Transcripts For FBC Varney Company 20240712

The election conversation right now. Speaker pelosi calling the house back into session for urgent action, she says, on the matter. So urgent they are not coming back until later this week. Meanwhile, the market shrugging off any possible chaos from the election. The s p, in fact, could hit an alltime high today. Goldman sachs is raising its forecast on the s p to 3600 by years end. Its also a big week for retail as well. Several Big Companies reporting profits starting with walmart and home depot tomorrow. Lots to talk about. Im Ashley Webster. Yes, stuart is back tomorrow. Varney company is about to begin. Its been run horribly and were going to make it good. Now, what am i supposed to do, let it continue to run badly so if you fix it they say oh, hes tampering with the election. Were not tampering. This is a con game by pelosi and schumer. Look, the post office, theres 25 billion sitting there but they really want 1 trillion to bail out their badly run states. Ashley yeah, that was President Trump just moments ago on fox friends. He says House Speaker nancy pelosi and Senate Minority leader schumer, as you just heard, trying to con him into bailing out poorly run liberal states by using the Postal Service. Pelosi now calling the house back into session after reps left d. C. They want the postmaster general to testify about the growing fears that mailin ballots will be delayed. All right. Lets bring in blake burman live at the warehouse the warehouse. The white house. Look, the first thing i think of here, hasnt the post office already been losing billions of dollars, way before talks about mailin voting, right . Reporter yeah. Live in the washington area, by the way. Yeah. As we heard trump this morning, it is something that he and both the treasury secretary Steve Mnuchin have been talking about for awhile saying look, the post office loses money, so it needs to be reformed and its something they have been trying to get at for quite some time. Thats part of their defense. However, nancy pelosi is saying that the postmaster general, newly installed, donor of the president , is amounting to what is essentially quote, political sabotage, so she is calling back the house after this upcoming weekend. In between the two political conventions, the democrat and republican, to take up legislation that would return Service Levels back to 2019 levels. Heres what she wrote to democrats in her letter. Quote, in a time of a pandemic, the Postal Service is election central. Americans should not have to choose between their health and their vote. As you also heard from the president there, this is also at the core of the phase four stimulus negotiation, relief negotiations right now that are going nowhere. Democrats want 25 billion for the Postal Service. The president thinks that this is all part of some bigger negotiating game to get money for states and local governments that need bailouts or at least that need bailouts as he sees it. Probably, ashley, the biggest political football in washington right now involving the u. S. Postal service. Back to you. Ashley exactly. Getting back to 2019 levels. Were they that great . I guess thats another question. Blake, thank you very much. Really appreciate it. Lets check the markets. We are on record watch for the s p 500 this morning and Goldman Sachs raising its target on the s p to 3600 by the end of the year. Thats pretty bullish. Lets bring in market watcher keith fitzgerald. Keith, you are bullish on the s p 500, too. Noi th i know that. Youre not worried about this potential election chaos . Well, of course im worried but am i concerned enough to change my Investment Strategy . Thats a different question. The answer is no. I think the chaos that joe biden effect, all of that very very real but if you are in to win with the right companies, then you know what, that potentially is just a speed bump. Ashley very quickly, keith, we have talked about the s p, you know, trying to break through the next level through another record level, but it hasnt been able to do that. A growing number of analysts are saying thats a sign that perhaps we are looking for a pullback, losing a little bit of the momentum. I actually agree with that. My experience over the last nearly 40 years which i cant believe i have been doing it this long, is exactly that. If we have not broken through already, theres a substantial amount of buying and selling that still has to occur before we can lead that charge. Im actually coming into this week thinking about it but again, not enough to change my strategy at this point. Ashley all right. Very good. Keith, stay right there. I want to look at walmart premarket. Also bring in Lauren Simonetti. They are extending their store hours by how much, as the stock is up 1. 33 before the bell . Lauren that is a record high, actually, ashley. We will see if it sticks when the market opens. Almost all of walmarts will stay open 90 minutes later starting today. So they will close at 10 00 p. M. Walmart says they feel they can do this safely. They will also have time to clean their stores and restock their shelves and the move gives customers more options, and its a way to adjust workers to extended hours again, just ahead of the Holiday Shopping season. We get their big report card for the quarter tomorrow. Look, walmart certainly a pandemic winner but it costs money to run business safely and also to speed up delivery to customers who are clicking and buying from home. So because of that, earnings are expected to fall 1. 6 from last year, and revenue, yeah, is going to rise about 4 to 135. 37 billion. I just wanted to show you this. You are looking at it on the screen. While the stock is near a record high, it is up just 7 in the past three months but the s p retail etf is up 42 in that same time period. So walmart, a winner but the gains are slowing. Ashley thats interesting. All right, lauren, thank you. Back to you, keith. Big retailers as we just said reporting this week. They include walmart, target, tjx. You buying any retailers going into the earnings . I want lauren on my team. Thats exactly the relationship we are looking at. Walmart is undervalued compared to the rest of the industry. They are making great moves. Home depot is attractive to me, foot traffic despite the pandemic up 35 , maybe 40 . Lowes is interesting. Beyond that, not much. Because youve got to have daa digital component to it and not a lot of retailers do. Ashley very good. Thank you, keith. Lets check amazon. The behemoth we check every day. Susan li, come on in. Now they are facing an investigation in germany. Susan yeah. There have been complaints that amazon was blocking certain traders accusing them of price gouging after covid. Germany is investigating amazon on how it influences pricing on the marketplace. Germany is amazons second biggest market after the u. S. I didnt know that. That was interesting. Amazon defending its policies when it comes to price gouging. Amazon founder jeff bezos testifying for the first time on capitol hill just last month, with growing concerns over amazons conflict of interest because they operate the marketplace but they are also a competitor, because they sell their own private label goods. How they influence pricing i guess is important to germany. Ashley interesting. All right, susan, thank you. Check auto zone. They are getting on a hiring spree. They are looking for 20,000 workers across the country for their 5800 stores. Lets take a look at auto zone. Yeah, they are up. 25 . Also take a look at jd. Com, the chinese ecommerce company, reporting Second Quarter profit and revenue jumped last quarter. By the way, revenue grew more than 33 . Mobile daily users rose 40 in june. That stock up 5 in premarket. Take a look at tesla. Tesla shares after wedbushs dan ives is raising his price target to 1900, those shares up 1. 5 at 1677. Thats a hundred dollar jump, by the way, in price target by dan ives and they will open in record territory. Not bad. Next case, the fda approves a new coronavirus saliva test created by yale researchers. By the way, they are partnering with the nba to test players more. Good time to bring in doc marc siegel, fox news contributor. Doc, is this the future of testing, do you think . Ashley, i think it is. Its called saliva direct. It was tested on nba players and it was very successful about 90 to 95 as good as the nasal swab you have been hearing about for months. That means, by the way, this can now be used as a home kit, if we can manage to get the home kits out there. The nba, Major League Soccer and Major League Baseball is testing about 19,000 players a day so they are using it bigtime but we could actually roll it out to the general public. It uses the same kind of testing that we have been doing all along but with a Rapid Response and its something you can selfadminister. Codiagnostics is another company that got a saliva test out there that was approved with an emergency use authorization by the fda a few weeks ago. These two could be huge players on the market and take over the whole testing situation. Ashley you know, doctor, we have a host of companies, we know this, racing to make the very first vaccine but in your opinion, who is leading the race . We just got news that eli lilly and regeneron, both companies not able to meet the timelines they said they were. In other words, seeing delays. Who is in the lead, do you think . Well, actually, eli lilly and regeneron, you are talking about the antibody treatment. In terms of the vaccines, i would put right at the front, lets talk about this like a horse race, at the front, i would say is Oxford Astrazeneca because they are already well into stage phase three trials around the world. They are right up front. Next and very close, neck and neck, would be moderna and the Pfizer Biontech vaccines. Both of them are Brand New Technology messenger rna. Thats a kind of genetic material. All had a very rapid immunological response. They are right behind the Oxford Astrazeneca. Then i look at novavax, which we have talked about a lot. Thats not yet entering the phase three trials but i will tell you what i like about that one. Thats the one, the dark horse at the end of the race. That could come in and with a finishing kick, beat everyone. Tell you why. Ashley, their immune response was four times what you get when you are recovering from covid19 yourself. Thats right. Four times greater, novavaxs vaccine. Looks extremely promising. I would say astrazeneca, pfizer, moderna and then novavax. Those are my top four candidates. Ashley all right. We have to keep a close eye on it. Thanks as always for your expertise this morning. The saliva test is interesting. Lets take a look at the futures. Going to be higher, at least thats what the futures are telling us. The dow up 118 points before we officially get under way. Same story, up half a percent on the s p. Up nearly 1 on the nasdaq. We will see how accurate that is at the opening bell. The riots and protesting following George Floyds murder is set to become the costliest displays of civil unrest in our nations history. Its a number, well, you frankly wont believe. We will tell you in a live report from chicago coming up. The dnc, yes, kicks off today but joe biden and his campaign largely absent on the sunday shows yesterday. So where is joe biden . We will debate whether his basement strategy will help him win the election. Speaking of the convention, the democrats are doing everything they can to keep the peace after chaos broke out from the bernie bros in 2016. Can they stay unified this time around . We are on it next. Im a performer. Always have been. And always will be. Never letting anything get in my way. Not the doubts, distractions, or voice in my head. And certainly not arthritis. New voltaren provides powerful arthritis pain relief to help me keep moving. And it can help you too. Feel the joy of movement with voltaren. 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. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better ashley welcome back, everybody. Lets take a look at these markets as we kick off a new trading week. Yes, looks like we are going to start off on a positive note. The dow futures, as you can see, up 117 points. S p and nasdaq also nicely in the green. The Democratic Convention starts this week. We know that. We will see the democrats economic policies along with joe bidens vision for america, but could we see a potential replay of 2016 . If you remember, where angry Bernie Sanders supporters threw the whole event into chaos. Could it happen again . Maybe. Lets bring in hillary vaughn, who will give us a preview of the convention. Good morning, hillary. Reporter good morning, ashley. Todays lineup goes as far left as Bernie Sanders and as far right as former republican Governor John Kasich. Bernie sanders, though, has promised to use his delegates at the convention to make the partys platform as progressive as possible and reflects what he calls his economic bill of rights including things like medicare for all and a government guaranteed job, but some in his base feel that he fell short of that. Today is supposed to be a show of unity for the party to avoid what happened in 2016, but there are some delegates that are protesting the platform because they dont think its progressive enough, things like medicare for all are not on the table and really, we are expecting to get some pushback for that. We did hear from Bernie Sanders yesterday. He said that the first step is to get joe biden elected and then the next step is to try to push through progressive policies like medicare for all through his using his base to do that. So we are expecting to hear a little bit more from sanders on that today, but while this is happening, the president himself is putting himself out there in key battleground states, providing a countermessage to the dncs programming. President trump will hold rallies in several swing states today starting in wisconsin, where the dnc was supposed to kick off in person, now its mostly virtual. Tomorrow in arizona and thursday in pennsylvania. They are also planning a multimillion dollar ad spend this week including taking over youtubes banner for 96 hours and the reason why thats key is because a lot of people are going to be watching the dnc online, on youtube, on streaming platforms, and that is where the Trump Campaign is investing their money this week. Ashley . Ashley yeah. Its going to look very different. A virtual convention, a lot of pretaped speeches and so on. Hillary, thank you very much. Appreciate it. Lets stay on this, if we can. Lets bring in our good friend jeff sica. Jeff, good morning to you. The democrats unveil their Economic Vision for america this week. I would imagine higher taxes, more regulation. What would all of this do for the economy and the markets . Well, i think its going to have an immense impact on the economy and the markets because primarily, you are talking about two very very different agendas and if we begin to see higher taxes and how they relate to Small Businesses, we are going to see the markets react to that, because as it stands, the polls are too indecisive to determine where this is going to go so investors have to realize that its not only investing about for today, its investing for the future and our futures very uncertain right now. Ashley its interesting because i saw an opinion in one of the newspapers, National Newspapers, who said you know what, the democrats are good for the markets because democrats love to spend. The markets like lots of money out there. Lots of liquidity. Yeah. I mean, theres a lot of truth to the fact that the democrats love to spend. We have these massive stimulus programs going on. If these stimulus programs continue, you cant really say for certain that they wont help the market because so far, they have been the octane behind this market. This market hangs on every word of the fed and if those policies are continued, i think you are going to see more inflation. You could see, could see more inflation of financial assets. That creates a greater vulnerability in the future. Ashley right. All right. Lets move on, jeff. A subject you are very happy to talk about, streaming. Because netflix is taking a page out of disneys book by streaming its own musical. What do you think of that . You coproduced a toneyy Award Winning play yourself. Is this the future of broadway . Heres the thing. To quote billy joel, the lights have in fact gone out on broadway with no definitive date of return. So theres a void and all of us who love musicals and turn to Broadway Musicals for inspiration in times of darkness like we are going through now. So the streamers like netflix are responding to that void, and creating this platform to bring these beloved plays to a broader audience that dont get a chance to go to the theaters that dont live near new york, that cant afford a ticket. I think this is a great, great thing. What disney did with hamilton was just monumental. 75 increase in subscribers during the same time period. I think this is a win win for both broadway and for theater goers for the streamers. Ashley very good. Hamilton stands out by itself but musicals are popular. Our producer, huge fan of musicals. But jeff sica, as always, thank you very much. Hes laughing in my ear. Take a look at the futures, if we can, as we get ready to ring the bell if not virtually, in person. The futures showing the dow up 116 points. In fact, up across the board. Lets see what happens for real when we come back. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. I wasnt sure. Was another around the corner . Or could things go a different way . I wanted to help protect myself. My doctor recommended eliquis. Eliquis is proven to treat and help prevent another dvt or pe blood clot. Almost 98 percent of patients on eliquis didnt experience another. And eliquis has significantly less major bleeding than the standard treatment. Eliquis is fdaapproved and has both. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily and it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Whats around the corner could be worth waiting for. Ask your doctor about eliquis. Guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. Ashley welcome back, everybody. The very latest on home Builder Sentiment breaking right now. Lauren has the number. Lauren . Lauren its tied the alltime high, 78 of Home Builders in august say that conditions are good. That is the highest level since december of 1998, when it was also 78. Look, people continue to want to move. Builders are confident and the ceo of the National Association of Home Builders, jerry howard, will be on the show and i would ask him about lumber prices. They are skyrocketing to record highs. Will that stall the momentum that the desire to move and ultralow Mortgage Rates, when you pay higher prices to go into the home, will there still be as much incentive . Ashley very good. Im writing that down. Raising lumber prices. Very good, lauren. The other big issue of course being the lack of inventory. I know new home builds are good but record low mortgages, Mortgage Rates, but you know, lack of homes. This continues certainly in the existing home sales. That hurts. Lauren for over a year, there were two homes near where i live right when you get on the parkway. Beautiful homes, newly constructed but they couldnt sell them because nobody wanted to live on the parkway. Guess what, they sold. People are already in and its just amazing because there are so few homes to buy, people are saying this is a nice area, we can deal with the parkway being three feet from us. Ashley that is indeed a sign of the times. We will put up with the traffic and the noise. Very interesting. Thank you. All right. We are just about 40 seconds away from the opening bell. As you can see, futures up across the board. We had a quick snapshot of the financials that came up on the screen. Those are negative. If you follow warren buffett, you saw hes been getting out of the banks, out of wells fargo, jpmorgan and he actually went into gold which i found fascinating. Mr. Buffett has never been a fan of gold, at least not in recent times. He says the metal is no match for american mettle. Pretty clever comment in itself. We are expecting a higher open on the beginning of a new week. As you can see, the futures up about 117. We are on record watch again for the s p. The intraday record on the s p, 3393, just set all the way back in february. All right. Lets take a look. We are on the move. Here we go. Off and running. Just starting to wait to get the trades going. Lot of green. Jpmorgan chase, talking about the banks, there it is, the laggard but home depot, walmart, apple once again, these are the big gainers. But we are just showing up 43 points at this very early stage. Lets take a look at the s p, if we can, again. 3393. That is the intraday high. We will be keeping an eye on that, on the s p. Right now, 3383. We are just, what, ten points away from another alltime record in dra high, right up about. 33 . The nasdaq continues its march, well above 11,000 now. Up another 66 points, up. 6 on the nasdaq. We are also going to show you tesla. Opening in record territory after dan ives raised his price target to 1900. Hes a big friend of the show. What dan says, a lot of people listen to. As you can see, tesla up another 33 bucks, another 2 at 1685 for tesla. What about zoom . They have expanded their service to another 25 countries around the world. That brings their total now to over 40 countries and that stock up 2. 25 , five bucks, at 250. 63 for zoom. Lets take a look, what about home depot . They will be reporting tomorrow. I think they have done pretty well. Lauren, they brought in some serious cash, have they not, during the pandemic . Lauren absolutely. Tomorrow, they are likely to say that revenue increased 11. 4 to just over 34 billion as customers continue to flock to stores, to paint, mulch, remodel, you name it. Shares at a record high right now. Analysts continue to expect people to spend on their homes versus other Discretionary Spending like traveling and going out to dinner. Even if the stimulus checks, as they start to decrease, people are still going to spend money at home depot. At least thats what most analysts will say. There are also reports that show foot traffic since april has been running 35 above last year and the share price in the past 52 weeks is up 40 . So another record high for home depot today. Ashley never underestimate the power of mulching. I always said that. Thank you. Lauren i like the black stuff. Ashley it looks cool, does it not . Susan li, talk about amazon. They are thinking of moving workers out of seattle, right . Susan this is after seattle passed a tax, taxes employers like amazon up to 2. 5 on the amount they paid their seattlebased employees. Also extending the companys work from home policy during coronavirus as the company, amazon, sent out a message to seattle workers saying which communities close to the city do you prefer to work in instead. Ideas including nearby redmond, microsofts headquarters, tacoma. Amazon employs around 50,000 in seattle, announcing plans in february to add another 15,000 jobs in the Seattle Suburb of bellview. The Seattle Times reported an amazon source downplayed reports of moving out of seattle saying amazon workers were only asked about the other Work Locations as part of a routine survey but you cant help but think that a higher employer tax might be pushing out some of these Big Companies. Ashley all right, susan, thanks. Lets take a look at the airlines. Lauren, it looks like we have been talking about this for some time. It looks like more layoffs could be in their future. Lauren yeah. The number is ugly. More than 75,000 airline employees have already been warned that they could lose their jobs come october 1st when the federal payroll support expires. Look, support has grown for another 25 billion in aid to keep workers on their payrolls through march of 21 but no deal has been approved. So thats 75,000 potential job losses, thats about onetenth of the industry not considering workers who have already voluntarily taken payouts or those who are attached to the industry like tourism and hospitality. So we are talking about a spillover that could be so dramatic one month before the president ial election. If you look at the last quarter, the four biggest carriers lost over 10 billion. Over 10 billion. They continue to just burn through cash to stay operating when fewer people are flying. Thats expected to stay for years. Ashley those kind of numbers put a lot of pressure on the administration to get some sort of financial help for the airlines. Yeah. All right, lauren, thank you. Coming up next, how about nvidia . Big chip maker. We know that. Also another pandemic winner. Reporting their earnings later this week. Susan, how much higher could they go . Susan a street high, according to researchers, the target price upgraded this morning. This is as earnings wednesday will likely show nvidia which is already the largest u. S. Chip maker is now making more money off selling chips to data centers for Cloud Storage than video games for the first time and thats the result of a yearlong shift for nvidia which has been a pretty good bet for this Company Since covid lockdowns has seen more businesses accelerating to cloud computing. That trend will only accelerate and grow from here. Nvidia is also in advanced talks to buy up arm holdings, a very important chip designers that most of the worlds big smartphone makers use, including apple which is using them to make its own chip for its Mac Computers Going Forward as well as its iphone. Nvidia likely to pay around 55 billion to take arm off softbanks hands. That solidifies nvidia as the worlds biggest chip maker. The stock has been unstoppable so far this year, doubling so far in 2020. Ashley its been very impressive. Thank you. Lets turn our attention to mcdonalds. Their former chief Steve Easterbrook finally responding to the lawsuit against him by the company. Lauren, hes fighting back, right . Lauren yeah. This story gets better and better. The exceo fighting back against that companys lawsuit attempting to roll back his multimillion dollar severance. Bloomberg says easterbrooks defense is this. Hey, mcdonalds, you knew about my relationship with multiple employees when you offered me the package. Therefore, mcdonalds, you cannot credibly allege a breach of contract. He wants the suit thrown out. Mcdonalds says yeah, right. We did this internal investigation, we discovered foul play, then efforts by you to destroy evidence, so the board at mcdonalds is definitely sending the message that bad behavior will not be tolerated, especially by the ceo of the company. Ashley yeah. Interesting to see how that plays out. All right, lauren, thank you very much. Quick check of the big board, if we can. By the way, three dow stocks hitting alltime highs this morning. Apple, walmart, and home depot. Not a bad way to start although the dow just turned negative. What the heck. We will get into that. See if theres any major reason. Meantime, big ten players are now petitioning to reinstate the 2020 football season but is there any way that could work . Former auburn football head coach Tommy Tuberville will be here to talk about that and other subjects including politics. Take a look at draftkings. The betting company has already been knocked down from the canceled sports. Now they are being hit by the irs. We have the company ceo here to respond. Yes, its an epic showdown against apple and google after the tech giants pulled fortnite from their stores. Now the popular game is get going support from big names. We have that story next. Jean, did you know geico is now offering an extra 15 credit on car and motorcycle policies . Thats great thats 15 on top of what geico could already save you. So what are you waiting for . John stamos to knit you a scarf . All finished, jean. Enjoy thank you. I give. The stitch work is impeccable. Its just a double fleck pattern with a reverse garter stitch. No big deal. Is your hair this soft . Softer. Geico. Save an extra 15 when you switch by october 7th. Ashley lets take a quick look at apple and google. Epic games is suing them for removing their game fortnite, the hugely popular game, from their game stores. Susan, epic games also getting some big support, right . Susan spotify, sonos, match group and even facebook taking shots at apples App Store Fees ranging from 15 to 30 . Those are the commissions apple takes. This is after the Battle Royale that epic games started at the end of last week by purposely adding a new payments option that defied rules in apples app store and also googles play store. It was a calculated move by the fortnite maker, then launching a preplanned lawsuit after it kicked off the stores and a preproduced ad that mocked apples famous 1984mac commercial that spotify also had a longsimmering despite with apple over its commissions, even formerly complaining to the eu antitrust authorities, also match group adding their voice to this fight as well and facebook even taking a jab in its rollout of tools to help Small Businesses, saying that apple commissions means that Small Businesses cant keep all the money that they make. Apple contends that 84 of the apps in the app store are free and the commissions are necessary to ensure smooth and secure services for its users. They havent raised prices since the App Store Debut in 2008. They say its in line with what google takes which is 30 . The app store generates a lot of money for apple, accounting for more than 18 billion in sales last year. Thats nearly 40 of apples total Services Revenue which comes in at close to 50 billion each and every year. Ashley yeah. That is remarkable. Susan, thank you very much. Now lets bring in rob breslow, professional esports and streaming consultant. Thanks for joining us today. I guess my question to you is whats the end game here . Who do you think comes out on top . Thanks for having me again. Well, i think tim sweeney, this is kind of a personal thing for him, hes been a huge advocate against apples app store and now is mobilizing his company and the biggest game they have, fortnite, to try to make things fairer for what he says is all developers around the world. Fortnite as a game, one of the first games, first and only games in the world to have crossplay between both consoles and sony play stations and Microsoft Xbox along with phones, so his way of looking at the technology and the internet has allowed under the circumstances to have open platforms. You cant create another app store on the mobile platform like you can on google and android which is why hes going as hard as them as they are at apple. This is pretty serious for him as a personal matter to try to make it for all developers out there to not have to go by apples rules. Ashley epic will argue, as susan just reported, this is an antitrust issue for all the reasons you just outlined. But then apple and google will argue they built the platform, they maintain the platform, its not a utility and they can charge whatever they want. Who do you think is right in the argument . Well, i will say that epic has gotten some very high profile lawyers on board that have a lot of experience in antitrust cases and they wouldnt have jumped on this case if they didnt think epic had a real shot at taking down apple. Which it is apple and google, apple is much more the ebbingfo here. They already had the lawsuit ready to go because they knew apple would do this. They wanted to change the way apple looks at the entire ecosystem. They wanted to be a little more like google and have things a little more open, have developers be able to create their own stores on the platform if they want to. I think if also shows a lot here, we just had about a month ago a congressional hearing in front of members of congress for antitrust and now you have a game maker for video games that has gotten so much more attention, including apple, to actually try to change things that all the people we have elected to office that are kind of technologically incompetent and you have a game maker that want to push the conversation forward a lot further than Even Congress is able to. I actually think epic has a real shot at making a big change here and not just apple but the app store as well. Ashley 20 seconds, but the repercussions if apple loses are significant, are they not . Especially monetarily. I mean, look, apple is still a trillion dollar company. They are still Top Five Companies valued in the world. This isnt a david versus goliath. This is small goliath versus huge mammoth. People are still rooting for epic to win this. Ashley it will be interesting to follow. Thank you so much, rob, for joining us again on Varney Company. Great stuff. Thank you. Staying on the video game companies, lauren, come back in. They have all been huge winners, we know that, during the pandemic but come next year, it could all change, right . Lauren yeah. So march was actually the best month for video game sales in more than a decade. But that could be over even if we were stuck at home, more people than ever playing video games than ever. The reason is there might be fewer new games to play, and you can blame covid for that. Everything from the new halo and wasteland, sony, the last of us and amazons new world, the release dates have been pushed back with makers of the games all saying logistical challenge related to covid. You know, you got to coordinate hundreds if not thousands of contributors remotely, and thats difficult. There is something called motion capture. You cant do that remotely. Thats what a lot of these games need. So we are going to see a lot of release dates pushed back. Ashley all right. Lauren, thank you very much. Now this. Cities that were already struggling before the pandemic are now facing costly troubles in the aftermath of violent protests and riots. We will tell you about the billions in damage that could leave them crippled for years to come in a live report next hour. Also, check out smile direct club. Thats the online dentistry company. They recently reported their sales took a major hit. How do they plan to turn things around . I will ask the companys cfo next. I like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Find your getupandgo. Find pants that arent sweats. Find your friends. Find your sense of wander. Find the world is new, again. At chevy wed like to take you there. Now during the chevy open road sales event, get up to 15 of msrp cash back on select 2020 models. Thats over fiftyseven hundred dollars cash back on this equinox. Its time to find new roads, again. The volatility. The ambiguity. The moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. You can adjust youriggest sacomfort on both sides. Eep your sleep number setting. Northern trust. Can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. Will it help me keep up with mom . You got this. So you can really promise better sleep . Not promise. Prove. And now, all beds are on sale. Save 50 on the sleep number 360 limited Edition Smart bed. Plus 0 interest for 36 months on all smart beds. Ends monday. To learn more, go to sleepnumber. Com. Ashley welcome back, everybody. We came out of the gates fast this morning. The dow up well over 100 points but we have kind of lost our way a little bit. The dow now off about seven points, essentially flat, but the s p hanging on to a. 33 gain and the nasdaq, too, up. 75 . All right. Lets move on to smile direct club. Its an online dentistry company. Just reported some pretty tough earnings. Lost some money. I would say a bunch of money, in the prompter but thats not very technical, is it. Sales were down massively from last year. Lets bring in kyle wales, smile direct chief Financial Officer. Thanks for joining us this morning. First question is, what happened . You know, i dont know whether im not being flip, but people in lockdown are probably just hanging around maybe looking in the mirror, looking at their teeth more than they normally would, so you would think the pandemic, the lockdown would be perhaps a positive for your company. But it didnt turn out that way. At least not in the last report. Sure. Well, first off, thanks for having me. Great to be here. I think, look, if you look at the quarter overall, i think the Company Performed very well in what was, you know, obviously a very complex operating environment, right. If you look at the strength we had in the quarter, i think it really demonstrates the overall flexibility and agility of our Business Model which, you know, the underlying teledentistry platform we have is the strength of it all. If you look at the quarter, we beat top line by about 20 , we beat our ebitda expectations by about 20 . If you look at our q3 guidance that we provided, its about 25 higher sequentially on a quarter over quarter basis in comparison to late q2 and that mayjune time frame into q3. Overall, i would say returning back to more historical levels of demand. Thats about 85 of where we were last year. So getting back to normal. I think if you look at it overall, to your point, right, consumers are at home, you know, why didnt we perform better in the quarter. Look, i think were in a great position overall. We are the low cost provider. We have incredible Unit Economics but at the same time, nobody is really chasing us in the space, right. Weve got very strong barriers to success that we built within the market overall and so we are rebuilding the business but we are doing it in a very controlled and profitable way at the same time. Ashley i got 30 seconds, kyle. Im sorry to cut this short. We are getting to the top of the hour. You just partnered with a company that gives you more access to physical dentists offices. Will that help . Yeah, absolutely. So we have always been agnostic for how Consumers Want to start their journey, leveraging our teledentistry platform. Historically, we have driven club members to our website where they can choose either an impression kit or smile shop. Now we have added a third component to that which is they can start their journey in a dental chair and then leverage our teledentistry platform from there. Its 100 complementary to our existing offering and its focused on removing a friction point for those consumers who actually want to start their journey in person at a dental office as well. Ashley right. All right. Great. Thank you for joining us, kyle wailes, cfo of smile direct. Thank you so much for taking the time this morning. Much appreciate it. Thank you. Great to be here. Ashley all right. All right. We are just Getting Started this monday morning. Still to come next hour, Mick Mulvaney on the Postal Service issues, front and center as the dnc kicks off tonight. Randi winegarden, president and ceo of American Federation of teachers, what does she think out sooumeouoolsou oug drgssgs ceo casason bbinro here ming ung uxtp. Ne. It was 1961 when nellie young lost her devoted husband. Without him, things were tough. Her last option was to sell her home, but. Her home meant everything to her. Her husband had been a High School Football coach and it turned out, one of his former players came up with an answer. A loan, created just for older homeowners. And pretty soon, nellie young had one of the first reverse mortgages. Discover if a reverse Mortgage Loan is right for you. Use it to eliminate monthly mortgage payments and increase cashflow, create an emergency fund, preserve Retirement Savings and more. Call now for your free information kit. That first reverse Mortgage Loan meant nellie could stay in the home she loved so much, with memories that meant even more. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan. And its taxfree cash just when you need it. Its about making your retirement better. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Of course, you can use it to pay some bills, cover medical costs, update or repair your home. But best of all, it eliminates those monthly mortgage payments so you get more cash in your pocket, every month. Learn how you can use a reverse Mortgage Loan to cover your expenses, pay for healthcare, preserve Retirement Savings, and so much more. A lots changed since 1961. Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit. Ashley im Ashley Webster in for stuart today. Lets look at the market. We started off strongly. As you can see, the dow just down now 51 points even though the s p trying to get close to that 3393 level which would be record intraday high. Still 10 points shy of that. The nasdaq though going along nicely, up nearly 1 . Lets look at some of the early big movers on this monday. Appling, walmart, home depot, all hitting new all time highs and leading the way. Apple at 461. Walmart up another couple bucks. Home depot at 285. Look at washington. The president leaving the white house shortly to have a twostate swing through minnesota and wisconsin. He may speak to reporters. On a day he is out there on the stump so to speak. He may be in a talkative mood. If he does speak to reporters well bring that to you. Were waiting on the president. Lets get an update on everybodys favorite billionaire warren buffett. Susan li, i mentioned this earlier, he is apparently hot on gold. Susan after years saying he wouldnt pay to hold gold he is buying half a billion dollars in barrick gold. His only purchase since june. 147 billion in cash. Now wall street is it interpreting the oracle of omahas holdings, the purchase of gold, holding that much cash means he is not forecasting a quick rebound in the u. S. Economy. Berkshire hathaway dumping financial holdings. They are selling off a big chunk of buffett along time stake in wells fargo. Thing stock is down 40 . Pnc, 40 . Also making smaller cuts in mastercard and visa. Buying bank of america shares in the first few weeks of the third quarter. They own a billion shares in boa. Second largest portfolio position. Number one holding in buffetts portfolio, apple stock represents 44 . Oracles Holdings Worth 100 billion. Were five buck as way from a record high or two trillion dollars at least, that has been a pretty good bet for him. Ashley certainly has, susan, thank you very much take a look at the s p. Were 10 points away from the alltime record intraday high. S p, 3382. 10 1 2 points well say. That is interesting because Goldman Sachs dave costin raising his forecast for the s p from 3,000 to 3600. Our next guest also upping his forecast. What is going on . Lets bring in ed yardeni. Good morning to you. You say the s p can climb to a new record high despite all of those economic and political headwinds and uncertainties. Make your case. That is not a very bold forecast since were only 10 points away from a record high. I do think we get to 3500 before the end. Year. I think next year the market continues to remain in bull phase, to the end of next year. The case is pretty straightforward. The fed is continuing to provide a enormous amount of liquidity. Interest rates are basically at zero across the yield curve from the fed funds rate to the 10year bond yield, what, 0. 67 or so. So bonds are interesting. I think well continue to see a lot of accounts, investors rebalance out of bonds and into stock. And they dont even have to do that because there is still so much liquidity piled up last few months that could go into the stock market. Ashley despite all that, ed, the s p in particular is treading water it feels like in kind of a waiting game, perhaps waiting for the next catalyst to push it another leg higher. My question to you, what could that catalyst be . As you know since march 23rd the fed came in with what i call qe forever, the markets had a meltup basically and accentuated the positives and ignored the negatives. The question is whether it can continue to do that. We are getting closer and closer to the election. And there could be a lot of negatives occurring around that in terms of just some of the uncertainties of how were even going to get the election properly processed without challenges. Then if we have a radical regime change across the board victory by the democrats, there will be a lot of uncertainty where that goes. Yet the market, even though were getting closer and closer to the election continues to focus likelihood well get a vaccine. Meanwhile the Economic Data has been pretty good. Retail sales alltime record high. In july we had the homebuilders index, alltime record high. Economy is really kind of evolving is transforming where people are deciding instead of renting they want to buy houses, they want to buy houses where they have a home office. If they do that they need technology. My grand daughter started first day working at home like her grandfather. She has the technology to do that. Imagine kids working from home with technology. Ashley yeah. Its remarkable, the landscape is changing, there is no doubt. Ed, thank you, ed yardeni. Thanks for joining us this morning. Thank you. Ashley all right. President trump joining a social media app that competes with tiktok. Susan, come back in. Which app is it . Susan President Trump is now triller official with three 15 second clips with a million place. Trump has only 5000 triller followers. Im sure that number has grown. Snoop dogg, are now triller equity holders, first ones to prohost their followers to move over from tiktok. Three tiktok stars with 37 million followers shifted as well, being lured over with small stake offers from triller. President trumps order banning tiktok in 45 days causing a lot of people transferred over. Triller has only been downloaded 250 million times but it has been the number you know downloaded app in 50 countries the past few weeks since trump floated that tiktok ban. So it makes sense. Ashley always good when the president joins your app. Susan, former press secretary for Kamala Harris is now working at twitter. There is some controversy surrounding this person. What is it, person. Susan his name is nick, a former staffer for Kamala Harris, now senior Level Communications manager at twitter, he drew attention to himself last week he publicly addressed twitter spat with President Trump after restricting Trump Campaign twitter account from tweeting until it removed mr. Trumps clip of his fox friends interview where he said children were almost immune from covid. Pacilio representing twitter said that violate the platform rules. The twitter is stepping up policing of President Trumps tweets and factchecking mailin ballots tweets and shielding his minneapolis ones. For many years Kamala Harris asked twitter to ban President Trump from its platform for bullying but twitter has refused to do that. But some are concerned there might be a conflict of interest and conservative bias. Ashley yeah. I would say so. Susan, thank you. Democrat National Convention kicking off today. Weve been talking about it all morning. This is as ongoing Postal Service issues remain front and center. House Speaker Nancy Pelosi called the house back to vote on post office legislation. President trump on fox friends this morning weighing in on the ongoing battle. President trump what am i supposed to let it continue to run badly. If he fixes it he is tampering g with the election this is con game by pelosi and schumer. Post office, there is 25 sitting there. They want one trillion dollars to bail out their badlyrun states. Ashley well, good time to bring in Mick Mulvaney, former office of management and budget director of course. Mick, great to see you this morning. How do you see this post office past he will ending . How is this going to play out. Ashley, thanks for having me. My guess is based on what mrs. Pelosi said they will come back this weekend and vote, that will be the end of it. That is show vote. Very unusual for her step to take in august, have weekend vote during the august vacation. It may be indicative how she feels she got beaten in the discussions on stimulus package. It looks more and more like we dont need a big stimulus package. Talking about some of the good economic numbers. The president hit the narrow points that he needed to in terms of unemployment insurance, some renters protection, so forth. He is able to do some things we might need to get done. But you dont need a big stimulus package. She got caught with her guard down. She is trying to make an issue here where xi doesnt have one, hence a rare saturday vote of the house in august. Ashley mick, listen, nancy pelosi says we want to get the post office back to 2019 levels. This is an agency this, is a operation that has been losing billions and billions of dollars. Is it capable of handling mailin voting across the country . Sure it is. In fact, if you actually go and look what the usps put out, the recent warning not being able to get the votes counted fast enough actually is a reiteration of what they did in may before some of the primaries. Problem is not necessarily with the Postal Service it is with some of the states. Michigan might be one of them. You dont even have to request the mailin ballot until the friday before the tuesday election. That is not enough time to get the ballots n that is what the Postal Service was talking about. The same warning went out in may apparently mrs. Pelosi didnt care about at that time. Unfortunately this is the case where we are coming into election season. A lot more politics than merit. Ashley another one for you, mick. President trump heading to three battleground states this week. He is heading to minnesota and wisconsin today. Goes to arizona tomorrow. While apparently joe biden remains in his basement. How important are these trips for the president . They are for a variety of reasons. The president , a true extrovert loves doing this the folks who are the grassroots workers in those states love to see him. So there is something to be said for doing as much oldfashioned campaigning as you can. Energy levels count in an election. Minnesota is especially important state, that President Trump only lost by 40,000 votes in 2016. I think they had budget back then of 50,000. Had one person working in the state. Clearly its a much different operation this year. So this is real opportunities there. Dont discount the importance of traditional campaigning. Dont discount the importance of not having traditional convention. So the next couple of weeks will certainly be high energy for politics. Ashley it is difficult to generate Energy Online for sure. Mick mull mulvaney thank you so much for joining us. Democrats unveiling the agenda this week. Joe biden, wants climate plan and Kamala Harris wants medicare for all. What will the proposals look like . Well ask economist stephen moore. I which ask him our next hour. Some state ares gearing up for this fall. Other states have hybrid of on line and in person learning. How effective is this . I will ask the president of the American Federation of teachers. Well watch out for the president when he leaves the white house, moments from now. You will see it right here. Second hour of Varney Company just Getting Started. vo weve got your back, road warriors. Because we know you want to get back to going your speed. Steering life at 10 and 2. Youre prepared for this. And so are we. Soon youll get back to skipping the counter without missing a beat. Back to choosing any car in the aisle. Back to being the boss of you. Go national. Go like a pro. But what if you could stdo better than that . K. 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. Ashley all right. Lets take a quick look at the markets before we get going with other stories making the headlines. Certainly the dow jones started off up 113, 114 points. Now it is reversed. It is down nearly 100 points. Meantime the s p continues to hang in up a quarter of a percent. Nasdaq still up still nearly 3 4 of a percent. By the way two Big Companies will be splitting their stocks two weeks from today. Susan, give us the news. Susan probably two of the stocks of the year. So apple is going four for one. Tesla splitting five for one at the end of this month. Both of these stocks rallied on the back of these announcements. Tesla has rallied 20 since. Apple rallied 10 the day after. Also on on the record june quarr for earnings. For apple this is the fifth stock split in its history. Six years after the last one of 2014. Stocks splits are usually bullish signs that the Companies Think the stocks will go higher here. They want more people to own it. More people to get in. That is why they want to make it cheaper. When more people can afford it, more people can buy it. That boosts the stock price. This say the game is over for tesla bears. Betting that the stock will fall, four straight quarters of profit. First year profit for tesla. It will be likely included in the s p 500. More index funds need to include tesla and buy the stock. The worlds richest love apple and tesla. Apple is making up half of Warren Buffetts portfolio. Larry ellison, megabillionaire as well, holds the tesla as the single biggest Stock Holding this is it what we call smart money investing. Ashley we do, very smart. Susan, thank you very much. Lets look at shares of dominos pizza. Hmmm, pizza. Theyre adding to their workforce. Lauren, how many new workers are we talking about . Lauren how many times have you ordered pizza during the pandemic . Were ordering all the time, right . That is why dominos is adding 20,000 workers. Everyone from people who make the pizza to the drivers to the manager of the stores to handle the increase during the pandemic. Dominoes has gotten a bigger slice of the pizza pie higher than papa johns and pizza hut. It is not just dominoes. Other successful chains like popular chains like mcdonalds, chipotle, Dunkin Donuts, adding workers. We want their food. The stock up for dominos up 36 in years. I have had not had dominos in ages but we order pizza device a week. Ashley i say at least twice a week. But we wont go there. Lauren really . I love pizza. I love leftover pizza. I digress. Look at amazon and rack space. Shares are as you can see both higher. Amazon up 3 4 of a percent. Big commerce holdings, rack space up nearly 12 . This is all on reports that amazon is in talks to invest in rack space. If you are wondering what the heck it is, it is a Cloud Services provider. As you can see both shares up 12 . A number of states are reopening the k12 Public Schools this week. Now some schools will have remote learning. Others will have what we call a hybrid plan. I guess a bit of both. Lets bring in randy winegarten, American Federation of teachers president , good morning to you. Good morning. Ashley it is a mishmash. Is there any one that works better than another . I know that is a very difficult question but i hear about the hybrid approach more and more . Well it is a mishmash because we havent tackled the virus and the virus is still here and frankly what the cdc, this weekend has shown is that more and more kids are now getting infected by the virus, whatever the virus has transmuted to it is now infecting more kids. So remote and hybrid are really the only twoways you can reopen schools safely. Remote in places where there is too Much Community spread. Frankly that is part of the reason why were suing ron desantis in florida. He didnt open it remotely. You see huge numbers of kids now, Cherokee County has about 1100 kids in quarantine. Four of 22 schools in Martin County are now having quarantines because kids and teachers have tested positive. But so in areas like arizona and texas and florida, georgia, they really needed to open remotely. In areas where you could contain the curve, like in new york, new jersey, and connecticut, you can actually open in a hybrid. The reason it is a hybrid because we dont have enough space in schools or enough teachers. We cant double the number of teachers or double the number of space. So that is to accommodate the fact that the cdc and others say this is airborne disease, you have to have six feast and a mask, cleaning and ventilation in order for people to be indoors instead of outdoor and during this virus. Ashley so, randi, you mentioned ron desantis in florida, what do you say to this, new york and new jersey pushing for back to school . I want to listen what governors cuomo, murphy, new york city mayor bill de blasio had to say about this issue. Roll the tape. Well get your reaction. All schools can reopen. Inperson instruction may fully resume immediately. I really believe our schools are crucial for our kids. There is nothing that replaces inperson learning. Our schools coming back is part of how our whole city come back. Ashley randi, a quick sound bites what do you say to that . I say to all of them, look i was on just, spoiler alert i was on Governor Cuomos reopening commission where we, you know, figured out how do you reopen, which is what he was using. The issue is for all of them you actually, the tape missed crucial other piece that all of them said, which is they met the first threshold which is, that Community Spread in those states has been tackled. It is less than 1 . Thats really good news. I wish we had done that in the rest of the country. The second piece is how you then actually make sure schools are ready. So in new york city, doesnt have the ppe yet or the ventilation systems. Governor cuomo made sure in his second sound bite to say only way we can reopen is that teachers and parents have to be confident. I tell you ashley, every time there is a story from florida about these kind of quarantines and mismanagement that desantis has done, it actually freaks parents and teachers out in new york but, oh, my god is this what is going to happen to our kids. Ashley interesting stuff. It is an issue that is obviously going to play out for some time yet. Randi weingarten, thanks for joining us. Thank you. Ashley big 10 College Football players are petitioning to reinstate the 2020 season. I want to know how theyre going to make that work . Are they getting anywhere with this. I will ask former football coach for you a burn Tommy Tuberville in the next hour. Fantasy football under the scope from irs, entry fees are wages. They can be taxed. That is a major profor Companies Like draftkings. Woe have the ceo on after this. This is decision tech. Find a stock based 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. 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. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. Other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. Discover the option thats best for you. Call today and find out more in aags free, noobligation reverse Mortgage Loan guide. Access taxfree cash and stay in the home you love. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better ashley lets take a look at these markets as we kick off a new week. Weve seen the Trading Volume as we like as we expect in the summer period but we started off strong on the dow but now were off 70 points on the dow. S p still up about a third. Same story of the nasdaq, up about three quarters of a percent. Lets look at walmart if we can. Beginning today the store will extend hours, just ahead of reporting profits tomorrow. The stock as you can see up nearly 2 at 135 bucks. Take a look at smile direct club. That stock is showing right now. The stock showing certainly that sales dipped in the Second Quarter. That stock down 1 1 2 , about 7 1 2 dollars. Listen to what the chief Financial Officer told us in the last hour on the show. Roll tape. I think if you look at it overall to your point, right, consumers are at home. You know why didnt we perform better in the quarter . Look i think were in a great position overall. Were the low cost provider. Weve got incredible Unit Economics, at the same time nobody is really chasing us in the space, right . Weve got very strong barriers to success that we built. Ashley all right. That was the cfo, kyle waile is s. He was of course bullish. Why wouldnt he be . Tiffanys, costco, you have a lawsuit accuses of costco selling a fake tiffanybranded diamond. Say it aint so. Lauren you know the story. It has been going on for several years this is the latest. An Appeals Court in manhattan overturned tiffany 21 milliondollar judgment against costco. Tiffany accused of selling costco generic diamond Engagement Rings under the tiffany name. It looked like tiffany won that case with a judgment of 21 million until now. This court just ruling unanimously, 30, that the word tiffany was unlikely to confuse costco shoppers. They knew they werent really buying a tiffany ring at a discounted price. So they have side offed with costco. It is not over yet. Very little reaction though to the stock price after this ruling. Ashley wow, i dont think that is the end of the story. Well see. Lauren, thank you. The. Irs issuing new guidance entry fees for daily fantasy sites are now taxable. Lets bring in draftkings ceo jason robbins. That cant make you happy, can it . Just to clarify the irs did not say. That the irs issued a memo which is nonbinding, does not carry any force of law saying that is their initial determination. Our position of course is that it is completely wrong based on the facts and data. Also inconsistent with how dozens of state legislatures, courts around the country have determined these games to be classified. We look forward to working with the irs to educate them, hopefully get them to change their position. Ashley and irs just loves to be educated, i can tell you that, jason. I want to get to the meat of your business. I guess the question many people will probably ask, can you maintain the profits with number of cancellations within baseball and College Football, for that matter, what of the nfl, biggest behemoth of all, what if the nfl runs into problems, you have certainly need them right . Right now our primary objective is not profitability. We wont be profitable regardless whether the games are played that are scheduled or not. We hope to have a very strong schedule of sports to see great revenue and Customer Growth which is certainly where we are focused right now. What weve seen so far even in some cancellations or postponements, a lot of customer demand migrates to other things. You have a period like much of q2, there is very little, it will not be enough to make up for all the lost revenue and customers but, i think if you have a handful of games canceled in a particular sport here and there it really isnt something we see having Material Impact on the numbers. Now if the nfl season were somehow scrapped or had any significant setback, that could have more meaningful impact. I think right now from what we see, a lot of really smart people with that league are working on great plans. Were confident that they will have a really safe and comfortable way for everybody to get back on the field. Ashley we do have of course the nba and the nhl, already in the playoffs. We have baseball of course. Where is the money going . The nba seems to be handling all of this probably the best of the Major League Sports . Well, i think the nbas bubble approach looks like it is working quite well. I think one of the things were seeing which is interesting different sports experimenting with different approaches. No doubt all the, really great, smart people, who are in executive positions around the league are looking at what is working, whats not and tweaking their plans accordingly. Seems like the nba so far doing it in a very that is very effective. Ashley it must be disappointing what youve seen develop on the College Football scene. College football is very big. That must be disappointing for you . Personally i love College Football. I was really looking forward to it. It is sad to see it wont be the same even if some of the conferences do end up playing. That said from a business standpoint we dont really think it is going to make a huge difference for us this year. We chose to guide without College Football included in our numbers. Were able to guide 500 to 540 million of revenue. Able to get to the top end is right on with our original forecast. Hard to believe given how much lost revenue occurred from covid but what weve seen there is a lot of really strong offset with growth of pent up demand from sports. Were seeing record Customer Acquisition numbers in the summer which this is typically the slowest period of time for us. Were excited even without College Football with a really strong fall with nfl and other sports going in as planned. Ashley im right there with you, fingers crossed, jason robbins, thanks for joining us. Thanks for having me. Ashley all right. Now this. Violent rioting continues in chicago. Get this, the price tag from all of the urn rest following george employeds murder is set to become the costliest display of civil disorder in the nations history. Well tell you exactly how much this is all costing after this. The nypd union endorsing President Trump for reelection. Take a look at this. I cannot remember when weve ever endorsed for the office of president of the United States until now. That how important this is. Ashley thats how important it is. New york democrats not happy about all of this, but they should hardly be surprised, right . They want to defund the police. Well get into it next. We love our new home. Theres so much space. We have a guestroom now. But, we have aunts. Youre slouching again, ted. Expired, expired. Expired. Thanks, aunt bonnie. Its a lot of house. I hope you can keep it clean. At least geico makes bundling our home and Car Insurance easy. Which helps us save a lot of money oh, teddy. Did you get my friend request . Uh, ill have to check. doorbell ringing aunt jonis here for bundling made easy, go to geico. Com. Hello . Ashley all right. Welcome back, everybody. Take a look at the markets, just over an hour into mondays session. As you can see the dow off 57 points. Down. 2 of a percent. The s p and nasdaq on the upside. They are both positive. More protests in chicago over the weekend. Nearly 20 officers injured, yes, it is taking a massive financial toll on cities as well. Our Grady Trimble is in the windy city. How much money are we talking about here . Reporter too soon to tell from the most recent looting here in chicago but we have a map i want to show you that has numbers from cities across the country. Damage costs in chicago alone, 66 million for the looting happening back in may and june, cities with new york with such high amounts. Minneapolis coming in 500 million. The reason those are so high, some numbers include overtime for police and other protective measures, which is a drain on taxpayer dollars. When you look at historic riots and unrest, this is expected to be in terms of how much it cost the rodney king riots from 1992 which adjusted for inflation cost 1. 4 billion. Over the weekend as you mentioned more protesting in chicago. No looting. Protesters clashed with police. There was fingerpointing who started it. Police arrested 20 people. Four of them on felony charges. One man arrested for repeatedly hitting a Police Officer with a skateboard. Fortunately as i mentioned Michigan Avenue shops were protected. Police held the line. These shops were not hit. At this story, many others along the mag mile, still boarded up, not doing a lot of business. Ashley on top of fighting a pandemic. Thank you so much, grady, we appreciate that. By the way the Union Representing the nypd endorsing President Donald Trump for his reelection bid. The move of course comes as defund the Police Protests continue around the country. Lets bring in new york state assemblyman mike la petry, republican. Assemblyman, thanks so much for joining us. It is interesting, some democrats not happy about the endorsement but what did they expect when they wont exactly speak out against defunding the police, in many cases supporting that movement . Exactly. Unprecedented times warrant unprecedented action. Police protect people. They have never met before with their lives in. Response, in response, new york democrats defund the police by one billion dollars. Disbanded the anticrime unit whose job includes eliminating guns off new york streets and stripped protections dissemination of false claims against the police. They act shocked. The city is in shambles right now because of those policies that actually hurt lawabiding residents. Shootings spiked. Just this past weekend 50 people were shot, several people were killed. Theyre shocked by the new york city pba wanted to endorse the president. Ashley just is, i mean, it is beyond insane that you defund the Police Department and the crime statistics, the crime wave kicks in, there is no, this is not right. Were not protecting all of our citizens. You let criminals go back out the street after they have been arrested and they want to defund the police. It just, it begs, you know, it is just insane that they think that this is the way to go, and refused to back down and say we made a mistake, weve got to protect our citizens. Theyre letting, letting down new yorkers. Bottom line. Theyre catering to the leftwing mob. Aoc and radical left. Their focus is to in fact defame, demoralize, defund, dismantle the Police Departments. President trump said it best. The new york city pba endorsement of our president sends a loud, clear message to all police and hardworking americans and lawabiding citizens that President Trump has got your six. Ashley just want to change subjects. Some good news i would say. The 9 11 tribute in lights now will go on as scheduled after being canceled because of the pandemic. Assemblyman, i dont think it should have been canceled to begin with, do you agree. Absolutely. This was a shocker to everyone in new york state that truly saw 9 11 as something of a real tragedy. We felt it personally here, especially where i represent the south shore of long island. To those who went in there, responded to this tragedy. These lights serve as a beacon of hope and freedom for the nearly 3,000 lives lost in this tragedy. Nothing will prevent us, nothing will prevent us remembering that day, never forget, persevere even with those that try to cast a shadow over it. Ashley well have to leave it there. A world gone mad, is it not . Assemblyman mike la pietri, thanks for joining us. We appreciate it. It made me so mad i cant even spit out what im trying to say. Anyway on the screen here are the states on your screen where gyms remain closed statewide. I dont know how they will encourage people to come back when they cant reopen. It is impossible. It certainly will be, forgive me, the survival of the fittest. With gyms closed, how do people figure out a home workout routine theyre comfortable with . We have ceo of brooks running, their sneaker sales have been up since the pandemic. Well have more varney after this. Ashley welcome back, everybody. Were starting a new week and trading you can see, the dow although started up over 100 points. Now down about 40. The s p up a third and the nasdaq continues to be right in the same range since the opening bell, up 3 4 of a percent. Now this, running has gained popularity since the start of pandemic. People turn to running as gyms and exercise classes came to a halt. Well bring in james webber, the ceo of brooks running. Jim, thanks so much for joining us. Your company has done well i think since the start of the pandemic. Sales of Running Shoes are up during this lockdown. Can you give us some numbers . Sure. I would be glad to, ashley. Thank you for having me. Ashley yeah. You know like everyone else with this economy froze, when retail shut down in late march, all threw april, europe as the sport was shut down across every category. Who knew that today i would be sitting here with you, were up 37 yeartodate. Alltime record year. Ashley wow. Even with retail closed runners have come out of their houses and ran through the neighborhood. Ashley is this a trend that continues or when and if we ever get back to normal will people be more tempted back to the gym or do you think this is a permanent change . You know we think it will be sticky because, until the virus is completely gone and the fear is gone, i think people are going to be cautious at least, a lot of people are. So running makes the cut. You can be six foot distance. You can wear a mask if you need to. We, what were seeing from people is that theyre doing it for mental and physical reasons as well. And that type of runner we call the soul runner as opposed to a goal seeker. We think they stay with it on until next year. We think its a trend that will continue. Ashley we have to leave it there. Im sorry for that but President Trump is on the move. He landed at joint base andrews moments ago. Do we have the tape . We understand 10 seconds tap dance. As we expected the president spoke to reporters before he left the white house. He spoke to reporters. Lets take a listen. President trump couple wonderful states, one case had big problems, we got that straightened out. I just approved an Emergency Declaration for iowa who had an incredible windstorm like probably they never seen before. It really did a lot of damage. So ive informed the governor. Ive informed senator grassley and senator joni ernst. So i have approved the declaration, Emergency Declaration for iowa. And we are heading now to combination of different places. We may do a surprise visit. Well make it, i will say this, a surprise visit to iowa if we can get it in were going to do that. But very important thing is that we approved the Emergency Declaration for iowa so theyre in good shape. Theyre working as we, as we speak. Also fema is in iowa now full course and helping them greatly. Okay . Reporter mr. President principal therapy for coronavirus is that something youre pressing the fda for approval. President trump sigh that again. Reporter oliandrin. President trump i heard about it. Reporter something you would support . President trump something people would support strongly . Were looking at it. Were looking at a lot of things. Were very close to a vaccine. Very close to a therapeutic. I heard that name mentioned. Well find out. I can get back to you later. Okay . Reporter [inaudible] President Trump it is possible. Were trying to work it into the schedule. I want to see the people. I love the people of iowa. They have been very loyal and the big thing was getting the declaration signed but i will be going very soon and maybe today. Steve . Reporter are you tracking the belarus situation . President trump it is terrible. Thatthat is a terrible situatio, belarus. Well be following it very closely. Well be following it. Reporter [inaudible]. Bounty in afghanistan . Bounty is in afghanistan from iran. President trump have you heard about that . President trump no i havent heard about that. Reporter [inaudible] President Trump well look at. That weve been asked that question. Virginia students coming back in. Were looking at it very closely . Reporter what about travel ban to russia or india . President trump were looking at the brazilian situation. Okay . Well see you all in a little while. Reporter [inaudible] President Trump well be stopping at a number of places. Well be working very hard. It doesnt have to be covered but it probably will be. Were going to be working very hard stopping at various states. You have a list of the states. Pretty comprehensive. Well be working very hard. We have to. Were getting down to final fronts. We want to be there. As an example iowa just came up. Were doing well in iowa. Just came up. I want to be with the people of iowa. So we add that to the schedule. Reporter [inaudible] funeral for your brother . President trump probably friday. Were looking at friday. We may do a Small Service right here at the white house for my brother. Were looking at doing that. That would be a great honor to him. I think he would be greatly honored. He loves our country. He loved our country so much. He was so proud of what we were doing and what we are doing for our country. So i think it would be appropriate. So well have problem on friday afternoon a Small Service in honor of my brother, robert. Reporter [inaudible] any updates sir on stimulus for the coronavirus . President trump no, i think this. I think nancy pelosi and Chuck Schumer should get back into washington and they should approve stimulus for the people. They should give, we should give, this was chinas fault. It wasnt their fault. We would like to see payment going to the people, maybe ppe. But we payment going to the people. Well take care of the post office. We want to make sure that the post office runs properly and it hasnt run properly for many years, probably 50 years. It is run very badly. We want to make sure that the post office runs properly and doesnt lose billions of dollars. Somebody said it lost 78 billion over a relatively short period of time. That is over years, 78 billion. You cant have. That we will work with them but we want money toe go to the people that need it. They dont want to do that. They have want to take care of bailout money. They want bailout money going to their friends doing a bad job running you have states that are losing a lot of money. They have been poorly run by democrats for many years and thats all they want to talk about is bailing out those states. Thats unfair to the rest of the country. Reporter mr. President reporter are you worried about cutbacks in service affecting people getting medicaid and prescriptions . No, no, the post office is running very well. The post office now, look, if you look at the post office, for years thats all people complained about. Were going to run it well and were going to not lose so much money. One of the things the post office loses so much money on is delivery packages for amazon and these others. Every time they deliver a package they probably lose three or four dollars. Thats not good. They have to raise those prices. Okay. Not for the people to pay but for amazon. Thank you very much. Reporter on mailin ballots, why are you opposed to mailin ballots when they cannot be attacked [ inaudible ] . Absentee ballots are great. You request a ballot, i signed an absentee ballot. Absentee ballots are great. They work, they have been proven, they are good like in florida. But this universal mailin is a very dangerous thing. Its fraught with fraud and every other thing that can happen and we have to be very very careful. We have a very big election coming up. I think were going to do very well. I want to make sure the election is not stolen and so does everybody else. Im sure both sides feel that way. We have to be very careful with this universal mailin ballot. Absentee ballots are great. They have worked for a long time and i totally endorse absentee ballots. Thank you very much. Reporter the postmaster general, a big donor, to slow the mail . No, i wouldnt do that. I have encouraged everybody, speed up the mail, not slow the mail. I also want to have a post office that runs without losing billions and billions of dollars a year as it has been doing for 50 years. Thank you. Reporter removing the machines, if you remove the machines, mr. President , and the boxes . Ashley all right. There you have it. The president walking away. That was just a few moments ago. Hes heading to marine one, goes to joint base andrews, then off to a couple campaign stops. He will be in minnesota and wisconsin later today. Asked a number of questions. As he just said, he wants to ensure the post office runs smoothly and a lot better. He says mailin, universal mailin voting is just not doable. He says its prone to fraud and other issues but he does like absentee voting. Of course, among many other subjects but there you saw the president before he heads off on the stump. Coming up, its 11 00 a. M. On the east coast or very close to it. The markets, lets take a look at those, we started off very strongly on this monday morning but the dow, down 32 points now. Call it essentially flat. The s p and nasdaq have remained firm up a third and. 75 respectively. Im Ashley Webster in today for stuart varney. Stuart, i promise, will be back tomorrow. Home depot, apple and walmart all hitting alltime highs this morning. Good way to start the day, is it not. There we go. Home depot up two, apple has since pulled back a little, down 1. 5 bucks,. 33 . Walmart up 2 at 135. By the way, we have been following this for awhile, it feels like. The s p could hit an alltime high today. Good time to bring in susan li. By the way, susan, Goldman Sachs just boosting its forecast on the s p. Susan yeah, calling for 3600 at the end of this year, raising its target by 20 at the end of 2020. We are very close, by the way, to intraday record 3393 is what we are looking for. As for the close, we need a closing record for the s p at 3386 and the last time that crossed was february before covid hit, of course. We are within striking distance, posting three straight weeks of gains for the s p. Even as tech has done most of the heavy lifting so far this year, its mostly the recent rally we have seen in energy and financials have now pushed the s p towards these record levels. We are also looking at thinner Trading Volumes as well, in august, with wall Street Investors taking vacation this month. Fridays volume saw the lightest since new years eve last year. So far august volumes are down 20 from the average in 2020. That also, by the way, exaggerates stock moves up and down. So the companies you just mentioned, apple, walmart, home depot, hitting record highs this morning and that, by the way, helps boost the benchmark as well. Apple on the cusp of crossing 2 trillion in market cap. Apple part of the big five tech names that now represent over a quarter of the broader benchmark and drives really the direction of the s p 500 and the rally we have seen so far this year. Ashley very good. Apple, 476. 76 would be the true susan 67. 67. Ashley 67. Oh, okay. Maybe i wrote it down wrong. Either way, it would be the first u. S. Company to do it. We are not that far away. All right, thank you very much. To politics. Today marks the beginning of the democratic National Convention, where they will lay out their plan for hypothetically the next four years. We are waiting with bated breath. Lets bring in steve moore, Freedom Works economist. Great to see you. What are you expecting for the democrats economic agenda . What can we expect . Well, you know, joe biden has really laid it out pretty clearly and i have to give him credit. He hasnt pulled any punches. This is a pretty radical left wing agenda, much, much higher taxes on Capital Gains and dividends and the Corporate Income tax would go up, the death tax would go up, payroll taxes would go up and theres a lot of new Government Spending initiatives, the Green New Deal, massive increases in Government Health care and so on. You know, its interesting because theres a big debate going on right now about whether a joe biden presidency would be good or bad for the stock market. A lot of commentators said joe biden would be good for the stock market. I just dont see that. Ashley yeah, i read the same thing this morning. I was kind of scratching my head a bit. I guess the premise is democrats love to spend, they want to spend all sorts of stimulus and from that point of view, the markets would like it but i dont know how much that offsets the higher taxes, the higher regulations and so on. It doesnt seem to make sense to me. So this is a very good point. If you look at the lets just look at the tax side of the equation for a minute. You raise the Corporate Tax from 21 to 28 . That basically means the government is taking a larger share of the profits, right, that means shareholders get less by definition. An increase in the Corporate Tax rate by definition reduces the value of stocks and then theres the increase in the Capital Gains tax which is highly significant. Right now the highest Capital Gains rate is 23. 8 . Under the biden plan it goes up to almost 40 . Thats by my reckoning a 50 to 60 increase in the Capital Gains tax. That also is a direct tax on stock ownership. Then you take into account some of the other taxes. I just dont see how any rational person could say increasing the Corporate Tax, the dividend tax, and the Capital Gains tax is positive. By my kind of math, i believe joe biden, if he enacted his tax plan, would reduce stock values across the board by about 18 to 20 . Ashley i agree with you because i couldnt figure it out and we will get more into this, steve. We are hearing from former treasury secretary Larry Summers on how he thinks the economy will react under a biden presidency. Roll that tape. The stock market on average, corporate profits do better during democratic administrations than they do during republican administrations. So its not just the little guy that does better, its actually capital and Corporate America that does better. Ashley so wait a second, steve. Wouldnt bidens tax plan actually hurt the little guy . I think it would. By the way, lets look at the history of this because it is interesting and Larry Summers has a point. If you look at the last 60 or 70 years the stock market has actually done better under democratic president s. But it actually depends on what the policies are of those president s. The stock market did great under john f. Kennedy. Kennedy slashed tax rates and the economy did incredibly well in the 1960s after that. Under bill clinton, people forget that after the republicans took congress in 1994, you had the biggest bull Market Expansion ever. Government spending actually fell more dramatically under bill clintons last six years in office than at any time since the end of world war ii so if Government Spending is a stimulus for the stock market, why did the stock market go way, way up under bill clinton as Government Spending went down. So you know, it depends on what the policies are and actually, the evidence shows that democratic president s do pretty well when you also have a republican congress. The problem, of course, here is if joe biden were to win the presidency, he would almost certainly have the house and probably win the senate, and that combination of democrat president , democrat senate, democrat house is really, really bad for markets historically. Ashley yeah, i would imagine so. All right. Steve moore, thank you as always for being with us today. We appreciate it. Want to switch gears to americas airports. Bracing, we are told, for new checkin procedures of course as the virus lingers. Lets bring in Kristina Partsinevelos at Newark International airport in new jersey. Kristina, take us through this new tech. What can we expect . Kristina oh, theres a lot of new changes. Its going to take a little bit of time but this Tech Revolution has already been occurring even before the pandemic. Airports in general are rushing, though, to try to change and improve that technology because they want people to come and fly. You can see its completely empty behind me. Im in terminal b at newark, new jersey airport. Yes, we have talked about contactless procedures, especially walking into the airport, but the future could be so much more. For example, hong kong International Airport is taking it up a notch. They already installed disinfectant booths which means you step inside the booth, you get sprayed with antimicrobial spray for 40 seconds, then you are on your way. As we move to due bai, dubai ar already using biometrics to scan your iris but they are cooiusin9 dogs. They have been testing out these dogs. They have had 400 tests. According to the airport, they have a 91 accuracy rate in detecting the coronavirus with the dogs. You bring it back to the United States, you have robots now that are cleaning a lot of the floors, even high tech robots using uv lights and i like to point out because im in newark, another thing we are seeing absolutely everywhere is these ppe vending machines, you can get your mask or antigerm products, everything in one. To take it up, we dont have it installed here just yet, is the biometrics. That is going to be the future. When you come into the airport, your face essentially becomes your passport. You scan your face, you go through, you check in, and you do everything completely contactless so what that means is possibly less lines which makes the experience a little bit better if you are willing to give up all of that. Ashley buried the lead. If we can get through quicker, im on board. Kristina partsinevelos, thank you so much. Not many people at newark as you can see, airport. Thank you. Weve got the latest read on home Builder Sentiment. Pretty good. 78 of homeowners are satisfied with Current Conditions in their sector. That, by the way, the highest level in 22 years. Good time to bring in jerry howard, nahb ceo. Thats a lot of letters. Jerry, the good news just doesnt stop for housing, it appears, and that should i hope be a good indicator for the economy as a whole. Well, right now we certainly are leading the way. This is the highest number weve had in 25 years and it is the highest number we have ever had. So obviously, the professional women and men in the Home Building sector are very very excited about where things are and where things are headed. Its a terrific number. Its indicative i think significantly of a lot of people in the postcovid lockdown period, moving out of the big cities, and moving out into the suburbs and exurbs where we are seeing demand at unprecedented rates. Ashley has the lack of inventory in existing homes helped people who actually build homes for a living, has demand gone up because of that . Yes. There is a lack of inventory completely and thats why i think you are seeing a lot of people look to new homes. The other reason i think you are seeing people look to new homes as opposed to existing homes is because in the postpandemic world, people want significant connectivity in their homes. People are also asking for home offices at an unprecedented rate and people are asking for a place where they can get some physical exercise, either a nice backyard or a room they can turn into an exercise room. A lot of times an existing house doesnt quite have all of that available so people are looking to build. Ashley thats very interesting. Before i let you go, got to get your take on this 30year fixed Rate Mortgage averaging out at 2 2. 96 . Would you say the Housing Market because of that is one of the brightest spots as you said leading the way . Those record low rates . Mortgage rates are just incredible right now. I think its great time for people to buy. The only head wind we are concerned about right now is lumber prices. They are rising exponentially. They are adding up to five figures to the cost of an average house. Thats something we hope the administration will take a look at. Other than that, we are ready to go great guns. Ashley Lauren Simonetti mentioned it earlier. She was right. High lumber prices. Thank you very much for joining us. My pleasure. Thank you. Ashley good to see you. As some College Football leagues postpone their seasons for the virus, we have one former coach who says athletes should be allowed to transfer schools if they want to play. He will join us coming up. Its also a big week for earnings reports, as the last few companies report. Home depot and lowes expected to be big winners. What happens to people who work for the losers . We will discuss that. How hard is it to get another job in retail. First, as the democrat National Convention kicks off online today, President Trump will be pounding the pavement to connect with voters. But how is the campaign keeping people safe at his inperson events . Good question. We will find out after this. I had saved up some money and then found the home of my dreams. But my home of my dreams needed some work sofi was the first lender that even offered a personal loan. I didnt even know that was an option. The personal loan let us renovate our Single Family house into a multiunit home. And i get to live in this Beautiful House with this beautiful kitchen and its all thanks to sofi. I cant stop worrying. Why cant i sleep at night . How do i deal with all this stress . When did the world get so scary . Hello, this is michael youssef, there can be no doubt that our world is filled with troubles right now. And yet, there is one person who said, i can give you peace that can never be shaken even in the worst of your circumstances. Jesus is the way the truth and the only giver of eternal life and he is inviting you to come and surrender to him. And he will give you unbelievable peace, a peace that seems too good to be true, but its true. Will you come to him . calm inspirational music [female voice] are you looking for a peace that can withstand any hardship life can bring . Visit findingtruepeace. Com to find answers. Again, thats findingtruepeace. Com. calm inspirational music Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Leading into that Big Tent Party identity long enough to vote President Trump out of office. Case in point, republican governor former republican Governor John Kasich is speaking at the dnc the same night progressive senator Bernie Sanders is going to take the stage. Our message is very clear to every single voter. You are welcome at the Democratic Party table. The Democratic Party is the party of inclusion. If you voted in the past for donald trump, come to us because reporter sanders understands the importance of consensus this cycle while his supporters voted against the Democratic Party platform because it didnt embrace medicare for all, sanders, a super delegate, said he would vote for it and yesterday defended Kamala Harris as the vp pick even as his former National Press secretary lashed out on twitter saying a former top cop as vp doesnt meet the black lives matter moment. Sanders, like fellow progressive Elizabeth Warren has been working with biden on policy initiatives, will likely remind his supporters he will use that power to push the Party Forward on issues and despite all of that drama, former First Lady Michelle Obama is actually the keynote speaker tonight. She has been mostly on the sideline this entire election cycle. We can expect she will talk a lot about the joe biden she knows and also probably about the historic meaning of having Kamala Harris on the ticket. Ashley . Ashley jackie, thank you very much. Lets check in on the president this week. Its an allout battleground blitz, if you like, that hes planning. You can see the states on your screen. On deck for actual rallies, as joe biden stays virtual. Today, the president will be in minnesota and wisconsin. Good time to bring in tim murtaugh, Communications Director for the Trump Campaign. Tim, tell me about these events. What will they look like in a world that is so different from the norm . What can we expect . Well, what this is is the president taking to the road and visiting important voters in important states, four battleground states as you described today, minnesota, wisconsin, on tuesday, arizona and then on thursday, pennsylvania. The Vice President will be in wisconsin on wednesday. So what we will be talking about, what the president will be saying is drawing a contrast between his great record and joe bidens 47 years of failure and the terrible ideas that hes proposing now. What you wont hear at the democratic National Convention, like that joe biden would raise taxes by 4 trillion, that he would open our borders, give Taxpayer Funded Health Care to illegal aliens and also give them work permits so they compete with americans for jobs. Also imposing the Green New Deal on every Single Person in this country and killing millions more jobs that way. So this is our counter programming but we know at the end of this week, with the billions of dollars in free advertising that hes gotten since he picked Kamala Harris from the National News media, we do expect to see joe biden get a really sizeable bump out of this. The historic the usual convention bump. But a big one, even eight or ten points because of the outrageous media fawning over the democrat ticket now. Ashley fawning. Thats a good word. Tim, lets get to this issue. House Speaker Nancy Pelosi calling her colleagues back to the hill for an emergency hearing on the Postal Service. All over ballot delays. Now, white house chief of staff mark meadows spoke on that. Roll tape. Theres no sorting machines that are going offline between now and the election. Thats something that my Democrat Friends are trying to do to stoke fear out there. Thats not happening. I can tell you the sorting machines, listen, the volume of first class mail that they have in the postal system right now, we havent seen that volume since i was 17 years old. Ashley im not going to say how long that was. Tim, should voters be concerned . Well, heres whats happening. The democrats know that by changing election laws less than three months before an election, they are inviting chaos on election day. They know that chaos is going to happen because of the universal mailin voting systems that they are trying to put in place. They know that and are trying to find someone else to blame for it because they know it will happen and of course, they have landed on donald trump. Of course its President Trumps fault. But its not the post office. It is the massive volume of votes that will arrive at local elections offices. Just take a look at what happened in new york in the congressional primary there. It took six weeks to figure out who won that election and those were votes they already had in hand that had come in and we are only talking about 40,000 votes in that primary. Democrats want to flood local elections offices with millions of ballots spread across many states and that is where the chaos will be and they know it. It also of course is a great opportunity for fraud doing all that vote by mail because when you mail ballots, live ballots to all registered voters, you dont know who is going to be receiving them. The democrats know this is a recipe for chaos and they are trying to find someone else to blame and they have selected President Trump and the post office because they know they have created the problem and changed the voting rules three months before an election. Ashley right. All right. Have to leave it there. Tim, thank you very much. We appreciate your time. Quick check of some individual stocks, if we can. Ibm, they Just Announced a powerful new chip that will help businesses run their massive data centers quicker. And more efficiently, sounds good. They have enlisted the help of samsung for manufacturing it. As you can see, ibm essentially flat today. But that is an interesting development. A faster, more efficient chip. Speaking of chips, check nvidia. On an absolute tear as of late. Hitting new highs day after day dave a after day and thats made an analyst raise the price target, now at 540. The stock up today at 491. Next one, zoom and apple. Probably known as the biggest names in workfromhome Video Conferencing at the moment, thats for sure. Susan, they have got some new competition. Susan theres a lot already, messaging app called telegram is offering Video Conferencing, its available on android and apple phones. Encrypted end to end for security and thats what they are known for, tracking 400 million monthly active users. Compare that to whatsapp which has two billion monthly active users. Telegram has some catching up to do. Zoom for itself has grown to 300 million daily meeting participants. Pretty much, the stock of the year, some would argue. Facetime on apples iphone, available on a billion iphones around the world and this is important when it comes to medical treatment with the department of health and Human Services allowing video apps such as facetime and zoom for medical [ inaudible ] so telegram can try to buy a bite of that business as well. Zoom also this morning announcing Cloud Phone Services this morning which is available in 40 countries and cloud calls reduce cost for the users, also offers better calls. Zoom reports earnings later this month. Stock nearly tripling this year. But it does have competition. Theres also google meets and microsoft teams. Ashley that is very true. All right. Thank you very much, susan. The netflix smash hit tiger king reportedly coming back for a second season. But one cast member is demanding a giant payday. We will tell you who it is and how much they want, coming up next. And hundreds of storefronts are closing. We have seen it, as the pandemic changes our Shopping Habits maybe for good. What happens to all that empty retail space . We will find out next. This is decision tech. Find a stock based 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. Ashley lets take a look at those markets for you. We started off strongly, certainly on the dow, up more than 100 points. But now just languishing a little bit, down 32 on the dow but still up. 33 on the s p and nasdaq also up. 75 . They have been there for the last two hours. All right. Lets take a look at teledoc. Thats the online doctors office. Modest gains this morning. If we can have a look at that. After getting a nice upgrade from credit suisse. Thats nice, up 5 . Credit suisse setting their price target at 249, up 25 bucks from its original prediction, as you can see that stock up at 196, up nearly well, over 9. Here is sanofi, big pharma people, just announcing a deal to buy out a biotech firm, trying to boost their treatment for multiple sclerosis. The deal worth around 3. 7 billion. We can see Banco Santander down on that news. We have had multiple people come on this program saying the pandemic is going to change our Shopping Habits for good. Is that true . I know just the person to bring in. Matt shea will have the final say, the National Retail Federation President and ceo. Matt, lets talk property, if we can. What happens to all those Retail Stores that are now sitting empty . What happens . Well, its a good question. You could have asked my friend jerry howard that although hes more into residential Home Building. I think you are seeing a number of interesting things. You see Companies Like Simon Properties and other developers are looking at joint ventures, you have seen some big names in the Technology Industry looking at some of these properties as potential store locations or fulfillment centers. I think the interesting thing here is that without really regard historically to what happens on the real estate side, it doesnt really impact Consumer Behavior and consumer spending. So for example, last year i think there were about 25 reported bankruptcies in retail. Already this year that number is up to about 40. And most of those are reorganization so those brands will probably live on in some form. But there doesnt seem to be any data that supports any correlation between Consumer Behavior and what happens in the real estate side. So i think the takeaway is we saw very good numbers last week in relative terms, all things considered, 2. 7 growth year over year, consumers are strong, Interest Rates as jerry said, incredibly low, Mortgage Rates low, people are spending. Lets keep the economy open, lets keep moving forward. Ashley yeah. Absolutely. Of course, we have a big week for retail earnings. We will be hearing from kohls, home depot, foot locker and others. Of course, we will see some winners and losers in all of this, but another question i have for you, matt, what happens to people working at some of the losers where the number of employers in the sector is starting to dwindle a little bit. Is that a real challenge . I think as we went into this pandemic, we go back to some of our conversations earlier this year, you know, january 1, february 1, the Unemployment Rate was below 4 , consumer confidence, the highest its been in basically recorded history. We were poised for very strong numbers. The Unemployment Rate now is already down to about 10 , which is where we were basically in 2010 as we came out of the great recession, and we saw growth straight through for the last decade plus, as consumers pulled us forward. So as we go through some of this reorganization, as you say, there will be winners and losers. I would look for some good numbers this week out of some of the companies that will be reporting. The reorganizations and transformation thats been accelerated the way people buy online and pick up in stores, fulfillment issues, customer engagement, there will be some displacement. Thats going to be painful. We have to hope that working together with policy leaders, we can find ways to get those people the skills they need, get them retrained and put them back into meaningful work in places across the economy, hopefully as we grow out of this and as we go forward in a new dynamic changing economy. Ashley very quickly, matt, have peoples spending habits, their Shopping Habits, changed permanently . Well, i think thats a great question. I will give a couple data points. In general, about 90 of retail sales happen in stores. The first quarter, that dropped to 88 . The Second Quarter was 83 . So people are back in stores as we reopen the economy. Online sales usually hover around 15 . And as we went into the shutdown it was close to 20 . Now its settled back down last couple months around 16 . Theres been some racheting. How much of that will be permanent i think remains to be seen. Ashley very interesting. All right. Great stuff. Matt shay, president and ceo of the National Retail federation, thanks so much for joining us. Appreciate it. Always good to see you. Thank you. Ashley same here. All right. Lets take a look at mcdonalds. Former ceo Steve Easterbrook is responding to mcdonalds lawsuit, basically attempting to get back his severance pay, according to reports. Mcdonalds says that he kept multiple relationships with employees a secret but now his lawyers say mcdonalds is lying to try and get back easterbrooks 40 million severance. That story goes on. Take a look at dominos pizza. They are hiring 20,000 new workers across the country. They say their stores are seeing higher demand and they will have to open new stores. Thats a good problem to have. Dominos up another seven bucks into 400 territory. 406 on dominos. Here is sanofi. Earlier we told you they have announced a deal to buy a biotech firm. We could bring you that stock earlier but now we have it and sanofi is now up nearly 2 . 51. 27. Take a look at the grocers. Food prices are on the rise. Lauren, how much more are we paying . Lauren 4. 5 more overall. This is from february before the pandemic until june. So if you have gone to a shop and have likely complained about meat prices, beef and veal prices up about 23 in that time period. Pork chops up 20 . Fruit is up 10 . You know the Meat Industry has been affected by the pandemic, the processing plants disrupted but with fruit, the gains are more widespread. The fruit increase is typical around this time of year, seasonality but other things. Peanut butter, those prices are up 8 . Breakfast items like rolls and doughnuts which you would normally grab at starbucks or Dunkin Donuts on your way to work, those prices are up 5 because we are eating them at home. Same thing for cereal. Its widespread. Every single time we go to the food store im kind of like my eyes pop about how much the bill is. We are also using more food, right. I have read the other day the average American Family is cooking at home seven days a week. I said what about pizza . What about pizza delivery . Ashley somebody cooks it. I put it in the microwave. Does that count . Thank you very much. The Washington Post under fire for this headline, if we can bring that up. Headlining a highlighting, that is, a family dispute in an obituary for President Trumps brother. Robert trump, younger brother of President Trump, who filed a lawsuit against his niece, dies at 71. The paper coming under quite a bit of criticism for that headline. We will discuss it coming up. Also, at least nine oklahoma sooners have tested positive for the virus. It comes as the chief medical officer to the ncaa warns that fall sports cannot happen unless testing gets better. The question is, will all schools have to cancel their season . Thats 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. Trelegy the power of 1,2,3 trelegy 1,2,3 trelegy woman with trelegy and the power of 1, 2, 3, im breathing better. Trelegy works three ways to open airways, keep them open and reduce inflammation, for 24 hours of better breathing. Trelegy wont replace a rescue inhaler for sudden breathing problems. Trelegy is not for asthma. Tell your doctor if you have a heart condition or high Blood Pressure before taking it. Do not take trelegy more than prescribed. Trelegy may increase your risk of thrush, pneumonia, and osteoporosis. Call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. Think your copd medicine is doing enough . Maybe you should think again. Ask your doctor about oncedaily trelegy and the power of 1, 2, 3. Trelegy, 1,2,3 woman save at trelegy. Com. Before money, people tools, cattle, grain, even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Ashley all right. Welcome back, everyone. Taking a quick look at the markets, we have been pretty much in this same holding pattern, if you like. The dow off about 63 points. Turned around from a triple digit lead early on but the nasdaq now gaining a little more. Well, its up lets see. Up. 6 . The s p also has been up about. 33 all morning. Kind of a wait and see type of feel. Lets take a look at tesla. Susan, we are told they are facing tough competition in china. Susan well, china has been a big reason teslas stock has skyrocketed this year and it is continuing today. This is after a record june in china where tesla deliveries dropped off by a quarter, roughly down 25 in july. So 11,000 plus tesla cars were registered in july. Thats less than close to 15,000 in the month of june, and that has some concerned that growing local chinese electric car competition is now biting into teslas sales. Think of nio and xpeng which are cheaper than tesla. Despite that, the model 3 dominates in chinas electric car market, roughly 20 to 30 of the market. Thats pretty impressive since the shanghai factory only opened close to the end of last year and a reason why the stock has quadrupled so far this year, reporting its first full year of profit. Dan ives of wedbush slapping a 1900 price target on tesla. Thats why the stock is moving. But he says 1900 price target and a neutral rating, does 1900 sound neutral to you . Sounds bullish to me. Ashley not to me. At least in first gear. Anyway susan at least. Yeah. Ashley thank you very much. Now a fox business sports alert and an incredible recovery story. Just 21 months after washington quarterback alex smith suffered a lifethreatening leg fracture on the football field, hes back in action. Smith is now cleared to play for full pad work at Training Camp tomorrow. Smiths injury, by the way, nearly cost him his life after he contracted a sepsis infection, then underwent 17 surgeries. But now hes healthy and ready to go and we wish him the very best of luck. Good story. Now to College Football. Players in the big ten are petitioning to reinstate the full season. They want to play. What a great time to bring in former auburn football coach Tommy Tuberville and Alabama Republican Senate candidate. Coach, great to see you. I guess my first question is do you think these players have a chance . Absolutely. Fight back. Its embarrassing that even two months before the first game, you have a lot of these states deciding oh, were not going to play football. Let me give you one stat. 26 of the states that have governors that are republican, 25 have decided to play football. 24 states that are democrats, threefourths have decided not to play already and most will probably not play. So politics involved, yes. Fight back, do whatever you can, get the opportunity because nancy pelosi, Chuck Schumer, joe biden and doug jones, the guy im running against, they want to keep everybody in the house and ruin our economy. Ashley let me say this, coach. The ncaa chief medical officer is warning fall sports will likely not happen. He said this, quote, right now if testing in the u. S. Stays the way it is, theres no way we can go forward with sports. Were not in a place today where we can safely play sports. Coach, do you think all teams will eventually have to cancel their seasons, like it or not . Well, this virus is a problem. We know that. Its dangerous. We have been in it for six months. We have quarantined, we have been socially responsible. It is contagious. But you know, ashley, we fight every year as coaches in the locker room, we fight staph infections, viruses, flus, stomach bugs. We go through everything. These kids are taken care of much more than anybody else. Their clothes are all washed, they have been working together for several months and you know, it would be a shame if we put a stop to something these kids have done for a long, long time. Give them the opportunity to play. Now, if we dont play, as the doctor said, if we continue to have upticks, make the decision later before season but to make the decision right now does not do anything but show politics in this country trying to bring this president down and try to keep people locked up and try to make them miserable. Ashley last one for you, coach. Some conferences are still planning to play football this fall, we know that, including the s. E. C. And acc. You say players at schools that are not playing should be allowed to transfer. Make your case. Absolutely. I will tell you why. Because these kids, these seniors especially dont have a football season, they will miss the opportunity of a lifetime, something they have been working for for a long time. Then the American Dream, the American Dream of having the opportunity to make money at what you love to do best, which is possibly go to the nfl. Now, the big ten and pac12 are throwing that hook out there saying we might play spring sports. Thats not going to get it done. They cant do that. So if theyre not allowing them to play, if theyre making them sit out and not having a season, allow them to transfer today. The ncaa should step in and do that. If not, theres going to be more lawsuits than you can shake a stick at. It is going to be a hard, hard time for the ncaa. Make a decision, do it for the players. The players are the ones that are hanging out here. Ashley we have to leave it there, coach. Thank you so much for joining us. We will see whether they listen to you or not. But certainly, the College Football scene, i love it probably more than the nfl, to be honest with you. I love the passion and the desire of the kids that are playing. Anyway, coach, thank you so much for joining us. We appreciate it. Thank you. Ashley all right. A fox business alert. New York Governor Andrew Cuomo is reopening gyms. This is interesting. He says gyms can reopen as early as august 24th, at the very latest september 2nd. He says the capacity must be capped at 33 . Masks must be worn at all times, says Governor Cuomo and ventilation is a requirement. But there you go. You see, giving his daily update, has said gyms can reopen. That is a step forward. The Biden Campaign under fire for not answering questions from the Mainstream Media but shouldnt they want to speak out to get their messages to voters . It seems strange. Media reporter for the hill, joe concha joins us next. Experience the ultimate sports hub. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. When they ask me questions, i have these people, theres fire out of their eyes coming. Somebody like biden, he doesnt know what to do. He doesnt come out because he cant. He doesnt take any questions from reporters. Ashley yep. As he went on to say this guy doesnt come out of the basement. That was President Trump earlier. He is slamming joe biden for not answering questions from reporters. Lets bring in joe concha, media reporter for the hill. Joe, does the basement strategy work for biden . Well, first, ashley, i have to factcheck the president. Joe biden is taking questions. He sat down today with cardi b. I believe cardi b. Is a singer. Joe biden actually revealed his nickname is joey b. These are the things joe biden is talking about. I think the president should say serious interview. Does the basement strategy work is the question. The answer is maybe during the sn summer when you are 100, 150 days from the election. Now that we are getting closer we are seeing a race that is tightening. Cnn poll out today, President Trump only trails joe biden by four points. The real clear politics average in june had biden up by double digits. That has sank or shrank as well. This is clearly bidens handlers and even Kamala Harris, her handlers dont seem to be very interested in doing interviews because they dont seem to have a lot of confidence in their message or their candidates and that is telling. You want to be the leader of the free world and you dont want to take questions . How you going to be tough on russia and china if you are not even going to talk to a mostly friendly press, ashley . Ashley thats a very good point. Very quickly, Washington Post headline about the death of President Trumps brother, robert trump, younger brother of President Trump, who filed lawsuit against niece, dies at 71. They are getting ripped for that. Senator ted cruz calling it sick. The president just lost his brother, joe. Does it surprise you that you see a head line like this in the Washington Post . Actually, it doesnt because i have seen this movie before, when it comes to terrorists dying. The obituaries they get from the Washington Post. Remember when al baghdadi, the leader of isis died. Their headline was al baghdadi, a scholar at the head of the islamic state, dies at 48. What are we talking about here . The president s brother dies, you say robert trump, brother of President Trump, dies at 71. Thats it. You dont have to throw in anything about the lawsuit with the niece in the middle of that ashley have to leave it there. We knew he was sick for awhile. You didnt have to rush that thing out. This is something they probably got a lot of eyes on it and for the editors to allow that ashley joe, have to leave it there. Sorry. We are running out of time. Thank you so much, joe. We will have more after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Hi, this is margaret your Dell Technologies advisor to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. Ashley before we go, lauren, tiger king, season 2 . Lauren its coming because 64 million households watched season one. So joe exotic is on but carol baskin says you have to pay me a million dollars. She put a lot of personal life on the line for the first season. Not sure she will do it for the second. Ashley . Ashley one person that cant wait. Neil cavuto, funny enough he joins us right now. Take it away, neil. Neil great. The lion king, well get to that. We have a lot were following, corner of wall and broad. We have the dow industrials down. Almost all the developments happening concurrently, the push in washington to get the house to regroup. Nancy pelosi wants them to vote on a measure that stops the president s changes to the postal budget, dating back to january 1 of this year. Separately to get the most master general too testify before congress. That is somethi