, the president asking for political favor that might be damaging to his domestic political opponent just after military aid was discussed on a call, is that action of itself . Is that appropriate . That action is not in the script of the call. The whistleblower is trying to make that allegation but it is not in the transcript of the call. The democrats are trying to make that allegation. Connell hold on a second. It is in, it is in, transcript of the call, transcript of the call to be fair, the president of ukraine refers to military spending that he is about to engage in. There is no amount of connell hold on one second. Right after that have you read it. Connell i have read them all. After that the president of the United States then goes on to talk about whether or not biden and bidens son should be looked into. That is specifically what im referring to you, if that portion is appropriate. Not whether it is legal or illegal. There is noting legal in the conversation. Connell right. There is nothing impeachable in the covers. The democrats have been trying that the day President Trump