With minerd and where stocks may go from here another exclusive. Another midmajor oil company his first tv interview for years. Good friday morning, we made it. Good afternoon, good evening wherever in the world you are watching here is how your money and the Global Markets are setting up their day. Futures are higher not by much, dow futures are up. Look at nasdaq futures soaring. Up 195 right now big move there this comes off yesterdays down day for the dow. All this as we wrap up the month. Major index is on pace for the fourth straight month of gains gold on pace for its best month since january 2012 today, really likely to be all about the four horsemen of big tech, the same Companies Whose ceos who were grilled by congress, they all obliterated estimates with quarterly numbers and stocks are responding. There are some highlights. Google did post First Sales Decline in history other numbers are solid, google one stock not really responding today. In the premarket, apple up 6 facebook, 6 amazon 5. 5 . Apple splitting its stock. Rare move 41. As we have said on the show a zillion times, those dont just matter to the market in many ways, those stocks are the market apple, amazon, facebook and google are 17 of the s p 500. 34 , onethird of the nasdaq 100. If that wasnt enough, Something Else to watch following our lead mostly they are. Japan down 3 . Hong kong down but the european markets are green across the board. Shanghai was up. Earnings have gotten much of the attention this week, today, it might be Something Else that is what is happening in washington everybody watching if congress could get the job done on the next round of stimulus kate rogers joining us with that and more of your top stories good morning. So far lawmakers have failed to come to an agreement to extend jobless benefits those federal aids are due to expire today democrats tried to pass democs tried to pass a 3 billion stimulus gop negotiated that and they plan to continue talks today the Parent Company of mens warehouse ready to file for bankruptcy the company also owned joes of a. Banks including to close 400 to 500 but will operate other stores. Berkshire hathaway raised its stake in bank of america to 11. 8 buying more shares bank of america looking slightly in the red well see you in a few minutes. Pleased to have an extended conversation with scott minor. Global chief and chairman helped manage 250 million primarily most with bonds and stocks we began asking if he is shocked by the spread of the stock markets recovery and if it does reflect the overall economy. I am surprised about what has happened with the stock market there is good reason that is the markets have fallen completely into the hands of the federal reserve. If you were writing an equation, you should write markets equal fat federal reserve. They are driving everything. If you look at core relation on the creation of highquality bonds on Companies Like apple and microsoft, their stocks and their bonds have outperformed and other companies havent performed as well. They have higher multiples and they are not performing as well. I dont need to tell you or your viewers that 30 percent of market cap being dominated by five stocks that were basically being driven around by the liquidity getting driven out by the fed into the bond market is there any sign that is going to end no. Not at all the fed made it clear at their meeting that they are going to continue to purchase assets. They are in the midst of preparing to announce the results of the policy review i think wir going to get a statement about accommodation of the inflation the fed will push to try to make up for the rest of the two years before an average. It remained negative. Have you changed your tune on the equity markets not really. It is interesting, we are having a phenomenal performance because we went to we put a lot of money into the high yield and Investment GradeCorporate Bonds which dont have the same down side than the rest of the stocks do between here and october, we normally get a selloff just how normal with more lockdowns and limiting to california i think the economies are very vulnerable and the market isnt really anticipating that you wrote a piece calling for a payroll tax holiday that would be paid off at the end you take the payroll tax holiday, take the 6 and pay seshl security later, thats how it is paid off we talked Municipal Bonds in states like california and jersey do you see a wave of municipal defaults coming because sales taxes are being destroyed because restaurants and the like are being shut down . S it amazing the power of the Printing Press as long as they can give money or giving money to the state of illinois, which is really fiscally insolvent, this is a question of totality this is approximately 10 of the work force, even with support of the federal government, they are having to lay people off and reduce their operating cost here in the state of california given half of the short fall representatives. This will cast cade to all of the money in the world where the people provide on the same time, it is not really going to be in the feds hands to solve the problem of getting everybody back to work part of our conversation and conversation there is a lot more of the conversation that pent on another 6 or 7 minutes another bold prediction. Watch the early part of that interview. We are getting warmed up on a busy friday. When we come back, why shares of gilead are down. Plus the blue oval making a come back how ford posted a big time quarter thanks to that machine right there. A busy hour of Worldwide Exchange after this machine mach good friday morning. Welcome back todays stock stories are all about burgers and biotech. Starting with ford. Shares rising and top expectations the company had to deal with shutdowns of its plants but benefitted from a faster than expected recovery in vehicle sales. Shares of gilead pulling back. The remdesivir maker as demand declined shake shack posting wider than expected quarterly loss shack sales dropped nearly 50 dont miss the companys ceo this morning on squawk box at 8 15 are you shocked by that decline in sales i thought the one group of restaurants that were benefitting were the Fast Food Companies or is it just the drive throughs it has been the pizza players dominos and papa johns, chipolte and wing stop. The fast food guys are doing okay shack did see a rise in digital sales. That is a big drive and i think that will move forward very personal question before we go. Papa johns or dominos. Im the restaurants reported. I will literally never answer that question. You could say half of each. Im going to gorge and eat pizza for breakfast and wings for decertificate. Still ahead, one topranked analyst said he is not sold on amazons quarterly rate and even suggests a sell. Is that even legal announcer todays big number, 38 . Thats how much of the nasdaq value apple, amazon, alphabet and facebook account for by market capitalization. The tech heavy index has outperformed this year, up nearly 23 companies will need the right tools. Thats why salesforce created work. Com its an allnew suite of apps, expertise, and services. To manage this crisis today, and thrive tomorrow. Everything Companies Need to return to the workplace. Lets reopen. Safely. Futures are up here is a question can most Oil Companies make money with crude speaking with the chairman wpx energy based in oklahoma one of the few oil stocks wall street likes with an average price target nearly 3 higher than the current stock price in his first tv interview in years, we begin asking about the companys Second Quarter results and its ability to generate Free Cash Flow despite 40 oil. We have the luxury of being very well hedged this year we came in to 2020 and were about 75 hedged we backed off activity, cut our capital, we basically matched our health book, if you will we are hedged at about 75 even with the rapid pull back, we were very well protected. We did slow down activity. We went from 15 drilling rigs to our current nine weve been very thoughtful in measure. It was the position with our hedges and cash flow assurity that allowed us to be thoughtful and down shift in a moderate way. The industry has shrunk we are down 700 or so year over year do you think the industry and u. S. Output has gotten as small as it is in years to come or even smaller when you look at this year, shortly after, i think we peaked at 13 Million Barrels a day. A lot of people are forecasting in that 10 Million Barrels a day range. I was asked the question, in a 50 world, how much do you think the industry will grow next year i dont think youll see growth. It will arrest the decline of production with he keep it relatively flat at 10 Million Barrels a day it is going to take a commodity price, i think, in the 60 a barrel or higher to once again see the u. S. Growth. Are there too many oil and Gas Companies in america we have been an advocate for console i had dags once weve made the move to the permian basis, have a very, very nice position now. If you step back and look, there are simply too many producers we feel it takes time. You have to work through a lot of social issues not only social issues but many times Strong Companies have the ability to be very, very selective. We certainly are in something that we would want to acquire. So, if you have a high bar, you need to be thinking about Balance Sheet and future liquidity and inventory of projects right now, you need to make sure it fits within our framework of being able to generate Free Cash Flow, not damage or balance. There will be some opportunities for companies, if they are thoughtful to make some nice transactions and well see how it all plays out one of the stocks and Research Firms they recommend, your biggest worry now investors have read about is getting the pipeline out of north dakota that project has been put on hold i know it has been appealed. If it ends up not happening ever, what does that mean for wpx . On the Earnings Call we released last night and had the call today, i think we were pretty clear assuming the worst Case Scenario is that is that that pipeline is taken out of service and stays out of service. What that means for us is about 50 cents per barrel deduct in revenues for the entire oil volume base. While it is an impact, it is fairly minor the way we look at it weve signed a oneyear rail deal and been able to move some barrels around to different based on relationships we have and longterm history of operating, weve been able to manage that. With he think were going to be fine all right our thanks to wpx energy ceo still ahead, another friday exclusive. Just so many we are going to show off the stocks whose execs bought the most here is a hint number two on the list, down 24 this year and caught in the thick of the streaming wars. One insider buying a lot of that sty arrit tethis 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. More prove it is big tech world and we are all just living in it. More dominating. Futures are up 1 as apple does something very rare these days we have experts here on all of it watch out tesla, there is a new electric vehicle maker in town and its shares are soaring. Thats all here on Worldwide Exchange on cnbc. Welcome back and good friday morning. Im Brian Sullivan nice to see to you end out your week we are half way through the 5 00 hour its going to be a big day for the markets. Nasdaq futures are on fire up 200 points. Not only up 1. 1 its a rare day where nasdaq futures are up on a number, a nominal basis. Up a triple than the dow the nasdaq is where it is all going to be today and where it has all been implied open up 1. 8 i rescind that triple comment because it is expanded more since the beginning of the show. Major averages are still on pace for the fourth trait month of gains. The market has rocketed higher off those lows it is not just stocks. Gold on pace for its best month for january 2012 breaking news out of ueurope, eurozone gdp plunged by a record in the Second Quarter. Not a stun to anybody. The four horseman of big tech same Companies Whose ceos were grilled by congress. They obliterated estimates with their numbers. The stocks with the exception of google are responding. Three of those four are posting big premarket moves look at that apple, maybe the most important as far as waiting stock in america. Up 6 . Facebook up 6 amazon up 5. 5 only alphabet is down 1. 5 they posted the first decline ever revenue splitting its stock 4 to 1. That is something we never see these days as we have said a billion times, these stocks do not just matter to the market in many ways, they are the market apple, amazon, facebook and google alone are 17 of the s p 500. An incredible 34 of the nasdaq 100, thats a big slice. Something else to watch today, the expiration of the big monthly s p 500 index contract that many passive funds use to hedge and could add some volatility the monthly insider buying. You will only see it here on Worldwide Exchange. The data comes exclusively to us from insider scorer. Com. Big names in focus let us start with number three they just lopped off number four number three, intel, ceo buying 8,000 shares he had a trigger to buy when the stock hit 50 getting to bigger numbers. The company with the second most insider buying, at t a Board Director buying 2. 9 million that director has been buying a lot. Total of 8 million since february the stock with the most insider buying this week is that one on the right, Kinder Morgan buying 4. 2 million of his pipeliner company. Breaking a streak of not buying a stock in more than a year. Intel, at t, Kinder Morgan that is your insider buying top. All reporting results after the close and adding a roughly 200 billion in market cap just on their premarket moves alone. This morning, we have an allstar cast to break down these reports. For all things facebook and google, we have kevin. Amazon a and for more for apple, raising his price target on apple shares beginning with you and start with apple, shares are up more than 6 premarket announcing that rare 4to1 split what do you make of apples quarter . Brian, thank you for having me on your show. Phenomenal quarter look, it is very clear the pandemic is not affecting apple whatsoever they were very specific about it iphone sales are up 2 they are specific that stimulus is helping them. In june, they saw openings in some stores, which affected small degree of apple services, which came in a little below expectations but the rest of the products, ipad, mac all doing great. The pandemic isnt going anywhere at least the rest of the year, we expect work from home, distance learning, and tools such as apple phones to do really well along with the variables for the rest of the year i guess that is hardest part for you or other analysts, if you are working, you probably saved a lot of money because you are not commuting or traveling your Free Cash Flow is up. If you are not working, you got a stimulus check and expanded benefits and if you have kids, they are stuck at home and everyone is rushing to get what they need for Virtual Learning how much of that quarter, do you think that may have been certainly for the mac and ipad, it would have been a great quarter but look, this is sort of a new normal and the way we would go back to work in 2019 and prior to that. You look at productivity tools and laptops. Very quickly and closely followed by a phone. More than likely, the iphone we not only feel that this is a fantastic year, with he see a tremendous setup for the next year that is coming from the delay of the iphone 5g, which makes the 5g fall into the first fiscal quarter for apple. You are almost looking into the situation where you have a trend to start the quarter which is a quarter for apple. We expect the launch for 2021 for the typical september launch, which will also help you cant minimize the effect of kids going back to school if shes going to be on zoom all day, you want to have a clear screen that is big is there a weird pandemic benefit for apple, harsh they are clearly seeing that. There is no denying the fact some of the stimulus money went towards imacs and ipads. Kids have to learn, parents have to work. Thats just the reality. If your kids are doing Remote Learning and you are working from home, you absolutely have to have an ipad or something of that nature. The tremendous strength of the iphone, you cannot undermine that that is the biggest piece of revenue for the company still. For that to be up 2 is just quite shocking it truly is waiting on the iphone on apple with the 41 stock split thank you for joining us nice and early. Thank you. Turning now to amazon, that stock also up 6 right now apparently after everybody bought everything on their website. They crushed bottom line estimates by, this is not a misquote, 380 despite spending 4 billion for pandemic related upgrades. Back with us, reiterating a sell rating on the stock with a 26