Transcripts For FBC Cavuto Coast To Coast 20240712

Ol boost here. That is propelling the entire market. Gold is having another good day. In case youre counting it is not good for gold bugs, what bugs we dont keep track of what gold is doing, whether stocks are up or down gold has inexorable advance up 2 . In case youre counting, that is up 33 on the year. That is dwarfing any other particular investment. I would include in that batch all the major market averages and what is happening with bonds. Gold has glitter that defies almost all the traditional trajectories you see. Lets get a read from Jackie Deangelis following the fastmoving market developments. What is going on here . Reporter good afternoon, neil. Lets start with disney stock that is propelling the stock is higher. It is up by 325 points. There were mixed earnings reports, but what wall street is focusing on is disney plus and subscriber numbers. 100 million streaming subscriber numbers. 65 million are paid. Put it in context, disney set a goal of 60 to 90 million subscribers by 2024. It is well ahead if not blowing away that kind of a target. That is what wall street wants to see. It looks at parks, all other closures, something a lot of businesses are dealing with at the moment but disney had the very strong asset it is moving forward with. That is one piece of the story. You also mentioned the factual street gets excited about anything that has to do with vaccines and i want to give you two updates here because Johnson Johnson reached a deal with the u. S. Government for 100 million doses of Coronavirus Vaccine valued at more than a billion dollars. The vaccine is set to start the latestage trials in about a months time. That is the human trials in september and there is an option in this deal for the government to purchase an additional 200 million doses as well. Dr. Paul stoval, the chief science officer at Johnson Johnson said quote, were scaling up production in the United States and worldwide to deliver a sars cove2 vaccine for emergency use. This is moving forward. The news there, its covid19 vaccine generated prominent response. That is the latest we have. Dr. Gregory glen, the head of research and development. He was on with Maria Bartiromo and he said this. One of the key find national the trial we can use a very small dose to get a very strong immune response. If you make a tank with million doses, you can use 10 times less, that becomes 10 million doses. Reporter this is all positive news when it comes to putting the pandemic in the rear view mirror even though it may take some time. Look at that board, neil, i have not been ignoring them. Gold trading at 2057. Silver is up as well. Three reasons the commodities, pressures metals move higher, one a dovish fed. You have a little bit after weaker dollar. Traders trade these assets more and it is bullish for gold. It is a hedge against inflation. Some people are worried about that right now. The third reason the metals are moving higher. It is diversification, its a safety trade. That price reflects the investors not only looking at equities but other Asset Classes too. Neil. Neil indeed they are and all concurrently which in of itself is a little odd but these are crazy times. Jackie, thank you very much. Before i get to the next story i want to update you on the beirut bombing here, were not saying it was a deliberate attack, but saying the blast itself they still havent ascertained the source right now or what prompted it, but number of those killed has been ratcheted up to 135, more than 5000 wounded. Many are still missing. Well keep you posted on that. That explosion yesterday the president seemed to think was an attack, that generals told him, no general that we know have come out to say that was indeed the case but it is way too early to tell. Lebanons Health Minister saying right now that the number of those killed has just shot up to 135 and he seems to be signaling that could go up. Were following as well again these developments in the stimulus front to deal with the coronavirus and the aftermath of all of that. These two sides are a little closer than you might think. In fact growing talk, Edward Lawrence on this, they might be able to cobble together something by friday. That seems ambitious, edward, but what are you hearing . Reporter very ambitious. There are some big differences, some big divides in certain areas among the two sides. They did set a goal to have an agreement overall by the end of this week. That way something could be passed next week through congress. What will not likely be in the bill anything related to payroll tax relief. On fox friends this morning the president said he might take matters into his own hands on that one issue. Listen. President trump i may do it myself. Were negotiating right now. I have the right to suspend it and i may do it myself. I have the absolute right to suspend, to do the payroll tax, we call it a payroll tax suspension. That is incentive for people and Small Businesses and businesses generally to hire back their workers. Reporter he is also looking at an executive order on pausing evictions. If the administration and democrats remain in a stalemate. An emerging issue on this is state bailouts. Democrats want to give out one trillion dollars to bail out states, to put back in salt deductions. That would allow blue states to put taxes in more easily. The last facetoface meeting was last night again. All sides saying it was productive. We really went down issue by issue, by issue, slogging through them. They made some concession which we appreciated. We made some concessions which they appreciated. Were still far away on some issues but were continuing to go at it. Reporter one of the issues, what theyre looking at what is left about the payroll protection program. 138 billion is left in the pot. Almost 170 trade Association Members sent a letter to Congress Asking to make those forgivable loans, not paying taxes for businesses. Right now it is income to business. There is the letter there on your screen. They would like to see them not be income for businesses. Also, opening up the ppp program for a second bite at the apple. So some much those hardest hit programs could get another forgivable loan. Neil . Neil edward, thank you very, very much we told you a little earlier by the way joe biden will not be traveling to milwaukee to accept his partys nomination in order to protect Public Health. Whether he does so in a speech from delaware, his home state is anyones guess but already nancy pelosi, i guess she is giving an interview on another news channel, i believe it is msnbc, saying that it would be a mistake for the president to give his nominating speech from the white house, that is the not ideal venue. That is the president s home, by the way, but she thinks it would be, it look bad if he makes his announcement, accept his partys nomination in a speech from the white house. No reaction yet from the white house. I want to go to john tamney on these fast moving developments. Real clear markets editor, center for Economic Freedom director. We also have with us john bussey from the wall street journal, Fox News Contributor, much, much more. John bussey, end it with you, your thoughts back and forth what looks good conventionwise, where you give a speech, where you physically are. Both parties ratchetly down the drama on these things. It is what it is but im wondering the effect of the nominee itself in each partys case not being there for the big speech, does it make a difference . I think that, neil, both of these parties realized proximity is the friend of the virus and at this stage neither wants to be perceived as making things worse. The president ran into this when he held his rallies in tulsa to begin with where he got, gatherers together. People were not wearing masks. He was not encouraging it and it was seen as a super spreader event for the tulsa area. Both parties dont want to be a party to that. They also have their own members who dont want to get infected by this so i think you will see a ratcheting back of inperson events in their entirety. A lot of this will be done on the phone. A lot of haggling over the platform and other issues has been taking place for weeks and months now, and the inperson event, the balloons falling from the ceiling, that is going to have to be delayed to another day, another election, another election cycle. Neil you know, john tamney, as we look at markets with a pretty heady advance today, combination of factors as you know better than many on optimism for vaccine or potential treatment, well talk to the head of one of the Companies Getting a lot of attention today, novavax, but there is also this view, you know, some of the economic numbers come out of late have looked pretty strong. Now the president in an interview earlier was talking about the idea all that goes if joe biden gets elected. This is from the president earlier. Our stock market is very close to hitting a new record. Nasdaq has already hit a new record. Joe will drive the market into a depression, and the biggest Thing Holding back our stock market is the possibility that biden gets elected because if he gets elected, our stock market will crash f we didnt have an election right now, two things would happen, number one, our stock market would be even higher. Neil all right. That was from his phone in to fox friends this morning. Leaving awe side what you feel about the president or joe biden, this motion that market was tank if he loses. So far the markets are doing very well, either theyre not thinking about that possibility or theyre dismissing it. What about you . Well, i dont think markets are in love with joe biden but i think overall theyre much more pleased with biden than they were with bernie sanders. We saw that after the South Carolina primary. I dont think there would be a huge correction. I think there are Things Holding back the markets right now. You began today with talk about the dollar. What do investors buy when they invest . They buy future returns in dollars. A weak dollar is necessarily antibig stock market returns. Look at the 1970s, look at the 2000s. I would add were witnessing i think is the theft of the Chinese Company by the federal government. It would be the equivalent of 10, 12 years ago, if the Chinese Government took facebook from its owners. That necessarily is going to scare investors. These things can flame out. The chinese are understandably proud of one of their great businesses, their first great internet success. This is what the u. S. Does in response. It blames an app popular with children as a potentially a threat to National Security. There are real things happening here that would spook markets from this administration. Neil you know what, obviously the markets were a little concerned about bill clinton coming in, john bussey. We know markets did okay under that democrat but i know there are difference, i get all of that, but when do the marketing, do you think, john, begin to seriously, more seriously weigh the election, whether they move in favor or against the president and his polling numbers . Is it late summer, is it early fall . What is the point wait a minute, now it is getting serious . Yeah, so markets are nondenominational in general. Theyre looking for Economic Growth, higher earnings, if they can find that combo they are going to go up. They just didnt do well during the clinton administration. They rocketed during the administration of bill clinton. That was because there was a generally businessfriendly growth period in the United States and the economy did very well. So markets look out ahead. They are looking six months, 18 months out. Theyre looking around the next corner and this notion a biden election would or would not take the market is an effort by the president , you know, look, it is a political season, to play politics. He is way behind in the polls. He is got a Health Crisis that is being mismanaged by the white house on his hands. He has got an economy in a deep slump. So you could argue, couldnt you, neil, that the markets which look ahead see the polling data, see that biden is significantly ahead of the president at this point. Theyre, markets are metabolizing that data. Thinking when will we find a solution to this coronavirus case, Health Crisis, which is holding the economy back. And theyre call calculating well, there may Ad Administration change. That might propel a quicker National Plan of testing and surveillance, all the things we need to stop the virus. The markets metabolizing that, and is thinking postively about joe biden. So you could play this either way politically but the at end of the day the markets expecting Economic Growth and earnings returns. Thats why you see it up today. It is hoping that the vaccine is going to be forthcoming soon. It might be overoptimistic, but that is it what is playing into the market today. Neil all right. Dont green tape, whatever you want to say. Guys, thank you very much. Breaking news i want to pass along with you here. Were getting more details on this new york city plan where theyre setting up quarantine checkpoints at all entrances into new york city including all the five boroughs that make up the city. They will be checking you and having you fill out forms to say, where are you traveled, where you have gone. Failure to fill out those forms, can you imagine doing this at penn station in new york . That should go well. There is 2,000dollar fine and a mandatory quarantine if you dont. They stick it to you with the fine, then they quarantine your sorry little you know what. A lot of people looking all right, we understand theyre trying to crack down and deal with the potential spread of the virus here but, i dont know, katy jakosky, former federal prosecutor, constitutional law attorney, many i have talked to have bristled at that, the fact it is really stepping on personal rights, personal freedoms. I know these are different times. What do you make of it . Katy, i am sorry we seem to have audio issues, i apologize for that. Just to give you update on this if we dont fix, take a quick break, hopefully fix it. These requirements go into effect immediately. The governor imposed restrictions on anyone visiting new york state in the aggregate. You have gone to any one much 30 odd states governor deems to be at risk, high spiked states you have to quarantine yourself 14 days. This is directly in the city, mayor de blasios venue where he is going to enforce it by the security checkpoints. Again some people find intrusive. Hopefully we get things fixed with katy. Get more on that. Dow is up 310 points. I leave you with the note that a lot has to do with optimism a vaccine could be had and maybe novavax is lead position in sort of having a lead run at this. The companys ceo is coming up. Youre watching fox business. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Puts its customers a wiin charge . Rier well, the good news gets shared. And it gets rated 1 for customer satisfaction. But dont just take our word for it. Take theirs. Its your wireless. Your rules. 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We talked about the new york city move to establish checkpoints at the city, to see, a, if you dont have the virus, see where you traveled, and fill out forms to that effect if you dont could produce 2,000dollar fines, maybe mandatory quarantine whether you like it or not. What do you make of them . Can they do that . Well i think if we learned anything through this covid crisis is that states and city leaders really have wide discretion to do a lot of things to protect Public Health but that always has to be balanced against the impact it has on interstate commerce. So i think the short answer here, yes, this is probably going to be permissible, at least in the short term. Will there be law suits . Probably yes. Weve seen hawaii doing this sort of thing for months though. The bottom line the states do have a lot of discretion to protect Public Health for short periods of time. And that is what this is going to boil down to. Neil i guess the one part of this weve seen different from states monitor when you come in, you have to quarantine, added element filling out a form, at new yorks penn station or Grand Central station and asking you to fill out a form and you dont, youre offended or in a rush, then they could pile fines, quarantine threats, whether you have the thing or not . What do you make of that . Well thats going to be the part that has to be looked at by the courts. If somebody wants to file a lawsuit say this will impact my right to participate in interstate commerce in that state, and term is interpreted very broadly, by interstate commerce we mean any movement into and outofstate could potentially impact the commerce. So i think it is a stringent requirement but because of the shortterm and emergency nature of the situation it would probably be permissible but again, these are going to be the subject of probably many lawsuits as we move forward here. Neil wow. Katie, thank you very much. I apologize for all of that. Thanks, neil. Neil i am glad we kept you quarantined there. You may go now. Seriously very good having you, katie. Were still following what happened in beirut, the bombing after port facility, explosion i should say. Bombing, maybe that this might have been set by someone, we just dont know. What we do know theyre uncovering more bad news almost by the minute. There are reports of at least 135 dead, more than 5000 injured. Those numbers could exponentially start soaring. John hannah, former Vice President dick cheney National Security advisor. John, the president seemed to intimate in his remarks to the press that generals tell him this was an attack. I havent heard generals come out say that themselves. They might privately have told him that. I guess it is too soon to know for sure. Your own thoughts . Yeah, high, neil. Almost immediately there were people on background out of the pentagon saying that they had no idea where the president was getting his information and that they had seen no evidence of that claim. It doesnt mean it is wrong, but i think unless the president really had good reason for saying it, it is irresponsible because right now all of the evidence first points to the fact stored at this port in beirut were several thousand tons of fertilizer, ammonium nitrate, highly volatile, that had been there since 2013. So for almost seven years this stuff was being stored there. People had tried to get rid of it. They had gone to court to find places to disperse it. They knew that putting it downtown in one of the most beautiful cities in the world was a criminally negligent act, and in essence was a bomb in waiting, a disaster in waiting. That is what weve now seen. Neil weve also seen israel reach out and offer help if needed. I dont know if lebanon has accepted that help but all the disparate, sometimes warring parties involved have offered to help out. Im just wondering in a flip sense, kind of to your remarks, whether an issue like this can unite folks, if you get past the charges back and forth . Well, i mean, you know, this is the middle east so, i suppose hope springs eternal. But weve got a lot of experience that suggests it wont. I think really is important to say that the israelis were very quick and emphatic to say this was not them, to reach out to say that israels world class hospitals would be open to taking in the injured in lebanon, since lebanons own hospitals have been absolutely overwhelmed. So i again, i think going back to the president s remarks, given the fact that israel and hezbollah, the lebanese terrorist organization, have such a fraught history, that tensions between them, even recently have been very high, to make an accusation or a claim that israel or suggesting that israel could have been even responsible for this i think, when the region already is on a razors edge was type of thing that really could tip it over into a warlike situation that would even make yesterdays events as horrible as they are look like childs play and another war between israel and hezbollah. It is worth saying, neil, while hezbollah may not be responsible for the events at the port it is responsible, i think for the overall level of despair that lebanon has fallen into. It is an economy in freefall. It is now a governmentdominated by hezbollah that is filled with criminality, with terror financing, with drug smuggling, unable to get any kind of serious economic assistance from the International Community to bail it out and i think that level of incompetence, criminality and contempt for the good of the lebanese people is what we saw on display yesterday, if in fact this results from having this extremely dangerous material stored at that port in searing heat for the last six years. Neil yeah. It was indeed searing heat. Temperatures were about 10 degrees over what they are normally this time of year. John hannah, well monitor it closely, good catching up with you even under these particular dire circumstances. As john was wrapping up there, i was getting more details on at least four other Biotech Companies that are reporting now advanced stages in their own vaccine potential but right now the attention is getting, that a lot of them are getting seem to be this idea of developing antibodies to deal with the virus itself, that a human body fight the virus on its own terms. The ceo of the Company Behind that, that seems so promising today, after this what do you look for when you trade . I want free access to research. Yep, Td Ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Neil were monitoring a lot of developments right now as the market soars, everything else. The fact of the matter is, real estate, particularly urban areas, new york, because of the virus, people leery of returning to big cities, now with this added impetus, they will check with you, various boroughs around manhattan to get into new york city, a lot of Swanky Properties go begging. Kristina partsinevelos where that stands right now. Kristina . Reporter very, very Swanky Properties that used to go for millions and millions. You had bidding wars, like you mentioned, you have foreign buyers leaving. Coronavirus makes it difficult to have inperson shows and new developments caused prices to drop, like this home in the upper east side. It goes, neil, for a cool 1 . 5 million. That is a steal from the peak price in 2007 when it was 35 million. I spoke to the broker of this home. He is also on Million Dollar listing, about why buyers, he believes are really making decisions on emotions more than anything else. Listen in. When it is all said and done, fear is a much bigger disease than anything else, because it inflicts people, forces them to change their entire lives. Kind of what you were just saying. The fear of no school. The fear of office. The fear of crime. The fear of tax, freezes people. Reporter just last week alone we saw a huge dip in luxury homes. These properties are listed over 4 million. Only three were sold. The average price drop is 14 . Some brokers are arguing that you had taxes increased, people started leaving earlier and the fact they havent been able to show a lot of the buyers the homes in person. So there is a little bit of price distortion. But there is still really expensive hopes that are selling. Like a home that sold for almost 100 million in southcentral park just within the past two weeks or so. And then Jeffrey Epsteins home, his home is on the market for 88 million, but no buyers yet. Neil, we definitely have a very rocky manhattan real estate market. Yes, prices are dropping, but for many, it is unaffordable. The average price here in new york city is one Million Dollars. So im thinking about putting a bid but on the shed in the backyard. It might be better than my current apartment. Back to you. Neil oh, i thought that was your current apartment. Reporter welcome to, we can party in here next time. Neil yeah, i see the pigs in the blanket on the table there. Oh, yeah, this should be great. Kristina, thank you very, very much. Kristina partsinevelos. For a lot of folks looking necessarily to get pricey real estate but just to survive right now. The problem what happens in the fall when a lot of parents have to weigh, what will they do about their kids . Whether virtual learning, in Person Learning . Goldman sachs already started crunching some numbers and kind of agreeing with the president on this that everyone should be back in school. Goldman sachs saying on the money side of it, it will be a cash drain on parents, that a lot of them will have to stop working entirely to support their kids going back to school, at least be with them. Margaret spellings, former bush 43 education secretary. Secretary, good to have you. Well leave it to Goldman Sachs to take politics out of it and deal with the money side of it saying a lost people are going to have to quit their jobs or at least beg mercy from their bosses as they try to shuttle both. It is not going to go well economically. Do you agree with that . I do. I mean the American Economy and our schools functioning and universities functioning well is integral to our economy because there are large employers. There are consumers of large amounts of goods and services in communities. They obviously support the functioning of our workforce, especially for women, who are often left with issues around child care and the like and above all they are critical to preparing our workforce of the future. And so you bet, we got to do what we need to do, wear masks, keep distanced, all of that, so we flatten these churches and get our schools and universities functioning so that our economy can go. Neil you know, im just wondering, secretary, you always want to be on the better part of safety but are we overreacting . Right. Neil the university of Connecticut Football Team deciding well not have a season. It is too risky, all of that. Im sure other schools, conferences will follow. I know they sort of crunch numbers themselves, what is an acceptable risk, be a spike in cases without a doubt when people recongregate but are we overreacting to the point of weighing possibility of some getting sick, god forbid dying, shutting everything down to eliminate that risk . To me there is a difference between sports and nice to have, fun to have activities and meat and potatoes of our schools and universities, and that is educating our students. We got to get them functioning. Are we overreacting . We dont know yet. We never tried this before. One thing important for the federal government and Research Community figure out which of the models will work better than others. We have a lot of variety going on around the country. We ought to figure out what is the best way to keep students safe. Neil secretary, thank you very, very much, see what happens here. Sill early in the going here. Right now in case youre keeping track at home, at least 28 states are delaying the school year. Another six are looking at sort of a blended approach of classes and virtual classes and to the secretarys point it bears watching as this keeps accelerating. Were following right now the advance in the stock market here. A lot of it buoyed by promising talk on the Coronavirus Vaccine front as well as betterthanexpected earnings and some pretty good economic news. The wind at the markets back, after this businesses are starting to bounce back. But what if you could do better than that . 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. Thats why were 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. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. 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There are 3 key things you should keep in mind. One if youre 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. Neil it was something to rival superstorm sandy, the Tropical Storm that ripped through the new york metropolitan area, all along the atlantic eastern seaboard. Did a lot of damage and theyre still cleaning up after it. Aishah hasnie joins us from queens, new york, where it also claim ad life. Aisha. Reporter queens got hit very hard. That is a tree ripped out of concrete sidewalk, that is how strong the Hurricane Force winds that ripped through. It didnt damage one vehicle, damaged, one, two, three, four, five, six, that you cant even see. That is how bad it was. The mayor was touring the area here. More than 2,000 trees were brought down during the storm in new york city, including one that killed a man in his 60s. He was sitting inside of a van when a massive oak tree snapped at its base, fell on top of the van crushing him. Others got really lucky. Listen. We were all in the kitchen. What did you hear . We heard like a big crack. There used to be a third dormer at the top which is now in our driveway. So, no one was hurt. In the scheme of things, all good. Reporter this was a storm all, absolutely had tornadoes as a part of it as well in new jersey, at least two tornadoes reportedly touched down wreaking havoc there. The big issue, neil is power. New yorks Governor Andrew Cuomo calling for an investigation into the Power Companies here as about three Million People are without power in the northeast. He has called their performance unacceptable. Nearly a million are without power in new jersey alone. Governor phil murphy says that outofstate crews are on their way to help but unfortunately the hope is that at least by late friday night, 80 of customers will finally be restored and again, were dealing with massive issues for commuters. More than 2,000 trees fell across long island rail network, crippling mass transit, well into the late hours of the night. Service continues to be suspended on certain lines. In pennsylvania strong winds ripped the roof right off of a daycare with 130 kids inside. Some babies even inside. Four kids suffered minor injuries. But, neil, the urgency to get the power restored as quickly as possible. Neil thank you very, very much. Meantime i want to take you to the other side of the country in seattle in case you were of the view this defunding the Police Movement was slowing down or ebbing, dan springer can tell you that the seattle city coins renewed that process. What is the latest, dan . Reporter neil, seattle is one of about 16 cities across the country in some stage of defunding its police department, but here in seattle, the mayor and police chief are pushing back with a key vote on the issue looming less than a week away. Next month e monday the city council would vote on a measure that would cut 3 million from the spd budget. It would cost the them 100 officers. They want to eliminate the mounted patrol, school officers, Public Affairs department and navigation teams that clear out homeless encampments. Chief best criticized the council while not contacting here how this would affect public safety. They push by the council to do largescale changes in 2020 with no practical plan for Community Safety and i believe wholeheartedly that is completely reckless. Reporter Seattle Police Officers Guild is trying to put pressure on the council to not cut funding. The Union Created this ad, sign a petition opposing any defunding plan. So far 150,000 people have signed it. Spod is planning a rally at city hall. Mayor general any ducker jenny durkan, would make the Department Less traverse. That is not how it will work. It will be 100 officers who are less senior. It will be our most diverse recruits. People we brought into the department to be that new vision of the future. Reporter neil, public pressure continues on the other side of the ledger. There will be a defund the police rally starting at noon out here pacific time going for couple hours ending at city hall. The City Council Members voting next monday will hear a loud, boisterous crowd today Cutting Department by 3 million this year and much more next year. Neil . Neil dan springer in seattle. Thank you very, very much, my friend. We are looking at the markets right now where the dow is up more than 304 points. Some Technology News to pass along today. Apple might be delaying release of iphones but samsung sort of scooping into the lurch here, announcing a whole bevy of products. Theyre getting a lot of buzz. These are pretty cool products. The latest on what the company is offering to beat apple to the punch. Hey, can i. Safe drivers save 40 guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. In a highly capable lexus suv at the golden opportunity sales event. 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You know, apple might be late getting its new phones out, pushed back later this fall but man, oh, man, did samsung jump into that lurch announce ad whole bevy of goodies today. Hey, susan. Susan they bought in k pop ledge cents bts. You know its a party. They have new 5g smartphones, galaxy fold and note 20. Ear buds, tablet and a watch. There is the five devices. Announces partnership with microsoft xbox. That will start in september. Adding 100 new games on to the smartphones which will be playable by mobile. That is exciting. That includes mine croft which is very popular. If the market is ready for the new 1000dollar plus smartphones. They unveiled the price on this. Galaxy fold and note are two of the most expensive in samsungs line. Ear buds will be 169 in september. The watch as well, just a few hundred dollars. Theyre playing a catchup with the wearables. Apple the Wearable Division for them fortune 100 company, 6 billion in revenue in the past quarter. For samsung will they be able to sell the 1000dollar phones . Im sure apple will be closely watching this is ahead of their 5g launch which is expected in october instead of september. We know apple ships around twice as many phones here in the u. S. Than samsung does globally. Samsung ranks apple in shipments 30 more around the world. These are lower margins, cheaper phones samsung sells. They make 10 times less in sales each and every year. Neil you know what i like about their stuff . Im not favoring one or the other. Their cameras are really good. They really are. Im wondering, that always gives them an edge. I always feel apple is playing catchup to that . I would argue maybe not anymore because if you look at the new pro maxes an 11 lines, just in the past year apple learned from samsungs lead in these triple backed cameras. Youre seeing it in the in the galaxy note device. Strong camera build as user base. Samsung on the screen, those are slick new cameras on the phone but with pixels as well. They are known for the camera system. Apple challenged that. Some would argue between google and apple have the best camera system on their phones. Neil im old enough to remember used to judge phones, how does it sound . How does the call sound . Forget it. But look at the camera. Susan, great. I would, i would bring im old enough to remember the bricks. Great job as always. Dow up 305 points. Latest on convention news. Biden not going to his. President not going to his. Jeez. An army family who is always at the ready. So when they got a little surprise. Two . They didnt panic. They got a bigger car for their soontobebigger family. After shopping around for insurance, they called usaa who helped find the right coverage for them and even some muchneeded savings. That was the easy part. Usaa insurance is made the way liz and mike need it easy. 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. Neil well, it is all about the virus. Progress on maybe the vaccine front, we will talk to the head of novavax on that, with a very very promising treatment that could be out maybe by the end of this year. Then theres the stimulus front over the virus, where we could see a deal, believe it or not, by the end of this week. At least thats what some of the principals are hinting at. Chad pergram on that now, joining us from capitol hill. Really, by the end of the week . Reporter well, thats something we are hearing. They are inching toward that. Thats kind of an artificial deadline. The reason that they want to get this in by friday is so they can put it into legislative texts next week, then they have to sell it to the house and the senate and that is a gargantuan task on a bill of this size and magnitude. Thats why the white house chief of staff mark meadows, he is tempering expectations. Listen. Secretary mnuchin is prepared to make key proposals that hopefully will be met with enthusiasm and yet were a long ways away from striking any kind of a deal. Reporter the Trump Administration made an offer of renewing additional unemployment aid through middecember. 400 a week, thats down from the 600 which expired in july. There would also be a moratorium on evictions through december 15th. They are far apart on nutrition assistance, thats a musthave for democrats along with help for state and local governments. We really went down issue by issue by issue, slogging through them. They made some concessions which we appreciated. We made some concessions which they appreciated. We are still far away on a lot of the important issues but were continuing to go at it. Reporter they have now negotiated for a week and a half without major progress and thats why some rank and file members are starting to grow antsy. As i look to where we are, i feel the same discouragement, despair that we were here on the 4th of august and we dont have answers for people right now that are really worried. Reporter theres going to be another meeting at 3 00 this afternoon among the principals but a new face in these meetings, the postmaster general, louis de joy. Remember, democrats want money in this bill, a big sum in fact for the postal service. Neil . Neil thank you very very much. Keep us posted, my friend, as you always do better than anyone else. Meantime, integral in these talks is some aid democrats want to see go the states way. Lot of states budgets have been pounded by the virus, and some were already in bad shape to begin with, although thats really complicated matters a great deal. Lauren simonetti on how that poses a whole bunch of problems for public colleges, universities and the rest. Lauren, whats going on here . Lauren hi, neil. College is in crisis. First and foremost, hit by lower enrollment. Enrollment this far is predicted to see a decline of up to 20 but that is the straw that could break the camels back because enrollment at colleges has been declining for a decade now. The pandemic just making it worse. Its not just the class numbers that the industry is worried about, but the traditional cash cows for many schools, sports and football programs, housing and dining, all of that dried up by the virus, and states as you not noted, cutting their spending budgets. California by 1. 7 billion. Maryland by 186 million. And that federal relief package, 14 billion, deemed insufficient. This is raising the very real possibility that some smaller schools will be forced to shut down and that would certainly disrupt students education. In fact, in the past five years theres been at least 50 schools that were forced to close abruptly in many cases, or merge with another partner just to survive. Then we are seeing some Public Private partnerships and one that was just inweenween e universit a ofn eonalononmpany. Twhat they the aregryin t is i evevenmomomo adults wlt who a ao llenroll. Rollrongooking fornocar il . Neil . Neil lauren tenhank yhaououer in tin meanmememememeacac in washington, thisushus to getet something done and maybe mayy te of th o , as chad pem reported, that might be ambitious but thats the goal anyway, but when i talk to West Virginia democratic senator joe manchin about this yesterday, he was saying were always in the same pickle doing everything at the last minute. He argues that its complicated things. Take a look. Your point, senator, that seems to be the middle ground, the way were going. Am i misinterpreting that . No, i think youre right. I dont think we are going to stay at the 600. Even if the president did it, he will do it for a week or month or two. The house has passed its bill. If you think its overgenerous or too much or trying to create or trying to cure all the social ills in one piece of legislation, then the senate has to sit down and negotiate. The last two months, we really havent done any negotiation anticipating this date would come. Thats the problem. Neil all right. Well, thats the problem right now because they still havent got a deal but he did seem to intimate at the outset that there is going to be something on the unemployment benefit front, whether its going to be the 600 a week that the federal government has provided on top of individual state unemployment packages is anyones guess. It will probably go down but it wont just go away. Lets get the read from edward stringham, American Institute for Economic Research president. We have Jessica Tarlov with us, Fox News Contributor and last but not least, connell mcshane. Connell, i understand, the big cheese with the after the bell show, everything else, everything was hunkydory but your power went out and you were unable to make it to air so its interesting how i orchestrated that, isnt it . We have now gotten the list of suspects. This was yesterday at 3 57 p. M. Im working out of this beautiful home studio and all of a sudden, all of a sudden the powers on all day with the Tropical Storm coming up the coast. Two to three minutes before air, blackout. You say well, whos on another network at the same exact time that might stand to benefit from the power going out. So were looking into it. Investigators dont want to leap to any conclusions. So far, everything looks pretty good today. Neil all right. We can pull the plug on him now, guys. All right. Im not minimizing it. The battle back and forth over i think its come down to those Unemployment Benefits, so i think, they will stay around. I dont know if they will be at 600 a week. Thats doubtful. But they will stick around. Im wondering if that is an acknowledgment on the part of republicans that will push this, that well, you know, we do have these states sort of reshuttering, if you will, and that is the reality. A lot of these people that had to go back to work are now in a pickle that they cant. What do you make of that . I think i think theres definitely neil jessica first. Im sorry. Ill go superfast. Actually, thats not true. I never go superfast but i will try. I think it is indicative of republicans making a concession that they were wrong to make the argument that we didnt need these benefits in the first place, and those who have been out there saying that this is pushing people into a position where they are trying to stay on Unemployment Benefits versus get back to work. We know the American Public wants to get back to work. If they have safe conditions to do so. I think it could probably go down to around 400 from the 600, not the 200 that was proposed. As we are facing a potential for a second wave or what might be a third wave in some states, when the flu season actually comes around, they need to make sure that everyone has these Unemployment Benefits and i would encourage our audience to watch, we were talking about this yesterday on the floor of the senate, strongly making the case for why these benefits are the least we can do considering what americans are up against. Neil all right. I do know the republican argument. It does make sense on paper, you know, obviously with i think 67 of those receiving these benefits collectively between their own state aid and the federal aid are making more, in some cases a lot more than they did, you know, when they were working. So republicans are concerned about putting a limit on that. How do you strike that balance . Edward . Great, yeah. I think its a major problem. They are paying people more in many cases money to not work than they were getting paid beforehand and part of the goal that the cares act was to give some loans, forgivable loans to businesses to get people off of the unemployment insurance, get people back on payroll, but the conditions of that are not being met because part of it is that companies cant actually get the workers to come back to work. Ultimately, these Unemployment Benefits are going to be paid for by taxpayers, paid for by workers, paid for by corporations, so its not like its free money, and its coming from the average person, the average business person. And causing people to not get off the unemployment roll and back into the economy i think is a major, major problem. Adding employment benefits, Unemployment Benefits well beyond what they normally do just does not make any sense at all to me. Neil these are special times and special conditions. I get that. But you know, connell mcshane, one of the things thats come up with this whole backandforth on this is this idea that maybe, maybe what were looking at here is stubbornly high unemployment. We always seem to talk about one out of four restaurants that will never reopen, 25,000 retail establishments that have closed, so now theres this growing fear that the improvement we have seen, and we have seen improvement since things started opening up, might stymie a little bit here. Maybe we will get evidence of that in the friday Employment Data for july, but what are you hearing . We might have seen some of it in the private Sector Employment report this morning, although you know, jobs added to the previous month so its hard to get a real read on that. I think we are starting to see some of that if you just look at the timing. For example, cornell put out a study saying we are already seeing kind of a second wave of layoffs so they found more than 30 of the workers who were brought back after being laid off were then laid off again for a second time, and you know, unfortunately, it kind of makes sense for what people were predicting would happen by the first week in august, where we are now, a lot of people said if you took out a ppp loan, thats about the time you would have worked through it, right, then you need more. So it is an extension there, is it an extension of the enhanced Unemployment Benefits, you know, that remains to be seen. But we do know that timingwise, a lot of these businesses probably figure they can buy themselves enough time to get to about now. Now theyre here and they have tough decisions to make again. Neil if i can switch gears a little, we are learning, jessica, i will bounce this off of you, joe biden is not going to milwaukee to give his speech, i dont know where he will give it, presumably wilmington, delaware. We do know the president will skip out on making his big speech in either North Carolina or florida. Its just not happening. He will probably do it from the white house. But it is yet another reminder of the shrinking of these conventions this year. What do you make of that and the impact, who it hurts more . I think that it would actually hurt biden more than it would hurt president trump, who does have a larger bully pulpit available to him at any time. He can go have a press conference and all the News Networks are going to carry it. We will see where he gives his speech from. Not sure if theres some regulation about whether he can do it on white house grounds and that would be a violation of the hatch act. But i think joe biden needs to do his neil by the way, why would that be a violation if thats where he lives . I just want to be curious. Im not right or left on this. Its where he lives. Hes president of the United States. No, no. Yes, he shall live there will in next january. I just dont know if because it would be a campaign event, you are not allowed to campaign on white house grounds as far as i know. But he could give i have no objection to him doing whatever is legal. That is obviously his right. Just saying joe biden needs to do more work to make sure he remains visible in all of this and also that he makes a strong case for why he picked the vp that he is going to pick. Usually we see them at the convention together Holding Hands up in the air saying this is your ticket, look to us to take you into november, and hes not going to be able to do that. As of now, we have seen very little of him with potential picks like kamala harris, elizabeth warren, val demings, karen bass. So i think he needs to make sure the public is well aware that he has a Good Relationship with whoever hes running with and the thinking behind him making that selection in the first place. Neil hes playing it safe, edward, i get that. He has a big lead in the polls. But his lead is very similar to the lead Hillary Clinton enjoyed four years ago over donald trump. We know how that turned out. And this wheres waldo strategy where he comes out of his home, makes a brief speech, hes not exactly ripped apart by the media, not that i endorse that but if you are going to go after the president aggressively, you at least can go after the guy who wants to be president , but his argument is its working for us. Are you worried that it continues to work for them . Yeah. I mean, it has been and you look at the election odds, trump has been plummeting the past few months. The economy was the one area that everybody looked to as being the greatest thing hes got going for him. That still remains his only area where hes polling better than biden so biden can be hiding during the wheres waldo thing and the president s just not able to show the economic strength that he was claiming before. I think a lot of people need to get back to work, they want to get back to work, and at least from the president s perspective, thats i would say his only hope is to see the economic the economy open again and see it humming again. Otherwise, biden i think is just going to win by default. Neil well see. Its a little early. Well see. I want to thank all of you. I know we covered a lot of ground. Want to keep you up on that. I want to indicate for those of you just joining us, both candidate, this is unprecedented, have never seen anything like it, opting not to make their major speeches at their respective convention sites where they ultimately make those speeches is anyones guess but it wont be at the convention site. We have never seen that. We came very close with Abraham Lincoln in 1860. I remember covering that one, wheres abe, wheres abe. He showed up, gave the speech, became president. You never know. More after this. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Onceweekly trulicity is for type 2 diabetes. Its not insulin. It starts acting from the first dose. And it lowers risk of heart attack, stroke, or death in people with known Heart Disease or multiple risk factors. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. 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If you look at tiktok, we said its okay if its bought, if its bought by a secure american company, they can buy the whole thing instead of 30 which is the american component, but if you buy it, the United States, which is making it possible to buy, because without us, they cant do anything, should be compensated, properly compensated with a very big payment. Neil all right. Thats unprecedented. Never been done. I talked to a lot of constitutional experts. But, but they say this isnt necessarily a crazy idea, especially if the president fa t facilitates the deal. Charlie gasparino has been following this story long before people knew it was a story. Charlie, what about that aspect of it . That the u. S. I dont know whether its a finders fee or agents fee but gets something out of it . Charlie well, i just spoke with none other than don corleone. He says its perfectly okay in his book to extort a finders fee. Neil you did not. Its the godfather. Charlie my uncle vito from the bronx says he has no problem with it. This is cockamamie. I just wonder when the attorney generals going to turn to him and say you know, you cant really do this. You cant directly tie a congressional action to a payment. When you directly tie stuff like that, thats when you get into quid pro quo territory. Here are some things and as you know, thats where illegality happens and thats where this thing could head to court and you know, it becomes very messy. If hes out of office and he does this, i mean, you know, once hes out of office, it could be a real problem for him because hes tying a payment to an official action. Again, you know, it doesnt take a legal expert to figure this one out. Thats called extortion. Heres what i would say. As this is going on behind the scenes, by the way, that monetary payment may ultimately come down to the fact that microsoft agrees to pay all the taxes it needs to, its not going to pull an amazon and try to get out of corporate taxes. Just remember, theres a wiggle way out of this which probably is where hes going after attorney general barr sits down with him and reads him the constitution. In any event, we should point out that microsoft right now is still moving ahead with its consideration. There is a huge mountain to climb to buy even half of this, the u. S. Portion or all of it. Its a monumental feat because you have to secure the data and algorithm from tiktok, make sure it has nothing to do with the chinese. But they are talking to outside, potential outside investors. I hear the potential purchase of all of it, not just the u. S. , is something thats bouncing around inside microsoft. Is it feasible to buy it all. If you buy the whole thing, say it goes for Something Like 50 billion, they do have 138 billion in cash and shortterm securities on their balance sheet, they can probably pull it off. I hear theyre looking at outside investors, potentially private equity. If they really want to do the whole deal, its a big thing. The positives obviously is if you get into this Consumer Social Media space, this is how news may be transferred in the future, transmitted. You have twitter now, you know. Tiktok is could be a news vehicle. They could compete with twitter. Theres a lot of things they can do with this, particularly if they buy the whole thing. Downside is you have to convince the Trump Administration or any administration that the chinese arent imbedded in this thing. Thats where we are. I would say this. We are in the fifth inning, not the seventh, not the first. They want to do the deal. It may prove to be too difficult to do. It may need outside investors. Heres one thing i am told from inside microsoft. There is no way they are paying the Treasury Department as of right now whats strictly defined as a finders fee. That may change. They may say what the hell, we will give them 5 billion, thats nothing to us. But they would be setting a crazy precedent. I jft oust wonder what attorney general barr is going to sit down and tell the president dude, theres something known as extortion. You cant do that. Youre the president. Neil we dont know. First of all, i cant picture him telling the president dude. But he might. They know each other very well. Charlie he might. Neil thank you, charlie. I appreciate it. Thank you, my friend. Good read on all of this. You know, the backandforth on promising vaccines always comes down to this. Is there something to getting a handle on this thing or build up the body defenses to beat back this thing or give you an immunity that can help you conquer this thing. Novavax says it has Something Like that and theres great excitement in the markets today because it looks like they do. The ceo is next. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Neil well, it is getting all the buzz. Novavax shares up sharply today, up more than 8 , indicating right now that it has been seeing very positive responses to its vaccine data that might in fact find a way for the human body to fight the covid19 virus itself. It gets a little bit more complicated than that, but these are among the more startling promising developments we have seen on the Coronavirus Vaccine front in quite some time here. Reason enough for the stock to be surging. Dr. Stan erck is the novavax president and ceo, joins us right now. Doctor, these are very encouraging results and they seem to indicate that there might be a way of using the human body to develop the antibodies and an immunity to the virus itself. How would you explain the significance of your latest trial . Well, thanks for asking. Thanks for having me on. I think weve reached a critical point that we have been working toward for the past six or seven months on this vaccine. We got to the stage where we have gone through all of the preclinical animal testing that you do in mice and you do it in nonhuman primates showing that you get an Effective Response thats protective and now we have done it in humans and although it was expected, its always nice to see the outcome. So we announced that yesterday. We have a vaccine that has a couple characteristics that make it really special. We think weve got an immune response that addresses both sides of the immune system with a great robust neutralizing response and antibodies, weve got a great tcell response, the other side of the immune system, and weve got safety, and those are the three criteria. Weve got another aspect that makes it really useful not only for u. S. But for global purposes. Is the vaccine stable. So we can ship the vaccine at refrigerated temperatures and in established global cold chain and its just a liquid in a vial that doesnt need to be prepared in any way so theres a lot of characteristics that make us optimistic. Neil you know, doctor, it got such interest, the United States government under that Operation Warp Speed Program initiated by the president has committed 1. 6 billion to your company to develop and maybe even get doses out to the public by early next year. Im told as well that some of the treatment could be in place as soon as december of this year. Can you update me on that . Well, our goal is, and this is unusual, and of course my colleagues in the industry are trying to do the same thing which is usually you get your clinical data, show that its safe and effective, then you start scaling up the manufacturing process after that. From day one, we have all been doing this in parallel which is to scale up manufacturing so the product could be ready once we get through the phase three trials that show efficacy. And so were doing that. Were doing something i think unprecedented which is to transfer our technology to plants in seven Different Countries and to be manufactured and instruct that scaleup process now. So that is targeted to give us, as you suggested, 100 million doses by the First Quarter but that means by the fourth quarter, well be making tens of millions of doses to achieve that goal and that of course then translates into next year which we think with success on our scaleup that were doing now is to have one to two billion doses available in calendar year 2021. Neil you know, this comes at a time when a lot of people, you know, always get ahead of themselves, want to know when the doses come out and are made available, who gets them, how are they priced, and also comes at a time when certainly in this country, when polled on the subject, a lot of americans, four out of ten in one survey, would be reluctant to take it. What do you make of that . Well, its disappointing. The antivax group is i think justified in their concerns. My obligation and our companys obligation is to demonstrate that our vaccine is safe, and in lots of people. Thatt the Clinical Trials are designed to do. We have to communicate that. We need the Health Care System in the United States, whether its cdc or nih or local state governments to educate, people need to be educated on the safety of these vaccines, so its going to be a joint effort. Neil one thing that does seem to be a familiar theme, i dont know ultimately what will prove victorious in attacking this virus, is using your bodys own defenses, immunity, to tackle it. There are variations of that, i get that. But is it your sense that that will be the key here, that our own body working with these various vaccines, yours chief among them, will find a way to stop this thing, prevent this thing . My view, its a lot of peoples view that the only way to get out of this pandemic is through vaccination. Its the only way. Social distancing is helpful in slowing it down, vaccinations is going to be required to get rid of this pandemic. Neil you know, i believe it, and this does indirectly relate to you, doctor so if you will indulge me. University of Connecticut Football Team had suspended its season, its not going to have a season now. I remember i think it was the coach, he was saying i dont have it word for word, saying that well, until they come up with a vaccine its just too risky. So when you see schools going about plans to resume sports, resume classes, theres always an element of risk. I understand that. But are we being too jumpy about it . Are we not acknowledging the risk when people recongregate there will be a spike in cases and waiting for a vaccine to come, but you could be waiting awhile. Maybe not in your case, but to stop everything, waiting for that. Do you think thats wise . Well, thats actually somebody elses call. I have to admit that what we are experts at is developing a vaccine and not all of the social interactions. So i really am not an expert on that. Neil i was trying to get you at a weak moment and get you to wade into politics a little bit. You didnt take my bait. Stepping back from all of this, when you look at the whole world and how its going and the spikes in cases here and there, do you think its changed our view . We god forbid get another wave of this or down the road, yet another dangerous virus that has morphed into something akin to this worldwide, that our response should always be the same response . How do you feel about the way the world right now continues to handle this . Well, again, lets go from a vaccine point of view. So weve been doing this, we didnt just start making a pandemic vaccine in january of this year. We have been doing it for the decade i have been involved with this company. This is actually our third Coronavirus Vaccine. We had something called sars which most people have heard about, middle east respiratory syndrome, mers, theres the ebola outbreak, pandemic flu strains coming about. We have made six or seven different vaccines for emerging Infectious Diseases because if they had gotten to the point, you know, you would need a vaccine, it got to this point. All those efforts in the past were in a way just practice because the sars went away, mers has not been hasnt developed around the globe and some of the pandemic strains people were worried about went away over time or short period of time. But there will be more strains and whether its coronavirus or influenza that will come about, we have to be prepared and get a vaccine out as quickly as possible. Were learning. You know, unfortunately, its a big learning experiment. But everybody is learning and i think everybodys going to get better at it. We are going to get better at stockpiling supplies and making vaccines. Neil finally, sir, i appreciate your taking the time, what antibodies and whathave you, theres another camp that says dont assume that antibodies last forever or stay the same way or immunity can stay in place forever. I think even dr. Fauci had hinted at that and didnt want people to think whether it was yours or others that are working on similar remedies that its a magic bullet. What do you say to that crowd . So its true, some vaccines work for a lifetime. Some, many of the childhood vaccinations you get last for a lifetime. Flu, of course, is the opposite of that. You need a new flu shot every year. For boosting. And this coronavirus, we just dont have enough knowledge. It may take just like flu, it may take, it may become seasonal and we may need a seasonal Covid Vaccine. Its possible you could put, you know, a flu vaccine in combination with a Covid Vaccine and have single injection every year before the quote flu season. We dont know. Neil all right. Its been a real pleasure talking to you. Dr. Stan erck, novavax president and ceo. He would not take my political bait. Kudos to him for not doing that. Again, some very promising technologies and treatments in the offing. Novavax, first and foremost getting that attention today, something in its better than 30 years history, never gotten this kind of attention. He seems to be handling it pretty coolly, calmly. More after this. Im searching for info on options trading, and look, it feels like im just wasting time. Thats why Td Ameritrade designed a firstofitskind, personalized education center. Oh. Their awardwinning content is tailored to fit your investing goals and interests. And it learns with you, so as you become smarter, so do its recommendations. So its like my streaming service. Well except now youre binge learning. See how you can become a smarter investor with a personalized education from Td Ameritrade. Visit tdameritrade. 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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. Neil all right. It might have seemed like an exaggeration when we first heard the possibility so many restaurants were going to go out of business as a result of the sheltering going on and the delay in reopening and one out of four was the fear. Its turning out to be pretty much as outlined and it is not Getting Better right now, particularly in states like new jersey and others that have really clamped down on distancing capacity provisions there. Restaurants are kind of on their last breath. John, i was just talking to s n someone coming up with a vaccine that might deal with this but it might be too late for these guys as far as keeping their businesses going . I agree. We are out of resources. When we look at the stimulus package in washington now, there really needs to be a restaurant relief element to it. Its disastrous. Think about this. They say lets deliver alcohol. You go out and buy containers, you buy beer in bottles and cans so its deliverable. You change your website, train your staff, put it all together. Then a few weeks later they say you cant do that anymore. Its a double whammy. We are investing even greater to try to sustain ourselves, then our legs are being pulled out from under us. Theres an interesting Vision Forward i would like to give you, if i can. We are going to lose i believe about 50 of our restaurants. I do believe in pentup demand. We talked a few days ago about how i think when people get the vaccine, the next thing they are going to do is see their friends, go out to dinner at bars and enjoy themselves. Think about this. Pentup demand creates a surge in the marketplace months from now but demand, Seating Capacity is down 50 . Think of how the industry comes out of this, with greater potential demand and a capacity of 50 , isnt that sort of boom town . Isnt there reason to believe in the Restaurant Industry and invest in it and support it to get us to that point . Neil thats a very good point. Its a dumb question but i wanted to bounce it off you. I noticed a lot of these eating establishments obviously have limited indoor dining, you know, in new jersey its like no indoor dining. Its all outdoor dining. But some have combined it in some areas where they allow both so that they are very darned close to full capacity between chairs and tables they put outside, the limited capacity they allow inside. Obviously not that many can take advantage of that given their location and all but what do you make of those lucky enough to offer both . Obviously, they are more fortunate but still, they are sitting at 50 capacity with the same rent, the same utility cost, the same insurance costs and all other fixed costs. Its a fight of survival. We have discussed how i believe we lose about 6 more every month that this continues. I really think that we need to think about not only stimulus packages but reopening packages. I really think that when we take a look at the economic packages that are being put together now, certainly restaurant relief is worthwhile because the industry i believe comes back strongly after this but also, not only revenues and payroll credits to sustain us through this, but making sure businesses have the resources to restart after this is equally as critical. Neil yeah. Theyre not part of the stimulus package theyre kicking around now. Does that worry you . Of course it worries me. We are the largest employer in america, the Restaurant Industry, other than the federal government. Can we think of an industry, less important to invest in, less important to protect . It makes no sense, the payroll tax impact, the impact on state revenues, federal revenues. Its massive. Neil yeah. Youre right, my friend. John tapper, hang in there. Thank you very much. You never forget your friends and your colleagues in this business. Im very impressed with that. The bar rescue host and tough love, tough words for our politicians. Dont forget us, guys. Dont forget us. Meanwhile, when we come back, the latest on that horrific explosion in beirut. Forget about what started it. Just digging out. After this. You say the customers make their own rules. Lets talk data. 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. Thats 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 thats 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. Neil still digging out of the rubble nearly 24 hours after that explosion in beirut. Forget about what caused it, what triggered it. Just digging out of it and the horrific things you find as you do. It gets messy. Trey . Reporter neil, good afternoon. The lebanese people woke up this morning surveying the damage from this massive blast in beirut yesterday. The red cross says more than 100 people are dead and thousands injured. We do know that according to some images we have seen on the ground, rescue crews are picking through twisted metal, broken glass and splintered wood. They have been searching for survivors. Beirut has entered a twoweek state of emergency while hospitals remain completely overwhelmed at this hour. Last night, you even saw patients being treated in the parking lots. You can see in some new video how strong the explosion was as a priest was livestreaming a mass and pieces of the ceiling started to fall on him. This blast was felt more than 100 miles away in cyprus. This is an extremely difficult situation. One interview with the governor in beirut really underscores the devastation. He was equating it to the blast in hiroshima and he choked back tears. We do know some allies of lebanon have offered aid but also some adversaries. Israels Prime Minister Benjamin Netanyahu was offering his condolences today and reiterated that the israelis are willing to provide aid to lebanon. The official explanation for what caused this was an explosion of a stockpile of ammonium nitrate. We know this substance in itself is not combustible so it could have acted as an oxygen source for Something Else to explode. It could have also been giving off vapors as we saw in previous disasters with this substance but lebanese Authorities Say today and for the week to come, they are going to be conducting an investigation and local media reports indicate a number of officials in beirut are under house arrest as they search for more answers about what caused this deadly blast. Neil . Neil you know, you correctly reported a deadly blast because they dont know what was behind it but the president last night was talking about this explosion being a terrible attack and that some other generals had told him that. We dont know of any generals who have said that publicly. They might have said just that to him privately. Do you know of any suspicions that this was indeed an attack as the president seemed to say last night . Reporter right now, there is no evidence supporting president trumps claim that this was an attack or a bomb that was placed in the port of beirut. There were some pentagon officials overnight speaking with fox news who supported that, saying there are no claims internally that this was a bomb or an attack. No one seems to know what the president was talking about there when he spoke about that during that press briefing in the james brady Briefing Room at the white house yesterday. There are some serious concerns, though, in the region this evening about security implications, about the president of the United States claiming that this could have been an attack because as we have seen with previous explosions in lebanon, and also neighboring syria, the country behind most of those explosions in recent months has been israel, where we are right now, and the Israeli Government has been very clear, the sources we have spoken with over the past 24 hours in western intelligence and also the Israeli Government have denied any involvement, so there are some serious implications about making a claim that it was an attack or a bomb, but again, there is no evidence this evening saying this is anything but an accident in beirut. Neil . Neil very good reporting, my friend. Thank you very very much. We will keep you posted on these developments in beirut, where every major country in the region including israel has offered any and all help necessary for lebanon to deal with this. Stay with us. 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. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Neil all right. There will be school this fall in the Chicago Public schools district but for the 350,000 student it will be virtual. It will not be in person. Completing a trend that has expanded nationwide where at least half the School Systems we know of will be going virtually or combination with in person classes. Here we go, charles payne. Charles thank you, neil. This is making money. The driver for the next leg of this rally, that means dormant stocks could be ready to take off. Mounting signs that the economy is actually gaining momentum. Talks in washington inching forward with modest concessions on each side. Do the lawmakers not know what time it is . I will ask senator rick scott of florida coming up. And were thinking about doing it from the white house because there is no movement. It is easy. Charles president trump