tv The Exchange CNBC July 30, 2020 1:00pm-2:00pm EDT
1:00 pm
>> well, people are so scared of them right now. >> for good reason. >> i know. >> with volatility it's been a -- >> quickly, carrie, just a name. >> waste connection. >> weiss. >> spo reports tonight. >> josh? >> mastercard. that does it for us. kelley, it's all yours. plus an exercise in futili futility that's what las vegas sands' president says about running a big resort on the strip right now, but they're paying their workers through october. we'll speak with president rob goldstein about all of that. the home trade is outperforming even with all the
1:01 pm
excitement priced in we have some huge movers from the sector today we do begin with the broader sell-off the sell-off, yes. look at this it was in the red today, now a handy quarter percent gain for the nasdaq the s&p was down 54 points even -- so a bit of a mixed trade. kelly mentioned it, these four
1:02 pm
stocks the most important day for earnings season so far this quarter. all of these guys up on the trade so far today, a massive day for earnings records the stock market isn't the only -- the yield on the ten-year is hitting a low, that means we're about to hit a record low rick has more on all of these big moves. >> yes, every part of the curve has gone hot look at a year to date look how flat it is, but the drift is lower trading 12 basis points, that would be a new low closing yield. threes, fives and sevens have
1:03 pm
also gone hot. now, the ten year, look at the intraday, here it hovers, it's been a smidge lower. that would be tied for the all-time low yield close you can see on this march 1st charlotte. it was on march 9th, but ten year is given it a run for their money. the reality is that with the fed trading bond investors, indeed some equity investors is chilled in pricing, and having qe they could peg interest rates anywhere they want also, if you look at a may 1st 2018 chart, it would be over a two-year now, how plausible
1:04 pm
would a move down to those lows be to you? >> well, i think it's palace able, but i wouldn't look for it to occur in a very -- lower for the dollar is going to be only as intense as the strength in the euro to the up side. i think half the weakness in the dollar story is what's going on in europe, and i would also say that, should we get more volatility or more downside trade domestically and globally, that's slow down the slide. >> thank you, rick yesterday was the busiest days of earnings season, let's guess to bob pisani about who is winning and who is falling behind. >> kelly, the reopening story is a little rocky, but earnings have been a pleasant surprise and rising for third quarter numbers. normally about 70% beat the estimates this time at the
1:05 pm
halfway point, 80% are beating that's quite significant more importantly is how much they're beating it the average earnings number is 13% above the consensus they likely set the ball too low. they were too pessimistic. i'll show you some winner, semiconductors, thee killing it. they talked about the explosion and work from home and e-learneding, their numbers were terrific telemedici telemedicine, their numbers were terrific paypal, it's simple. online buying is exploding the ceo was amazingly ecstatic
1:06 pm
daniel shoulderman said i think it's clear we have tipped into a digital-first economy. >> so we're hours away from the four horsemen who report what is most important to the market is it big tech the fed? what about the weak dollar the fiscal deficit and bob michael is head of global fixed income strategy. great to have you both here. michael, i'll begin with you, but how would you explain what's driving overall the rally? stocks, rally in gold, and how important are big-tech earnings tonight for the market they all factor in -- i think the treasury yield curve is
1:07 pm
going down, or maybe not being as great as it has been. that's an economy pulling out of where we are right now that's weighing on equities at the moment, also providing a lift in gold and silver commodity prices, and the dollar trading off of currencies as it always did you know, these companies are trading up because they're making money and so it's a big day, and it's going to be exciting to see what happens after 5:00 today >> you warned us for some time there's no reason why the ten-year couldn't go all the way to zero. we've seen this time and again
1:08 pm
i think michael's point is interesting. are we falling late people are fearful that we won't get a big enough stimulus package? >> i think we could go substantial low he chair powell yesterday said it will be a long time before they think be raising rates your starting point is the seven years it took them to raise rates during the financial crisis as the market begins to lock into that, then you erase the fear of going further out the yield curve. i don't think this federal reserve will take policy rates negative, and i've used this federal reserve, because there could be changes after the election, but there is money overseas you point out it's in markets where there are negative yields or zero yields that money continues to pour into the u.s. bond market. so zero yields are not
1:09 pm
unrealistic at all >> bob, i know this isn't your purview per se, but is that supportive of stocks i mean, can we live in this paradigm where bond yields are at zero, stock prices are rallying we have a huge deficit, gold and silver taking over, but where does inflation fit into all of that how do you square that circle? >> well, it's supported for all asset prices i think certainly with the fed getting into the corporate bond market, that's rerelieved a lot of the funding pressure that companies would face the same thing is happening in europe you have corporations having access to pretty much unlimited capital. that's got to be positive for equity investors, and then, of course, it's that search for yield. you're looking at dividend yields in the u.s. now higher than treasury yields. >> yeah, and, you know, that could widen the way that things are going, which is interesting.
1:10 pm
to michael, to you tactically if you hear someone like bob saying these supportive for all asset prices, do you even have to be tactical this is going to be a supportive backdrop for equities for quite? time >> well, you have to be tactical the market is still underperforming. the you're losing money this year to bob's point, when capital is cheap, you can take more risk. i think that explains part of the stock market's run as well the cost to capital is cyr to to negative, so why not take big risks? i think you're seeing that, there's nowhere else to go with equally yields the botched market's negative yield and gets worse as you go in the risk/reward clearly sunday there. monies going into commodities, because of the liquidity and the
1:11 pm
fear factor, that's a good piece. i think you want to hedge your bets you don't know which asset classes going to pop when, you mitigate your risk of loss, that you can pick up some gains along the way. >> interesting it's going to be a weird couple years. we haven't even mentioned the gdp fell annualized. we thank you both. >> it was expected, kelly. >> maybe better than expected. we have a market flash with shares of zoom dropping. >> maybe unexpected. we have zoom shares positive on the day, now down about 3% on accelerating volume. this is coming on headlines out of reuters saying that lawmakers in washington, d.c. are urging a probe of zoom video communications for violating americans' civil liberties, regarding national security implications of their operations and relationships with china
1:12 pm
this is a bipartisan effort by richard bloom e blumenthal and josh hawley. of course, kelly, zoom has become ubiquitous for any professional working at home. >> we'll have more on what's going on with tiktok, too. and launching a rival service. dom chu with the news there. meanwhile, apple is set to report earnings after the bell the shares are slightly higher today ahead of those results that means up 30% this year. they have recently hit an all-time high. josh lipton is here with the key numbers to watch. >> that's right. apple stock has enjoyed a strong run here, climbing about 30% in the past three months alone, though some pressure here recently, down about 6% from the most recent all-time high hit on
1:13 pm
july 13th. so what to watch for in this print. the focus will be on iphone revenue, maybe even more so than usual, becausen don't think you're going to get guidance today. the expectation is for $22.4 billi billion in the quarter 689 suggesting that the annual iphone phone release is still largely on track services revenue the street thinking will clock in at 13.2 billion. morgan stanley estimated the app store did grow 30% in the june quarter, its fastest quarterly growth in thee years as more of us stay home due to the pandemic that's another question for investors, the work from home trend, and did that provide any tailwind to the mac. >> not to mention the better the app store does, the more scrutiny they may face josh, we look forward to that this afternoon thank you, sir
1:14 pm
coming up, investors are looking to congress for the next stimulus package, but a key vote on boosted jobless benefits just failed we speak with amy klobuchar about that, the president's election tweet, and much more. las vegas sands says it will pay employees through october. the ceo will join us we're back in two.
1:17 pm
welcome back tomorrow is the day that the extra unemployment benefit is set to fire. here to talk about the stalled stimulus, washington's continued push to regulate big tech, and the president's morning tweet about potentially delaying the election, amy klobuchar of minnesota. >> that's a lot, so thank you. >> i'll try to move through it quickly. we definitely want to start on the vote that just failed. can you explain why it failed and where you think we're headed next >> well, that's pretty straightforward. this was predicted to fail the house passed an extension at
1:18 pm
the current rate 60 days ago, over 6 on days it's been sitting on mitch mcconnell's deatsk what we need here, over the 30% decrease with the gdp and 10% decrease, we know, to quote the president, this is going to get worse before it gets better. that doesn't mean there aren't hard-working people out there stabilizing our economy every day, people trying to stay in business, including in my even state, but to me that means you just don't throw on band-aids, you continue to look at what employees need, and what do we need to get our testing system they're proposing 20% of what was proposed in the house just to be able to get the tests out there. can you tell our audience what you think is the most likely outcome?
1:19 pm
moo do you think >> i think it should stay for now at $600 a week obviously at some point things are getting better, it tapers down i think there will be an agreement, a general agreement i think it will include so many of the things that are in the heroes act right now the republicans put out a proposal that i thought was inadequate that it doesn't include state and local aid, when all of our states and cities are in big trouble. and didn't include adequate help for workers. that's all being negotiated right now. i think that's part of why you see the democrats rejecting this partial deal, because says important that we do more when you're looking at numbers you've been talking about all day. >> to us it now looks like maybe there's sands in the gears -- >> i think we have -- i don't
1:20 pm
think we can go home without getting this done. we must get itdone i believe we will get it done. >> let me pivot and ask you about the president's tweet this morning. four hours ago he said -- with mail-in voting, not absentee voting, 2020 will be the most fraught lent election in history and an embarrassment to the usa. he suggests delays the election. there are elections even nearby, i believe representative engle lost his congressional seat. we only found out about it weeks after the election it is taking a while to tabulate these results. >> sure. >> is there a better way to approach the november election to avoid this kind of awful purgatory we might be in >> look, there will be delays in counting the key is people have to be able to vote the president is doing a disservice to our democracy, and i say if you don't want to make it political, let's look at what
1:21 pm
some of the republicans have been saying, secretaries of state across the country actually said that vote by mail is fraudulent is basically, to paraphrase, doing a disservice you have republican governors in maryland, in ohio, in new hampshire that have fully embraced and asked for more assistance when it goes into this election. the fact that mitt romney saying that vote by mail has worked great in utah. see, i didn't make it political. that's why i think we're going to have more funding for vote by mail people shouldn't have to choose between putting their ballots in a mailbox or having to go to the hospital and getting sick. >> listen, you know, there's a lot of issues with the may -- kind of the election day is currently done should we set that deadline sooner or something? we want to avoid the confusion
1:22 pm
and agony of this being drawn out. >> you've got to be able to count votes, recount, the senate election that was 200 votes apart -- not for me -- with senator franken and senator kohlman's race those things happen. they happened in america first of all, i think we're going to win big, i don't think we're going to get there, but secondly the president cannot delay the election the election is set by law he cannot take the constitution and our laws into his own hands. that's why i think you're seeing bipartisan support across the country for funding for elections when we're going from 5% vote by mail in states by new york, to well over 60% of course that's going to involve some delays. it's going to involved needing funding for postage and envelopes. it's that simple it's a hell of a lot safer way to vote than what happened in wisconsin, where people were wearing handmade masks and standing in the rain and 70 of
1:23 pm
them got coronavirus and guess who votes by mail? the president of the united states in the comfort of 1600 pennsylvania avenue, with the mail-in ballot that he gets from pensacola, in his slippers -- i don't know about the slippers part i made that up yesterday's hearing i think was unfortunate that think weren't there in person. i think it took heat off of them is congress going to write new laws for tech? or will it be legislated elsewhere? >> we must have new antitrust laws one of meets goals as the ranking democrat with my friend mike lee on the subcommittee is to make antitrust cool again i think you're starting to see in the pandemic the enormous effect this consolidate action with doordash and grub hub, if that had gone through, they would have controlled 90% of the market one of the things we learned at
1:24 pm
the tech hearing is number one, amazon couldn't commit to the fact that it wasn't, to create their own products, and we saw some of these e-mails, where mark zuckerberg talked about, well, start-ups can be acquired. i have long, long expressed serious concerns about the instagram purchase by facebook as well as whatsapp, and if we believe in capitalism, which so many of your viewers do, look back at the antitrust shaws. senator sherman was a republican from ohio, our founding fathers, many came to america, because they wanted the freedom to have their own businesses and not be forced to buy from monopolies. we need to update our laws to update our laws, so we can ensure more innovation and lower prices for consumers >> senator klobuchar, i think we
1:25 pm
got it all in. thanks so much. >> thanks so much, kelly. >> senator amy klobuchar of minnesota joining us today. coming up the at-home trade. all putting up strong results, having one of the best days ever we're going to dive into all of they numbers not all chip stocks are created equal. remember, you can always watch or listen to us live on the go "the exchange" is back in a couple
1:27 pm
1:28 pm
they did marginally beat expectations, so the street not too freaked out about that s&p 500 down 12 points, and the nasdaq is now positive by half a percent. turning to the sectors, technology one of the strongers ones, consumer discretionary, that's your leadership right now. not huge gains and this ahead of the big four reporting tonight, in terms of tech and overall markets 16% of the s&p 500, as john pointed out. weaker sectors look at financials, down 3%, yields at record lows, materials down 2%. energy is down 4%. let's get over to sue herera for our news update. hello, everyone. at this hour, michael flynn will have to wait more for a resolution of his long-returning case which emerged from the probe of russian election meddling, a federal appeals
1:29 pm
court would review a decision that would have forced a judge to dismiss the charges, even though he's pled guilty twice. another setback for major league baseball. 8 phillies are cancelling ought activity indefinitely at the ballpark as two staff members tested positive. they played the marlins last weekend. that team now has 17 players and two coaches with confirmed cases. and puerto rico is getting heavy rain and strong winds, as tropical storm isaias makes his weigh through the caribbean. the forecast is uncertain, but that storm could affect florida this weekend keeping a close eye on that one, kelly, back to you. >> it's that time of year against. >> it is. shares of qualcomm are moving higher today after giving an upbeat outlook. they're up 14% this follows a big jump by --
1:30 pm
still, a rising tide isn't lifting all votes in the semiconductor bay. one stock left out is intel. qualcomm is up 82%, amd is up 185% 70% for the year, by the way, amd is that much higher. intel, still up from its yearly low, but it's the only one negative still for the whole year qualcomm and amd are hitting shares. halted 20 times in just one day, kodak is the stock of the moment we will look at the extreme moves and what happens next. hate or leave them, crocs reported huge numbers. the shares of up since the mart low. we will talk to the ceo will its growth can they keep it up? that's ahead
1:31 pm
so i'm gonna hold on promoting you this quarter. cool? drop the taco. get in the car. does this sentra feel like a compromise to you? wait, what...? the handling is good, right? no compromise there. nope! watch this... umm... b-brie...brie brie! rear automatic braking. so if this nissan sentra isn't gonna compromise, why should you? you're right! atta girl. the all-new nissan sentra. with more standard safety features than any other car in its class.
1:33 pm
welcome back it is time for "rainpid fire." welcome, everybody we begin with kodak. holy cow, this is soars to levels not seen since 2013 it's up 1600% this wean. it was the most viewed ticker, the frenzy all kicking off on news the trump administration is tapping them for manufacture covid treatments, dom, but it
1:34 pm
brings to mind the whole crypto thing a couple years ago what is going on with kodak? >> for companies reinvent themselves all the time. it's a true american story when a company can rise from the ashes like a phoenix it was four trading days ago that you had kodak as a $2 per share stock. it got as high as 60 yesterday i just went to check options trading. it's cost so much to trade options, the implied volatility are so high that it basically costs you $13 to buy a put obvious that has a strike price at the money, at $36 right now, for spiritation that month that just tells you hoich craze there. >> there's a lot of focus on when the stock price started
1:35 pm
surging, the ceo's comp now goes up as a result of the stock moves. by the way, there's the kodak sort of specific angle here and there's the fact -- remember when hertz just started going bananas? it feels like that all over again. >> it has some of those ingredients, a widely known brad name that small investors, who maybe aren't intimate with the financials can latch on to the vague hope that they're going to participate somehow in vaccine production, and yes, government largess, there was insider buying of the shares in june that was while negotiations were under way, but before there was an announcement. there was also a kind of botched press release on monday that hit the wires and tweets, and then was withdrawn. all of this stuff just got thrown into the small speculator frenzy that's what you're seeing right now. there's a lot of crazy being run through a very small float stock. >> normally we would have the uber drive man on the street
1:36 pm
metric we're not going anywhere now. >> you know what is interesting, at one point it was second only to the church chill capital's fourth spak, which went -- so it reminded me of what jim cramer called it yesterday, peter navarro's spac if it is, they are trading in here on volumes. >> o'reilly auto, at-home group, u.p.s. and teledoc are all surging. each one of them says they fulfilled a specific niche bertha, let's start with teledoc, another really strong performer.
1:37 pm
i guess the question being, is there going to be some giveback after, you know, the pandemic winds down >> you know, what's interesting about them is they are transitioning, and had been looking at transitioning to something more sustainable something they're looking at for next year is doing a virtual primary care health plan yeah, kelly, your pcp would be in the cloud essential, but it would allow them to bring in through a pilot a dietitian, mental health, nutrition, and also primary care preventive work, all so that people could access that virtually, which makes it a lot easier than them trying to coordinate between different providers. dom and mike, your question thoughts. >> i continue to like this is home improve names, only because it resonates with me
1:38 pm
i at any time to see us spending more money on that. >> are you getting paid for it >> i'm the general contractor. i'm farming it out. >> mike? >> u.p.s., you sort of alluded to it, kelly it seems as if it wasn't immediately grabbed along with the amazon s of the world u.p.s. kind much accelerating into that position, that it would be a more enduring trend. >> it's up 15% today for u.p.s let's move along impossible foods rolls out its flagship product at walmart. aditi roy is here with more details. how big of a win is this, and a blow potentially to beyond meat? >> it's a big win. for beyond meat, the shares of impossible's rival, by the way already had products at walmart
1:39 pm
stores, they haven't moved much on the news. grocery stores have been a big focus. impossible now has expanded its u.s. retail footprint, and fewer than six months. that brings the total number carrying its products to more than 8,000 it seems like a lot, but well behind the 25,000 u.s. retail outlets that carry beyond meat products, including targets, costco, whole foods, impossible is catching up it just added a partnership with trader joe's this week i'm sure there's more to come light sn right now. >> i'm surprised how resilient beyond meats have been, given that they saw an early strike. >> beyond meat is the only public way, and if you're an investor, you often hear this at the early stage that is getting out there.
1:40 pm
>> main we're just mainstreaming the whole idea we'll see if it holds up >> yes, that's kindly put. aditi, thank you as if they didn't have enough going on with all the earnings that's the first on cnbc interview. finally we have to talk tiktok, so much news on this front, the social media platform facing competent. they're pushing for a probe into tiktok and zoom. tiktok is trying to fend out instagram and youtube, to give influencers and -- more than -- now, this was -- after they made some eye-opening to move tiktok to instagram reels, and the ceo, remember he was from dig any
1:41 pm
called for dare and competition, and he criticized for what they are defending themselves in what is disguised as patriotism, dom, and really to stay we want to come in and take this business from you, basically. >> all right this is like in the kitchen, right? can't take the heat, get out, crack a few eggs, make some omelette, whatever metaphor you want to use here these types of companies need to make the early stage now, to make that user base sticky android did the same thing with theirs this is all about making sure there's a future for these people we know how much instagram ate into snapchat's share, when it came out with stories and everything else. this is just something they have
1:42 pm
to do to compete >> bertha, it's somewhat bracen on facebook's part they're basically saying we're going to try to create a killer for tiktok, where we're under scrutiny for doing that with instagram years ago. >> the thing that's fascinating to me, the people who have huge followition. i'm not on tiktok, i usually see it on twitter or a sec derivative but if they're shelling out billions to make this content for them, it's just amazing. it's the type of thing where your mom probably said, stop doing those selfies, but if you you may hundreds of thousands, wow, get better at it. >> are we faced 59 a choice where tiktok wins or tiktok loses and facebook wins? >> it could by something like that, britney.
1:43 pm
i don't know if just the outright corporate dollars will be the determining factor in who wins here, because the virality of tiktok -- i have a couple in my homes here in terms of consumers of it -- and they hilariously look down at millennial as hopelessly out of date, since they use last year's platform >> thank you all today we appreciate it mike santoli, bertha coombs and dom chu for "rapid fire. sheldon adelson made a promise to pay employees through october. we'll speak with the ceo, next don't go anywhere.
1:44 pm
you may be learning about, medicare and supplemental insurance. medicare is great, but it doesn't cover everything ...only about 80% of your part b medicare costs. a medicare supplement insurance plan may help cover some of the rest. learn how an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company might be the right choice for you. a free decision guide is a great place to start. call today to request yours. so what makes an aarp medicare supplement plan unique? these are the only medicare supplement plans endorsed by aarp because they meet aarp's high standards of quality and service. you're also getting the great features that any medicare supplement plan provides.
1:45 pm
you may choose any doctor that accepts medicare patients. you can even visit a specialist. with this type of plan there are no networks or referrals needed. also, a medicare supplement plan... ...goes with you when you travel anywhere in the u.s. call today for a free guide. welcome back while las vegas casinos are
1:46 pm
open, a lot of tour it'ses travel and all conventions are on hold. las vegas sands hasn't laid off any workers, and sheldon adelson has pledged to pay employees around the world through october 31st joining mess is president and ceo rob goldstein, along with our contessa brewer. >> rob, great to see you today look, you have monthly expenses of $365 million. now this pledge to continue paying employees can you explain to shareholders, how do you plan to capture a return on that investment? >> well, obviously we're taking a long-term view we have chosen -- the adelson family has taken a different approach we have built a great family and they stood by us, but we believe
1:47 pm
business-wise we have 8,000 people who work here in vegas for us, and when business recovers we'll be at the head of the class. you can argue either way it's a grand gesture, no arguing that, but i think long term, when las vegas is back on its feet, and it will come back, we'll be in a very, very nice position to take advantage of the environment. >> is it a gauntlet, a challenge issued to other companies by las vegas sands and sheldon adelson? >> i don't see it that way, i think the adelsons believe supporting people in these difficult times is a right thing to do, at a time when this city is having some incredible challenges, they are doing the right thing. also business-wise, we believe in pandemic will eventually go away, and we'll be at the head of the class in terms of desirability, for customers and also for employees what has been a very challenging
1:48 pm
market, we had great employees, and we plan to stand behind them we believe long term they'll pay off from both an ethical, but also a business perspective. >> thank you good again for joi us sheldon adelson was absent from a few earnings calls last year with health issues what can you tell us about he tenure and any succession plans? >> he's strong as could be, full of energy. he's anxious to get back to work he's frustrated. he travels incessantly, and they're anxious to get back to the pre-covid days i think he's in a great place mentally and physical ly he's 87, but you wouldn't know it he's very vibrant, alert, sharp,
1:49 pm
feisty, and anxious to get back to asia and to the u.s. and get back on his airplane he's frustrated, like many people, about the inability to travel and do things, but that's the environment we live in >> there's not much like a socially distanced party for your 84th birthday or 87th birth day. we got an announcement from the consumers electronics show, one of the las vegas's biggest shows, licht all boats on the strip, and they're going all digit digital. i know that was a blow to las vegas. give me a sense of what it takes to get that convention biggs back >> first of all, las vegas has morphed into a convention -- it's a large-scale city by any means you measure it 150,000 sleeping rooms, large conventions, large banquets, large is the word for las vegas. ces is the best as far as las
1:50 pm
vegas shows go it's not a good thing for the city it's hurtful short term, but we have an airlift problems as well they need to fill these rooms all the time at high rates ces and shows like it drive timh rates. we can't be a regional drive in destination for california the air lift is 40% of what it was pre-covid. it's clearly a difficult time for us the questions what does change it and to my perspective we're in for some more pain around here because you have the scale issue, it's large. you have the air lift issue. the consumers concerned about being on airplane or coming to a place like louisiaa las vegas. it's a challenge >> last question
1:51 pm
give me a sense of where things stand now with see isvisas bein issued to everybody but tourists >> it's positive it's small step many the right direction. as you reference, it's not for tourists we're tourist driven i think it will happen in the course of the summer/fall. it will be slow. not be large steps it will be a series of small steps leading to fall scale opening. they used to mask and gloves and social distances and temp checks we also know they won't travel i think it's a very favorable destination.
1:52 pm
it's staa step in the right direction but not the step >> it's a pleasure having you on thank you for your time. >> thank you appreciate it. >> very interesting. thank you. we appreciate your bringing that to us. still ahead, shares of crocs are climbing 3%. ceo andrew joins us on a first cnbc interview, next
1:54 pm
1:55 pm
record high 68% commerce growth. joining me is croc's president and ceo, it's great to have you here how did the analyst get caught so flat footed by this and what was primarily driving your strength >> we didn't guide this quarter. we came in with a really strong year last year we had great digital acceleration most recently, we generated a lot of online interests by donating $40 million of retail value to front line health care workers which drove a lot of traffic so us. >> yes i see that it's dowwon you a lot of custom appreciation it's whether they are a good fashion show my 2-year-old son will not take them off
1:56 pm
i don't know how he would have gotten through this summer so far. he doesn't need to wear socks. just throw the sandals on and he's happy as clam can you talk us -- there he is so excited about it. just an excuse to show kid pictures tell me where your -- what kind of channels is driving your strength both through the u.s. market and also internationally? >> number one digital. it's digital purchasing. that's our own dot com but also major retailers. famous footwear or sporting goods academy are doing well indeed i would say the consumer trends are coming in our direction. they are becoming more casual, comfort. they want value.
1:57 pm
i think it's really clear the surge is not a one time event. we've had a very strong '18, strong '19 we have been rebuilding this brand over a multi-year period restructuring it making it far more relevant to the consumer on a global basis i think this is the beginning of what we can do i think it's clear to our analyst and we appreciate all of this >> it's great to have you here thank you. >> thank you >> the president and ceo of croc's that does it for us here i'll see you on "power lunch" right after this short break
2:00 pm
welcome to a jam packed hour of "power lunch. the spot liellight remains on t big four gdp tumbling almost 33% to the sec quarter. that's old news. what's happen right now? we have three ceos to tell us what they are seeing from real estate to autos to voting. nba season tips off in the bubble tonight kenny the jet smith will join us to tell us how the league and plars a players are feeling. "power lunch" starts right now we have a sell off on wall street right now the dow is down about not so much about 1% right now. that's moderating from a 500-point drop this morning. the nasdaq is hanging onto a half percent gain. it is positive the losses aren't as bad although every sector is
37 Views
IN COLLECTIONS
CNBC Television Archive Television Archive News Search ServiceUploaded by TV Archive on