>> yeah, only a quarter of the s&p market cap or so in that hour the market has been in it's entire range in the last two weeks and two days we're testing up and down and we'll see if the tie breaker is tonight. >> thanks for the assist today, david, we'll talk to you later i'm carl with john and julia so much handed to us this morning. covid cases, gdp claims, lack of stimulus progress on the hill. out there tweets on the president, drug pricing, delaying the election, and we have not got to mega cap earnings tonight >> yeah, it will be a big night, but last night was a big night in particular for qualcomm take a look at that stock, up 13% right now. the reason for that, yes, it

doesn't hurt that they beat on the top and bottom lines, earnings per share at 86 cents versus 71, but the real big deal here was the settlement with hauwai is this the end of qualcomm's business model they faced problems with apple refusing to pay them telling them that their suppliers refused to pay qualcomm. i will, some people say i hate to say i told you so no one hates to say that i did tell you so, qualcomm is really good at this legal stuff. they have been fighting the legal battles throughout their career tom brady, fourth quarter in the super bowl, you can't count them out. that is why the stock is up catching a lot of people by surprise, julia.

>> that is right, just looking at the opportunities they see in 5g as that continues to roll out and the idea that maybe the regulatory hurdles are behind them they have the ftc case they won that is under appeal, but really notable looking at those two business models looking at the sale of the chips and the licensing. >> yeah, the pressure they were wonder for more on that, let's bring in the senior analyst , stacey, god to have you today. you're right where qualcomm was now, and now it is 85. it might not have further to run. where do you assess qualcomm is now given the opportunity that opens up for other chip makers like qualcomm now trying to

supply computing chips >> are you talking about computing or mobile? >> overall, qualcomm in general, they have more value than some thought it did >> so yes. obviously people new that the settlement was still outstanding. i don't think anyone knowing everything that was going on that a settlement would be coming down any time soon into that was surprising. it is over $200 million in licensing revenue coming next quarter. call it 800 million to a billion. maybe 75 cents that is about how much the stock is up today. the move today kind of makes sense in the context of that i think to the point you're getting at, there is a broader

maybe more indirect thing here the only reason that i can tell that they would choose to settle right now is the changes happening on the regular tear front. huawei can no long ver their chips made for them. it will be if they want to sell phones they have to rely on them they don't have a lot of options, it's only qualcomm, that may have been what stimulated this settlement qualcomm can't sell chips to them yet, but it does validate their portfolio and their approach if you need the best chips there are not a lot of other options out there, they are kind of out there. >> qualcomm has been singing that little orphan annie song

for a few years. and people weren't believing them so 5g, the amount of their 5g, and now we so in my interpretation more consumers and businesses valuing bandwith. does that put extra wind behind their sales and their credibility? >> you have to put yourself in the mind of investors that have been in this stock it has been horrendous to own this thing for half a decade they have been battered from all sides. you who the chinese who stopped paying them. you have the massive war with apple. it has been whack-a-mole frankly if we had a different administration in washington they would not even be here. they would have bought this in

the 80s. they did a hostile bid and they would have won it. it would not have happened if we didn't have the trump administration but you can see where investor sentiment was. it was dead to hold this forever. hopefully it's not true any more everything, i guess, eventually comes to an end. to qualcomm credit, they were telling people, guys, it will be okay our process is correct the way we're investing and what we're doing is correct eventually our approach will win out. and to their credit, at this point, it seems to have played out. it was just painful to wait for it >> stacy, certainly so many of these challenges are certainly now behind qualcomm, but a question about declining smartphone sales due to covid and they mentioned a delay to a

5g phone that is presumably the apple phone that is delayed. how much of a challenge is that if only in the next couple quarters >> if you want to take the other side, let's be honest right now the smart phone market is horrendous we're in the middle of a pandemic if you talk to thuawei they woul have missed. they missed on chips in the current they just reported, and they are weak because the market is bad and then going forward apple is coming back into the model which is good. but there is still a lot of controversy on the pace of that. you mention it'd is a delay. that's not a shock there is a lot of controversy on the pace of what that will look like not the content that they will have, and those apple phones, and the street numbers will currently have a steep ramp up

and the controversy just capping this couple of quarters will be that given the up side from apple is reality that it will match with the expectations so we don't know yet, we'll see, but that is where we are now on the near term. >> on the read through to apple, somewhat, i thought it was interesting that yes there is the delay. at the same time qualcomm said that developed markets are performing relatively well versus emerging markets and how they're coming back. regardless of how much they're struggling with covid. yes, they're down, but the pace of recovery is better. they also said the mix in developed and in emerging markets, premium phones, to nonpremium phones, remained pretty steady. i think the negative scenario was that okay, people will buy cheaper phones or the developed markets are not buying phones. that doesn't seem to be the base

based on what qualcomm said last night. >> in the quarter they just reported, they have a mix more toward -- toward the higher end because of that. if you do the math around like chip gross margins, they are up pretty good. they're guidance has a reversal. we have emerging markets coming out of covid at this point but in general, the whole idea that qualcomm is trying to pursue, they want to ideally get people to mix up in terms of their smartphone purchases when you buy maybe your second or third, and certainly they're trying to leverage the cap capabilities of 5g.

and we'll see where that goes. but hopefully, i mean, their hope is that there is enough value proposition for 5g >> yeah, stacy, a lot of numbers to pay attention to tonight. including apple. we'll have to see what kind of guide and color we get thank you for being with us. >> now let's turn to deirdre who is following jeff besos before his first congressional appearance >> there was a few heated and revealing moments like this exchange >> let me ask you, mr. bezos, does amazon access and use third party seller data when making decisions. >> i can't answer that yes or no we have a policy against using seller specific data to aide our

private labelled business. but i can't guarantee you that that policy has never been violated >> he also admitted that amazon promotes their own products which he calls a common business practice he has huge amounts of data from other businesses, and he could not ensure that they don't use it to their own advantage. regulators already looking into the company's practices. besides watching bezos and the other ceos get grilled, the documents made public have been just as fascinating. we're still digging through them, but there is an e-mail exchange contemplating the purchase of ring bezos says my few here is that we're buying market position and not technology and market position and momentum is very valuable

another e-mail exchange talked about under cutting a competitor, diapers.com, before buying it. the documents in his testimony do hit at the crux of anti-trust concerns that amazon's dominance is giving it power of it's merchants. many folks were saying it was just theater, but i think that cuts were made here particularly by representatives that could have real long term implications >> yeah, there is a growing sense that the documents, as you say, maybe were more interesting than the hearings themselves we'll see if there is more in the months to come when we come back after the break, telemedicine companies have gotten a boost in the covid era. including one stock that is up more than 160% the dow held 26 k and s&p 3200

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for a moment there it was the worst day of july for the dow and the s&p. not the case of the moment the dow is off the session lows. it looks like the dow, s&p, and nasdaq did hold at some support levels we'll see what happens as the rk does on a lot coming our way with

earnings want to back in a moment

hi, thanks very much, julia. you know the covid crisis put te telemedicine in the spotlight. we have the ceo now to talk about the company's latest record quarterly numbers they saw membership nearly

double year over year. jason, welcome thank you so much. it was a record quarter and you had nearly three million paid visits. you had more visits than all of 2019 how sustainable is that kind of engagement >> thanks, bertha, thank you for having me on we're incredibly pleased with the broad based momentum and we issued increased guidance for the year that indicates the sustainability that we see in that volume now and into the future we're seeing higher volumes across the country where there are covid hot spots, but also in the places where we're seeing a much lower infection load. >> one of the things that you talked about as you also set out guidance for 2021, you're now

seeing 30% to 31% of a growth. the acquisition of intouch health this is the telehealth for health physicians, your timing could not be more impeccable to be able to integrate that right now. what do you see for demand for that service right now >> you're right we announced the transaction back in january and we were excited about it then. we had no idea what was coming down the pike. when we closed the transaction on july 1th. we were hitting the ground running and closed sales in the u.s. and internationally for

intoui in-touch products. they are putting up a 35% growth this year and we see this growth continuing as hospitals and health systems embrace virtual care enlandeskog from preand post surgical workups we're just incredibly pleased with the impact on hospitals and health systems >> you already work with health systems and insurers you talk about a pilot program and your plans to launch virtual primary care this year they are going to offer a primary care plan. it is out in washington and it is doing primary care. how do you foresee rolling out

this sort of thing, and how would i interact with my pcp if it is in the cloud >> we're really excited about virtual primary care i think it is very much based in consumer trends. we're seeing consumers adopt virtual care for a broad array of services if from mental health care to chronic conditions like hyper tension. we launched a pilot and we have seen about 70 different diagnoses. we really think we have the ability and the opportunity to reimagine how care is delivered. to create a longitudinal relationship that is more frequent than the typical once a year check up and a sick visit here and there but rather incorporates better, richer data for more health care orientation and a team approach.

not only your primary care physician, but a therapist, a dietiti dietitian, and specialists when appropriate. the opportunity to change health care from sick care to really driving better health is phenomenal and really we see now as the moment to do that. >> jason, a question about that. you say you want to transition away from sick care and the idea that the american health care system is reactionary. is this a crucial piece of preventive care and will it take a lot to convert consumers to a new dynamic. people are used to going to the doctor when they're sick not to prevent being sick >> julia, you're exactly right even in our virtual primary care pilot, getting people the screenings they need, a better diet, better sleep, the mental health care they need.

all coming together because it is through a single interface on the consumers terms. they don't have to go to a different office for each of the services take additional time out of their day to travel to those locations. and we can collect the data so it is a holistic view of the consumer and a team approach to delivering that care that really does drive greater prevention and a healthier lifestyle around treating the patient when they do have a sick situation, a chronic disease, and need a deeper level of care >> hi, jason, it is jon fort i know some of it is increased awareness, some of it is the necessity around telehealth right now. are there fundamental factors on the ground that you see whether or not it is the types of devices, the availability of

broadband perhaps, opening up possibility lgs fies for people this is there other reasons you're becoming more available? >> i think it is interesting to look at the mix of our visit volume right now we're seeing 60% of our general visit volume being noninfectious diseases last year it was 40% i think there is a common misperception that it is all covid. we're seeing people with hypertension are coming. people with lower back pain are coming they need care and ours is just better fundamentally, more convenient, highly effective and more cost effective way to get that care. we're seeing the emergence of more connected devices and the ability to use data.

the consumer can make the data available to us. we can act with digital thermometers you can see the pattern of the fever that the consumer has had in a 24 to 48 hour period of part-time. that is better medicine and it is done in a way that consumers are used to interacting with the overall system, not just the health care system >> jason expanding on that, what about the mix of the people who can really access health care this way. there has been data that show that's it is really been adopted much more so with people more affluent that have access to better devices and better broadband. how do you switch? >> we're very focused on health equity the medicaid population is one of our fastest growing

we added over 15 million new members and this is a way to improve access to care i think access to care is the great equalizer. especially in some of the last affluent communities mental health care there is stigma and access issues with not enough access to communities. we can bring it in a way that is accessible to them and people frequently don't know who to ask for for help. they may say do you like your pediatrician probably not do you have a

therapist that you recommend >> very true, thank you. it is an incredible moment of change in health care. >> thank you, bertha still to come, former anti-trust chief at t dheepartment of jst justice with his take aways from the hearing. back in two.

welcome back, everyone i'm sue herera here is your cnbc news update at this hour. for the third straight day florida is reporting a record number of covid-19 deaths. their total is more than 6700. in atlanta, the funeral for senator john lewis is under way. barack obama, george w. bush, and bill clinton are present

relatives of martin luther king junior has been speaking about his legacy herman cain em boded the american dream and represented the best of the american spirit. the 74-year-old entrepreneur and 2012 presidential candidate has died of covid-19 complications and a texas senator is money the democrats strongly criticized president trump's tweet suggesting that the november election be did layed because he fears mail in voting will be fraudulent he calls that idea a serious chilling attack. trump's campaign says he was just raising a question. only congress has the legal authority to change the election u'da yore up to date. i'll see you in an hour. "squawk alley" returns after this .

here with are, what are the

big take aways from the meeting. the former antitrust leader from the dth of justice it is good to see you. >> good to be here. >> so congress is in a really interesting position of being able to make law i don't know what you think about whether or not there should be, could be, new law or revisions to the law specifically on anti-trust t deal with this reality that we're in there is a good probability. what was striking to me about the hearing was two things, first a typical antitru-trust

hearing, republicans support big business and democrats attack it but they were both attacking big business, but there was a sense that these companies are too big. it makes it hard to read >> yeah, that was my take, too, and i wonder do you think anything was established yesterday in the question ing or the way they approached the companies. what might the legislation look like if they do it in the coming year >> it was hard because they were so rhetorical and of course the case -- they are more interesting in scoring points.

if i was to hazard a guess, i would say the kind of legislation that might be proposed by the committee, if any, is most likely to restrict the ability of the platforms like amazon, google, and apple it was clearly a theme from the democrats. they have competitors and the like and that might be a possible area of possible area of legislation. but the anti-trust laws to address the alleged wrongs and imagine what kinds of fixes, if any, that the committee might have in mind >> doug, it is interesting, tim

cook kwis less than the other ceo, which of these do you think faces the biggest anti-trust threat >> i think google overall. i think it was not a good day for them i think they were hit for a combinations of reasons. but clearly amazon faces risks and they use the platform that i referred to earlier, and facebook with respect to acquisitions of smaller companies. >> certainly it was interesting for facebook, that acquisition of instagram was really in the spotlight especially with some of the e-mails revealing

language that mark zuckerberg may not want out there the idea of neutralizing a competitor how do you see what happened yesterday impacting the landscape going forward? >> it is hard to say i think the longstanding judge wage in some of the document social security provocative. and it has provoked the agency with great care. none of that inflammatory language proves an anti-trust violation. i think the purpose of the hearing was to maybe affect public opinion or put pressure on the agencies. because of the language itself only one small piece of a more

complicated puzzle, i don't think it proves a lot and it doesn't tell you much about how the story will end >> each of the companies went out of their way to the ceo to try to frame their company as having a small size of a big market apple says hey, we got a little bit of smart phones, amazon saying we have a little bit of retail, facebook we have a little bit of overall advertising. my question to you is are eco systems, markets in and of itself if you make the argument that the apple consumer is stuck in apple land and is not choosing between ios or android apps, does that change the framing of the argument >> absolutely, i think that will

clear i will be an issue that will be a subject of skrooutny and maybe contested. amazon, for example, said it for like 4% of retail sales in the united states. there is a real question if an e commerce antitrust market, and as you suggested, in the case of apple, yes apple is less than half of all of the iphones until the world but that doesn't answer the question do people already participating in the apple ecosystem locked into apple products. those would be hotly contested issues in the investigation stage and in the litigation, i would think. >> yeah, very interesting to see

where that goes, if anywhere i don't think we got great clarity into that. thanks >> now for a look at the stock impact from yesterday's hearing, let's bring in the lead internet analyst at rbc, mark mahaney i understand that you were watching the hearing with us it comes ahead of earnings from the companies this afternoon which of the four companies do you think faces the biggest risk >> i think i was just surprised by how unanimous the companies were some 43 exchanges that included a lot of questions and they were generous, attacking were or critical it was a bipartisan can of whoop -- that congress opened up yesterday. that may be a healthy thing for our democracy by the way

but the one that faces the great greatest argument. but i think it is valid. online it is just a challenge. all retail is working to omni channel solutions. amazon will have more of a physical store pfs some of the things that came through is ahead to are aggressive companies some of these founders are relentless are they ruthless is another question the odds of regulation having increased, just seeing how much bipartisan support there was for critical sviews of these companies. >> and facebook who worked so hard on the back end

is there any force for them detangling these companies or any more risk for zukerberg going into this? >> a little more i imagine the ftc would like to go a little more and stop that instagram acquisition. i think it is hard to have blocked it at that time. at the time instagram was barely known and tiny in size a lot of things happened that instagram continued to develop and facebook accelerated with cloud infrastructure support big acquisitions may be blocked for these companies. m&a, mid and large scale m&a is very likely to be a growth strategy for those companies i think microsoft and twitter were probably thrilled not to be invited to the hearing yesterday. >> i wonder if yesterday's hearing was a bit of theater in another sense. 40 lashs with a wet noodle

it was a time to show that we're tough on the tech ceos, but we talk about china and we want the big company that's provide so many jobs to have every advantage internationally. it seems like they take a very different tact with a slight change in framing. >> john, i like the way you set that up. i don't think there is any doubt that it is better for the u.s. company that the global leader in online retail is a u.s. company. i think most of them would agree with that. there was a lot of other issues that went on that had nothing to do with anti-trust at that hearing yesterday especially about hate speech, which is a key important issue, and silencing conservative voices, but a lot of that had nothing to do with anti-trust and i was struck by that >> i would like your thoughts on

earnings especially google and facebook, they are dealing with the advertising contraction. facebook also has a ad boycott they are now encouraging brands in europe as well to boycott facebook what do you think we'll hear about the state of the ad market in the second half of the year from google and facebook >> i was more confident going into earnings season that they will be able to talk about a v shape recovery in internet ad spend. but having heard microsoft and twitter, i came away a little less confident that there is a v-shape recovery google will have exposure, and that is not recovered. but facebook, especially with, ironically, all of the political advertising i think they will

benefit from it and i think they will be able to talk about stabilization and improvement and whether or not it is good enough to keep the stock from going higher in terms of the boycannotott i think it will be material. it is possible i continue to think this is in facebook's hands to handle correctly or not if they blow it it is really all on them. so i don't think it will be material i think they will call it out tonight, but i don't think they will use it as an excuse for weak advertising revenue trends. >> it will certain i will be interesting and it seems like the trends for the start of q3 will really be in focus. thank you so much for joining us >> thanks, julia >> the dow managed to cut it's losses roughly in half we're down about 300 here as we now have republican senators like tillis, rubio, cruz, and now leader mcconnell saying the

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a lot of headlines this morning on staffing. >> there is a memo that was sent to the pilots from the vice president of flight operations essentially it comes down to

this bookings have stalled and in fact starting to pull back a little bit, they're now telling united pilots, telling the pilots, that instead of potentially furloughing up to 2250 pilots as the airport announced they would plan to do starting october 1st, they may have to may have to increase the number of furloughs and bring it up to 3900, that would be third of the united pilots who would then be furloughed this is another indication that airlines are trying to make these adjustments and let the staff know they will have to cut even further now there's the potential we could see another cares act passed in washington if that were the case, that would give the airlines and their employees another lifeline for another six months that's chatter at this point that's not something that is actively being discussed in d.c. on a meaningful basis. carl, you niunited talking aboue potential for pilot furloughs to

increase to up to 3,900. >> that stuff news still to come, the covid effect on baseball is the rest of the season in jeopardy we will ask super argument scott ayitus nt. st wh

the at risk fp joining us again after a conversation last week, legendsary agent scott bora srk. good to see you. welcome. >> good morning. >> you said to us last week that

in terms of the season, the frosting might be different but the cake would be the same now some are worried about the cake are you? >> i think one thing we have to look another is that the protocols are working for 29 of the 30 teams and it allows for 870 players, 65 umpires, they all worked for a week. we had with the exception of one club, no outbreaks it allows for the protocol to be examined for one specific team knowing the protocol works league wide everywhere else. i would suggest we have something that allows for a consistent operation it also allows for if the

protocols followed that we now know that it's functional. >> he was asked what it would take to shut down a team, he said if you lost a number of players, where it rendered it completely non-competitive, sounds like you don't think you'll go that far >> we have the ability to do two things clubs can make adjustments where we have a 16 man system that is available for play it can accommodate, if needed at the talent aspect. we also have the normal fluctuation of talent where clubs are transacting and you can pick up additional players the one thing that is clear is this is an anomalous situation we have a protocol that for

every other club in the league that is worked and worked effectively, almost to the level where there's no positives and we also have, we now know that a club that played against the club, that had an infection, because of the social distancing nature of baseball, that did not transfer to the opposition team and i think we also have really quite clear that the players that have been affected, it's been very mild there's been no hospitalizations those that contracted the virus it's not created a serious condition for the players. >> are you hearing anything from the play thermss in the wake of

these report, any additional concerns or are they also just saying we're fine. we should keep doing things as we have been do they want more assurances, standardizations across clubs? >> i think baseball players really starving to play baseball they missed the game they have it back now. we'll have a system where players are operating very efficiently. they are reporting any symptomology early they're not going if they feel in any way any symptoms at all i think the privilege of the game in this viral context is something that players are more aware of the importance.

>> i've been following the ratings increases of some of the games so far this season there are record ratings for the opening night game four million viewers do you think without players in stands and there's been some back and forth about whether people prefer the cardboard cut outs, do you think there's a chance thoelds o hold onto the even when sports return? >> i think it was always going to be an issue when you have the nba playoffs ongoing with the initial aspects of the baseball playoffs that's going to be a competitive measure that baseball normally doesn't interact with.

the audience where we're having record numbers because fans want the see fresh content. they don't want to see reruns. baseball offers them something that is truly the norm of what they are used to seeing when they turn on their televisions. >> right fans are being asked to process a lot. the protocols and joe kelly and everybody else scott, we love hearing from you. it helps us a lot to understand what's happening in the sport. talk the you soon. >> thank you, carl

>> john, nasdaq, green going into the big prints tonight. >> big prince and a lot of them. >> let's get to the judge. thanks so much welcome to the halftime report our top story, the countdown to what could be the most important night of the year for your money. apple, amazon, facebook, google reporting earnings after the bell nearly 5 trillion dollar in market cap so much is on the line which is why we debate that today we begin with a check on