Briefing. Well bring it to you live from the white house as soon as it begins. We have a big show for you on making money. Charles folks the broad market trying to rally without the big growth names right now. Ive been pounding the table during these periods of socalled rotation. Dont get blinded by headlines or news that the market is down. Because these value names simply do not carry the broad market but they can make you a lot of money. I think it is critical for the overall rally to broaden out you need more winners. I will bring in two of the best right now and discuss where theyre investing. Fitzgerald group Keith Fitzgerald are and kingsview, Wealth Management cio, fox business contributor, scott martin. Scott, material names have been up. Industrial names have been up. Theyre very tiny fractions of the dow, s p, nasdaq so the overall market will not be up but there are big winners there. There are, charles. I like your call. Feels good to having the fangs go up every day like they have been in may and june, the reality you need more expansive rallying stocks. You talked about the key where this rally is going which means it will probably spread and continue to spread as we talked about to the midcaps and small caps and financials which you know i loved in the last few weeks but it is so funny when you talk about the size of the Industrial Companies and s p financials are very small now too. When they rally, they dont bring the market up much but good to see them go up. Charles i will circle back specifically to talk with banks with you because i know you like them but i want to bring in keith as well. I posted posted a photo of ups e outside. My wife took it. Gigantic line. I went earlier in the week. Same sort of line. Fedex is top five percentage gainers today. There is money to be outside of the facebooks of the world and googles of the world, but it doesnt reflect. The markets could be down but you could still have big winners who dont get a lot of visibility. Is very true, charles. The situation strikes me like the gold rush of 1848. You have a lot of people going into the hills to look for gold. The people making money were people selling shovels. Fedex is one of those shovel companies. Ups is one of those shovel companies. The banks are shovel companies. I would rather sell shovels than looking for gold. Charles you know you gave me a segue to go down the pact, i will not go down talk about shoveling things. This monster month last month for retail sales, up 7 1 2 . Wall street looking for 5. 2 . Driven by auto sales. A lot of components if you look inside benefited from reopening. Look at these winners, folks. Collecting up 105 . Restaurants, bars, up 20 . Department stores up 20 . Cars up 8. 2 . Part of the move to suburbia movement. Sporting goods a lot of that gun sales. On the losing side, building materials, grocery stores. Were not hunting down toilet paper like we were. Internet which is rare. Got i want to ask, when you look at numbers like this, how does this inform your way of investing . By the way, the stalled reopenings, how would that impact your portfolio . To us at kingsview, charles, it speaks of opportunity. These retailers that you mentioned, some of the numbers are staggering. Theyre shoveling into the cash, because reality numbers got so bad in retail, they were bound to get better, bound to get good. Now we started the reopening, government coming with reopening and exceptional stimulus in my opinion. Retailers are bound to rebound because everybody not gets used to it but become more comfortable to the new way of living we have. We look at airline stocks, and people get pent up out here realize they want to take trips and maybe book that airbnb. Therefore i think that is where money will be made in the next few months. Charles i got to tell you, they look so compelling and they were all among the toppersage gainers yesterday including expedia and bookings. I think youre right. If we do get over the hump in any form or fashion they would be the outperformers for the second half of the year. I know you guys, both of you sort of focus on value and opportunities there. For those folks who want to buy tech, buying the dip in tech only worked for 10 years or so. Is there anything, anything, keith, that you would buy in the tech area, the momentum area thats down today . Well i tell you what, i tell you what i have already have purchased today. I have gone after apple. Because i like stuff that goes on sale. Im a Pretty Simple guy. Scott makes a brilliant point using the word comfortable. People will get comfortable living in the new environment were in. That speaks to shovelers, microsoft, jpmorgan. Visa is down today, i havent bought yet and ive looking very carefully. As the world goes forward people will spend and that is great move into digital currency. Charles visa is considered a tech name and also a independent pas name. Real quick, i promised to get back more to banks specifically. Scott, you like jpmorgan and citi. Are you frustrated they have had these amazing Earnings Report in the sector . Morgan today, Goldman Sachs yesterday and these stocks really arent moving . There seems to be a miss match between the results and wall street yawning. Maybe. Looking half full which is cool. I look at them half empty. Frankly the guidance from banks were not great. A lot of ceos whether dave salomon from goldman or jamie dimon talk about the uncertainty that lies ahead. That is real. That is reality but that wasnt exactly reassuring and the Loan Loss Provisions were at record levels and net interest march begins still dont look good. To meeters were not that great and stocks will get smoked. That is opportunity to verify the bottoms are kind of in here. I dont think they have any place to go but up. Charles my man, if the stock picking stuff doesnt work for you, in washington, d. C. , anyone who can spin a thing that you just spun like that, you have a gig waiting for you in d. C. That is all i can say. I will submit my application. Charles appreciate your time. Okay. Meanwhile, folks, number of americans filing for Unemployment Benefits sit at 1. 3 million for the week. That is the 15th straight week it goes down. Continuing claims theyre down for six stray weeks. Pandemic assistance, we havent talked about it. It was multiweek track to the upside. All the numbers are still too high. We still need more government assistance what would it look like . I want to bring in Kings College professor, brian brenberg. I dont think congress has a lot of time to dither on this. What should this package look like that is something reasonable to pass that will keep the rebound going . Congress doesnt have a lot of time to dither, charles, the problem they are so far apart. Democrats in the house and republicans in the senate are thinking about two very Different Things right now. The key here, the key has been for months, what do you do to help people get back to work. The centerpiece of anything we do from here has to be that and its got to start by addressing the elephant in the room, that is the bonus were paying people to tea home. If you talk to businesses, i dont care if youre talking to Small Businesses or large businesses, mediumsized businesses theyre all saying the same thing right now. You cant get workers back on the job. It is a reality on main street. Its a reality in peoples lives. That has to be the center piece of this bill. Weve got to find policy that get people back on the job. A payroll tax cut, could do that. A back to work bonus could do that. But it has got to deal with the unemployment problem we have right now. Unemployment benefits problem. Charles i agree with you 1000 . You and i talked before about this assault on the nuclear family. In fact more recently we discovered its part of the black lives matter manifesto. Singlefamily home ownership. Looks like what might save this is the coronavirus, right . This is obviously always been an essential part of the american agreement. We were reminded this morning from the numbers from the nahb, really just phenomenal. Homebuilder sentiment at a fourmonth high. All the components come back strong. Im relieved, although there is still a lot of pressure and still a lot of talk of the singlefamily home being racist which is very confusing to me. So confusing to me but you know this is a fascinating time, charles. I have lived in new york city a decade, made a lot of friends there. I have never seen an exodus from new york city like im seeing right now among friends. They are out. They are going to smaller urban environments. Theyre going to the suburban environments. Because they got a taste of that life in the midst of this pandemic. They liked what it meant for their family. I do not understand this attack on the American Family but ill tell you where it starts. It starts with a caricature of the family. If you look at the folks arguing against the family right now theyre caricaturing what it looks like. It is 2. 1 kids and white picket fence and deck on the back and it glosses over all the sacrifice and all the messiness. The fact is the American Family, we know this, is the heart of the communities that we live in because theyre taking care of their loved ones and their friends and family and neighbors. We have to have more of that. The fact is, the singlefamily home is a big part of that. Charles it really is. I hope it doesnt go away, nor the nuclear family. Real quick, brian, get your thoughts, youve been a big advocate rolling back regulations. President trump will be talking about that at 4 00. What else do you need to see . Explain to people who just cant connect those dots why it is so important . Charles. Nobody has stemmed the tide of new regulation like President Trump. We talked all the time about rolling it back, but the fact is he stood in and said well not have anymore of it and the decrease is shocking. That is important for businesses because they dont spend all their time wondering what is coming next and how will i deal with it. Instead they invest. That has been the real secret sauce. He need to talk more about that because biden has a big regulation plan. That will be one of the key differences in this upcoming election . Charles brian, always great having these conversations. Thanks a lot, my friend. You bet, sir. See ya. Charles Appeals Court rules that msnbc host joy reid must face a defamation lawsuit brought on by a trump supporter. Has the media been too hard on trump voters. What exactly will this mean for all journalists . Trump attorney jenna ellis will weigh in on that. How a massive hack leaves twitter users roasting the blue check snobs. Later in the hour. [theresa] shingles . Oh dios mio. So much pain. Maria had to do everything for me. [maria] she had these awful blisters on her back. I dont want shingles when im your age. [camera man] actually, if youre 50 or older, youre at increased risk. [maria] thats life, nothing you can do. [camera man] uh, shingles can be prevented. [maria theresa] shingles can be whaaaat . [camera man] prevented. You can get vaccinated. [maria] where . [camera man] at your pharmacy, at your doctors. [maria] hold on [maria] dont want to go through that [theresa] hija. [camera man] talk to your doctor or pharmacist about getting vaccinated. [camera man] talk to your doctor or pharmacist Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Charles so a week after being tapped to host a prime time 7 00 p. M. News slot, federal Appeals Court is reviving a defamation lawsuit against msnbc anchor joy reid. Reportedly the Second Circuit court of appeal overruling a lower court saying the lawsuit the brought by a trump supporter can move forward. She is accusing reid of defaming her, posting a viral photo of her that was inaccurate. President trumps attorney joins us right now. Jenna, when you read the story, it is very egregious, a woman was trying to diffuse a situation. Because she had on a red maga hat, she was reported actually instigating it. A child was later on hugging her, thanking for her assistance. Once again the red hat was enough to spark the ire of the media. They went after her. I will say joy reid apologized later but this lawsuit will move forward. And it should. So i think this indicates that courts are increasingly concerned that media figures like joy reid cant use their twitter accounts and shows as a bully pulpit to try to silence or intimidate Trump Supporters. So what is important two things, charles, about this legal opinion from the Second Circuit that i think is really important. First, the circuit, the Second Circuit joins an increasing majority of circuits saying antislap lawsuits, essentially defense trying to remove frivolous lawsuits does not apply in federal cases. So the standard under the federal rule is just that the plaintiff has to show the plausibility of being successful on their claim, not under antislap suits which is a probability. The second thing, that the circuit also found a limited purpose public figure is not someone like libert. You have to be a limited purpose public figure, someone who has regular continuing access to media. Not someone who shows up to a Community Meeting and is only thrust into public life because someone like joy reid goes after her. So i think these defamation suits should survive, absolutely. Charles let me just ask you to take off the attorney hat for a moment just as person, you do a lot of interviews. Occasionally i will see your name trending, usually for some sort of explosive exchange you have had with an anchor. You do this, so youre accustomed to that, regular folks attacked over and over again for vote fog are President Trump or even supporting him by the media this, is not good. This is something that i think is, should be called out and i, i dont know if it will take more legal action to do this, but what do you make the of the notion Trump Supporters themselves should be targeted like this . Yes, absolutely ridiculous and it is frankly unethical if someone like joy reid and others to go after common, everyday american who is not a spokesperson like i am. Not in the public light, voluntarily, intentionally joining the campaign for the purpose of speaking in the media. Im used to those types of attacks and thats fine but for the regular ordinary american wants to show support for President Trump, want to wear a maga hat, for the Mainstream Media to go after them, just like the covington lawsuit, just like other instances that weve seen, that, the Mainstream Media is bullying people, simply because they support President Trump, thats not okay. Again, that is unethical. That is something where defamation suits like that should survive. That is where President Trump is right, the silent majority, people who dont want to deal with things like this, they might not wear a maga hat. That is actually sad. We should be able in this country to promote the candidate that we prefer without fear of reprisal from media entities and people like joy reid. Charles that is what i thought this moment in time was all about, shed things like that, love who we love, be who we are, express optimism for who were optimistic about but it is one side and vicious and i hope that it stops. Jenna, thanks very much. Thank you, charles. Charles blue check marked twitter users were put on a lockdown, a timeout after a massive attack and unverified masses loved it. Exactly how did hackers pull this off . Amazing story that we have the details. While all the focus is on twitter, the europeans top court announcing a bombshell that is probably a much bigger worry for tech stocks. Well be right back. Experience the adventure of a bigger world in a highly capable lexus suv. At the golden opportunity sales event. Get zero percent financing on all 2020 lexus models. Experience amazing at your lexus dealer. Charles well, folks the investigation is underway after unidentified hackers broke into twitter accounts of tech moguls, politicians, including jeff bezos, bill gates, joe biden, barack obama to name a few. Apple and a few other companies were hacked in an intent to siphon bitcoin from their social media followers. For more what happened, i want to bring in susan li. A fascinating story. Susan fascinating, yes. Probably one of the biggest Security Breaches in social media history. Investigations do continue today. As you mentioned the accounts posted same message to a bitcoin scan that may have netted the hackers 100,000 worth. Twitter for its part said it was a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools. That means employees were tricked to giving up passwords and access to the internal system, thereby these accounts. Jack dorsey twitter founder tweeting his apology, writing it was really tough day for us at twitter. We all feel terrible that it happened about raises questions and concerns about privacy and security on social media as we head into the november elections. Youre probably wonder why hackers could not get into President Trumps account. I was speaking to some of the security experts, there are probably heightened security around the president s account and very limited restricted access internally. Biden this morning tweeting off the hack event yesterday. He was able to get back into twitter and biden writing, i dont have bitcoin. I will never ask me to send you any. If you want to chip in to make donald trump a oneterm president , you can do that with a link to his campaign fundraising. Twitter shares down in the session. Sizable volume selling off with the stock. U. S. House intelligence officials saying they are in touch with twitter regarding this hack. The fbi says they are aware of this hack. Senator josh hawley sent a letter to Ceo Jack Dorsey requesting cooperation with the doj and the fbi and i should note to you there have been some of these tech blogs that say it might have been an inside job and some of these employees may have been paid off to get internal access. We have no verification, independent verification of those stories. Charles im sure the conspiracy theories are going to run wild because its a wild story. Susan, thank you very much. Well for more on this i want to bring in david nicholas, from nicholas Wealth Management. The stock is down about 1 , david and the implications may be bigger with respect to elections and things like that but it is frightening in the age where a lot of people are concerned. What does it mean for tech or for the markets . Yeah. You know i think overall we have to understand the same security and privacy protections that are offered to u. S. Citizens, those are offered really to the rest of the world. What the european courts did in regards to the Privacy Shield being removed is essentially said look if youre a u. S. Company, youre under investigation by fisa 702 which is the international surveillance, if youre under surveillance all data, all information transfers have to stop. So of course this affect at company like facebook that depends on a large amount of date to market to eu citizens. That will impact that. We have to understand if were signing up app like facebook in europe youre exchanging use and information for access to their site. The same type of thing is happening across other channels. Charles it is. It is ironic you bring up the eu because you have the European Union which is essentially almost at war with American Tech Companies and they probably got a little bit more upset after apple and that major ruling this week they didnt have to pay up to 15 billion in back taxes to ireland but again, it puts us in this awkward position. So youre a tech investor, if you are a tech investor what degree of risk does any of this pose to your investment, if any at all . You know i think the risk is relatively muted, charles, especially for a company like facebook. With these risks come opportunities. Remember what happened with ticktock recently. India banned ticktock for similar privacy concern. Facebook went in to take market share from a company like tick tiktok. Companies need to be agile ready for this type of situation. We need a global framework with Companies Going across the Atlantic Atlantic and using citizen information. Well have to have some level Playing Field going forward. Charles talk about the approach towards investing in these stocks. I always talk about the difference between chasing fundamentals and chasing performance. I fell like wall street continues to chase fundamentals and they keep missing it. We saw several big tech or Communication Services names get upgrades again, higher share price targets. The flipside, you had a name like spotify which was down, got three downgrades in the last two weeks. The stock was under pressure this morning. They announced that Michelle Obamas podcast will go live sometime this month. That stock is higher. So when youre an investor, you need to know what is happening with the companies, not just that theyre hot stocks, right . Absolutely. I also think you need to know what to look for on the balance sheet. A lot of times we look at tech relative to some value names. We say tech is overvalued, i want to go with value name. When you look at Tech Companies, peel back the surface, some of the companies are sitting on so much cash, when you remove the cash out, these shares look quite reasonably priced. Yes, charles, youre correct. You want to know what is underlying with the legality and regulation of these companies but i think the Balance Sheets of these Tech Companies is strong. They will find ways to drive growth. That will show up in the stock price. Charles finally, on a technical side, 3232 on the s p. We cracked it twice. Intraday, came down hard each time. I mean we have to break out at some point or were going to pull back. What are your thoughts on the technical side of this market . I mean technically speaking, right, the s p has been fueled by this tech run. So i dont think value will get us to that next leg up but we want to see some participation, charles. You mentioned earlier, if we see value and growth working at the same time, that will break us past the 3200 level. We could trade down to 3100. I wouldnt be concerned about that. This is short term noise in my opinion. Charles breakout will be huge. We went through a lot. Covered a lot. Folks, no one, think about this, sort of a failed ipo last year. Opened and went straight down. No one heard of it in february. Now its a household name. Were talking about zoom. Theyre expanding in hardware as remote work shows no sign of slowing down. Cheryl, it seems like a smart idea. Cheryl it is 252 a share. I have to laugh when the chart came up, even though it has been down today this thing has been on fire. I got kind of mixed emotions about it, they will launch the thing zoom for home. Tablet, 27inches, 599, which is a little bit expensive but it is all in one zoom device. It has multiple cameras. Wide angle cameras, that could be good or bad and eight microphones and touchscreen. Google has Something Like this, amazon, facebook, they are a lot cheaper. I realized charles, this is the thing, if youre one of those people at home stuck on zoom call after zoom call, after zoom call, that is eating up your phone or laptop. If youre on a zoom call, you dont want to be on. Here is your tablet over here and phone over here, you can zone on during the meeting. Well see. If Companies Pay pour this, it could be a game chinger for the guys. It could help the stock. Charles already been a Game Changing year for them. I guess, what the heck everyone knows the name. Now they start branding it a little bit. Im not sure i am ready for my close up with all those cameras, to your point, cheryl. To the white house now. Caylee Mcdonald Kayleigh Mcenany taking questions from the press. Striking comments when you compare them to his past comments this is revisionist history by Governor Hogan. It stands in stark contrast what he said on march 19th where he praised the great communication he had with governors. On march 19th he said thank you, there has been tremendous cooperation. What is so striking to me about reading that oped, Governor Hogan begins with this dramatic april 18th scene where south korea delivered tests but just the day prior he said something entirely different. He in fact thanked the president for the progress weve seen in federal and state coordination in recent weeks and went on to praise testing capabilities, he said with regard to some of the top needs of states including ventilators and testing capabilities. 24 hours before this dramatic opening scene of his oped he literally was praising the president of the United States for delivering on testing. Reporter how do you explain President Trump is trailing his opponent by double digits both nationally and in battleground states, majority, disapproving his handling of Race Relations and crone could. That would be a question for the campaign, when it comes to campaign polling. What i say we believe this president has great approval in this country. Historic Covid Response speaks for itself, delivering on ventilators and testing, leading the world in the amount of testing we provided. Therapeutics. 13 vaccine candidates. Moderna example that i pointed out to you. This president s response has been historic. We believe his support in this country reflects that but pertaining to battleground polling or campaign related polling i refer you there. Yes . Reporter weve seen the president hold a range of public event this week but none of those events were focused on the could crone. Why not . The president is routinely focused on the coronavirus the you will hear what he is doing in the coming week. We talk about corona every day from the podium. The task force is hard at work. I am glad you asked about corona in particular i want to reed things were doing, most important is what we are saying than what were doing. White house engaged travel, dr. Birx, louisiana, mississippi, alabama, georgia, South Carolina. I spoke with dr. Birx this morning. She is in georgia today. Heading to South Carolina tomorrow. Hhs deployed 19 teams across the country. We identify not where we see embers but prevac, we identify where we might see emerge answer. We send themes there in advance and are proactive. Dr. Birx routinely sends Real Time Data to governors. She gives them governor reports on remdesivir. We surged it to texas, florida, california, arizona. 65,000 vials went to these four states. Were also surging testing sites. So were doing stuff each and every day. Reporter biggest challenge facing the public right now, why arent we seeing it as the president s biggest public priority . The president is focusing on a lot. The president just yesterday held a big press conference, if you will or an avail in the oval office about ms13. Covid is something that were focused on. It is top priority of this administration. Why the task force meets. Why i mentioned we were taking all those steps but there are other things the president has to focus on, namely democrat cities not controlling their streets. Namely the mayor of chicago, people dying in her, on the streets of her city every weekend and president sent her a letter saying you must secure your city. President is involved in operation legend in honor of the young man who lost his life, sending federal assistance to st. Louis, a city asked for our help, and he has shown up. The president focused on ms13 who tragically maimed and killed those two young little girls. He held their kilter accountable, the leader of that ring. The president is focused on covid. Its a top priority. He is focused on violence in the streets. He is doing a lot of things at once. That is the great thing about the trump administration. Reporter when was last time he scened attended task force breasting . The president is briefed on coronavirus every single day. Reporter white house agree it is not help if you recall for people to wait seven days or longer to get results of coronavirus tests and is the white house going to do anything to try to shorten those wait times to people can get those results sooner . Weve done more nanny country in the world on testing. There is no doubt about that. 42 million tests. The country with the next highest number is india with 12 million. There are various type of tests in this country. Some take longer to process than others. We surged testing to the states. We encorned them to use it to the best of their ability an process the tests as quick at possible. Reporter follow up on that. It is not just the quantity of testing but the quality of testing. Is the administration doing anything specifically to make all the tests out there return quicker results . Because you know a lot of Health Experts are worried when people have to wait seven days or longer for their, spreading the disease unknowingly. As i noted there are several different types of tests. There is abbott Rapid Response tests. Other tests take longer. Dr. Birx and admiral giroir are out there. We give the states supplies. They got to use them the best way as possible to get results as quick as possible. The we are engaged with admiral giroir and doctor about,. Admiral giroir said we have 52 sites in america, 48 states and district of columbia. 65 of the sites are located in counties with moderate to high social vulnerability and 201 additional sites will go live this week. That is on top of 1300 federally qualified Health Centers out there testing as well. And the commercial testing sites. Reporter interview with cbs news President Trump said more white people are killed as an answer to why black people are still being killed by Police Officers, but by population percentages, black people are three times more likely than white people to die in a police encounter. If the president wont even acknowledge that, how can he fix the problem . The president has routinely acknowledged in his expressed the absolute atrocity of the case of george floyd and his heart goes out to that family still. He was noting a fact that there were, when you look at unarmed killings with Police Interactions in this country, that you had nine unarmed black individuals who were fatally shot and 19 unarmed white individuals. That is down from 38 and 32 respectively in 2015. Numbers have actually come down since the Obama Administration who is i can making that point. One point he wants to strongly make is this, black men and women who die of homicide, theyre likely to die of homicide eight times greater than that of white individuals and hispanics combined. Thats the rate combined. So that is extraordinary thing that we want to look at. I have listed for you the names of these kids who died across this country. It is unacceptable. Under this president he will take action and derelict mayor of chicago should step up to ask for federal hope. She is doing poor job of. Reporter talking about the people dying at hands of Police Officers. Reporter is president considering travel bans for people that enter the u. S. . Is he concerned about escalation of tensions with china . So i have no announcements on that front but rest assured we keep every option on the table with regard to china. Can he rule out any options at all . He has not ruled out any options with regard to china. Yes . Reporter kayleigh, does the white house have reaction attack on twitter last night. Do you have any broader concerns or does the president have broader concerns about using that platform to issue, not only his own opinions but official policy pronouncements given its apparent vulnerability to hacking . I spoke with dan covino coming on here, my team did and digital have been in Constant Contact with twitter over the last 1hours to keep twitter secure, the president s twitter feed. The president will remain on twitter. His account was secure and not jeopardized during these attacks. Reporter one followup, i guess i didnt follow the data you were referring to, the president had data back up his claim more white people are killed by Police Officers than black people . Yeah i read out that data to you. Reporter i dont think we followed it. I read out the data. Fact check it. Reporter two quick questions, [inaudible]. Has been charged with three felonies in a voter fraud case. Obviously president campaigned with him in 2018. He repeated expressed concerns about voter fraud. Does he have reaction to that . That is the first im hearing to that. I havent spoken to the president of it. He does have very real concerns about voter fraud. And he has mentioned several of those. There is yet more information that there is rampant voter fraud when you have mass mailin voting. In 2016 as the president has noted, about 1 of absentee ballots in nationwide were thrown out. It could be much higher this year as many people vote by mail for the first time. That is one of the flaws with mass mailin voting. Beyond that we have seen number of reports out of new jersey. Found a u. S. Postal Service Vehicle that may have had mailin ballots caught on fire, this truck. This was recent, in the new jersey star ledger, this was very striking, 500 to 700 republicans received ballots with all democrat candidates. They were erroneous mailin ballots voted and reissued. Slate of candidates on these ballots was all democrat from joe biden down to dog catcher. These supposed to be republican ballots. Those are three recent examples and many more. Reporter caylee, when the president made the initial decision to move the Republican National convention from charlotte to florida, he said it was because the North Carolina governor was in a shutdown mood, and he is playing politics because he didnt want to pack an Indoor Stadium full capacity. He also said that the cost to north carolinians would be quoting president now, all of the jobs and Economic Development the convention would bring. So all of that money, all of that time, all of that cost to jobs and Economic Development to north carolinians, for the same results, right . Charles Kayleigh Mcenany at the white house fielding a lot of questions about covid19 testing. Markets, travel ban on the communist party was intriguing. Nothing yet. The twitter hack, story we just talked about, President Trump will continue to use that platform as the white house is in close contact with twitter. Meanwhile in a bid to appease the ultraleft, joe biden upping his climate plan to cool price tag of 2 trillion, jump 300 billion. Is his plan to weatherize homes full of hot air . Bjorn lomborg our favorite environmentalist, weighs in next what do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles folks, tucked into joe bidens two trillion dollar Climate Change plans are incentives to get americans to weatherize their homes. There is problem, he tried this before as vice president. Oxford study found upfront costs are more than energy savings. What should be in the plan . We bring in the author of false alarm, bjorn lomborg. First of all, congratulations on the new book. Youre our favorite environmentalist in part because youre skeptical environmental it. This is one of the things youre skeptical about. Exactly. Look, there are two bad things at least in bidens plan but there is one thing. They are talking about weatherizing homes which we know doesnt work. Costly way of achieving small savings. Also he wants us to cut net zero by 2050. There is only one study actually looked at that for a whole nation. That seams to indicate for the u. S. That cost could be 5 trillion a year by 2050. That is phenomenally large cost for not very much benefit. He does suggest we should spend more on innovation. Innovation into green energy, a great idea. So it is not all bad news but there is a lot of stuff that could be spent better. Charles where should the innovation come from . Should it all be government or can corporations play and should they play a role . So obviously corporations playing a role actually getting these innovations to market. What we need is this blue sky thinking. We know that there is too little innovation. There is too little investment in innovation because mostly hard to patent things that come online things, 10, 20, 30 years from now. That is why you spend money on a lot of researchers doing a lot of Different Things. Theyre very cheap individually but we really need one of them to come up with that great idea, both will be green and cheaper than fossil fuels. That is the energy idea that will power the rest of the 21st century. Charles of course biden is walking this sort of thin line, right . He doesnt want to do a Hillary Clinton saying i will fire all fossil fuel workers but has to appease aoc and bernie sanders. There is something intriguing you have in the book, pertains to the climate panic. We live in a world where 57 of all teenagers are afraid, frightened of Global Warming. People claim there is only 10 years left to fix the climate, theyre misinformed by alarmists and this exaggeration. I want to talk about that, because, joe biden shade nine years this week i think. He did. Charles seems like if youre going to exaggerate like that, i cant take the rest of your arguments seriously . I think it is more of a question saying weve been so forced fed with all these stories that a little truth and a lot of false. Were being told the world is going to end, almost half the worlds population around 28 nations believe this Global Warming will end in extinction of humanity. That is simply ridiculous. Global warming is a problem. Something we need to fix smartly. But the problem is, when you think this is the end of the world are you willing to throw everything in the kitchen sink at it. Then of course you end up informing a lot of bad choices and supporting a lot of poor policies. We need to be smarter. We need to recognize that there are lots of different problems. Lets focus on the smart ones. Charles i have always compared it to permanent societies trying to appease volcano gods. To your point doing anything to make that happen. The book, false alarm, bjorn lomborg, been too long. Congratulations. It last, thank you. Stocks are lower as we head into the final hour of trading. One of wall streets favorite pandemic stock, can it provide a spark, were talking about netflix . Well have preview before the bell next. Its not just fund fees that matter. Fund taxes matter too. Every time a fund manager sells a stock it triggers a Tax Liability for you. And the higher the turnover the more you have to pay in taxes every year. And heres the worst part, because of high turnover, you actually might have to pay taxes even if the fund itself loses money. Thats why you want to own low turnover funds whenever possible. The less you pay in fund fees, the less you pay in taxes, the more wealth you can accumulate. The less you pay in fund fees, the less you pay in taxes, is more important sthan ever. Rp wheres my tablet . You have to remember the names of your grandkids, pets, your soninlaw. Favorite soninlaw. And the eternal question, where did you put your glasses . 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With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Charles stocks are lower as we head into the final hour of trading. One rumor thats been floating around for about 30 minutes is that texas is weighing a shutdown. We will look deeper into that and of course, we have data from miami, florida and california. One of the things that will impact this market is continued earnings. We got jb hunt after the close. But its really everyones focus on big tech names. Netflix, they are going to report results after the close. For that i want to bring in bmo Capital Markets chief strategist brian belsky. Netflix is that stock wall street loves to hate. Last time they reported they had a miss, the stock got hammered, but its been down three of the last four times theyve posted their results, whether they beat or not. What do you think for this afternoon . Well, we are poised for good results from netflix. We have a great analyst that covers the company and hes very close to it and has been spoton. Its one of these names that we talked about strategically in portfolios that we own for our investors both in canada and the United States, owned it for several years. Its just one of those brand names. We think in 2019 the stock had a harder time, especially given the Disney Streaming service, but really, rocketed back toward the end of the year and clearly fits into this fantastic secular structural theme of the mobile society. We think that from a brand basis, netflix is the cadillac of streaming and we think thats going to continue. Lets call it the kleenex of streaming. Netflix is poised to continue to be the leader through that service and we are just going to follow the cash and follow the content. Charles i think maybe the irony is wall street looking for over eight million net subscribers and Goldman Sachs said no, 12 million, maybe we are looking for too much. I agree with you. Every naysayer has been wrong, even if it gets hit temporarily, the operative word is temporarily. I want to talk about a cancer startup company, relay therapeutics, as they raised 400 million in an ipo. That was double what they had laid out just last month. These new offerings, whether they are spaqs or ipos, they had a pretty good year this year. Whats going on there . They really have. Interesting to think about, theres a scarcity of ideas on wall street and the whole notion of health care in particular is under focus rights now, especially given covid and the race for a cure. Our theme is simple, buy companies that kieep you alive and focus on those companies with devices and drugs with cash in r d, gilead, pfizer, abbott, medtronic, United Health care for different reasons. If they cant make the drugs themselves, they will buy the drugs and i think thats why ipos like you just talked about, this whole notion of health care in general, especially in the drug side, has been so, to lack of a better way to say it, potent in terms of performance as of late. Charles less than a minute to go. Your overall thoughts on this market. Little bit of pressure today, lot of speculation out there, particularly as the rising cases of covid19 continue. Bears have no imagination. No imagination. Techs expensive. Growth is going to roll over. The market needs to pause a little bit. That doesnt mean we see some sort of dramatic pullback or correction. Market can slow down without a deep correction. Charles right. Brian, always appreciate our conversations. I agree with you 1,000 . We are at the lows of the session as i hand it over to my colleague liz claman. Theres a little anxiety out there for sure. Liz indeed. Indeed. In fact, we are very close to session lows here and we are watching it closely. Weve got breaking news. On that hack heard round the world, reuters now reporting the fbi is looking into the cyberattack that took over the verified twitter accounts of some of the worlds most richest famous people. Everyone from Tesla Ceo Elon musk, president ial candidate joe biden, reality star Kim Kardashian west, bill gates, targeted by bitcoin scammers. Could it have been an inside job or something even more worrisome . One of the foremost authorities on cybersecurity, privacy and personal information, the chairman and founder of cyberscout, has his own theory. You need to hear it. Hes coming up in a fox business exclusive
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