Transcripts For FBC The Claman Countdown 20240712

The deadly terrorist attacks touching nearly all americans but none perhaps more so than Cantor Fitzgerald chairman and ceo who lost twothirds of his 960 new york employees that day, including his brother. Each year on this day, he brings in celebrities to raise millions for 9 11 charities but this year, we are going to talk to him about Going Digital due to another National Tragedy that has gripped the nation. Howard lutnick live coming up. But the coronavirus lockdown, not bad for everybody. Paying big rewards for one company, peloton. The shining star of the workout from home boom as fitness fanatics gobble up its connected bikes and digital workouts and treadmills. The ceo john foley is here on his crazy covid Quarterly Earnings and how to keep the rpms and momentum speeding along. Last nights nfl game has college fans asking football in december . Were about to ask the commissioner of the pac12. Less than an hour to the closing bell, lets start the claman countdown. Liz i want to show you an s p intraday chart just to give you a sense of whats going on. We do have it down eight points. The high of the session, a gain of 29 points. As we kick off this final 59 minutes of trade, the bulls are definitely struggling here. As we keep one eye on the markets, we are of course ever mindful of this very important and solemn day. 19 years after the 9 11 terror attacks, we once again remember the 2,977 lives lost that day. Ceremonies unfolding across the nation to mark the anniversary from the pentagon to the site of the former World Trade Center in new york city and of course, the moments of silence on the floor of the New York Stock Exchange to mark the two flights which crashed into the twin towers. In shanksville, pennsylvania where hero passengers foiled the attack on the capitol by downing flight 93. Both President Trump and his democratic president ial opponent joe biden visited the hallowed site. The company that suffered the most casualties on that day is perhaps most symbolic of the tragedy. A stunning 658 Cantor Fitzgerald employees working in one world trade were killed, including ceo howard lutnicks brother gary. Since then, cantor has annually marked september 11th by raising millions of dollars with a helping hand from celebrity traders, but this year the event went virtual as another, yes, National Tragedy rears its head. The coronavirus pandemic. But nothing, we mean nothing stops the annual charity day or the chairman and ceo of Cantor Fitzgerald and bgc partners, howard lutnick. Howard, as always, we wouldnt mark this day without having you with us once again. Our sympathies always extended to you. Thank you for joining us. Thank you, liz. And thanks for always being a friend of the company and for all those years you were down on our floor with us helping us raise money, because you know youre one of our rock star celebrities. Liz yeah. Clist. But im sorry i couldnt be there this year. This was last year, where we were right there with the traders and all of the celebrities running around. This year, you had to go virtual because of, of course, the pandemic and youve got to tell us how thats going and how that transition was. Well, so the celebrities who normally would be here and sort of creating lots of energy, they agreed to sort of basically do the zoom meetings and when a client does a trade, we patch them into reese witherspoon, alec baldwin, fantastic celebrities and they just have a quick zoom chat, talk about their trade, talk about what they did, and so we try to sort of feed it in that way. You know, it was different. I got to tell you, it was different. But look, my employees are trying their darndest, the celebrities are doing great, my clients are unbelievable. They are also trading from far and wide and i think i dont think were going to do as much as we did last year. I think not having the celebrities sort of driving the action and stuff. But i think we will get close to 10 million. Liz we are seeing victor cruz, we saw kristen bell. Anything that you raise on top of all of the years you have been doing this has just been such an important boon for the 9 11 charities to which you donate. Give me a sense, because 9 11 was an outrageous and horrific crisis for new york city. As we fast forward to today, weve got another crisis and that would be the pandemic and of course, the city has been reeling. We are getting back on our feet here but a bunch of new york ceos just wrote mayor bill deblasio a letter, saying you have got to do something, you were one of them, you signed that letter. Tell me what the number one thing is that you need the mayor and the leadership of the city to do to get new york truly back on its feet. People need to feel safe. They need the subways and buses to be clean and when they get to the city, they need to feel safe. They just need to feel safe. And this is vital. Youve got to repopulate these buildings. Got to bring the people back. You will start seeing everybody try to bring the people back. You have seen it all the time. We are trying to bring our people back. We want our people back in the city, because when the people are in the city, it breathes live to the city. Theyve got to feel safe and the subways and buses, Public Transportation has got to be razor sharp clean to protect them. Liz yeah. Because weve got a situation now where theres a tax base that is very much floated by wall street, and by Companies Like yours. I know you had at the beginning of the pandemic laid off some employees. Are you prepared to bring them back . Is that an opportunity where you can hire back or reflate some of the lost positions . We are going to start to grow again. As we can get our people back to work, back in the office, understand which businesses are going to do the best, we are starting to grow. I think that is an important part of the business. I think the economy is doing much better than we all would have thought. The stock market has been wildly better than we all would have thought. So i think this is a chance for us to rebuild, you know, chase the new normals and go forward with it. I think were excited. Cantor fitzgerald is doing we are going to start grow and build. Thats the only thing we can do. Keep our heads down, pound forward and we will start to hire again. Liz i need to ask you a couple things about the market before we go. Youve always been a fan of the greenback, the u. S. Dollar. The dollar right before the lockdowns in march, at least the dollar index, was around 102. 99, call it 103. We are now closer to 93. We have seen real weakness there. Where do you stand on the greenback . Well, a weaker dollar is helpful. Its just one of those things about the economy, you need to have our economy grow and build and its a big world out there and everybodys reeling. This is a global pandemic. I think as we stabilize and as we start growing back again, youll see the u. S. Economy will be the first one out, first one growing, and the dollar will strengthen. I dont think our government wants our dollar to strengthen. I think they like our dollar weak so that we can do a better job and have more jobs but over time, i think you will see the dollar rally back again as our economy starts to pull out, as the vaccine comes right at the end of the year, First Quarter next year, as people start to get vaccinated, i think you will start to see our economy start to pull up and the dollar will rally. Liz are we going to start to see you shave again . Listen, my beard is entirely up to my wife. If she thinks i look okay. If not, its gone right away. First day she says honey, thats gone, i promise you its gone. Liz okay. Howard, thank you very much. Howard lutnick. Chairman and ceo of bgc Cantor Fitzgerald. We need to get to some individual stocks on the move right now. Lets get to oracle. Even 17 price target hikes and a double beat on quarterly profits and revenues cannot push oracle into the green right now. At the open, it had popped to 61. 86 at the open, but you can see its fallen along with the broader market. Its now at 56. 98, down. 66 . The Software Maker of course is still one of the top two bidders for tiktoks u. S. Assets. Of course, the other, microsoft, both tech firms, no doubt biting their nails after President Trump said yesterday after the bell there will be no extension of his september 20th deadline or the september 15th deadline, where bytedance has to pick a buyer of the u. S. Assets. Of course, bytedance is the chinese parent of the wildly popular short video app and the president says unless its bought by a u. S. Company by this tuesday, no go. Charlie gasparino has news on the possible tiktok sale later on in the show so stay tuned for that. Weve got to get to town sports international, the owner of new york sports clubs, losing ground after bloomberg reports it plans to file for bankruptcy today after failing to negotiate a capital infusion. We have the stock down 18. 33 . Part of town sports problem is possibly the stunning rise of peloton. During the covid lockdowns. The athome interactive fitness platform crushing quarterly estimates, swinging to a profit on a 172 surge in sales. Peloton which had been up has reversed, its now down 4 . You are about to hear from pelotons ceo john foley. We will ask him about the blowout quarter, the launch of its new machines, the surprise price cut and whats next for the workout app that has captured the undying love of lockdown bound fitness fanatics that has helped send the stock up 203 year to date. John foley coming up. Meantime, pro football finally got its start last night but when will we see all of College Football kick off . With the closing bell ringing in 49 minutes, and the dow up 23 points, pac12 commissioner larry scott joins us live on the financial hit being taken by schools that have halted College Sports and whether we could potentially see his league suit up for football in december. Thats right. Its a possibility. Yes, im talking about this december. The claman countdown is coming right back. Here . Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. vo while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager your life is just as unique. A Raymond James Financial Advisor gets to know you, your passions, and the way you help others. So you can live your life. Thats life well planned. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. You can adjust youriggest comfort on both sides your sleep number setting. 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. Dont miss the final days where all beds are on sale. Save 50 on the sleep number 360 limited Edition Smart bed. Plus zero percent interest for 24 months. Ends monday. To learn more, go to sleepnumber. Com. Liz the defending super bowl champs looked primed for a repeat last night, kicking off the 2020 nfl season with a 3420 win over the Houston Texans and as week two of the College Football season kicks off tomorrow, the pac12 is still on the sidelines. But could the conference be returning to the field sooner than first thought . Joining us now is the man at the helm, pac12 commissioner larry scott. Larry, welcome. I understand the School Athletic departments are going to be meeting in october to have a discussion about this. Is it possible that we could see College Football for the pac12 start back up again by december . Yeah, i think its quite possible. Weve erred on the side of caution, health and safety for our student athletes has been of paramount importance even though its come with some significant financial and other hardships. We didnt feel we could safely recommend student athletes get back to full contact practice and play at this point in time. But a recent breakthrough for us is now having access to daily rapid result testing through a partnership in our backyard in san diego where they will be able to supply enough tests for us where we can test our student athletes daily to make sure that through the active participation sports, were not going to be encouraging the spread of the virus. Were also going to use our university hospitals, medical research centers, to try to prove that this Rapid Testing is maybe a path forward for society and education at large. Liz im really happy about that, because that im sure has been one of the holdups because we need to make sure theres constant testing of the athletes. What are you hearing from the leagues that have already begun play in College Football . Are they keeping the disease, are they keeping the virus at bay . Well, we have seen outbreaks on teams that have had to shut down for a week or two at a time. Wed like to avoid that in our conference, given the un certainty of the impact of the virus and you know, heart inflammation and other things. We want to avoid those kinds of outbreaks other teams have seen. This is the first week, the acc, big 12 will be playing, s. E. C. Due to start next week. We are certainly hopeful that they are successful and there are no outbreak spreads as a result of practice and play. That will create more confidence with our daily testing that we will be able to safely return. We will be watching carefully and you know, we still keep in mind as well, we still have some states and counties that have not given approval for competition. Liz the money picture is certainly an important factor to this. We could just show ucla and usc and the football revenue that comes in. Usc, 50 million. Ucla, 41. 3 million. So you know, you balance that, i know, certainly. My last question is College Basketball, larry. March madness, is this a possibility . Were very interested in hearing about College Basketball as well. Yeah. Well, im i guess quietly confident that we will have m march madness and will enjoy a lot of the College Basketball season. The advancements in Testing Technology have happened at a pretty rapid pace. Basketball has unique challenges. Its a close contact sport, its indoors, there are small rosters. You really cant afford big outbreaks. But there are breakthroughs not just with quidel but others that are increasing capacity and giving us access to daily Immediate Response testing and i think thats going to be a critical component, not just College Basketball getting back but think about education, think about getting back to work. Im hopeful that we will have this testing that allows us to get back to work and society and College Basketball and hopefully we get a lot of the regular season in as well as march madness. Liz well, theres the headline, quietly confident we will have march madness. Im ready to fill out my bracket. Larry, thank you very much. Larry scott, commissioner of the pac12. Thank you. Liz good to have you. The closing bell ringing in 40 minutes. Dow jones industrials now up, this is how volatile a day its been. We had been down 86, up 294. We are up 140 right now. The new ev royal rumble is breaking out and this time its not with tesla. Nikola returning fire after a short sellers fraud accusation and what gms newest teammate is saying. Plus as copycats and competitors circle peloton, the ceo john foley is here on his secret patent protection weapon. That and much more coming up on the claman countdown. This i. 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. 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. [camera man] actually anyone 50 or over is at increased risk for shingles. The pain, the burning my husband had to do everything for weeks. And the thing is, theres nothing you can do about it [camera man] well, shingles can be prevented. Shingles can be whaaat . [camera man] prevented. You can get vaccinated. Frank they have shingles vaccines whaaat . Thats what i said. Were taking you to the doctor. Not going through that again. [camera man] you can also get it from your pharmacist talk to your doctor or pharmacist about getting vaccinated. Liz nikolas stock getting badgered after Hindenburg Research slammed the tesla rival as a quote, fraud. The ev truck maker firing back this morning, calling hindenburgs actions a hit job driven by the short sellers greed but its not helping the stock. Nikola is still down 16 . Nikola says it intends to bring hindenburgs misleading report to the attention of the s. E. C. Hindenburg chief Nathan Anderson says bring it in response to the threat of legal action. New nikola stake holder General Motors also coming out swinging against hindenburgs allegations saying its quote, fully confident in its new electric partner. Gm for its part is moving up. 4 . In the green at least for General Motors. Ev og tesla no stranger to short seller battles but the electric behemoth making waves for other reasons at this hour. Gerri willis tracking all of the action in todays fox business brief. Hi, gerri. Gerri hey, liz. Thats right. Elon musk looking to drive excitement, get it, drive excitement, ahead of teslas big battery day. Hes promising many exciting announcements via twitter. Deutsche bank more than doubling its price target on tesla to 325 a share even before the teslas chiefs tweet of high hopes on september 22nd and investors swatting chewy on the nose this hour despite a double beat in q2 and Surging Customer numbers, shares falling after the online pets products retailer warned of higher second half costs due to the covid pandemic. And the [ inaudible ] solid results for the latest quarter and upbeat guidance, not enough to save the security giant from todays selloff. Coming up, could an elliptical be next . Pelotons ceo john foley talks the trail ahead for his fitness empire when the claman countdown comes right back. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. 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 liz breaking news. Youre looking at a live look at the medal of honor ceremony at the white house right now. President trump is draping or about to drape the medal around the neck of Army Sergeant major thomas payne for his bravery in a daring nighttime hostage rescue in october of 2015. Sergeant major payne led an assault team in support of Operation Inherent resolve in Kirkuk Province in iraq that liberated 75 hostages during the rescue. He risked his life to assist his fellow soldiers by neutralizing the enemy, dodging incoming fire and rushing through a burning building to lead the hostages to safety. The South Carolina native also survived the 2010 grenade blast in afghanistan. He becomes the first living Delta Force Member to receive the nations highest honor for valor. Such bravery, such appreciation we have. Lets take a quick market check here. Dow jones industrials suddenly moving higher, up 221 points. A slew of price target hikes for peloton pouring in at this hour. The average price target now at 95. 83, nearly 50 higher than it was just two weeks ago. This on its latest earnings. A beat on earnings per share and on revenue. Premarket the stock spiked, but in this final hour of trade, we do have the stock succumbing to a bit of profit taking. Pelotons ceo john foley is with us now on the details of his outstanding covid quarter. John, the number that jumps out to me in a very strong Earnings Report is the number of subscriptions jumping 113 , but that brings you to a total of more than three million members and theres a wholepanoply of choices in there but i want to start with the bike itself. I know you didnt break out the numbers on bike deliveries but if we are talking about the Current Quarter now, are you still seeing that number compared to where you were at this time last quarter, or is it picking up even more . We are seeing incredibly Strong Demand for our bikes and treadmills now. We saw it in q4 and are seeing it in q1, we are largely not marketing right now so its organic demand. Of course its helped by covid, but its also helped by our great word of mouth. Liz it must have really amazed you finally to see a profitable quarter because you have been such a believer through all of this. But what i find interesting was all of this anecdotal evidence i was hearing, people were saying oh, you are so lucky you have one because i had gotten one a couple of years ago, but the wait list was unbelievable during the covid quarter, and what i found also fascinating was that people who are stuck on that list ended up just getting a subscription so they could take the strength classes and boot camp classes. In fact, we have two members of my team who actually are now total devotees. What impressed you the most about that shift . Yeah, so its something we have always cared about. We are platform agnostic with our content is what we say. We stream our class into our bikes and treads but also stream them to your television screen, roku and apple tv and amazon fire tv or your phone, your ios or android device. However the consumer wants to take our classes, whether they have our hardware or dont, we are again agnostic. But it was an explosion as we went into covid. We had very quickly over a million members on our trial which we gave a 90 day free trial to get content into peoples homes and we were happy to do our part for our communities to keep them active. Liz now that many of them are not only active, they are addicted, the obvious question here is how do you keep that sustained, that hyper pace continuing when there will be a point hopefully, and we all hope for that, that we will have a viable vaccine and the lockdowns may end, people may be able to walk back into their gyms in much bigger numbers . Yeah. I recently saw a survey that was published that said 59 of americans dont plan to go back to the gym after covid. Which felt really high to me, but obviously, represents a great opportunity for peloton. Liz yeah, but you have got analysts, i find it so distasteful but they call them covid dependent stocks. I dont personally see peloton as that. But there are people who are wondering, do you start to see that reversion to the meme . Listen, we had jillian michaels, the fitness guru come right on this show, admit she has gotten coronavirus, she was able to recover, thankfully, but she strongly recommended dont go to gyms. Do you think there is a real shift for good now that there is a complete change in behavior after what we have been through . I do, liz. And because you have been following us for five or six or seven years, you will know we have been growing 100 top line every year since we launched the company. So call it six years running. So this last 100 top line growth and then next years, we guided to 96 for fiscal 2021, we expect continued growth. We are sealing our supply chain and yes, we do see this as a more macro secular trend of people finding that you can have better workouts at a better location at a better value on the peloton platform, whether its the new low cost tread or the bike or bike plus, we are very excited about our growth for years and years to come. Liz you just did something very disruptive and that is you cut prices on the bike. We can put up the original price which was, what, about 2245, you chopped that by 350 at a time when there is demand. That really flies in the face of what retail usually pulls off when they see too much inventory or they start to see less demand. Thats when they discount. But i find that a fascinating move, youre making it more affordable. You did roll out the new bike plus with four speakers and the rotating screen. Im getting really really into the thought of getting one of those. Tell me where the genesis of that idea of cutting the price of your signature product came from, because thats a very unique move. Yeah. So its been great question. Its been something thats been part of our dna and part of our philosophy since we launched the company. We never wanted the peloton bike to be an expensive product for only affluent people. Its always been our plan to have a better best strategy on the bike line and the tread line so that right now, you can get the original peloton bike for 49 a month which as you know, if you divide by two people in your household, 24 a month to get the hardware is incredible value, especially when you are looking at these bikes and treads and the membership usage in the last quarter, 25 workouts per month. So its an incredible value. But youre right, we were excited to lower the price of the original awardwinning peloton bike. We were excited just this week to launch the dramatically lower priced tread which is still fantastic product, still all our software, all of our great content, all of our great classes but with a belt drive. It was easier for us to manufacture or at least lower price to manufacture so we were excited to pass those savings on to the customers. Liz you have also been able to capture something that a lot of companies dream of and thats that sort of family feel to it. I have been watching on all social media and its the old wheres your peloton. I just wanted to show our viewers and you where mine is. We have been all broadcasting from home so mine is jammed right behind this screen. I had my son take a picture of me taking, of course, my favorite cody rigsby class yesterday. Youve got to be hearing a lot of those stories of wheres my peloton. That leads me to the knockoffs and copycats who are out there desperate to try and mimic what you have done. The studio model is challenged even precovid, when you have a choice of having a better bike and better instructor and better music at a better location at a better value. By the way, you think about the value of peloton vis a vis going to a boutique fitness class, here in new york its 35, 40 per class and the math we just walked through, where you are working out 25 times a month on a 39 membership, its right around 1. 50 per workout on the peloton platform so its a much better value. So when you are trying to run a studio chain in the face of a product that is much better and much less expensive, you are going to have a lot of head wind, obviously. Liz competitors are now really circling in different ways. Lululemon bought the mirror. Theres beach body, thats been out already. Apple, as you know, has been reportedly prepping some type of streaming fitness workout subscription effort. Obviously, you have to stay on top and to do that means innovating. Are you developing a peloton elliptical right now . No, we are not. I can say that definitively. We have a lot of Innovative New platforms in our lab. Were very excited about continuing to evolve our software, our content, our hardware. Theres going to be a lot of cool stuff come out of peloton but to be totally honest, im not long the elliptical space. Liz darn. Because thats what i dream of, too. I really want one of those. Im waiting on a rowing machine. Perhaps thats coming, too. I know you probably wouldnt comment on that. But as we finish up, i saw you years ago at Consumer Electronics show and was able to interview you about that and that was in such the early stage of all of this. For a guy who funded by crowdfunding for kickstarter this dream that you had of the peloton bike, you were turned down by more than a number of venture capitalists. What is a quarter like this, what does it feel like to you at this point . Because its such a success. We had a great quarter. We are proud of our quarter. We are proud of what we are building and our team is working incredibly hard. We have always been a Hard Working Team but for the last six months, in the covid world where everyone is having to redefine where they work and the sales have been incredible, and the deliveries have been incredible, its been a very stressful, stressful time so i am proud of the team, but to your question, liz, we dont feel like were there yet by any stretch. We say we feel like we are in out one of inning one. I believe we can have 10 or 15, 20 years from now, we can have 100 million subscribers. Right now we have one million. We are 1 into our opportunity from the way were defining it. So it just feels like very early days. Yes, the last nine years have been tough getting off the ground, but we now have a great balance sheet, a great team, a great opportunity. Investors are starting to take note, as you say, and we are still having fun and we are going to continue to try and delight our members and get more members. Liz a long runway ahead. Are you hiring . We are hiring like crazy. Just about every type of person, we are hiring. Yes. Liz maybe one day i can sit next to cody and do a little class once this whole thing is over. Yeah, im a fan. Good to see you. Thank you so much, john. We hope to see you next quarter. Thank you, liz. Great to be on your show. Thank you so much. Liz for more of my exclusive material and the interview from my chat with peloton ceo john foley, go to lizclaman. Com. I did ask him straight out is peloton a flywheel killer after the dustup over pelotons patented intellectual property. Got to see what he has to say in the fox business original. You can see it on twitter, lizclaman and the claman facebook page. The closing bell, we are now about 15 minutes away. We still have a gain here, the dow, 151 points. We have been all over the map. Coming up, charlie breaks it on new news regarding tiktoks future as the social media giant ticks closer theo a u. S. Ban. As businesses are forced to find innovative ways to keep their doors open during the pandemic, this weeks everyone talks to liz podcast guest shares how he mastered the art of the pivot. His Humble Beginnings and he will teach you how he pivoted to become the Business Leader he is today. Download it. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. I appreciate what makes each person unique. Thats why 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. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz tiktok up against the clock. The social media superstar teeterring closer to President Trumps ban deadline as buyout talks with oracle and the dynamic duo microsoft and walmart still remain stalled by its home country, china. Charlie gasparino here now with new behind the scenes details on this International Tech drama. Charlie . Charlie and you know, nobody knows really whats going on, i guess, except for maybe the chinese politburo. I dont even think the Trump Administration knows whats going on because at this point, tiktok needs really needs liz and the founder. Charlie yes. Yes. They need the approval of the chinese because tiktok is owned by bytedance, which is a chinese based company. So heres what we know. Tiktok officials are telling us that they are completely in the dark about the future of the company as multiple or two deadlines loom. Remember, theres two deadlines here. Theres the one that you would think occurs on tuesday. Thats the president s executive order which said by september 15th, you must sell or we ban the app. Theres another executive theres another order that came under the sif fucfius, the trea department agency, the committee on Foreign Investment in the u. S. , which gave it essentially until november to find a buyer. So no one knows which one really takes precedence here. The company doesnt know, the white house isnt saying. So clearly, theres a lot of confusion whats going on here. We should point out that Company Officials still believe that the most likely outcome is the sale of the company. They threw some cold water today when we asked them about this reuters story thats out there about how, you know, the chinese are going to basically kill any potential deal. They still say theres a good shot at a deal happening. Again, from inside the Trump Administration, Larry Ellison and oracle have very Strong Political ties to the president. Obviously, larry is a friend of the president , hes a supporter. The two big investors in bytedance, General Atlantic and sequoia partners, they are run by bill ford and doug leone respectively. They are bigtime Silicon Valley republicans. But inside the white house, when you talk to people that are close to treasury, they believe microsoft is the best able to handle this and handle it from a technical standpoint, securing the data, making sure to cut chinese influences because thats what this is all about, either real or imagined, the notion that chinese could steal Customer Data for surveillance purposes. What they are going to do with my 12yearold nieces dance videos, i have no idea, but thats what we are working on here. Want to switch gears real quick to breaking news on the mets. I have been doing a lot of stories on this lately, as you know. Steve cohen, we reported the other day on final negotiations with the mets to shore up his exclusive talks with them to buy the team. Steve cohen, the hedge fundimpresario. We understand, and this has been in the press, Jennifer Lopez and alex rodriguez, in a big investment group, its been in the post they are making a last ditch effort to try to convince the owners to let them buy the team. I got some new details on that last ditch effort. Some sweeteners they are putting in there including a breakup theme. They also have a guy as part of their investment group, the ceo of walmart. Com. Kind of ironic that walmart is involved in the tiktok drama. Hes said he put up more money, hes got a lot of stock, he may walk up with more money. So they are trying to make this work. Last ditch effort. We will see what happens. Back to you. Liz charlie, i shall take it. All right. When we come back, our countdown closer. Stay with us. 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. Stocks by the slice from fidelity. vo while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager your life is just as unique. A Raymond James Financial Advisor gets to know you, your passions, and the way you help others. So you can live your life. Thats life well planned. Liz closing bell ringing and three and a half minutes. For the week we see green on the screen right now for the dow and s p, markets are headed for the second straight loss, the dow, s p and the nasdaq will close down for the week, the nasdaq as it stands right now appears to be just at the correction territory but anything more than a 71point loss means we are deeper into correction territory. New York Governor Andrew Cuomo announced new york city malls could open up a 50 capacity, you would think the obvious trade might be retailers, mall owners but there is a name, you may not have thought of related to this, industrial giant that is getting into the business thats been forcing covid19 safety protocols at malls, honeywell, the dow is also the pic of her countdown closer, president of Capital Partners enter Partners Joins us now. You mentioned it, they are involved in aerospace, there big part of the business is hitting the skids a bit with covid but there involved in some of the technologies and innovation to make sure areas are cleaner and people are staked out and masked up in the Technology Mission for the malls is also an a. I. Type of technology to make sure people are spread out, wearing masks, fever checks, those types of things and thats one of the few different types of technology that are involved in and also bios for vaccines produced by honeywell as well as you be Light Technology that is huge to disinfect aircraft. Liz honeywell is a name i covered for so long, it put the dashboards into the space shuttles, it has so many different businesses, do you get the sense that the addition to the dow, that is certainly important but overall its a real Business Opportunity that is so diverse that makes it a better place for a portfolio . I think so, remember it was in the dow and fell off and it zero eight, zero nine and fell back in and unlike the industrial brother in general electric, its done a better job of innovating over the last 20 0 years and staying relevant and that will continue in the stock is going to have an earnings trough this year or decline como last or we do think it is a trough in a likely snap back at 2122 and pay a dividend while yu wait. Liz were about to hear the closing bell but do you worry at all about the threeday selloff that we just endured. I think dividend paying and defensive names like honeywell are a good addition to portfolios right now, we own a lot of the Technology Stocks for clients that have done so well for the last week and having some defensive. Liz Capital Partners, that will do it for us, we do see the dow with the wind in the nasdaq has the worst week since march. Melissa it is the in, thank goodness of a volatile week on wall street, they are ending off the lows of the day, happy friday everybody, and melissa francis. Hey connell. Connell im Connell Mcshane welcomed after the bell everybody, we have been reporting on throughout the week and big tech was back again today, thats what hit the nasdaq, the dow manages with a gang closing out the last trading day of the week and green, the s p barely