the dow industrials this wednesday morning are going to go up about 170 odd points at the opening bell. s&p, modest gain. a fractional loss, though, for the nasdaq which is at the 11,000 level. stocks overall getting help from the virus relief talks. mitch mcconnell talking compromise. senator schumer talking concessions from both sides. they're looking for a deal by the end of this week. my opinion, there is no way congress leaves town friday without spending at least a trillion dollars. i think a deal is coming and the market likes it. two stocks in the news and moving. disney, up sharply despite losing $5 billion during the pandemic lockdown. disney plus has 60.5 million paid subscribers, 100 million overall and they are starting another streaming service next year. all of that helps. disney is up seven. novavax, their phase one trial showed their vaccine to be safe and created an immune response. that stock is way up, 30 bucks a share on the upside. all right. something different. look at this. the camera caught it. the tree sways, it leans and then finally it almost topples on to the house, just missing it. that's the impact of the storm which swept up the eastern seaboard. lots of damage all over. "varney & company" is about to begin. the one problem i have, the debate's very late. it's at the end of september and a lot of ballots will already be cast by that time. they want to make the debates as late as possible. what's more important to me is the first debate be moved up so that when people are putting in their first ballot, they are going to know. stuart: you may have heard it on "fox & friends." the president right there wants the debates moved up so people can watch them before they send in their mail-in ballot. the president also said the v-shaped recovery remains strong and he's looking for what he called a big number in the jobs report friday. one last point. he says the biggest thing holding back the market right now is a possible joe biden win. let me get back to the price of gold for a moment. you're at $2,048 per ounce. it crossed the $2,000 mark again, moving up from there. a gain of $27 per ounce as we speak. again, we were saying it's the threat of inflation down the road, it's a weak dollar. that's the basis of this market moving up in the price of gold. i think we've got shah gilani with us. have we got him ready? i think we do. yes. yes. let me see him. there he is. shah gilani, the man himself. all right. the bank of america says -- >> good morning, stuart. stuart: good morning to you. little delay there. bank of america says gold goes to $3,000 an ounce. what say you? >> there's no reason that it cannot go there, stuart. all the fundamentals are in place. there's monetary printing not just in the united states but across the globe from central banks. that's pushing it. there's this prospect outside of what we see in front of us of inflation and that bodes well for gold, too. all of the fundamentals are in place. there's no reason, really, nothing stopping gold from going higher. stuart: to the individual investor, how do you get into the gold market? you've got a choice of gold coins. you've got a choice of gold mining shares. and you've got that gld, the popular gold etf. how should you go? >> the miners have been doing exceptionally well. they have been leading the pack. but we are in gld. we own a position in gld for some time. i regret we didn't add to it in the last couple months but we are certainly doing very well with it and have held it for some time. that is the best way for investors to get in and out. there's tremendous liquidity there if they decide to take profit and/or add to their position. we like gld and will stay with it. stuart: okay. the market -- i mean the stock market overall rallying again this morning. i'm saying it's in part due to the likelihood of a deal, a virus help deal. what say you? >> absolutely. i think we saw that reflected earlier in the week and certainly yesterday into the close. investors are anticipating we get some stimulus again and i think that bodes well for the market. we are only about 2.5% away in terms of the s&p from its all-time highs, about 9.25% for the dow and the nasdaq is going to keep on making higher highs. there's plenty of momentum to carry markets forward. the stimulus is going to be just another boost to investors and i think there is going to be more money coming off the sidelines with it. stuart: just goes on and on, doesn't it. this is 11, almost 12-year bull market and it's still going on. shah gilani, you have done well out of this. congratulations to you. see you again real soon. want to get to the social media app known as tiktok. president trump says multiple companies have contacted the white house about buying them. fox business reports more big tech giants, they are showing some interest. susan, come into this. is microsoft still the front-runner? susan: still the front-runner despite reports that maybe google and facebook were looking at the bargain, depends on the price, of course. but any deal comes with risk, especially to microsoft's business in china, if you think about it. we heard from china threatening retaliation through their propaganda outlets and their arms and vaeiled threats. linkedin is one of the few social media sites allowed to operate in china along with the bing search engine and microsoft says only 2% of its sales come from the country. president trump again this morning talking tiktok and again saying that he needs to get a cut of any deal. listen. >> the united states which is making it possible to buy because without us, they can't do anything, should be compensated, properly compensated with a very big payment. so that money would go into the treasury of the united states and by the way, microsoft which is looking at it and others, they all agreed to that. susan: by the way, there's competition coming today. facebook launching its tiktok competitor. that's available today on instagram. instagram reels is available in 50 countries and that competition, by the way, might also reduce the price tag in any tiktok sale, especially if facebook is getting bigger when it comes to these music applications. stuart: got that right. thank you, susan. moving on to another story from bank of america about apple. they downgraded apple's stock from buy to neutral but have raised their price target on the stock to $470. i'm a little confused by that. nonetheless, apple premarket is down $1.64, but $437 is the price. let's get to disney. big deal. they just released their earnings, it was last night. lauren, the pandemic really hurt them big-time in the parks and theaters, but i noticed the stock is up this morning. why is it up? lauren: yeah. because they doubled down on streaming. customers can pay $30 to stream the blockbuster "mulan" starting september 4th and that is something we suggested on this program weeks ago. ashley: wouldn't they benefit from just moving these big releases to disney plus? that could add a lot of subscribers, right? >> certainly could. i think that's something that they have to be weighing here. we haven't seen the studio yet take a big budget film and put it exclusively on streaming first and avoid that window. lauren: direct to the streaming platform, disney plus has 60.5 million paying subscribers and if you take that together with hulu and espn plus, they have 100 million streaming customers. they are starting a new streaming service and that will be available for international customers and that is why shares are up this morning. even though disney lost about $5 billion in the quarter. that was their first loss since 2001. theme park revenue dropped 85%. studio revenue down 55% from last year. but disney plus is the bright spot. stuart: but another bright -- "mulan" is the bright spot. i think it's the first blockbuster to go straight to a streaming service rather than to cinemas first, right? lauren: well, "trolls" did that. now it's a smash hit and that caused amc to tweak their deal with one of the studios to do more than that. stuart: i'm out of touch. thank you very much, lauren. look at novavax, drug maker, of course. i think the stock is up so i presume, yes, it is up, $31. what's the good news, ashley? ashley: well, promising results from a vaccine tested in australia of all places. they used 131 volunteers, aged between 18 and 59, and gave them two doses through injections 21 days apart. they say the results are very encouraging. the patients showed production of antibodies that was especially strong, in fact, higher than those who had contracted covid, and recovered. very promising indeed. they say now they will move forward but certainly there were reports earlier that eight people in this study ended up in the hospital. they say that's totally not true. it did hit the stock earlier but now recovered very nicely, as you can see. stuart: sure has. 20% gain is a very nice gain. i'm sure they'll take it. thanks, ash. yeah. it's wednesday morning. we have the latest news on mortgage applications. lauren, up or down? lauren: down. the questions are, are these low rates still enticing and is the market running out of qualified home buyers because mortgage application volume fell 5.1% last week. applications down 2% but they are up 22% from last year. the bright spot here, refinan refinancing up 84% from last year. it's estimated that an additional 18 million homeowners could still benefit if they do refinance at lower rates. stuart: got it. thanks, lauren. check this out. spacex finally launching the starship prototype from their texas test facility. they are trying to get to mars. that rocket's the prototype to get there. elon musk says mars is looking very real. remember, it's just a couple days ago that spacex dragon brought two astronauts back to earth. plenty of success for spacex these days. here's a number. july seeing a whopping 134% surge in gun sales. that's year over year. huge. one of the nation's largest gun sellers coming up for you on this show today. you may want to be mindful next time you use your clorox wipes. they say there's a shortage and it's likely to last through the end of next year. we will try to tell you why. small business owners begging congress to extend the paycheck protection program. in a letter, over 100 ceos warning that their quote, lifeline is coming to an end. maybe that has some impact on the virus talks. as i said, i do think a deal is coming. as for the markets, this is wednesday morning. we are going up. plenty of green across your screen. we'll be right back. ♪ introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. look, this isn't my first rodeo and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and, it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other. big difference is how you pay it back. find out how reverse mortgages really work with aag's free, no-obligation reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. discover the option that's best for you. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. you've probably been investing in your home for years... making monthly mortgage payments... doing the right thing... and it's become your family's heart and soul... well, that investment can give you tax-free cash just when you need it. learn how homeowners are strategically using a reverse mortgage loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. call now so you can... retire better stuart: booking.com, obviously a travel company, now, they are laying off a quarter of their staff. that is 4,000 jobs. their ceo blames the pandemic. he says it is quote, the largest social and economic crisis of our lifetimes. nonetheless, the stock is dead flat. it's actually up 50 cents at $1,675 a share. i call that dead flat. wynn resorts. come on in, ashley. i don't know -- the stock is up but i'll guarantee they had a rough quarter. ashley: it was very, very rough for the casino operator and the numbers tell the story, stu. they lost $523 million in this last quarter. revenue down nearly 95% year over year. just to give you a sense of the loss of revenues for this last quarter came in at $85.7 million. the same quarter last year generated $1.66 billion. that's how much business has dropped off. when you break it down, the las vegas operations were down on revenue by 86% so what about macao in china? you think maybe there's life there. no, the quarterly revenue in macao for their operations declined 98%. don't forget, casinos only started opening in late may but because we have seen a spike in some of the virus cases, that too, the demand has started to ebb away again. it's really survival at this point. stuart: same old question, when do we get back to normal. i have no answer to that whatsoever. let's move on to amazon. susan, they are expanding. where? susan: tampa bay area. think of florida. that might be for tax purposes. looks like a new fulfillment center there is anticipated to launch next year, 2021, creating around 750 they say new full-time jobs. also planning a new delivery station in lutz, florida as well. we know amazon has around 75 fulfillment centers across the country. they employ 125,000 full-time american employees, second largest private employer after walmart, and it's interesting they are going to florida, right, because we know hq2, the 25,000 jobs, were shelved here in new york which is a high tax state, and instead, opening a new fulfillment center there in florida instead. stuart: if i was going to work anywhere in this country, i really would like to work in florida or maybe tennessee. susan: you have a house there already, no? stuart: yeah, but i can't work from there. i can't. wish i could. i've got to move on. small businesses begging congress to renew the ppp program. they are afraid of more permanent closures. grover norquist is with us, founder and president of americans for tax reform. grover, i'm going to go right at this. in my opinion, we are going to get a stimulus bill. i don't think you want any kind of stimulus. i don't think you want any more money spent but i'm telling you, they're going to do it and they're going to spend more than $1 trillion. what do you say? >> i think that's very likely. nancy pelosi would like to continue the plus-up on unemployment so that more people don't go back to work. right now 63% of americans make more money on the federal additional subsidized unemployment than going back to work so 63% of people are getting money more than they would if they went back to work. that's a real disincentive. she wants people to remain unemployed through the election. the other big demand she has is that she wants to make everyone -- if you have higher taxes in new york city, you should be able to deduct them from your federal taxes so that the democrats in blue states and incompetent cities can raise their taxes more easily. those are her non-negotiables. the president wants something for small businesses that were damaged by this government reaction to covid. not that they did something wrong, if the government built a highway across their property they should be compensated so they don't get badly damaged. republicans in the senate want to make sure the trial lawyers don't come in and destroy the recovery by suing everybody and making sure they have limited liability for people who take proper precautions. stuart: nobody will be happy with this compromise but a compromise will happy and we will spend that money. there's one thing i do want to talk to you about, something called what is it t pro act? joe biden announced his support for it. it is called the pro act. that would strip freelancers, contractors of their independent status. that would really go after the gig economy, hurting uber drivers, et cetera, et cetera. that would really hurt, grover. >> absolutely. there's a law in california that does that. there's an initiative ballot that may knock that back off. freelancers and musicians, truck drivers, uber drivers, maybe 10, 11, 12 million americans who are independent, they don't want a boss. they are their own boss. nancy pelosi wants -- and biden want them to have a boss so they can be unionized. that's one of the big gifts he said to 12 million independent contractors, i don't care what you want, the unions want to be able to unionize you and make you pay dues. the pro act also ends right-to-work in all 50 states. stuart: ouch. okay. that's going to hurt. that hurts big-time. sorry, grover. your audio is breaking up. got to leave you. come again soon, grover norquist. see you soon. thanks. i've got another stock that you've got to look at. that is activision blizzard. wait a minute. the stock is down but lauren, didn't they have a blowout quarter? lauren: i think this is sell the news. it was a stellar report from activision blizzard because more people are playing video games at home. revenue hit $1.9 billion, a third of that coming from mobile games, including candy crush. remember that one? still popular. the company also raised by a wide margin their forecast for the year but you just saw, the stock is down 2% today. stuart: yeah. you see the quality of that video there. it's really extraordinary. the graphics blow me away. staying on video games, take a look at sony, please. that stock price had reached a 19-year high. they've got a strong video game business. game sales up, what, 82%. what's interesting is sales -- i'm sorry, lauren, this is for you. again, 19-year high on sony. give me more on this. lauren: yeah. well, you just said their play station which is seven years old is still selling strong and then they have the new one coming out, play station 5, for christmas. investors are so bullish on that one, too. so it was a great quarter for sony. analysts think the stock can rally another 20% from here but they are at a 19-year high. the news is good and that could be why this stock is also down 2% today. stuart: sell on the news maybe. thanks, lauren. walmart launching -- they are delaying the launch of their walmart plus, that's their rival to amazon prime. supposed to launch in march or april. twice delayed. the stock is only down, what, .7%. that's it. coming up, the opening bell on wall street. we will take you there and we are going to look at some green. the dow will be up about 170. back after this. ♪ stuart: the news is flowing thick and fast on vaccines and virus treatments. look at johnson & johnson. our government, that's the american government, is going to buy 100 million doses of their vaccine, locking it in for us. that's johnson & johnson, up 1.3%. all right. gregg smith, evolution vc partners, is with us this morning right before the market opens. now, what's this about you're recommending to individual, the little guy, don't buy individual stocks, buy etfs. give me 30 seconds on that. >> yeah, good morning, stuart. look, it's so very hard picking stocks, even for the professionals, right. i mean, you probably have 90% of hedge funds that have a challenge outperforming the market. so when i speak to friends, i talk to many young founders, they get money in their pockets and want to invest for the long term. i tell them please don't try and pick stocks, it's hard. pick a basket of high quality etfs, they are low expense ratios, buy those and put those away. equities are going to outperform most every other class over the long term. if you are investing for a long term horizon that's really the best place to be. stuart: but some of us have done quite well buying microsoft or apple or facebook or google or netflix, individual stocks. >> sure. but it's so hard. look, i love buying etfs for my kids, i'm generally buying the levered etfs. these are etfs that will go up or down three times with any change in the market. they sound very aggressive and they are aggressive but as long as you can stomach the declines, i think in the long term it's really the best place to be. stuart: hold on a second. i can see gld, buying into gold. the markets are opening, the bell is ringing and it's 9:30 eastern time wednesday morning. we are off and running and i'm seeing some green, ladies and gentlemen. green for the dow, green for the 30 dow stocks, most of them are going up. in the very early going, couple of seconds' worth of business here, we are up 160 points. as for the s&p 500, that is up .4%. a solid gain. nothing huge. the nasdaq composite, now earlier, it was pointing lower. now it's moved higher. you're up about .25%. better show you disney. they have 100 million streaming subscribers, 65.5 million are paid customers, and the stock opening this morning up 5%. big gain right there. novavax, data from their virus vaccine shows promising immune response in early trials. look at it go, 15% to the upside. microsoft, facebook, google, all showing, we believe, what, certainly microsoft and facebook showing some interest in tiktok. microsoft is up this morning. facebook is up. minor loss for google. now, we have news that -- who is this? who's taking steps? tiktok? ahead of the election? susan: they are combatting misinformation, especially in light of what happened back in 2016 with some influence on the facebook platform. social media companies like facebook, like twitter and now tiktok are taking extra precautions as we head into the november vote. tiktok announcing three new measures they say to combat fake news, any disinformation and other content that they say may be designed to disrupt the 2020 election. they are also broadening their fact-checking partnership in order to help verify election-related misinformation. that adds to in-app reporting options. this is important because don't forget, people use tiktok or you heard about tiktok being used in order to buy tickets to the tulsa trump rally, then no one showing up. you know that tiktok has been an avenue for some sort of political speech. also of course, they are engaged right now in conversations in terms of who's going to buy tiktok here in the u.s. apparently reports say maybe three weeks is the timeline we are going to get some sort of finalized deal. stuart: i agree, three weeks, but the real problem for tiktok is who's got the data and where is the data stored and who has access to that data. that's the problem with them, i think. susan: i think if they say their servers are in the u.s., backups are in singapore, the question is do you believe them since -- stuart: exactly. exactly. that's the problem. susan, move on to square. mobile payment app. got that. just reported their earnings. back to you, susan. what happened? give me a rundown. the stock is way up. susan: well, yeah, up 14%. the stimulus checks is being stored on square's cash, the amount of deposits jumped 86% from the previous quarter. not from a year ago, just the previous quarter. this is what you call sequential. more than 30 million users now, up from 26 million at the end of last year. the cfo on the call said unemployment checks and tax refunds are driving the momentum in the cash-up which is fairly similar to paypay's venmo. this is a peer-to-peer app, you can transfer money person-to-person. square giving out ppp loans to some 8,000 small businesses so it helped dole out nearly a billion dollars in ppp loans. that's important. square was supposed to report earnings tonight after the bell, forced to move a day early, surprising everybody. this is because bloomberg somehow managed to get ahold of their sales results early and square by the way has almost doubled so far this year. the stock at least. it's the other company jack dorsey helms besides twitter. stuart: there's a rally for you. thanks, susan. the dow is now up 200 points right from the get-go there. it's a rally. we are looking at clorox. ash, i can't believe this. why are they having trouble keeping up with demand for those wipes? ashley: because the demand is so great. it's six times the normal demand they would see in a normal year. in fact, they usually keep a surplus set aside this time of year for the upcoming flu season but they just can't do it because again, six times the usual demand. they say it may get easier to purchase those clorox wipes sometime next year. that's not good news. they say their liquid bleach products should be back on the shelves by the end of the year but the demand has just really taken them by surprise and it continues on, they say. they are in an all hands on deck mode according to the president of the company. they are trying to do the best they can. they are not particularly happy with the situation. they say they have got to do a better job of getting more product out there. but my, oh, my, clorox wipes have been like gold out there and they will continue to be hard to find into next year. stuart: pandemic winner. show me big tech, please, and bring back gregg smith. why do you think that breaking up say an amazon is good for shareholders? >> look, there's been a growing call by the dems to evaluate breaking up big tech for anticompetitive practices. that could be a potential head wind for tech coming into the fall election. but i think if we back up and take a look at the history of spinoffs and what's happened, look at barry diller and the amount of billions and billions of dollars in shareholder value they have created by spinning off great companies like expedia, hsn, trip adviser. i don't know if it would be necessarily a bad thing for big tech if they were forced to start spinning off some of their businesses. how much would amazon web services be valued at if they were going to announce they were spinning that off? i bet amazon's stock would surge on such news. stuart: okay. tell me about peloton. i have been following that thing. i remember at the beginning of the pandemic it was down in the low 20s, as i recall. now it's above 70 bucks a share. that's a virus surge. can they keep it up? >> look, peloton has been a tremendous beneficiary of covid here. it's the ultimate connected fitness company. i think this has all the makings of a cult stock. i think that they only have about a million and a half members that they touch, they have an addressable market of 150 million members that are gym members in the international markets and the u.s. markets they're in. they have a huge green field opportunity in front of them. i think this is a great company that should be acquired by netflix. it's the ultimate content, community and commerce company. i expect great things to come from peloton. stuart: fascinating idea. acquired by netflix. that's interesting. thanks, gregg. appreciate it. sorry. got to run. you know how it is. live tv. check that big board. this is the high of the day. we are up 217 points. we are back above the 27,000 level. the ten-year treasury yield as of this morning is .53%. let's get back to gold. have a look at that again. $2,055 an ounce. that's a recent high. you're up 34 bucks an ounce as of now. how about bitcoin? $11,800 an ounce. how about that. up $430 today. and riot block chain. that's the technology that underlies cryptocurrencies like bitcoin. look at it go. riot blockchain, haven't talked about that in years, it's up 15% right now. what a day. a live look at manhattan. one of the hardest cities hit by the pandemic. luxury properties, once flying off the shelves, so to speak, are now struggling to sell. got a report on that for you. president trump sounding off on nevada's decision to expand mail-in voting. watch this. >> but nevada, they start voting very soon and he just threw it out there, it's going to be months or years, they will never be able to tabulate their votes because they're not set up for it. stuart: we just heard there will be a meeting on capitol hill today that will deal with mail-in ballot issues and the virus. it starts at 3:00 this afternoon. the postmaster general will join nancy pelosi, chuck schumer, mark meadows, steven mnuchin all in the speaker's office. interesting. talking about mail-in balloting. a yale student suing after that university went from in-person learning to online. does the student make a point? 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well, these are the only medicare supplement plans endorsed by aarp and that's because they meet aarp's high standards of quality and service. you're also getting the great features that any medicare supplement plan provides. for example, with any medicare supplement plan you may choose any doctor or hospital that accepts medicare patients. you can even visit a specialist. with this type of plan, there are no networks or referrals needed. also, a medicare supplement plan goes with you when you travel anywhere in the u.s. a free decision guide will provide a breakdown of aarp medicare supplement plans, and help you determine the plan that works best for your needs and budget. call today to request yours. let's recap. there are 3 key things you should keep in mind. one: if you're turning 65, you may be eligible for medicare - but it only covers about 80% of your medicare part b costs. a medicare supplement plan may help pay for some of the rest. two: this type of plan allows you to keep your doctor - as long as he or she accepts medicare patients. and three: these are the only medicare supplement plans endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide. stuart: this is interesting. uber is joining other big tech companies in extending their work-from-home policy. look, we're not talking about uber drivers here. we're talking about employees who are part of the organizational structure. they can now work from home remotely until june of next year. how about that. stock's still at 32 bucks a share. nikola, susan, we're not going to see their electric truck until next year? susan: but it's only for testing so the company said it plans to begin fleet testing their electric trucks in the year 2021. that's a long haul hydrogen powered truck, on track to start production in the fourth quarter of next year. so the first few units will be produced at nikola's germany factory which is undergoing modifications but once complete, this facility they say will be capable of producing up to 10,000 units a year. i wouldn't say that's a firm timeline because covid has caused disruption to the supply chain. nikola down some 15% after reporting a wider loss than anticipated but the stock is rallying around 30% heading into the earnings. this is just some i guess profit taking taking place. stuart: we are always interested in the electric car and truck business. susan: with no sales, no deliveries. i don't know. it's a tough futures stock to buy. stuart: you're taking a risk. thanks, susan. look at chegg, an online college textbook seller. they do a lot of online tutoring as well. hold on a second. listen to this. a yale student is suing that university after the school went from in-person learning to online, claiming that online classes were inferior. dan rozensweig is with us, president and ceo of chegg. >> how are you? stuart: i'm pretty good. we've got this yale student criticizing and suing over online college learning, but that's your line of business. does he have a point in saying that online learning is inferior? >> well, the experience is different. what chegg does is we support students in whatever curriculum with whatever school, whatever university, online, offline. we are support, tutoring, internships. we do all the things colleges should be doing for students that they don't do. that's why our growth has been extraordinary. i think you probably saw we grew 58% organically. we are in touch with students so we know what they're feeling. the real debate is this. what is the price of actually getting the education and then what is the price for the experience for the select few that actually get to go on campus? what students are saying now is the return on investment for just the education part is x and if i get the full experience of the campus and all the rest of that, then i should pay y. it's not that learning online is necessarily inferior. in fact, in some places, it's equal or better based on a survey of students. stuart: fair point. i read your stuff. you're talking about higher education, college. it's kind of a bubble. that bubble, you're saying, has been burst by the pandemic and all the rest of it. make your case. >> well, look, all the signs of the bubble are when your market is shrinking, you raise your prices, you provide inferior product. one day it explodes. that's what's happening. the return on investment, we have 1.6 trillion in college debt in this country. 44 million americans have it. 40% aren't paying it back right now. we have 30% of all students working 40 hours or more a week while they go to college. i don't think america really understands who our college student is. they are 25 years old, they are often parents, they have jobs, they are increasingly women who have both family and jobs, and college is not adjusted itself to serve the needs of the current modern day student. they don't have curriculum that's necessarily relevant. sure, we can do all the academics but we need to expand it to skills-based learning. that's one of the reasons we see this giant skills gap. education, raising its prices, increasingly irrelevant, delivering it in a format that can't scale and those are all the signs of the bubble. look what's happening now which is people are borrowing the money but they are actually not paying for it. stuart: you make a very good point. it's been a constant complaint about in-classroom learning in colleges. you got it right. congratulations on your stock price performance and your gain in sales there. all good stuff. come see us again, sir. we appreciate you being here. thank you. i've got an earnings check for you. wayfair. they are an online furniture company. another online retailer. absolute blowout second quarter. record number of new customers. revenue up, what, 84% from last year. the stock is down. maybe this is another sell on the news kind of thing because that stock has gone through the roof recently. but it's down a little bit today. wendy's, sales took, what, about a 4% hit compared to last year. restaurant closures hurt them, obviously. they do say their new breakfast menu is bringing people back through the door. haven't seen the breakfast yet but that's what they're saying. wendy's at $22 a share. how about beyond meat. whoa, down 7%. ashley, what's the problem? ashley: well, we found out the consumers are cooking more meatless sausages and burgers at home. that's the good news. in fact, in the last report, grocery sales were up 195% year over year. looks great. however, they actually lost a net loss of 16 cents a share or $10.2 million. revenue came in at $113 million. they took a big hit on the retail side because the restaurants are closed, universities, all those other places where beyond meat was starting to get a foothold have been closed. that really hurt the bottom line. they are trying to expand their footprint. they are expanding in china after partnering with starbucks and they opened up a new operation in brazil just last month but a net loss hurts the share price. as you can see, down 7.3%. stuart: got it. thank you, ashley. take a look at washington, d.c., specifically capitol hill. negotiations going on for the stimulus deal. i said very clearly i think it's going to happen but i also think it's going to contain all kinds of spending that's got nothing to do with virus relief. i will explain all of that in my take at the top of the 11:00 hour. top of the next hour, secretary of state pompeo expected to hold his news conference. we will bring you the headlines, especially if he talks about tiktok. more "varney" after this. ♪ i like liberty mutual. they get that no two people are alike and customize your car insurance so you only pay for what you need. what do you think? i don't see it. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ you say the customer's maklet's talk data.s. only xfinity mobile lets you switch up your wireless data whenever. i accept. 5g, everybody is talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item, corner offices for everyone. we just have to make more corners in this building. chad? -your wireless, your rules. only with xfinity mobile. now that's simple, easy, awesome. switch to xfinity mobile and save up to four hundred dollars a year on your wireless bill. plus, get two hundred dollars off when you buy an eligible phone. stuart: well, look at that dow industrials go. we're up 266 points. by the way, there's another big day for earnings reports. some big names reporting after bell this afternoon. what have you got, ashley? roku? ashley: it is roku, the streaming platform, went public in 2017, has yet to make a profit. but it is growing and it's the user growth that is driving it. close to 40 million monthly active accounts. we want to see how many more have been added in this latest report. also, it is expanding internationally, which is plenty of room for growth there. but the big issue will be ad spending. how much, are we seeing a significant shift of ad spending from what you would call linear television to streaming, to connected tv. that will be interesting. stuart: got it. thanks, ash. how about the arts and crafts sellers known at etsy? what are you looking for, lauren? lauren: okay. the shares are at a new high today. the stock is up 180% this year. can it still go up? consensus is absolutely. they are going to say revenue rose 90% from last year, but reason to think it will rise even more than that driven by demand for face masks. home-made face masks and other craft goods. stuart: pandemic winner. okay, susan, who do you have? susan: i have sonos, the audio equipment maker. they are expecting a loss with sales to fall around 10% from last year, but over the past year, you don't want to discount sonos because they have actually done better than estimates, around 75% of the time. you have heard andrew left right here on your program float the idea that this could be a takeover target for somebody like apple which shot the stock up, by the way. stuart: interesting. it's got nothing to do with the pandemic. how about that. all right. let's move on. still to come on this program today, moments from now, liz peek, who says joe biden is blowing it. jason katz, what's he got to say about the surge in the price of gold? and former nevada senator dean heller. the president is suing his state over mail-in voting. also, i think the democrats are really worried about their candidate, as in joe biden. i will tell you why after this. ♪ . . . . introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. 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. her husband had been a high school football coach and it turned out, one of his former players came up with an answer. a loan, created just for older homeowners. and pretty soon, nellie young had one of the first reverse mortgages. discover if a reverse mortgage loan is right for you. use it to eliminate monthly mortgage payments and increase cashflow, create an emergency fund, preserve retirement savings and more. call now for your free information kit. that first reverse mortgage loan meant nellie could stay in the home she loved so much, with memories that meant even more. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan... and it's tax-free cash just when you need it. it's about making your retirement better. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. of course, you can use it to pay some bills, cover medical costs, update or repair your home. 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: coming up on 10:00. we've got a nice gain across the board on the markets. the dow is up 1% exactly. we have this news breaking, hold on a second. we can't do it until 10:00 it is embargoed until then. it is 10:00. latest read on services has it crossed your computer yet? we're still waiting for it. let me tell you about this. secretary of state mike pompeo he is about to hold his weekly news conference. we'll watch it for you, any headlines on trade or china or of course tiktok we'll bring you those headlines immediately right there. now we got samsung, they're unveiling a new line of phones. this is a big deal. susan, what have we got? susan: we're expecting five new devices from samsung. two 5g phones, not iphones but they're phones. upgraded the fold phone. new sizes, new color. it will be interesting test ahead of apple's fall release of the iphones. that is where you get the iphones from. we're expecting the new 5g iphones this fall. are consumers ready to fork out $1000 plus for these smartphones, especially during covid and unemployment we're seeing? the fold and note are samsung's two most expensive phones of the appetite for four figure phones has not been great. samsung sold 50% fewer of the s-20 models this year than the older versions, the s-tens. apple sells more phones than samsung does, last year shipping 70 million to samsung's 30 million. globally they ship more phones than apple does but they are lower cheaper phones. also proves steve jobs mantra is probably the most profitable. apple owns from end to end, operating system to the services like tv and music. that is how you get to be the biggest company on the planet i. stuart: would you say the iphone leads samsung phones in terms of its prestige and people want to have it? is iphone world leader in smartphones, is at that right? susan: we know samsung ships the most phones. these are android phones. as for apple, you've seen it over and over in the consumer surveys it is considered the number one brand, most reliable. it is considered a luxury brand as well. that is why they sell so many phones even in lower consumer and lower income country like india, like china. it is seen as a luxury item. they will be interesting. they will be taking note in terms of how samsung does in terms of new releases. stuart: i have an iphone. so do you. i think we got the service sector number, that right, ashley? you got it? ashley: we do. it was worth waiting for. coming in 58.1. anything above 50 is expansion. that was much better than expected and shows the sector continues to expand t bottomed out in april and may when it was down in the 40s whichment it was in contraction. now expanding at a better rate. this is for the month of july. that is positive news for the economy. stuart: yes, it is, it is positive news for the market which is holding at those nice levels. the dow industrials up 250 points. 27,078. now this. on weekends i spend a lot of time drive being around new jersey and new york. i have yet to see a single biden bumper sticker. that is surprising. these are heavily democrat states but i see trump signs frequently, not even a yard sign for joe. the democrats are worried. for months they kept their candidate under wraps. they didn't want to expose him to the rigors of campaigning. now they're worried about his lack of visibility. "the washington post" quote as top democrat in a key pennsylvania district saying, quote, voters expect an honest effort on the candidate's part to at least get out there. but so far, no visit, no local media interviews, no virtual roundtables in that area. it must be bad if "the washington post" is even mildly critical after democrat candidate. biden has to convince people to vote for him rather than just against trump but he is running an entirely virtual campaign. it is not easy to promote yourself on a flickinger screen. occasionally answers softball questions. he rarely travels. this is not a dynamic campaign. what a contrast with the president. he is always present. he appears daily, taking questions, making statements, signing orders. he travels frequently. that is a dynamic campaign. perhaps that's why there is such an enthusiasm gap. trump supporters will vote. biden supporters, their turnout is not so certain. ironic isn't it. at first the virus worked in joe's favor, kept him inside and away from the dangers of hectic campaigning. now it is working against him. with 89 days to the election, no vice-presidential pick and a dull, virtual campaign, the democrats are clearly worried. and then there's this. roll tape. >> have you taken a cognitive -- >> no, i haven't taken a test. why the hell would i take a test? come on, man! that is like saying, you know, before you got on this program you take a test where you're taking cocaine or not what do you think, huh? are you a junkie? stuart: that was interesting exchange, was it not? let's bring in liz peak, always good for interesting exchange. why are you saying that joe biden is blowing it? >> well look, he dithering about who his vice-presidential pick is going to be, stuart. i think that reflects on his campaign which i would call a fraud. he is basically campaigning as a moderate. he was given the nomination by moderate voters and yet very quietly signed on to one far left policy after another. i think there are two reasons why democrats increasingly don't want him to debate donald trump. one is, just what you heard. that he can get himself into this sort confused tumble of word salad instantly and have absolutely no idea what he is talking about. that's embarrassing. number two, the more he talks, the more people realize just how far left he has gone. i don't think a lot of americans know. that at this point, he is kind of good ol' uncle joe. he is around 40 years. he is safe. reliable. he is the candidate they think he can win. wait until you hear what he is talking about, environmental regulations, getting rid of right-to-work states, all these things are bernie sanders and elizabeth warren's platform. he can't go public because he will definitely narrow the group of people who will vote for him. stuart: did you see this? the squad, ultrafar left group in congress, the squad is expanding. long time progress sieve, cory bush, won his primary missouri, bringing out long-term moderate lacy clay. seems like the influence of the far left is coming on strong within the democrat party. i can't believe that is good for joe biden? >> it is not good for joe biden and it is not good for the country because the justice democrat backed candidates. stuart: like the woman in missouri, cory bush you just talked about are pushing democrat party left. every congress, establishment democrat is looking over their shoulder for a primary battle. chuck schumer is rumoredded to be challenged in two years by aoc. that is a scary thought. what is his response? to move even farther left. that is pretty worrisome, stuart. if the democrats were to take the senate, all the craziness passed in the house could become legislation. americans should be very thoughtful about this i don't think they realize what democrats are signing on to these days. it is not the democrat party that people are comfortable with or used to vote for. stuart: let me throw this in too. i learned a she'd today talib has won her michigan democrat primary. she is far left. she is one of the squad. and she has won. liz peek, thank you very much indeed. see you soon. >> thank you. stuart: johnson & johnson, we have lots of good news on treatments and vaccines today. j&j is up 64 cents. they have struck a deal with the government to produce 100 million doses of their experimental virus vaccine. the deal is worth about a billion dollars. it locks us in to 100 million doses of the vaccine from j&j. moderna, they have got more than $3 billion in cash and phase three of their virus vaccine trial is on track to be done by september. nice time frame. regeneron, record territory, reporting -- not quite but they're down a bit today. they reported blowout revenue and profits in the last quarter. they're down a bit today. also showing you novavax, vaccine showing problem missing results in early trials. up it goes 10%. cvs says they're in a better position to weather the pandemic. that stock is virtually flat, unchanged. overall a solid gain for the dow industrials and for the nasdaq, and s&p. plenty of green today. john lonski is with us. wait a minute, john, you know i've been he had aing your you stuff and you're saying that an uneven economic recovery is a threat to wall street. make your case. >> you know what we're wore i had about is fits and starts for the unfolding economic recovery. there could be times data comes in on the low side. maybe that gives pause to the rally. i want to say the ism service sector activity index way above expectations. the highest reading in more than a year. the really strong showings by production, which is to say service sector sales. new orders and backlogged orders. the only weakness was found in the employment component at that was down from the previous month and it hinted of layoffs. stuart: real fast if we get a new stimulus deal, and i think we will, and we spend more than a trillion dollars, is that good or bad for the economy and the markets? >> i think that it is going to be a positive for the economy. it is an insurance policy that is going to help us cope with this extraordinary special event of a, earlier recession that was induced by an, very much an external factor that had nothing to do with the fundamentals governing the u.s. economy. stuart: got it. john lonski. thank you very much indeed. i do believe there will be a deal. more on that later. now we deal with any and all news on apple because it's the most valuable company in the world. what's the latest on apple, susan? susan: bank of america downgrading the stock from a buy to neutral but up grading its price target to 470. they're mainly concerned the stock has run up so much and how much more people can afford to spend in this covid era. apple by the way is $200 billion away from crossing $2 trillion. closing in on the first company on the planet to cross that mark. the most influential and heavily weighted stock on the s&p five hundred in 40 years. yesterday apple had a busy day. launching newism mack, personal computer and executive shakeup. one of the top executives is stepping back, still overseeing the app store and apple events. hears about been in the company in 30 years, in the inner circle. his name is greg. it is interesting. it is interesting but greg is great. stuart: got to follow any and all news on apple because who they are. got that. what's next? what did you tell me, producer? did you say, what did you just tell me? amex? tell me. as in american express, correct? american express? okay. american express has been halted for the dissemination of news. obviously we don't know what that news is. we thought we would bring it to you pronto. american express halted by the way, 94.55, up a buck 36. next case, president trump suing nevada over mail-in balloting. watch this. >> but nevada, they start voting very soon. he just threw it out there. going to be months or years. they will never be able to tabulate their votes because they're not set up for it. stuart: last time that state tried it did not go well. why do think they it will be any different this time around? i will ask that question. republicans and democrats back on the hill today, hammering out the next round of stimulus. they're tied up over the weekly 600-dollar checks. guess who is joining them today? the postmaster general. interesting? gun sales surging, nearly 135% in the last 12 months. we have a gun shop owner, a gun company owner, i should say. he is next. business is booming. "varney & company" just getting started. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. the moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. but what if you could stdo better than that?k. northern trust. like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can count on, 24/7 support and flexible solutions that work wherever you are. call or go online today. lively hearing aids have been a game changer for me. the process with lively. is insanely easy, you take a hearing test on your computer the doctor programs it, it shows up at your house a few days later. you can stream calls or music through it, it's got multiple settings, audio adjustments, so you can raise and lower the levels. but it's a fraction of the cost of the other devices. it's instilled some confidence i didn't have before. try lively risk free for 100 days. visit listenlively.com stuart: my apologies ladies and gentlemen. i did make a mistake. i told you american express was halted. absolutely wrong. it is trading nicely, 94 bucks a share, up a buck 43. it is universal security that was halted. it has now resumed trading. i don't know how we confused the two but i did and i'm very sorry about that. breaking news big time out of chicago. that city's public school system will hold classes entirely online for the start of the upcoming school year. that is the nation's third largest school district. all online. a warning to our viewers. we're going to show you the devastating blast out of beirut, lebanon. okay what you're seeing there is after the big blast. i wish i could rerack that tape to show it to you. it was sensational and extraordinary development. it happened right at beirut port. through which most of lebanon's food is imported. i think we are about to show it to you. hold on. we may see the actual blast. i'm hoping we can, really shocking piece of video. anyway, there are hundreds dead. thousands injured. they're still combing through the rubble, trying to figure out what happened. exactly what caused this. there is all kinds of theories. we don't know exactly but bottom line to me is this. not the number of casualties, not what caused it but the bottom line is. this the destabilization yet another middle-eastern country. lebanon is already in extreme financial difficulties this will only make things worse. they desperately need an imf loan. they are likely to get it. that is one destablized country indeed. okay. rough stuff to watch there. check the markets. we're up 270 points on the dow industrials. can we show everybody the price of gold because that is a big story this morning? you're well above $2,000 an ounce. i'm wondering if the blast in beirut has something to do with the gold price rally? it is up 38 bucks. gold buying is big in the middle east. when you see instability in lay route, lebanon, that could be part of the answer why gold is rallingly. next case. two news items on walmart. firstly they will delay the launch of the walmart plus subscription service but they're rolling out drive-in movie theaters at 160 locations. who would have thought. that is what they're going to do. disney lost $5 billion during the pandemic, but, they rolled in 60 1/2 million paid subscribers for disney plus. they announced the new movie, "mulan," that will not be in the theaters. it will be released on disney plus. september 4th is the release date. 30 bucks is what you have to pay. that is a moneymaker. disney is up nearly 10%. huge. revenue from podcasts, you heard me right, revenue from podcasts going to hit a new high, next year. lauren, how much will they bring in? lauren: ad revenue alone to top $1.1 billion. as more than 105 million people will listen. that is a milestone. first time above 100 million. people are looking for news and entertainment. many companies made big investment in podcast platforms. i don't need to remind you about this one, spotify, 100 million-dollar deal for the joe rogan experience podcast and listeners that come with it. podcasts are a winner during the pandemic. a winner before but the pandemic helping them out even more. stuart: thanks, lauren. here is another surge. i'm talking about gun sales here, up what, 134% over the last year, 134%. that is a surge indeed. now take a look at brownell's sales. that is a major league firearm company. sales up 90%. ammunition sales up 30%. and they're selling most of this online. their web traffic up 60%. come back in again, pete brownell. he have is the co-chair of brownells, a frequent guest on this program. glad to have you back. pete what kind of firearm are most people buying? >> stuart, glad to be back. right now people are buying personal protection pistol. that is the ruger, glock, m and p from smith. those are the predominant brands selling. they're using it to protect at home. home protection shotgun. followed by ever popular ar-15. stuart: when did this surge start? was it when we started to see some violence in our cities? >> stuart, it started before that when covid started around march 14th, the industry had it is first big runup. it started right there at the end of march and it continued on at those paces as mixed checks indicated unbelievable demand specifically targeted around urban areas in america. stuart: i am told there is a supply shortage of ammunition. is that accurate? >> yeah. stuart, it is. as a matter of fact, if we would receive 9mm, we could receive truckloads mine millimeter sell it hours in what it used to takes weeks to a month. stuart: you expect the surge to continue? >> i do, stuart. i think we're going to have a, events happening throughout the next couple months. political forefront. this covid, trying to find some solution for covid and defund police movement is driving people to worry about personal security and still will have demand that will outstrip supply. i think we'll be seeing it until q3 until next year. stuart: that is astonishing surge indeed. pete brownell, thanks for joining us with valuable information. >> take care. stuart: facebook's instagram wants to compete with tiktok. what is this all about, susan? susan: instagram reels is here. this is launching in 50 countries today. as you see on the screen it will look a lot like tiktok. the short form music videos that appear. tiktok has already been concerned about the facebook competition, but this will also include new music that you can attached to your videos and instagram which is something that tiktok was fiercely, fiercely concerned about. however i should point out tiktok is in negotiations of course to sell itself. reports are saying that they have three weeks to possibly finalize a deal and other reports say it could be $30 billion, could be final price tag if they sell to microsoft. competition was coming down the pipeline anyway. interesting if they get 30 bill dollars despite facebook and instagram is getting bigger in short form videos. stuart: microsoft is the still front-runner to pay 30 billion for tiktok. a big deal. thank you, susan. we're up 288 on the dow. more "varney" after this ♪ ♪ now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. hold on one second... sure. okay... okay! safe drivers save 40%!!! guys! guys! check it out. safe drivers save 40%!!! safe drivers save 40%! safe drivers save 40%!!! that's safe drivers save 40%. it is, that's safe drivers save 40%. - he's right there. - it's him! he's here. he's right here. - hi! - hi. hey! - that's totally him. - it's him! that's totally the guy. safe drivers do save 40%. click or call for a quote today. stuart: check that market. news gain, listen to this. new york city mayor bill de blasio says starting today the city will implement quarantine checkpoints at key entry points to the city. he goes on to say the sheriff's office will have checkpoints at major bridges across new york city. whoa. whenever you got restrictions on internal travel in the united states of america that is a very big deal. that is what we now are going to get in new york city. you're looking now at a deserted times square. it will be even more deserted in the future. you better take a look at gold. it is at record high prices at recent record high prices up above $2,000 an ounce. however, susan, 2065, there is a new target price, what? susan: what do you think about $3,000, what you did do you think of that? 3% above record levels recently breached. bank of america says fed can't print gold. they can print money. this is hedge against all the stimulus around the world and weakening dollar. goldman sachs predicts another 5% downside for the u.s. dollar. that makes gold cheaper to own. treasury rates. really low treasury rates at this point with 50 basis points or so on the 10-year note. that makes it cheaper to hold gold. meaning you lose less owning gold than you do by holding u.s. government bonds. younger folks prefer bitcoin and diversity hedging. bitcoin up $11,000. gold might be 3,000 in a year's time. stuart: late 1980s, late 1970s. susan: here we go. stuart: back in the day, gold spike toe $800 an ounce. we thought this was a story 1/2. susan: inflation adjusted right. that would be closer to 3,000. stuart: i can't do the math in my head but yes, that was inflation adjusted, that was probably higher price than it is now. susan: something tells me you're more after gold person than bitcoin person. just guessing. stuart: you're right. 10:30 one, eastern time, you know that that means on a wednesday morning, that means we got the oil inventoriries. what have we got, ashley? ashley: second only to freddie mac, i may point out. we're expecting a drawdown of 3 million barrels, which means more being used. we got a drawdown of 7.3 million barrels. much more oil being used and that has, how much has been drawn down. that is, you know, speaks highly of the economy or at least for demand. stuart: yeah. ashley: that should push oil prices higher based on the fact that there is less in storage. stuart: it has, ashley. i believe we just showed on the screen, oil is up to $43 a barrel. that is a recent high. of course that means, we're not going to see gas prices decline that much more. 43.31. up nearly 4% on oil as of right now. next case, senate majority leader mitch mcconnell signaling he possibly support an extension of the 600-dollar unemployment bonus if the president supports it. south dakota republican senator mike rounds joins us. right from the start, senator, you're not a fan of extending the 600-dollar bonus, are you? >> no, i'm not. look, bottom line on it makes it more difficult for people to get people back into working environment again. it also means if they're on unemployment they're not receiving benefits either. the benefits are important if you want to continue health care coverages. i would like to see them get back associated with their employer. get back in to receive benefits again. i like the ppp plan. i am not afraid to see an extension of that based on a loss of revenue, but most certainly look, we would love to find a way forward but, you know, you just mentioned the fact that gold was on its way up. there is a reason for that. investors, financial institutions understand that there is only so much money you can borrow. pretty soon it has adverse impacts. we're talking a trillion dollars already on the republican side. the conservative side of things. what happens when you start trying to make a deal with democrats who are still stuck on over $3 trillion additional spending? simply not in the cards to go that high. the markets will respond. stuart: but i do believe we are going to get a deal and it will be north of a trillion dollars worth of spending. i don't see how congress can go away on friday afternoon, take nothing back to their constituents. i'm being realistic, senator. >> on the other side, we'll not just get a deal to just get a deal. a lot of us believe we have to get people back to work and kids back to school safely. let's focus getting vaccines out and operational. let's focus getting kids back safely to school. get mom and dad back to the point where they can work again. that is healthy for the economy. it is healthy for the country by itself to have people working again. people feel better about things that way. i don't think the vast majority of americans want to rely on a government plan we're basically borrowing money for unemployment benefits. i talked to a lot of south dakotans last evening on a town hall, the mood out there is let's get back to work again. stuart: in south dakota, i can understand that. mike rounds, senator rounds, thanks for joining us. >> thank you, sir. stuart: new survey finds that one in three workers who went back to work when the lockdowns were eased are now laid off again. what's going on, lauren? lauren: okay, this is the second wave of layoffs. it's a cornell study from last week. it finds just what you said, about 1/3 of workers rehired were relayed off. i will give you two reasons. some states slammed the brakes on reopening process. also the stimulus programs running out. the biggest concerns that the newly laid off will lose their jobs forever. what is the pace of getting workers back to work? we'll find out the latest on friday with the jobs report. stuart: yes we will. lauren, thanks very much indeed. lauren: yeah. stuart: dow is up 278 as we speak about that. two men and a truck, that is a moving company, and they're seeing enormous demand right now, but believe it or not, that company is struggling to fill 3500 jobs. they're blaming unemployment checks. we got the story next. plus, manhattan's once booming luxury real estate market is seeing a slowdown. people don't want to be in big cities. they're moving to suburbs. more on that later. stuart: holding on to that rally. it is 10:40 eastern time. there is plenty of green all across the board. now this. tens of millions remain unemployed but some companies say they can't hire fast enough. sara bennett is with us. she is the chief talent officer for two men and a truck. that is a moving company, okay. explain to me, please, sara, why it es you're having a hard time filling 3500 job openings. >> sure. well you know, we had kind of a slower start moving into our summer months which are typically our busiest season. so we're always looking to hire people during this time but we've been, you know, we've been challenged. there is more competition. more people hireing right now. that seems surprising, more people are hiring. there is more competition for hires. we've been challenged in some regards by the pandemic that has slowed the process down. so things like getting movers promoted to drivers. they have had difficulties because we haven't been able to get license through the dmv. stuart: look, is the 600-dollar a week emergency bonus unemployment pay, is that a problem? >> i think it certainly has somewhat of an impact. i don't know, i couldn't point to it as the main issue but it certainly has an impact on new hires. you know, our starting wages may be, you know, a component of that. we have people who work with us for a while who have high enough wages where that doesn't sway them away from, from employment as a benefits were mentioned, that something keeps them employed. our employees make a lot of money in tips during the summer especially. i think right now people are more generous with their tips, wanting to help each other. that may be a component for new hires. i don't think it's a so much of a component for keeping people employed with us. stuart: tell me where people are moving to and where they're moving from? >> well, you know it is difficult to give trend data because it is such an anomaly of a year. we are seeing an increase of the distance that people are moving. so over the past couple months the distance people are looking to move is about 10% farther than they were before. i don't know if that is people moving out of, you know, out of cities into suburbs, if it is more of a demand standpoint, so there is not the inventory where they're typically looking. so they're trying to find, you know, expanding their reach and finding things further out. stuart: i'm sorry to interrupt you, sara. i do apologize. itch got to dash. because we got a market rally going on here. we'll bring you back, sara, okay? >> okay. stuart: the dow is up 300 points right now, 27,130. that's where we are. this is the high of the day. solid rally pretty much all across the board. there is this. some foreigners who used to work in america but now they live overseas again, they have been receiving the stimulus checks. how about that? ashley, do we know how many people received these stimulus checks? ashley: we don't but it could be thousands, stu, many of them students, as many as 700,000 students come here every year many did not get the check. how does that come to this country, works at a grocery store on visitors tourist or visa allows them to do that. then they get a 1200-dollar stimulus check. the government says because those people filled out tax returns in error, which made them look like u.s. citizens, which makes the, begs the question was it by mistake? either way these checks went to people who had no right to get them. a company that actually does this for a living, handle taxes for non-residents of all the ones that they have looked at so far, 5000, about 5% contained this error, based on that, you could say $43 million worth of these checks went to people who had no right to get them. interesting story after guy, 24-year-old from the dominican republic. worked at a grocery store in cape cod last summer. he moved back to his home. he got a check from his landlord this year. saying the government sent you a check for $1200. i never asked for it but he got it. now he is worried they will come after him. they also had out $1.4 billion to dead americans as well. stuart: let's not forget that, ashley. thank you very much. the dow is up 380 right now. >> once booming manhattan luxury real estate market seeing a slowdown. a lot of people are moving to the suburbs and moving to more tax-friendly states. kristina partsinevelos is with us. you're in an absolute palace, right? they can't sell it? reporter: that is where we are right now. glamorous new york city homes at peak price, bidding wars, but owners are having to slash prices like this versailles home in upper east side. a cool 1$.5 million. definitely a drop from the peak in 2007, when it was priced at $35 million. 8,000 square feet. chinese panels. mahogany wood everywhere. five bedrooms. eight fireplaces. i spoke to the broker of this home, asked her specifically about the recent discount in pricing and what that means for the entire real estate market. listen in. >> on what is happening as well, people are finding instead of renting because prices have come down so significantly they're able to purchase. and again, coupled with low interest rates, it creates a really good opportunity for people to invest in real estate in new york that otherwise would be out of reach. reporter: like to point out i've never been in a more expensive home in my life. just last week alone we saw a dip in the luxury retail market. only three homes above $4 million sold. the average price cut has been 14%. some brokers arguing that is unfair, people leaving because of taxes. coronavirus doesn't allow you to have in-house showings but that distorted the prices. 100 million-dollar penthouse just sold in south-central park. and you also have jeffrey epstein's home also on the market at $88 million. but no buyers yet. overall though, stu, you have, look at this beautiful home here, just showcasing how the prices have dropped. although the manhattan real estate market is on rocky terms, the average price of a home in this city is still unaffordable for many at a million bucks. stuart: love the way you say that. reporter: don't i look natural here though? you know? stuart: you're doing your best. you're doing your best. [laughter]. kristina, time's up. thank you very much. got to change subject. carnival cruise lines are expanding their pause on cruises through october 31st. i believe there is a no sale till october the 1st. now it is october 31st. ex-spending it out there. clorox, the stock is down a buck 50. they're struggling to meet demand for their products. they say they will not have enough wipes for everybody until next year. draftkings, have a look at that. they are expanding their footprint in illinois. but they're under pressure because of the problems of getting baseball and football playing again. draftkings at 32. joe biden planning to eliminate a tax benefit worth a lot of money. coming up we have a guest who says if that happens, it is all about real estate, property values will plunge. we'll explain it. the electric bike craze accelerating. people abandoning public transit. they are just like regular bikes with a boost. tell you how much they're selling for. you see them all over the place. not those. electric bikes. markets rallying again up 300 points. more "varney" after this. hi, this is margaret your dell technologies advisor to listen, is to hear more than what's being said... and offer the answers that make someone feel truly heard. i understand, let's get started call a dell technologies advisor today. i understand, let's get started simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions! touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. ♪. stuart: news from wall street is this, the rally holds. we're still up 300 on the dow. and now we got news on, tiktok. what is it, susan? susan: looks like tiktok's parent bytedance in china says they will not finalize a deal in three weeks as reported a deal between microsoft and tiktok will be finalized in three weeks time with a price tag of $30 billion. if we put up the tweet from the global times, chinese propaganda might piece, bytedance denies that a deal to sell to microsoft will be reached in three weeks time. cnbc reported. this is comb plex there are cross geographies between china and u.s. we know how tense the relations are. what about president trump says he want as cut of this deal? how does that payment work? a lot to be worked out. three weeks might be a little too bullish as other suitors are out there as president trump said. bytedance, the parent company of tiktok said all along as well. we have bytedance being official about this saying that that timeline is a little aggressive. september 15th though has been blocked out, saying that has to be the date you get a deal or you're banned in the u.s. stuart: it's a little hiccup, but enough to put microsoft on the downside where as earlier they were up a couple bucks. susan, thank you. tropical storm isaias causing real serious damage up and down the east coast. give me the latest on this, ash. ashley: that is with the storm itself, stu. it is up in canada, in the proffer vince of quebec but it left quite a trail behind it, coming onshore in north carolina as a hurricane cat-1. it moved straight up the northeast coast and as we know, causing a lot of damage. two people by the way killed in north carolina by a tornado. they were in the path of that. when it got into new york, new jersey, pennsylvania, connecticut, all sorts of storm damage reports. one person killed in new york city when he was in a car that a tree fell on. numerous reports of high winds bringing down trees across the region. that is the biggest story is the power outages which affected millions, including many of our colleagues here at fox business. close to three million, close to three million people, look at that tree go down. 3 million people without power. new jersey was hardest hit. 1.3 million people without power, stu. it could be days before they go back on line. stuart: that was extraordinary video of treetop pelling toppling on the corner of the house. ash, thank you. nba extraordinary health protocol appears to be working. so far nobody getting sick. will it work for baseball? i will ask a former player, nelson figueroa in our next hour. class-action lawsuit against tiktok, the lawsuit accuses china, china based app of collecting information of minors. big deal. we got the story. stimulus relief talks coming down to the wire. here is my opinion. there will be a deal by friday and it will contain all kinds of spending that has nothing to do with the virus. that's the way it is. my take after this. ♪ the new house is amazing. so much character. original crown molding, walk in closets... we do have a ratt problem. ♪ round and round! ♪ with love we'll find a way, just give it time. ♪ at least geico makes bundling our home and car insurance easy. it does help us save. ♪ round and round! ♪ with love we'll find a way, just give it time. ♪ ♪ round and round! ♪ what comes around, goes around. ♪ for bundling made easy, go to geico.com find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. look, this isn't my first rodeo and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and, it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other. big difference is how you pay it back. find out how reverse mortgages really work with aag's free, no-obligation reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. discover the option that's best for you. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. you've probably been investing in your home for years... making monthly mortgage payments... doing the right thing... and it's become your family's heart and soul... well, that investment can give you tax-free cash just when you need it. learn how homeowners are strategically using a reverse mortgage loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. call now so you can... retire better stuart: 11:00 here in new york city. we've still got that rally. we're up 294 points for the dow and we are up, let me squint here, up 33 on the nasdaq. we've got the latest read on the service sector of the economy earlier this morning. a strong reading. the number is on your screens. that implies an expansion of the service sector, that implies that the economy is ticking along rather nicely. that came out and the market went up. now this. here we go again. negotiations in congress going down to the wire. the media follows every tiny development, every statement. we are led to believe it's a nail-biter. it's happening now with the stimulus negotiations. we breathlessly report the comings and goings of mitch mcconnell, mark meadows, senator schumer, speaker pelosi. will we get a deal? of course we will. maybe i'm going out on a limb here. simply can't believe that when congress leaves town friday, they will leave with no deal. can you imagine all those politicians going back to their constituents right before an election with no taxpayer money to throw around, no more help for virus victims? that's not the way things work. now, is it? i'll go further. not only will there be a deal but it will contain all kinds of spending that have nothing to do with the virus. a politician's vote is negotiable. a politician can be persuaded to vote for something they might not be enthusiastic about, but they will vote for it if their pet project is fully funded. this is not the best system, but it's the system we've got. so here's my prediction. there will be a deal. congress will authorize spending somewhere north of $1 trillion. there will be money for individuals, for businesses, for cities and states, and of course, there will be a lot of hand wringing about the debt that we're building up. but we will spend the money. with 89 days to the election, austerity is not a vote winner. now, is it? come in, brian brenberg, fox news contributor. i'm sure you agree with me. whether you think it's a good deal or a bad deal, i know you are going to agree that we will get a deal come what may. right? >> stuart, i never wanted you to be more wrong than right now, but you're right. i think you're on the low side. i think we will get a deal north of $2 trillion at least, because at the end of the day, republicans aren't going to be able to stand up to the spending items that democrats are pushing and so we are going to get another blowout and it's one more spending item that's going to get america hooked on stimulus. we are going to be hooked on stimulus and you watch, you watch, if joe biden wins the presidency, i guarantee you he's going to come back, one of his first items and say i want more stimulus and guess what it's going to be? it's going to be his version of the green new deal stimulus as governing philosophy, stuart. that's what we are backing into here. stuart: now, does this set up, all this money that's flooding into the economy, and there's a lot going in there, does it set up inflation down the road? >> well, how can it not, stuart? because we're not focusing on increasing the productive capacity of the economy. we're not focusing here on growing jobs and getting people back to work. we're merely focusing on moving money around. that's the textbook example and case for how inflation happens. i don't think it's a surprise that gold is through the roof right now. it's a bad sign. it's because investors are looking at this and saying lots of money sloshing around, not a strong recovery, that's what investors are seeing, and the result is possibly big inflation down the road. of course, nobody cares about take right now. congress doesn't care about that right now. it doesn't help them get re-elected but they ought to, because it will affect people's savings and livelihoods. stuart: we take that as a warning, brian brenberg. thank you very much indeed. i do want to continue talking about gold here because left-hand side of the screen, that's a new recent high. i've got to put it like that. $2,059.50 per ounce. how about that. up 38 bucks today alone. let's bring in jason katz, ubs managing director. jason, i always think of you as a guy who manages the money or organizes the money of wealthy people. are you suggesting to those people, are you expecting them to invest in gold? >> i know it seems like an eternity ago but when i was in studio with you and tom lee, 32% ago we talked about how gold should be a part of a portfolio as a hedge. now we have had a rally that's stealth. think about it. the price of gold is up more than the nasdaq this year and all we talk about is the nasdaq up 20% some odd. so look, falling real rates are a big cause here. after inflation, the u.s. treasury, the ten-year is at a negative 1%. so the opportunity cost makes it really compelling to own gold here. not to mention the fact it's inversely correlated to the dollar that's been weakening and your last guest talked about rising inflation expectation. so we set a target many months ago of $2,000 and we think it could exceed that to the upside of $2300. stuart: okay. how should someone invest in gold? i mean, i don't think you would recommend buying gold coins. would you buy the gold mining stocks or the gld, the etf for gold? >> the latter of the two. the issue with some of the mining stocks is they in and of themselves hedge and sometimes overhedge so a pure play way, a low coast easy efficient way to do it is simply through the etf. stuart: okay. talk about big tech, because we have talked about this for years, you and i. it seems like it's unstoppable. is that a signal to start selling? >> look, i've characterized big tech as heads you win, tails you win. it's changed the way we work, educate our children, the way we play, and it's benefited from the stay-at-home economy but it's going to benefit from the new digital economy going forward regardless of when a vaccine comes to fruition. that said, the multiple that we're looking at big tech is the highest we have seen since the post-dot-com era. we are looking at 25 times. that's a 17% expansion of multiple so to answer your question, we're not getting out of big tech as much as we are trimming positions back to a normal weight. where are we putting that money? the next revolution in technology is 5g. think about what i said about working from home. we need more bandwidth. we need higher speeds. everyone has put the cart before the horse here and bought smartphones, but we need the infrastructure so i would tilt portfolios within tech 5g. stuart: that's the next big thing, 5g. i don't know whether it's actually appeared and is usable yet to ordinary people. but that's the next big thing, you are convinced of that? >> lower latency, we can't accept it any longer. reduced bandwidth. we need to have equivalent bandwidth at home as we do at work and the companies in the infrastructure space of technology are keenly aware of it. that's where capital in the private markets are flowing right now. stuart: got it. jason katz, thanks. good to see you again. see you again real soon. thank you. >> thank you. stuart: all right. we've had a load of pharmaceutical companies reporting their earnings. i will start with moderna, on your screens, it's down 4%. they have $3 billion in cash and phase three of their virus vaccine trial is on track to be done, finished by september. okay. the stock's down. that's possibly a sell on the news kind of thing. next one, cvs. their profits and revenue both up big during the pandemic. prescription drug sales, that took a hit. but their health business, the health benefits business, that did very well for them. nonetheless, they're down 1.4%. teva, revenue slowing just a bit from the peak of the pandemic but they are still churning out a decent profit, helping them to reduce their debt. they're on track with that debt reduction. market kind of likes it. yeah, they do. up 5.6%. that's teva pharmaceuticals. more big names which report after the bell today. lauren, you've got your eye on live nation. tell me. lauren: yeah. social distancing means no concerts, no events and that will hurt live nation, the parent of ticketmaster. they will report a loss. however, the stock is only down 33% this year. i have three reasons that they can make a pretty big comeback. first, their creditors are giving them financial breathing room. second, they are making changes to the artists' contracts that will save them money in 2021. and yes, when there is a vaccine, demand will come back in a big way. stuart: they are a virus victim. that's the way i would characterize that one. there you go. all right. susan, now, you've got your eye on sonos. why should i care? susan: speaker maker, yes. we are expecting a loss but look, this company has shot up so far this year. why? because andrew left of citron research was on your program and says that sonos on its own, you know, not exactly an exciting stock, but it could be a takeover target for the likes of apple and that's why the stock rallied as you see on your screen there after that appearance. sonnos usually beats, they have beaten 75% of the time, the last year, and we are still expecting a loss, yes, and sales to fall about 10% from last year but it's exciting to see who might be in the market to pick up sonos in the future. stuart: okay. i care. you got me. i care. all right. susan: you like it when the stock goes up on news that's on your program, right? stuart: i do like that, actually. i really do. thank you, susan. okay. more than 12% of all baseball games have been postponed. we're not even one month into the season. will the league be forced to press the pause button all over again? we will deal with it. president trump says china quote, is absolutely stealing our data. tiktok's parent company bytedance reportedly denies a sale to microsoft in a three-week period. more on that in a moment. overnight, the trump campaign sues nevada over expanding mail-in ballots. our next guest once oversaw mail-in voting in nevada and he says it didn't go well. he's next. ♪ find your keys. find your get-up-and-go. find pants that aren't sweats. find your friends. find your sense of wander. find the world is new, again. at chevy we'd like to take you there. now during the chevy open road sales event, get up to 15% of msrp cash back on select 2020 models. that's over fifty-seven hundred dollars cash back on this equinox. it's time to find new roads, again. about medicare and 65, ysupplemental insurance. medicare is great, but it doesn't cover everything - only about 80% of your part b medicare costs, which means you may have to pay for the rest. that's where medicare supplement insurance comes in: to help pay for some of what medicare doesn't. learn how an aarp medicare supplement insurance plan, insured by united healthcare insurance company might be the right choice for you. a free decision guide is a great place to start. call today to request yours. so what makes an aarp medicare supplement plan unique? 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>> it did not, stuart. yeah. good morning, first of all. good morning. great to be back on your show. in a word, it was a disaster. this happened several decades ago, actually. there wasn't an elected official in nevada that said we would ever do this again and here we are. we have the usual problems, post office, we had postmarks, signatures that didn't match, all that. we had not hundreds, not thousands, but tens of thousands of spoiled ballots and it's getting worse. it's the least of our problems now. i think there's a saying about power corrupts, absolute power corrupts absolutely, and the legislature just changed our election laws here in nevada, taking what used to be felons, felonies, and now making it common law. for example, ballot harvesting. that would have been a felony last week. it was a felony two weeks ago, two years ago, 20 years ago. now it's the law that a person can come into your home, a complete stranger, help you fill out your ballot, then take your ballot with them and return it to the elections office. tell me that's not going to be a problem, stuart. stuart: that really undermines the integrity of the vote. if someone, a third party can come in, look at your ballot, and then have you deal with that ballot right there, then they take it away, that is not the way it's supposed to be. that just is wrong. >> correct. that's going to cause all sorts of problems. i think the white house has reasons to be concerned. stuart: hold on a second. i want you to listen to president trump, who seems to be encouraging people to vote by mail in florida. watch this. >> yeah. >> in the case of florida, they've done a great job. they've had tremendous success with it. but they've been doing this over many years and they've made it really terrific so for florida, you can mail in your ballots, you don't have to go, in maybe a couple other states they've worked out a system, but this took years to do. this doesn't take weeks or months. stuart: i guess the difference is, dean, that in florida, they're not having a mail-in ballot sent to every single voter. it's just absentee ballots which you have to request. that's the difference, i guess. >> well, i suppose. i don't really have problems with mail-in ballots. it's very similar to the absentee process. what i have a problem is what we talked about, ballot harvesting. but also, i just asked the secretary of state, you know, you can actually vote in person also so if you don't want to vote by mail, you can actually go in and vote by person. if you don't bring your ballot, they give you a new one. i said what happens if someone votes by mail, then goes in and votes again. i said that's a felony and has been for decades. what happens then. she says nothing. we have an attorney general who won't prosecute it, we had a former attorney general that was a republican that refused to prosecute. so you can vote more than once. this white house has good reason to be concerned with these new laws that have just been passed by this legislature. stuart: real fast, i say there will not be a result this coming election night. there won't be a result for at least a couple of weeks and maybe not until christmas. you agree with me? >> boy, you take all the safe positions, don't you, stuart? i have to agree with you. i think this is going to be a mess. election officials don't think it's a problem unless it's a close election. there's no corruption in our election process unless it's close. so they're just hoping that there's an expanse of differences in this race and that nobody brings up the issues. but if this is a close race, i think you're absolutely right. we may be waiting days, weeks, months to get results. stuart: okay. >> nevada i believe right now has the most corrupt election laws in the country. stuart: the president is suing. dean heller, thanks very much for being with us on a very important subject. thank you, sir. appreciate it. couple of breaking news items for you. first of all, let me make sure i've got this right. joe biden has said he will not travel to milwaukee to accept the nomination of his party. so he's not actually going to be there. is that accurate? that what he's saying? that's from bloomberg news service. that's what they are saying. biden will not travel to milwaukee. got it. the next major item is this. restrictions on internal travel. new york city mayor bill deblasio starting today, the city will implement quarantine checkpoints at entry points to the city. the sheriff's office will have checkpoints at major bridges and tunnels. individuals who fail to quarantine are subject to a $10,000 fine if you don't fill out the department of health travel form, you get a $2,000 fine. that's really more like at the airports and train stations. what we're doing here is checking at the tunnels and bridges. that is a restriction on internal travel, where you are coming from. should you be in quarantine. we are going to check you right there. this is a very big deal. can we -- look at that. look outside right now. that is sixth avenue, new york city. should be bustling. it's not. it's virtually deserted. it's going to get even quieter if they have these internal travel restrictions. let me go through a couple individual stocks. first off, amazon. they have announced plans to expand their fulfillment center and build a new one, actually, in tampa, florida. 750 new jobs. doesn't affect the stock. but it is up again. activision blizzard, video game publisher. oppenheimer boosted their target price to $95 a share. they just had a blowout quarter, driven by people staying at home and playing video games, of course. right now, the stock is down a fraction. oppenheimer says it's going to $95. samsung unveiling a series of new products. it's a virtual event and it's happening right now. susan, what are we seeing? susan: we have five new devices being launched from samsung and that includes two new 5g phones. you have a watch, earbuds and a new tablet. a new 5g flip phone, a galaxy fold, and also the introduction of the new version of the galaxy note 20. two sizes here, new colors and samsung just announced a partnership with microsoft xbox to bring games on to your smartphone. a hundred games will be available starting in september, including the very popular minecraft. samsung's phone launch is going to be an interesting test of apple's fall release where we expect the new 5g iphones. the question is, are consumers ready to fork out more than $1,000 plus for smartphones during this covid time. the fold and the note are two of samsung's most expensive devices. is the appetite there for expensive phones? it has been great so far this year. for instance, the samsung -- the expensive s20 has sold nearly 50% less than the older version of the s10 so far in 2020. i'm sure apple will be taking note of this because in the u.s., apple sells more phones than samsung does. last year shipping 70 million iphones compared to samsung's 37 million. globally, samsung has shipped 30% more and are the number one seller of smartphones internationally but those are usually lower margin, cheaper phones and that's why apple makes ten times more in sales than samsung does each and every year and each and every quarter. i guess apple has proven steve jobs' mantra, own it from end to end, from the operating system to the services, the add-ons like tv and music, and that's how you get to be the biggest company on the planet. samsung usually rolls out add-ons from other companies. last year, they had epic games which makes the fortnite game and the previous years, they had spotify's founder and this year they are partnering up with xbox and microsoft. stuart: i didn't know microsoft -- i'm sorry, apple sold 70 million iphones in one year in the united states alone. susan: globally they shipped 200 million phones. that's why they are, what, $200 billion away from being a $2 trillion company. they would be the first company to do that. they are also by the way the most influential, the most heavy weighted on the s&p 500 now in 40 years. 40 years. stuart: amazing. it's called dominance. thanks, susan. we have a new report from jpmorgan on just how much people are using their credit cards. spending trend, is it slowing, ashley? ashley: it is. it appears to show there's a stalling out, if you like, for the last month or so. spending has been at 10% or more below 2019 levels after a nice sharp rebound from the lows of march and april. it's interesting because it shows different sectors have different spending habits. of course, spending is up in supermarkets and wholesalers but way off for restaurants, gas stations, hotels and airlines. by the way, baby boomer spending is down 18%. stuart: whoa. ashley: millenials, not so much. stuart: i'm a baby boomer. i'm not spending as much. all right, ash. thanks very much. listen to this. we have seen baseball games delayed for weather, injuries, but nothing like this. a drone flying right over the field and stopping play. we will tell you how long it stuck around for. we'll have that story for you. joe biden's plans to eliminate a tax benefit in the real estate sector. it's worth billions. our next guest says if that happens, prepare for property values to plunge. more after this. ♪ my husband and i have never eaten healthier. shingles doesn't care. i logged 10,000 steps today. shingles doesn't care. i get as much fresh air as possible. good for you, but shingles doesn't care. because 1 in 3 people will get shingles, you need protection. but no matter how healthy you feel, your immune system declines as you age, increasing your risk for getting shingles. so what can protect you? 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>> that is correct. 1031 is essentially a wonderful tool that's utilized by investors not only of big nameless corporations but mom and pop investors who maybe only have one or two residential properties in their portfolio. stuart: what would be the effect if you couldn't do a 1031 exchange any longer? what's the impact? >> it would be hugely detrimental because as i mentioned, it's not just for the benefit of the rich or for large corporations. in fact, it's how many american families have been able to build their net worth through generational legacy tax investing in real estate and it's through the 1031 exchange, by in fact rolling their profits from one property into another, it encourages american investment and also generational wealth building. stuart: your message is watch out if joe biden gets elected, you've got a problem with the 1031 rollovers and you are going to be paying some tax. okay. i got that. now, if i think there is a real estate boom and i do think there is, i think it's in progress right now, how do i invest in it? other than buying single family homes, how could i be an investor in the real estate boom? >> what's incredible especially with 2020 given the technology that we have, there are investment opportunities for as little as $5,000. you don't have to have six figures anymore to get into real estate investing and it's truly a great way to be able to build generational wealth and also kind of dip your toe into how you'll be able to see a gain long-term and hopefully tax-free by building different ways of investing not only where you live and work but also around the country. stuart: do i buy a real estate stock, a housing stock? what do i do? >> you can invest in stock. there are different platforms and programs like insta-lend.com that allows for small microinvesting into real estate that offer you a first position opportunity into different types of programs that are around the country. stuart: give me the name again, please. >> insta-lend.com. they require small microinvestments, $2500, $5,000, and that can get you into a real estate portfolio that they help manage. stuart: i get a piece of the action, a very small piece of the action right there. lisa, that's valuable information. we appreciate it. come again soon. >> happy to help. stuart: sure thing. see you soon. lauren, come back in again. i want to know about this bankruptcy filing, on the rise? how much? lauren: well, it's ugly. corporate bankruptcies spiking 52% versus last year. the exact number is 642 businesses filing chapter 11 last month. this year, 4200 so far. those numbers will go up, hitting energy, retail, travel and entertainment companies the most. personal bankruptcies, nearly 40,000 of them in july and yes, those numbers are going to go up, too, because mortgage forbearance programs and eviction moratoriums, they are going to start to wind down. they are bad numbers and are going to get worse. stuart: i guess it was expected. we weren't expecting a decrease. everybody was expecting a rise. lauren: right. and the companies that are going out are ones that were struggling with high debt loads before all this. now the pandemic hit and just accelerated their fate. stuart: it gets worse, i suspect. thank you, lauren. let's have a look at tesla. their chinese rival is raising a lot of money, susan. how much? susan: $400 million, according to reports. it's interesting that alibaba is an investor along with the qatar investment authority and abu dhabi sovereign wealth fund as well. the company is in talks initially just to raise around $300 million but then another investor came on board so that brings the total to $400 million and on top of the $500 million that the company raised last month. sounds like they are all cashed up. they have also quietly filed for an ipo in the u.s. still haven't decided which exchange, the nasdaq or the new york stock exchange. but electric car stocks are hot, thanks to the robinhood day trading brigade. xpeng's rival nio more than tripling this year. tesla has done just as well, up 237% as well, xpeng makes a sedan that competes with the tesla model 3 in china and they saw their first deliveries last month. china has a huge appetite for electric cars. fast recovery from covid, you saw nio's july delivery jumping four-fold. stuart: there's a market for electric cars in china. i'm not sure about the united states of america. susan: stop. there is. it's just it's usually on the coast, new york and california. stuart: that's true. you got it. thanks, susan. we have been telling you this for months. bikes are a pandemic winner. as more cities open back up again, people are opting for electric bikes. to avoid public transportation. what a story. we've got a live demo for you. baseball forced to postpone 21 games because of the virus this season. but the nba doesn't have that problem inside their disney bubble. would that system work for baseball? we will ask a former pro, next. ♪ it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪ stuart: i'm still seeing green, a lot of it. now the high of the day for the dow, up 350 points. nice gain. draftkings. interesting story. they are expanding with a retail location inside a casino in illinois. kind of a bricks and mortar kind of thing. you can download the app and visit the casino. the casino queen, it's called, right outside st. louis. new development. draftkings down 2%. take a look at this. that's a drone flying over the minnesota twins field. happened right in the middle of their game against the pirates. it's not clear where it came from but it stopped play for about five minutes. it's believed to be baseball's first ever drone delay. that's probably the least of baseball's worries. the virus has sickened more than a dozen members of the cardinals team but they still plan to play on friday. lot of games are on pause or canceled. let's bring in former major league baseball player nelson figueroa who joins us now, host of the amazing but true podcast. welcome to the program. obvious question for you. if you were still playing in the major leagues, would you take the field right now? >> i think absolutely. as long as i didn't have anyone with any pre-existing conditions in my family or i wasn't going to be around them for quite some time, i trained my whole life to be a professional baseball player and having the opportunity to play the sport and actually be out there with my teammates was something i signed up for. stuart: 21 games have already been canceled or postponed this season. that's a big chunk of an already truncated season. i think this is real bad for baseball. it was in trouble before the pandemic hit us and now this kind of pause for so many games. baseball's just not looking good right now, is it? >> it's very difficult when you talk about two different sports. basketball has the bubble, of course, and things are a little bit more under control inside of a bubble. with baseball, teams are traveling back and forth, they have all the different ways of getting around travel, staying in hotels, worrying about where all 30 members of the team are at all times and not just 30 members of the team but there's also their training staff, their coaches and the front office personnel that are traveling with the team as well. there's a lot more variables that i think are coming into play here and we are seeing that one or two guys going out and coming back, we see how quickly this thing can spread. it's very scary because once you get inside that locker room around teammates, you want to stay with the six feet distance and some teams are suggesting ten feet, but that's never enough when a guy hits a home run or makes a big play and you get a high five, then all of a sudden guys are around each other in that baseball mode and they want to be close. that's something that we're seeing happen far too often right now. stuart: yeah. it's a contact sport. whether or not you like it, it is a contact sport. it's not quite the same as football, where you are hitting each other all the time, but it's a contact sport. i guess a bubble would not work in baseball? we've got a bubble in basketball. wouldn't work in baseball? >> it would work. it would be very difficult, again, because you would have to be able to house all the different teams in that same area. even the cleaning staff, i think the logistical nightmare of baseball is so much more difficult. i know what's going on with basketball, the amount of testing, how quickly they can get the test results back, all those different things, you also have to understand that the people that are serving food, bringing food in and out, you can travel, the bus drivers, everyone has to be tested. there's so many things that can fall through the cracks. stuart: the virus or the lockdown has changed so many things. do you think it's changed the way we look at sports, go to sporting events, watch them on tv? has that changed? >> for the time being, yes. for the time being, yes. what i'm hopeful that even though there are positive tests, there are no deaths thus far. that will be where it gets serious. you have young healthy athletes in the prime of their lives and they are able to contract this disease and work their way through it, you know, run its course, 14, 15 days quarantine and they seem to be okay after that. some people are having some complications. but it's not nearly the same as, you know, most of the population. so a young athlete, they have to be able to get through this in some way, shape or form. stuart: look, thanks very much for being on the show this morning. tough go there in baseball. we're glad you're with us. thanks very much. i want to break in with this. joe biden's campaign confirms he will not travel to milwaukee for his dnc nomination speech. they say it is meant to protect public health. that event scheduled for thursday, august 20th. there will be no speakers and joe biden will not be there. now let's take a look at e-bikes. i call them electric bikes. cities are racing to buy them as people head back to the office. grady trimble in chicago. are people using bikes, electric bikes? you're on one. are they using them instead of mass transit? reporter: they are. that's the idea here. this is a divvy bike, the ride share company owned by lyft here in chicago. i'm going to get going here, if i can. we are on the beautiful chicago lakefront. deloitte predicts there will be 300 million e-bikes all over the world on streets and roads all over the place by 2023. i want to show you some sales numbers, as i ride past joe, who's got a second camera to give you a second shot. 17,000e-bikes sold in the year 2016. fast forward to 2019, that number was multiplied by seven times and they are anticipating that e-bikes are going to grow even more because people don't want to get on public transit, they would rather control their environment and this is a great way to do it. you can go up to 15 miles per hour on this particular bike, up to 25 miles per hour on some bikes. ducati, the famous motorcycle maker in italy, they are getting into the e-bike game as well. they just released three of them. divvy just rolled out these e-bikes all over chicago. this is actually my first time on one. i figured why not give it a whirl on live tv. i can see you zipping around manhattan on one of these things. stuart: no you couldn't. no, no, no, no. you look like you're on one of those stationary bikes in a gym. that's what it looks like. i can see the chicago passing by in the background there. good report. thanks very much indeed. see you soon. now, check teledoc, please. fox news has confirmed that they are in the middle of a merger with another online health company. deal said to be worth around $18.5 billion. teledoc is down 13% right there. tiktok's parent company, that would be bytedance, of china, they deny a sale to microsoft could be accomplished in the next three weeks. that comes as president trump says the u.s. should get a cut of whatever deal is made. okay. more on that later. ♪ 1 in 5 people you meet wear dentures. yeah. that many! but right now, is not the time to talk about it. so when you're ready, search 'my denture care'. poligrip and polident. fixed. fresh. and just between us. i appreciate what makes each person unique. that's why i like liberty mutual. they get that no two people are alike and customize your car insurance so you only pay for what you need. almost done. what do you think? i don't see it. only pay for what you need. liberty. liberty. liberty. liberty. ♪ the united states, which is making it possible to buy because without us, they can't do anything, should be compensated, properly compensated with a very big payment so that money would go into the treasury of the united states and by the way, microsoft which is looking at it and others, they all agreed to that. stuart: the president wants a piece of the action in any sale of tiktok to microsoft. susan, i take it that microsoft is still the front-runner. susan: yep, that's right. despite the fact president trump and also tiktok's parent bytedance says there are others, it looks like microsoft is still the front-runner but bytedance, the parent company of tiktok, denying that a deal will be done in three weeks that's being reported this morning. so bring up the tweet from the china propaganda arm. there you go, tweeting that tiktok's parent company bytedance denied the deal to sell the app to microsoft will be reached in three weeks. cnbc is reporting. the price tag being reported and circulated this morning could be as high as $30 billion, as low as $10 billion. microsoft will supposedly transfer all of tiktok's code from china to the u.s. within one year if the deal goes through. that would be earlier than the september 15th deadline, the three weeks. the u.s. president has of course said september 15th is the deadline to get a deal or the app will be banned but the complex deal across many geographies, since microsoft said they were interested in tiktok's business in the u.s. but also three other countries and there might be possibly other suitors as you heard from president trump, so tiktok's parent bytedance might be looking at other offers as well. but we don't know who exactly they are right now. is it facebook, is it google? those are names that have been floated. now, there is competition today to deal with for tiktok, for instance, facebook launching its competitor, instagram reels, now available in 50 countries today. think 15-second user generated music videos instead of one minute with a large catalog of music for users to include and facebook, remember, they copied snap's disappearing messages. that hurts snap's growth. instagram reels is competition tiktok has also warned about last week. so is this going to get $30 billion for that price tag with so much competition coming online? stuart: i just can't believe anybody would turn down the chance of buying a ready-made social network with 100 million young americans on board. susan: you scoffed at the price tag last week, saying where does $50 billion come from. now $30 billion is a bargain to you all of a sudden? stuart: no, it's a bargain, isn't it? isn't that a bargain? susan: i think five, ten, definitely fire sale barring janing. 30 billion cheaper than its last valuation, sure. don't forget, you have facebook getting bigger when it comes to short video, short music videos. stuart: they've got the money for it. if they want it. susan: microsoft, yes. yes. stuart: hold on. got to move on. time is up here. ashley, come in and tell us about the big trade meeting with chinese officials. big deal. ashley: well, it is a big deal. talk about phase one, scheduled for august 15th, according to reports. of course, it would be a teleconference involving u.s. trade rep robert lighthizer, china's vice premier, talking about phase one of the deal. remember that, china committed to buying $200 billion worth of u.s. imports over a two-year period and by all accounts, they are falling well short of that number. they had been buying soybeans, pork, corn, other farm products but not at the pace if they are going to hit this target. this meeting comes at a time when relations between the two countries, not great. of course, we mentioned coronavirus, hong kong and oh, yes, tiktok. it's going to be an interesting conversation. stuart: i think it probably helps the market, the idea of having a china meeting august 15th, the officials all there. i think it helps. the dow is up 329 points. okay, everyone. more "varney" after this. motorcycle riders love the open road. and geico loves helping riders get to where they're going, . . . a fifteen percent credit on their motorcycle policies with the geico giveback. and because we're committed for the long haul, the credit lasts your full policy term. the geico giveback. helping riders focus on the road ahead. i'm an associate here at amazon. step onto the blue line, sir. this device is giving us an accurate temperature check. you're good to go. i have to take care of my coworkers. that's how i am. i have a son, and he said, "one day i'm gonna be like you, i'm gonna help people." you're good to go, ma'am. i hope so. this is my passion. if i can take of everyone who is sick out there, i would do it in a heartbeat. find a stock basedtech. on your interests if i can take of everyone who is sick out there, or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. stuart: repeating an important story, the cities of chicago, their public school system will hold classes entirely online at upcoming school year. the third largest school district in the country. quick reminder, send in your "friday feedback" this week. send in comments, suggests, questions. email us at varneyviewers@foxbusiness.com. tweet us, send us a video, we'll share responses at the end of the week. my time is up. neil, i think you have the novavax ceo own your show today, right? neil: indeed we do. one of so many promising vaccines. it is when you think about it, stuart, the market moves on its own accord, anything good on the virus treatment front we're off to the races. we're already in on that mode anyway but this sort of gave it a boost. we'll see what it -- stuart, we're following you have, what is going on corner of wall and broad with 315 point ad vans in the dow. as stuart pointed out we'll talk to the head of novavax on this promising new technology which led antibody push to develop a defense against covid-19. we're exploring that in more

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