Transcripts For FBC The Claman Countdown 20240712

The venture never really fit his original parameters with oracle, but coming up, why did President Trump ever get involved in banning tiktok in the first place . What gave him the idea . Is it something he may live to regret . We have breaking news on that, and coming up, we have the lawyer who has argued before the committee on Foreign Investment in the u. S. For many both the domestic and foreign clients on whether oracle has the chance to save tiktok by sunday night. Another superstar unicorn coming into the Public Markets the Video Game Development Software Company unity shooting higher on its New York Stock Exchange debut. The ceo is here with instant reaction right before the closing bell, unitys first day of trade. Commercial real estate faces a looming apocalypse as businesses keep their employees working from home and no longer need all that pricey office space. A ceo gives a state of play from the front office. Is ap until a bear market right now . Is apple in a bear market right now . And why tesla stock is jumping . Were less than an hour to the closing bell. Lets start the claman countdown. Liz breaking news i want to put apple stock front and center right now. The tech whale is at the precipice of a bear market. Now, during todays session, it dropped more than 20 from its record high back on september 1st. Right now you see it down 19. 87 , so its just shy of a bear market number there. If apple finishes below 107. 34, you can see its at 107. 46, so not quite there yet, if it is below the 34 cent level it will officially be in bear market territory. Keep in mind, the stock is still up 92 from its march low. So theres that. We got tesla here getting a charge ahead of its battery day. Thats coming up on september 22nd. Yes, next week. The price target has been raised on the stock to 475. Its at 441. 50 right now. Piper sandler bumping it up to a street record of 515 bucks. The electric vehicle giant also won the dismissal of that defamation claim by a former employee it fired after determining he had leaked Confidential Company data. Tesla getting a gain of 4 1 3 right now. What a welcome 180 for dave buster investors after 26 tumble yesterday, triggered by a report that the arcade chain operator may have to file for bankruptcy. Right now its up 14 1 2 in this final hour of trade after analysts came up for air and said you know what . That report yesterday was overblown. The analysts instead apparently view the pullback as a buying opportunity. Okay. Breaking news at any moment President Trump is expected to hold a News Conference at the white house. It was supposed to begin at 2 00 p. M. Eastern. We are waiting on that. We will bring it to you live when he begins to talk about the Tiktok Wechat situation, but it comes after the news that sunday night, the u. S. Government will start to squeeze the life out of chineseowned tiktok and wechat. Tiktok currently the most popular social media app out there, and wechat is used by u. S. Businesses for supply chain and communication. This latebreaking news on wechat, a federal judge says she will hear emergency arguments by wechat today, where the company will push to delay the sunday night ban. Yeah, like sort of a stay of execution at the moment. Now, wechat is owned by ten cent. You can see there was a reversal here. The stock was falling, and then on news that the federal judge would hear these arguments, tiktok is now up about 1 2 percent. Sorry 10 cent rather. On tiktok the president maintains the huge amount of data that that app collects is National Security issue, first flagged by an agency under the Treasury Department. The committee on Foreign Investment in the u. S. Has been looking at tiktok since last november, but in this july, after the president demanded it be sold to a u. S. Company or be banned, this joint venture has been scrutinized between tiktok and oracle to see if it holds up to the president s original order. An attorney has spent years successfully representing both u. S. And Foreign Companies before cifius for his firm sheerman and sterling. Give it to me straight, john, do you think theres any chance, is this just buying time till sunday night . Do you think theres any chance oracle can turn this thing around . Theres always a chance with cifius. In my experience the staff will make themselves available at nights, on the weekends, to try and listen to the parties. Im sure the parties are working very hard to try and address the concerns that cifius and the other federal Government Agencies have identified. What i would say its never over until its over with cifius and they have time to get it done. Liz this is why we wanted you on. You know exactly how cifius operates. My question right now is cifius and very intransigent . The president has recently said multiple times in fact he signed two executive orders saying you have to sell tiktok u. S. To an American Company or else forget it. Now, this does not appear to be any kind of sale. It appears to be a joint venture with oracle. Will cifius look at that and say okay that addresses some of the issues . To many of us it doesnt look like that. In fact we know the Chinese Government is ordering byte dance, the chinese parent of tiktok to not let that algorithm go because it was proprietary information that was developed in china. Who knows, china is probably looking at this and saying if we allow the president to ban this, who knows where he will turn next . He may ban alibaba and other chinese companies. Obviously there are sometimes that cifius has concerns that cant be overcome by proposals of the party. They are always willing to listen. The staff always makes them available to listen. It doesnt mean that the partys proposals will always solve the problem but the staff will generally make themselves available and try to resolve a problem. Obviously the government and the cifius staff and everybody wants to try to resolve those concerns to get a deal across the finish line. We will have to see with that can happen. With cifius things can come down to the wire and i think were definitely getting there. Liz uhhuh, but sources have told me, and these are sources who were part of the original early negotiations with the Treasury Department, after tiktok was told youve got to be bought by a u. S. Company, those sources are telling me because i said where did President Trump, july 3 1st, suddenly start saying on air force one, we can put up the time line, im going to ban tiktok. In fact then shortly thereafter in early august he started to say that in fact he signed the executive order saying this thing had to go. Then he signed another executive order on august 14th. So these sources were telling me that the indian Prime Minister banned tiktok summarily in one day, thats it. On june 29th, and when President Trump saw that, he thought that looks tough, and he has always wanted to be tough on china, so he went ahead and did it. And this source was telling me that they werent sure that the president really understood what a beehive he was kicking on this. This is 100 Million People in america who use this, and thats a voting block. Right, thats a good question. Theres several different authorities that the president has, one is cifius which gets its authority under the defense production act, but then specifically with respect to the economic, you know, issues it is really the International Emergency economic powers act, iepa that provides the president with Broad Authority and been around for decades to suspend Business Activities and commercial transactions with certain entities the president deems to be raising National Security concerns. The president has brought authority and really the question i think before the court and before the administration is how far does that authority go . Can they really do what they are proposing to do here . Im sure that will be figured out in the course. Liz john, before we go, have you ever argued for a Foreign Company before cifius where you were told this will not pass muster unless you cleanse, unless you cleanse any tentacles or code, so to speak, from the Foreign Company coming to the u. S. . That really is the question because the concerns the president has said he has is that theyre able with their 15 million lines of code to know all about location of data users, where they live, what their browsing history is. Yeah. I unfortunately have. I can tell you this, the u. S. Government has, you know, somewhat longstanding concerns about u. S. Customer both data, large amounts of u. S. Data being made available to foreign entities through a software, through mobile applications. You know, theres a variety of ways that it can be collected and maintained and stored, and the government has expressed concerns in other deals. This isnt the first time that they have had these concerns liz got it. John has argued before cifius. The president is speaking right now, holding a News Conference at the white house about vaccines. Were going to put up all kinds of vaccine stocks as well as he makes this announcement. China virus, all nations have under that our top priority must be to develop a vaccine as quickly as possible, to end the pandemic and get life back to normal. The successful vaccine will not only save millions of lives, it will put an end to the restrictions and some of the things that go on and have to go on in the meantime. Today i want to discuss the historic progress were making to deliver a safe and effective vaccine in record time. Theres never been anything like this, ever, in our history, in history, period, world history. Since january americas brilliant doctors and scientists have been working around the clock. These are the best medical minds in the world, by far, and the vaccines are going through the Gold Standard of Clinical Trials and very heavy emphasis placed on safety. Three vaccines are already in the final stage. Joe bidens antivaccine theories are putting a lot of lives at risk. Theyre only doing it for political reasons. It is very foolish. Its part of their war to try and discredit the vaccine now that they know that we essentially have it. Well be announcing it fairly soon. Liz all right. Were going to dip back out of this until we get some news on this. You know, we tend to as a Business Network want to focus on the Business Aspect of that, and as soon as we start to hear about that, we shall once again take it. In the meantime, we just want you to turn to the nasdaq at the moment. We are watching very closely the nasdaq in the final hour. Right now it is selling off. If it falls more than 62. 59 points, which as you see it has, that puts it below last tuesdays correction low. Todays quadruple witching is not exactly helping the bulls. Quad witching for those of you who dont know is this quarter event where big derivatives and futures positions expire fuelling volatility. Now, for those who missed the last market selloff, is fomo still a thing . Are investors torn between missing out on more moves and the glaring headline risk ahead not the least of which could be the president ial election . To our floor show traders. How do you thread that needle, john . Yeah, the fomo is always on. Right now the fomo has changed a little bit and instead of people chasing tech, tech is selling off and normal sector rotation, financials, consumer discretions, and tech have led the way in every bull market since world war ii. This one looked very similar. As we discretion and tech sell off, the fomo is shifting to industrials [inaudible]. Kind of right on track, maybe not so much energy, you know, every cycle is different. Were definitely seeing some green chutes on things like basic materials and industrials. Liz does that surprise you, phil, that we are seeing materials start to look healthy . I mean to me we have a very strong housing market. Clearly theres that. We dont have any kind of infrastructure bill thats being formulated at least not that we can see in washington, d. C. , but why do you suppose we have a market selloff on this friday . It doesnt look like anybody wants to go long into the market, even though we have some very healthy ipos that have been sprouting up right and left we have been, like the old days. I will tell you what fomo has been replaced by fear of profit taking, taking all your profits before the turmoil. Thats fopo. Its a buying opportunity. When we get to the quadruple witching areas, sometimes these moves tend to be exaggerated. On top of that, you have all these other things that the market is concerned about, whether or not were going get a vaccine, who is going to be the president. But youre absolutely right. I do look at the strong material sectors, and the housing sector here in the u. S. , you know, it slowed down a bit, but that but you say theres no infrastructure spending, not in the u. S. But take a look at china. China is talking about a huge infrastructure bill. You know, they dont have to fight in congress to get you know, they just have to call the president of china and say hey i want an infrastructure bill, it gets done. Thats whats happening in china. If you look at the price of raw materials, for example, if you look at copper and iron ore, they are going through the roof, and they are signalling good times ahead. The you look at what were if you look at what were seeing in the nasdaq stocks, they are having an incredible run. A lot of people are thinking it is time to take some profits. We are seeing that today. Were getting a little bounce off the lows. It is not over. You never know. Liz i mean you have activision blizzard, verisign, a lot of names moving to the upside. John and phil, thank you very much. Great to see you. When the market gyrations are this hot, you kind of take a risk naming your company snow flakes. The closing bell ringing in about 45 minutes. The dow down 219 points. The cloud Data Warehouse shares which priced at 120 but spiked as high as 319 during the wednesday beau are trading higher by 8 1 3 percent. Attention now turns to gaming where unity will end its first day as a public company. The Software Gaming tool developer spiking with 44 minutes left to trade. The ceo joins us live right here next. I wanted more from my copd medicine thats why ive got the power of 1, 2, 3 medicines with trelegy. The only fdaapproved oncedaily 3in1 copd treatment. 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Okay, wednesday, sony play station 5 reveal and surprise preorders actually crashed the internet as fans, who have been home bound, right, this is so covid driven, flooded websites like best buy, amazon, and target to guarantee themselves a console for the holiday season. Today gaming tools giant Unity Software entering the stock market trading under the coveted Ticker Symbol u, yeah the single letter tickers are the hot ones to have; right . They got it priced at 52 a share. The stock gapped up, went very high. Were still thereupon right now, up 32 to 68. 83 as we approach its very first close of session. Unity technology Ceo John Riccitiello is pulling himself away from the stock screen to join us live for these last few minutes of trade. John, what an incredible day for you guys. Tell me what do you think is so exciting about your company that on a day where the Broader Market is down, your stock is really popping . Well, i think theres three things, and thank you, liz, for having me on. Three things really, one is i think were at the beginning of what most people may not see, but they will certainly experience over the next three to five years. The world is moving towards realtime 3d technology and content. What i mean by that is, you know, unity already powers half the worlds games, so theyre built on unity, but what were seeing is customers coming on to our platform in architecture, engineering, construction, they are coming on to our platform in manufacturing and simulation and so many Different Industries. I think it is inevitable. So the first thing i think People Like Us is because were the Market Leader in a space that is likely to double, double, and double again, so in a way weve put ourselves in the right place at the right time. And then within that industry, you know, i couldnt be more proud of 3700 amazing people on our company, and so i think those that have gotten to know us, and many of our investors have, they recognize how talented they are and why at least it looks like it is ours to lose. Were on a roll. We feel great about it. It is all because of the great people in the company. Liz well, yeah, you know, that too, but youve got to take into the fact that weve got the pandemic, which has driven real interest in video games, but you guys have been around for quite some time. What i find interesting about the Business Model is that you are subscription based, and these subscriptions for which people are ready to pay up to get the tools so that they can create these very graphically intense games, not cheap. I mean, were talking about a couple hundred bucks for the low end, and then we have got more than a four figure number for the high end. Are you starting to see some trends . I know you are not profitable right now, but you are increasing in revenue. When do you expect to be profitable . Look, you know, one of the things that an army of lawyers and finance people tell me is never give guidance on a broadcast. But i would tell you that look [inaudible]. [laughter] we grew 42 this last quarter. You know, weve been dramatically reducing losses. We got an 80 gross margin business. I think investors can see through the present and see where were going. They see that were building a business thats got exceptionally attractive economics and businesses that are growing at over 40 with attractive economics are going good places. Liz augmented realty, virtual reality, you guys are really interested in working on stuch on stuff like that. My last question to you is what about that . When you are looking at these opportunities, there hasnt been as mass adoption as people expected. Yes, it is immersive and great, but people dont want to put that thing over their heads and tune out the world. I wouldnt agree with you there, but i will tell you what i would say, first off, well over half of the worlds [inaudible] is built in unity. It is getting strong traction in commercial applications. I expected that five years ago. Im deeply involved in that space. I havent seen that right combination of price point, content and device that i think will trigger a big consumer explosion which is i think what you are reacting to. Based on what i know, and, you know, watch this space, over the next three years, were going to see the Consumer Company in this arena and something exciting happen. Liz john, we have to run. The president is now taking questions. But unity is the stock. We will be watching it. Lets listen in. You know about oracle. You know microsoft has been involved. Lets see whether or not they are continuing to be involved. Walmart is truly a great company. Theyre very much involved. They want to do something. So we have some great options, and maybe we can keep a lot of people happy, but have the security that we need. We have to have the total security from china. Know were not going to do anything to jeopardize security. At the same time, its an amazing company, very very popular. So if we can do a combination of both, i would be very happy doing that. It could go very quickly, though. It could go very very fast. Yeah, please . Go ahead, please. Thank you, mr. President. On kuwait, so the ambassador to the kuwaiti ambassador to austria this week told the iaea that the government is very concerned over irans constant breaching of the jpoa, have you discussed where they stand this week as we go into the u. N. And the United States tries to extend sanctions on iran . They just left my office, as you know, the oval office. We had a very good meeting with the amir. I think we understand each other very well. Theyre very excited about a lot of things that are happening in the middle east. Theyre so excited that we signed the first two countries, and i think they will end up fairly quickly being a part of it. I have i would say seven or eight countries that want to be a part of it without even working very easily, very quickly. Nobody thought this would happen, and not only is it happening, its happening rather easily. We discussed that very briefly because thats an easy one. Believe it or not, that whole thing is now a beautiful puzzle thats coming together very nicely. But we are talking to them and others about various aspects of the middle east. The middle east is straightening out with all this happening. You know, we have brought a lot of our troops back. A lot of them are coming back in the very near future. Were out of syria, other than we kept the oil. I kept the oil. We have troops guarding the oil. Other than that, were out of syria. We took them off the border between syria and turkey. We had a lot of troops on the border. Ultimately we got it down to 50. I thought they were in great danger when you have two armies sitting there looking to fight and you have 50 people in the middle. I dont care who you are even if youre the u. S. , those 50 people are in great danger. We took them out. But we had a lot of troops on the border and we took them out. I said look they have been fighting on that border for 200 years and a lot longer than that under different names. And they can continue to do that. Thats not for us. Were guarding our own borders. Were doing very well on our southern borders, as an example. Were out of syria, except we kept the oil. Well make a determination. Well probably be dealing with the kurds and the oil and see what it all ends up, but well be out. Very importantly, were down to very few soldiers in iraq and well be down very shortly over the next couple of weeks to 4,000 less than 4,000 in afghanistan. And then well make that final determination a little bit later on. Were dealing very well with the taliban. Theyre very tough, very smart, very sharp. You know, its been 19 years, and even they are tired of fighting, in all fairness. We really served as a police force because if we wanted to do what we had to do, we would have fought a lot differently than they have over there, 19 years, they didnt fight it properly. They were police. Okay . Theyre not police. Theyre soldiers. Theres a difference. The Police Nobody has more respect for police than i do, but they have to do their own policing. Were having some very good discussions with the taliban, as you probably heard. Its been public. But well be down to very shortly well be down to less than 4,000 soldiers. And so well be out of there. Knowing that certain things have to happen, certain things have to be fulfilled, but 19 years is a long time. 8,000 miles away. 19 years is a long time. And the middle east, the whole middle east equation, if you look at whats happened, if you look at the stupidity of decisions that were made, including the deal that was made. I mean, take a look at what happened with iran. Had that deal stayed, had i not broken that deal, you could have never done the deal that im doing now where all the countries are pouring in. I had two calls this morning with countries that want to know when can we go into the deal . They want to go. Its not that were giving anything. They want security. They want peace. Theyre really tired of fighting. It is incredible. They are tired of fighting. They have been fighting for so many years. Theyre tired of fighting. Thank you very much. Mr. President , a question on the vaccine, but first on puerto rico, i heard you many times over the past couple of years saying puerto rico got too much money. I mean just last year you said puerto rico is one of the most corrupt places on earth. But you said never again. You said Congress Gave too much money to puerto rico. Why now . Because were building it up as a great medical pharmaceutical manufacturing area where, you know, where were going to be taking back a lot of the business that we let go for years, and were going to bring it back. They were very good at it. They did a fantastic job, but they destroyed it with their tax policy. They made it impossible for people to stay. So people went to china mostly and other countries. Puerto rico has been very corrupt in terms of its politician, you see that, one after another. Its been unbelievably corrupt, and were studying that and working on that. We think we have a good group of people. Were working very well with the politicians right now. I think more exciting than the dollars, and you have to do something with respect to their grid. Their grid is a disaster. Their generators are wiped out. They have been wiped out for years, long before maria came. They have been wiped out for years. If we can build puerto rico back into a pharmaceutical manufacturing area, were going to designate it as such. I think it will be unbelievable for puerto rico, unbelievable for the people of puerto rico and we can make it very successful. A larger question on the vaccine and other issues regarding the experts in your government. Last night you criticized what Christopher Wray told congress, your fbi director, you obviously said the cdc director was flat wrong on a couple of things this week. How is it that you dont trust your own experts . Do you think no, i think yeah, in many cases i do. I think we have a bigger problem with china than we have russia. I think chinas a far bigger problem, and i said well, thats okay if you want to think about russia, but what about china . I think thats appropriate. I thought that the definition of antifa was absolutely incorrect definition, so i speak up. I like to speak up. I have fantastic people. Thats why were able to make these great trade deals. Thats why were able to do things like were doing today. Thats why the country has done so well. The country has done numbers like nobody had we not had the china plague come in, if that virus didnt come in, the plague i call it, the plague from china didnt come in, the numbers we had were not only record setting, they were beyond anything anyone has ever seen in any country, frankly. Now, we closed it up. And now were opening it up. By the way, the democrats ought to open up their states and ought to open them up fast, john, the faster the better because they are hurting their people. A lot of damage done with these extended shutdowns. We saved millions of lives by doing it the way we did it. Now were opening it up. You see the kind of numbers, the manufacturing, retail, employment numbers, they are setting records. It is an incredible thing thats happening. Had the plague not come in, we would have been right now at a level that nobodys ever seen before. Nobodys ever seen. But even before, it was at the highest stock market, best unemployment numbers and employment numbers, up to 160 Million People just short of 160 Million People employed. We were never close to a number like that. Now were doing it again. And next year, we will have a great economic year, i think one of our best. Planned on sending 650 million face masks to americans in april. That never happened. I dont run it to be honest. As you know, thats run by a commission. They run it. I think frankly if they would raise the price of packaging, youd end up making a lot of money or breaking even or doing something. The post office has been a mess for many many generations, but for certainly decades, and it loses a lot of money. Its always lost a lot of money. And one of the reasons it loses a lot of money now is that its delivering all these packages, and every time they deliver a package, they lose 3 a package or whatever the number may be. So i would suggest that they raise the price of packages, and you might get something where it loses very little or maybe break even or maybe even made some money. Can you imagine a thing like that . And whether its amazon or any of the other internet delivery services, if you did that, youd have a whole different post office. So hopefully they will be doing that. In the meantime, i know so many people in the postal system. I have known them over the years. They are incredible people. And theyre very secure. Theyre going to be very secure. You know the problem they have with the ballots is not the post office. The problem they have with the ballots is the people sending the ballots and the people counting the ballots, and who are they sending them to . What are they being sent . Are they being sent to the wrong areas, not being sent at all . There will be tremendous corruption if they dont do something about it. Now, one big hope is that were in front of numerous federal judges in nevada. Were in front in pennsylvania as you know. Were in front in michigan. We have Numerous Court cases out there that are very well advanced, and you will start seeing decisions just like we won the case on opening up pennsylvania. That was a great decision by a judge that came down two days ago, and that was a very important decision, so but we have a lot of very important decisions coming down on this scam of unsolicited ballots where they are sending out tens of millions of ballots to everybody, people that didnt expect them. People are getting inundated with they will be showered with ballots. Everybody in this room knows it is a scam. Okay . Everybody in this room, even john. Dont say it, john. [inaudible]. Sending ballots at a level they are never going to be able to count them . People in the white house vote by mail. Thats different. Thats called solicited. When you go out, it is called absentee or solicit, when you go out and you request a ballot, you want to say i want to vote because i cant be florida or cant be someplace, you are requesting. You are sending something in. It is handled professionally. They send it back. Its a whole thing. Thats much different than unsolicited. When you get millions of ballots i heard numbers like 80 million ballots. Now, just this week they had another one, another one of the disasters that took place, an election. Look at what happened in new jersey, and they had another one in new jersey, very bad, different than patterson. Look at what happened in new york with caroline your congressman murphy Carolyn Maloney. I mean look at that race, Carolyn Maloney had a race. It was a disaster. Ballots are missing. These are small races. Look at what happened in virginia. Look at what happened in various other parts of the country, even over the last short period. These arent 80 million or 50 million or 20 million votes. These are small elections. These are Congressional Elections where in theory it is easy. Whats going to happen on november 3rd when somebody is leading and they said well, we havent counted the ballots. We have millions of ballots to count. Its a disaster. Everyone knows it. Everyone knows it is a disaster. And i dont expect people here to say although some people will, some peel would say it, everyone some people would say it, everyone knows, you dont even have to know politics to know, this has nothing to do with the post office by the way, where are these ballots going . Who sending them . Who signed them . In nevada you have a governor who signed something where he doesnt even want verification of the signature. What does that mean . He doesnt even want verification of the signature. So i think its going to be a terrible time for this country, and were counting on federal judges to do a great constitutional job when they theyre right now analyzing it. Many many federal judges, i think five or six, but many federal judges i can tell you in pennsylvania big, in nevada very big. I believe it is in front of a judge in michigan. A lot of judges have not yet ruled on this. But if its ruled in a different manner, or its ruled where these millions and millions of unsolicited, people that arent even asking. Theres such a difference. You write in. You ask. They send it to you. You sign it. You send it back. Thats perfect. Thats absentee. Theres nothing like going to the voter booth, by the way, nothing, where they check you as you go in. Theres nothing like that, but thats absentee, thats okay. But this scam of sending millions and millions of ballots do you know who knows this better than i do . The democrats. They know it is going to be a mess. They know there are going to be millions of missing ballots, tremendous number of missing ballots. You could be talking about large percentages of these ballots are going to be missing. Theres going to be fraud. Its a disaster. And everybody it would be a lot easier for me not to bring it up. Liz all right. Let us tell you right now that we have a situation with the markets going on on this friday. We are watching very touch and go maneuvering with the nasdaq at the moment, as the president speaks. He did just in case youre joining us now, answer regarding tiktok in a question about it being banned. He simply said that he will not endanger the privacy of americans, and he also mentioned that walmart is a very good company. Let me get to charlie gasparino. He kind of punted on that question. He didnt really answer much, didnt give any indication about whats going on. But give me a sense of what youre hearing from inside the administration because it is not a sure thing that it will be completely banned on sunday night; correct . We reported earlier in the week that one of the options here was a punting of this, like, you know, extended timetable, and it seems like thats what they came down with. I mean, it is fascinating. This is going to be a harvard case study, liz, on government involvement in major dealmaking, but heres what happened. I dont think we have to replay the whole tiktok, with microsoft and everything, because the latest news with that oracle had a partnership on the table to save the app from being banned. It was like on the verge of being approved by the Treasury Department through the council on Foreign Investment in the u. S. Known as cifius by steve mnuchin, the treasury secretary who chairs that council. He believed they had a deal. Mnuchin is most people would say is the ultimate pragmatist. He believed that we can kill two birds with one stone here. We dont have to annoy people. There are children. Young people, get some people to vote against us because they banned their app. At the same time, weve got some safeguards here, that was his idea. Thats the type of deal he crafted. And then came some pushback, a lot of pushback from National Security folks who are saying this because chinese prevented the sale to microsoft or anybody, that was the initial deal, chinese said no you cant buy it. Microsoft wanted to buy it and change it. The algorithm. Right, even if you create a u. S. Company that will lease the algorithm, that is owned by u. S. Investors, that may be ipoed, that algorithm will always be owned by byte dance and the chinese. Liz [inaudible]. If you believe this is National Security problems, it is very logical. The guy that made i understand the most compelling case to trump that got this thing to where it is now which is a soft ban i guess the best way to put it was ag william barr. Thats the guy i have heard. We have calls into the justice department. They have not denied it. I heard this from people with direct knowledge of the matter that he was the guy that made that point, and thats the resonant point here, and now what we have is kind of a very confusing situation. We have the administration saying on sunday, you know, it goes dark or it goes kind of dark, right . You could still download it if you havent downloaded it now. We have till november 12th, after the election, to figure it out. You have the president right now and even earlier on varney, it was suggested that there could be a deal worked out in some way. You have the president , you know, liking walmart. I mean, it is kind of a bizarre situation here. I mean, i have to admit, the whole thing was bizarre from day one too, liz. I mean, lets be real clear here. Oracle is not the best company to safeguard this asset in its cloud. Microsoft is based on its expertise at cloud. Liz charlie, you know, and i could simply say that whatever orders were put down, lately, oh, you will move the headquarters to the United States. Oracle will be the web hoster. The chinese can defeat almost all of that. Right. Liz they can still add persuasive information and material on to tiktok. I mean, this is [inaudible]. Its got to be an outright sale or once the chinese put in place those export trade rules, remember, they put that in place a couple weeks ago, it prevented microsoft from doing what Everybody Knows needed to be done, a real purchase, where you buy the algorithm, where you can fix it, change it, manipulate it, get the chinese out of it. Microsoft has the expertise to do that. Once you did that, this thing got thrown up in the air and then became also a degree of crony capitalism, liz, lets be real clear here. Oracle run by larry ellison, a huge trump supporter, two of the biggest investors in byte dance which would still control the algorithm are general atlantic, sequoia partners run by bill ford and doug leon respectively major Silicon Valley g. O. P. G. O. P. Ers. Once they story got out there, thats when people started saying theres something up here, and then you could see the tide turning. It was interesting that cnbc and jim cramer earlier in the week said it was a done deal. We never said that because i always knew and i will tell you why, i always knew that while cifius was a done deal, mnuchin was a done deal, thats very important, this thing would have to be approved by the president and he had other people talking in his ear, one of the people talking in his ear that i guess persuaded him from what i understand to do what he is doing now, which is soft ban, to see what happens is william barr. Liz both charlie an have downloaded tiktok. We will at least have it. It doesnt go dark. You wont be able to download it anymore, get any updates which then of course will degrade the whole thing eventually. Charlie, thank you very much. Were at the precipice of a bear market for apple stock. Stay tuned. Were coming back with more. Hi, this is margaret your Dell Technologies advisor theres an art to listening. Its the ability to hear more than whats being said. To understand the meaning in every pause. 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Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Liz we could call this is a tale of two leases. While facebook, amazon, apple are scooping up real estate signing leases and expanding their footprint during the pandemic other Companies Like citigroup are reevaluating their commercial real estate needs as many of their employees continue to work just fine from home. 172. 7 million square feet of class a office space, which is considered high quality prime real estate is expected to flood the market this year and next, but according to data, only 59 of that has been leased. This number falling below the average of 74 . As Companies Back out of paying rent, they flee from commercial real estate, how is the industry staying alive . Lets bring in our next guest. Lets talk about the companies you are seeing in your business. You are not a commercial Real Estate Company per se with the ownership, you manage them, you offer all kinds of services. Tell us what you are seeing and in which regions of the United States. Yeah, thank you, so we are seeing an increase in sub lease space coming to market that is true, and a lot of companies are reevaluating their needs and as the economy slows down because of the virus. At the same time, as you mentioned, were seeing Large Technology Companies Take large blocks of space. It is an uncertain situation at the moment. It is certainly a cycle that has slowed that were dealing with, but my own philosophy is that things will normalize. Weve seen this before to varying degrees and over time, my sense is that the demand for space generally reverts to the mean, and so thats what im expecting will happen. The question is when. Liz the Real Estate Market has been used to booms and busts. Seven years of feast. Seven years of famine, but this is one hell of i hesitate to call it a bust because still above 50 . When you start looking at the entire land scape, i would imagine that you have people who have leases trying to strike a very hard bargain saying wait a minute, either i leave or you lower the rent. Tell me about that. Are you seeing, are you negotiating on a much larger scale than you ever have before . So what you see is effective rents coming down, that is, the rent the retail rent, the incentive a landlord has to give in order to gain or retain a tenant, thats fairly normal in a slowing cycle or in a cycle of contraction by occupiers of space, but it does depend on the sector as to how severe that is. So obviously retail and hospitality is most severely impacted. There certainly is reconsideration of space in the office sector. Some will take more space, socially distance. Some will take less because they decide their workforce will work from home entirely or partially. Then you look at industrials, for example, kind of back to the Technology Companies or the Technology Delivery Companies Like amazon who cant get enough space right now. So when you look at it overall liz isnt it ironic . Thats why it is not as bad as you might think. Liz lets hope. Gil, heres wishing you seven years of feast coming soon. Were coming right back, gil borok of colliers. Tending hives of honeybees, and mentoring a teenager your life is just as unique. A Raymond James Financial Advisor gets to know you, your passions, and the way you help others. So you can live your life. Thats life well planned. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. 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Dont look for earnings growth, look for didnt enter dividend growth, says sarah henry managing director at Logan Capital with 3 billion in assets is about to tell you which names had the best dividends from her perspective, go ahead sarah what are they. We really like home depot, procter gamble, its notable that these companies are all in Different Industries but they all have something in common and thats a long history of raising the dividend and being struck of greed and their industry. Liz one of our favorite traders had put out a note this morning talking about home depot and he said did i mention it will pay you six bucks a year for just waiting around, pershare really does matter if people are in longterm Holding Patterns for these names, talk about the actual dividend and why its time for dividend plays now. It is notable for tickly now in this environment where we basically had an mri for your portfolio, the whole world shifted on the axis this year end you found out who is what they need to be in terms of home depot, having built this really deep omni channel capability to address diy and procustomers and in the middle of everything, they gave us a 10 dividend raise which says to you as a stockholder, as a stakeholder, we have to tax love to continue to well in this environment. I think that such a good point that you get return both from the back shift and Consumer Spending that is now shifting from hospitality and travel and into the home. Liz what signal will you look for from the market that will tell you it is time to move into perhaps a little more risky asset territory . At this point i think of rising dividend is the way to go, were not veering from that in terms of what were looking at, were looking at quality stock, that is the last year building their infrastructure, hurting their portfolio and theres plenty of ways to take on risk in Different Industries but in terms of the quality and the attributes of improving cash flow and giving cash back to shareholders, thats what we look for. Liz sarah henry of Logan Capital, thank you so much. There is the closing bell, i want to wish all of our jewish friends happy holiday, happy new year and health and happiness to all, that will do it for us, have a great weekend. Connell a text selloff on wall street the major average came up off the lows a little bit at the end, the nasdaq dropping further into correction territory. Not a great way to end the week but good to be with you nonetheless on a friday am connell mcshane. Melissa it is still good that it is friday and melissa francis, this is after the bell. President trump wrapping up a News Conference at the white house and is about to make his way to minnesota for a Campaign Rally tonight, fox Business Team coverage gerri willis is watching the market, blake burman at the white house,