welcome to power lunch we have a split decision tr the market big tech and stay at home are taking off should you keep pile sboing in look elsewhere for opportunity we're all stuck at home with our dog, cats, fish, giant bunny, maybe a snake or two. that's driving a spending boom on pets and pet is supplies power lunch starts right now.

the dow is down nearly 1%. the nasdaq is back in positive territory. apple is boosting the dow adding 150 points to a decline we would be seeing. amazon and facebook aren't in that index caterpillar, chevron, exxon mobile are driving the blue chips lower. let's start with bob who will tell us what we're seeing from earning season as a whole now that we're a little more than halfway through. bob. >> we have a little bit of a problem. it's great may have tech earnings are fantastic but they're not enough to move the market really forward. you can see this today just look at the sectors of what's going on. you have technology up because apple is up. you have consumer discretionary up because amazon is up. everything else, the other economy is having hard time. tech earnings are even

fantastic. we have this two tier economy that's going on. it's not a split between wall street and main street it's just there's a two tier economy. one part is digital and that's the megacap tech and software and the technology names that we keep talking about they are doing great but the rest of market is having a tough time the hands on economy the one with the services and the travel and leisure stocks and the industrial names are having a much tougher time overall. chevron is a good example of the other side, the other half of the economy. they had a terrible report look at the companies that are not providing guidance not tech names but the other names. the caterpillar, chevrons no real indication of how they will do in the second half of the year this is the that two week economy thing. if you look at sectors, so far

since june 8th p it's tech and consumer discretionary the market is telling you the rest of the economy is struggling that's the two tier economy i keep talking about back do yto you thank you. tech blowing it out of the water with the earnings result the real winner is apple it's up 7.25%. dom joins us to break that down. >> it's in a tier of its own because it's worth 1.7, almost 1.8 trillion, with a "t" trillion dollars in overall value. if you look at apple versus the s&p 500 even the invest qqq that tracks the nasdaq, 100 apple is part of that you can see the huge gap let's put that market cap and everything else in context apple has been a spend surger. the cash pile for sure $194 billion that's how much apple has right now. bigger than most of the s&p 500

and that's the cash. yes, they did raise some debt to raise that cash. you have to look at that still it's a massive amount of money to put it in overall context, the market cap we were talking about, at the covid-19 market lows down here around mid-march, we were talking about market dap for apple that was 982 odd billion dollars. you can see here, almost $1.79 trillion right now and the further put that in some per speckive, we looked at some pretty brand name companies that we're all familiar with out there and looked at their market caps to say how much is 784 some odd billion dollars worth? that's the market cap climb since the march lows add tesla, $272 billion. th add that to walmart'smarket value. add that to mcdonald's, $145 billion and that's what you get roughly, $784 billion. that's how much market cap, melissa, kelly, apple has gained

just since march 23rd. welcome to you brenda, i'll start with you. do you feel more confident about where the market is and the ability to sustain these gains now versus say 24 hours ago before we got all these earnings >> yeah, i think that it's a great question we really have to look at what's being in to the technology group. they have been the driver of market returns thus far. the question we're grappling with is where do we go from here feels like with the phenomenal earnings ruls and they are, much better than everybody expected but now the bar is being raised.

we seen this huge pulling forward of technological adoption how much is that pulling forward of revenue and e earnings. whooil it once we look out to 2021 and 2022, we're grappling with are earnings expectations getting ahead of themselves. in that regard, we think in order for this market to move higher w need to have broader participation. we started the see that earlier this month where technology prior to today had really lagged the broader market on the overall disease state in order to get a lot more traction >> ron, bob was out squliening t -- out lining the tail of these economies and how it didn't provide guidance sort of the old line economy, if

you will, versus the big tech companies. doesn't matter that we need broader participation? does it matter that the gains are concentrated in handful? isn't that always the case or typically the case any way with any big market advance >> it is in the later stages we always worry about concentration whether it was oil stocks in 1985 or the internet stocks in 2000, 1999 or even the nifty fifty where that was considered a high concentration of gainers those situations resolve themselves in each and ef case to the downside. i do worry about the concentration a bit. i agree with bob this is reflective and we have been talking about this for months now. a compositional change in the economy where the companies that do have the edge to in the only survivor but thrive in this environment will continue to win. there are questions about the broader scope of earnings.

when you take out these big five or look at s&p 500 earnings, they are down 38%. that was reflected in a 37% peak to trough decline in the s&p i think you'll need more economic strength. you'll need to take the risk of a fall back in the economy off the table at some juncture you'll need more fiscal stimulus to keep this thing alive >> if not technology, where would you invest would you invest in the companies that need the news of a vaccine in order to move higher >> i think it's important to have a little bit of that in your portfolio but there are also other companies we got a great earnings report from merck yesterday and they beat the quarter, provided forward guidance and said they expect in the fourth quarter, they expect business trends for

them to be backed where they were pre-covid they are highly relienant on people going to visit the doctor they had great traction from keytruda and some of their other drugs. the stock is down 10% from the year to date period. there are individual opportunities in different sectors that aren't necessarily reliant on a vaccine >> specifically on merck, their three-month performance is just a fraction of a percent. it's down 4% at what point, if merck is able to put up a good quarter and good guidance, what will wake this stock up? that's the dilemma there could be great companies with solid earnings but these stocks are just sleepy >> well, i think for investors who are investing in a lot of different industries, they might be looking to take some off the

top of their tech holdings and the question is where do you put the proceeds in this low interest rate environment bonds are not really exciting. you might look to something like merck. >> we're going the leave it there. thanks so much good to see you. congress is failing to agree on the next coronavirus stimulus deal before today's deadline that could threaten an august recess all of this even after new economic data showed the u.s. economy buckling under the pandemic ee pandemic's weight. kayla has more on where things stand in washington. >> reporter: the house of representatives has already effectively cancelled that august recess with speaker pelosi telling members they will have 24 hours notice if they need to come back to the floor for votes. this comes as speaker pelosi,

stephen mnuchin, chuck schumer met late into the evening to try to reach what the white house was proposing a stopgap deal to try to keep the unemployment benefits and eviction bans from expiring today as they otherwise would. democrats rejected that overture and today belpelosi says they ae standing their ground. >> we want to help america's working families and they want to give tax cuts to the biggest richest people we don't have shared values. that's just the way it is. it's not bickering it's standing our ground >> reporter: democrats have suggested they would accept nothing less than the $3 trillion heroes act they passed in may today mark meadows said wa they are asking for now is more >> what we found from our democrat negotiators is that they are bumping the price higher than the very bill that

they passed out of the house several weeks ago. >> reporter: both sides continue to dig in their heels. president trump was asked exactly what he has proposed and what he has put on the table for democrats. he said they know what i want. kelly. >> speaking of the president, he spoke on the lawn. he mentioned something about tiktok what can you tell us >> reporter: he was asked specifically a question about what the administration was planning to potentially announce with regard to the ownership structure of tiktok. he said they are looking at banning it here in the u.s we're expected to get video play out of the president we'll bring that to you when we have it. >> thank you very much coming up, there's cash in crash of this company. the ceo of waste management joining us

july is over and school is just around the corner there is a raging debate over whether inperson classes should restart. we'll speak to the head of one of new jersey's largest teachers unions stay with us you say the customer's make their own rules.

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we may be banning it we may be doing some other thing ps a lot of things are happening. we'll see what happens we are looking at a lot of alternatives with respect to tiktok >> obviously the concern is the security risk here in terms of how tiktok handles user data and whether or not it goaes back to why that or the communist party. this one stock, the one company that could benefit the most from the ban would be facebook. we haven't seen a reaction in those shares this has been talked about that the u.s. would take action >> i was looking at snap maybe we can show it real quick. not a huge reaction. this was rumored they are up a little more than 3% on the session today. the dow jones is reporting the president will sign an order demanding to divest tiktok while the president's response may will unclear but the story reporting is pointing toward this happening

tiktok has a u.s. ceo. whether they just were to say fine, this company will continue to exist in the u.s. as a stand alone operation pretty much the way it does now or whether it threatens their entire existence in this country. they have millions and millions of u.s. users. probably the most single used social media app for people under age 20 >> you have to wonder that maybe u.s. based, with a u.s. ceo could be a more formidable competitor to a facebook or snap those are all questions. >> especially with facebook and instagram spending big to try to lure people from tiktok and tiktok doing the same. we'll bring you the latest news and watch the share reaction across competitors one man's trash is another's treasure waste management reporting an earnings beat yesterday. covid is weighing on their refr knew outlook

let's bring in jim fish. he's ceo of waste management >> there was so much extra trash for everybody being at home. what as your company experienced? >> big industrial businesses reduce the amount of trash that they create but at home we created more trash and recycling. >> what is the general break down of your residential versus commercial and other sources >> in terms of revenue, residential, commercial are similar in size and our industrial business is slightly smaller. overall, it's a couple of billion tlars on base of about 15 >> got it. are we talking about overall transfer of people's activity in

the workplace to activity at home and how does that affect margins and the way your business is set up to collect all of this? >> margins, were a part of the surprise our margins were up just slight slightly versus prior year that was due to cost control more than anything else. it kind of depends on how this goes over the long term. i believe that people return to the workplace. for now, everybody is still seeming to kind of work from ho home we expect to see this higher volume on the residential line of business persist through next year or halfway through next year >> kind of on the eco front wharks , what is happening with land fill versus recycling >> for us, we put some technology into place. we opened a brand new facility that has a lot more technology to it in chicago that facility is doing really

well recycling is a very important part of our business we have seen recycle volumes tick up a bit as people have moved the home we're a huge steward of the environments and we expect to be a big recycler we're the biggest in north america. we expect to say there >> one more question you mentioned cost control as we saw with other companies like group one that had extenses down 30%, what kind of cost control measures did you put into place >> it was not head count reducti reduction. we did tell our 45,000 people that you're guaranteed a job throughout this pandemic we're not going to lay anybody off as a result of covid-19. what we have seen is on the operating side we had fewer overtime hours because we're not running as many routes on commercial or industrial we're controlling things like travel expense on the sgna side.

those are part of the cost controls that we implemented >> all right thanks so much for being here. we appreciate it >> thank you coming up, we're going to talk to the head of one of the largest teachers unions out there to ask her whether or not it's safe to put kids back into the classroom. we'll have that and much more. look at the best performing stocks in the s&p 500 this month and tell us whether those names could continue the climb power lunch will be right back it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics...

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this month vastly out performing the s&p 500 which is holding onto gain of 4%. do you stick with any of these winners into ago let's bring in the trading nation team. nancy, i know you're sticking with qualcomm here tell us whybecause it's tradin at a price to e-to-earnings rato that is up >> it's not kept up in the last multi-year rally we just experienced. they had great quarter they raised guidance they've generated a significant amount of free cash flow historically and still are about

30% of sales we think the dividend is safe. we think they can grow the dividend it's cheaper than many of the others on our work so we added to it last month and we're going to continue to hold it >> all right nancy sticking with qualcomm craig, what name do you like here here >> we like whirlpool, whr, this is a stock that's reversed the down trend going back to the 17 highs. still looks like to us you got about 16 to maybe about 24% upside up to the next kind of resistance levels around 188 and 200 on the chart from our perspective, we're going to like to play the stocks that are winners we'll continue to play those of this list, i think whirlpool looks to be most attractive. on top of it, all the consumer cyclical names are showing the best project. >> we'll leave it there. thanks head to our website or follow us on twitter

kelly, last day of july. we did it. >> what a year a weird one. thanks very much ahead, the debate over whether to reopen schools rages on the head of one of new jersey's largest teachers unions joins us to say why he thinks that would be unsafe. a provision and a gop stimulus proposal is raising some eyebrows. we'll speak to the ceo of petco about growing demand for pet products all of this when power lunch returns. stock slices.

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welcome back new jersey's virus transmission rate jumping despite governor

phil murray's persistent warnings about rising cases in state. he will roll back reopenings if people don't take mitigation efforts more seriously. >> two restaurant homecoming may be delayed thanks to hurricane issais they flew to the international space station aboard a spacex rocket now the restaurants are pretty much at the mercy of that storm as it heads towards the coast of florida. early coronavirus drug trials have focused on testing vaccine candidates on mostly white people the next phase of testing is looking to give communities of color priority due to the disease's disproportionate toll. for more on how clinical trials are aiming for diversity, you can head to cnbc.com british film maker alan parker has died at the age of

76 according to his family, he died earlier today after battling a long illness you are up to date back to you. thank you very much. let's take a check on the markets now. the dow is down about 184 poi s points apple is holding up. the dow but imagine when apple splits, this is something to think about. the impact on the dow would be one quarter. the dow would be actually much worse post apple split nasdaq holding firm in the green up a quarter of a percent thanks to all these big tech earnings results from yesterday after the bell oil markets closing for the day. let's get to dom >> oil prices are higher, relativiely calm to close out th week wti $40.

world benchmark futures $42. a weaker u.s. dollar has proved to be a bit of a upside driver after weaker economic data out of the u.s. this week. back over the you. thank you. it's a debate happening all over the country right now. should schools reopen or stay closed here in new jersey we're starting to see a significant up tick in covid cases again. the 7-day average of hospitalizations climbing more than 120%. this is why our next guest says it's unsafe to reopen schools here in september.

do you mean you want it to be 100% virtual >> thank you for having me yes. we believe that would be the safest way to start the school year virtually >> why does it seem like parents are pushing for schools to be open but teachers are pushing for them to stay closed? >> like a will the of issues today. salespeople are split. teachers are split parents are split. people all around the conditiun but i think it's important to listen to the experts. the experts are the educators. when it comes to the way school is run, we don't feel it's possible to do it safely right now. to make sure that you have the proper ppe that you can have social distancing or that students can wear masks for hours a day we need much more time before we can even approach that

>> i had some neighbors move to florida where they had the option to send their kids five days a week. they will wear masks all day and eat under a plastic face shield. why not give people the option, i'm sure there's some families that want to stay home but plenty would need to come in because ha they are talking about in my neck of the woods, it's send your kid by alphabetical order half a day two or three days a week they will be in class five out of 15 days i don't know how people are supposed to work >> we think those are real issues we understand that we think those issues are more easily addressed by using, for example, things like community partnerships to try to deal with child care issues, by closing the digital divide like the governor has announced he will do to make sure families have devices. when you start to look at the actual specifics of what takes to open schools and keep them option everything from transportation to ppe, to ventilation, it really is a house of cards

i'm calling these hybrid reopening plans the cchaos and instability plans because they will result in school closures we have decaded our lives to education. waen we want to get back. under these circumstances we don't feel it's safe >> would you strike? >> we're focused on trying to sound an alarm what about is in front of us. we're looking at what's going won the mlb who has way more resources than we have the chronic underfunding of our schools and they can't stay open they are having to close we're focused on that right now. >> although the wnba is fine and that's a better tell mplate fore teachers these are older females. i'm not saying mlb is all irresponsible young guys but they are not the only league out there. there are other leagues that are able to keep this going. i'm curious as well, does it come down to the fact that kids

are less at risk and transmitters of covid than adults is the problem that teachers are older and less held thalthy thae students that parents want to get in the classrooms? >> i don't think so. it's really hard for us to understand we appreciate the work that governor murphy is doing in new jersey we think he's done a really great job. we happen to disagree with him on this issue but when governor murphy is saying that it's not safe to gather indoors, how can we be talking about sending 1.3 million students back into 2500 school buildings in new jersey not to mention bringing in 200,000 plus educators from communities all over the state and in some cases in our western counties from pennsylvania and bringing these people together to gather every day indoors. it's a head scratcher to us. >> what about putting a teacher behind a plastic wall?

>> the experts, the letter that we issued last week, i had every district group of eggeducators, every district sign the letter we're united because the challenges are just too great to overcome in this short amount of time you have to understand that many school districts are struggling constantly for adequate normal supplies there's been no additional funding that's been provided by the federal government to deal with this. we don't have confidence that they will be able to put in safety measures, cleaning products >> it almost sounds like there is no solution you're saying that schools are chronically underfunded and you will not go back to work effectively without proper ppe which needs to have funding. is there no solution are we to expect that children will stay home and learn by themselves on the computer there must be some damage to

this whole generation of children who have to be just by themselves in front of a computer screen with parent in the other room who is trying to work from home >> we agree there are no real good solutions here. that's for sure. we al don't see this as a life sentence the one bright spot in the news has been on vaccine development. i heard dr. fauci say he is confident there will be a vaccine by the end of this year. to risk the lives of teachers and students, we're learning new things that student, even young students may be carriers of this virus. to risk that health when it could be only a few more months before we can start vaccinating people, we don't think that's the prundent thing to do we're not saying to teach from home forever or this entire year but start the year in september is irresponsible >> seems weird that the parents

who are most interested their health are the proponents for getting them back in classes while the teachers are more resistant. i'm curious if anything would change your mind is it based on the case count coming down to a certain number? we're never going to have, i think, the kind of zero transmission certainty like you said before a vaccine. why not just say, we're going to do this the safest way possible. aren't teachers essential workers? there are essential workers who are having the make due the best they can do. that might mean home grown ppe people are wearing their own masks. the nurses are wearing garbage bags on their feet to keep delivering babies. you don't people could come up with something to keep themselves safe? >> we heard the essential worker argument we're skeptical about that for decades we have been shorts on basic supplies in schools i think vice president biden is said that budgets are a

reflection of your values. for decades, it seems that we could not even get the basic funding. many, many districts in essex county where i teach run out of the paper. run out of cleepi incleaning su. have to ask parents to provide basic things, tissues to bring into school. now we're essential. meanwhile, no additional funding from the federal government. forgive us if we're skeptical that we're really considered essential. >> understood. anthony, we appreciate it today. thank you. keep us posted we'll be watching very closely thank you. >> thank you very much for having me. the debate becomes further complicated when you consider special needs education. there are 7 million students in the u.s. public schools with disabilities and their parents say online and remote learning has been a struggle. cnbc senior personal finance correspondent has more

>> reporter: pool time a cool break from school time. ila, who is almost 11 has downs syndrome she's taking summer classes and doing therapy online through the free special education services her district provides. her parents worry virtual learning could delay her progress and derail their family oos finances they are considering home schooling but it's pricey. >> that can average between 5 to 10,000 per child in addition to the services that they will need. >> reporter: employee benefit ks help families save up to pay for therapies and other costs. a family can save up to 71$7100 pretax in a health savings. >> caller: and 2,750 in a flexible spending account. >> if you haven't enrolled in plan then see if that's open to

you. thaifr chan they've changed the rules so you can open one this year throughout the course of 2020. >> reporter: an able account allows you the save even more for a special needs child. up to $15,000 a year up to 100,000 over time without jep ki jeopardizing key government benefits the newton's say saving up to pay for private services is tough. >> we don't have the resources to do it, the funds to do it we're just trying to focus on getting through this really difficult educational time >> reporter: here are some other planning tims for parents with special needs students write a letter talk about your child's medical history, their educational experience, the government benefits they get and the future plans you have for them. share that with family members and guardians. choose a guardian. that's a key part of your estate

plan and have someone that will care for them and their finances if you're not able to do so. find an attorney to help you with that plan and a financial adviser to help you along this journey. make sure they have experience working with individuals and families with special needs. all of that should help to ease this somewhat but it's still going be a very tough challenge for many parents >> great advice. still ahead, today's power movers tax free lunches and a look at the booming pet care industry. stay tuned [ thunder rumbles ] [ engine rumbling ] [ beeping ] [ engine revs ]

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sales could fall as much as 25% in the second half of the year shares of shake shack are plunging some of its restaurants shutdown during the lockdown. digital sales nearly doubled in the quarter. that stock is down 11.5% under the radar name goose head insurance hitting a 52-week high after topping earnings it saw revenue grow 54% come papered to last year kelly. let's get to the bond market now where rick is tracking the action for us at the cme rick >> even though our 32.9% drop on third quarter gdp on just a quarter basis. it was 9.5% worst than the proceeding quarter that's better than all the european numbers that we have seen but it doesn't matter our entire treasury curve outside of 20 and 30-year bonds may make new yield closes today. looking at two day of two year

anything around 11 basis points. it just broke 11 basis points. look at a ten. one week of tens down on the week look at month to date. br big drops. yourowly avoided settling below w 54 finally a little bounce. even with bounce, right now as we sit, we're down almost 4% for the month. melissa, back to you rick, thank you. up next, bailing out power lunch. not our show actual lunch hot spots we'll go inside the gop stimulus plan to reveal proposal that would let businesses have free lunch, of sorts. we'll explain, next. [indistinct radio chatter]

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welcome back there's no such thing as a free lunch but tucked into the gop system luck bill would allow 100% deductibility for business meals in an effort to help cratering restaurants. >> this is one of the tax carveout that's somehow find theirway into these pandemic relief bills this is the supporting america's restaurant workers act but what it really does is allow business owners to deduct lunches and dinners from their taxes. now right now can you deduct half of all client related meals. but nut proposal would allow owners to deduct 100% of those costs. it would help restaurants struggling with the pandemic, especially wait staff and kitchen staff. but owe poen rents calling it a

subsidy of threatt martini lunch. it would cost the government three $2 to $3 billion a year. economic studies show little impact on the restaurant receipts the last time this deduction was changed. the president is calling for this deduction since april after he had a call with celebrity chefs. he wants business meals and entertainment to be fully deductible entertainment expenses are no longer deductible after the 2017 tax cuts this is one issue they're fighting over clearly stalled in the talks. >> robert, the problem it seems is this wouldn't do anything to help right away. if nobody is going to strant ret for all the reasons, the fact it's tax deductible is not going to change it most people and restaurant owners are more focused on the $600 weem unemployment benefit, extending that so the economy doesn't crater more direct relief, loan

assistance doesn't seem like this would do a lot of help. >> the reason people are not going to restaurants is not because they're not getting more of a tax deduction, it's because it's not safe. and until you solve that, the tax deduction is just going to be meaningless and probably divert personal consumption. >> thank you appreciate it. >> we've got breaking news on the twitter hack sue herreras had a the details >> exactly the accuse mastermind is a 17-year-old male he's in tampa, florida state attorney general has filed 30 felony charges against a 17-year-old man alleging that he was the mastermind behind the twitter hack that took the identities of prominent people you probably remember bill gates, former president obama, elon musk among a number of them they're asking for bitcoin payments so 30 felony charges have now been lodged, alleging that this

mastermind -- this 17-year-old is the mastermind behind the twitter hack back to you. >> he should be required to work at palantire from now on it's dog eat dog world out there, especially in pet care. we're going to talk to the ceo of petco about growing competition in that space. don't forget, you can always watch or listen to us live on the go on the cnbc app we're back in two. first up is this exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance.

pet care is one business thriving during the pandemic people filled their homes with new pets and stocked up from food to toys to all sorts of animal accessories this is also a budding area to invest in. shares of pet care companies are having a great run this year lead by the recent epa of chewy. this is sppet spending is expecd to hit $100 billion this year.

the ceo of petco, a privately held pet specialty retailer. ron, great to have with you us >> great to be here. >> early in the pandemic, pet retailers were deemed essential which is great news. what sorts of increases have you sneen sales? >> yeah. we saw three different phases. the first phase was oh, no there is a pandemic. and we need to stock up and we were deemed essential. and that's because we are in the soup market. we're the pharmacy even the salon for pets. we see the reside in place and then during that period, we saw declines in our brick-and-mortar but our econ business started taking off then since june, we're back to growth and our e- commerce business is 100% plus. and we're gaining shares so it's been a growth area for

us >> how do you look forward how has pet spending held up in a down turn in the economy and do you expect maybe this time around it could be better fido may be your only company in quarantine >> yeah. first of all, pet has been very resilient. americans like to take great care of their pets people are not taking cruises to the bahamas, they're not buying a new pair of khakis for work. they're spending more on fluffy and rover. they're getting rover groomed more often so they're taking even better care of the pets the second things that happening which is phenomenal and through our foundation we support most shelters in the u.s. is we've never seen fostering up so high. so a lot of the pets that were in shelters are in homes which is just wonderful. our fingers are crossed that

those pets get adopted but now we're projecting a 4% increase in pets this year and that number had been flat in prior years. >> has the stimulus checks enhanced unemployment benefits do you think that helped sales you are concerned about when stimulus gets pulled back in any way or reigned in? >> yeah. we applaud that step that congress took. there definitely has been a bump with that. going forward, we're hopingful that congress can come to some resolution it doesn't need to be all the way where it was and maybe have some disincentive to work which we're seeing and some parts of our business maybe not. i think somewhere in between is where we would like it tloond. >> to land. >> going public. you must watch chewy and the demand for the shares. the demand for shares like this in the market these days is that on the table right now >> first i love working with our

pe partners and cpp and canadian pension fund second, we're on a roll. we were growing before covid-19 and growing even faster during covid-19 that gives us options. we don't make comments beyond that. >> gives you options okay we'll leave it there ron, thank you >> thank you very much and we have more news on the tik-tok front. microsoft is in talks to buy them they say it's not clear how advanced the talks are but as you know, the big debate will be around whether that adds to big tech's power. you know, should tik-tok pursue an ipo there is a the lot of different ways this could go >> microsoft seems like it would not raise the ire of the antitrust regulators as much on microsoft. they were not at the hearings earlier this week, remember? and so it sort of not -- i don't want to say completely off the radar but it is to some respect. disney is thrown in there. disney has a lot of debt on the

balance sheet at this point. not doing well in the operations i don't know if disney could be actual contender for tik-tok there is also possibility that tik-tok is a separately spun off u.s. company >> right even for microsoft the plans with it. disentanninging will the ownership. this is going to be a fun story to follow. >> it will be. >> that does it for power lunch. we'll see new a little bit "closing bell" starts right now. >> welcome to the "closing bell." i i'm wilfred frost with sara eisen. facebook is at a new all time high amazon jumps 4%. we've lost steam intraday. certainly for the broader markets as new data shows consumer sentiment deteriorated in july. and on this, the final day of july whether we look at the day, week, month, or the year, the story is clear