as you can see, the s&p is up by just two points. the nasdaq is up by 129 points, firmly on track for its 41st record of the year. market action coming as the dow scrambles its members and apple and tesla hit new highs after splitting their stocks. our floor show traders will put it all in perspective for you. utz picking the pandemic to go public in a very unique way. we will talk to the ceo of the 100-year-old snack company about why it ditched the traditional ipo for a spac. the pandemic driving a suburban housing boom. the ceo of regional home builder tripoint group going to be joining me to tell us why he thinks city folks are suddenly surging into suburbia. plus buffett's 90th birthday buy. the end of market feuphoria and tiktok on the clock. charlie will break it on the social media darling. less than an hour to the closing bell. i'm cheryl casone in for liz claman. let's start "the claman countdown." cheryl: well, shares of gamestop are surging after the cofounder of online pet food firm chewy's reported a 9% stake in the video game retailer on the belief that this particular stock is undervalued. it's up more than 30% right now. shares of workhorse, let's take a look at that stock right now, is trending higher by almost 14%. they just announced strategic agreements withhitachiamerica andhitachicapital america. this will help them develop a national dealer network and vehicle financing options. scitigroup upgraded beyond meat to neutral from sell, saying the alternative meat maker's new website eliminates lack of direct-to-consumer distribution concerns. citi expecting restaurants to up their plant-based offerings as the worst of the pandemic passes. that stock up more than 4% right now. taking a look at apple, the biggest mover on the dow today but only the 18th largest component after today's four-for-one stock split that went into effect this morning. let's flash back to friday, the good old days. apple was the largest component on the dow followed by united health, home depot and microsoft was rounding out the mt. rushmore, if you will, of the dow. pretty picture there. after today's shakeup, here we go. united health taking the lead followed by home depot with new addition salesforce and amgen among the largest components. apple and tesla still do dominate headlines with their record-setting stock splits. we welcome susan li from the fox business newsroom with more. susan: call it stock split monday. it's so popular that online trading platforms like robinhood, charles schwab, td ameritrade and others have phased outages because of this demand. apple splitting four for one, tesla five for one, fifth in apple history, first for tesla. both stocks are rallying today, that was the point to make it cheaper so more people can buy in and they are. stock splits are rare in 2020 because we live in an age of zero commission trading, fractional stocks are available as well, and nothing really changes after this except for maybe the influence that apple has on the dow, as you just highlighted, which goes from number one to the middle of the pack at 17. but the dow can thank apple for propping up the industrials, accounting for 1400 points to the index all by itself this year. also using the apple stock split, by the way, to shake up the index. this is only the third time this millenium old companies come out and new companies go in. the last stock sflplit was six years ago, seven for one split and three previous two for one splits in 1987, 2000, 2005. historically, apple's stock hasn't really performed well after the last stock split. according to data, apple has fallen over 5.5% in the two weeks afterwards so there may not be a need to rush in. as for tesla itself, in spite of the stock split, it's still trading at lofty levels, 1100 times future profits which means the price you are paying today implies you expect tesla to increase profit by 1100 times in the future, at least so we hope. still the most shorted stock in america, over $21 billion, but some capitulation today with the bearish bets, the positive ones at their lowest in history and that's been rare for this company over the last few years. so if you bought $17 at the tesla ipo in 2010, you would have made back 5,000 times your money. cheryl: that is why the bulls still continue to give the love to tesla, no matter what elon musk says on investor day which is going to be next month. susan: battery day, too. very important. cheryl: going to be fun to watch. maybe he will dance again. s&p th susan: that would be great. cheryl: thank you very much. susan li. the dow may be down by 202 points at the moment, but the major average still on pace for its best august since 1984. as you can see, a jump of more than 7.5%. but with the election still two months away, what does it signal for the final months of 2020? we are looking at the one-month gain for the dow which is prets pretty strong. i want to bring in scott redler and phil flynn. what do you think the signal is here for the dow? we have a major shakeup in the industrial average as of this morning. should we be doing more picking this fall or stay with the average, in your opinion? >> which one? cheryl: scott, go ahead. sorry. >> at this point, we are all trying to figure out what the next three to four months could look like because it's going [ inaudible ] to have the same kind of action we have seen since the march lows and pretty much throw history out the window, except history told us over time the bulls do win. but you trade actively and approach the market and try to create [ inaudible ] at this point after the size of the rally we have seen with potential volatility coming in prior to the election, potential not even having a president because it could be contested in november, i would think if you don't want to sell too much of your equities, now's a good time to put on a vix call spread. i put on a vix call spread for october and november just in case volatility spikes, just in case we have too many bulls right now. but i'm also in positions i'm massaging because every week the bulls have proved they can keep the market going. even today everyone said they would sell apple and tesla on the split and both stocks went green and drove the nasdaq. cheryl: that's really a broader market perspective, i think, and strategy. i do want to take that to phil flynn. pardon me for the confusion earlier. phil, that is true, a contested election is something that makes investors very nervous. to scott's point, that's when you start to play the vix. what do you say? >> i agree with him 100%. leave it to scott to come up with the nightmare scenario going into the fall season and get you in the mood for fall, but absolutely. i'm hopeful, i think everybody in the country hopes the election's a lot more decisive than that because i think one of the worst things you really want to see at this point is some type of contested election. but when it comes to volatility you're absolutely right. i think scott makes another good point. you don't want to fight this bull market. how many people have to learn that this is not a bull market to be reckoned with? you've got the federal reserve talking about more inflation last week, you know, more flexibility on inflation. you see things that are really impacting stimulus and you are actually seeing economic data that would suggest that some of these valuations of these companies aren't that far off, that we are going to see some incredible growth in the last quarter of the year. you really don't want to fight that type of momentum. what kind of stocks you buy? if you can't afford apple, because apple is off the tree, you might want to look at starbucks. they always do good in the fall when it gets cold. you get a few more drinks of that latte stuff and all that good stuff. cheryl: i'm ready for pumpkin spice latte. i have no problem admitting that. scott, i want to take you to a point phil made to you. talk about valuations maybe not being that off. i want to give you this. even corporate america thinks the stock market is overvalued. that is the headline of an article that talks about the fact that 84% of fortune 500cfos say the market is overvalued. i was surprised by how high that number is. >> you know what, historically, the pe of the s&p is definitely elevated right now but if you recall, i think somewhere around may, most of the major hedge fund billionaires said the s&p wouldn't go above 2850 and here we are at 3500, 3515 or so, wherever we are. you can't listen to everyone's opinions out there. the market will tell us when it's ready to falter. the market will tell us when volatility's going to spike. i like to use moving averages and technicals because usually fundamental perspective is an opinion because it always changes and everyone has their own narrative. slon as long as the s&p is above the 21 day, which signals a strong market, i will be optimistic and be in the best acting names. if that starts to falter like it did in february before the decline, then i will be a little more flexible. i will also stay long-term in my 401(k), 403-b, my son's 529. depends how you want to approach it. it depends on your time frame. cheryl: nobody wants to see february or march really ever again, hopefully. scott redler, phil flynn, gentlemen, thanks to both of you. appreciate it. well, speaking of markets, let's collect theck the big boa. we're not at session lows but 188 points off, 28,465. snack giant nestle moving further into the health and sciences space after it agreed to purchase immune therapeutics for $2.6 billion. immune wanted approval for the first treatment for peanut allergies early this year. nestle has been building a health science focused business for decades, mostly on dietary management. nestle slightly to the down side. aimmune therapeutics up 21%. another snack staple, utz, going public today. why is the 100-year-old family-owned brand finally taking itself public with a spac company? we will talk to the ceo, next. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪ ♪ if i could, baby i'd ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. cheryl: well, as more americans look to avoid the quarantine 15, the hunt for healthy snacks is heating up. a new study from fortune business insight says the healthy snack market, things like meat snacks, trail mixes, granola bars, was $78 billion in 2019 but that will soar to $108 billion by 2027. the study, music to the ears of snack companies around the world, including utz, the largest family-owned salty snack company in the united states, who just went public this morning under ticker symbol utz, of course. joining us from the floor of the new york stock exchange is the ceo, dylan lisset. great to have you here. congratulations. >> thank you. good afternoon. cheryl: talk to us about how you did this. you didn't do a traditional ipo. you did a spac which, if our viewers don't know, special purpose acquisition company. why did you go this route? >> really, we started this well over a year ago, kind of before spacs became such the rage which has really been the last couple months. we happened to meet up with the founders of the collier creek holdings, roger, jason, craig, the folks that are on the board there, and really just started talking about how we might find a path to an ipo through the spac process. what we really liked about it were the people and you know, the game plan that they had executed in the past and how that might add value to our company. so if we could combine with them and go public via the spac we thought it would be a great way to do it because we have a turnkeyboard of directors which are fantastic. we worked for almost a year on our strategy and our plans to go forward, so ultimately just ended up being a great vehicle for us to go public and again, it was before the most recent rage in spacs becoming such a common vehicle. cheryl: it really has. you mentioned roger duramende. he was the ceo of kraft at one point. you've got a good partnership, i would assume, in that group. that makes a lot of sense. it's got to be the right partner, i would assume. i want to talk about the pandemic and your company and how things have changed. you have obviously got manufacturing sites across the united states, you've got i think it's arizona, you've got pennsylvania, illinois. how have things changed in the manufacturing process during the pandemic and especially with workplace safety? >> yeah, we leaned in real heavily. in early march, when the whole sort of pandemic started and began really coming forth, we actually went to some experts, we really knew this was going to be something we had to be concerned about. we leaned in very early on, ppe, on social distancing in the plants, staggered work forces, cafeterias, different doors, cutting off suppliers and vehicles from being able to enter our facilities, keeping everybody segregated. we kind of went really early on that direction, and it started paying dividends because we had very few cases and just a lot of safety first culture. we have a great team in place. we made a lot of structural changes to make sure that that happened in march, but then that we continued that through until today. even through today, of course and into the future on how we keep people as safe as possible. cheryl: which is so important nowadays for everyone. one of the things that's interesting about utz, it was always a family-owned company. the wright and lissette families. at the same time you have been there for 25 years. i'm curious what you would say to anybody watching who is interested in your stock now. it's still going to be more than 50% family-owned. that tells me that's controlled still by the family. >> yeah, i mean, we believe ultimately that we have been great stewards of the business for over a century. if you go back to 1921 when it was founded in the small town of hanover, pennsylvania and through the generations of my father-in-law, mike rice, and his wife, jane, and his dad and mom and grandparents, the rices have been great stewards of the company. the hanover community has been fantastic. really, as we sort of looked at a way to go public and maintain interest in the business but set ourselves up to be very dynamic, we can are the fourth largest salted snack platform in the u.s. today, we truly believe we can become the third in due time and we can become the second largest in due time, utilizing our platform and our strengths and capabilities. so for someone who is looking at investing in the brand, i would feel very comfortable and very happy to know we are retaining such a large stake within the company so that we can continue the magic that we have really worked on over the last almost just short of 100 years. cheryl: i want to ask you before we go, you make everything from pork rinds to pretzels. i personally like your pretzels. i was just telling you that in the break. what's the most popular thing right ynow people are buying? >> the potato chips have been really through the pandemic for whatever reason. potato chips, and we actually have a fair share of the potato chip category. potato chips have been really on fire. cheese balls are fantastic. the cheese ball barrels we do have been iconic since 1997. we just continue to do more and more of them. it's really across all of our brands and portfolios but the utz brand potato chips and cheese balls are on fire. cheryl: well, dylan, congratulations on the ipo. big day for you and your company. >> great. thanks for having me. cheryl: here we go. dow was down 217. now we are starting to touch session lows. a lot can happen in 39 minutes. you never know. hotel giant marriott international announcing it is going to de-list from the chicago stock exchange in order to help reduce administrative costs and requirements. nyse chicago will suspend trading on m-a-r prior to the opening bell september 21st. shares will continue to be list order the nasdaq global select market. there is marriott international, stock is down. it's had a rough year, as you can imagine. stock's down almost 3% right now. as another round of stimulus has seemingly been put on hold, americans are turning to discount retailers to help cut costs. but with the appetite for discount shopping, will that continue even when the covid-induced recession subsides? kristina partsinevelos breaks it down for us. she's coming up next. this is decision tech. find a stock based 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. and still going for my best. even though i live with a higher risk of stroke due to afib... ...not caused by a heart valve problem. so if there's a better treatment than warfarin, i want that too. eliquis. eliquis is proven to reduce stroke risk better than warfarin. plus has significantly less major bleeding than warfarin. eliquis is fda-approved and has both. what's next? reeling in a nice one. don't stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. while taking eliquis, you may bruise more easily- -and it may take longer than usual for any bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising. eliquis may increase your bleeding risk if you take certain medicines. tell your doctor about all planned medical or dental procedures. ask your doctor about eliquis. and if your ability to afford... ...your medication has changed, we want to help. cheryl: quite a market day as we round out the month of august and another month in the books for the dow, the s&p and the nasdaq. at this point, the nasdaq is on track for another record close. s&p was in the green just a few moments ago, but we've still got 33 minutes to go. a lot can happen. the dow solidly in the red. i want to show you the vix right now because we actually just hit session highs on the vix just a few moments ago and basically, that's the thing we were talking about during our floor show, the fact that this is kind of the thing you want to watch. this is the fear gauge, if you will, for the markets. the more this thing goes higher, the more fearful are investors. discount retailers thriving as cash-strapped consumers are seeking out stores with the lowest priced groceries and household items. the financial stress leading more and more people to shop for their essentials at dollar stores. let's head to kristina partsinevelos, who is outside of five below right here in new york city. hey, kristina. kristina: yeah, hey, i'm just down the street from you. as we know, cost-conscious consumers are really trying to stretch their dollar further. this comes as millions of people are out of work, they are not getting, we know, benefits checks or they have had pay cuts or unpaid furloughs. that means the hunt for a bargain is on, hence the reason i'm at five below. everything in this store is supposed to be $5 and below. we know dollar stores overall have been doing quite