overconcentration in the nasdaq. >> john, to you. >> first solar, dom, the 53 calls bottom of the show >> goldman sachs is snapping back from that post-stress test beatdown, and it's got a lot more to go that does it for the "halftime report." "the exchange" with kelly evans begins right now >> thank you, dom. welcome to "the exchange," everybody. here's what's ahead. markets are taking the spread of covid in stride as the tech trade soars higher again today amazon crossing 3,000 a share. the nasdaq 100 is up 20% on the year are there opportunities left we do have some names. plus, dickinson gets approval for a new 15-minute covid test we're going to speak to the ceo about this technology and how they plan to meet demand as cases rise across the country. uber meets with post mates

that's all ahead in "rapid fire" today. we have bob sesoni to walk us through it bob? >> we are up but not like we were earlier today they are relying on mega tech work from home to essentially power the market forward it is indeed doing that but at the cost of a few soldiers that were really important early on let me show you the sectors today. yes, tech is moving, but the other two, essentially tech sectors consumer discretion. as you can see, s&p 500 was up more than 50 points, but tech consumer services, these are essentially tech-oriented sectors. those are the market movers. banks were up nicely early on. they fell back in underperforming the s&p. energy also was outperforming earlier on it, too, has now been underperforming along with consumer staples and more defensive sectors like health care so you see the breadth of the market is narrowing down a bit

we have new highs on amazon and netflix and microsoft and apple today. and semiconductors also powering, a number of them at new highs. kla corp, teradyne new high. ebay, for example, which is cloud computing. pay pal and salesforce which has been hitting a new high on a regular basis. the other one i see is china stocks they're essentially trying to jawbone the markets higher shanghai, two-year high, historic high on alibaba and jd.com today >> that was a major move today markets here continue to defy expectations as we rally despite the threat of coronavirus. the mayor of miami becoming the

latest to roll back his city's reopening plans. the nasdaq hitting another all-time high. despite the rally, citi says stocks will go sideways for the next year. ceo for thornburg management mark, i'll just start with you it almost seems as if these markets are rallying because of coronavirus if you look at the strength of the tech trade >> yeah, i think there is definitely some upside in the markets we're seeing, but we're telling our clients at the connor smith group ubs that you have to wait and see right now we have some big headline risks coming out. we ev we have 10 million people out of work i'm talking to my clients that own restaurants around the country, and after ppe runs op t they'll start laying off employees. we have no guidance on that. i told my clients to be prepared

with lower numbers and we don't know if the cheerleader in chief is going to be in the white house, so a lot of people are trying to figure out what that's going to mean for their portfolios >> absolutely. j jason, do you everhave any thot on that? >> we don't have a global pandemic that suddenly solved, although the numbers are better. once you put the world on your shoulders, it's tough to put back down again. what we're looking at is trying to create portfolios with balance. you mentioned the china trade. this is really a global market, and the mouthpiece of the state that was really pushing stocks forward in china and frankly, there is a lot of similarities here, too make sure folks have balance in their portfolios is what we're saying when we talk to clients >> mark, let me go back to you i guess what i'm wondering is, is tech so resilient because of everything that we're describing, right? when you have the spread of

coronavirus, when you're talking about stay at home, when you're talking about long-term changes in the work force, all of these really favor the biggest tech companies, even some of the risks you're describing. do you really see anything on the horizon that disrupts the leadership >> listen, tech has continued to outperform, and i can't say that a lot about other sectors. you look at energy, down 50-plus percent since march. i own the tesla model s. i don't think i'm driving another car that drives on gas anymore. we got financials trying to make money. zero interest rates, i'm not sure how they'll do a good job at that. airlines, none of my friends are traveling. hospitality, retail sector there are a lot of sectors out there that have major issues, and tech is not one of them. >> jason, it reminds me of the reaction everybody had when we learned that warren buffett was selling the airlines a couple months ago as it seems like it was after a lot of the downward move on the back of coronavirus, but he and charlie monger have said, we

don't know we've never been through something like this pandemic even though we've seen the move off the bottom, what is going to happen to the airlines it's anybody's guess >> that's a good guess we've been around since the 1980s, but they preceded that. there are names out there looking at individual sectors and individual names where there is actually a more resilient earnings picture i'll point to telecomm sfervice as a part of that sector that is pretty beat up from a price perspective, but earnings are doing rather well, as you might imagine. i think when you break this down on a name-by-name basis, there are some things to do. more broadly, though, it is a volatile environment we're just going to have to continue to get used for all the reasons mark said >> mark, you said some of your clients own restaurants and

they're worried about the layoffs that they're facing. what would ameliorate that obviously a vaccine, but i'm guessing maybe another round of ppp or something like that is there anything else you see that could forestall them having to make those further staff reductions >> unless there is another round of ppp coming out of washington, they're going to have to make these layoffs. i've owned a restaurant, and there is no way i could run a business at 75% capacity sometimes i lost money at 100% capacity so, you know, that is inherently the problem. folks do not want to take the risk of possibly contracting this virus, even though it is a very small risk. the problem is do you want to be the person that's in that category of folks that end up in the hospital most folks are not willing to take it. >> heck, no, most people would sa say. gentlemen, thank you both. speaking of warren buffett, bertha hathaway making its first

payment in more than toen years in a $10 billion deal. brian sullivan is on the ne news line. the fact that this is coming from berkshire, tell us everything that's on your mind >> hi, by the way, kelly this is a big deal warren buffett will get the headlines, and as i sort of joked internally last night on e-mail, i said, uncle warren wants to keep us warm, because part of this purchase are these natural gas and storage outlets that are being filled right now that will heat much of the northeast in the wintertime. that's a big part of it, recurring business, heavy cash, the kind of thing berkshire likes. i say berkshire and not buffett for a reason keep your eye on greg abel this is him picking his head up, and we talk about buffett's and

berkshire's ultimate successor plan you've got abel squarely in that mix buying up these assets they were supposed to build this atlantic coast pipeline. after eight years they've given up on it, kelly, and they realize they need to get out of it who is available for a fast cash purchase mr. warren buffett >> so it is directly tied to the pipeline deal falling through? >> absolutely. i talked to a couple people last night. the pipeline industry as a whole is in trouble, okay? there are lawsuits, it is capital intensive. you name it, it's an issue so i think what buffett is seeing, and greg abel and his team are seeing, is this is our opportunity to pick up some assets from dominion, which is a little bit financially stretched. dominion would like to build a giant wind farm offshore in virginia because their power customers want renewables. they can divest fossil fuels

market didn't like it, by the way -- >> no, we're down 10%, bri >> i wrote to some of you last night that it could be seen as a reaction the atlantic pipeline isn't going to happen. berkshire has a huge windmill business, wind farms, et cetera. but berkshire and abel are willing to step out of the conversation and buy fossil fuel at a time when others are trying to divest. classic warren buffett older industry, heavy cash flow out of favor, and guess who steps in >> and in he comes, first big deal in four years good stuff, brian. appreciate it. brian sullivan explaining why the shares are down. coming up after this quick break, another breakthrough in testing. some good news from dickinson

who came up with a new covid-19 test in as little as 15 minutes. how quickly they can manufacture the test as well as the cost plus nasdaq hitting a 26-year high this year amazon, nasdaq all soaring today. amazon passed $3,000 today can you buy in we've got some names stay with us (upbeat music) - we did it! (crowd cheering) - [narrator] wherever you start, snhu is where you can finish. (crowd clapping) (crowd cheering) - here we go. - [narrator] and it's it. - [group] yay! - [narrator] you did it, high five! - southern new hampshire university. - [man] that gets a hug. (laughing) - look at that! master's degree, i did it! - i did this for my children. i am very proud of myself.

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welcome back check out shares with generon. its antibody drug cocktail moves to phase 3 trials. this as cases continue to surge across the country meg tirrell with all the news on this front meg? >> hi, kelly this generon news that its antibody test for covid-19 moves into phase 3 in clinical trials, so just an amazing pace. what they're doing is looking at this drug both for prevention and for treatment. they're beginning a phase 3 prevention trial in uninfected people who have come into close contact with somebody with covid-19 that will be in collaboration with the national institute of allergy and infectious diseases,

so testing people like housemates of patients, for example. they're also going to move into late stage trials to treat patients both in the hospital and who are not hospitalized with covid-19. they say those data are expected later this summer. this is basically on about 30 patients in the early stages of clinical trials getting the go-ahead, at least on the safety of those we have not yet seen those data so we will be eagerly awaiting it kelly, this comes as case numbers continue to rise, hitting several records over the holiday weekend. several days of more than 50,000 cases reported across the united states this data here from the covid tracking project you can see hospitalizations in the country as a whole are now ticking up, whereas the daily numbers of deaths are still declining. experts say they expect that could follow hospitalizations in ticking up with some lag time. now, in terms of the states reporting the most cases, florida continues to break more than 10,000, although it had a

lower number today you often see among mondays and after holiday weekends lower numbers of tests and of cases, kelly. >> at least temporarily. meg, thank you so much we appreciate it meg tirrell with the very, very latest there now to a positive development in the covid fight on the testing front beckman-dickinson just received approval for its ramping up a test for the coronavirus it's portable, slightly bigger than an iphone joining me first on cnbc is tom polen, the ceo beckman-dickinson. thank you for being here >> thank you for having me >> tell me how this test is different from what's on the market >> you see there is certainly a growing need for tests public experts say testing has a critical role in minimizing the

spread we're seeing across the u.s. because of that, prercferably is going to be more in realtime it records in about 15 minutes, and we think it could be a game changer for covid-19 diagnostics to help expand testing, again, in 15 minutes into communities right on the front line so people can be more informed and better prepared to help prevent those new spikes and additional waves of covid-19 by enabling health care workers to quickly diagnose patients, quarantine those individuals and trace their contacts >> would you liken this to the flu test that we are all used to getting with urgent care at your doctor's office, that type of experience >> it is the exact thing we have about 25,000 instruments already located in all 50 states in the u.s., and we're one of the leaders in flu testing and

strep test if a kid has strep throat, they would typically get tested on that device. we're adding this test for covid-19 to that exact same platform that people are used to getting. >> so there will definitely be a level of familiarity you are the second mover to this space. quidell first to come here i believe the ceo said we need another player here. there is so much demand that we can barely keep up with it is there capacity for both of you to come in here and give this market as many tests as it can possibly demand? and if so, how do you think that would change the nature of how we're able to track coronavirus around this country? >> certainly the availability of a 15-minute test for the front lines in health care clinics, in doctors' offices, urgent care clinics, having tests there and essentially in realtime we think

will have a tremendous impact in helping to stop the spread and also potentially help to reopen the economy. we believe there is going to be significant demand for both providers of these tests we're expecting to produce over 10 million tests, or about 10 million tests from july through september, and then as of the end of september be producing about 200 tests per week here, so really ramping up our production to help meet the needs. >> your shares are up about 20% today. $20,000, is that what these tests would cost providers >> to put them in the hands of front line workers around the country, it needs to be affordable if you think about this versus molecular tests, think about a molecular platform, the instruments themselves cost over $100,000 this instrument is several hundred dollars. very inexpensive and the cost per test is about

half the price of a molecular test, a little over $20 a test to our health care workers >> do you recommend the people who get this test have it confirmed by a molecular test? >> that is if it's negative and you have symptoms, it is a claim you should have that confirmed via molecular test, yes. same thing with flu testing, by the way. >> it's fascinating how you're able to take one platform, use it in this case and hopefully help people know more about what's going on. tom polen, thank you so much for your time today. >> thank you, kelly. >> he is ceo of bectan dickins n dickinson. we're going yield hunting. a look at stocks with some strong buys on wall street with

a higher dividend on the overall market you can always listen to us live on the gonuro o cnbc app. "the exchange" is back in a couple

welcome back to "the exchange" on what's a banner day for the market so far to kick off the week the dow was at 469 for the highs. it's not just the dow that's higher, it's also the s&p and the nasdaq the nasdaq at an all-time high and one of the heavily traded etfs out there up 20%. here's what's going on with the sectors technology, technically the leader on the leaderboard today with 1.68% only one sector is in the red today. that's utilities down 1.4% in terms of some of the movers

this hour, we are talking about square, slightly higher on a price increase from sun trust to 153. that has been a catalyst to cash apps and it takes immediate direct deposit share from banks, which is interesting shares around 121 on that move today. here's harley-davidson higher. the stock is down 33% so far this year, getting a 6% fill-up today just under 25 a share. finally shares of spotify lower over at bernstein. even if spotify could increase the market share, it won't add much to the bottom line. only taking off about 4% of that gain today now sue herrera for an update today. >> ghislaine maxwell accused of

putting girls into minor sex acts is in jail, but isn't being housed where jeffrey epstein took his life in august. her bail hearing will be held on friday chinese health officials confirming a herdsman in the country's inner mongolia region has been infected with the bubonic plague the man is in stable condition and receiving treatment at a hospital they are warning of hunting, eating or transporting animals in that area twitter is joining facebook in whatsapp in suspending all data inquiries in light of china's controversial national security law espn films is gearing up to produce a docuseries on the life and activist colin kaepernick as part of a deal with disney i send to back to you, kelly. >> thank you, sue herera

the headline doesn't tell the full story of the health of housing right now. diana olick is here to explain diana? >> the overall numbers are falling but buyers are extending their bailouts as of june 30, 4.58 million homeowners were in bear plans. that's in 46% of all active mortgages. down 100,000 in just the past week, but there is a big red flag the federal mortgage bailout started at the end of march, initially as a 90-day plan with the option to extend to six months, and that's the flag. more than 2 million borrowers got in right in those first two weeks so would be expiring about now. and more borrowers are extending than exiting their bailouts. you can see it here. in the last two weeks, the share of extended bailouts past 90 days jumped past 10% of all

forbe forbearances to over 10% now, as extra unemployment benefits expire and parts of the economy may deopen due to rising covid cases, these extensions are likely to rise kelly? >> deopen. what do we call it when you stop the reopening? i guess it is a deopen diana, thank you very much we appreciate it consolidation and the losing food delivery space? elon musk is taunting the shorts n.ai it's all in this edition of "rapid fire" up next

welcome back let's catch you up on a few stories that should be on your

radar today. it is time for "rapid fire." here to break down the headlines are eric chummy, leslie picker welcome, everybody we add our fourth, diedre jobosa what does jordache mean for the rest of the players. >> they lost out on grubhub and everyone on this space has been talking about consolidation, consolidation, consolidation for the next few years, really uber and grubhub would have merged two of the bigger players in this space. postmates is relatively small, and some insiders say this doesn't actually give uber a ton. it gives them the lead in some important markets like l.a. and miami, but it's still going to be very difficult to compete with the dominant player, and that's jordache.

one of the most interesting things i read throughout the last few weeks is that jordache's market cap went to 45%. so this is a company that has been focused on food delivery and logistics. uber has been focused on ridesharing and shop projects. >> that's a big market boost, from 18 to 45% when he was concentrating on the grubhub community, he said this probably means lower prices because it's not using uber players. do you think anything about postmates put that in jeopardy, meaning higher prices for us >> not immediately i think the problem was the opposite there is way too much competition in this space. it's a money loser for most in this space the price uber is paying for this is massive, and they'll

need to recoup that and they'll probably do it through price increases most likely through market shares. i don't see big prices for consumers any time soon, but i do see more losses for these companies. >> leslie, would you agree on that front they've got deep backing for now and we know that can go on for some time. >> i think part of the impetus behind the consolidation was this idea that if there are fewer players, then they could potentially charge higher fees, generate more revenue from these businesses that's been a big issue with all of the competition, is the issue we're seeing with ridesharing as well so if you ordered from postmates lately, we did so this past weekend, i think we paid $16 in fees and that did not include delivery so the fees are already pretty steep. you have to wonder if combining the two businesses together, what that means for the delivery fees moving forward, what that means for the economics for all the various players with these businesses you know, the restaurants, the consumer, the delivery people.

so it will be interesting to see. >> i know, we think we all know they're going up it's a lot already, but it's probably going up. diedre, thank you. releasing a partial list today of companies that received loans of more than $150,000 as part of the paycheck protection program. so many different names, guys, on this list, everything from pf changs and chopped to famous dave's to archdiocese of san francisco, boy scouts of america, and eric, this caught my eye, big usa basketball and u.s. basketball. what do you think they'll do with the funds we'll talk more about sports in a second, but this just tells me everybody is affected by covid >> you look back at 2008 when they had all the bank money they were giving out, and they said all the banks are going to take the money so that way nobody

will get sing he wouled out. now that we're singling out these companies, probably none of them thought about that four or five months ago that, oh, i'll probably get singled out in the pr if you've got a banking relationship with somebody and they go ahead and get this going for you, whose fault is it and, look, these companies that can have big brand names, i'm not saying in any particular case what's right or wrong, but all these companies employ people, and all these people that are employed, they have regular salaries as you and i know, a lot of people who work in pro sports, they have modest incomes, and if those games don't happen, they're out of a job, they're not paying their rent. just because these things have good brand names doesn't mean they're not worthwhile places to put these loans out. >> i think that's absolutely true leslie, we turn to you and robert because there are names we know people will zero in on and say, is that fair? we see private jet companies pop up and that sort of thing. leslie, what to you is the message from some of the

pe-backed names that have applied for and received help here >> so far we've seen quite a few names that are backed by at least venture capital, private equity growth funds. we're still going through the list of 700,000 names to get a more complete picture, but i think one thing that, you know, private equity firms would say is that, yes, we have trillions of dollars of cash on the sidelines, but that doesn't necessarily mean we can use that cash that doesn't mean our lps give us the ability to use that cash to make sure our portfolio companies are able to keep staff employed at those respective companies. so i think they have definitely come under fire politically as utilizing this program it was structured so that they didn't there are definitely work-arounds, there are tons of companies that pursued those work-arounds and it's just interesting to see kind of how all that is shaping up >> and, robert, i think it's attention between people who

say, i thought this was for small businesses, and what about companies, whether it's a sports team or gore's holdings, newsday, right what about companies owned by billionair billionaires should those billionaires be personally on the hook if they're able to fund them or should they turn to the government for help? that's what this is coming back to >> exactly two questions on the list, did these workers do anything wrong? absolutely not they followed the rules. the rules at the time were very loose. they didn't say you had to have an alternate source of funding, and the proof for whether you were impacted by covid was very loose. so all these companies, just by singling them out, we're not saying they did anything wrong but the second piece is as a taxpayer, is this where you want your money to go and i think that's the question we're going to be asking, whether it's newsday, which is owned by the billionaire dillon family or some of these other companies that are also owned by people who have mass amounts of capital they themselves could

have put in the business and are these the types of businesses, whether you're talking about archdiocese or other type of businesses, is this where taxpayer money should go and i think that's going to be the debate from this list. >> is there anything else, robert, you think we will learn. would anyone have taken the money knowing this would be made public, and if there is another round of ppp, as we were talking about at the start of the program, if people are needing more -- we didn't even tap the rest of the existing fund right now. there seems to be a sense of, you know, tread very carefully if you're stepping up to the plate here >> yeah, this list does not include companies and billionaires who gave the money back, so those people got removed from the list once they saw the backlash so companies like nicola, the big electric trump company, all these other publicly traded companies that gave the money back, they are not on the list i think going forward, a reason that companies are not taking

all this leftover money is because now that they learned it's going to go public, and they learned there is all these other strings attached, they just didn't want the money i think it's going to be tough to give away the rest of this money because of the transparency and because of all the new strings attached to borrowing this money, or just taking it. >> it's tricky going back to what eric was saying, you want everybody whose job is at risk, it's not their fault, but it's becoming so political. we have to move on speaking of political, a pair of pro sports teams are examining their names amid growing calls for racial justice across the country. the nfl team based in washington, d.c. says it's undergoing a thorough review of its name while the baseball team in cleveland is working to determine its best path forward. we can't even say the names. it's over. how many more college and pro teams do you think are going to see name changes, and that's not a very easy thing to pull off, but i suppose that's the least of their concerns right now. >> pulling it off, it's just the

matter of money lost in terms of jerseys you can't sell, others who have all this inventory. it doesn't matter, you can pull it off you can change it tomorrow as long as you can get the trademark and make sure you're not confusing it with somebody else's business or they're trademark. in the case of washington, they can change that name with legal approval they could literally change it this week and have new jerseys ready to go by opening day, some games being played in september. so the timing is not a big deal, it's just how far do they go you've seen high schools changing their names this could go all the way across the country depending how far it gets pushed. >> i thought i saw in the redskins case, some of the minority owners of the team were among those pushing for change we're used to seeing calls on twitter and sort of gofundme campaigns, but i wonder as the esg movement grows if we'll continue to see this from the investment world >> that's an important point, kelly, and i think those

investors also have reputational risk here, right it becomes an issue for them, it becomes an issue for them and their various counterparties if they're associated with an entity that the majority of people -- i'm not saying that they do, but the majority of people may find offensive. interestingly, i was at university of illinois when we got rid of our mascot, chief alinowick, which a lot of people found offensive, and 15 years later, everyone moves on and kind of gets used to it. it will be interesting to see what happens behind these teams that have a lot of money behind them and a lot of support to change the name. >> robert, you're a binghamton guy. i grew up outside syracuse we had the syracuse orange that was 40 years ago. >> we had the colonials. they were got rid of shortly after i graduated and now it's the bearcats i don't even know what a bearcat is but hopefully it's

politically correct as least for now. but after a while, you don't even notice. >> you just forget >> whether washington is next i think is for next month to decide finally i just want to mention, this is kind of a fun one. elon musk always comes up with something new. he's following up on his tweet for a short list for tesla owners by offering them. it has s3xy written on the back. tesla hit an all-time high 10% again. mr. frank, give me some thoughts >> i don't know why they didn't make more. everything this guy touches turns to gold, and red and satin. so i just don't understand why he sold a limited amount i mean, he could just sell thousands, millions of these things if he really wanted to. >> yeah, the flamethrowers, the shorts go ahead, leslie >> david einhorn got a bunch of shorts for free.

if you're a short seller, apparently, you get them sent to you. this was back in 2018. >> jim chinos, i think, is still short tesla. >> i haven't heard differently, so i don't know if he'll be getting a special satin pair of red shorts, but, you know, certainly is incentivizing short sellers, if you ask me >> maybe with his name embroidered on it. we'll leave it there before we go further a key economic indicator says layoffsou s cldoon pick up as the first round of ppp wears off. that's coming up on "the exchange." this selenite grey is so pretty isn't it?

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markets ran a screen to rate stocks run by equity analysts that offer a dividend yield higher than it is markets. here's the list. pepsi and coke both made the list the stock is still down about 18% this year. over on tech, the street likes broadcomm. relatively flalt t on the year. over in energy, ppl. meanwhile, exactly 120 days stand between now and election day. democratic candidate joe biden in the polls has asked for a tax reversal, among other things even though they think a democratic election would lose money, they see it as a high dan is with us from research

partners dan, your take on the fall is a little different, right? >> that's right. we'll be approaching the 120-day mark this is really the beginning of the campaign, kelly. this is exactly where donald trump started making his move on hillary clinton four years ago, and i think we're at the beginning of the campaign. it will start with the vice president making his vice president selection, then you have the conventions but clearly the president is way behind at this point this is a referendum on his first four years in office unemployment is up, covid response is not good he's facing significant headwind so investors are starting to look at the election and saying, okay, what could happen? well, biden is a favorite at this point what stocks could be impacted by regulatory factors where you don't need to know what's going to happen with congress. those are the first stocks starting to move, and then as we get into the investors' handicap of what's going to happen on the senate, i think you'll see real activity around the sectors themselves kelly, just to be clear, the s&p

500 has predicted every election winner since 1984 and 70% of the winner since 1978, and it's really about the performance of stocks in the 90-day period before the election. the higher the stocks, the incumbent party wins, the lower the stocks are, the other party wins >> there's something in here about biotech that caught my eye. you think the narrative has been that biotech is going to come to the rescue on covid, therefore, regulators will get off their back over drug pricing remember the famous hillary tweet that sent the whole sector down and it still cast a pall over it. you see the market telling investors that biotech regulatory risk isgoing to be there. >> yeah, that's exactly right. so you got to think about this in the near term, and then you got to look at it next year. in the near term, the president

doesn't seem very interested in any type of regulatory initiatives on drug prices after years of saying he was going after it that may change if he's losing with seniors but consider this. right now there is going to be a lot of buyouts there are no buybacks going on, so that will probably be ahead of the sector increase in the tax sector, but once we get to 2021, i think it would be impossible for the democrats not to do something on drug pricing within the overall health care they're going to do to try to expand the aca if you're an investor and you're looking at health care and the democrats are going to sweep, there is probably more risk to biotech than there is tomorrow, and at the same time there is probably less risk than the consensus expects around the affordable care. you'll probably see them catch a bid in 2021, a headwind for the democrats. >> one thing that's extremely pertinent that we've been discussing all hour, dan, is

what happens when the first round of ppp money runs out? the fact all these names are being released today suggests that many will be loathe to be in the program, if there is one. what's that going to do for the economy? >> companies have been shamed for taking that money, but this program saved 40 million jobs during the pandemic. it should be awarded and applauded, and it's not. i think there is going to be a refinement of that we probably have another trillion-dollar stimulus that's going to pass in the next 30 days ahead of the selection as both parties really do need to start filling in the blanks for republicans, all business aid, for democrats' state and government aid that will form the consensus there, and the issue will be unemployment reform as part of that, but i do believe the will is there to get a bill in 35 to 40 days on the stimulus package. >> do you believe that will keep us from seeing the worst consequences of the ppp cliff as

a result >> that's correct. we already have about $100 billion left over on ppp we're going to refine it, we're going to target it, and the income cliff where that benefit goes down. you'll probably see it generout part of the pandemic is over you'll see continued support for the economy ahead of their election opinion while the president may benefit from that stimulus, you have to remember 535 members of both parties are up for a vote in november. that's in the house or most of the 535. there's going be a will to get something done for both parties. >> that's for sure we appreciate it thank you, sir >> thank you coming up with the nasdaq posting another record high, tech continues to dominate the market's gains which names should you own going into the second half of the year that's next. you're first. first to respond.

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welcome back tech continues to dominate the market check out the nasdaq 100 it kocontinues so smash records and hit its 26 time up if the momentum continues, which names should you own going into the back half of the year? james, it's good to see you. do you stick with the winners or go with the lesser loves in tech now? >> i think a little bit of both. the first thing i'll say is we're going for a revolution when you lack back at the history of tech, you have the industrial revolution to the

telecom to the individual and now we see the productivity slash time savings revolutions so these things are inevitable it's taking place at a breakneck speeds in a way we have never seen before as technology has been pulled forward. when you talk about nasdaq reaching new highs and these big tech companies at 30% or so of the s&p, i think it's less about a sector being too overweight versus a realization of how big this disruption is >> give me some of your favorite companies. >> we think tech is bibifercated into two we did trim shares on facebook and apple but still gung ho on amazon the companies that are providing that productivity benefits are like slack, square and spotify

>> summarize that if you can and also give us a sense for how much these names might have to run. >> a company like slack, the way disruption happens from the early stages of a company to a later stage. you have a company like spotify transforming how you access audio. which which companies can led to a step function change in terms of how quickly we can deploy sates an and how quickly we can translate those time savings into other avenues of our

business >> let's spend one extra moment on spotify they don't monotize as well as they do music. that's clearly where they are betting their future >> yeah. we have done well in the stock over last couple of months the hope has gotten ahead of where the monetization lies. when you think about how do you monetization audio and do it in a scaled way, in a way that's really unrivalled within the market, we think there's tremendous opportunity from here

>> how many amazon are you trimming >> we're not trimming. we trimmed apple and facebook. we are sitting at about 20% cash now. as it relates to amazon, we think people are, you have to understand there's six different businesses in one. at the end of the day this could very well conceivably be a $2 trillion company and first one to hit it. you're look at a price target north of $4,000. >> that hardly seems unreasonable after the year they had. thank you so much. it's great to see you. we appreciate it james with some tech plays for the back half of 2020. that does it for us today. coming up next hour x juniors restaurant and bakery owner is back he's going to update us on his ppp loan and on the status of his reopening plans.

i'll join bill griffith on power lunch after this quick break my name is christine payne, i'm an associate here at amazon. step onto the blue line, sir. this device is giving us an accurate temperature check. you're good to go. i have to take care of my coworkers. that's how i am. i have a son, and he said, "one day i'm gonna be like you, i'm gonna help people." you're good to go, ma'am. i hope so. this is my passion. if i can take of everyone who is sick out there, i would do it in a heartbeat.

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welcome back it's true. i'm bill griffith in for tyler mathison this is power lunch. rally on wall street today the dow is up nearly 400 points. the nasdaq at yet another record high check out shares of uber they've jumped after announcing they are doubling down on their food delivery service in a 2.5 billion dollar deal to buy post mates. we'll have more on that story later. then, new york restauran