construction does not. it has a 10% free cash flow yield. >> margaret? >> qualcomm a great way to gain exposure to the upgrade cycle which will continue regardless of what happens with the economy and the virus. >> thank you all for joining "halftime" today let's get over to kelly evans and "the exchange. >> thank you, will hi, everybody, on this friday here's what's ahead of us. the opening and closing of america. disney is set to open its doors in orlando even though the state is one of the hottest hot spots. plus shares of tesla have now more than tripled this year and there's fresh talk of adding it to the s&p 500. top signs of a top or will it have staying power we'll debate that. and is tiktok's time in america running out. one analyst says he's not buying that america will do a block

dance. bob pisani here with the numbers. bob? >> kelly, we are closing out on a positive note. we are off the highs but take a look at the major indexes. the s&p 500 up about 1% for the week, the dow industrial average up maybe a little less than that, but apple and microsoft all big movers in the industrial this week. i want to show the s&p intraday here there was talk that phase 2 was damaged. not a big surprise, but we did come off the highs and started rising a little today. the sector a little different today. the values stocks are doing a bit bettertoday. bank stocks, for example, industrial names, transports the russell 2000 small caps are doing a little bit better. for once the semis are

underperformed but not by a lot. in terms of movers, gilead actually moved the s&p futures 20 points may 30 when they announced remdesivir could reduce covid-19 deaths that was a big mover carnival corp surprisingly continues to see strong demand for new bookings in 2021 however, better june sales in semiconductors, a better upside for the second quarter like i said, guys, the answer to any problem out there is let's buy semiconductors because the market believes even though the opening is choppy, tech is going to be the winner bob, back to you >> bob, you're a traveler. would you book a cruise for 2021 >> no. and i declined to go to florida, fly to florida to visit my father, and i have been very cautious about going out i would like to get better news. i would love to hear about a perfect, you know, filter. but i haven't heard it yet >> i haven't, either, and that's what i find so interesting about the resilience of some of that

demand bob, have a great weekend, sir thank you. bob pisani with the latest on the markets there. meanwhile yesterday joe biden released his buy american economic plan and president trump said he plaguerized his 2016 strategy. ylan mui is here for more. >> reporter: it's a $7 billion investment in domestic manufacturing. 300 billion would go to r&d, 400 billion would go to federal procurement. but today president trump told reporters that biden's populist tone sounds awfully familiar >> he plagiarized from me, but he can never pull it off he likes plagiarizing. it's a plan that's very radical left, but he said the right things because he's copying what i've done. >> reporter: now, in laying out his platform yesterday, biden argued that he will focus on middle class families while president trump's policies have

mainly been aimed at wall street >> throughout this crisis, donald trump has been almost singularly focused on the stock market, the dow and nasdaq not you, not your families >> reporter: now, kelly, both men have already sparred over how hard to go on china. you heard president trump today talk about his skepticism over moving forward with a phase 2 trade deal with china. we will see how joe biden responds back over to you >> all right, ylan, thank you. on this final trading day of the week, wall street seemingly shrugging off the new coronavirus cases. for a second week of gains, at 218 right now. have we entered a new bull market for stocks? let's ask hugh advisers and

elena sanchez at sun trust hugh, do you think it's a bull market >> yes, it's a bull market it started in march. it started with investors getting the idea that, yes, we had a bad march and bad april for the economy. but it would recover we saw the numbers in may, we saw the numbers in june. we'll see the numbers in july, and going forward, they won't be as good as may and june but they'll be positive, and we'll get good earnings numbers when we get to 2001 that's what bull markets are all about. they start up really in anticipation of better economic numbers, better earnings numbers, and that's what lies ahead. now, we have, to some extent, gotten ahead of ourselves very far, very fast, a little overvalued and there's a lot of risk but it's a bull market with lots of risk. >> elena, let's talk about some of the options people have when they're looking for yield, they're looking for some kind of rate of return these days and they don't want to take too much

risk where do you suggest they go to find that? >> at gentrust, we've been working on that. we have 20 basis points, single trading around 90 basis points, right? when you think about default rates, expect it to be around 72 basic points and the default rates can go up to almost a year's worth of interest what we've been doing is analyze the situation, especially after this 100-plus rally we've had in treasuries and corporate credit because of the tech support, and we've been implementing fixing some replacement strategies in our client's portfolio which are overlaying some options strategies that often behave like bonds, having negative correlation to risk as well as some income production to our clients' diversified portfolios. >> hugh, i think this

illustrates the conundrum a lot of people are in everything you describe about the stock market is well and good as long as you have a good time horizon but if you're at retirement, in retirement, your options basically stay exposed more heavily to the stock market and the volatility that may engender elena just outlined some fixed income strategies that involve options and different things to try to get a little bit better risk reward there. it's a tough environment what would your advice be? >> well, my first advice would be if you've got a 5 to 10-year horizon, you don't want to significantly reduce your exposure to equities in your portfolio because that's basically saying i want to reduce my return, and therefore the amount of money you can withdraw from your portfolio unless, of course, you can't sleep at night if you can't sleep at night and if your target for equities is 50% of your portfolio, maybe you reduce it for the time being to 40 or 45%, but you get it back up to 50% when the dust starts to clear the other thing in your

portfolio you want to do, if you feel that way, and i certainly understand if someone feels very worried about the current environment particularly with the risks that are involved, what you do is you add or keep a little bit of defense in the portfolio which means stocks that pay good dividends, stocks like pfizer, cisco, intel. those are technology stocks, but they're really part of a dividend strategy. so keep a little defense but for one, you got to move a little bit towards offense companies like alphabet is a good investment as you shift toward offense or a company like j.p. morgan that we've added recently. so shift toward offense in anticipation of the dust clearing in a better equity market environment >> elena, does anybody come to you worried about higher interest rates at this point, or is that totally out the window, or is the main question this low rate environment, how long will it persist what do you guys think are we stuck with this for years? >> i think the market is telling us with bond volatility being so

low right now, economic volatility is still in the high end of the range if we look historically over the last five years. the bond market is telling us, yes, we're going to have low rates for a longer time. i think also that has been aggravated by the fact of the tough time we've had with reopenings, right, for the market to forecast how quick we can come back by this crisis we are expecting rates to stay low for a long time. we have seen some concerns in terms of investorsthinking about the trade potential of inflation coming back. that's why in march when break-ins looked attractive, we added some strategies to our portfolios to just prepare for that as hugh said, you have to ensure that performance right now is diversified for very potential paths that this economic recovery might have. let's not forget, we have elections coming up. we've seen volatility pick up

already through even after elections, a couple weeks after, as the market expects it maybe we don't have such a clean election we might have mail-in ballots, delayed results, et cetera, and also we've seen trump's comments today about a potential, again, pickup in u.s.-china relations in terms of a problematic pickup on that. so we have a lot of risk in the market, and we just have to ensure we help investors navigate them and have diversified portfolios that can work with a differential path. >> you have to be ready for several different outcomes ie lielainena hernandez, hugh j, thank you for talking to us. disney world set to reopen tomorrow as a bold move with the cases in florida plus, bye bye bars and maybe restaurants. nevada forced to reopen some of

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we're committed to helping all families stay connected. learn more at xfinity.com/education. welcome back new coronavirus inspections are spreading across the u.s., especially in the american south and west johns hopkins university reporting a record single day spike of more than 63,000 cases

yesterday. the pandemic forcing american century investments to hold its annual liberties golf tournament without any spectators this year joining me now to discuss that and more and jonathan thomas he is the president and ceo of american centuries investments, a very familiar name to our audience it's great to have you here. welcome. >> thank you, kelly. it's wonderful to be here. >> first of all, what happens if all these celebrities get coronavirus at your tournament i'm amazed they're all showing up it shows they must feel pretty good about the conditions there. >> well, a couple things on that point. these folks all throughout the year have been contacting me and the folks at nbc and encouraging us to have this event. these are hypercompetitive people that are starving to get out and compete, and we've just received a tremendous amount of accolades. of course, we do want to make sure they feel respected and protected as well, so we've taken pretty extreme measures here this year to make sure that they are safe. we've eliminated crowds, we've

significantly reduced the press, we don't have any of their friends or family on the course. so it's just a small fraction, and there are all sorts of medical checks throughout the entire venue to ensure that nobody has been infected by the disease. >> tony romo, the reigning, i think, two-time champ, steph curry, charles barkley i'm just saying if anything happens to these guys, jonathan, this is quite a unique gathering, and golf, we're told, being outside is one of the safest ways. get that fresh air, be in the sunlight, you're not in indoor spaces tell us, because people are watching in the events business or trying to figure out what they can do to make everybody feel comfortable with the pandemic this year you described a few things like medical checks what else have you done to keep things safe and comfortable? >> it's a great question so we've outsourced the health checks to a company called

medcorp. they're doing daily screenings, daily temperature checks, daily questionnaires you have to get a band to get into the premises that change colors each day. there are all sorts of socially distanced requirements the evenings here that are typically full of dinners and events have been eliminated. all of the venues, the capacities have been reduced by at least 50% masks have been distributed. i mean, every person has come up to me and actually said, thank you for having it, and then also, thank you for protecting us they're extremely appreciative for what we've done. >> and for that sense of normalcy >> nbc, too. they've really stepped up. >> sure, and people are looking for -- it's reassuring to see golf return. it's reassuring to be able to watch stuff you watched in previous years, even if it is a little different this year i should ask you about the markets jirsince you're here.

your company has been faeaffectd by the pandemic, just kind of what you see from clients out there. what's your main takeaway from the pandemic and everything else going on >> obviously the corrections in march were very severe the rebound has been significant. as a ceo, i don't actually manage money, but i talk to our people almost every day, and the general sentiment seems to be we're lined up for a slow and extended recovery in the markets. i think there is a belief, though, that the markets have priced in a little more of a sharper recovery than what we think is probably going to ultimately play out. so, you know, we're advising people to use caution as they get in around this period of time but ultimately, what you're seeing right now is just a massive disparity in the market. the difference between value and growth is nearly 30% the small cap and large cap disparity is gigantic.

we're really encouraging people to make active decisions, focus on high-quality companies, and i think if they do that, they'll narrow their range of outcomes and turn out happy investors >> one final question, for your own company, do you think you'll have people permanently working from home that wouldn't have before, or once we get back to normal, will you be back to normal >> my guess is that will be part of our going forward model we have offices all around the world, and our hong kong office is almost fully back they were actually not that impacted despite their proximity to china our new york office has no one back in it yet, and kansas city just has a few i think of this as an ongoing permanent model. not only is it a great measurement of resiliency, but productivity is extraordinarily high, and it's become very acceptable with our clients to have even intimate conversations

via zoom or webex, things that historically i would have had to travel around the world or come to me to have the quality of conversation we're having. so i think it's acceptable we may not be able to occupy the physical space we used to around the world, but i also think we'll have a lot less travel and higher productivity. it's fascinating i think that's also what you see in the market with the disparity i was talking about earlier, the technology stocks doing so exceptionally well, and the more mainstream industrials kind of lagging. >> absolutely. the airlines are weeping as they hear you describe that commercial real estate, but it's absolutely true. john, it's been great to have you. best of luck at the tournament we'll be speaking with charles barkley next hour. maybe you can get patrick mahomes to put in a good word for us, too. >> i wanted to say this about masks. i'm from kansas city someone dropped this in my room last night i thought it was pretty clever >> they're not playing, either

they're going to be on you if anything happens jonathan thomas, it's been a pleasure thank you so much. we appreciate it today >> thank you, kelly. >> he is the president and ceo of american century investments. you can catch the celebrity golf tournament tonight on nbc sports and tomorrow at 3:00 p.m. eastern on nbc speaking of reopening, disney is reopening disney world tomorrow in florida, a move many are questioning. florida's coronavirus cases rising at an alarming rate, up 5 5% in o-- 15% the crash could use a bump visitors, how crucial is the return of visitors to theme parks for disney's bottom line for that and more, let's turn to julia boorstin julia? >> kelly, there is a lot riding

on disney's move to reopen disney park. the summer is the park's busiest season and the parks division is the biggest earning revenue. this past quarter disney lost an estimated $1 billion due to those domestic parks' closures, according to analyst michael nathanson. disney is starting its phased reopening of disney world in orlando tomorrow after yesterday it started reopening downtown disney -- that's the outdoor mall in anaheim park -- with masks and social distancing, of course now disney world is implementing a range of health cautions in addition to mandating masks and having social distancing, they are able to avoid crowds around those rides

the success of disney does depend on disney plus. its numbers are bolstering with the addition of "hamilton" last weekend. we're waiting to see whether live sports restart as planned, beginning, of course, with the nba. then there's the future of theatrical movie releases. they've been totally on hold up next for disney is "mulan." it's been delayed several times, now it's set to be released the end of august. kelly? >> julia, thank you so much. tesla is -- get this -- now the 16th largest stock by the s&p market cap tesla is bigger than disney, bigger than intel, bigger than merck, bigger than coca-cola does that mean it should join the s&p? we'll explore that ssonblack entrepreneurs have

le mey to even pay staff we'll talk to one woman.

welcome back to "the exchange." let's get a check on markets it's a little bit of a countertrend here on wall street the dow is down about 200 points, a kwart quarter of a pet right now. as you can see in the sectors behind me, technology is one in the red today. it's down about .4 of a percent, real estate leading in the red today. a little bit of a different feel than the typical techascent we'e used to. netflix should report another

surprisingly high subscriber growth number, the shares at 7% today. the bank stocks are having a good day j.p. morgan and goldman sachs seeing a lift. even wells fargo a 4% lift redfin is moving lower they're worried about valuation. after nearly doubling in the past three months for shares of redfin, they're giving up 9% today. let's go to sue herera for an update hi, sue. >> here's what's happening at this hour. as coronavirus cases continue to rise in texas, ntexas county requests a second morgue trailer for covid deaths in arizona, where tests are

in short supply, they'll be rolling out saliva tests tomorrow they're designed for widespread testing. they are a partner between isu and the state department, and they've already been given to 600 people the wisconsin supreme court have turned over three of four budg budget issues. and a me fefemale national soldier has earned the title of green beret, the first woman to do so since they opened all jobs to women in 2016 the national guard is one that has all women. minority businesses in particular have been hit the hardest in the pandemic with the number of black businesses dropping 41%, according to the

stanford institute of policy research my next guest talks about growing their businesses and helping consumers buy from them, raising about $7.2 million in two weeks. i'm talking to kesia williams. it's good to have you. >> thank you, kelly, for having me on your show. >> how big a movement do you think this is going to be? >> i think this is going to be a change in behavior i love that you talked about us spending $7 million over the course of a little over two weeks. it was a movement where we asked black consumers and also allies to potentially spend in black-owned businesses from juneteenth through to july 6 we did get them to spend up to $5 million, and as you mentioned, we exceeded that goal with having $7 million spent in less than two weeks.

we feel that the my black receipt isencourages black owne and black consumers. it's not a carefully curated name about buying from blacks, but really what it's about is having black entrepreneurs receive sales from black consumers and allies day after day after day. currently the black dollar only circulates within the black communities for six hours, and so with my black receipt we asked protesters to put their receipt where their protests were day after day so it wasn't just about putting a black boy in a protest but to actually contribute >> what you work on with this black upstart is really to help that next generation of black

entrepreneurs. tell us how that works, some success you've had, and what you really need in terms of resources. >> yes, so currently, according to the last u.s. census, there are 2.56 million black entrepreneurs but only 105,000 of them have the opportunity to employ one person. we teach black people how to start a business that can scale so they can employ other people. we do say black people need more jobs but we also need more black creators so black people specifically can advance in terms of employment. we also started a branch in africa, and the resources we need are really to help expand black lives receipt, get the resource they need to scale, but also help consumers buy 365 days a year >> if only you had a little more

enthusiasm, kezia, i think this could go a long way. i love it. thanks so much for being here. have a great weekend >> thank you so much bye bye. >> that's kezia williams for the black upstart. be sure to visit cnbcmakeit.com. secretary pompeo said a temporary ban could be a consideration. and a huge change in uber's pricing strategy you'll want to know about and finally as nevada backtracks on some of its reopening plans, what could it mean for the casino stocks we're back in two.

welcome back let's catch you up on a couple stories that should be on your radar today. it's time for "rapid fire. we have john santori and contessa brewer. >> the nevada governor ordering bars in the two most populist counties to close tonight. this would include las vegas also issuing a stern warning about pools, water parks and gyms nevada have seen cases spike by a thousand yesterday contessa, big question is, is it kaput for restaurants for the time being, then, and what happens to the casinos in vegas? >> okay, so the restaurants are still open they're still allowed to serve alcohol at the tables themselves, but if there's a bar inside the restaurant, that bar is closed down in other words, no customers going in and ordering from the

bar. and the restaurants are limited to seating parties of fewer than six people, which would -- you know, it's going to eliminate any of these batchelorette parties or patbachelor parties a head to vegas. if you picture the times you've been in vegas and erase the bar scenes from those memories, the question is would that discourage people from driving, say, from california or arizona or idaho into las vegas. right now that drive-in traffic is what is driving any of the pickup in the economy in reno and las vegas as well. el dorado, red rock resorts. boyd is a big local gaming casino and the strip giants, mgm and caesar's that have multiple properties but yesterday caesar's announced that bally's is reopening. it's been going so well and their per-person spend is

increasing and that's happening around the country >> i was going to say, i'm not the best person to picture vegas without the bars because it really wouldn't be taking a lot away from our last visit i'm going to let mark or john maybe speak to this one. you should see these guys on the weekend, man >> all right, i'll jump in here. i think the vegas scene, the vegas reputation, is anything goes that really doesn't work when you're in a pandemic on the one hand, vegas is really great at having monitoring and rules around security when they're securing their money, when they're securing their environment, but i don't think they've been great about communicating safety during the pandemic so i contrast that with at least what we would expect out of disney world disney has been very strict about the environment for parks from a safety perspective. maybe vegas needs to take a page from there >> mike, thoughts on the stocks. >> wait, i have to answer that, though when resorts was the first out

of the box, that i know of, the biggest public company to lay out in pages and pages of documents of what safety and sanitation and cleaning and health standards would look like, testing, caesar's has now made testing mandatory for all its employees. if the gaining regulators and the governor have been reticent to -- for instance, there was only a mask mandate within the last couple weeks -- it was only because they were hoping people would go out and protect themselves, and what you saw the first opening weekend at the cosmopolitan, it was clear there is no rule i have to wear a mask once the mandate went into place, it started to change. >> michael, last word. >> i think everybody realizes everything is a tradeoff, a compromise and a training experience that's not going to change locales are learning that bars and gyms are learning that they are the big oversteps in vegas and elsewhere. >> exactly, which is extra tough

for that area. let's move on to tesla stocks are up again, driving to new heights seemingly every day. as of yesterday, guys, it's the 16th largest stock, basically, in america its good fortunes have investors wondering if it would join the s&p 500, which would be a huge conundrum, right >> it would cause a flutter, and i'm sure it's when and not if. they need a fourth quarter period of profitability. they have a net income standard to get into the s&p 500. what is unusual is how big it would be upon entry, as you say, kelly. it would be in the top 20. it's really not that uncommon. it's an upstart economy. all this market value that's building up outside the s&p, tesla is up $250 billion, and if you want to add spotify, shopify, zoom video, those companies together sitting at a

trillion dollars inside the s&p. you would probably have to sell down, who knows, 1% of all the other stocks to fit tesla in there. in the reuters article about this, they mention the yahoo entrance in 1999, which was also big upon entry that's also considered, by the way, a little of the first stages of the peaking of that internet bubble, for what that's worth. >> john, i turn to you not to kind of have to make a call on whether this is the top for tesla one way or another, but short sellers are down $18 billion this year, $4 billion in july the star top for tesla even in the past year looks parabolic. >> this to me is the be careful what you wish for situation. there are people who either think it's going to go 10x from here or down 90% from here

then you have elon musk himself. he's volatile and he's key to the stock. so i don't know, i wouldn't put this -- i know you weren't, mike -- in the same bucket as shopify. toby litka is certainty more than elon musk >> i would be surprised if they put it in the s&p 500, but at some point they might have to. let's talk about uber next the company is rolling out a feature that allows drivers to set its own rates. they're doing it as pafrt of surge pricing. but 85 advocates are also accusing them of trying to supercede labor laws the fact they're only doing it in california tells you they're struggling to cope with the legal landscape there, right >> well, uber admitted it's instituting this because of ab

5. they said, look, we've done a survey, our drivers prefer to be independent contractors. then you go back and look at the medology of t methodology of the uber-invested survey and it doesn't look like they interviewed all drivers you uber drivers deserve the benefits of being an independent contractor california said yes. they're trying to say you're an independent contractor and you get to do whatever you want, but it's clear they tested this out in palm springs and a few other places in california, and the real question that you have, if you use uber, is what does this mean in that race to the bottom? if an uber driver says, all right, i'm going to set my rates two times higher and he doesn't get any rides, he's going to have to set his rates lower. >> is it good that he can set his own rates, or are people

going to see if they have to set their own rates, they're not really employees >> i don't think they're going far enough drivers should be able to set their own rates and we should have more visibility in what is good or bad about uber drivers in the last few years i've gotten into some pretty skanky ubers and lyfts. they smell, there is a bad upholstery i would pay more for an extra high level of service. i'm not talking about uber black and those that are really overpriced -- >> you want music and a nice scent around you >> it can at least be a nice car that doesn't stink i would pay extra for that, yes. >> i don't know if kelly was prompting you to make a new jersey joke. >> i haven't been using it for myself i've been using it for my mother-in-law coming back and forth on the train station, but now i feel guilty.

if what you describe happens, won't the app say, wait a minute, i'm looking at a driver that says it will be a $50 ride, but here's another one that says 30 how do i even sort through thos options? >> that's why they need to make more about what's offered in each service if you're willing to pay more for a nice experience, maybe you'll recognize what drivers you'll get at that level of experience, then great >> quick last word, contessa >> jon, you're kind of making the argument for uber, though, because they say, look, the drivers are using our platform we're an app and the drivers are using our app. it's a tech service. if that becomes part of the argument they're going to make and that drivers can set their own rates using this particular app, they certainly -- it makes it a little different than if they're setting their own rates as a private car service in new

york, emergency new jersey or l. >> it's so true and maybe this is the answer to be a high-rated platform before we go, we want to talk about tiktok. there is so much news to get to today. let's talk about the phenom ninja who says he's the leading tiktok of all other platforms. just the latest high-profile embarrassment for this social media content. the u.s. is considering joining india and banning it yesterday they seemed to wipe out likes, mike, which is a horror what would your daughters do if they couldn't have tiktok? >> they would have a lot more time on their hands, i think, and didn't we get headlines that amazon is asking its employees to delete the app as well on security concerns? it is interesting that the private sector along with governments is concerned about this i'm not sure that most end users are concerned about these privacy issues it remains to be seen if it's

going to be the savior of the platform in this country or not. i do know that one of the reasons it grew so fast is because of the kind of addictiveness of the technology itself i don't know if it's easily replicable i know there's the instagram version of this as well, but it will be interesting. >> snapchat shares, jon, i was checking today on the pompeo day, they were big on the announcement today they're down 2.5%. not seeing a huge move there it seems to me that ninja would do it because i wonder if that's telling us it's out there now as the kind of hip thing to do, whatever >> i think it is, but i think people's focus is in the wrong place. yes, people should be concerned about tiktok and where u.s. citizen data is going when a company is based overseas. but it shouldn't be like a china issue. what if cuba comes up with an app or venezuela, north korea,

right? there should be a policy that's based on securing citizen data, and then it should apply to everybody. yes, that will affect companies based in china it should affect companies based everywhere >> we'll leave it there. great stuff, you guys. mike santoli, contessa brewer and jon fortt. would particulthere be a tey ban or not mike pompeo says why it would maybe be a temporary ban most audits are shorter than president trump's. what you should do if it happens to you, next so many people.ting if you've survived it, then you're the heroes we need. the plasma that's in your blood can literally save lives. but we have to act fast.

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welcome back to "the exchange." tax day is just five days away after the trump administration moved the deadline from april due to the pandemic. sharon epperson is here now with

what taxpayers need to know about the auditing process and how it works sharon >> well, kelly, you know there's been a lot of talk about audits and tax returns coming from the white house. here's what average taxpayers need to know the irs says that audits can take several years to complete, but most audits take three to six months that's according to the american academy of cpss -- cpas a more complex audit, one that requires an interview with an irs official at your home or business or in-depthdocument p review could take up to a year but the reality is very few taxpayers are audited. the irs says only 0.45% of individual income tax returns were examined in the fiscal year 2019 but you still need to know what could trigger an audit tax boroughs say audits may be more likely with high levels of

income, cash earnings or self-employment income, or if you have deductions that are unusually high in relation to a taxpayer's income. you want to make sure you keep your receipts for any of those deductions that you're claiming. kelly, do you know the do yo know you know the way the irs will contact you if you'll be audited >> oh, man, something scary. >> it's not scary. it's a letter. they will not e-mail you, call you or post something on your social media account if you get something any other way, that's a sign that it's a red flag there may be fraud involved if you're thinking about what should be included in your tax return in terms of your income, do you think you should include gambling winnings, interest from your savings account or income from a side gig? >> can i phone a friend? my mother-in-law isa tax expert if i don't answer this correctly, i might be out of the family >> it's all of them.

all of the above people don't realize with gambling winnings those are considered earned income and need to be included on your tax return maybe sure you're careful. if you're doing at the last minute, this weekend and if you want to test your knowledge or tax, check out cnbc.com. >> i think i should take it to find out what i still need to learn. thank you so much the it's super important stuff. it's july 15th this year still ahead, the trump administration says it's considering banning tiktok due to privacy concerns. how bad that could be for the company's bottom line. you can watch or listen to us on the app. the exchange is back in a couple of turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect

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new reports out just the past half hour say amazon is can go employees to delete tiktok. it's not just amazon the company has come under a lot of scrutiny in the u.s the trump administration saying it's worried the app makes data available to the chinese government and is considering a ban. first of all, how big for tiktok tiktok, i imagine using the u.s. would be a huge blow to their financials >> it is this is the largest private tech company, $100 billion is their last round 65 million users in the u.s.

half of those are under the age of 18. when you think about the total user base it's about one third the size of facebook the current market cap is under 700 billion. this gap between where facebook's market cap is relative to the users and tiktok is still significant when we generally frame in what's at stake here, we're talking about an additional 1 or $200 billion could be created for tiktok to go after the u.s. opportunity. the tiktok platform is ideal for montization. there's a lot at stake for tiktok to get the u.s. right >> absolutely. this comes after the news just in the past th24 hours that nin, the super star said he is taking tiktok off his phone it's a sign of what the general public is doing. tiktok was named in one of the apple ios vulnerabilities that

let some apps including tiktok use anything you copied and pasted on your phone that could include credit card numbers, social security unusuals, really sensitive personal information >> will ultimately tiktok be banned it's clear ultimately is it's very difficult to predict how this plays out in the near term. we could see a ban we could not see i'm not one to pick the middle of the road. it's still just two difficult to call let's go down the road that they do get banned in the u.s this is still a company that we think will see the light of day in the u.s. despite any bans i think some of the issues we're talking about will be corrected given the mass iive amount of wealth correction. >> snap shares are not up today.

>> there's a lot on the brand. a lot can be repreplicated the first mover brand can be powerful yes, snap chat and facebook are going to go aggressively after this type of a product they are already testing their versions of it the way i would best describe it, one user described their behavior as addicted to tiktok i think that is hard thing to break. >> thank you so much we appreciate it >> thank you >> thanks for watching the exchange coming up next, nba legend

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♪ welcome back i'm melissa lee. this is "power lunch." stocks wiping out early results. the dow turning positive for the month of july up about 300 points netflix hitting an all time high as goldman sachs gives it the higher price target on the street can tech continue to dominate? power player, charles barkley is here as the nba is restarting its season in orlando despite reco