The nasdaq off 95. The dow off its session lows but still taking a hit today. The uncertainty boosting gold prices above 1900 an ounce. Take a look at gold as well. 1900. Okay. We will also take a look at johnson johnson, merck, fiedzer and fiedz pfizer and regeneron, on pins and needles awaiting the president s announcement. Lets go straight to Edward Lawrence for a preview of what we are expecting to hear. Reporter exactly, the president signing any minute an executive order that in one way will get departments the look at ways they can further reduce drug prices going forward. Also, we have heard it may include the provision that connects the prices the u. S. Pays with foreign prices. The prices Drug Companies charge Foreign Countries. That is the deal exactly the president worked out between gilead in the United States where the United States will basically buy the entire supply of remdesivir. Remdesivir is a drug that helps coronavirus patients. The president puitched a simila idea before the Midterm Election in 2018. It stalled in congress. But today the White House Press secretary pointed to that and listed some accomplishments so far. Listen. He signed legislation ending the gag clauses that stopped pharmacists from informing patients about lower drug prices and the average basic premiums for Medicare Part d Prescription Drug plans had actually fallen by 13. 5 since 2017. Hes done a lot already but more to come this afternoon actually. Reporter in addition, you will likely hear more at the event about regulations that have been changed in order to get more generic drugs on the market. That having the effect of lowering the cost of the drugs that are currently on the market. Regardless of whats signed today it may be difficult to make changes very quickly through an executive order. Thats because there are regulatory processes that have to go through after the president signs this on paper so it could take awhile for any of these changes to take effect. Back to you. Jackie Edward Lawrence, thank you, as always. We will take you right back to the white house as soon as this event begins. First to todays biggest movers. We are watching intel. Its the biggest drag on the dow today, plummeting more than 16 after announcing that its going to be delaying one of its chip products until late 2022 or early 2023. Thats due to a defect mode. While intel did report strong earnings, seven analysts downgraded the tech titan postearnings with three dropping it to a hold and four calling it a sell. One of the clear winners from intels product delay is amd, advanced micro devices. Its topping the s p 500, popping today more than 16 . While there is a broader selloff in the Semiconductor Space today, due to these tensions with china, amd certainly bucking the trend there. Take a look at that chart. Boston beer raising a toast after reporting impressive Second Quarter earnings and forecasting full year profits above estimates. The maker of sam adams crediting the unexpected doubling of profit on the increase in demand for truly hard seltzers and twisted tea brands. Shares of that company up more than 23 today. Tesla is back in the red as geopolitical tensions put a strain on the ev giant. This is coming after tesla announced that it has picked austin for its billion dollar auto factory thats going to employ 5,000 people. President trump even tweeting his approval. Great job by elon musk in agreeing to build in texas what is expected to be the largest auto plant anywhere in the world. He kept his word to me, texas and tesla are big winners. Made in the usa. Lets get straight to the floor show. Weve got John Gagliardi and phil flynn with us. Guys, great to see you on this friday afternoon as we finish out the final hour of trade. We are seeing the markets drop again with the nasdaq doing its first backtoback loss since early may, thanks to some of these tensions with china. The question right now is what are you watching and what do you think potentially could happen if this already fragile situation increases and those tensions heighten . Well, im always looking for the strengths so to me, there still has been the nasdaq 100 of all major indexes followed by the s p and then the dow. Those titans of industry, weve now got tesla in the top ten of the nasdaq 100 as a new entrant. We will see a lot of turnover in names there as this new economy rolls out and it is the new wave of the future. Jackie phil, let me ask you about earnings season. S p 500 companies are seeing their profits cut by 47 was the last statistic i saw. This is all as a result of the coronavirus pandemic. As these earnings come out, yes, the estimates have been adjusted and some companies are beating, but they are not really beating, when you think about the big picture here. Is it really the tensions with china right now, or is it earnings season and worries about the recovery, worries about the spike in coronavirus cases, and that this can go on longer than expected . Listen, the president himself said its going to get worse before it gets better. You are absolutely right. I think its a combination of all those things. Its really disturbing, because if you look at the way that the economy has been recovering around the globe, its been impressive. As bad as we have been talking about the coronavirus, the comeback has really been the story. I look at the data that came out of europe this morning, when you look at manufacturing and service sectors, you know, in germany, in the uk, across the eu, i mean, they blew away expectations. So that was a sign that things are getting back on track. So the worst possible thing that could happen is another coronavirus shutdown or another trade war with china. Now, i think we are going to be climbing a wall of worry next week. Weve got a lot of earnings, people are nervous, it doesnt help that we are adding this extra risk going into the weekend. Having said that, as bad as everybody has been talking about how things were going to be horrible, things havent been that bad up until this point. So a lot of this is fear. Well just have to wait to see if the fear turns into reality next week. Jackie john, when you looked at those initial jobless claims and saw them rise for the first time in 15 weeks, does that signal to you that we might have a little bit more of a problem on our hands, you know, with the trend reversing a little bit . Yeah, the economy is definitely at a dislocation and we are seeing things like unemployment, the numbers are staggering because this is a once every hundred year event. Every hundred years almost to the dot we are in a pandemic. We really have to think of this as something completely different. The way that the stock market is reacting, its saying that this is going to change because the market has always been a leading economic indicator. If you ever want the truth, you always look to the market as leading the way. The market is saying tech at alltime highs, s p about 5 away and the dow has to do a little catching up. Jackie well, you actually bring up a great point there. Let me follow on that. Is part of it just the fact that stocks continue to move so far, so fast and youve got investors saying let me take some profits off the table here because uncertainty is back and there are a couple things we need to worry about . Yeah. A lot of this selloff will be s sector rotation. Sector rotation is the life blood of market. Day after day we saw the nasdaq sell off 1 and the dow would only sell off half a percent or be positive. As this happens, we are going to see those other indexes catch up, because there are still plenty of opportunities there. We might start to see going from growth into value. Value has been underestimated for 20 years. If we know anything about markets, every dog has its day. Jackie yes, it does. John and phil, thank you. I could go on and on with you guys. Unfortunately, we have to move on. I do want to check the big board here, see where we stand at this hour. We are seeing the dow down 151 points, off the session lows. But of course, we are still waiting for President Trumps remarks on lowering drug prices. We will take you straight to the white house as soon as it begins. Plus, Brooks Brothers attracting some wellknown buyers. Up next, Charlie Gasparino breaks it all down. Its the next big deal in retail. Thats next on the claman countdown. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Jackie famed retailer Brooks Brothers may be joining a new family. Two wellknown names in retail, Authentic Brands and Simon Properties teaming up through their joint venture firm spark group to buy the iconic Clothing Store brand for 305 million. But could others be ready to swoop in, maybe be waiting in the wings for the bankrupt retailer . Charlie gasparino has the details. Great to see you. Charlie good to see you. This is from inside the company and from the bidding groups themselves. We should point out this is whats known as a stalking horse bid. Its the initial bid, it sets up for essentially on the price of the company as its in bankruptcy court. Last week after we were first to report Brooks Brothers is in bankruptcy court, chapter 11, so its in reorganization, its not liquidation, and as such, theres a bunch of bidders that are likely to emerge including the current group, the spark group. Now, its a stalking horse bid. Its what the management may prefer but it sets a floor and now others are thinking about jumping in. We do know at least two major groups are thinking of jumping in. I will give you theres one thats been out there, already in the wall street journal. I will give you one thats not out there. Its a group headed by David Jackson of solitaire partners. David jackson was the former head of barneys years ago. He actually sold it, then almost bought it again through a Company Called solitaire partners. Hes teaming up with a private equity executive named jackson isenpresser. They are putting together a Management Team and a bid for Brooks Brothers. Now, i cant say they are definitely going to do it. I will tell you this. They are speaking with significant middle east sovereign wealth names to make this bid so they are seriously considering it, seriously moving forward. They rls taare also talking to rpeter rizzo, i think he actually worked at barneys as well, longtime veteran of the industry. He will be part of the management group. This is going to be pretty interesting. They are going to be joined, obviously they will be bidding against the spark group and something called whp global which is preparing to put in a bid, we confirmed that with them. They call the current proceedings early innings so they think this is going to last awhile. I dont think it will. From what i understand, the bankruptcy judge wants this thing done in early august. We are likely to get some feel as to exactly whos bidding by early august and if things go according to where they are going now, you will have the spark group thats in there, with a pretty significant bid. It values the enterprise, with debt and everything, at about 300 million. I think they will put in about 100 million and they are going to keep a significant u. S. Footprint in there. Something like, you know, the way i read it, 125 stores. So thats pretty interesting. They are not going to close down all the Brooks Brothers you see all over the place. They may have dloto close down some, there has to be consolidation. Thats where it gets interesting. How will David Jackson and eisenpresser compete against that, how will whp compete against that. One way to do it is in price. From what i understand, the price they are willing to pay, the equity value of about 150 million, is pretty aggressive. You cant really maybe they cant go up too much on price but they may be able to compete, both sides, on u. S. Footprint. Do you keep all the stores, do you keep more stores, do you keep u. S. Factories. Thats where this could get really interesting. I think a lot of it will be depending particularly on jackson and eisenpressers part how much middle east sovereign wealth money they get and that will determine how much of a u. S. Footprint they can keep, then they will make their bid and it will be up to the bankruptcy courts to decide. So early august, the deadline im looking at my notes, august 11th, i hear, is the deadline for bids. We should hear something first week in august. The bidding war began for Brooks Brothers. You hope they save it. I love Brooks Brothers clothes. Its an iconic brand that president s, i think every president for the last for awhile now has gotten Brooks Brothers clothes. Its part of their marketing spin. You know, its sad that i think obviously, the coronavirus lockdowns hurt retailing, hurt them. But there is interest. People like the brand. Jackie brooks has some other problems, too. It was competing with athleisure and that Traditional Old School style, its still popular with some but not really the masses right now, charlie. Charlie well, you know, kids dont understand Good Clothing. What can i tell you . Jackie of course not. Charlie listen, if its up to millenials we will walk around in shorts and teeshirts the rest of our lives. Jackie kids dont understand Good Clothing but Charlie Gasparino does. Nice to see you. Have a great weekend. All right. Lets check on the big board. The dow is down 175 points. Still off the session lows. Moderna is losing a key patent battle to rival arbitos biopharma that could help endanger the development of nextgen vaccines including its current work on a covid19inoculin. The decision also potentially paving the way for arbitus to make royalty claims on moderna made drugs. The covid candidate was set to begin phase 3 trials next week. Shares are falling at this hour, down more than 17 as you can see. Controversies over the price for covid19 vaccines and treatments already swirling all over the place. President trump also set to speak any minute on the state of high drug prices across the usa. We will bring you those comments as soon as they happen live. Stay with us. Ce today. [indistinct radio chatter] mom come on, hurry up ce today. All systems go . Mission Control 5 4 3 2. And liftoff. vo audi etron. The next frontier of electric. Get audi at your door Remote Services through participating dealers. Is that if youre not wexpecting the shock,t and the markets fall dramatically, you might panic. And in the midst of that panic, you might sell and run to cash. At the very moment, you shouldnt. At the very moment prices. Jackie is time running out for tik tok . Chinese Parent Company bytedance reportedly considering selling off its majority stake in tik tok and retaining a Minority Holding in the company. This is in response to threats from the Trump Administration to ban the app on National Security concerns. Now, major u. S. Businesses and branches of the military have already barred personnel from using tik tok over fears that the company could be sharing sensitive user data with the chinese government. Its unclear if the sale by bytedance would be enough to ease those concerns. Lets get over to gerri willis for todays fox business brief. Gerri thats right, movie related stocks under fire. Amc pushing back its reopening plans again until mid to late august as box office delays mount. The news coming after disney said it was postponing the release of its highly anticipated live action take on mulan with no date attached. Viacom cbs Paramount Pictures postponing the debut of top gun sequel from december to next summer. And mattel slipping intraday despite a narrower than expected loss and revenue beat in this latest quarter. The toy maker getting a boost from its flagship barbie brand, whose sales, believe it or not, soared 35 amid the lockdowns. And skechers seeing profit taking after being forecast for both its top and bottom line, quintupling online sales while seeing rebounding sales in china. Next, Biotech Company looking to help you reprogram your immune system to fight off coronavirus. The ceo is next. Exclusively on the claman countdown. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Jackie breaking news. You are looking live inside the south court auditorium, where President Trump is expected to make remarks and sign an executive order on lowering drug prices at any moment. Right now we are going to go straight to the white house as soon as this happens. Meanwhile, a company known for its alzheimers and cancer treatments could hold th