Have mccabe, you have strzok, you have his lover lisa page, you have all of these people running around. You have brennan and clapper who lied to congress. You have many many people, you have people that changed documents going into the fisa courts, and its a terrible thing and this is an investigation that they said should have ended before it started. It shouldnt have started and if it did, it should have ended immediately because they found as you know as well as i do, they found nothing initially but it went on for two years or longer. And im getting rave reviews for what i did for roger stone and he frankly is going to go and now appeal his case. He had a jury forewoman who hated roger stone and who hated probably me but she went on a false pretense and he wasnt given a fair trial, he wasnt its not a fair trial, he wasnt given another trial. He should have been given another trial. I wont say more. I wont talk about the judge. Im not going why would i ever talk about a judge. But this was a judge that gave i believe solitary confinement to paul manafort. Al capone didnt have solitary confinement. So these are things that happened and if you look at president bush, president clinton, president obama, take a look at what they did. Frankly, its a very unfair roger stone was treated very unfairly in my opinion and so were many others on this stied. In the meantime you have the other ones who are admitted lying they admitted they lied before congress, they leaked, they leaked classified information which is something you just cant do and what are they doing. So well see what happens. But no, we are getting rave reviews for what i did. Okay. Reporter are you going to be able to hold the convention in jacksonville with all this virus spreading . We are going to see it built up a little bit but we are going to do something that will be great. We think we are doing very well. We had some poll numbers a little while ago that are great. You know, its the same story. Its suppression polls that we had in 2016, phony polls. Fake news phony polls, same thing. We are doing very well. We are doing well in georgia. We are doing well in texas. I read where i was one point up in texas. Not one point up in texas. We are many points up. I saved the oil industry. Two months ago i saved the oil industry. They would have been i created it, we became number one, we have millions of jobs and we saved it so texas is not going to have to let go of millions and millions of people. Oklahoma and north dakota, many states, we have we are at 40 a barrel, yet you can buy gasoline for under 2. Nobodys ever seen like that. So we have the Biggest Energy in the world, we are number one in oil as you know, oil and gas by far. We are now number one in the world. And we would have had millions of people out of work. I saved it. Then they say im leading by one point in texas. They said it last time, too. They said texas is too close to call. This was like three months before the election. Then i won texas in a blowout. They called it the minute the polls closed. They said that about utah. They said that about georgia. They said the same thing. That georgia is oh, its too close, they will never be able to determine, well have to wait until election night. On election night, two seconds after the poll closed they called georgia. So you know, its the same thing. We have the same thing. They are phony polls, they are suppression polls but to think that after saving the oil and gas business, and millions and millions of jobs, im leading texas by one point, i dont think so. Go ahead. Reporter china phase 1 deal still intact . Its intact. Its intact. I think what china has done to the world with what took place, the china plague, you can call it the china virus, you can call it whatever you want to call it, about 20 different names, what they did to the world should not be forgotten. But its intact. Theyre buying. Whether they buy or not, thats up to them. They are buying. Reporter los angeles Just Announced that they are delaying the opening of their schools. New york already said they were going to delay them. Other School Districts are giving parents the choice whether to send their kids to school or not. What do you tell parents who look at this, look at arizona where a School Teacher recently died teaching summer school, parents who are worried about the safety of their children in Public School . Schools should be opened. Schools should be opened. Those kids want to go to school. You are losing a lot of lives by keeping things closed. We did the right thing. We saved millions of lives. We saved millions of lives when we did the initial closure. Had we not done what we did, we would have had mike and i were talking about it before, two to three million lives lost but we did that so we are at about 135,000, well be somewhat higher than that by the time it ends and again, the vaccines are happening, the therapeutics are happening but im not even talking about that. So well be somewhat higher but we would have lost two million, three million lives had we not done it. Now we understand there are certain vulnerabilities, young children, i was with, talking to governor murphy and they have thousands of lives, i wont even say how many, just thousands of lives, hard to believe, in new jersey and he said there was only one life that was 18 or younger, one person died and that was a person, a young man that had some medical difficulty. So when you think of that, with thousands of lives, and you have one person that was under 18, thats something. That tells you for some reason i guess the immune system is much stronger with young people than it is for others. So we have to watch the group that does have the difficulty, does have the problem. We all know what that is. We all know who they are, especially if they have a medical problem. If they have a medical problem, diabetes or heart or anything, its a big problem. But we are being very careful. But we have to open the schools. Would you agree with that . Do you agree . Yeah. We have to open the schools. We have to get them open. And i think theres a lot of politics going along. I think they think they will do better if they can keep the schools closed in the election. I dont think its going to help them frankly but i think they feel that by keeping schools closed, thats a bad thing for the country and therefore, thats a good thing for them. But theyre the ones whose cities burning. Can you imagine if the country was run like chicago and like new york and like some of these other democrat super radical left cities are run. You wouldnt have a country for very long. The economy would crash. So we just set a brand new record today on nasdaq, again, this is now i think the 18th time since, this is since after the problem so we have a new stock market high for nasdaq and the other ones are getting very close. When i came here, the stock market was up almost 500 points. Today the economy is rebuilding, jobs are being produced at a record pace. We have never had a pace like this. And i will tell you, if biden got in, this economy would be destroyed. You notice, he was in office for 48 years and what he did was not great. Almost every decision was the wrong decision. Now hes going to come in and try and help us. We didnt need any help. We built the greatest economy in history. Greatest economy weve ever had, the greatest economy the world has ever seen. Then the plague came in from china and we did the right thing, we had to close it down. Now were opening it up. He cant do it. He doesnt have the capability to do it. Thank you all very much. I appreciate it. Thank you. Good luck with everything. Liz President Trump in the east room of the white house fielding questions on a number of subjects. He did double down on his belief that schools should open in the fall. This as news broke in just the last hour, californias largest public School Districts, los angeles and san diego, say instruction will go completely online in september as coronavirus cases surge across the state. Youre talking about 825,000 students. He did not exactly answer the question that came at about three minutes after the hour about whether the Republican National committee will be able to hold the Rnc Convention in jacksonville, florida, after that state just broke the National Record for new single day covid cases. Either way, we have had a pretty interesting rally here. Just a few hours ago we had the bulls in a frenzied run to the finish. Then we sold off a bit. Now we do continue to see some action here that is positive. The dow is still up 280 points but the nasdaq has turned negative after having been higher by about 207 points. This was going to be its fourth Straight Record close but we still have 51 minutes before the close and this has been such an interesting day that we couldnt really say right now whether we might not see it punch back up to positive numbers here. We do have Second Quarter earnings season set to kick off this week. Pricetoearnings ratios which measure the value of a stock by comparing its per share price with just how much the companys actually earning, well, they are going absolutely parabolic at this hour. That is sometimes a warning signal that there may be major froth in the markets. We want to show you some of these numbers at this hour. Zoom, for example, zooms pe has hit 1,602. Okay. If you dont really know what that means, that means not making enough money to justify that. Dexcom is a company seeing a pe ratio of 276. And biomarin at 205. What are the hidden messages in these rich ratios that by the way are being seen over most of the other sectors . Lets get to our floor show traders. Tom hayes and phil flynn. Tom, i will start with you. The Semiconductor Sector has had some real doozies here. Nvidia, nxp semiconductor, advanced microdevices. Look at amd, 134 pricetoearnings ratio. Just so you know, it was about a year ago that pe ratios were around 20. So are investors paying too much if they buy right now . Well, liz, if you look, semiconductors are priced for perfection. Banks are priced for the apocalypse. Neither of those things will probably happen. This is the epic battle between value and growth and the money moves into growth when people are expecting a slower economy. So when we see cases spike up and people fear regional closings, you see money moving to tech and semiconductors and people will pay whatever they have to to find those small pockets of growth. But when you look at may, when the recovery was going and cases were coming down, we had a huge rally in cyclicals and value. Historically cyclicals and value outperform coming out of recessions, number one, and number two, when you look one to two years out for people paying 100 times earnings, it usually doesnt end very well. I just look at stalwarts in the market like buffett bought 5 billion of his stock in the last few weeks and hes done two big deals in cyclicals recently. Liz yeah. I think i get nervous, though, phil, and tom is right in certain regards, but it isnt just technology. Retail pe ratios are very high. You can look at lululemon, walgreen boots alliance, paypal. These are extraordinarily rich as well. Rich bernstein actually, an analyst people read about, he had made this interesting comment where he said thats like paying, buying nissan at rolls royce prices. You wouldnt really do that, would you, phil . Depends on what year the nissan is. If you are buying a 1960s nissan it might be a good deal. In other words, you have to keep it in perspective and compare what youre looking at. One of the things you have to remember when you are looking at these pe ratios, we are looking at pe ratios with the biggest amount of Global Economic stimulus ever. I mean, we are talking 10 trillion and counting of stimulus. We are talking about historically low Interest Rates for an eternity or what could be an eternity. Any time you look at that and try to look at the value of these stocks and these pricetoearnings in todays dollars, you look at where they are going to be two years from now, when you might have a better economy, then maybe we are not so much out of line. Thats why these things look so high. You look at some of those individual stocks, they all have their own individual problems. I mean, ebay has done fantastic, right. Everybody is shopping at home. Ebays a big name. You look at lululemon, oh, my gosh, the stock tanked. I used to like sales. I guess its bad for the stock. Then you look at walgreens. Walgreens obviously have laid off a lot of people, they are restructuring. They have to compete in an online world. All those stocks have their own individual issues. If you look at them as a group, its all about the economic whirlwinds. Liz i know, i just want to quickly check apple pe because that one is actually a little bit more down to earth and yes, apple pe at the moment is 31. You know, makes me wonder if these stocks arent getting too expensive. Guys, thank you so much. We have a compressed show because the president was talking at the top. Dow jones industrials up 301 points. We just mentioned the school year. Obviously floundering a bit. There are huge question marks, a vaccine cannot come soon enough, and maybe it might. We have shares of pfizer and american depositary receipts of biontech getting a covid bump after the fda fast tracked two covid19 vaccines that both are working on. Weve got pfizer up 4. 6 , biontech is up 11 . Elsewhere, merger monday has been lighting the fuse of our pop stocks. Semiconductor maker Analog Devices buying rival maxim for 21 billion. They are betting the all stock deal will boost market share in both 5g and automotive chip markets. Cars right now are like iphones on wheels at this point. So the 78. 34 a share offer is a 22 premium of maxims friday close. That looks to be certainly generous because the stock of maxim right now is at 70. 73. All right. Have you stood in a line at costco lately . Maybe you should line up for the stock. Today its not really doing that much, but it is very close to its 52week high and at this hour, Atlantic Equities has initiated coverage with an overweight rating and a 375 price target. Atlantic believes the warehouse retailer can count on stable profits thanks to membership fees. Costco down a third of a percent right now. Elon musk scrambling over Warren Buffetts shoulders to climb another rung of the billionaire boys club, all tied to tesla stock which right now up 2. 25 , is hitting a new record. Its at 1,577 a share. A market cap now at more than 320 billion. Tesla now looking to enter the storied halls of the s p 500 but folks, just as tesla spikes, the competition is piling up. Yes, we talked about nikola and nio and workhorse. We have nikola and nio moving in opposite directions with nikola up about 1 . Workhorse is up 4. 5 . Here comes another one. Ev startup fisker poised to start its all electric ocean suv late next year and they also plan to go public. With a name like fisker ocean, arent you dying to know what it does . Tune in to the claman countdown tomorrow. The founder and renowned automotive designer Henrik Fisker will join me live. I want to see if its going to be like the spy who loved me delorean, right, that went into the water. It could swim. Can the ocean swim . We will ask henrik tomorrow. Dont miss it. To sports business and the washington redskins. The redskins got their name in 1933 and now the team today is calling an audible. The Team Announced it will retire the name redskins and logo following pressure campaigns from major sponsors including a threat from fed ex to pull out early from a lucrative stadium naming rights deal that it had entered. The team has not set a timeline as to when a new name and logo will be revealed and its unclear if the name change can be made in time for washingtons september 13th season opener. What will it require . New helmets, new uniforms, replacing signage across the teams stadium and practice facilities, even changing the clubs official address which is currently listed on redskins park drive. Quick check of the dow, up 281 points. Still a rally with the dow and s p. From football to hockey, check it out. Two of the biggest rivals in the National Hockey league, who are you thinking about, the Boston Bruins and toronto maple leafs, back on the ice today as the nhl kicked off phase three of its reopening plan, allowing Training Camps to fully reopen. But as soon as they did it, a harsh reality set in. This morning, the Pittsburgh Penguins announced they had to pull nine players out of practice. The nine apparently had potential exposure to an individual who tested positive for the coronavirus. The team says the players cannot participate until they are deemed safe and healthy. To nhl commissioner gary bettman who is dealing with all of this. He joins us live. Gary, thank you for taking time out on the first day of practice restarting and officially beginning. What do you make first of this news out of the penguins camp . What do i make out of it, liz, its great to be with you, as always, is our protocols are sound and we are doing the things we need to do to protect the health and wellbeing of our players. Actually, i think it was a tertiary exposure. I think somebody was exposed to somebody who wasnt in the nhl and that person then was in contact with a number of players. This is really a case of the penguins being very careful and making sure that we are doing everything we can to be as safe as possible. Obviously, in the environment were all living in, there may be some positive tests. We understand the risks. But the protocols we have worked out with health authorities, with our players, the Players Association, we think are very sound and we have made the appropriate medical people very comfortable with them. So its doing what its supposed to do. Liz i think thats great, but i have to ask you about i guess the magic number. Major League Soccer had to remove an entire team, fc dallas, from their playoffs after ten of their players and a coach tested positive for covid19. What is the magic number that you have set for nhl teams, where a team will have to be disqualified due to players testing positive . Or being exposed . Theres a big difference between what happened in mls and this situation