to market activity overall >> yeah. the question is can anything dampen the up side at this point? it's up 7% anyway, that does it for us on "power lunch." "closing bell" starts right now. thank you. welcome, everyone, to "closing bell." i'm sara eisen here with wilfred frost. stocks ending the week on a high note storming higher in today's session. let's take a look at what is driving the action reopening trades are gaining ground carnival and airlines higher as gilead says the anti-viral treatment reduces mortality risk from covid-19. more optimism for big tech netflix is up a few percent today. 16% for the week one high profile investor is raising a red flag on the name and president trump says the u.s.-china relationship is severely damaged and a phase two trade deal is not a priority it is not having much of an impact on sentiment. 59 minutes left of trade

coming up, in a few moments, global investor mark mobius will join us. chinese equities see a big week of gains they slipped a bit this morning. shares of carnival jumping after they gave an update on the state of its business. we'll speak with the ceo arnold donald in a cnbc exclusive and major league season starting the season in florida. we'll speak with the league's commissioner about the risks and reward of taking to the field. we look forward to all that. sara, up 0.7% on the s&p 500 >> let's start right there with the markets. the we have seen a big swing intraday futures starting off in the red. hopeful signals then coming from gilead about the coronavirus treatment. helping turn things around early. the company saying it was associated with an improvement in clinical recovery and 62% reduction in the risk of mortality compared with the standard care. let's get to mike santoli

tracking the moves in the names and sectors today. >> yeah. sturdy performance today solid week you would have thought there were plenty of excuses for the market to back off a bit more. still within the trading range hugging the upper end. this is about the fourth day in the last five or six where we've had this s&p 500 trade up in this range and the 3170. it seems like it doesn't want to stray from there what is interesting is they're letting the laggers lead the banks have been the stondout performers today now tech is down modestly. it's not as if money is rushing out of the recent winners. but it is indicative of the fact that the market kind of refreshing itself. they got a little stretched. i did want to take a look at the setup for what could be this meaner version trade that has a little bit at the expense of tech a lot of charts right now that i call a 20-year hammock chart that is basically what this price to sales ratio of the technology sector looks like going back to 2000 it started out close to six

times saelz ales and got back te people say companies are much more profitable right now. so, therefore, the price to earnings ratio is slimmer. that is true a little less cyclical maybe that is true too it's been tough to say thattec has not outgrown the place in the market at least in the short term basis. looks stretched. when you look at the price of sales to ratio, it is even higher than it was back then simply the overall market is a bit more expensive on that measure. back then, as a matter of fact the so here is the nasdaq versus the s&p 500 in ermz of terms of percentagest stocks. coming into today this is from sentiment trader.com this is a massive spread basically, you have three quarters of all stocks in the nasdaq in that long term uptrend. and fewer than half of all stocks in the s&p 500 in a similar uptrend. so this is very ripe for some kind of mean reversion activity.

some kind of, you know, outperformance by the recent underperformers. we see what that means for the overall indices. if that happens, not prepared to say. it earned away after one day >> i guess filling in with all of that has been some charts showing the relative valuation of tech versus banks and that got to an extreme. and that speaks to this reversal we're seeing today banks up 4.5%. it puts some actually flat for the week i mean they really lagged coming into today >> that's been a dynamic that we've seen periodically. so momentum works and works and works. pushes and pushes until it gets just a little bit too divergent. and then comes back in people kind of reset the tables a little bit and they cash in chips on the winners and vice versa that's all we have going on now. you have to believe if there does have confidence building up

in a, then you might get something more durable in terms of this rotation >> mike, thanks for that stick around for this next guest. s&p 500 on pace to set about 1.5% of gains for the week despite that move higher, the index is still lower slightly on the year by 1.6% china, by the way, is a standout performer this week and year to date mark mobius joins us in the short term, what drove this extraordinary week? in fact, you could say two or three weeks of chinese equities. >> i think the key is getting out of the covid-19 lockup i think that is the big, big winner for china they were early in the game to get into it and now they're early to get out so i think that's really what is driving china. but the interesting thing if you look at the markets around the

world from the bottom in march, you can see that china is up about 48% but brazil is up 50% because nasdaq is up, what, 58% roughly. s&p 500 about 40%. so some of these other emerging markets have done very, very well korea is up 45%. taiwan, 42%. so it's true that recently china surged ahead if you look at where we were at the very bottom in march, a lot of the markets are doing very, very well. >> what about the trade war? does that -- does that need to hurt -- should that still be hurting the market more than it is >> i don't think so. china was already on the way to convert itself into a domestic led economy like the u.s. is and another thing that happened is the chinese manufacturers have repositioned themselves in

other marparts of the world share shipping into the u.s. but it just so happened that she's not located in china meanwhile, the workers that were working in her factory are finding other jobs in higher tech kind of businesses. so china is being converted into a more higher tech kind of manufacturing base >> i want to hit on brazil they're seeing more deaths than vest of the developing world will they're seeing the fast growth for years really hit the skids. and even the leader come down with coronavirus as that disease spirals in that country. why do you like it >> because it's relatively young population to begin with if we look at the end of the day, of course now there is a spike. but if you took a longer term view, you'd realize that in terms of total mortality, it's

probably going to be less a percentage of the population in other parts of the world you see aging population much higher death rate. the other thing you have to remember about brazil, it's a big country. it is much more varied than the u.s. you go to florida and then nebraska, different climate so fosh forth and so on. if you go from the north and when you go to the south, it's really, very, very different and varied so you finding incredible companies that are operating in different parts of the country and doing very well. we're focusing on education and health care. those are the two areas where we think we'll have winners in brazil >> what is your top country pick, mark, in nonchina asia >> that would be india out of asia? i would say then it would be probably brazil. brazil would be -- after china

and india, then it would be brazil then we would go into south africa, turkey we're even in kenya. those are the big ones and russia as well >> would you put your money on emerging markets versus the u.s. right now? >> i would put it in both. the thing that made things very complicated is that u.s. companies have become more and more emerging markets oriented so you take a company in the u.s. and you look at their earnings, you find a lot of it is in emerging markets so i think you've got have a mixture of dedicated emerging markets and then with the u.s. companies that are global in their scope. >> mike, for -- >> you really need both. >> mike, for so long when we consider em investment, first consideration is always been the u.s. dollar. is that correlation still a

crucial deciding factor for whether the investments work or not? >> certainly is a big input. the dollar has been somewhat range bound now. it hasn't been swinging around the emerging markets quite as much as in the past. also the story in emerging markets is less that they have tremendous dollar denominated debts they have to service and all the rest of it so perhaps it's a different stage right now. i do think you did see a little bit of net in flows from u.s. investors for once into emerging market funds in the latest week. clearly, there is a little bit periodic interest in it and the other thing, just to back up what mark was saying about the international exposure of u.s. companies, tech, of course, is the most internationally exposed. you look at the top five or six companies in tech that have been moving the index, they have 40 to 55% of the revenues from overseas so that helps, you know, create some part of the explanation for what is going on here in these markets. >> thanks so much for joining us, mark mobius.

>> thank you up next, a pivotal test for the magic kingdom. disney's ecosystem has been rocked by the pandemic and a surge in florida cases could dampen the reopening plans for the theme parks. we're up 0.8% on the s&p 500. you're watching "closing bell. usaa is made for what's next no matter what challenges life throws at you, we're always here to help with fast response and great service and it doesn't stop there we're also here to help look ahead that's why we're helping members catch up by spreading any missed usaa insurance payments over the next twelve months so you can keep more cash in your pockets for when it matters most and that's just one of the many ways we're here to help the military community find out more at usaa.com

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the disney ecosystem has been rocked by the coronavirus parks closed down, movie theaters shuttered and live sports suspended which is a key driver for espn which disney owns the stock plunged by 40% from the beginning of the year to the lows in march. and while it's recovered somewhat, it's still down 18% year to date now a key piece of disney's reopening plan could be at risk. disney world is partially reopening this weekend amid a sobering surge in florida cases. orange county home to orlando and disney world has seen more than 16,000 total cases thus far with an average 575 daily new

cases over the past week let's get more on how much is at stake for disney julia? >> well, wilf, theme parks are the biggest division last year, responsible for 35% of disney's revenue in calendar 2019 also the biggest driver of bottom line growth the closure of the domestic parks, that's estimated to have cost business any a billion dollars in the second quarter according to analysts we have $140 price target for disney that reflects some level of reopening. but certainly not yet back to full capacity. if, when the parks do reach full capacity again, then we would expect to return to valuations similar to a precovid-19 views, ie, $175 target with upside scenario of $200 plus. investors are much whatting to see how this reopening goes ahead of disneyland paris set to reopen wednesday and then disneyland's eventual reopening here in california

but there's been no date set yet for that the sara, back to you. >> julia, thank you. stay with the reopening theme now and travel hard rock hotels and casinos in the middle of the recovery process of the 33 global hotels, only six are still closed. all 12 casinos are open except for vancouver and ottawa which are scheduled to reopen next week let's bring in jim allen from seminole gaming and hard rock international. welcome. i know you have a number of hotels and casinos in florida. are people going in? >> yes we certainly are seeing good business volumes no doubt the climate has changed. i think there is a lot of uncertainty in the state of florida at this particular point. >> so what's this year going to look like for you overall? is there any visibility? there is great uncertainty as to

where this virus goes. but how is it going to balance out? >> well, it will be an interesting year you know, going back to florida, we actually see the operation in tampa exceeding last year's numbers. keep in mind, we just completed an $800 million expansion. so certainly on our roi basis, that is not the best news. we're up 8%, 9% last year. if we look at south florida, specifically in the ft. lauderdale hollywood area where the cafe say in miami, much different situation. as far as the year itself, i mean, the real challenging area is the restaurants the cafe division. it is struggling frankly, we're barely open in some markets and obviously with tremendous reduction in capacity, so that particular division is struggling

the good news is online gaming, online retail, those areas, frankly, are 10, 20, 30, 40, 50, 60 over 100% ahead of last year. one of the things about the hard rock bland is to be able to navigate through different business segments. will this year is not a good year when we look at the total results. >> if we stick on florida for a moment where clearly cases are spiking, what do you want to see the authorities do do you want them to roll back the reopenings to prevent it going or power on through and hope everything is all right and that you can stay open as you have been? >> we made a corporate decision two or three months ago where we said we're going to require every employee and every guest to wear a mask

que we're using thermal energy and contact tracing. all this we thought was going to be the recipe for success. very politely, that worked very favorably for us we know that some of the other companies in different business segments resisted that we're seeing amazing results from our guests and they feel safe each state is very different so we have a philosophy of just working with the local philosophy little bit of curve ball last week here in new jersey. governor murphy had approved for indoor dining and then literally two days before, you know, there was a change in direction. we understand and support the direction. the key is to be, you know, flexible as we navigate through, you know, 76 different countries around the world

>> i know casinos cater to older customers. if we don't get a vaccine for the next several months, what is that going to do for your business if older folks in this population and also people that are high risk just cannot go out and do things like go to casinos and gao to take trips and go to stay in hotels >> you know, i think it's an excellent point. we have clearly seen in our data base, you know that guest is older than 60 years old, we definitely have seen a reduction in trips however, when we do see the guests visit us,they then do start to increase. i think we're doing a pretty good job and making them feel comfortable. but no doubt in that particular segment of the data base, that guest is concerned we're no different from any other business i think if there is not one, then i think we have to be

prepared that people will continue to become very cautious in their selection of where they, you know, find entertainment. >> what happens if someone refuses to wear a mask do you kick them out >> yeah. we're actually 100%, no exceptions if you do not wear a mask, what we've done is all of our entrances, we created the kind of new entrants points, if you will, with all the cameras, with all the thermal imaging, so you go through a que the first thing we do remind you of all the rules and the regulations. we ask for a verbal acknowledgement. we make sure you have a mask and, frankly, if you do not participate in wearing a mask, then we kindly ask you to leave. if your temperature is over 100.4, we then have a secondary screening area where we politely ask you to come over and, you know, let's take the temperature with a more direct reading at that point, if someone still is exceeding the temperature, then they are not allowed to

enter the facility very interesting this morning i parked in south park in one of our properties here in new jersey and i had my mask in the car. but as i was actually paying the cashier because i wanted to have the experience 100%, the individual in the cashier's booth said, look, we can't allow you to come in unless we see your mask on even including in the car. so staff doing a really great job being diligent at trying to protect our guests, most importantly, you know, their relatives, employees, and members of the seminole tribe. >> jim allen, thank you so much for joining us >> thank you we've got a little under 38 minutes left to go before the closing bell stocks are going strong. we are finishing the week on a high note. dow, s&p 500 and nasdaq positive for the week dow just barely. nasdaq solidly we're up 342 on the dow. financials and energy leading. after the break, susquehanna

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welcome back time to get word on the street we kick off things the capital position remains strong and the ceo will deliver improving operating leverage they say the bank is now on the tactical outperform list citing potential for near term upside it is poised to move decisively on credit provisioning and it is up a healthy 6%, wow, now as by the way we hit session highs for the broader markets as well. sleeping giant to watch is what morgue an stanley is calling walmart. the company continues to make moves into the health care sector citing walmart's acquisitions of technology to help patients manage medical care. opening of more health clinics

and becoming an insurance broker walmart up 2.3% today. sticking with retail, foot locker being upgraded to positive raising the price target from $25 to $34 a 5:00 semiconductor l sell rags in june sales. the core customers having stimulus money burning holes in their pockets for the upgrade. i love the note. he ranked all of his holdings that he covers, all the names he covers from footwear and apparel. he likes crocs the best. footlocker, even though this is an upgrade i think it is the number 15 pick in last place, it was under armour louisiana lemon, mikey, those were knee the top as well. >> the thing that stood out for me on that note is only two of the ratings were sells the rest were outperforms. yet the front page was down beat about what the earnings outlook is going to be clearly sh suggesting that these things are priced in

i guess we learn from nike earning that's a little disappointing quarter will have a big effect on the stock. >> right and that analysts are having trouble pin pointing what this quarterer is going to look like. we don't know how many weeks the stores were closed and how much of the about is was shifting online from a normal quarter so those are going to be the key questions. and, you know, for nike, the stock stabilized a bit after the big dip on earnings. it still considered best in class when it comes to weathering the covid-19 storm. nike, lululemon in particular and those are two of us susquehanna's top pictures. >> let's go back to the broader market near session highs here are the key factors driving the action today reopening trades gaining, carnival and airlines and banks higher as gilead says the anti-viral drug reduces mortality risk from covid-19 we've had some on going optimism for big tech like netflix and amazon hitting record highs

today. and financials getting a boost ahead of next week's earnings. currently the top performing sector today citigroup leads the charge of the big cap banks up 6%. >> time to get a news update with sue her air yachlt. >> hello, everybody. china threatening to retaliate against the u.s. for sanctions that washington is imposing on three top communist party leaders over human rights abuses while not specific, china says the sanctions are an interference in its internal affairs. the u.s. says the abuses are widespread in the country's northwest region targeting the uighurs population a team from the world health organization is en route to wuhan, china, to pinpoint the orange i origins of the coronavirus how did they move from animals to humans? and as the pandemic continues to take its toll in the u.s., the economic pain may

soon get worse experts estimate some 28 million americans face homelessness in the near future. regulations against eviction expire this month in a number of cities nationwide. by comparison, ten million people lost their homes in the great recession. you're up to date. i'll see you in an hour. that is the news update. back to you. >> thank you so much for that. another quick check on the broader markets. we're up 1% on the s&p 500 1.4% on the dow. nasdaq catching up as well it's been the loggagger today. it is up .5% you can see on that chart, session highs or there abouts for all of the major indices still ahead, shares of carnival surging after the company gave an update on booking demand and cash flow earlier in the day it's up 10%. we'll get the details on that and much more in our exclusive interview with the ceo around ald donald we head to break, have a check

on bonds yields up a bit today. still lower on the week. ten year hovering around 0.64% ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪

28 minutes left before the closing bell here's where we stand. 362. that is a session high 1.4% thank you boeing and financial ands goldman sachs and jp morgan s&p 500 is up 1% nasdaq, the starof the week an of the year. we saw an intraday record high

for the nasdaq and we are tracking for record close. any positive close will do that for the nasdaq up eight of the last nine sessions the russell 2000 also joining the party today. up 1.5%. coming up, it's been a rough week for some retailers as more companies including brooks brothers file for bankruptcy ahead, we'll speak with shark tank investor daymond john about which are best positioned to run out the pandemic and up next, dr. scott gottlieb weighing in on the gilead news [squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey.

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helping move the market higher today was gilead's announcement providing additional data on the drug showing significant improvement in clinical recovery a 62% reduction in mortality risk compared to standard care alone. joining us now former fda commissioner scott gottlieb and also a cnbc contributor. he sits on the boards of pfizer and alumina. how big of a reassuring factor was that to hear that 62% figure from gilead this morning >> it was a ten day study. they looked at the patients in the study and they tried to match them with similar patients who weren't getting the drug and then they compared those two groups and they found that the patients with the drug did better than

the matched control. so this is prespecified. they knew they were going do the analysis it's not the rigorous trial we rely on to draw conclusions about whether drugs are working and in fact they're having a benefit on something like death. they have a more rigorous study where they assign patients to seef this or standard of care. the results of those studies, that study was done by the nih the result of that study that addresses whether or not there is a survival advantage, that should be out in august. so the top line of that study have come out. they had to wait longer to get the results on whether or not it was having an infect on mortality. >> even though cases rare rising mort talt rates are not. at the height of the pandemic, we were at 2500 deaths per day

even with these spikes that we're getting this week, it's about 900 per day. can they stay at these lower levels given the experience we have, the better treatment options and the age range of the people who are actually contracting this disease >> well, possibly. i mean, new york made a lot of mistakes early on. the infection got into populations like nursing home patients that's why you saw an excess of mortality. the city was heavily seeded with infection before we knew how widely it was circulating. so a lot of mistakes were made we learned if that we're doing a lot of things differently. in hospital mortality has come down because we're treating patients more effectively. we have steroids like remdesivir and not interbaiting patients as aggressively i wouldn't be surprised if we cut the in hospital mortality significantly. the number of infections occurring in the states, you're going to see mortality go back up the infection isn't going to

stay in younger population there is so much infection that stays like florida it's going to get into more vulnerable communities. you're going to see deaths go back up unfortunately. hopefully not at the levels we saw before it shouldn't be at the levels we saw before but higher than what we see now. the final point is that there is a delay in time of diagnosis to time of death. typically, it was two weeks from the time of hospitalization he patients were going to die would succumb to the virus of that's been extended now. not because of improvements in care but because more of the patients who are getting diagnosed are getting diagnosed earlier. sol we're catching them when they have early disease and take longer for them to progress to the point that they succumb to it. >> dr. gottlieb, it seems by observing the different rules and regulations in the states that have seen the spikes that large gatherings indoors is a big factor leading to spikes, for example, in new york you're not seeing it in restaurants and bars are reopened, it's only outdoors does that mean you're concerned about reaching the full when the

weather takes a turn for the worse? we're either going to have to see more economic shutdowns again for things like bars and restaurants or are we going to see spikes in cases? >> look, i think we have a hard fall and winter ahead of us with this but i think that's what -- that's all we v i think is a 2020 event with very to get through it. we'll eventually have a vaccine on the other side of this, hopefully early 2021 the fall and winter may be tough as this continues to circulate aren't country and become epidemic in different regions. the northeast is still vulnerable this could come back the risk is as we go back to school and as we move indoors in the fall, and as this he could lidz with flu season look at what is happening in the south. they're testing capacity is being overwhelmed by the epidemics. imagine the fall when everyone who et cetera good the flu now needs to be ruled out for covid-19 so that's going to put a tremendous strain or our testing capacity we'll have more testing by then. but we may not have enough to keep up with both flu and covid-19 so this is going to be a difficult fall and winter flu season and the northeast is

still vulnerable even though we had a lot of infection, there is still a lot of people that haven't been infected. >> as you know, on the endorphine, china warned that ac is ac is the contributing factor to the spread. if you look at florida, texas, arizona, super hot states where people go inside air conditioning should we be worried about that. are office that's are reopening be more careful about how they're thinking about the ac units? >> look, i think you need to think about air quality in confined settings. does it seem to be the confined settings where you have what people presume to be virus where you see wider spreading in the super spreading events it's not happening outside there was a good study done in china which looked at 140 different situations where three or more people became vekt fekted from a single index case. it was indoor settings when you move activities outside that, is a safer setting

holding religious services o outside, restaurant outdoors, you're right you can't do that in houston now where it's 100 degrees and phoenix where is the 105 or miami. so that is probably contributinginging to some of the spread down. there people were moved indoors for the benefit of air conditioning and perhaps had poor air quality in some of the settings and that contributed to the spreading we're seeing >> dr. gottlieb, great to see you as always. thank you for joining us >> thanks a lot. after the break, we'll dive into the massive run this week for big tech plus details on the esg. that sent carnival shar those stories and much more when we take you inside "the market zone." it's pretty inspiring the way families

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remdesivir just under 15 mipz left in the trading day. we're in the "market zone. mike santoli here to break down the crucial moments of the trading day. today we have ally chief investment strategist lindsey bell with us as well good afternoon, lindsey. let's kick things off with the broader markets. the nasdaq up around 0.5% h on the week it's up about 4%.

it's set for another record closing high it is the lagger of the major indices. the have a look inside the nasdaq one week moves for amazon, alphabet, netflix and facebook all sharply outperforming. netflix there enjoying a particularly good spike. up 8% today. today goldman sachs raising its share price target for netflix to $670 a share. citi raising the amazon price to $3,550 a share both stocks hitting fresh all time highs almost every day this week it's timent to sho to share thef facebook and google. tesla which is up another 10% today. unbelievable frankly all the warning signs and all the multiples look very, very

much stretched. >> yeah. it has been extremely hard to bet against them tesla an extreme example of what is going on in all the other ones but it's fascinating to see the analysts almost forced to raise price targets. tesla, facebook, amazon, apple, microsoft, and also google to a lesser degree. all of them have consensus analyst price target bez ls bel where they expect them to be they're expecting 10 to 15% no matter what, the stocks have outraced the opinion this is the self feeding portion perhaps of this run. maybe today is a sign that these types of stocks are cooling off because they're so stretched but i don't think anything going on today undermines the idea that this is the privileged leadership group of this market until proven otherwise. >> what are the chance that's if and when this does roll over that the rest of the market can

rally? even if it doesn't pick up the slack for the overall index, is it likely that if the biggest cap stocks are falling that other smaller cap stocks even if they're totally different sectors are going to be able to have a prolonged and impressive rally instead? >> i think you can see the circumstances when that would happen i mean, the choreography gets a little delicate as you suggest based on, you know, relative market values and things like that but it probably would mean that the whole cyclical acceleration story is getting traction. bond yields going up the cheaper looking financial and cyclical stocks start to work better. that doesn't necessarily have to happen at the expense of the big index names in tech. but, you know, even if it did revert that way, it -- it's plausible. i just don't think that right now we have people really positioned for it. and you don't necessarily have the fundamental weight of the evidence hint that jubehind that

>> we'ren o on the brink of the season what is the setup for the big tech mega cap darlings are they going to live up to the love they've seen in the market lately >> that's the big question when i look at the tech sector overall. we're looking for a 9% decline that is the consensus estimate going into the earnings period that number has not moved much since the beginning of june while many other sectors we've seen the estimates ratcheted down so expectations from an earnings perspective are also high. so performance perspective expectations are high and also from earnings. so i think it's going to be a tough for these guys i think even if they do beat earnings estimates given the price performance that we've seen the ramp up in some of the stocks, it might be a news event. it could potentially create opportunities for investors that maybe have missed the runup in the stocks >> mike, one of the earnings next week is netflix it's run up quite not as much as

tesla today. still up 8%. up some 70% year to date obviously that makes the setup pretty tricky. do earnings tend to be the factor that movers this? >> it is usually a big earnings mover in particular. all of that stuff seems like it should matter. i guess it's calmed down a little bit in recent quarters. but there will be pretty clear patterns on a big moves off earnings it's hard to find a bigger stock than this. you think it's a pretty high bar for the company. >> lindsey, which sector looks best positioned to you best priced for earnings this season >> i would say consumer discretionary looks interesting. estimates have slashed sharply obviously, amazon is part of

that space that accounts for 50% of the market cap i do think the other estimates have been cut so significantly that you can see some of the individual stocks within the consumer discretionary sector pop on these reports dow up nearly 400 points with cruise ships getting a boost carnival provided a positive update on future bookings. as of the most recent booking period, 60% of 2021 bookings are new rather than just customers who rebooked canceled trips. carnival stock is battered, of course this year down some 70% as customers in the u.s. still cannot take cruises. carnival did say it will continue to burn about $650 million per month for the entire second half of this year mike, a nice little bounce as we framed there off of the low base, the fact that fresh bookings are coming in and within at least a range of what

they said for next year is relatively encouraging it is certainly encouraging in terms wrf the stocks go the to at this point. very, very sensitive to the timing of when companies like this pivot back towards break even as opposed to burning cash:it's ocash it's one of the pure names in this crisis, cruise lines and airlines leading the way in the s&p 500 right now. aside from netflix which is up quite a bit today, the top ten leading stocks in the s&p 500 are down an average about 45%. laggers on a little less pessimism managing to make up a little bit of ground >> i don't think you're a fan, lindsey, of the group. are you? >> i mean, the group is so tough for me i think it's really difficult especially in this phase where cases are increasing we don't have a vaccine here and, you know, unemployment rate is still in the double digits.

so i think these guys, you heard carnival today talk about how they're not going to rely on new to the cruise industry type of customers. but they're going to rely on the old customers that are really fanatics for the business. but, you know, it's great that you're seeing bookings come in but when are they going to be able to get the ships on the water? germany is open in august. but that is only going to be three ships. that is like 2% of carnival's fleet. i got to hand it to carnival they have done a lot to right side their business, cutting cost, reducing cap ex, selling inefficient ships and really increasing the liquidity but, you know, until i see a vaccine and coronavirus cases coming down, i'm going to stay oon the sidelines, i think >> we're going to talk about all of this. we've got an exclusive interview in the next hour with carnival ceo arnold donald. we'll talk through the bookings and everything you just laid out, cost cutting, liquidity, you name it. beyond meat shares are under

pressure today after a bearish analyst call we have the details on that one. >> hi, sara. beyond shares are down more than 4% right now the stock is on pace for its third negative week in a row shares are still on pace for a fourth positive month. shares slipped after citi initiated coverage with a sell rating citing concerns about the company's exposure to the food service channel plagued by the pandemic the note highlighted competition from impossible foods, tyson and kellogs. citi ace analysis folgz anothfo cautionary note from yesterday and brought up near term concerns as food service as well back to you. >> thank you there are warnings, mike, about competition for beyond meat from the legacy food players for a while. has not stopped the momentum but clearly the kind of notes still resonate with investors moving the stock lower >> the stock is actually labored a little bit

after the rebound off the march lows i think the trick with the stock all along is the fact that it got inflated because of so much enthusiasm for the overall category and the whole, you know, nonmeat movement if you want to call it that. it was being funneled through this one public company which is a pure play. i think that happens sometimes and gets the valuations out of whack to what the business can actually justify in the short term so understandable fundamental points and those headwinds about food service and whether you can really -- whether this company can really scale globally or not. so right now, i mean, it's not as if a stingy valuation right now. but it's -- you know, arguably tough to make a lot of upside head way >> lindsey, in terms of earnings season, what was set up well consumer discretionary, what is the hardest sector when it comes to earnings season to deliver a beat i mean, i guess almost outside of some of the tech names we already touched on >> yeah. you know, i think estimates are extremely low for the energy

sector on the beyond meat though, i would just add, you know, the concerns have been concerns since these guys came public but these are analysts that still have 45, 50% growth, top line growth for this company the type of uncertainty we're sweeg seeing that's why you've seen a runup in a stock like. this. >> 50% growth is not the same as 150% growth which is more like what it was seeing before the pandemic lindsey, in terms of guidance, are we going to get anything that resembles guidance this quarter or ever again? is this the excuse that companies needed to throw it down the toilet? >> yeah.

i mean, i'm not expecting companies that have withdrawn guidance in the last quarter to reinstate at this quarter. there is obviously enough uncertainty out there for management teams to remain cautious about what the investors need to focus on is that 2021 numbers. a lot of people are pricing different securities off of the 2021 estimates and we've seen those stabilize for over the last six weeks or so we're looking for about $162 in earnings per share for the s&p 500. that gets us back to even with 2019 numbers i think that investors will be able to find optimism if that number can be sustained throughout this earnings season. >> all right we have just about two minutes to go in the trading day mike, what you are seeing in the market internals as we track for another record close in the nasdaq and near session highs for the dow? >> internally, the market strengthened if you look at the volume skew, this is pretty much, you know,

60 is already 6 60/40 earlier today. you check off that box it is a broad rally. i want to take a look this week at the outperformance of emerging markets relative to the s&p 500. this has been a little bit of a change of theme. it hasn't been the case in general for this whole run that we've had in the recovery. but it has been strong this week and then the volatility index, easing back as you would expect ahead of summer holiday weekend. down under $28 not really giving way. not really going through the floor of this post crash move. at least for today is moving the way the bulls want to see it without giving an all clear to a lot of the strategies that need lower volatility to raise exposures. >> the outperformance, mike, it is basically just china. >> china, exactly. >> in this past week china ending the week. shanghai up 7.3% as we stand for this week here

in the u.s., s&p 500 is up 1.8%. so nice outperformance there for china. the rest of them, a little ahead of the s&p 500 should point out europe disappointing this week. the euro stocks 50 was flat. the likes of the uk down a full 1% despite the strong gains in the rest of the world. pivoting back to the u.s. for today, we're up over 1% now in the s&p 500. the dow up is 393 points so near the session highs. up about 1.5%. those indexes are outperforming the nasdaq composite for once. the nasdaq come poz it set for a closing high the russell doing well today up 1.6%. in terms of the sector performance, banks very much in the lead today kbw bank index up over 5%. irrad indicating all of this week's losses, up 1% now for the week as a whole. but only up 1% today shows how soft they've been coming in today with today's 5% gain

citigroup leads with 6%. energy the second best performing sector. utilities up 2%. only one sector in the red, health care. just negative. technology is flat essentially the second worst sector which talks to that relative rotation that we're seeing today. at the close, the dow is up 375 points 1.5% s&p 500 up over 1% nasdaq up 0.7% >> a strong finish to a strong week for the markets and another record close there for the nasdaq welcome back, everyone if you're just joining us to "closing bell," i'm sara eisen here with wilfred frost and mike santoli. take a look at how we finished on wall street closed near the highs of the day. i got a bit of a surge into the close in the final hour. up 368 was the final talley on the dow. big winners today including goldman sachs, boeing, a lot of the reopening plays like the airlines did better today and

financials too s&p 500 finished up 1% on the day. almost 2% on the week. 1.8% for the week. pretty much a strong recovery. we got that news on the expanded gilead results showing 62% increase in terms of better mortality rates on covid-19 on the anti-viral drug remdesivir the nasdaq, record high close. also hitting a record intraday high during the session. amazon and google traded at the highs. a lot of the winners that we've seen recently. the russell 2000 had a about day if you're bullish. but was actually lower for the week only one of the major averages that actually closed down for the week, a little less than 1%. speaking to the relative underperformance, it is seeing pretty much all year long, the nasdaq by stark contrast, up 4% for the week carnival cruise shares soaring today after securing new funding and announcing encouraging

booking data for 2021. coming up, we're going to talk to the ceo, arnold donald about that news and when sailings could return to the u.s. first, let's talk about the market joining us, ally chief investment strategist lindsey bell is still with us and joyce cheng joins the conversation first though you to, mike, wrapping up another strong week especially for the high flying names in the nasdaq which close up 4% this week. >> the market just found a way to keep themselves supported you think there is plenty of excuses to back off as we've had several weeks of retrenchment in the average stock even coming into this week the big complaints, coming into today was it's all tech. it's all the big growth stocks the average stock isn't doing anything we'll have a broad rally and the laggers come to the forefront. it's like the scrubs on team are given time to play that's what happened today

you know, the treasury yields bent but they did not break. they lifted throughout the day you would have to say an upbeat message from the week that still leaves the broad indices at the upper end of a range which may be fine as we continue to absorb what seemed like some, you know, caution headlines day to day st in terms, lindsey, of the momentum we've seen in the broader indices as well, if tech does turn over, i mean, i was discussing that with mike. if if tech turns over, do you think it will hurt all stocks or just as possible just the own sector >> i think if tech turns over, it's going to be because some of the other maybe value oriented or lagger stocks are going to be able to have a chance to really show their true colors and take the reigns for a little while. that will be healthy for the market i don't see tech falling off a cliff. i see it being able to take a breather once we see the uptick

in coronavirus cases isn't going to necessarily slow down our economic recovery. and we get a vaccine and things like that. it will be great to see some of the value oriented sectors take the reigns for a change. i think tech can do well in that environment. the major news of the week is coronavirus cases continue to surge. hospitalizations continue to rise and so do deaths. not to the point of the worrisome levels that we were back in the height of this in april and march in new york. but still pretty worrisome to see them rising. why do you think the market overall is brushing that off >> well, even as you look at the rise in the cases in the southern states, you see that some of the cases are six times high her and the mortality rate has risen 25%. i think there is a belief in three things in the market first of all this is not going to stop the reopening plans for

moving ahead the labor market side continuing to be very strong for the next month or two the second thing is positioning in the market is still very favorable. we think you're only for some of the hedge funds that we sat on this at about 25% positioning. and we also have that some of the members are surprised on the upside china continues to have a recovery that is stronger than had been expected. but that's been helping some of the markets outside of the united states. >> joyce, where do you stand jp morgan ahead of earnings season on how beatable estimates are going to be or even whether earnings season will matter in what has been, of course, a roller coaster year where people are kind of now looking into next year as opposed to the next couple of quarters >> i think the market really is looking into next year

the questions we've been getting have been about the elections. they've been about stimulus package that is coming up. i think the earnings number itself, is you know, not the key focus at this stage in the game. it's whether you're going to continue to see support on the policies from the central banks and the vet programs there shouldn't be more questions when you get to some of the death lines in the fourth quarter of the year. there is going to be more questions when the elections come up. people are really looking through this right now and feeling like, you know, we're past the worst of this and even if we go through a second wave, it's not going to go back to the scenarios we had in march and april of a lockdown >> meantime, barclay's seeing signs of widening economic damage due to the recent surge in covid-19 cases. the firm finding restaurant foot traffic plateaued. states with the most visible surges like arizona and texas already seeing declines. and job postings fell sharply nationwide in the last two weeks.

barclay's notes that if we see an even wider case surge, the recovery and job openings could retreat even further than it already has. mike, what does the market, when it comes to virus related activity, what does the market move off >> since early june, you've seen the areas directly impact bid refrenchment in the reopening story. get affected i think broadly speaking, the market is dialing ahead by several months and essentially saying if we're willing to allow for a couple of lost quarters here in terms of earnings, just the math gets you to a big gdp growth number as a bounce and that also the bet, of course, implicitly is that the fiscal support in place and to come is going to be sufficient and, you know, maybe that's questionable maybe it's not maybe the market this time will need to throw a tantrum before that happens but that is not the talk you're

hearing right now. we can buy the growth stocks that don't need people going to restaurants to actually work well >> lindsey, anything worry you in the high frequency data >> the s&p 500 is already above the 200 day moving average so that concerns me a little bit. i definitely want to see more participation from a broader swath of companies and sectors and industries, for sure i think going back to exactly what mike said, i think what you're going to need to see is as long as the third quarter is better than the second quarter, the second quarter remains the bottom from an earnings decline perspective. and the fourth quarter is better than the third and 2021 can

remain stable. i think investors are going to be comfortable with that of course, stimulus is going to be a big part of the game though too. consumes have to pay the tax bills on july 15th you have a couple other benefits, stimulus benefits running out. so we'll see where we are at the end of the month >> joyce, clearly the no inflation in the pbi numbers this morning but what chances are there of inflation surprising over the next year or so? if it does, how should investors be positioned. >> i think you're still in the disinflationary phase. they're very large right now they're in many parts of the world. even in the u.s. with the recovery that we're seeing right now, we still think you're going to be about 4% below the levels of gdp at the end of next year i mean, i am looking one quarter. so i think that, you know, the inflationary pressures are quite

away from here i still think that it's going to be, you know, tech is going to do well here i also think north asia is going to do well here as far as just the recovery that we're seeing for the next couple of months. there could be a value for tech to catch up here of i think north arab yashgs sie numbers look good. i would not focus on the inflation hedges right now there are ways in which to focus on the strength of the valley in certain sectors. >> joyce chang, thank you for joining us lindsey bell, you too. always good to see you up next, we'll ask carnival ceo arnold donald when if ever the cruise industry will recover from theoravus conir crisis. we're back in just 90 seconds on "closing bell.

welcome back carnival is closing 10% higher after updating on booking. the most recent booking period, nearly 06% of 2021 trip bookings are new and not from customers this comes one day after carnival it is one of the worst performing stocks in the s&p 500 this year. as many investors wonder if cruising will ever fully rebound to prior to pandemic levels. joining us now in an exclusive

interview carnival corporation ceo arnold donald. >> good afternoon. trust you are well >> we are. and all the better for seeing you, arnold. talk us through the numbers. in particular, i think what is grabbing people's attention is 2021 bookings. you said it's within a range that you would have expected in prior years. presumably to the bottom of that range. >> yeah. we said is that historical range. and so by this point in time, you know, in a given year we have a certain percentage for the next four quarters we're within the ranges. and each of the quarters and frankly, it's been strong. there's a lot of pent up demand for cruising a lot of pent up demand for our brands and we're very excited about the prospects of being able to sail in germany by mid august in a way that we think is very responsible with the best interests of public health >> what about the pricing?

>> the pricing, as a matter of fact, we just announced the german sailings. they were not previously scheduled. the initial sailings will be sailings to nowhere. they'll leave out of german ports go, out to sea for a few days and come back to the same german port. we had had unbelievable bookings in the first 24 hours. much higher prices than our fleet average and historical pricing for that particular brand. so very strong early bookings. we'll have to see how that plays out over time. we were really pleased with what we saw >> on the safety front, arnold, how will you handle a positive case and will you have tests onboard and what if you get a test back that is positive how will you handle that if you're in the middle of the cruise >> sure. first of all, obviously all of

this is real time. the knowledge and understanding of covid-19 is real time it keeps evolving as you well know so right now the protocol that is in place and that could change somewhat in, you know, three weeks, four weeks when we actually sail. we will have test capability onboard, pcr testing so there will be manchester cities machines onboard that can test if we see an indication of symptoms that are individual like, we can test a person they'll be in an area on the ship where they can be comfortably isolated, et cetera. and then there will be, you know, off loading or did it embarked in the port when they return that's been worked out with the ports and with the german authorities. and so unlike what happened before where people, it was all new. nobody quite knew how to handle things did you have to quarantine everybody else it is pretty mapped out in this

case and we can comfortably sail knowing that we can manage now the good news, too, in germany and couldn't nenltntinee and germany, you know, there is just a low incidence of community spread right now so that is another big advantage. and that's the key i think when society is ready to socially gather, we can seriously look at cruising again. and in germany, they're ready. >> they appear ready in the united states at least to socially gather even if we shouldn't be even if cases are rising, arnold in preparing for that, i mean, there are so many asymptomatic carriers why not test everybody that ge gets onboard >> in germany, for example, a lot of people have been tested but they have a low incidents of cases. here in the u.s., you still have a surge in a number of areas in the u.s. of cases. and so you talking two very different situations over two different time periods. as we know, the virus spread

from east to west. and so the u.s. is still going through it and why not test everyone for the same reasons everyone isn't being tested today in the united states the tests will have onboard, you won't be capable of in a support period of time testing thousands of people. but we'll have adequate testing capability to test the incidents that is likely or could possibly occur. >> royal caribbean and norwegian is forming a panel in order to recommend health protocols for cruising why aren't you part of that panel? >> royal and ncl panel is two companies. every company in the industry is doing things we've been engaged with epidemiologists, medical experts and scientists throughout this period obviously, we've been engaged with a number in europe to prepare the protocols that have been presented to allow us to begin sailing in germany and we have a number of

scientists around the world including here in the u.s. we've been working with. in fact, we're going to produce for the world travel and tourism council a science summit on covid-19 july 28th so you can go to a site, i believe it is covidsciencesummit.com and register we'll have world leading scientistses including a nobel la laureate and others that give the best understanding of covid-19 in general. this is not about ravel. this is not about cruise it's about really understanding covid-19, how to manage it best with everything we know today. dealing with transmission, dealing with therapies and dealing with the basic epidemiology, understanding of the disease. and the practical ramifications in life as we know it today. that is july 28th. it's covidsciencesummit.com.

it is open to the public no charge. we encourage you to tune in. >> we'll follow it arnold, clearly you had had to make some big moves to right size the business and adjust, cutting costs and raising money through liquidity. how are you planning for the fall though? if the medical experts are right and we do get a resurgence and repeat of what happened in march, what would that mean? how do you position for something like that in terms of liquidity and everything else? >> you make a good point in the last four months, that's all it's been. we had to get 260,000 guests home we had to get over 80,000 crew members safely repatriated back to over 130 countries when borders were closed, airlines were shut down we charter some planes where we could. we used our oin fleet 50 ships sailing 400,000 naughtical miles to repatriate that large number of crew. but most importantly, from the question you're asking about the

runway, financial runway, we raised over $10 billion of capital. we reduced our expenses by $7 billion annually wereduced our capital by $5 billion over the next 18 months. the combination of all of that has given us a runway of at least 12 months assuming zero revenue. zero revenue and we can at least go 12 months we have additional noncore assets question look at for additional liquidity or additional debt that we can potentially take on if we need to and, of course, the equity markets as well in the future if we needed it so we're well positioned to go through an extended pause with no revenue now with germany starting, that's a good sign but we don't know. we can't predict when other countries will start we're fortunate. we have a lot of national brands it's most likely starts will be country by country we have brands, our german brand

we've been talking about is 98% german source. our australian brand is more than 99% australian new zealand source our cost brand is european source even our carnival brand in the u.s. is 92% u.s. source. and then our pno brand in the uk is something like 97, 98% british source we have national brands. and as cruising comes back, it's most likely to come back with citizens of a country being able to cruise nearby or like we're doing in germany, going out and coming back to germany so that allows us to start it allows us to re-engage. and there is a lot of pent up demand as you already referenced for social gathering but there is a lot of pent up demand for cruising as evidenced by the bookings we have for '21. the. >> those short cruises from germany into the north sea or the baltic sea, that's going to be chilly. but i guess there is always

obvious demand as you're suggesting i want to ask about lawsuits are you fearful that if you do have cases again this time like you did earlier in the year that customers are going to come after you? >> no. the i actually we're not fearful. first of all, we're only going to sail in situations where we are comfortable that the protocols, you know, will allow us to comfortably sail the guests >> to guests have to sign a disclaimer >> i'm sorry >> do guests have to sign a disclaimer it is possible they could sue you if if it turned out that it was on carnival's error that people caught the disease? >> i'm not sure -- i'm pretty confident there will be disclaimers. i don't know i have nine brands and a lot of jurisdictions and laws are different around the world but we would never say someone wouldn't sue us. people sue for all kinds of reasons. but that is not a big area of

concern, you know, for us. we're going to do the right things and the best interest of public health. we're going to, you know, make certain that our protocols are such that people are comfortable and confident in sailing we have crew and they have to be comfortable and confident. and obviously, we want our guests to feel that way. and so we're very confident that protocols thatare in place which have been informed by medical experts and scientists, you know, from around the world and are continuing to be informed as knowledge continues, you know, to develop around covid-19 >> it's just hard to get past this idea that you have, you know, thousands of people on a ship together at a time where this disease is very transmissible. we're being told to socially distance and wear masks. you would put your parents on a cruise right now would you tell people that it's okay >> would i put my parents on -- >> or tell people -- >> sure. would i put myself or my family

on the ieta cruise that is starting up in it august absolutely i would and the situation that exists there. number one, the community spread within the community is low. number two, we have adequate social distancing capability on the ships. consistent with social distancing that you'll find shore side number three, we have things that you don't have shore side we have medical screening. we have medical centers right onboard. we're very much set up to do what the people would do shore side if they came in contact with covid-19. even better. we can put them in isolation to keep them from the rest of the population and as we all know now, with proper -- and we have testing onboard. and so that we can get a test done now in 45 minutes so we know if someone actually has covid-19 or not. so you're starting from a

society with low incidents or occurrence of it to begin with you're putting nem a situation with the proper measures to mitigate risk of spread. if someone does happen to get on that has it, you're doing medical screening up front before they come and then onboard, you are monitoring carefully and you're set up to handle it. these are also relatively short cruises. they're three days or four days in length. and so very comfortable with that situation the ships, the restaurants are socially distance. people talk about occupancy levels on the ships. in thiscase we're going to start with relatively low occupancy. but it's much more engineered around the social distancing in the public spaces than it is about the number of cabins being occupied you back into that from the social distancing of public spaces and, of course, we're going to walk before we run so we're going to start with, you know, lower levels to ensure

that people following the proper protocols and affecting the social distancing. that is consistent with what is existing in germany today shore side our goal always is to make certain that the risks associated with being on a cruise are absolutely no more than the risk for similar activity shore side. and as in the past and previous history for the cruise industry, our goal is to ensure that those risks are actually less than for the similar experiences shore side as you know, the cruise industry has been around a long time. we've had to deal with a lot of viruses. this one is unique no question about that but we've had to zeile with zika and sars and in a case of a more common one, one that is very common, we've been able to do it in a way that has cruise ships have a far lower incidents of the virus and spread than you would typically find shore side. >> arnold donald, great to see

you. thank you for joining us. >> thank you very much thank you. >> still to come, the big banks kicking off earnings season next week mike will head to the charts to have a look at banks sre ic olateha it's pretty inspiring the way families

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financials rallied today in the overall market it was higher. let's send it back to mike santoli taking a look at earnings. >> yeah, the setup for the bounce today was the fact that valuations seemed rather depressed. this is price to book value for s&p 500 banks. interestingly, just about at 2011 levels. remember the sovereign debt crisis and the debt ceiling standoff people thought bond yields were never going to go up again they're as cheap as they were back then based on book value. not as inexpensive so implicitly, therefore, they're earning less on that capital base obviously got some credit losses to deal with in the current reporting season and for the quarters ahead but if nothing else, it does seem as if valuation is a little bit of a backstop for bank investors going into the reporting season sara >> in other words, they look cheap? >> yes >> mike santoli, thank you right. retail investors are bracing

for more bankruptcies in that industry up next, we'll ask shark tank investor daymond john about which retailers he mrnlg from the coronavirus crisis as the big winners. that's next. now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express. enroll now at shopsmall.com. you turn 40 and everything goes. tell me about it. you know, it's made me think, i'm closer to my retirement days than i am my college days.

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as part of your retirement plan. this can help you cover your essential monthly expenses. learn more at protectedincome.org . retailers are going bankrupt nearly every day just this week brooks brothers and others filing for chapter 11 adding to a growing list of retail bankruptcy this is year. on top of that, permanent store closures and layoffs from everyone from bed bath & beyond to levi's. so who is next and who will come out ahead? joining us now is shark tank investors daymond john how you are thinking about the damage that retail right now is going to do to this economy from the job losses to the real estate and store closings? it i mean it's growing by the day. >> it is but retail is changing by the day also can you consider sometimes the goeltd

golden age of retail they're thriving or dying. they're finding a new way to get to consumers the stores, they're going to close. they'll have smaller imprints and have to change around the model. the model needs to be more of an experience it's like if "the new york times" only started with selling nooupz, it wasn't. it was selling content they learned how to shift. this is exactly what the retailers need to know how to do some are doing quite well at it. >> like who? who is doing a good job pivoting >> home depots of the world are doing a good job pivoting. you know, but you're going to look it you numbers such as the amazon that's were three months ago they were at $1800 and now they're $3,000 or the ones that are $330 and now at over $1,000 because they're finding their customers online they're still consuming. people are going to consume. but now if you're a sephora, you want to have a experience, have a woman come in and have her face and makeup all done and

then know her buying habits be, send her home and have your sales people consult and go and zoom with them and know that you understand all of the things she likes. because now there is another way. you have a macro way of understanding what they buy. i sent it over to macy's, i didn't know who bought it, why they bought it or didn't buy it and how can i sell to them again? and the traditional way to sell to customers is only three ways to sell to customers you acquire a new one, upsell a current one or make one buy more frequently if you make a quick sale and they're in the mode of making a content and conversion play and following you home and knowing your buying habits, you're in good shape if you only need to place your transactions, you won't be in good shape. >> when you consider the government has directly helped certain sectors like airlines, do you think traditional retailers also deserve some assistance or is this a game of adapt or die kind of like your explaining

some of the companies have adapted and doing very well and others are suffering, its on them >> yeah. i do believe that this is why we all got in the business. so we work the 80 hours and don't have to work 40. when you work 40, that means somebody else is in charge of your destiny and helping you out. retailers have to adjust accordingly. innovation will happen and you're going to then find just new people doing business a new way. you know, one of my friends open up as a yeti and webber dealer he said i opened up as a dealer and they said i cannot get product until the middle of 2021 because they're sold out they can't make enough product the goods are out there it's just how people are consuming. >> i want to ask about small business too, daymond and all the companies you vinested in on "shark tank" and around. how are they doing what are we looking at in terms of losses from small business right now? >> yeah, they're either striving again or suffering some of the small businesses, a

lot of them got the ppp. of course, i tried to get the ppp for the ones that needed it. i told all of my ceos and people in good condition and shape do not take it personally make sure you get it over to the people that need it. extend that lifetime and some of them have found ways to pivot and create other things and some now, ppp is running out and they're wondering what they're going to do. but my favorite company that is the number one investment on "shark tank," this he send the socks directly to your house every time they sell a pair they give away a pair to the homeless they're doing gang buster numbers because they always been direct to the consumer the people feel like they're buying them are doing something great for somebody else. it's a social cause. the they're out there being the biggest amounts to share content anywhere and everywhere. the numbers are just absolutely amazing. >> daymond, thank you so much for joining us >> we have news on facebook. julia has it

>> facebook is considering some sort of political ad ban or political ad blackout period in the runup to the november election this is first reported this afternoon by bloomberg and "the new york times." now it's my understanding that facebook first started discussing this as an option last fall. back when twitter banned political ads and google started restricting political ad targeting. of that, it's my understanding that facebook consulted with political ad campaigns this ahead of the decision they would make no changes around political ad targeting which was announced in january zuckerberg said he thought political ads for less well known politicians helped level the playing field. now everything is on the table for discussion as we near the november election. back to you. >> if they do go ahead to do this, even if it's just for a brief period of time or a week or whatever leading up to the election, is that not an admission by them that they

needed to do so and why does that not then get extrapolated to always? >> well, look, i think it is worth noting that facebook did a lot around transparency. they have this very detailed political ad library i can go in there and see how much every single political candidate spent in a single day over a week over an entire campaign so i think what they're trying to figure out now is whether they need to -- to take that transparency one step further and say we just want to make sure to eliminate any risk of voter fraud which is something, voter fraud, something they're focused on now i think you can say should they have done this sooner? no matter what they decide, i'm sure it will be criticized for one thing or another will they decide to do this ban? they're discussing it. we know that it would be a pretty meaningful about-face from zuckerberg's commitment to free speech but to really using the political ads as a leveler

of the playing field so we'll have to see what happens and why they make that choice julia. thank you so much. >> a second team is withdrawing from the reopening tournament was of players testing positive for coronavirus. coming up, we'll ask the league's commissioner why safety measures haven't been working and whether the reopening will need to be paused for those particular teams at least. this selenite grey is so pretty isn't it? wow. jim could you pop the hood for us? there she is. -turbocharged, right? yes it is. jim, could you uh kick the tires? oh yes. can you change the color inside the car? oh sure. how about blue? that's more cyan but. jump in the back seat, jim. act like my kids. how much longer? -exactly how they sound. it's got massaging seats too, right? oh yeahhhhh. -oh yeahhhhh. visit the mercedes-benz summer event or shop online at participating dealers. get 0% apr financing up to 36 months on select new and certified pre-owned models.

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welcome back time to get an update from sue herrera. >> hello sara. hello, everyone. georgia reporting near lie 4500

new confirmed covid-19 cases blowing past wednesday's record of 3400 cases n early june, georgia was reporting less than 1,000 new cases per day. both ohio and wisconsin are also setting new records today. california reportedly getting ready to release another 3100 inmates from state prisons. that would take the total above 10,000 prisoners released because of the pandemic. it happens just days after hospital tents were set up at a local prison can you go to cnbc.com dpor more on that story. and president trump will announce he's commuting roger stone's sentence as early as tonight. nbc news says trump allies expect the pardon in the next few days stone along time friend of trumps is scheduled to go to prison next week after his conviction on charges connected to the mueller investigation including obstruction of justice and lying

to congress. a still developing story we'll keep an eye on it for you. back to you. >> up next, bursting the bubble of major league soccer is back with a tournament in florida this weekend but two teams have had to pull out over positive coronavirus case we'll discuss with league's commissioner don garber after the break.

major league socker is back kicking off with a tournament in orlando. the players are self isolating in a protective bubble despite the safety precautions, two mls teams had to pull out of the tournament after players test pod for the coronavirus joining us now is mainlior league soccer commissioner don gerber good afternoon to you. good to see you. >> thank you, good to see you as well >> i want to start by asking how close you came to cancelling this whole restart tournament. i guess not least because of the cases within those two teams

that i mentioned us about also just the fact that cases are spiking so much in the state where you're based >> question never really thought about cancelling it in the weeks leading up to it and certainly now over the last couple of days, wilf we have a system in place created by our infectious disease doctors that has medical protocols heavily relying on testing and obviously wearing masks and sanitizing the facilities and the like. the two teams that came into orlando from nashville and dallas came in with covid-19 positives and they were immediately put into isolation we're taking care of the players. but of the 26 teams that are there, outside of those two clubs, we've only had two positive tests >> don, are you hopeful that tv ratings given the lack of other live u.s. sports could be much higher than normal for mls >> you know, certainly

we are like everybody in society, trying to get back to work and trying to get back to some semblance of what the future of our lives will be. and for soccer players and for major league soccer, tez getting on the field and it's competing and coaches coaching and producing games for all our fans we've had three games. we've had ratings that have been higher than we've ever had before and that's a positive thing. but ultimately, it's no the about trying to increase an audience per se, it's trying to get back to doing it in a very safe and healthy way for our players to ensure with testing and other protocols that we can keep them safe and also manage all the things around it from what they do while they're in the bubble, what they're doing on the field and training and in games. >> people across social media are interested, don about, what life is like inside the bubble you were in. now you're out what can you tell us >> well, it is certainly quite different than anything that any

player or any staff person would ever experience. you know, we have 2,000 people that are in orlando and 700 plus players. and obviously they're not used to all being together. they're not used to playing almost every day we'll have over 50 games in just north of a 30-day period they're playing on a youth soccer field that is created to look like a stadium virtually and with artificial reality, all sorts of great technology. they wake up they go to meals they get tested every day. they go to practice. they come back the and in essence, they've got some activities outside the hotel still in the bubble. but lots of activities that we and the swan and dolphin hotel in disney created for them but i will tell you, it very different. it is certainly unique at some point we hope to be able to get back to our stadium and have some semblance of normalcy. >> just looking at pictures of this, don. i'm a little jealous joint, connect four and ping-pong. but pivoting -- >> the sandwiches don't look

great. >> no. >> the food was really good, i have to tell you the food is great. it really was. >> there we go it's win, win, win then. but we hope everyone stays healthy. don, pivoting to the finances. clearly there is not as much money in mls as there is in some of the other u.s. sports have some of the clubs found this very the clubs found this very tricky, particularly some of the new clubs that only launched in the few games that took place back in february and march like david beckham's miami franchise. >> it's been enormously challenging. we're a young league, just celebrated our 25th season, had a lot of momentum with the new teams in miami and nashville, opened up with 60,000 fans with the one game they were able to play at home not having game day revenues has been really impactful for us you know, should things continue this way, our business will take almost a billion dollar revenue hit. we're working to cut costs

we're working to generate revenue with tournaments like the mls tournament we're looking at new ways of engaging with partners, media and corporate. we've just announced that we've got a new struck for for how to go about getting private equity financing that could come into investing with our local teams mls has great ownership. they're very strong. they've invested significantly we'll get through this, but it has had challenges for sure. >> that change is confirmed or you're thinking about it >> we're thinking about it but it's something a number of other leagues are looking at we have owners like robert kraft and john ingram in nashville and david beckham in miami, for example, folks that are an individual owner not having private equity in the past was in essence to know who your owners are so you could how

long they are in their vision for parting in o iparticipatings like other leagues we're looking at changing that we're getting pretty close to finalizing something. >> thanks for joining us still ahead on the show, banning tiktok the social media app coming under heavy fire for security risks. mar eranjoamic corporation is cracking down stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

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amazon asking its employees to delete tiktok but now there's a new wrinkle. hey, josh. >> so, yes, a new wrinkle here so we've just gotten this news that amazon says it actually sent that tiktok ban e-mail to employees in error there is no change to its policy on tiktok. so this was interesting. this obviously created quite the firestorm. people are a little confused because initially we heard amazon had sent these e-mail citing these unspecified security risks tiktok by the way responded telling cnbc that amazon hadn't communicated anything to us before sending that e-mail

they didn't understand what their concerns were. obviously tiktok has enjoyed this enormous surge in popularity especially among young people, but politicians here are asking questions about the size, about the access to data and privacy protections now amazon is saying it sent the tiktok ban e-mail to employees in error there is no change in its policy toward tiktok. >> that is a bizarre twist okay josh, thank you. josh hip on th

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earnings on deck we'll hear from the big banks, jp morgan, goldman sachs, delta air lines, netflix and more. netflix closed up 8% at a record high today i'll be watching pepsico on monday they benefitted from the eat at home trend, stocking up on groceries. they got less exposure to restaurants and stadiums people want to see if that continued throughout the quarter and what spending habits were like. >> i think i'm going to watch as a theme what these companies are saying about potential cost cuts, whether it be writeoffs or other measures seems like there could be something out of this earnings season that's not quite modeled in just yet. >> jp morgan kicking things off on tuesday about 6:45 a.m. as they always do i think the really interesting thing this quarter will be that not all of the banks will beat

extech pa expectatio expectations there's definitely going to be some that do worse than expected whether that will drag the entire sector down or whether certain banks can start to outperform today they made the setup to being easy to a little hard we are with a 6% jump "fast money" starts right now. i'm melissa lee. coming up on fast, beyond the banks. we're gearing up for a huge week of earnings. plus, the race to 2 trillion the chart master is breaking down the big battle pebrewing among the tech titans. we start off with the ultimate bet on the reopening trade. disney world in orlando set to welcom