Transcripts For FBC Cavuto Coast To Coast 20240712

Launched today around 77. Around, you know, in that roughly about 1. 8 billion offering here where the valuation of the total company, if you extrapolate that out, youre getting well into the 13 billion neck of the woods. So a very, very Big Development here. Jackie deangelis is following it. This is kind of the rule of thumb, the vast majority have been of that ilk. But again much will have to change, and well see in the next few hours. Not a bad launch. What are you hearing, jackie . Not a bad launch at all. It came public under the Ticker Symbol u, neil, and its trading higher by 35 . Opening trade was 75 a share when it priced at 52. This is remarkable because the whisper number last week on the low edge of the range was 34. So you stand back and ask yourself what are investors thinking, especially during this time period of so much uncertainty, you know, to be bidding up a stock like this, you know . This is a company, as you said, its part of this Video Software chain, so it makes tools for the developers that then go design the video games themselves. Last year unity tools were used by 1. 5 million monthly users to create some of these games, when i kind of question whats happening here, ill just remind you this is a company that isnt turning a profit. Most recently it lost 163. 2 million. Its losses are actually not even going in the right direction because in 2018 it was 131. 6 million loss which was less. Now, you could argue that revenues are growing, so thats why profits are, or the losses are getting a little bit bigger. Im told they sort of finetuned the business model. But what this really says is that the markets, while theyve been volatile of late, theyre still on high alert for deals, theyre looking for them, Even Companies that are losing money because the fed just said this week its going to hold Interest Rates this low for at least three years. What else are you supposed to do, except to try to invest into the future . Unitys ipo coming after more debuts this week, snowflake, jfrog, both i saw their the prices ratcheted up as well, and you can see some of the other companies that went public this week. Well put those up for you. I think there were about 14 deals. The approximate value was almost 7 billion raised. That is a lot of money to go into this market, and its the busiest week for ipos that weve seen since may of last year. Ill just finish on the final note here, u, unity raising about 1. 3 billion at valuation of 13. 7 billion. This is one were going to have to watch and see if it was worth it in the long run, you know, on the first day pop you really cant tell. Neil . Neil you cant. But im surprised some of the other issues, you know, that theyre holding their own, you know, jfrog, obviously, snow fake yeah. Neil that have not collapsed given their enormous runup the first day. Jackie, thank you very much. Want to get the read on this from gary kaltbaum, gary, i love to read your notes, and yours as well, katherine. One thing, grey, you had gary, you had touched on, it is what it is, but when you look at a snowflake or some of these other commanding names, they dont necessarily have to be in sync with reality, do they . Yeah. And, look, i tell everybody who dare listen ares to me listens to me just three words, pick your poison and just know what youre dealing with. Snowflake opens at a 90 billion market cap with 400 million in sales and 300 million in losses. Somethings going to give, and guess what . Its already down to 60 billion of market cap. All i can tell you is that we go into a bearish market, the stocks 50. Theyre taking advantage of a very strong market here, and blame is put on the retail people or who are willing to pay up. But when all is said and done, i will promise you, neil, valuations will always count in the end, and i just tell people be very, very careful. You do not want to hand over 10 to somebody and get a dollar back. Neil well, there is that. You know, katherine, whats kind of interesting here, if you buy the fact that most of these successful upos, at least at the launch, are of a technology that usually some sort of distinction in that they do a lot of business in the cloud or up in the air, theyve replaced sort of the juggernaut granddaddy technology, the apples, the amazons, the microsofts, to a large extent the facebooks as the new attention getters. Im not saying theres a leadership change here. They need a lot more market heft to do that as far as the influence they would have, but what do you make of that . I think its more sustainability of leadership, neil. I think 2017 has been basically five tech names of that have led markets higher with more than 25 of s p 500 market capp attached to technology sector. So as we get the new wave of technology advances, i think it keeps technology firmly rooted as the Market Driver Going Forward. And i would encourage our clients when we saw that, you know, 10 dip in Technology Last week to start accumulating. If you have some cash on the sidelines, the fact is, is that, you know, market, fiscal and monetary stimuli are not going anywhere. Weve all been waiting for the dips, we find them as opportunities to really take some of that cash and put it to work. Neil right. You know, taking a look at some of the them, were showing the apples, the facebooks, amazon, microsoft, with the exception of facebook kind of taking it on the chin, theyve had a rough ride i believe is the case with most of them, at least 10 from hair highs. Its been a bumpy ride, and we should still stress that the s p index itself is up, i believe, north of 30 all of this year. So how do you play technology, gary, in the aggregate . I can tell you, neil, that a couple of weeks ago i got out of technology, and thats where i usually invest. I think were in a correction mode right now. It just needs to. The amount of move that we have seen in some of these names are good for two, three years that happened in three months. I still love all these names. I think microsoft and facebook and apple are going to do great things Going Forward. They are juggernauts, they are category killers. Just there are moments in time where e where the market deems they got overheated, overleveraged and overloved, and now the leverage is going to come off, and i think we have some more price in time as they pull them back. Unless the market really takes a bug hit, i will be buying them on the way down. Just not yet, im patient here. Neil you know, katherine, 2 p. M. The president is likely going to be talking about, among other things, vaccines and very optimistic one could be had by as soon as next month. I think dr. Fauci was on the wires earlier i dont know where he was speaking so i apologize where he thinks something could be available by the end of the year. Im just wondering, lets say a vaccines out, then what . What do the markets do with that . Theyve been bidding up prices, recent week and a half not withstanding, on the prospect of one. What do they do once they get one . Good question. I think a lot of guidance likes to sell, right . Theres going to be a lot of volatility, i think, in the coming few months attached to not just the vaccine, which i think weve all been anticipating, right . This shouldnt come as a surprise to really anyone. I think youve got to consider the percentage of people that are going to opt to take it, neil, because thats not getting a lot of coverage, and theres a lot of skepticism with regards to the vaccine wherever it comes from, whenever it comes. The next thing i would say is, of course, elections. If we get a democratic sweep, a blue wave, then i think we should expect technology to take it on the chin, health care to take it on the chin and potentially energy as well. So these sectors that were all positive with right now, we have to realize that higher taxes are coming, right . More regulation is coming. Thats just what wering being told is in, is in the offing. So if we get a democratic sweep, i think that youre going to see declines in those sectors specifically. Neil all right. Guys, i want to thank you both very, very much. And, again, this issue we raised with the vaccine, whether one could be coming out sooner rather than later, remember, there are a number of players that have a promising sort of a liftoff here. The latest is the deal the e. U. Has struck with sanofi, a vaccine that could be certainly ready there, a lot of financial muscle behind that. We also have astrazeneca, remember it was delayed in trials, but it is back on now, were told. Whether that means one would become readily available by the end of this year is anyones guess. Pfizer working with biontech and moderna, of course, with its own drug. These are the big four, being told to concentrate on, tomorrow on my weekend show on fox news were going to be exploring all the different possible vaccine possibilities, what gets the most attention, how will it go if it happened, whats the procedure for who gets it and when. You know the drill, usually health care workers, the you would orally, those are vulnerable elderly, those with vulnerable conditions. Back and forth on this, people saw sinister intentions and only the rich will get it, but i thought wed devote some time to that tomorrow, 10 a. M. Eastern time, who gets what and when it comes out because increasingly it looks like somethings in the offing and maybe sooner than you think. Were also on two Big Developments on capitol hill, one to keep the government lights on at least through the election, and another, yeah, on stimulus are relief. The latter one does not seem to be going anywhere, but i could be wrong. Chad pergram on what could be happening to avoid a government shutdown, whether the parties are coming together i guess on something, chad. Whats the latest . Hey there, neil. We should get the text of the bandaid bill to fund the government later today, the house of representatives is expected to vote on that next week, and House Speaker nancy pelosi has been add plant she wont attach any concern adamant that she wont attach new Coronavirus Relief to that. Red and blue are getting nervous about not doing any sort of coronavirus bill before the election, among them is dean phillips, a freshman democrat from minnesota. And we introduced our framework just a couple of days ago. I think its sinking in. I think conversations have been ignited, that was the that was our mission. I think this is just beginning. Phillips won that seat for the democrats in 2018. Hes working with republican members to um employer the speaker to move implore the speaker to move a narrow coronavirus bull before the election. Pelosi has dismissed a bipartisan bill assembled by the problem solvers i made my statement. I respect what theyre doing, i made a statement about it. As have our, as have our, our chairs. 3. 4 trillion. Remember, weve come down 1 trillion, ask is we met and said wed meet them in the middle. So it this is not about being te enemy of the good. Reporter pelosi is still pitching a larger bill, the biggest money for state and local governments and an emerging area is help for the airlines only operating at 30 capacity. Layoffs are coming back at the tend of the month. Alaska relies heavily on the airlines, and this is why gop senator Lisa Murkowski is concerned. As one who has no other choice in terms of getting home, i want to make sure that our Airline Industry, not only the passengers, but Cargo Carriers are able to make it through this really difficult, difficult time. Reporter now, democrats say that theyre willing to do some add awed for the airlines, but the things theyre worried about first is help for Small Businesses and also getting out unemployment checks. Those are aone for the democrats. Back to you, neil. Neil you know, on the Airlines Real quickly, chad, ive heard it would likely be if it ever comes to fruition like the 25 billion measure when the whole pandemic started. The airlines, obviously, want a lot more than that, but im just wondering will it be in that likely range . Reporter nobody really knows. I mean, weve had some meetings here with senators and also at the white house talking to airline executives, but if you dont have a bill, nobody the actually knows what that figure will be. Neil yep, there is that. Chad pergram, thank you very much, following these twin bills. Your attention on something to keep the government lights on and avoid the shutdown certainly before the election. Less likely is that stimulus measure, repalins and democrats republicans and democrats far apart. But you never know. Things can change, often do. On the corner of wall and broad right now, were keeping an eye on the Video Game Software maker. Its a lot more than that, it uses that technology in all sorts of technological initiatives on the part of companies, a whos who of fortune 500 backers. But nevertheless, that Technology Theme really putting it together for unity. It got close to 77 a share, it is well over its offering price of 52. And remember not too long ago, a little more than a couple months ago, they were hoping in the range of 3440, 42 a share. A lot more than that. More after this. Still your best friend. And now your copilot. Still a father. But now a friend. Still an electric car. Just more electrifying. Still a night out. But everything fits in. Still hard work. Just a little easier. Still a legend. Just more legendary. Chevrolet. Making lifes journey, just better. 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. How did you come up withd opened all these backstories . Tudio. I understand, lets get started i got help from a pro. My financial professional explained to me all the ways nationwide can help protect Financial Futures in peytonville. Nationwide can help the greens get Lifetime Income because their son kyle is moving back home and could help set up a Financial Plan for mrs. Garcia. And he explained how nationwide can help mr. Paisley retire early and spend more time with his pal, peyton. And their new band. Exactly yeah. Dont forget the band. I havent. Every curve, every innovation, every feeling. A product of mastery. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. Exlookentertainmentour 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. Neil all right, take a look at Unity Software right now, the Video Game Software provider, verying very active in the cloud, on the internet, that sort of thing, and it is the sort of ubiquitous thing that it can take that technology whether youre in gaming or not and transpurpose such a word . I think repurpose is probably the better word, for all sorts of functions Companies Might have. Now, given this runup right now going into it at 52 a share, it would have valued the company at around 13 billion. This is, you know, a 30 lift if that, so were closer now to 2 billion. Whats interesting as well is that snowflake, when it went public, you know, it was now flirting with a market cap of 70 billion. Im doing the rough math in my head always risky without charlie brady, our stocks editor all of the valuations attached to those companies have now crossed likely about 150 billion. Now, that is just on paper. It can be fleeting. Stocks drop all of a sudden into ether, these valuations then go. But in a busy week of offerings and we tend to look at them by number, by the dozen or so and by the end of next week the two dozen or so that are coming public i tend to look much more at the overall aggregate value because its simply a more eyepopping revelation of whats going on. When the general market tends to hiccup, the market valuation of all of these offerings when you get into this neck of the woods and adding up the snowflakes and the unities and the jfrogs and a host of others, the rough back of the napkin figures that im getting put it north of 150 billion. And that might be conservative when all is said and done. Again, im looking at the aggregate value of the Companies Based on the price of the shares being sold. Thats a little weirder, i grant you, but its a good way to sort of monitor where a lot of folks are placing their bets. So well be following that. Also following some changes going on in the big apple right now. We told you yesterday about new york city and the fact that its going to stagger once again the opening of its school year. But whats happened in the process is a lot of parents are flummoxed, surprised, theyre angry, theyre using words that we cant use on a family show. Kristina partsinevelos has been following all of this because, man, oh, man, its a nightmare, right . Reporter i know. Another blow to the city. You have parents and administrators that are shocked yet again that school is not set to start on monday as planned leading some to say this is yet another blow dot. Comback of the big apple dot. Comback of the big apple. The indecision were seeing in new york is just another drop in the bucket with all the headwinds, all the other challenges that new york city is facing that Business Owners have to deal with as they contemplate whether or not to open up their offices or whether or not they even stay in business. Reporter you have parents that are struggling to deal with childcare, but the future of businesses is also in question. You have a let or that was signed by some Major Business leaders like the ceo of morgan stanley, the ceo of jetblue, and this letter was addressed to mayor de blasio warning, quote, of widespread anxiety and in the city along with, quote, deteriorating conditions in commercial districts. And so you have even the governor of the city, too, warning the longer these work from home policies are in place, the less likely people who have fled the city will return. So hes concerned about that. We even have a new study saying roughly 44 of new yorkers who earn about six figures or more have considered leaving the city in the past, citing the cost of living as the major reason. And were mentioning this stat because those high income earners contribute a lot, almost 80 of the tax revenue for new york city. So, neil, you have a whole situation where you have a lot of restaurants closed, businesses still closed, and then you have the fact that schools, Public Schools will need to find 2,500 extra educators in less than two weeks leading more to believe that the delays will continue. Back to you. Neil amazing. Thank you very, very much for that. Kristina partsinevelos. You know, joe borelli, were normally talking politics with him because hes a big figure in the trump 2020 campaign, new York City Council member, but im talking to hum today as a dad. Hes fed up with this. And i believe, joe, you pulled your son out of Public School because of all of this. Explain. Yeah. I mean, as of, you know, three days ago, four days ago my son started in the Catholic Schools here in new york city. You know, my son does need some services, he needs speech therapy, he needs some o. T. Therapy, and hes doing great, and he did great in prek last year. But to have the doe offer perhaps one day of inperson school, which will be occupied totally by his services and not even school, it just was unacceptable. The other thing that kind of tipped my hand was my wife is a licensed substitute teacher in new york city. Shes been a teacher for many years. And we fully expected that her phone would be ringing off the hook leading up to the proposed start of schools because we needed so many teachers, and it just never happened. And, unfortunately, we heard, you know, putting my politician hat back on, we had heard from principals and School Administrators for months that its just basic math. If you take one classroom and split it into, essentially, three cohorts, you would need three teachers to actually the teach that particular class. And it just seems like there was a never ending sense of urgency never any sense of you are general su from the mayor or the School Chancellor to get the resources. I dont doubt that the schools are sanitized, clean and all of that, but the most basic element, putting a qualified new york city Public Schoolteacher in front of a group of young kids, that just seemed to have befuddled mayor de blasio and the chancellor. Neil so what do you do . I mean, this could go on a while, i mean, for you, your son, your family. You could be in limbo for a good chunk of the school year. And, neil, i was out there at one Public School this morning with a bunch of parents with signs and their kids demanding school. We are looking at lawsuits to require school be open. Its unfortunate because, you know, we look around the country, and we see every School District is having some hiccups and some problems with their opening plans, and thats okay. And we should be willing to give leeway to administrators who are really trying to pull all this out of right field, essentially. But when you see new york city just delaying even the start of their plan and not able to even come up with a solid plan, you know, we had parents at the orientation virtually for their kids schools learning during the orientation while the mayor was on television saying school wont even be starting. Thats how teachers and School Principals found out as well. It just really shows incompetence at the highest level. And we always treat mayor de blasio as a caricature now of incompetence, but you have to realize that the failures of his administration are actually resulting in children missing out on the most fundamental and most critical years of their education. And thats something parents and i and a lot of people just wont stand for anymore. Neil well, you know, it says something when newspapers in the new york area, the daily news i would think is a little leftleaning, the New York Post maybe a little rightleading, both bashing him because thats what startled parents like yourself dont know whats going to happen that very day, let alone the next day or the week after that. Joe borelli, thank you very much. Thanks, neil. Neil we have reached out to the mayor a number of times. Hope springs eternal that hell eventually say yes, but again, this is something that incited bipartisan rage. Back to washington, whats going on with various stimulus measures right now, one to keep the government lights on and then one to help the nations airlines. They were coming, essentially, hat in hand to meet with the president s chief of staff yesterday talking about how theyre going to need more relief. They got 25 billion when this pandemic started. They need another 25 billion to keep themselves going, and if they dont get it, it could look bad. The former head of jetblue, joel peterson, will be joining us on that after this. Or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Introducing the allnew 2021 gla suv. Starting at just 36,230. Its the biggest thing that ever happened to small. Lease the gla 250 suv for just 399 a month at your local mercedesbenz dealer. Now every bath fitter bathbath fis installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. Neil all right, following a lot of developments including Unity Software making its launch today. Its getting a lot of attention. Were keeping a close eye on that one for you, right now up about 16 from an offering that was already ratcheted up a number of times, now around 67 a share. Lets go to the very latest on all of this with not on the unity offering, a little bit more detail in a second, but the fallout right now in this, you know, Pandemic Recovery here where so many, you know, things are postponed, delayed. We told you about whats going on in new york and the confusion with schools. To Edward Lawrence right now on the institution of capitol hill that is sitting its doors shutting its doors. Edward. The capitol lounge, neil. After 26 years as an institution here where people could come and mucking, feel safe mingle, you know, it is closing its doors because of the coronavirus. Businesses in this whole block just trying to survive here. Were only about five blocks or so from the u. S. Capitol in that direction, but look at this business, and theyre offering even 5 discounts on phone orders here and cut their hours down 59. Back to the capitol lounge r on facebook they did not get a Small Business grant, and thats where the money pretty much ran out. On twitter eight days ago they did announce they are going to close the door. The last day of service will be sunday. Its been a 26year great run, and most theyre most proud of the way the management and staff have handled the incredible adversity over the last six months. They tried to survive by selling tshirts and merchandise, still the outpouring since the announcement, its been a 34 hour wait in the evenings to get into this. Bars in d. C. Can only have 50 capacity, but the size of this lounge only allows for 10 of their business to actually take place. Now, the closing not only affects workers and customers, but also the community. This was a place woven into the fabric of the community, an exchange of ideas and where people could come together. Other bar and Restaurant Owners help law makers can come to the rescue. I hope that theres more relief, but, you know, right now were just not sure. Think about all the work that all of us in this industry have put into our restaurants, our souls really just to see this kind of start to fall apart. Reporter the National Restaurant the Association Says that 43 of fullservice operators will go under in the United States for bars and restaurants if nothing changes. They say that 185 billion has been lost over the past five or six months because of the economic shutdown. So, again, they are needing help in the capitol lounge here, an institution, will be no more after sunday. Back to you. Neil just incredible. Thank you very, very much, Edward Lawrence. Very sad, but were seeing this play out all across the country. In the new york city area, they say one out of four restaurants wont make it, that even when things are back to full, you know, Indoor Dining from the 25 capacity theyre looking at the end of this month, itll be too late. Its just very, very sad. Also very sad is the plight of airlines right now in the middle of all of this. Many of the industrys ceos were on capitol hill yesterday, more specifically at the white house meeting with mark meadows, the president s chief of staff. What they want is some aid. Were told that the president is open to that, we just dont know what the figure would be. They got 25 billion sort of in the beginning of this pandemic when their planes were essentially empty and they needed help. There was a proviso that they couldnt lay off workers if they got that money. They didnt, but theyre in a position where all of that where all of that expeer expiring, they might not be going anymore. The former jetblue chairman joins us, joel peterson. Joel, speaking of you and your days running jetblue, through no fault of the airline, no fault of all the airlines, they were in this pickle where people werent flying. And, you know, thats improved a little bit but not enough to make the industry whole, far from it. So lets put it to you this way if they dont get the aid theyre seeking, will some of them just fail . Yeah, its hard to see survival. You know, survival means having cash, a little bit like the capitol lounge are discussion you just had. The airlines are a butt of a you adult. A bit of a utility. The whole Business Climate depends on havinger alines eventually having airlines. So theyve served as a bit of a conduit with not furloughing all these people, but that runs out at the end of september. So the airlines are really looking to see that extended so they dont have to lay off so many people. But what you said was people stopped traveling. Its interesting, our occupancy sells to about 3 of what it had been the year before in march. Its back up to about 25 or 30 now. So you never thought youd see airline or Hotel Executives celebrating at that level, but there is some movement. It is coming back a bit. Neil you know, joel, im curious how you look at the environment for flying. I spoke to a lot of people, what are you doing for your vacation plans, obviously, when people were allowed to come out of their homes, they drove to a lot of places. They didnt fly to a lot of places, limited to fly abroad because so many countries wont accept american tourists. And lo and behold, we find out that hawaii on october 15th will be opening up to tourists on october 15th, so im wondering where are the fliers going . Where are passengers going . Is it the continental United States . Is it sticking close to their knitting . What . Yeah. People just arent flying nearly as much, but that doesnt mean they dont want to. I think the promise of flight has always been that its the safest form of travel. And now theres this new element of safety which has to do with our health. And so the airlines have responded by taking temperature tests, having people wear masks, blocking the middle seat, insuring theyve got hepa filters so that air in the fuselage is the cleanest on the planet, sanitizing planes that turn around, and i think people need to get really comfortable that this is a really safe way to get around again. My guess is that the friends, Family Vacations travel is going to come back faster than business travel, but it may take some time. You know, neil, we were scheduled to ring the bell on 9 11 2001, jetblue was supposed to go public, and it was actually five month ifs later, and it was actually eight or nine months later before traffic picked up again. So i think its going to take some time. And i think every airline is looking at what does a vshaped recovery look like, what does a ushaped recovery look like and what does an lshaped recovery look like because theyre dealing with survival now. Neil im curious, does it make a difference to your former industry who becomes president . I mean, in this environment right now theres a lot of volatility the closer we get to the election, were seeing a lot more of that volatility. But your thoughts on how that could add to maybe the Airline Industry angst because it just doesnt know. Yeah. I think the thing people hate, the market hates it, i think Business Leaders hate is uncertainty. And i think in a crazy political season theres a lot of misinformation, a lot of recrimination, a lot of second guessing. Politicians are good at getting elected. I dont think theyre really good as entrepreneurial leaders. And the reason i wrote this book was to really help people understand what entrepreneurial leadership is, what people see around corners. They walk through walls. They anticipate change. They adjust. They dont recriminate. I mean, they do a bunch of things that are really valuable for the recovery. My mistake was releasing the book on april 21st. Things werent great, but i think itll become relevant again. Neil yeah. And i do want to make it relevant with us, get you back to talk more about that. Its just on this news city day with the Airline Industry its sort of front and center, i did want to focus on the news up front, and you were very kind to indulge me. I do want to have you back to talk about maybe what can and should change as far as leadership in this country, political, business and otherwise. I think your book is well timed to address that. I promise i want you back, my friend. Thank you in the meantime. Joel peterson, the former jetblue ceo and entrepreneurial leadership is the book. Step back and sort of see, you know, there are other ways we can go about meeting these challenges, so i do want to get him back on that. By the way, i know youre probably getting confused with all the various hurricanes that are out there, we told you about hurricane teddy thats off the bear i knew da coast right now per knew da bermuda coast right now, but theres a subTropical Storm alpha thats forming in the atlantic. Its only the second time a storm name has been using the greek alpha bet because weve exhausted the english names. SubTropical Storm alpha right now out there in the atlantic. It is subtropical at this time so, again, its not even up to winds of a Tropical Storm, but you know the drill here. For a while last week, we had five different storms all the way up from a Tropical Storm to three hurricanes concurrently. The first time weve seen that in the better part of 50 years. Weve exhausted the names for them, so weve gone on to the greek alphabet. So im going to brush up on the greek alphabet. Well have more after this. So i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. So youre a small businor 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. 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. 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. And i get to live in this keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo neil all right, to say that chinas been provocative of late us would probably be an understatement, but a number of chinese jets buzzing taiwanese planes over the Taiwan Strait and that sort of neutral middle ground. Thats not just provocative, that got to be pretty hourly and very dangers. Benjamin hall has the latest. Whats going on, benjamin . Reporter this comes at a time when taiwan is seeking to buy advanced weaponry from the u. S. , and it comes at a very interesting time because reuters are reporting that taiwanese Officials Say if President Trump were to lose in november, they dont believe biden would be as willing to sell them this hightech that they need to push back at the chinese. Thats what the Trump Administration is doing right now, planning to sell as many as seven major Weapons Systems including drones, mines and cruise missiles, and this support infuriates china who sees taiwan as a chinese province, and they have repeatedly denounced the Trump Administrations support for the island. But washington has been very eager to create a military counterbalance to chinese forces, building on asset known as fortress taiwan. China is not happy. As you say, today they sent bombers and fighters repeatedly into Taiwanese Air space whose air force scrambled to deal with those flights, and china has been conducting large scale military drills recently near the Taiwan Strait in what is believed to be a simulated invasion. The Trump Administration has made no secret of the fact that it is willing to sell weapons to its allies in that region, and that area is considered a real flashpoint. Today we saw the u. S. Undersecretary of state head to taiwan, meet with the president , something again which china is very upset about. Its the highest delegation to go for ten years from that department. Neil all right. Here we go again. Thank you, my friend, very much. Benjamin hall in london. Well be exploring this in much greater detail tomorrow on my weekend show, 10 a. M. Live eastern time, whether china is doing something here that goes beyond sort of sticking it to us, but upsetting the world. Remember, a lot of its economic numbers have been coming in quite strong. In fact, its overall data is the strongest its been since before the pandemic. Maybe theyre feeling a little haughty and nervy . Should we worry . Charlie gasparino on the whole tiktok thing. I guess some sunday you cant come sunday you cant download . What is that all about . And, you know, this is a china angle as well. Tiktok is owned by a chinese company, using this app which is a short video app that a lot of kids use, young people to post various types of videos, dance videos. The Trump Administration believes its using it to, essentially spy on them, steal their identities. As you know, this story has lots of twists and turns. Early in the week we thought we had a deal to save it from being banned. Later in the week there was stiff opposition from National Security officials inside the white house that anything but a complete sale meaning you have to sell the app which the chinese dont want to do, they are preventing the sale of the app excuse me, the algorithm. Thats what this really is. You can create a company that licenses the algorithm, which is what oracle wanted to do, but unless you sell the algorithm to a third party, a u. S. Company, which is what microsoft wanted to do and couldnt do because the chinese wouldnt let them, this is really not a sale. And right now what weve got from the Trump Administration is this you know, as of sunday theres a ban thats going to go into effect, and its going to be postdated november 12th, after the election. Kind of an interesting compromise. Why did the trump add administration, which looked like it was poised to approve this deal, joint venture with oracle, why did it back off . I hear its, again, National Security advisers. But i also heard one of the key players voicing against this deal that it wasnt really a sale was attorney general william barr. And i heard he was very vocal in saying that this is not a sale unless the entity that is being purchased by the u. S. Entity is the algorithm. Remember, what is tiktok other than an app . But, you know, its users can go any place else. They can, theyre free to go any place else. Its really the technology. Its the algorithm. And unless you buy unless you own the algorithm, which is not for sale because the chinese wont let it be sold, this is not a sale. So its a mess. Be interesting over the weekend to see if theres another compromise coming. I dont think this story is quite over, neil. Back to you. And by the way, neil, i just want you to know, i was at a very good restaurant in greenwich run by ron rosa . All i kept hearing was stuff about cavuto. I dont know why. Neil wow. I was at a mcdonalds, and your name came up [laugher] it wasnt quite the same. Always good seeing you, my friend. There are Business Reporters and then theres charlie. Hes the best in the business. Were very, very lucky to have him. And he goes to the greatest restaurants. All right, were also following a little bit of, you know, i did wonder what happened to the last englishnamed hurricane, Tropical Storm wilfred is already forming, they run out of names, hence to alpha on this Tropical Storm in the greek alpha with the. It is what it is. More after this. Here . Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. [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. It would be for me to discover all of these things that i found through ancestry. I discovered my great aunt ruth signed up as a nursing cadet for world war ii. You see this scannedin, handwritten document. The most striking detail is her age. She was only 17. Knowing that she saw this thing happening and was brave enough to get involved and do something that was eye opening. Find an honor your ancestors who served in world war ii. Their stories live on at ancestry. Who served in world war ii. So youre a small bor 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. Neil the Software Powerhouse right now Unity Software is doing well in the lower righthand screen, 52 bucks a share, around 17 close little over 69 and around 123 quarter 2 billion, the nasdaq itself is not so lucky, Technology Rich its deeper into correction territory, the stocks editor reminded us that its facing the 303rd down week in a row and the lowest totals we have seen since back in july. Maybe a more appropriate would be nasdaq, we will have more after this. 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. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Onceweekly trulicity is for type 2 diabetes. Its not insulin. It starts acting from the first dose. And it lowers risk of heart attack, stroke, or death in people with known Heart Disease or multiple risk factors. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. Serious side effects may include pancreatitis. Taking trulicity with sulfonylurea or insulin raises low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. Were committed to helping ensure trulicity is available and affordable. Learn more at trulicity. Com. Neil make way for the young and, thats the way to the lot tech ideals have been addressed, the older anchors that box when aisleways hear that, i get a career power annoying going, the Unity Software the snowflakes, the capturing the attention of the future technology, way too early to tell, they will have successful launching and mostly to a stock that is held onto the gains and other words they have not fallen in the case of snowflake and j fox, they are both up today as you can see but worth noting all of this is creating an environment when the horse soldiers, the leaders of the Technology Leaders or the amazon and apple or the microsoft, they are losing their perch and their influence and dragging the nasdaq down deeper into correction territory, lowest levels weve seen certainly since july, these are fastmoving stocks, some are very pricey stocks so we can see wild swings back and forth but the young up and comers we are getting a great deal of attention as far as the future industry leaders, way too soon to tell but i see the disconnect because its pretty pronounced today. Welcome back im neil cavuto continuing coast to coast on fox business where were awaiting the president , and in our help update us on the status of a vaccine that could be had and even dr. Fauci is saying by the end of the year, some are hoping the president by next month has become a political debate and doesnt blake burman know that, hed live in washington with the latest on how all of that is going. President trump will leave the white house for the midwest back to big ten country later this afternoon as he and joe biden will be visiting the state of minnesota, the president will be heading to the North Central part of the state and biden happens to be going to duluth which borders the swing state of wisconsin. When you look at that state, heres the reason its so important, ten electoral votes are in play, used to be a gimme for democrats, democrats when the last 11 president ial elections going back to 1976. President trump lost by a point in half the last go around, he often says he believes if he wouldve made one more campaign stop, he couldve wanted 2016 in his view, however, when you look at the polling according to real clear politics that the polling average, the gap may have widened, biden holds a tenpoint lead according to the average, as you write the focus back at the white house before that is going to be on vaccines, as a press secretary Kayleigh Mcenany says coming up next hour will clear things up where things stand regarding a vaccine timeline. The president wants to give the American People a very clear eyed look on where we stand with the vaccine, the majors that we put in place, a whole Distribution Plan i read through it last night, very comprehensive, what this present has done a manufacturing vaccines on the front and so in 24 hours of having phase three Clinical Trial success, we can start just reading those. Heres the backdrop, earlier this week Robert Redfield testified he could take until q2 or q3 of next year to get the whole country vaccinated, President Trump has said he believes redfield was confused and is pointing to an october vaccine, during interviews earlier today Anthony Fauci says its possible we could have an answer on vaccine next month but he picks that will occur in november or december, he said after that the high risk could be vaccinated in december, dinner in february, the history shows there is a hesitancy in taking vaccine so he said the following about getting the country vaccinated. If you want to ask the question, what about getting everybody vaccinated so we can say vaccines have had a Significant Impact on how to act going back to some degree of normality. That very likely would be in the first half to the Third Quarter of 2021. Probably going to be lots of talk about that in the 2 00 oclock briefing press conference with the president. Neil the timing is everything, thank you very much, blake burman following all of that, this is all about following the virus its self, we see the spiking cases notably abroad particular places like england, spain, israel, where there read locking down, timing is everything, what is the latest. For then first time in a week on thursday the number of new daily cases in the u. S. Passed the 44000 mark, a lot of the worst outbreaks were seen right now are in the midwest, many are by College Students ignoring Health Guidelines and throwing big parties as they return to campus. In indiana at least 300 students at Ball State University have tested positive and within a couple of weeks of the campus reopening last month the surrounding county became the epicenter of the virus. Wisconsin just reported the highest number of new daily cases since the pandemic began, due to outbreaks at the flagship university, more than 500 students are either in isolation or quarantine. In missouri there is a lot of concern over a bike fest in the lake of the ozark region that could draw tens of thousands of bikers to the area and make a bad situation even worse, missouri ranks third in the country for cases per capita by north and south dakota which are both seen spikes after the huge annual sturgis motorcycle rally last week. As researchers across the globe worked for the vaccine, you heard blake burman mention, u. S. Officials are concerned about indications with a lot americas are feeling hesitancy of getting the vaccine and in part that is due to how politicized is become as an issue. Here is dr. Fauci. The fda has made it very clear explicitly that they will not be influenced by enter political consideration. If in fact it looks like the vaccine is safe and effective, i tell the American Public that i will take the vaccine when its available to me and i will recommend to my family that they take it. Even if its ready and available late this year early next year the majority of americans are not convinced is safe and willing to get it, it really wont make much difference in terms of us getting back to a new sense of normalcy. Neil thank you very much, going to tom price, the former health and Human Services secretary former georgia congressman as well. Doctor, certified congressman, a lot of title there. How are you doing. I am well i hope you are. Neil im, lets talk about the quest for a vaccine, maybe this was not joe bidens intent but by raising doubts about a vaccine before election day, he is carrying a lot of people, if a vaccine is to be had before election day, do you think that is a problem you trust the establishment the fda uses to get one out there that has been honored in this is a workable vaccine. I do trust those folks in the politicized nation as a reporter just mentioned of the issue is really concerning, what biden is doing and what others are doing that is making so individuals who should be receiving the vaccine once is proven safe and effective might not get it because they had hesitancy of what they heard from those other individuals and that may in fact increase the likelihood of not just having the disease but the challenges of morbidity or mortality from the disease itself. And from the very beginning we talked about this and said you must follow science and respect the scientist and the physicians involved and when that vaccine is ready and not a minute before, we need to make certain that we get back to the American People and the most rapid possible way. Neil i dont know if you experiences when you are working with the president but the reason why people and maybe in light of the woodward book and those that president understated when he knew otherwise, the president has argued that he did not want to panic people and all of that and hes often challenged his top medical officials. And he was trying to correct comments that the cdc administrator mentioned about the efficacy of a vaccine out soon. Dr. Fauci in camden a number of times, he does not listen all the time to the scientist. That is breathing the doubt. What do you think of that. In spite of the observation, you have not seen dr. Fauci back down, yet not seeing doctor redfield back down, you have not seen any of the other scientist back down, i remarkable confidence in the scientist in the physicians and the medical folks who are working as diligently as they can to try to make it to the American People and people literally around the world are able to combat the new virus, the new infectious disease. Neil is the president helping that cause. I understand what you are sucking but as a president helping that cause by secondguessing these folks in the number of things he said in the past, i agree with you i have trust and confidence of the medical establishment of the people who are running it and protocols in place in their spoken of any vaccine that becomes available in healthcare workers in battling this on the front line first, senior citizens, and individuals with respiratory or of the elements that are particular in need of this, that seems widely accepted but they always come back to the president and what he says. You have folks across the political gamut who are throwing doubt and uncertainty into a situation that is already uncertain because it is a new virus in a new infectious disease. What we need to be doing is listening to the folks who actually know what theyre talking about from a scientific standpoint, that is why in this challenge of getting a vaccine going in the short a period of time is really remarkable, usually these things take years to develop, we are shortening that timeline, yes but the only way we will have confidences if we listen to the folks that are actually engaged in the process and can state their reputation in their career literally on the validity of a vaccine once it comes out, we will not just have one vaccine, we will have a number of them, two, three or more that will, at different stages. Neil very good point. Thank you tom price, former Health Secretary of health and Human Services. The doctor is right, there are three or four companies that are competing for the honor to get something out, the rushing to be first but as you point out, they are going to be coming up with something, first we have multiple vaccines up including one that is getting a good buzz in the United Kingdom United Kingdom, astrazeneca, pfizer, my dear neck, those of the prominent names that can have vaccines out. But the political back and forth on vaccines tends to target the president more than anyone else. He is the one watching it and the fact that joe biden wants to be president could be inciting it. This came to roost when i talked to parents and to town halls one featuring the president of the United States and one featuring the guy who wants to be president of United States, i want you to put blinders on if you can and hear the questions in the approach and decide for yourself, who is getting rougher treatment, who is getting easier treatment. Take a look. Why did you tell Vulnerable People like me under the bus. If you are president could you see a scenario where you downplayed critical information so its not to cause panic. To think its okay to be dishonest. How are you preparing for the debate. How do you stop Police Killing blacks at three times a rate of killing what. You see ways you benefited from white privilege. Neil a little and balance, be rough on the other, its fulton strikes, its a cliche term but we talked about everyone, its pretty distinct right now and the Media Coverage of joe biden versus donald trump, its a little unbalanced, the president might get a lot out of this but joe biden has said some doozies as well, im just try to get a fair balance look as to whether this treatment is fair and balanced, chris wilson, we also have a democratic strategist, i know where you are coming from obviously as i know where chris is coming from but it is pretty obvious to me in terms of the number of questions versus the number five times as many that donald trump is facing in the questions are nastier for donald trump and more inyourface, i get that hes a president but its almost a task when it comes to joe biden, what do you think. I think the check on the media is something we all have to do but i dont think in this case is an overwhelming support for joe biden but i think donald trump genders this judgment with his commentary in attack on science which is failure to test and train. Neil joe biden has said some doozies as well, hold him accountable. You say what is lying, you really have to be pretty diligent about that. I think it a normal president ial race with a normal candidate in the white house, that is not the case here, this is an unprecedented person who lies by breathing. Truly i dont think we can say both sides. Neil that does not get the media right to ignore false statements to joe biden, thats what im saying, chris, the president has invited a lot of criticism with offthewall statements but to be fair joe biden has also set offthewall things particular about the virus and when it was a worry to him and when it wasnt, when the president was not acting fast enough when he himself back early part of this year was holding large rallies oblivious or maybe ignoring the concern that was out there about the virus. Go with the president on saying that, chris im saying also what the guy wanted to be president was saying. Joe biden is the one that tried to plagiarize his way to the white house and giving speeches in 1998 thinking that was going to give him the past, i dont think theres any question the Mainstream Media will put it on the scale. Watching the biden town hall last night, who knows he may have those questions in advance, topic before and they were softballs but at least he managed to hit them, that will be the challenge as we moved to the debate for donald trump the debate is going to raise the bar for biden and hit the ball back and its going to require the president to push him and make him and push him for his tail out to the far left. Neil you might want to secondguess what you are saying, the president has set this guy up to be oatmeal and finishing a sentence, he has set the guy up to do better and also the president sees the doubt. He is going to have to push biden on those issues and you have specific examples like eliminate taxes into becoming on donald trump to make sure hes not can have any help for the moderators, Chris Wallace is going to be a hard on trump as he is on biden if not harder on past experience, i think it will be up to the president to push to biden to change on where hes been dishonest and force him in a position in that is key about the next stage of the campaign where we are going. Neil you see anything that worries about the reluctance of the part of joe biden to talk to the press, he does not do it very often, maybe hes sitting on a leaf and feels like he does not want to risk that, but it could cost him. Bowejoe biden engagesin the. In terms of coverage, donald trump can create a windstorm and garner press coverage for his foot in his mouth or attacking the cdc director and the disadvantaged joe biden there, that still is to trump, does not allow biden to get his message out on jobs, on the economy and that is where swing voters are, my colleague was talking about the debate. Neil he does not engage the press and off, he is the index card on who is going to call on, you are quite right, the president is one that generates a lot of the news but theres nothing approaching a fair balance number of tough questions for both men. Lets talk about his policy prescriptions that dont get coverage, it is understandable but also what biden has to confront, frankly there is a very nero number of swing voters in adult need to shut people who voted for trump in 2016 but the people that decided not to vote in joe biden has to engage those folks and you have to talk to them about healthcare. Neil hes got to get them engaged, i think the president should leave the personal attacks and the distinctions could support itself well but he may be setting up the other guy to pull a Ronald Reagan ironically and showing up versus jimmy carter at the time and seeming applicable and present intriguing, he wanted based on that, low expectations and doing well in that debate, it was a week before the election, very different now but what do you think . I think if you look at the data, trump is really pushing biden on the issues and we are 46 days before the election in 11 days until the first president ial debate, you already have people starting to vote in minnesota and virginia before the president ial debate and they made 27 days and 34 days before the president ial debate, a lot of decisions are being made right now and is income to on the president to make sure he is able to point out where biden flips often where hes been dishonest because the press is not going to do that and if he keeps asking questions should you be more angry on joe biden, is not a fair fight over Media Coverage. Neil we will watch closely, the first debate, we will see how it goes, thank you both for showing up. Discussing this in a very respect the way, i always appreciate that. We told you about how increasingly College Football seems to be coming back with the big ten and the pac 12, now its on to College Basketball and one big league is already announced his plans to play ball. That is after this. These days, businesses are adapting to new ways of working. And innovation is at the heart of it. Verizon 5g ultra wideband is the fastest 5g in the world, with speeds up to 25 times todays 4g networks. Its massive capacity and ultralow lag time is already available in parts of select cities around the country. Which means businesses both large and small can innovate like never before. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Neil i forgot about College Football and indications of the big ten will resume playing the latter part of next month, trying to get eight games in and pac 12 could consider something similar but lets talk about early, College Basketball, they are getting ready for schedule to be available undirected by covid19, one of the first to move on this with the Metro Atlantic conference the commissioner rich will join just now on the phone. Good to have you, you got things settled and organize, tell me about it. Good afternoon, we are excited one step closer toward College Basketball which got interrupted last march, we began to an half months ago working with athletic directors, we were just waiting for the in cia to announce its start date which did this week november 25, there have been two other dates on the possibility list, one thing i liked, we announced our model and we will release the actual schedule on tuesday to the membership in public. Neil you are first out the gate, do you know of other conferences that are not too far behind, the fact is you are not cutting any gains or doing any of that, that seems to be a signal to play ball as normal. I think every conference is working on it, i think the football guys have been a little preoccupied, that is understandable, i think the nca has cut four games out of the schedule basically. The minimum or the maximum number is 25 give or take if youre in a multiteam event in the preseason space, we eliminated those four games and we built our full Conference Schedule and that allows us to space it out over december, january, and february and with any possible disruptions from the pandemic and the goal is to finish the Conference Season and get into the tournament in Atlantic City this coming march and onto the ncaa tournament, everybody is focused on my goal. Neil how about arenas where these will be held without be court or capacity, i guess it depends on the school in the conference, what do you hope to see . The real determining factor is state regulation, at least in the tristate region where our goals connecticut, new york and new jersey, right now no fans allowed, up until december 23, we projected no fans in attendance. As those numbers perhaps get modified with states allowing us a percentage of the building, we will revisit that likely open up at least for the month of december, no fans in attendance. That does affect arenas at the union center and now benny, we work with both places, they are the host for Siena College and they will have to adjust how they operate i in order to host cnn. We want the game to get underway, hopefully we will get to the point in time where the pandemic allows us to open up the venues for fans. Neil fingers crossed on all of that, i forgot this all started with march madness and then the pandemic, talk about bad timing. I hope it goes as you hope and plan, the atlantic conference commissioner and other leasing conferences to follow suit. We will have more after this, we have a lot of the attention on Unity Software, the videogame Software Maker that is writing nicely on the market the nasdaq that is not, the new upandcoming Technology Names and doing okay the old are not doing okay. Stay with us. How they gonna pay for this . They will, but with accident forgiveness allstate wont raise your rates just because of an accident. Cut is that good . No you were talking about allstate and. I just. When i. Accident forgiveness from allstate. Click or call for a quote today. Now every bath fitter bathbath fis installed quickly, accident forgiveness from allstate. Safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation today. 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. Neil you mentioned that you are not entertaining the state income tax but with the flood of people we had coming to your state i believe in excess of 24 million, i could be off i apologize if i am, thats an expensive responsibility, if people are fleeing because of high taxes, they are coming here and almost all of them are people who are contributing more than they are taking. Neil im well aware of that. A lot of folks how is he doing this without the income tax and the estate tax and any of that. We reinforced the good things and so we broaden the tax base more and more productivity in the state so you end up raising more revenue with the low rates then you would if you tried to do more tax policy anyways. Neil ron desantis telling me new jersey and especially rich New Jerseyans which have been surtax to hell and likely to pay the highest in the country, come to sunny florida, many could, 16000 New Jerseyans are under the gun debate the higher rate. Money can move, thats always a possibly. Lauren simonetti on that. It is moving, i have the numbers to prove it, starting next month if you live in new jersey and made more than 1 million a year, your tax rate goes up to 10. 75 making it the second highest rate in the nation behind only california, some of that money actually a large chunk of it would be used in divvied up into the 500dollar rebate checks that we go to middle class residents starting next year but tax experts say the timing for all of this could not be worse. Listen. Last time you want to impose significant new tax burdens, people are really immobile right now, the highest income individuals can leave. They are leaving, if you look at the four highest tax states, new york, california, illinois and new jersey, between 2010 and 2019 they sell the highest levels of outmigration, people saying enough in leaving and in the past is any indication of the future, back in 2004 new jersey had a similar millionaires tax, 20000 residents fled costing the state to a half billion dollars in lost tax revenue. Im not done 2012 take a look at maryland, and lost 31000 residents and 1. 7 billion in revenue, this is a lot of people and a lot of money but also a lot of Business Owners packing up and moving out, what could be done instead, supporters of such attacks they say it is a complete myth but a lot of people suggest you can do things like growing the economy, sometimes it means a tax cut but also broadening the tax base so you are taxing things that werent taxed as much before Like Services and rich people Like Services two. Neil then the liabilities and their garden state that are off the charts. To raise revenue than to save on the revenue and look at the underlying spending, one of these days maybe they will do that. Lauren simonetti thank you very much. Bill migrant the wall street editorial in a former bush 43, i did want to touch on the new Jersey Development but one other story that got my attention, thats what theyre doing in str was trying to take some money from the cares act and reappropriated into a 500dollar monthly income for low income families affected by covid19, it was in and mostly passed by the council and they like what the mayor is doing but my question to you can he do that, these were not meant to do Something Like this, here he goes. One of the Council Members asked that question and i think she got an official answer saying that they can, we will see the federal government steps in, i am dubious about these schemes but its better to use the cares act money then new funding, it is interesting it comes at a time where they reduce the budget for the police, not quite as drastic as minneapolis over the way but the police chief says it will mean that staffing level goes down 2022007 levels pretheres no substitute forgetting people back to work. Neil at the same time joe biden had a different plan but not all that different when he becomes president sending out the 300 monthly tax to those who have kids under 17, that coul add up. Another child tax credits and the rest. What do you think . I have the same approach, i think this is a dubious substitute, there is no substitute from getting the American People back to work. Most of the people that i know, i know a lot of people struggling and a lot of people with children that want to work and get back to their jobs in a safe and responsible way, thats where the emphasis needs to be put, i dont think we can hand out checks forever and think there is no cost to it and that it is really going to substitute for a healthy and providing for themselves. Neil while i have you on the new jersey thing third time is a charm for governor murphy and he thinks he will raise the money, as you reported in the past, money can wander in the people who have a can wonder and sometimes it does not translate into the revenue estimate that these states do these sort of things and tell you about, where you think this is going . I think you are exactly rig right, we always have the projections and new cash and they say will not be for new spending just to settle our debt and balance things, it always ends up needing more, in new jersey the millionaire applies to incomes over a million. I would not be surprised if this goes through and suddenly the millionaire to tax applies to people a lot lower down the income scale, thats the other problem with this, new jersey is so dependent on its very wealthy people in the tax code, i cant remember his name, the Hedge Fund Manager who accounted for 4 money is movable especially if you are wealthy, a lot of them do not have to physically move they have a resident somewhere else that they declare their main resident and stay out of the state. Is very precarious, is why Governor Cuomo for all of his bad policies he sees they are leaving new york city and york state and with each one of those guys leaving, it is a big hit because the tax system is so dependent on taxing the wealthy. Neil it is amazing here we go again, that will be a big deal, lets see how it goes, always a pleasure. Bill mcgurn, a lot more coming up taking a look at Unity Software and unity is doing ok okay, it did have 77 bucks a share, it was launched today at 52 a share, it wouldve been a little bit north of one and a quarter, billion dollars and offering that has brought it up much closer to around two but the big heavyweights within the market average including the dow, they are not doing so well, and interesting contrast with the traditional names, google and apple a cheaper stock today but it is still reminded with apple and amazon and microsoft and some of the other key names that have been leading the market runup, it is the new guys in town, the new Technology Names that are getting the attention although today hardly offsetting what is happening with the big boys. We will have more. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Welcome back to to give it a coast to coast, danny vargas as part of an effort that began in 1994 to create the National Museum of the american latino, poverty and struggle and childhood help mold the manti as today as did his mother who guided him in the pursuit of the american dream. My mom is from puerto rico, she grew up very poor, never learn to read or write. After moving to new york city carmen found herself divorced with four young kids. She was the one who taught me when you are told to sit down and be quiet, thats when you needed the standard tallest. Danny was the youngest child in only boy, his family lived in brookwood which was filled with crime, drugs and poverty, he graduated high school the top of his class and at 17 years old he saw a way out. My mom had to put an x on a piece of paper to authorize me too leave and join the air force under age. He believes that not only changed his life but saved it. They got me out of the environment in new york because his physically i would be dead or jail right now. After serving five years and in panama and working intelligence he landed jobs at multinational corporations before launching his own marketing and communications firm, in 2017 he was elected chairman of the National Museum of the american latino. We are a vibrant essential component of the american story. This past july the u. S. House unanimously passed the bill for its creation as part of the smithsonian on the national mall. Dannys mother passed away in 2016 surrounded by loved ones, her lessons being passed to her grandson. That is one thing she taught me was to have faith that tomorrow will be another day and tomorrow could be better than today. The museum bill that passed had 295 par 295 bipartisan cosp, supporters are working to get it passed in the senate. Neil what a nice story, great job. Alicia acuna you on that, there are Success Stories on that. Thank god alicia did. We have a lot more coming up, talking about coronavirus cases in america, they are stabilizi stabilizing, abroad, not so much, what is going on in europe that has a lot of officials worried after this. 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. Here . Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. Its time for aerotrainer, with your weight and health . A more effective total body fitness solution. announcer aerotrainers ergodynamic design and four patented air chambers create maximum muscle activation for better results in less time, all while maintaining safe, correct form. Aerotrainers unique design allows for over 20 exercises for a total body workout. Plus, you can easily transition from one exercise to the next. Want tighter abs and a stronger back to help relieve pain . Do the aerotrainer super crunch. The prestretch works your abs even harder, engaging the entire core. Then its the back extension, super rock, and lower back traction stretch to take the pressure off your spine and stretch muscles. Planks are the ultimate total body exercise. Start with a wall plank and progress with maximum muscle activation with comfort. Work your lower body with the aerosquat or advanced super squat, all while in a safe, ergonomically correct position for maximum results. Build your upper body with pushups. Aerotrainer is perfect for bridges and total glute workout. host need to reduce stress . Just stretch and breathe. announcer plus, its a great platform to enhance yoga and pilates moves, even increase flexibility and reduce back pain for golfers. The aerotrainer is tested to support over 500 pounds. Train hard, because aerotrainer can take it. It inflates and deflates in less than 30 seconds using the electric pump. Aerotrainer works for families, beginners, and athletes. Use it anywhere. Even strengthen your core while watching tv. Head to aerotrainer. Com now. Aerotrainers unique design allows for over 20 exercises for a total body workout, all while maintaining safe, correct form. Now its your turn to lose weight, look great, and be healthy. Get off the floor and get on the aerotrainer. Go to aerotrainer. Com, thats aerotrainer. Com. Neil housing is hot, status of permits is disappointing but still a month of over month and year over year. The fact of the matter is housing is on fire, the demand for people who were sheltering at homes or buying new homes are looking for bigger better ones, that is unstoppable, the question is where they are focusing, a lot out of urban areas and more into the suburbs, david is where with us the National Conference ceo, what are you seeing on this front with the Home Building and the strength of sales, pretty much across the country, where are the strong pockets. Thank you for having me neil, i think where we are seeing the strength around big cities where people are really looking for more space and as you can imagine when you been working for home for six months with your kids, you will be looking for more space, we also have a problem with home construction, it is up but not nearly where it has been historically so we have a supply crisis and i think thats really helped prices a lot in the short run which is good but we need to build a lot more housing and that is going to be really important coming out of this recession because housing is actually helped lead the way out of recession every recession we have had since 1960 except for the last one. Neil i was thinking you would be coming on new jersey taxes have been going up many high tax states, is there a distinction between the high tax states and how that is going because you have to balance that out with whatever home your purchasing, what are you noticing . There is no question that taxes play a role, people are not quick to decide to move because they dont like their taxes because they already decided to be there in the first place but the tax burden has certainly increased in the last tax bill, we some reduction in the deduction for state and local taxes and so that made the tax bill that your expensive much more obvious, it used to be hidden in the overall tax bill but now its not, it is right there in your face. Neil it is interesting people go to places like florida that dont have an income tax and estate tax, they do have high Real Estate Taxes and that is a bit of a surprise to people but they save so much more than they would otherwise in getting zoomed on both ends with a Real Estate Tax in the state income tax but im wondering what will drive this Going Forward you think people are seeking out in good locales but they dont want to be in cities. I think there is a lot of interest in being in cities its the highest end of the market, there is no question that people have been making choices to move out in big cities like San Francisco and new york and others that have been skyrocketing housing cost what weve seen with covid i work home a lot more frequently than i thought i could. That will have an effect on peoples thinking about commuting time, it has certainly affected me and i think thats been true of a lot of folks. The other factor where kids go to school is a huge factor in whether or not people want to move, i do think when we see relocation decisions, you are going to see that morgan peoples whose kids are out of the house and whose jobs are more affordable than folks who lived where they do because of where they worked. Neil i want to surprise my kids when they come home and wheres mom and dad just to see what they do. Thank you very much david, we will have a lot more after this. Or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Theres an art to listening. Its the ability to hear more than whats being said. To understand the meaning in every pause. And to be able to offer the answers that make someone feel truly heard. I understand, lets get started. Thats what you get when you talk to a Dell Technologies advisor. Neil i do want to let you know since i teased it, that the spikes in cases are notably in france and spain. Israel now at another lockdown because of that and the u. K. Is considering one after a severe sharp rise there. We will explore that later today. In the meantime to charles payne. Hey, charles. Charles hey, neil, thank you very much. Good afternoon. Im charles payne. This is making money. The market continues to struggle as it attempts to find a footing holding at key support points. Questions linger about the potential catalyst and this as investors debate growth over value. We will focus on just what the heck is a value stock anyway. Plus Consumer Sentiment moving to the highest level since march, but still way down, so what will it take for the data point to join so many others in a v shaped recovery . And we are awaiting for President Trump. Hes set to address the media on the vaccine timeline momentarily. Well bring you to the white house as soon as it begins