Tech names may be beneficiaries of a decision the United Kingdom has made when it comes to huawei and 5g. But wait a minute. The big banks did send up some warning flares in their quarterly reports on this first day of Second Quarter earnings season. Why are the biggest names in finance fast inflating their Rainy Day Funds . What do they see that you might not . Our floor show traders are on it. They will shine a light on it and explain. Just as teslas stock bubbles even higher, here comes a potential pin to pop it. Fisk fiskers uber cool all electric ocean suv with its 300 mile range, karaoke and california mode features is ready to open the reservation lines. Founder, chairman and ceo lhenrk fisker is here on his unique route to the New York Stock Exchange, taking on elon musk and yes, he will explain what california mode is. Pretty cool. From california all the way to a tiny private island on the east coast where the wealthy elite are ready to pay a pretty penny to escape from the crowds and the coronavirus. We are about to take you to house island, maine, where its owners will tell you how he turned lemons into lemonade in a real estate deal that could have quickly turned sour when the outbreak first hit. Plus, why would the woman at the center of the Jeffrey Epstein sexual abuse case wrap her cell phone in tin foil . We will take you to Ghislaine Maxwells bail hearing in new york. A trojan horse stock, plus charlie breaks it on tik toks future. Less than an hour to the closing bell, lets start the claman countdown. Liz we have this breaking news. A federal judge in new york has just rejected a proposed 19 million settlement between former movie mogul Harvey Weinstein and the women who have accused him of sexual abuse and harassment. The judge questioned the overall fairness of the agreement and whether the women constitute a legal class for class action. This deal was already under scrutiny because it did not require weinstein, who is now serving a multiyear prison sentence, to admit any wrongdoing. All right. Check the dow, up 441 points. Weve got to get to our pop stocks. Noti nokia and erikkson climbing more than 2 . Thats wrong. You are looking at the nasdaq which is flat for the moment and the netflix stock which is down. We will get to that in a second. Why are nokia and erikkson moving higher . The boris bump. Uk Prime MinisterBoris Johnson ordering the countrys Telecom Infrastructure to purge all huawei equipment completely by 2027. The Prime Minister siding with President Trump by eliminating the chinese 5g giants equipment from the countrys infrastructure. It comes after a decision back in january that would have allowed huawei to supply up to 35 of the noncore 5g network. As we look at these rivals, you have nokia out of finland, better by 2. 6 , and ericsson moving up 2. 2 . Decent moves here for two names that have been around for a long time that are front and center when it comes to possibly benefiting from this new move out of the uk. Not all is well in the land of nasdaq, even as it climbs higher into the green. We have netflix moving lower after ubs downgraded the streaming giant ahead of earnings which come out thursday. Yes, ubs does predict a very Strong Quarter for netflix on huge stayathome audience growth, but says investors have already kind of priced that in. Netflix down 1. 7 . Nasdaq just turned negative, slightly. Can we call it flat . Even though reds on the screen . Im calling it flat. Hanes brands among the gainers in the s p 500 in this final hour after Credit Suisse upgraded the underwear name during the pandemic, saying that hanes was able to pull itself up by the stocks way better than its peers did partly because 50 of the companys store Distribution Channel was still open during the quarantine, so it was able to make masks. Guess what . Those little masks, they made 300 million for the company. Nice move there. We do have hanes up 9. 4 . To bed, bath beyond. Looking at shares after the Home Accessories retailer reported positive same store sales in june. Thanks to reopened stores and digital channels. Beyond that, the company says it could get up to 450 million in asset sales. Thats good enough for a 9. 5 jump. Bbby. To earnings season. I just mentioned the banks at the top of the program. Kicking off three major banks this morning, jpmorgan, citi and wells fargo. Jpmorgan up half a percent, citi and wells down. Wasnt the prettiest of earnings picture. Look, they were in most cases making money. Wells missed, but none of the banks issued a very rosy outlook, either. There was something a little more troubling. The three big banks set aside a total of 28 billion to cover coronavirus loan losses with jpmorgan setting aside the largest amount, 10. 47 billion. Wells putting aside 9. 57 billion. Bringing up the rear, citi, putting together 7. 9 billion, worried about loan losses. Are their concerns justified . According to the s p and experian, loan defaults in may came in at. 78 which actually is down year over year. 2019, we got a reading of. 83 . But lets look at forbearance rates. Forbearance specifically means now you got people who are having trouble making their loan payments. Havent defaulted yet. As of july 10th, roughly 7. 8 of all active mortgages were in forbearance, representing about 4. 1 million loans. That is down 8. 6 from the previous week but still a worrisome number here. What does it all mean for the remainder of 2020 . And peoples investments . Lets bring in our floor show traders. John and phil. Okay, john, what are the Bank Earnings signaling to you and what should investors take away from this . So these are some of the worst sectors, financials, energy, industrials. Financials, though, have to participate in a bull market. Any bull market you have ever had, financials have to be there and lending has to go on. Looking at the chart, it looks like we are at a crossroads. We have to hold, the xlf has to hold 23 here. Its a matter of uptrends or not. Liz i get that. You say we cant have a bull market without the banks rallying as well. That is an old saying, wall street and floor show comment. I would have agreed with it except we kind of have still a bull market. We had a horrific blip in march. We are now not only back to where we were, but the nasdaq has enjoyed 27 alltime record closes this year alone and the s p is really close, i believe, to its record high. What are we talking about, phil . Are we worried about what the banks are doing putting together a major Rainy Day Fund . I think they are doing the right thing. They are saying theres going to be some trouble on the loan fronts and there were negative concerns [ inaudible ]. For example, if you look at the trading revenue for some of these banks, they really did very well with this extreme volatility so thats going to help the banks. The banks are better capitalized than they were back during the last financial crisis so they are prepared, able to take this kind of a hit if it does indeed come and if its worse than what we expected. But look at some of the comments from jamie dimon. He said we are concerned theres going to be a rocky road. Liz you know what, we froze on phil. Can i go back to john on this. I think its smart for the banks to be doing this. We dont want to have to bail them out again, this is precisely what they should be doing but as we look at what happened with Consumer Price index for the month of june, this is an indication of inflation at the consumer level, suddenly gasoline prices are moving higher. Im not so worried because i dont think opec is ever going to really get its act together but they are supposed to meet very soon and they may start to tighten supplies just so the price comes up again. Will that ding the consumer just as the Consumer Needs cheap prices all around . Yes. And i know that you have been talking about this for awhile. I have seen in my neighborhood especially under lockdown, all the mi lllenials are leaving th city and coming to the suburbs. Every house, i look on realtor. Com and zillow, everything is pending. Everything is being sold. I think the banks probably have a long road ahead where they have probably got a lot of runway because this is new. Millenials always swore just like our generation, we would never live in the suburbs and here we are. You need the extra space, especially if you are under lockdown and working from home. That helps the banks just like it help liz sure. Exactly. Welcome to jersey. Yeah. All right. Great to see all of you guys. Thank you. Phil, sorry we lost your connection for a minute there. Always a pleasure. We have the closing bell ringing in 50 minutes. Nasdaq has turned negative once again but it has shown mighty muscle, pulling itself up from being down 200 points. Its down fractionally right now. Dow is up 395. Phase 3 of the covid19 vaccine trial juicing modernas stock at this hour. I was so encouraged by this. Forget the fact that the stock is up 3. 5 right now. Why . Its the large phase Clinical Trial of the experimental vaccine that is now set to begin july 27th, about 30,000 adults at 87 locations in the u. S. Will be enrolled and some participants will get the drug. Of course, others will get a placebo to see if the vaccine safely protects people from the deadly virus. Dow up 420. Up next, if you are looking to avoid the crowds, because of the coronavirus pandemic and youve got the money to spend, one entrepreneur has the listing for you. Your own private island just off the coast of portland, maine. We will take you to what used to be known as the ellis island of the north. Its a fox business exclusive. We will take you to house island off maine, tell you how much it costs for one week. All of your friends included. Hopefully they have all tested negative. You will hear from the realtor who has the foresight or the luck to buy it. Next on the claman countdown. Just over a year ago, i was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. So thank you. 49i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Liz during this pandemic, so many people out there, if theyre lucky enough to have a second home, have decamped out of the big cities, but you know, there are other people who dont have their own home but theyve got some money to spend. How about your own private island with family and friends or even, of course, alone during the coronavirus pandemic . Our next guest has made that dream a reality for his guests for the cool asking price of 250,000 for one week. House island, take a look at this, sits just off the coast of portland, maine. It was once known as the ellis island of the north, where europeans made their first stop when arriving to the new world. The owner, noah gordon, is a guy who had bought it last november, hoping to turn it into a wedding destination. Here in a fox business exclusive, hes joining us live from house island to give everybody a tour. Noah, great to see you. Boy, it must have been like a stake into the heart when the pandemic hit and people started canceling weddings. How did you turn quickly from that to renting it as a pandemic playground . Well, it was brutal. It went from revenue to no revenue overnight, kind of like getting the covid equivalent of a mike tyson power punch to the face. It was devastating to so Many Industries including the hospitality industry. By that, i mean every single event that i booked for this summer, this season, plus everything i had out for bid either canceled or was placed on indefinite hold. Its a brutal hit. Liz yeah, i would imagine. Show us around. We are looking at the inside of one house. There are multiple structures on the island which you bought in november for 4. 5 million. Tell us what you offer there and what people are looking toward having. Sure. So what we did, i repositioned the island as the premier private Island Hospitality and destination event venue in america. Thats a big, bold aspirational vision. Its totally attainable for us at house island because you have 12 acres of unobstructed vistas, 360 degrees of unobstructed vistas of portland, across the bay and the islands behind me. The house up on the hill is the old Captains Quarters called chrkristin kristinas lodge. It sleeps 14 people. Weve got five bedrooms excuse me, five beaches and killer sunsets. We can deliver privacy, safety and security in abundance and people nowadays, because of the pandemic, they are looking for security and safety. We can deliver that in spades out here on house island. Liz yeah. You could get a whole family together if they all test negative and they can do it safely. Tell me exactly what kind of interest you have seen. Do you have any bookings, solid ones, yet . Yeah. So ive got some prospects of an owner of a 50 meter yacht wants to rent the island for august and september. So eight weeks. The challenge with that couple is they want me to build them a pool and tennis court and i figured out in about a day or so how to be able to actually build those in about two and a half weeks. So liz two and a half weeks. I actually run a construction stf Services Company on top of the island and running a tech company. Us entrepreneurs see a problem and we start solving it. Very quickly i was able to figure out how to be able to do a pool Construction Plus a tennis court. The answer is that because house island is actually all made out of granite, literally if you went down six inches below me right now its all granite. So the challenge with a pool is i dont want to blast anything because that takes a lot of time and money. So the answer is building an aboveground pool, then use sophisticated decking to make it look beautiful. Liz you know, im looking behind you. What a picture. It is absolutely beautiful. Are you finding that people are interested in maybe going in with a bunch of family members on the cost . 250 grand is not necessarily cheap for most of our viewers, for me, forget about it. Yeah, for sure. Weve got three different homes that sleep a total of 46 people. It can be a divide and conquer concept as far as how you take down that 250,000 price point. Plus expenses. The pricing is actually identical to the way Yacht Charters are priced. If you look over my shoulder, you might actually see one of Eric Schmidts yachts. Hes been in town here in portland. [ inaudible ] was just here with his boat, called dream boat. He left this morning, actually. In any event, the island has three homes, plenty of place for everybody to party and play. Because we can actually create that safe haven concept, its a fantastic place for people to be able to come and spend time with loved ones and families. The idea is they will party, play in that safe haven and my staff will take care of serving them properly. Liz noah, this is impressive. You were dealt a really bad hand with the pandemic. You went to zero revenue. You turned it around. We are watching it closely. We are hoping that if the market is up, which it is right now, dow is up 412, maybe people have newfound money to spend on house island. Good to see you. Good luck to you. Thank you so much. Gorgeous. Closing bell ringing in 39 minutes. Tesla charging up another win after reports that elon musks electric vehicle giant has been meeting with chinese officials about accelerating projects there. Piper sandler also boosting its price target, ready for this one, 2322 per share. Right now, tesla is at 1,499, up about. 10 . But the electric vehicle landscape is very quickly shifting as fisker joins the publicly traded crowd. Fisker founder chairman and Ceo Henrik Fisker here to show us his brand new ocean suv and how hes going to list on the New York Stock Exchange. Wait until you see what this suv looks like, how it differs from tesla. He used to work at tesla. And we will see whats called california mode straight ahead here on the claman countdown. 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. Liz get ready to become more familiar with the Ticker Symbol spaq. While it is down 6 right now, this is the Company Behind electric vehicle startup fisker. It stands for Spartan Energy acquisition and fisker has merged with that to go public at the end of the year. Fisker, of course, is an ev startup and it intends to use the proceeds from the public listing expected to be about a billion to fund the production of its First Electric suv called the fisker ocean. The fisker ocean, and the Company Behind it, is merging with this public special Purpose Acquisition Corporation which is in essence a pool of money that helps companies go public. Its backed by private Equity Firm Apollo global management, Ticker Symbol apo and its the same route nikola used to go public last month. Fisker says its reverse merger deal will generate that billion dollars to help it start taking reservations for its new suv