that site. >> a fascinating look at that trial. >> good monday morning, everyone present decent market action you have fang being pretty supportive here. we expect a relief package proposal this afternoon. optimism over mnra facebook, alphabet, apple, and amazon not just here this week but concentrated into thursday night as that big tech hearing creates scheduling difficulties. >> even just today we have s.a.p. up with of the easy stories to overlook is s.a.p. spinning out qualtrix which it acquired just

a few years ago. this is an interesting data play that s.a.p. made here. qualtrix you're able to ask questions in your organization, collect some of that hard to get data and use it to improve processes. dell seems to be looking to do the opposite but it says something about the way that the big enterprises are thinking about their assets >> this is one of the busier weeks i can remember, the back to back. and it will be huz i think one of the big questions is it sustainable.

are we going to continue to see that continue. we saw with netfli and that a lot of future revenue growth was pulled forward even if microsoft you said the cloud was not quite perfect. question, a surge, but it was not as good as it has been investors were a little punishing towards that it may set the stage, and in the meantime amazon really leading the way up 65% year to date with a number of price target hikes this morning how high can they go, right, carl >> we were just having that discussion with john chambers. and john, the possibility is a lot higher giving their out performance not just on share price, but on all kinds of business metices up and down the blast shee balance sheet. that is acompany that swims in

amazon's waters but it is an enabler of a platform. you don't have to be all in to reach the consumer they're trying to build out all of these assets to empower individual businesses. this is a challenging model, but we had a lot of success with it as the stock price, as you see there on the screen certainly demonstrates the anti-trust hearing set to take place this afternoon. we mentioned, as been moved to wednesday with theceo.

i don't want to about solve them of responsibility for the mistakes they made and are making, but i think is a temptation there we need better laws, is it is not their fault that they're big and successful >> i made that point that they were very rich and powerful. it is just a question of will they stay as powerful as they have so much work over all of this it definitely goes to congress which is why they're there this week will congress do anything about it or continue to flap their jaws about it and not create laws, rules of the road, and guidelines, and they are doing what they do best. which is to grow unimpeded

a lot of it is to be unimpeded >> yeah, amazon, you have all of these lines crossing they want to show they're tough on some people and carry favor with others. what do you hope comes out of this specifically that might lead to the sort of changes that would be healthy for the kmie. >> it will be hard because it will be remote, right? you won't have great dramatic moments, the photos of all of them together. there is too many people and to many people on the congressional side even though it is a smaller group. they're doing it in a sup committee. i don't expect much. they may make some points, but i

think a lot of people are try to score points off of jeff besos this is about power. that is what they like to do they need to focus on how big and impeding these companies are. and if they're impeding innovation i guess, but there is an old saying, i think when the elephants fight only the grass suffers. they need to thrive and create >> the smaller companies, the income bands, they need some protection they have struggled but there is another group that has done just fine and could you perhaps argue there has never been such competition for some of the

giants that you have spotify, shopify. what about that argue? >> tiktok is not a u.s. company. if it goes public, perhaps, but you just talked about they just did -- they talked to the european union about the competition that is happening. shopify is struggling and it is doing well, but it is the only competition to help all of the other shopkeepers get online compared to amazon you know, you have yelp and spotify itself has been in fights they're in the music business. i don't think there is anyone that is not struggling there is a search in social and e-commerce there is only shopify.

when walmart is linking with shopify, is says something about how difficult it is. it is a question of do they really dominate the each individual areas sometimes they fight with each other, but in general they dominate their main areas and the way they make money. >> how do you think he will perform. i think he speaks once a year. he rarely speaks to media. >> that is what they need on the desk it has been amazing. so i think he is super charming. we'll see how he reactis to har

questioning. he is pretty tough look how he went back, he is not a shrinking violet i think he is quite quick. he is a challenge for them because he is not apologetic but he also doesn't pick a fight i think he will be the focus of a lot of these people, more so than google for sure and more so than cal apple >> yeah, besos has become a creature of dc more than any other tech mobile of this era. i wonder what you think about this movement by es.a.p. they had a data focus company.

they had a whole thing about going public and people are advocating for this >> i think breakups are great and they brakeup themselves. if amazon split off of aws they would benefit. the shareholders would be richer than ever. there is so many important things you can unlock. it would be great. people are desperate to find good companies i think they would be stronger and they would compete better. if you spun off youtube, they might have a search engine that is safer for kids. even if you spin them off, it is great for consumers and it is great for differentiation. i'm all for the spinoffs you can think of one for each of

the companies. certainly for google, facebook, and for amazon >> all right, kara switsher thank you. let's continue with the earnings side, mark mahanny, good morning >> good morning, john. i wonder what you think are the most important data points to look out for this week? there are a ton, we were talking about amazon is going to report from paypal, we have a broad sense of what is happening with online commerce. shopify, do you need to hear more on cloud? are there other things top of mind >> you ticked off most of them i refer to this as the high bar week you have the biggest year to date performers. i think paypal is in there, too. facebook, spotify, too

so you have -- you have at least five very high bar stocks looking at what happened with names like netflix if numbers don't go up across the street, if sell numbers don't go up, you will see a correction in the 5% range, they will be there. they will also be looking to see if any of the companies are confident enough to continue to give guidance. it is unclear to me that facebook will be able to do that it is not clear to me thatrecovy the two key ones, amazon and shopify, they should have accelerating growth and be able to extrapolate that into the september quarter. if they don't -- >> there is a thesis out there that there is a separate

economy. the economic effects particularly with small business does that thesis get tested. do they feel confident enough to give guidance? >> yeah, i think we'll get back to one of the basic things that have come out of this covid crisis structure winners, streaming entertainment, they're top of the list they needed to continue to shop. they could not do it and we can't do it in some fiscal retail stores. it was a huge opportunity for names like amazon and shopify. what is priced in is winners and they need to prove it. i think that is what you're teasing out. and the digital presence names, and names like wix, and businesses in the cloud, microsoft, google, amazon, ibm,

a series of companies. they should be seeing the demand but they did temper some of those expectations >> they, mark. how are you? i'm wondering what you're expecting in terms of profit from amazon. last quarter they said they would pour all four billion of them that they expected back into the business. seems like the street is still expecting amazon to make some money. do they have to? now that amazon is so much bigger, do they care about notching profits at the company? >> i think they do i think we're at a point now, i think it has been a case for the last two or three years. they have a real impact. both of those are higher margin segments it is a great makeshift story across all of technology there will be an expectation of

being able to generate consistent sustainable rising profits with a couple of exceptions but the other thing this company needs to do is spend this aggressively as you can in order that one day becomes one day again. ie this company had significant challenges meeting it's typical fulfillment delivery schedules you need to see how quickly they can get back to par on that. they need to rebuild out or get aggressively ahead of this demand that the company has faced in the last few months what is wall street expecting. >> i think the risk has been rising on these names for the

last several years we had fines, i think gooden sent about ten billion over to the eu to pay off fines of the last few years so these regulatory issues have been in there. kara was talking about the break up risk on these stocks. i don't think investors are there. i think they view that as maybe not a remote possibility, but a slim possibility i think it would also be hard to argue that amazon should be forced to spin off aws, but in terms of breaking up the business i think it is a hard argument to make i don't think if the hearings are likely to materially impact the stocks, unless there is an aha gotcha moment. unless they are really tripped up but these are very seasoned and experienced executives but it is possible these

companies also don't have a lot on their own side. they are creating a lot of benefits for consumers and i think they will spend a lot of time up there talking about that >> i bet those ceos will be a lot more relaxed, sitting at home or in their office looking at a web cam than they would be sitting in chambers. i ordered something from amazon over the weekend, they said two days i got it the next day. do you have a sense on whether or not the labor relations challenges, that the likes of amazon faced, have they eased cha? i have been hearing less noise about it. >> all of these different companies have been mentioned. the one with the most labor issues is amazon the one with the most privacy issues is facebook they should be exploring these companies for a environment of

reasons. but they did increase the number of people they hired they bufferined up the wagmped . they are spending $4 billion and telling people you're going to spend it on the health of your employees. that is a pretty good employee retention strategy as far as we can tell, the labor issues have come down, but this will be the largest employer in the u.s. within the next five years. and with that, they're always going to be some potential for labor issues >> for sure. mark, thank you. >> thanks, john. in the meantime, the do you -- dow is up nearly 100 points. let's get back to meg who spoke to the ceo of moderna earlier. this is the first phase

three trial and it plans to enroll 30,000 participants that is a giant trial and they're hoping to get result nlgs a fresults in a few minutes >> we think it will be six to eight weeks to get everyone in there. and it will be a question of invex rates. this is actually helping because it is an event based faze three >> so she sayihe is saying we ce seeing data in november or december other companies are getting

their phase 3 trials under way as well. astrazeneca planning on starting in august. and johnson and johnson starting phase one trials as well as. >> absolutely. we will be watching it and the market will be watching it very closely. thanks for that, meg three firms are taking their price targets up above 3,000 this morning wel llouhyhiho stay with usur when you walk into an amazon fulfillment center, it's like walking into the chocolate factory and you won a golden ticket. all of these are face masks. this looks like a bottle of vodka. but when we first got these, we were like whoa! [laughing] my three-year-old, when we get a box delivered, screams "mommy's work!" mommy's work.

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they're penetrating the $56 billion market for soft wear and they can retain 85% of their revenue. they may not be in the company because of the pandemic. also reductions in workforce and the increased use of artificial intelligence could impact the subscriptions. it's losses widened in three of the last four quarters based on gap accounting big name share olders include glynn capital, also robert smith's vista equity partners. back over to you >> rob, bernstein, the found er that company this moment, companies are trying to con vev

costs. you spend a lot of time with logistics and companys in that space, is that a theme you see among the companies you talk to? >> yeah, there is a company. they're known for a software that is trying to make things more efficient even on spend something. and that is where analysts say it packs a punch >> thank you for that. we continue to watch the evolution of the news story today. we have a statement from the league tonight's scheduled game between the marlins and the orioles is down we have draftkings down 7% this

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welcome back,here is your snuz snuz update. a national guard commander is denying the claims they did not clear up the protestors in time for a photo-op for the president at a church.

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we are joined now, good morning, thank you for being with us today. >> there is a lot of value right

now, but you're also up against very established players adding their own e telemedicine we power roman, rory, zero, and ro a cash pay pharmacy that offers over 500 generic medicines we built our own physicianing mr, our own pharmacy system, our own operating network. so we will first our mission to

being every patients first call. >> dell us how you differentiate yourself especially the farmly delivphary delivery >> the key is the vertical integration. we're the only one again that built all of that from crash and we have seemlessly connected it. we have pharmacies throughout the country and we have connected those so that from a patient per sspective and busins perspective, it has helped and in less than 2.5 years we have facilitied more than 500 million doctors visits so we are resonating in a way

that few other cleans have lounge did it take you >> one of the most exciting to us about this round was that it came from our existing investors, so for us it was a matter of a few weeks where they saw the progress, again from 2.5 years, but also we have been fortunate enough that in every month there has been a record amount of sales and they decided to double down in their investment, and help us bring our vision of becoming every patient's first call into pra t praelt >> how much did this pandemic

change the speed you raised or the amount you raised? >> i think what this has done most of all, and i think it is unfortunate, everyone in the try would have hoped for a different reason, right? for this new apreshuation. but we have seen a dramatic shift. it won't replace in person care, it will unbrnt the existiurden g system, but they are starting online in a way they never have before so before the crisis that i did no use telemedicine. they will see if it can be done in a safe and high quality manner and if not be guided in person that's what we hope to do by being the patient's first call they seek out care and if they can handle it, they will

if we can find someone to handle it better in person, then we will >> so when we're talking about that pull forward, does that mean you're hitting targets now that you envisioned coming in 0 2023 and 2024. >> i think we have been very fortunate to build something that resonated with patients, right? a $250 million run rate. into again i think we would have hoped for a different reen for people to get this, but i think we're building for a world in which patients can get high quality affordable health care from their home. >> we're all familiar with you through adds is it an asset in that regard? >> i think it is important,

right? they have been tret, all of our investors have had unique exper cease that they have brought to us to bring more of our vision into reality becoming every patient's first call >> hey, on the back of that question, i'm wondering how you think about profit accident. i understand you're in growth mode, but is that important to you and your investors sooner rather than later? >> we maintain the concept of being default alive. so every single time that ro has raised money it is to bring more of our vision to reality faster. to expedite the future it is never to continue to keep the business alive and we maintain that philosophy at every single raise. so again, for us, this was on

to opportunistic for us we can always be profitable with our balance sheet. >> on opportunistic raises amid the pandemic thank you. >> thank you for having me in the meantime we have the first in a series of auctions today, rick santelli has the first of two here. >> yeah, two-year. we'll have your results of the five-year auction. the two-year is $48 billion. the field for the auction is 0.155. that yield is the lowerest yield at an auction for a two-year note dplus is the gra plus is the gre it the weakest since september of 2019 the weakest since july of '19

so no matter how or what perspective you took to try to grade this auction it was just on the weak side short maturities are not much fun. i understand that. 14 is the all-time yield low close for a two-year note and we have been toying with it for days we look at the five year today and the seven year tomorrow and i expected results to fair a little better. >> thanks, rick. senate republicans set to unveil their proposal today. we'll have that, next. stay with us this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

let's get to amon jabbers

a decrease in the bonus unemployment benefits that we saw under the cares act. now the republicans calling for that to go to $200 a week but what the republicans homed to do was scale back the unemployment bonus so the point that they were making 70% of what they were making previously that targeting may be too difficult for some of the tide wide asians to facilitate. for now until that program is able to be set up what they're going to call for here is a $200 a week payment for unemployment insurance. they said they want to stick with that payment, so we will see where it lands but the negotiations are open for bidding right now, carl. as we go to break, take another look at shares of draft kings. sliding in today's trade with

the mlb announcing their postponing two games tonight for additional covid-19 testing. down about 8.75% at the moment stay with us derek, seems like your team is operating just fine remotely. yeah, everything is running smoothly with the now platform. (bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you.

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watching numbers out of dallas our next guest is a business owner in the center of that town ray washburn is joining us today. in some ways, ray has become our eyes and ears in texas good to see you again. >> thank you for having me

>> there has been signing of stabilization, does it feel that way now? >>. >> no, i said that august 1st is when the bell would start ringing on everyone. what happened in the restaurant and hospitality because is after we closed down in march we started to get our business back in early june we were up to 90% of our prepandemic sales we brought back thousands and now we're backsliding again. so what will happen is going to happen is the four legs of the stool, ppe money has run out

two our costs has risen substantially. avocados are bouncing all over the place. brisket prices have quadrupled in the last month because production has been shut down. landlord who is were very accommodating and i'm a landlord as well and showed grace back in april and may and deferred rents into 2021, now we can't be as graceful as we were because we have expenses to pay vendors are, a lot of the lenders who showed a little flexibility are not flexible at all now. also government regulation is bouncing all over the place. we're very concerned the government went from up to 75% occupancy back to 50 we have people in parking lots

eating it's very difficult to make it go august 1st when the next set of rents are due and ppp money has gone away, i think the wall street journal reported last week 15,000 restaurants have already closed during this pandemic ipse that being even worse in the next 40 to 60 days >> the stock market has been writing this narrative that we can have surgical lockdowns in, they call them embers now, areas where case loads rise but we can do it without massive national or even statewide lockdowns of all industry and that's going to be constructive going into the back half. sounds like you don't believe that or that your own particular sector in reali estate will be t the center of what gets shut >> hotels are at the far outside of the fringes and are not coming back. in our business, restaurant we

have got to get our sales back up to, at least, 60 to 70% of pre-pandemic our costs are out of control right now. from a landlord standpoint i own many shopping centers. when a tenant comes to us and you push the rent back someone asked me what will you go with that space if they go empty without paying rent. we still have utilities. vendors will be placing liens on property i don't believe wall street. i think it's a total false narrative. they are not out there operating and seeing what it's like in the trenches of trying to operate in this environment at all. i think august and september will be the real bellwethers to show how bad this whole thing is and a lot of this has been kicked down, if you look at the cnbs market, in texas, 3 billion dollar last month went into default. 60% of that was retail it's going to get worse.

the cnbs market will post property for foreclosure this fall is when i think it all hits >> ray, good morning it's john ford how closely are you watching what dallas county does with schools? schools are set to open soon i'm seeing news reports that 1400 children under 18 have been diagnosed with covid 29 hospitalized this month the schools opening, is that important to your business the way they do it, is that important? >> we don't serve in schools not in a big way dallas county has one death. one death. the big problem in our state is there are only 6500 icu beds in the entire state of texas. dallas county and the counties in north texas have actually a lot of beds available but problem is in the rio grande valley where there's few icu

beds and they're at max capacity down there every one in the entire state gets thrown into one bucket. even though one state has flare up, dallas county is not bed one death yesterday. over the last six or seven days the number of cases have gone down as far as the schools opening or not opening, where that affects the most is our employees on what do they do with their children when they go to work. they got to have some place to put their kids that's going to be the bigger issue for us >> that's a great point. google telling their employees they could work from home until summer of next year. maybe remote work is going well or their modelling is telling them that covid isn't going away for a long time. what happens to retail and malls if people aren't willing to go out for that amount of time?

>> service retail, i think will do fine. things you need for daily things for example, we had a men's store in our shopping center come in and they signed a new ten-year extension and the guy threw the keys on the table and said i sold one suit in the last month. you have to pick the areas of retail lululemon will probably do well because people are sitting around in sweats you seen brooks brothers go broke. j. crew. if you look at jewelers, they are doing really well across the country in sell things because people think that's a store of value of some kind as far as clothing to go out this fall or this spring to parties and balls and things like that, i think that will be a challenge on that.

you're not going to the office in that. >> yeah. yeah the point has been made several times. the country is recovering, if it's good, it's goods purchasing but services is what's lagging and that leads to the weakness you're talking about i'm struck by the way in which you're describing food inflation. we had the ceo of albert sopsonn and asked if we should get used to this. he didn't go that far but said this will go several quarters. >> several thing avocados people in the field that are picking them in mexico, thaey'r not in fields. they're scared their going to catch it capacity has been shut down. packages has shot up we went from 10% of our sales to

30 to 40%. companies that make packaging has shot up. it's shot our costs up 3 to 4% when working on 10 to 12% margin, you're carving a quarter of your profit away for something like that. it will be a total change area in the whole logistics delivery side and other places. chili's have ghost kitchens. they set up a ghost brand that sells wings go to under an entirely different brand name. they do it for the uber drivers to pick up there's some huge changes coming in our business. if you're a small operator that has one, two, three units, i don't know how you survive this. you don't have bench strength of buying power because commodity prices are going up and they will go to the biggest buyers.

>> ray, we look forward to talking to you soon. appreciate it very much. >> absolutely. thank you. now we're going to close out the hour with mike santolli. look at the broader markets. they are higher and a big week for earnings i don't know what that says about what investors are thinking or worried about. >> this morning, markets kind of gone back a bit to its safe place. it's bouncing in terms of the big nasdaq stocks. that's been the pattern on days when maybe it's little more fixization on the virus news it seems you have underperformance by the small stocks that's basically been the toggle that day-to-day we have been running on in 12-month forward forecast, one of the relevant things for

the overall s&p 500 has curled higher it's that the market raced way ahead of that and created this big gap with the amount of equity recovery versus the earnings that's one of the big questions right now. mentioned earlier for the big tech stocks that are reporting this week, apple, amazon, facebook had all pulled back coming into this week. maybe it lets the stox come off the boil a bit when the numbers hit and investors maybe not looking for absolute perfection as the reports come out. >> do you think that guidance is part of what investors will be looking for or reasoning behind why it's there or not there? >> a little bit of qualitative guidance is what we're left with now. i think the fact that companies have decided to just quit the guidance game for this quarter and next for the most part is not necessarily new news to what the markets already been dealing with they realize there's no visibility out there it's more qualitative guidance

on cost cutting, productivity measures what they are budgeting in terms of to line that matters most. >> taiwan semi, nice move today. let's get back to headquarters welcome to "the halftime report." our top story, the moment of truth for stocks as one-third of the s&p 500 reports earnings this week. we'll debate what's at stake with your money. jason snipe is the