Final 59 minutes of trade, looks like the bulls started happy hour little too early and completely stopped. They had to sit down. Look at the dow entered day. The rally up 290 points to the upside, it has entirely disappeared. We reversed. The dow was down one hundred 12 points. A pretty significant swing here. Lets look at the s p. It was again of 38 points, we are down 17. All happening at precisely the same time. Look at the nasdaq, the broader markets around 2 00, 10 00 pm, the nasdaq had been as high as one hundred 59 points, way up higher, it comes just as apple dropped below its 50 Day Moving Average in heavy trading. A move that can be considered a cell signal. You can look at apple right now down 4. 5 , 11 00 a. M. 00 am it was down 2 and change. You see the doubling and this sort of waterfall situation and 182. 63 a share, apple has lost its 3 trillion market status, apple did beat on the top and bottom line for quarterly numbers but iphone sales in at 39. 67 billion, shy of the Consensus Forecast of 40 billion, nonetheless iphone sales in india had a record, they had other solid metrics but investors are cashing out after a 59 run up so far this year. Ceo tim cook declined to hypertext giants Machine Learning plans. He did not mention ai which is in contrast to amazons ceo. Tim cook never brought up ai until an analyst asked about them on the earnings call. He didnt go crazy on it, he said we take it seriously. We think it is critical, you will know when we know and when we have something to say about ai. Lets look at amazon. A completely different story. A power packed Earnings Report from the company. Before we show you anything else, got to look at the intraday, Still Holding up 9 of its gains, very nice move here, shares are skyrocketing, the best percentage gain since last november. It was again of 12. 2 but if you look at the price, price of 140. 87 for amazon shares, the stock closed yesterday under 129 and in this final hour, it has made a really big moonshot thanks to outperformance at both its retail and aws cloud business. I mentioned wall street showering the ceo who said every single team is working on ai projects showering him with praise in the form of price target hikes. I lost count at 17 price target moves to the upside. The praise is coming in that form in part because the street really likes the whole picture here and 185 a share is the street purchase followed by credit suisse. We should mention that this. We have a slow down, mild slow down and job creation. That was encouraging investors out of the gate. 187,000 jobs created in july, slightly less than the 200,000 estimated indicating the Federal ReserveInterest Rate hike cycle is working to slow the economy and tamp down inflation and maybe the fed might pause or end its tight Monetary Policy except theres of this. Average Hourly Earnings are still climbing. This is a gauge of wage inflation, they beat month over month estimates and yearoveryear estimates with labor costs may force employers to keep prices whether it is restaurant food or not, higher, to pay for those higher labor costs but as the market makes this reversal, joining me now, keith fitzgerald, pete, i know you look at these things. Are we right on the apple issue dropping below 50 Day Moving Average or do you see Something Else the cause a sharp reversal . I find it interesting. The iphone numbers are what everyone is looking at. 50 of the revenue. Look at that number in the number finally missed, that was something that did shock the markets to some degree and this stock has been ripping all year long. When you look at it from a valuation perspective it is trading at approximately 30 and when we look at valuations like that for apple, in the low 20s is a little overpriced . It felt like it was. It got to 198 and here we are now closer to 182. It makes some sense but i would say this. Those services at the margins you get from those services, that was a big number at a nice beat. There were positives as well. Liz exactly. Keep in mind a guy like warren buffett, the largest shareholder of apple stock said the only days hes not buying apple stock are days when the stock is climbing. Hes probably buying right now with this 4. 5 cut. Do you see anything other than apple that would have caused such an outsize reaction to the marketeer . No i dont. Im with buffett. I bought shares of apple myself. This is purely a technical nature excelling reaction. A lot of profits on the table, shortterm traders doing what they need to do to create the lottery ticket. I dont look at this with john desai. Im with pete, there is upside here. The question becomes what is this going to be in for 5 years and the answer is dirt cheap. Liz okay, okay. Pete, when you look at the broader picture the jobs report is very goldilocks, not too hot, not too called except the wage picture. Lets look through the prism of investing. What sectors are looking good and what names are souring a bit . Some of the names that are souring are the runs weve seen in technology. It has been extraordinary as we know. It is not just everybody talks about whatever they want to call it. There are more than those names but it is technology. They are a little lofty so i can see why there might be some moving into other sections. I like energy a lot going into the second half. July 1st, to the point where opec cut 2 Million Barrels a day off and we been watching the price of crude go two steps forward one step back, 68 to 82 in a hurry. I dont think 82 is the top either. Weve still got some more room to the upside so energy, materials, certain parts of the market will start to pick up in the second half but there are names with plenty of room to the upside as well but there are some lofty ones out there right now but i will give you a great name that has room, caterpillar has been on an absolute tear all year, they came out with earnings a while ago and it held the markets up and Everything Else was going on. Keep an eye on the 10 year, that is what we were seeing today as well. Lets look at yields, the yields were falling and stocks were spiking. They were falling for the 10 year, 4. 065 yesterday. I had it at this time of day around 4. 17 , pretty much multimonth high. Really interested to see that the t bills, keith fitzgerald, the shorter duration ones from one month to 12 months are moving higher and you get the sense that the shorter end of the curve if you believe elon musk decided to weigh in on that is really an opportunity right now. I to share that thinking. When the market gets out of sorts you got to ask who is putting money in the corner of the room and who will pick it up . Ive been looking at chevron. When we come back to 2024, and yield beginning to change. Liz this is more than just apple. We are hitting a session low at the moment for the dow. Loss of 146 points, now it is 148, not the worst thing in the world but when you look at the swing from nearly 300 points down another 146, 450 point swing here, all because of a single stock. Does that not mean whatever the nasdaq did when they rerated amazon and apple, not really having an effect, or is it just a technical selloff . I think it is a combination of a lot of things. Obviously apple with the power that apple has is a factor. People like to read through that. Often times you can take a look in the first half of the year and look at the s p and look at apple and they look very similar. That was when apple was running to the upside but still traded at a much easier to look at pe in the low to mid20s and here we are in the 30s. I would say this as well. Because of amazon we had a nice little pool at a couple other names in the cloud industry early on. Theyve given some of that back. Look at microsoft today. Earlier, it was absolutely screaming to the upside along with amazon. Liz i mean, keith was buying apple this morning. You should have waited until this afternoon. Okay. Talk to me. Theres always opportunities out there in my opinion and i think keith was right to take a look at it and one thing that i always use as a crutch would be this. I often times say there is no 1day event. Despite the fact that apple is going down and going down all day, started to come back a little bit and then a little bit more at 182. To get a little lower, theres a support area near one 80 for apple and in that case, not that youve got a bottom there but that would be where i would start to add a little bit. This is a name that ive literally owned since 1993. I like this name. Theyve done a magnificent job over the years creating new Revenue Streams and others following along with the that cell they are the gold standard. On the pullback i think you dont have to be in a rush to buy it right now. Liz these opportunities come few and far between. Great to have you. New session low for the dow jones industrials, one hundred 55, we are off of that, one hundred 26 points but a complete reversal in the gains we saw earlier today have been vaporized, not so for barbie. Barbie is now about to become a box office billionaire. The warner bros. Movie is expected to top the box office for the third weekend in a row. Great news for theater chains. Cinemarks current court, last corner wasnt bad either. Cinemark ceo next on the long vapor trail of barbie and the strike in hollywood, writers and studios restarting negotiations at this hour. What is the outlook for Silver Screen content. The closing bell ringing in 48 minutes. The selloff is pretty well entrenched at the moment but maybe we will see a comeback as the dow is down 115 points, we are on it. The chase ink business premier card is made for people like sam, who make everyday products, designed smarter. Like a smart coffee grinder, that orders fresh beans for you. Oh, genius for more breakthroughs like that i need a breakthrough card. Like ours with 2. 5 cash back on purchases of 5,000 or more. Plus unlimited 2 cash back on all other purchases. 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Yellow is considering sale of its assets and real estate or a bankruptcy filing which could happen over the weekend, this after it shut down operations last sunday and cut its 30,000 employees after 1. 5 billion in debt. Let us move to a story about the movie business, movie spoils of july are spelling into august. Deadline reports warner bros. s barbie is on track to gross one billion dollars of the Global Box Office by monday if not earlier. If not sunday. Universals oppenheimer is closing in on 200 million in the us alone. Movie theater operators are doing the happy dance because of that. In july, cinemark, the thirdlargest Movie Theater chain in the us reported its highest box office month ever. Forget post pandemic, ever. The only speedbump on Movie Theaters where, extended hollywood strikes. The writer strikes markets one hundredth day wednesday and the actor strike does continue but theres a glimmer of hope at this hour. The Writers Guild and studio are today restarting talks which broke down 3 months ago as Movie Theater chain cinemark is making profits post pandemic. Joining us in a fox business exclusive is sean gamble. You swung to a profit in the second quarter. That doesnt even count barbie and oppenheimer. s q3 on track to exceed what you just reported . We are thrilled with the results we have seen so far this year as more films have come back into the marketplace, the quality of the films has continued to be there. Weve seen sustained excitement of consumers to come out for the theatrical experience. We are really pleased with the continued momentum, results to date and optimistic how things will continue to progress through the year. Liz and for the quarter, i guess that was a vague yes to the question but how much of the Record Box Office you are seeing is due to the pairing of barbie and oppenheimer . That is a big driver of the Third Quarter results. We had mission impossible, dead reckoning part one in there. A surprise hit with sound of freedom, the faithbased film, 150 million date. Theres been a series of films, Indiana Jones in the mix too. It is a blend of a diverse range of content in addition to the results of barbie and oppenheimer. Liz amazing, weve seen the market reverse, the dow, nasdaq and s p, 2 10 00 p. M. Reverse but Cinemark Holding onto 2 gains at last check. There are so many people who predicted that covid was the final deathblow of what was a dining business, that was people going to the Movie Theater. 37 is shorted. Wall street appears to have this wrong, dont they . I know you cant control what shareholders do but to honor 12 45 , someone is getting squeezed. There has been questions during the pandemic about where things are going with industry but the message we have been trying to communicate, when you look at the key fundamentals, what are consumers doing good, got of of the pandemic, movie going as strong as it has ever been and we hear from our studio partners that they intend to ramp production back to prepandemic levels, Companies Like amazon and apple now start to get into theatrical exhibition. Weve seen a range of different alternative content picking up speed. When we look out we see a scenario that could have more volume than we received prepandemic which as strong consumer moviegoing behavior as ever. We think it will take a little time. Its unfortunate everybody hasnt seen that but we think it will get there just as time progress is. The sound of freedom, a huge social media push behind that, social media push behind barbie. Standing by live is my disco barbie from the movie but lets talk about what is coming up. Some of the movies, teenage mutant Ninja Turtles, mega 2 is out this week, you see a longer tail beyond just beginning of august, september. Absolutely. You just mentioned we are looking at another big weekend this coming weekend, reviews for teenage mutant Ninja Turtles have been strong, weve got the continuation of barbie and oppenheimer, meg opening up, our parking lots of the impact not just over the weekend but all week long, look at that and what is coming up for the remainder of the quarter, the rest of the year with dune and hunger games at marvel and aquaman and trolls, migration, wish, so many films to continue to maintain this momentum. We are excited about how this year could wind up. Liz im excited about meg, we just showed a clip. That thing is huge. Lets talk about the strike. The strike, studios look like it hasnt had a huge impact but in a way there may be a lag when it comes to content. Where do you see it. Warner bros. Discovery, admitting the content, theres a point where the well does run dry and they need fresher content. How do you see it as a theater operator . I think the effect on product flow is going to depend on how long these negotiations progress. We know from conversations with content partners, they are doing what they can to minimize disruption of that flow and hold to planned releases but it will depend on those ongoing conversations. What is most important is this could elongates lightly in the trajectory of recovery weve been seeing, we dont see the strikes affecting longterm key fundamentals around consumer interests or product lows are going, specifically our company, with all the work weve done to strengthen our financial position, to continue to enhance the experience and improve operating capabilities and