Billion on amazon during the lockdown. The stock is up 169 per share. Facebook, another pandemic winner. 2. 4 billion people used facebook or one of its apps every day. That is global clout. The stock is up 16. Now, google, that is the exception to the stock price rally. They reported a firstever decline in quarterly revenue with the economy lockdown, advertisers slowed their spending. That stock is down 16 bucks. Overall, stocks are going up this morning. I see green for the dow, green for the s p and especially a lot of green for the nasdaq, up 111 points. No deal on stimulus. Democrats and republicans negotiated last night. Neither side emerged optimistic. Politico reports that offers were exchanged. The white house wants a fourmonth extension of jobless benefits. The democrats want much longer. Perhaps a deal is still possible. Here comes the hurricane. Look at that cone. Probably not going to be a good beach weather up and down the eastern seaboard this weekend. What does that do to the spread of the virus . Watch that cone. Stay there, please. We are going to celebrate the wild success of big tech today and weve got feedback friday coming up as well today on the program. Varney company is about to begin. Stuart big tech is the story of the day. We will look at the nuts and bolts of those earnings, take them one at a time. Start with apple. Susan, a blowout quarter even when their Retail Stores were mostly closed. Susan mostly closed in the u. S. Tim cook telling me that 75 of apple stores are open around the rest of the world so they still put in a record june quarter and the stock, yes, is up big in the premarket, set to add another starbucks on to its market cap with gains today, 100 billion more. Tim cook telling me yesterday in the earnings saying we grew revenue in each of the product categories and set june quarter records for wearables, macs and services and also grew revenue in each geographic segment including setting records for the americas, europe, japan and the rest of asia. Big announcement in the Earnings Report was the four for one stock split. I asked him why are they doing this. He said they wanted more feeble people to afford it and own apple. This is the fifth split in apples history. The last one was 2014, a seven for one split. We have had three others in 1987, 2000, 2005. This really doesnt change much. Its still the same value they get. The only thing that changed is apples influence on the Dow Jones Industrials which is price weighted instead of market cap weighted like the s p 500. Analysts say more people can afford to own the stock which is positive for the stock price. Stuart it sure is. If you cut that thing in quarter, more people can buy it. Susan even stu varney might look at it. Stuart only time will tell. How about amazon, please. Lauren, clearly a lockdown winner. Their Online Business absolutely took off. Lauren it grew 40 . Revenue grew 40 to 88. 9 billion, 50 billion of that from products that they stolold 39 billion from services. The Cloud Business which was popular hosting zoom calls in the quarter. As promised, amazon spent that 4 billion fighting the virus. It pledged to spend another 2 billion on it this quarter. Stuart, it still came out wildly profitable. Prime day is making room at its warehouses for that to meet demand and also for the upcoming holidays. The bottom line is, isnt it ironic that bezos tried to convince congress that amazon has competition but after these numbers, growing massively in every category, wheres the competition . Stuart very good question. I would point out again, the stock is up 171 per share, 3224 right now. Facebook, lets move to that. 2. 4 billion daily users. Susan, how much money did facebook make . Susan 18 billion in sales, a big number but the slowest sales growth since 2012 ipo. Because the bar was lowered on covid and the slowdown in advertising revenue during this time, it was easier to beat. Profit came out ahead, guidance stronger for the rest of the year and huge user numbers, as you mentioned, over 3. 14 billion monthly active users across facebook, instagram, whatsapp and users grew during the stayathome orders and despite the thousand Companies Facebook advertising boycotts, that includes cocacola, disney and starbucks, Facebook Says july ad revenue has been up double digits with some even coming back to facebook after pausing in the month of july. Northface said it would resume facebook advertising, so did puma and heineken. Things are looking up. Stuart it was a blowout. Absolute blowout. However, look at alphabet, thats googles parent. That stock is down right now. They reported disappointing revenue. The stock is down, only one of the big four down, down 18 bucks. They brought in 38 billion last quarter. Thats a 2 drop from last year. First drop in revenue, quarterly revenue, in their history. However, their total profit came in at 6. 96 billion. Enormous. Put them all together and those four companies brought in a profit of 28 billion in the threemonth period when much of the economy was shut down. Look whos here. Mark douglas, ceo of steelhouse. Mark, i know you are bullish on amazon, even at these lofty levels. Explain yourself. Why . Yeah. So basically, america is moving. We talked about this before. Theres a really big shift where youre seeing basically people want to move from cities, move out to the countryside. If you think of amazon, where did they start, they started selling books to towns that didnt have bookstores. Now whats happening, they will start they are selling everything to towns that dont have the products that those people from the city are used to. So amazon is truly becoming americas store, and this is a trend i think is going to go beyond covid. I think its a permanent shift. Even in the uk right now in the countryside, i spoke to a Real Estate Agent yesterday, not looking to buy real estate, they told me its record sales even here in the uk. A permanent shift that favors amazon. Stuart one quick point. You are skeptical of apple. Very few people are skeptical about apple for the future. Make your case in 30 seconds. Sure. Apples Earnings Announcement could have been written by its just numbers. Apple claims the biggest innovative product, name the last time they talked about a new product and how well its doing. Apple plus wasnt mentioned. Only thing thats mentioned is their monopoly on the app store. I think longterm its a problem. Stuart we hear you. Mark douglas, dynamite stuff in a matter of three minutes. Very good. Thank you. See you soon. Look at gilead sciences. They make remdesivir, the drug treatment, thats the virus treatment, i should say. They reported a drop in sales. Lauren, this is overall a drop in sales, right . Lauren yeah. It was a 10 drop in revenue last quarter on low demand for the noncoronavirus drugs because fewer people went to the doctor. But as for remdesivir which is their coronavirus treatment, gilead expects Strong Demand to lift its full year sales by 2. 8 billion to 25 billion. So very bullish on remdesivir. They are also now working on an inhaled version. If you get that, you can take it at home, not in the hospital. You can take it with a nebulizer. Stock is down 3. 5 . Stuart that would be very important if you can take it at home. Thats a very big deal. Next, this is happening now, by the way, dr. Fauci testifies to the house subcommittee hearing on the virus. Joining him, dr. Robert redfield, cdc director, admiral bret giroir, the testing sarcza. They will be asked about the strategy moving forward. By the way, total number of cases in america, nearly 4. 5 million, but the rate of new cases is beginning to slow down and actually reverse. Look at caterpillar. Whats that stock . Its down. Their profits dropped by more than 450 million last quarter. Could it be much worse . At least thats what analysts were warning. The stock is down two bucks, 1. 6 . Big oil reporting. This is not looking good. Chevron, their revenue dropped 20 billion last quarter. Low oil prices, not many people driving during the lockdown. That hurt them. The stock is down 4 . Exxonmobil, tough times there as well. They lost more than 1 billion last quarter. They say they are increasing production of Hand Sanitizer as protective equipment for First Responders but they are an oil company. Down it goes. Overall we see green on wall street, especially on the nasdaq, home of big tech. Get into that more later. Cocacola, hopping on the hard seltzer craze, rolling out its first alcoholic drink. You may have to wait to get your hands on a can. We will explain why you have to wait. Miamidade county, one of the countrys largest districts, starting the School Year Online. 345,000 students. How much is that going to cost . Its not cheap, you know. The superintendent of those schools joins me in our 11 00 hour. President trump defending this tweet that went out yesterday. He had suggested delaying the election. Heres what he said yesterday afternoon. Roll tape. I want to have the election but i also dont want to have to wait for three months and then find out that the ballots are all missing. Stuart yeah. This is what everybodys talking about this morning. A lot of hostility to that tweet. Lara trump joins us shortly, 2020 Senior Adviser. Shes next up. It was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. 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But best of all, it eliminates those monthly mortgage payments so you get more cash in your pocket, every month. Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit stuart heres another drug company thats doing very well. Look at merck, up two bucks, 2. 8 . Leading the way for them is their cancer drug, keytruda, up almost 30 . Merck is optimistic, looking forward raising their profit and sales outlook. When you do that, the stock tends to go up and merck is up. Under armour Second Quarter revenue down more than 40 . Thats less than what wall street was expecting. Ecommerce gave them a bit of a boost and the stock is up just 14 cents right now. Under armour is down to 11 a share. Pinterest, they are another lockdown winner. Monthly active users up 39 . That stock is up 34 at 33 a share. Watch it go. Now, President Trump, ah, he really sent shock waves through the Financial Markets and the political world yesterday after suggesting delaying the election because of the virus. Hes afraid that mailin voting will cause big problems. Watch this. I dont want to delay. I want to have the election. But i also dont want to have to wait for three months and then find out that the ballots are all missing and the election doesnt mean anything. We want to have an election where people actually go in and whats your name, my name is so and so, boom, you sign the book like ive been doing for years. Its very very unfair to our country. If they do this, our country will be a laughingstock. Stuart okay. Lets bring in lara trump. Shes back, Senior Adviser to the trump 2020 campaign. Lara, welcome back. What can the campaign do to ensure theres no mailin ballot fraud . Well, i mean, youre hearing from the president. The president has been calling attention to this for quite some time and yet its funny how most of the Mainstream Media have totally ignored him and have not wanted to talk about it. Maybe its a tactic that the left is using because they know they have such a bad candidate in joe biden so of course, the master marketer that donald trump is, he puts out this tweet and now suddenly everyone is paying attention to this but i think the president is very clearly saying mailin ballots do not work. Theres a difference between absentee ballots which you have to request and full mailin where you just send millions out across the country. There was an instance not just of random people getting these ballots and people that have been tenants have been gone for years. A cat was dead for 12 years and got a ballot in the mail. You wonder why the president is taking this so seriously but if the campaign, look, we are doing everything we can for election day operations. We have the biggest war chest of money and group of lawyers we have ever had in the Republican Party to fight back against this but the democrats, as you see out there, are pushing this really really hard and it doesnt work. I would like to ask the question if you can stand in line six feet apart with a mask on and stand at the grocery store, target, home depot, why cant you do it at a polling location. Stuart the other side of the coin is not electoral fraud. Its the chaos thats going to come with mailin balloting on a mass scale. You dont know when you can start counting, you dont know which ballot will be kicked out. Theres all kinds of challenges to it. If things stay the same as they are right now, you will not have an election result on election night. I dont think you will have a result until christmas. I dont think theres much you can do about that. Yeah. Its really frightening. Look, to try and change a system that weve had in our country for so long that has always worked and always given us a president in a relatively short amount of time, very quickly thereafter an election, you know, to try and change it like three months before an election, it does beg the question why are the democrats pushing this so hard. Are they politicizing the coronavirus again because they know no one is excited about voting for joe biden. I think the answer is probably yes. Stuart you got that in. Would you hold on just for a second for me. I want to update the situation on this rescue or stimulus package. I bring in edward lawrence. Edward, as we speak, there is no deal. Is that correct . Reporter thats correct. We are no closer to a deal. Senator mitt romney has introduced a bill that would extend Unemployment Benefits next month, 500 a month in the extra benefits from the federal government, 400 a month after that. You see how it tapers off there. Or states could choose 80 Wage Compensation as the extra benefit. Senate minority leader Chuck Schumer blocked a similar extension yesterday so now the Washington Post is reporting the white house might cave to democrats and allow, go forward with a bill without that liability protection. However, Senate Majority leader Mitch Mcconnell says he will not bring up a bill without Liability Protections in it. So democrats want to basically force republicans to pass the heroes act. There was another phone call this morning to both sides are still talking, but again, a big impasse and that cliff coming. Stuart we shall see. Thank you very much indeed. Back to lara. Lara, i think the president wants more money to be spent. I think he wants to juice the economy right before the election. Am i right . Well, he wants to take care of americans. You know, you have seen every step of the way that this president with such an unprecedented situation as we found ourselves in with the coronavirus has done everything he could to help the American People. Whether its the fact nobody in this country that needed a ventilator went without one thanks to the president partnering government assets with private, you know, partnerships across the country, to make sure we got those. You saw governor cuomo, Governor Newsom even had to say what a great job donald trump and the administration and the federal government did in their response to the coronavirus. The paycheck protection program, keeping Small Businesses afloat, making sure that american citizens could weather this storm and thank god, we had the great economy going into this that donald trump gave us, the greatest economy in the history of our country so that we had a little cushion going into this. I think the president is always ultimately looking out for american citizens and he knows this has been a very tough time and he wants to help them and he wants to get through this on the other side and then he wants to bring us back, stuart, to that incredible economy that we saw just a few short months ago. You remember in january, i probably talked about it on your show with you, we had a million more jobs than we even had people to fill them. We want to get back there.