49 cents today, 3346. You gotta see tesla, jeffries is alien that stock could go to 2500 a share, maybe 3000, its up 23 bucks premarket. As we keep saying, you are watching history. The open today, the dow is going to be down about 20 odd points, then we have the s p, its hit 17 new highs this year, itll be up again this morning, the nasdaq has hit 38 highs and up again first thing this morning. Blockbuster economic news, google good orders come up 11 . That is money, now politics. An audacious second night at the Republican Convention, the president parted a bank robber, then he surprised five immigrants making them instant citizens right there in the oval office. Mike pompeo appeared from jerusalem and niclas salmon said you cannot cancel me. But it was First Lady Melania Trump who stole the show at least for me. She walked down the white house and delivered a speech about growing up economy and is him and yearning to complement america. An immigrant who likes it here. I promise, you will hear what they all have to say. But were going to bring you this grim hurricane forecast, laura is on his way to becoming a cat for storm, hitting texas near houston later today. 130 mileperhour winds may be stronger than that and were going to get a storm surge, that the wave board underwater washing and like a tsunami. Our hearts want to those in its path. Varney company is about to begin. This is a fight for freedom, for opportunity versus stagnation. To every part american who believes red, white and blue, my father will continue to fight for you. We have a president who will not stop fighting for you and your family. This is an administration of action and outcome. Lets rebuild america together. One more thing, lets make America Great again. Stuart how about that, the second night of the Republican National convention plagiarism, unity, full display. You saw a series of real people, real americans like you and i describing how the administration help them after years of paying for politicians. More on that throughout todays program. Im going to get to Hillary Clinton, im going to say that shes really fanning the flames of election chaos. Listen to this. We have to have poll workers and i urge people who are able to be a poll worker, we have to have our own teams of people to counter the force of intimidation that the republicans and trump are going to put outside polling places, joe biden should not concede under any circumstances, i think this is going to drag out and eventually i do believe he will win. Stuart there you have it, Hillary Clinton says biden should not concede. Here is market watcher cher. You are smiling, millions of mailin ballots probably delays and joe dont concede. It seems election chaos is guaranteed as an investor. What are you doing . First of all our comments on democratic if hes in the election he has to concededly probably will. Hillary is, is completely off the planet. And she deserves the recognition that she usually gets is nothing. As for the economy, were coming out of this recession so far so good and i think if we get a vaccine were going to explode out of it, vague steps are being taken to the market in terms of businesses getting back on their feet and the recreation of jobs, i think so far so good. The president has done a great job from jobs from overseas, manufacturing jobs more than theyve been in years and the economy poised to come under the secession. I think the market reflects that in a has hired to go because of that. Stuart hold on for a second, i gotta get back to big tech for a moment, obviously on a tear, amazon, google, theyre all coming up record highs, apple snapped a five day record streak, a fiveday of over 500 bucks a share. Where is big tech now. Apple, amazon, microsoft and google and apple that so dominant now that they represent 25 of the s p 500 and that is something that we have not seen in 50 years, that is half a century, you have to go all the way back to 1970 which im sure stu remembers well. Thats the last time you had the topheavy dominance concentrated in a few names. Back in 1978, boston the past, here were the big five, the giants back then were ibm, at t, gm exxon which is been kicked out of the dow after 100 years and kodak, the cautionary tale shows the economy does involve market leaders babble continues to put in numbers that justify the enthusiasm in the stock versus iphone sales were flat from march to june at the height of coated where Global Smartphone sales were down from 20 , samsung fell by a quarter and thats one reason by its so bullish on the stock with choppiness lehigh, 600 price target on apple and as a get higher and higher, analyst have to catch up with it. Stuart i guess they do, extraordinary. Would you sell any big tech stock right now . No, absolutely not. They all have momentum in in terms of apple, i think its a leader in the potential for earnings growth, there is absolutely no reason to sell apple or any of the tech leaders, there is more money coming off the sidelines now that the s p has broken to new highs and it will probably continue to make new highs, more money is going to come off the sideline, a lot of institutional money chasing the stock that is done well higher and that includes all the big cat tech stocks. Stuart turn away and look at salesforce, as you know its going into the Dow Jones Industrial average, the good news keeps on coming, revenue hits 5 billion for the first time last quarter, they are raising their revenue guidance for the rest of the year, a lot of optimism in the stock is up 33, 15 almost at 250 per share. Got that. Tesla, jeffries raises its target price at 2500 bucks with an upside maybe 3000, heres your chance. Is this an electric vehicle double . Is a tesla bubble, the animals keep raising their estimates in the behind the curve of the stock getting way ahead of them. They have to try and catch up and assume the stock is going to go higher. The reason expected to go higher are not the fundamentals or the profitability of increasing profit. Whats happening and driving the stock higher will continue to drive a higher is how many times, how often it is shorted and how many times they have to cover day after day, month after month, the stock only has 548 million and a half shares, typically on any month for the last three years the average number has been between eight and 20 plus of the stock. Eventually the stock price goes higher they all have to cover. This is a wash, rinse repeat cycle, it will drive tesla higher. But it does not mean its not a bubble. Stuart thats a very good explanation, i will go with it. Thank you for being with us this wednesday morning. Thank you. The latest round of Mortgage Rate applications are in, do you have the numbers . Lauren Mortgage Applications trended 33 above last years level, rates still hovering around 3 , lets take a look at refis, they fell by 10 but on the year of 34 , let me tell you what the Mortgage BankersAssociation Says about the housing market, they say it remains a bright spot this summer, weve seen 14 straight weeks of annual gains thanks to low rates and while the desire for space the kamala been seeing and highlighting. Stuart is a real estate boom, now were looking at Toll Brothers, on the lefthand side of the screen. Do they have a record year, the homebuilders, what is happening . Lauren they build Drug Delivery homes, their buying a lot of homes and that is pushing Toll Brothers to record june quarter for assigned newhome contracts and the ceo says this robust pace has continued into the month of august, he also says the low low rates and low inventory and consumers focus more than ever on the importance of homes and making it a safe place. Lets take a look at contracts, they rose 26 in the quarter two over 2800 and i found this interesting, where is Toll Brothers building the most, the midatlantic and the south, look at this, orders and their city fell 93 from last year. A demographic change because of the pandemic and the unrest. Stuart their way way down, i couldve told you that. Thank you lauren, lets go south to the gulf, hurricane laura is a cat three storm and may become cat for before making landfall tonight, its expected to hit east texas around the houston area and louisiana with around 150 to 175 an hour. That is strong stuff and the effect to push the price of oil up to 43 per barrel. Most of the Oil Production has been shut down and the goals, the one to punch from the storm this week pose what we are told the biggest start to the oil industry in 15 years. By the way more than a half million coastal residents have been told to evacuate, louisianas governor says hurricane laura may cause as much damage as hurricane rita back in 2005. We will follow that all the way through. Turning around on the dow, sea of green, we were down for the dow, now were up nine points, the nasdaq is where the action is up 31. A fox business alert, a manhunt to underweight in kenosha wisconsin after two people shot and killed during violent protests overnight, watch or of this get down, get down, get down. Stuart thats america this morning. Rioters and looters destroyed local businesses just doesnt try to come back from the pandemic. With the president addressed the chaos, join this weeks convention, we are certainly on it. Larry kudlow staying optimistic about the economy, he says were coming back worrying. His words, dont forget. It was the pandemic and had nothing to do we are going to come back lorene. Traded goods. 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. 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. Stuart fox business alert, the administration is taking strong action against chinese owned companies enterprises, Edward Lawrence has details. 24 Chinese Companies have been added to the entity list for their role in building the artificial islands in the South China Sea, the administration going after china for what they call a militarization of the area, destabilizing the sovereign rights of u. S. Partners in that area, 24 Companies Including a big one, the chinese communication construction company, that is a huge supplier in the belton road initiative, billions of dollars around the world, this is followed up in the state department with visa restrictions on individuals with those companies and their families, a onetwo punch against china and companies building those artificial islands in the highly contested South China Sea. Stuart got it, that is not alibaba which has been powering all the time. In alert, new jersey governor, phil murphy announcing jims in the garden state will reopen at 25 capacity as september the first, wouldnt you like to know. This is clearly a changing economy, cars. Com says the pandemic has changed the way we commute. Perhaps forever, what we got on this . Lauren 62 of commuters say they will drive to work, no trains, no buses and half believe itll be three months before mass transit returns to the precoded ridership levels, i dont think people are going back to normal in three months anyway because of this we are buying cars, one in five say we bought our own car during the pandemic and most of us shining sharing right Services Like uber and lyft. Theres another survey that says 75 of people get in their car to drive away from their family to get some space, or so cooped up in together all the time so were using our cars to clear our minds. Stuart that was a sting and the tail was it not. Lauren ive done that, you have not . Stuart not recently. Lauren hes a gentleman. Stuart moving on please, larry kudlow on the show, Top White HouseEconomist Says the economy is coming roaring back. His words. Anthony chan is with his former chief economist at chase coming roaring back. You agree . I think the Third Quarter is going to give you a very strong number, im looking for a 20 gdp number on annualized basis, keep in mind the atlanta federal reserve, their model is forecasting 25. 6 growth in research that ive done finds thats one of the most accurate models of forecasting real gdp. Im really optimistic about the Third Quarter but im still concerned about the Fourth Quarter because we really need a little bit more stimulus out there to help us out. We see a lot of factors out there that are helping Residential Real Estate is coming back real strong in the Third Quarter, remember, that is just 3. 3 of the overall economy, manufacturing is coming back and worried but thats only 11 of the economy, we still need other aspects of the economy to come back and those factors are little bit uncertain for the Fourth Quarter but right now for the Third Quarter im very optimistic. Stuart what would joe biden when due to the economy, not the market, what would abide in when due to the economy. What i look at research that ive done looking at president ial election years, their generally positive and in fact president ial election years you get about 11 rate of return but one thing i do find, markets dont like a change in the Political Party, it does not matter whether it goes from republican to democrat or democrat to republican, the rate of return in the market is almost four times greater when you keep the Political Party that is empowering the white house in power and reelected. If you see a change in Political Party, you should see the equity market this year historically has not been a strong at the same Political Party in the white house that has stayed in power. Stuart anthony chan, thank you for being with us. We will see you again soon. Were gearing up for the election, the social media giant are indeed gearing up, facebook and twitter, what are they trying to protect the integrity, try to make me understand this, how are they trying to detect the election. Susan we will try, facebook and twitter trying to team up with Cybersecurity Companies intelligence officials and academic experts on how to prevent bad actors from trying to influence the election di ths time around and learning lessons for 2016, facebook and twitter want to send out fake news, critical authoritative information, it sounds objective on how they characterize what credible is. Its been apparent that twitter has been stepping up its policing of its platform they have been shielding tweets from President Trump and Fact Checking actions that twitter did not take up until this year, same thing being done on facebook, twitter has already banned all political ads at the end of last year in 2020 and they consider that during the days and weeks heading up to the November Vote but its a tough and tough tall order to do. Stuart look at facebook stock, 283 a share, heading for more records. Extraordinary. Breaking news, the World Economic has reportedly been delayed until early next summer. [laughter] stuart we gotta go. Have going up green across the board, coming up before the opening bell, chief equity strategist Jonathan Golub, ill show you times square, still deserted. We would be right back. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. 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Visit findingtruepeace. Com to find a voice that will never let you down. Again, thats findingtruepeace. Com. Stuart look at the big tech market, look at them go again today Jonathan Golub joins us on the phone, big tech absolutely dominates the market, my question is that a healthy market. If i were to say to you a quarter