Second term. The president also receiving , the companytok suing the federal government. Lets talk about how the markets are digesting this. Abigail doolittle running us. Joining us. Apple has been one of the companies driving the rally and apple just notified some employees that they plan to reopen a number of retail scores by the end of august. Walk us through the day. Again, recognize. Hopes about a fast tracking of the vaccine and treatment. Abigail lots of optimism. The s p 500 up for a third day. While it is nice to think that it has some of the do with the fast tracking of the vaccine and plasma therapy, it is interesting that the only major nasdaqo close down, the biotech index. The nasdaq 100, the new york faang index. Course if youof own that stock into the close today, you are eligible for the 41 split which will take place next monday. That does not create any value but it seems that it is somehow more attractive. Certainly attractive, the fact that they plan to reopen some of the stores they had closed. Also, lets remember that quarter they put up, really stellar, even though there is not an outlook. Over the last five months, apple is a double. I say it is stunning because this is the Largest Company in the world, largest publicly traded company in the world. This is not a penny stock we are talking about. Apple has more than doubled in about five months. You can certainly make the case that the fundamentals are very strong. At again, valuation at greater than decade high. The pressure is on an to continue to perform. Meantime, we are looking at to that stock split for apple. Tesla looking forward to a stock split. But, a down day. Abigail they split the same day apple on monday. Its interesting, because you have this momentum in these retail investors. In on the stock before the split happens. Tesla, not so much. Also not receiving the love, zoom down 2. 6 . Schools startas to reopen. The company said they had resolved the technology problem. , that one seemed encouraging around the idea that the economy is going to reopen and also the stayathome trade causes some concern because outside of apple, some of the other big temp Big Tech Companies just about flat. Doc you sign receiving positive mention from wells fargo. Netflix also down. One other software stock, oracle. More sources saying that they are likely to enter the race for tiktok u. S. Assets. As you were mentioning last week, of course larry ellison, the founder, is a supporter President Trump. Perhaps that could make a bid for oracle perhaps easier. Total speculation of course but there does seem to be a political connection between larry ellison, oracle the possibility of buying the tiktok , and President Trump. Emily so, obviously, we have the Republican National convention happening this week. This news late in the day that tiktok is officially suing the u. S. Government. What are you going to be watching in terms of moves at the rnc continues throughout the week . Abigail i would be surprised if there were many market moves related to the rnc at all. Some commentary expecting President Trump to perhaps stepup the rhetoric on joe biden and, laras. Harris. Iden and kamala bid foraw some kind of bonds that would suspect that would put some more uncertainty. The vix curve points to a big spike in volatility. Where the volatility is even greater is around technology. You have these Technology Stocks soaring on the year. Suggestingd 30, things could get interesting as we get closer to that election. Emily Abigail Doolittle for us in new york with the breakdown. We will be watching the market moves. Thank you. Tiktok suing the Trump Administration to challenging u. S. Ban on the company and forcing the sale to a u. S. Company. In theainst the backdrop wall street journal today that Facebook Ceo Mark Zuckerberg sounded the alarm about chinese Tech Companies and tiktok in particular to President Trump in a private dinner. With more on that, david kirkpatrick, or contribute to editor and author of the facebook effect, is joining us. Interesting to note that zuckerberg potentially stopped concerns about potentially stoked concerns about tiktok. David zuckerberg is clearly very concerned about tiktok and he has been for a long time because it is the most genuine new competition he has received for a long time in the United States. Busy as of continues to grow. I think what is interesting is that he has made conflicting statements about what he really wants. The wall street journal today reported that particularly in meetings with senators, he specifically was advocating a , based on the idea that it was a National Security threat and also that it was just unfair that facebook should be banned from china but tiktok should be able to operate here, which i think is a question argument. With the president , he is certainly expressed his concern about Chinese Companies having more opportunity in the United States as well, and made the argument that the u. S. Needs to support Companies Like facebook to counter the threat of u. S. Technological dominance. Is it that unexpected that Mark Zuckerberg come if he has an audience with the president , would use that audience to express concern about a company he sees as a threat . Or is there something here that feels unethical to you about this . David i dont think anything unethical particularly. But the thing about policy and facebook is that. Much anytime facebook expresses it is reallyiew, because facebook would benefit if that were the change. That is not shocking, except that in the case of facebook where we are essentially talking about the de Facto Communications platform for the planet and to a very large extent for the United States, things that affect facebook affect the public dialogue more broadly, affect politics, affect the mood of the country even. When a company like that is self interested in his policy positions and statements, you have to be a little bit suspect for what it says. Whereone more case facebooks sheer scale and power is problematic. Another thing that is interesting to note is that facebook is the largest lobbyist of any company in washington. They spend more last year on lobbying than any other country any other company in the industry. They are out there making a lot of noise. Emily there is the potential National Security threat of tiktok that President Trump has expressed concerns about and there are conflicting opinions about whether it really does threaten National Security. Then there is the threat that tiktok poses to facebook. Given that it is reaching potentially a new audience with new features that facebook has already tried to copy but just does not have yet. David i think longterm, it could be a significant market threat to facebook in the United States. One thing has been one thing that has been noted about microsoft attempting to buy it, microsoft already owns linkedin if you want to talk about two social networks that have no overlap, it is linkedin and tiktok. So they would have young people and more serious adults. It would give them the opportunity to migrate tiktok users to linkedin down the road potentially. Facebook is unable to generate enthusiasm among american teenagers for its own core products. Instagram is a little different but there is evidence that tiktok is taking market share away from instagram among teenagers as well. In terms of National Security threat, as much as i think that u. S. China tech competition is a real policy challenge, i dont think tiktok is a real National Security threat in its own form. Emily that was going to be my next question. Thank you for answering, david kirkpatrick, founder of economy founder of techonomy. Coming up, apple gains. Ofy announced the reopening some stores in the United States. Details on that, next. This is bloomberg. Emily apple plans to start reopening u. S. Retail stores that have been closed over the last several weeks due to spikes of covid19. Had closed all its stores, then reopened some of the stores, then closed some of the stores again. Now they say they are going to be opening some stores by the end of august. But, by appointment only. What is your take on this . Julie i think it is a positive move. I think there are certainly a couple of things in play. First, following state and city guidelines in terms of limiting the number of people in the store. The second thing, that this does not spread too much from Touching Services as through the air. Things like electronics, phones, watches, where people want to touch it and feel it, despite the fact that the chances of catching something from touching a device are very low, how do you keep a device like that safe . Is that is very much part of the appeal to the consumer . Inly how much does an person visit in a precovid time actually drive . Consumer julie electronics as one of the highest relative sales numbers. The Consumer Experience influences sales. I go into the store. I see it, love it. I may go home and see it online. And i am more likely to buy other accessories. Emily we are looking ahead to the four for one stock split coming up on monday. That will not necessarily have a dramatic impact on investors. What is your outlook in general on apple the second half of the ,ear as the pandemic continues you are still seeing limited store openings, and you have a lot of people suffering out there who have lost their jobs and dont have money to spend on a new device. A mix ofthink it is both. There are a lot of things that play in apples favor. The economy is very split. Certainly, this has been devastating to 10 or 15 of americans. But they are also in scenarios where we are seeing a great uptick in things like telehealth services, education, and more. So for some circumstances, there is more demand for Technology Devices and hardware than there was in the past due to the number of people accessing services remotely these days. Emily meantime, the dispute between epic games, a maker of fortnite, and apple, continuing to be in the spotlight. Lots of hostile words flying back and forth last week. Apple claimed in a court filing that epic wanted a specials ideal. Epic claims that apple has been holding them hostage. Who is on the right side here . Julie i think everyone is trying to do the best for their shareholders. Apple is doing what is best for its shareholders. It started out to build this ecosystem and platform and put the rules in place 11, 12 years ago. It is possible to get around the app store. Browserg them into the Like Companies such as amazon and netflix have done. But that creates friction in the process for consumers and you will lose some consumers along the way. The terms are very similar across many of the platforms. Epic charges its developer to use its platform. So i think this is a case, on , fighting the battle on behalf of Smaller Developers and the overall marketplace. But apple also needs to win this battle because they dont want to lose control over how they monetize the platform, the ecosystem, and the services they put into place. We are continuing to follow each step of the way how this plays out. Always good to have you on the show. Thank you. Coming up, across the u. S. And some countries, even as gyms start to open, the craze for athome fitness, could it be here to stay . This is bloomberg. O emily while peloton has become a workout craze in the pandemic, the company tonal is looking to keep it popular. Some places begin to open gyms like new york, happening today. Doing this, the founder of tonal, aly orady. Thank you for joining us. It is basically a digital athome tracking system, it tracks your progress. How does tonal standout . Only completethe solution if you want to strength train at home. It uses digital weights. It replaces every machine in the gym. It has coaching builtin, which is a combination of our coaches broadcasting out of our studios and ai that personalizes every workout to our members. It is really the only complete solution and it uses the most advanced Strength Training technology ever created. Emily while there are a lot of father who would like to take advantage of a lot of people out there who would like to take advantage of athome fitness, it is expensive. How much does this cost and how can you make it more affordable . Is betweense unit hours . 95 for the actual is 29. 95 for the equipment. Accessories, all bundled together, for 149, you can get the full experience of a gym and a trainer. So, what has demand been like in the midst of the pandemic, and as we come out of backeople can start going to jims, like in new york today. Aly demand has been really great. We had a good Holiday Season. Coming out of the Holiday Season and new year season, we were expecting to roll into summer. 34 xe seen about a increase in demand. Our Holiday Season was eclipsed by sales in the month of july. We have upped our forecast for the year by more than 2x. We are preparing for this demand to sustain. Begin tore seeing gyms reopen, they are opening with limited capacity. I think, in the last six months, people have just had to build new habits and new ways of working out. They have built them outside the gym, alan. Extension, it just accelerated. This is here to stay. Emily mirror is an athome Fitness Company that got bought by lululemon. Harvey how are you feeling potential m a deals, partnerships at this time . Aly we intend to drive tonal ipo andway to beyond. We are just looking at building the biggest business we can. If you are passionate about fitness, go to tonal. Com and apply. Emily i know you are hiring actively. What sort of product enhancements do you have coming down the pipe . Aly tonal is very much about meeting the Strength Training needs of our members. People use it to do everything from improved strength to athletic performance. We are continuing to increase what we offer. We recently introduced yoga, we recently introduced interval training for cardio. To address all sorts of different goals. And then making lots of investments in ai. We recently released live feedback. Of we just have a lot more that type of stuff. Emily tonal founder and ceo aly orady, thank you for joining us. Coming up, Software Companies expected to make a strong showing, going public this fall. We will preview the ones to watch, including doordash, which says it is pushing forward with a q4 plan. This is bloomberg. Emily welcome back to bloomberg technology. The food delivery startup doordash expected to go public before the end of the air. Year. Debuts for pelletier, unity technology, asada could happen before fall. Unity. A, we saw a flurry of filings today including snowflake. Walk us through companies now publicly filed . Today has been crazy. Asada nity, doing a direct listing. All of them did filings revealed today. It has been an exciting day for people who follow venture backed technology ipos. Palantir as we we have reported is coming up and airbnb and doordash are slated for fall. Emily doordash filed earlier this year but according to our reporting we confirm they do intend to go public in the fourth quarter. What we known about the financials given the amount of impact covids had on their business as we believe to the upside . Sure, doordash announced february day planned to go public right before the coronavirus situation changed the United States significantly and doordash has been considered an essential business and a lot of regions and so it has been helpful for people not able to eat out at restaurants anymore, getting food delivery at home and they are expanding into grocery delivery. What can imagine that would help their revenue. They have historically been unprofitable. Sources tell us that may still be the case. It will be interesting to see when their financials become notic since they have flipped their ipo filing yet. How covid has impacted their business. We hear from sources that they are planning to go public in november or december. Timing with these things could change but now that is their plan, to be in the final months of the year. Emily and tell us what we know so far about palantirs ipo . We have been reporting on some losses. We believe they have been experiencing and yet they are still pushing forward . Thats right. Last week there were a lot of lakes about palantir. We got hold of their financials. Million on 742 million in revenue last year per our reporting. But they are going through with it. We expect them to go public soon. They are doing a direct listing. We broke the lid news friday we broke the news friday, they modified the model and are making it a hybrid direct listing ipo. Because they are still doing walk ups, which are normally something you see with ipos, where more shareholders are not able to sell most of their shares for many months after. And we believe that is partly to prevent a lot of sellers potentially selling all at once, when palantir goes public. So that will be interesting, to see the first hybrid direct listing walkup model. Emily now, certainly we can expect there is some pentup demand here, because there has been a pause over the last three months on public listings. But how much pentup demand . To raise allenough of this new capital from Public Markets for a bunch of Tech Companies . Now, a lot of companies are eager to go out because the stock market has done so much better than what people were thinking several months back. There were very few ipos in