dolownad the free app today. . good afternoon, everybody. welcome to "power lunch. glad you could join us on a summer friday. mixed day for the market this day. all three major averages are set to end the week in the green despite stimulus talks coming to a stand still.

we ta retail sales were lower than expected autos adding to the pain with biggest names if the group or deck for earnings next week, we'll tell you which stocks could be set to take off later, it is apple's epic battle both apple now and google kicking out fortnite out of their app stores we'll explain why they are doing it the fight it could spark and the crackdown on big tech that could be in the cards. "power lunch" starts right now happy friday to you. check out the transports out performing this week up 4% those moves are thanks to fedex and avis budget up double digits for the week with all the major averages up

more than 50% from the march lows, it's the question being heard around wall street is the market rebound getting too far ahead of the economic rebound. we're digging into the data. >> the stock market could recover its all time highs we went back to 1973 and looked at how stocks behaved. it takes 2.7 years to get even this recovery probably will be measured in months the fed and congress have provided relief to the economy at a level never seen in a recession.

the economic data and recovery have out performed in general even while virus containment have under performed taking a look at, it's rule that price earnings ratios expand during recessions. earnings fall more than stocks because investors tend to bet early and often on a recovery. this time it's fairly strong bid held by ultra low fed rates. that makes stocks more typical than the typical recession nar rebound. the optimism over stocks recovering from vegrecessions hs paid off it's been a pretty good bet that humans would recover from pandemic, eventually >> thatreassuring. thank you. how might the stimulus debate start to change the outlook or further change the outlook for the markets? >> you never know what's baked in every economist is i baking in some form of stimulus.

one way companies have met their earnings is by cutbacks. those are good for companies not necessarily so good for the economy. the third thing that's a wild card here is the scarring. how much has been idled right now won't be coming back and what are the economic implications of that i think those are three wild cards to the well bid recovery that the market has right now. >> the difference between wall street and main street i do wonder with some of the indecks hitting all time highs, are you seeing signs of a quick recovery on main street. where might you start to see those areas of strength? >> i think classical main street will be much slower to recover than wall street you think about the restaurants and the nail salons so much of what's happening on main street

is person to person stuff. there's some, i don't know what the exact figure is. we have seen survey estimates. 50 to 60% of people can do their job just fine from home. there's a percentage that can't. while we have decent retail sales numbers this morning, where we don't see the data is in the services spending it's not hard ware stores, anymore. it's services. >> you've clearly been doing a good job at home but we miss you at the office. >> i'm ready to come back in >> thank you all right, guys. steve, thank you stocks near record highs despite the economic head winds we just been talking about it a little bit, is there too much euphoria in the market now? let's explore that with mark travis it's the president and portfolio manager at the intrepid capital funds.

mark, lets me begin with you are you in any sense alarmed at the market's bounce back is it too much too fast. >> prices is not always indict tifr of value. they tend to probably swing around the value which is discounted free cash we had unprecedented support i think you have to take a bounce and try to ascertain what that business value is and know

it's not indicative of price what you're seeing in the index is really pulled along by the kind of tech horseman, if you will if you use a broader based index of u.s. equities, russell 2000, for example is off probably 5 or 6% year to date. it's not as rosy looking as the people looking at the indexes. the nasdaq which was the rage in the late '90s, once it peaked in march of 2000, i don't believe it reached that high again for i believe about 15 years i think we've got a lot going on we've got no sports. we've got people at home we've got robin hood traders and the fed with the pedal to the metal. i think people need to have some cash we go back to a lockdown and they need it to run their

families or to look into the marketplace and pick up securities that may be mispriced if we hit a downdraft like we saw early in the spring. >> we'll hope to get back to some of your picks later i'd like to explore your views on gold right now. let me turn to ron this market has surprised you, hasn't it, ron >> oh, yeah. i sgagree with everything said we had that concentration of gains in the stay at home stox and the big technology names i think it might be wise to reother yenrient one's portfoli look at dividend stocks that also have very strong balance sheets you don't want the go out there and play for high dividend yields i think taking some profits in the bigger names might be wise come the fall or even later this mop month, we'll see high frequency

data that won't look as good i do worry about that in so far as, if we don't get any further relief from the federal government or it doesn't come until the middle of september, sure we'll see a big pop in third quarter gdp but we may see consumer spending i would diversify into some income assets that make more sense through the rest of this year >> i take your point i've been burned before when i've gone and bought stocks. i remember looking at a dividend of ibm, i said that would pay my 9% it didn't last >> ibm is more of a speculative stock.

you find anyone with energy, oil and gas and the energy providers. >> yeah, that's not the sector i would play i would be more in telecommunications and big communications companies or companies among the stall worth and banking sectors that provide three and four five% dividends now, with europe putting on travel restriks, i think ctionre have to be careful about doing that we might face the problem down the road i've been dead wrong for several months on equitys. i would prefer a little more safety here than speculation >> mark, let me turn back to you and get your thoughts on gold.

i was having a conversation with an associate of mine the other day who was arguing that gold and the physical metal through etf that buys canadian stores of gold is a good place to put money given the fact that it is a safety play. even despite its run up and because bonds aren't paying you very much. treasuries sure aren't short term treasuries are useless and so is cash >> i think if you go back, disjointed ourselves from our currency in 1971 with richard nixon, there's been a real change in our fiscal situation i think we have undermoored or politicians from our budget, so to speak gold, if you really go back over

the last 20 years through the first quarter of this year, actually out perform the stock market i'm not advocating people go headlong into gold we kind of cross the high that we had not seen since september of 11. our small cap fund we have a position, etf but i think that needs to be a moderate position somewhere in the 2 to 5% of portfolio and it's a asset of the stock market as we all know. >> mark, thank you very much ron, thank you have a great weekend, guys we appreciate it >> you too key question this fall if schools and biusinesses are going to reopen and stay open, the key to it all is testing according to experts, the turn around time on those tests need to be two days or less >> in early july, 31-year-old

shannon started feeling a tightness in her chest >> the next day it was really hard to breathe. i had to work from my bed. i got scared because i have asthma and i haven't had it in years which is what prompted me to get tested. >> reporter: she was told the results would come in five to ten days and it would quarantine but it took a lot longer >> i would have been in my house for three weeks. >> even a three-day wait for results is too long. >> after three days, it really does, the utility starts to become much closer to zero i sort of think 48 is where you really want it and after 72, it's pretty close to zero. >> a survey of more than 9,000 americans by cnbc and data company shows that about 40% of results take more than three days the difference is state by state are stark.

from a little more than two days on average in massachusetts and south dakota to four and a half days in arizona and west virginia and more than five in india indiana. it's a product of a fragmented testing strategy >> do i think it would be helpful to have a national testing strategy in the middle of a global pandemic i do i don't think that having 50 state and the district figure out their own pandemic approach is the most efficient way to do this. >> reporter: she started to feel better a few days into her quarantine and three weeks later she found out she was negative >> we hear a lot of stories like shannon where test results take a week or more and it's not the majority of the turn around times we found in our study, it's almost 10% of the people who responded who said their tests take eight days or longer which is way too long to be useful >> way too long and really

troubling. new technologies on the horizon. people are hoping for point of care tests on ones you get and they return the results in 15 minutes. the expansion of rapid at home testing that a lot of people are pushing for. >> meg, thank you very much. see you next time. have a great weekend to you. all right. a quick market flash take a look at shares of mckesson that stock is at the high. president trump announced an expansion of its deal to distribute the coronavirus vaccine when and if we get one and other supplies needed to administer that vaccine. the stock is up about 3% right now. we will bring you more details

on that story as they come to us still ahead, apple and google removing fortnite this is going to just crush my son. their app stores, they will take it out could be the start of a bigger battle with big tech we have those details for you. it's retail's moment of truth next week as some of the biggest players in the group are on deck for earnings two top analysts will tell us the best names to buy ahead of those reports. you don't want to mi tt ensshawh "power lunch" returns. anging the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will... you can rely on the people and the network of at&t...

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welcome back epic clearing not playing any games with apple and google. the video game maker is suing the tech giant after game was removed from their app stores. they say epic games violated the rules after it tried to bypass systems to pay the company directly by avoiding the 30% cuts the app stores take they released this 1984 style ad assen as an attack on apple. l >> clearly this was the outcome that epic wanted

some have called it a bold move. is this really the fight that apple and google want to have in the midst of all this scrutiny >> yeah. >> sarah, let's start with you >> yeah, i think it's a bold move i think that at the end of the day anti-trust scrutiny on apple is increasing. lawmakers seem oblivious to some of it. they weren't addressing tim cook now after that blockbuster hearing that apple is getting into these fight with developers will put more spotlight on tim cook when he didn't already have it the other constituency is regular every day users. i think a lot of users have been oblivious to the fact that apple takes a 30% of this in-app payments now some will fw skirted from the app store, i think users will start paying attention. >> i saw one take on the internet that epic is now giving

both apple and google the grilling that washington didn't. russ, weigh in here. >> i agree i think they are taking it directly to apple in ways that are very blunt and obvious apple is arguing they are 30% cut of every in a purchase or every app purchase is a fair amount epic says no, it's not to the certain extent they launched their own service and only taking a 12% cut. clearly, epic is saying this divide is not fair this is unreasonable they are saying the same about google it's not just apple. it really is a direct attack on both of these companies. >> it's interesting because apple point's all along is they want to create an equal rate for all developers it's interesting to see epic saying we don't want a sweetheart deal. just lower the rate for all developers they really do seem to be taking on this underdog sort of taking up for every one role. >> let's not remember, it's not

the same for all developers. apple does cut some developers deals if they have leverage. the best example is amazon. what it will come down to is do consumers really have another place to go? apple will say build your stuff on the open web and epic will come back and say that's not the same experience as having an in-app mobile game >> that's the question i have, sarah. i'll turn it to russ as i would understand it, there's really two players in this there's the google android platform and the play store and the app store on apple if you put those two together, russ, what percentage of app

sales or distribution do you have >> astonishing am ining amount a vast, vast majority. epic can continue to sell. it's not as ideal for them they don't have a lot of attention outside of the google play store on apple they have no shot at all. it's removed from any ios device ever until this gets settled i don't see apple blinking they do not have to blink for epic and fortnite but every app in the marketplace >> the public perception is not really on their side, at least not yet. one final question, russ let me direct this to you. to be fair, apple did build thi eco system epic can have users play on the worldwide web or on a browser. to apple's point, you don't have to pay to be on their -- in

their system >> epic can choose to not take part they are shining a light on what they think is an unfair distribution of revenue. they are still making a ton with fortnite they will be fine in terms of reven revenue. this is more about taking stance >> we appreciate both of you being with us. tyler, you said your son is going to be crushed. i hope he's okay on this news. >> i don't know whether he will be crushed he will figure out way to play it they play online they seem always to be coming and saying, can we have a little money to buy one of these in-app upgrades or whatever it is it's all beyond me >> me too.

still ahead, hedge funds are betting against the reopening trade by shorting some of wall street's most controversial stocks right now we've got those details plus check out shares of draft kings falling as the sports betting app reports a larger than expected loss. we will tell you what the ceo said that could have investors going all in more power lunch after this. ♪

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plays topping the list of the most shorted stocks. there you see some of the names that are on that list such as american airlines, carnival, under armour, caribbean, whirlpool. let's bring in your trading team to discuss would you nibble at any of those stocks or go long on some of them >> i think one of the stocks of the stocks or one area, you have some concern about consumer names but you have two under wear stocks in there this situation can't go on forever. they will come back.

quite frankly, i think they will come back just as strong as they were before. it's a longer term play but i think that play is there i think this is probably an unloved name that needs more attention. >> hanes brands shorted. it just goes beautifully >> absolutely. >> i'm staying away from the underwear. we're looking at under armour. a lot of these names have been rightly shorted. what you really want to see is execution. i want to see better execution we talk about the travel names that's going to be depending on what we're seeing with vaccines. the pandemic, people's comfo

comfortabilities in going out. i've been sitting on the side lines. it might be a couple of options you want to look at. >> would you buy any of the travel stocks, the ones we mentioned here american airlines, carnival? >> i would look at american airlines it's going to be on the comfortability people are traveling there's up tick in people going out and making those trips >> thank you very much you get credit for the best line of the day you won't hear it on any other network this day, lord knows you won't hear it on any other business network it's commando can't go on forever. on that note, we leave it for

trading nation for a week. head to our website. take it away ahead, let's just move along. retail sales coming in lower that's expected. ahead of the busiest week. our panel will lay out what to expect robinhoods's profit engine the trading platform brought in nearly $200 million from traders in the second quarter. we'll discuss. also, the u.s. and china were supposed to be in trade talks this weekend tensions over the pandemic, tiktok and security. there were a will the of issues. all that and more when power lunch returns after this stock slices.

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here is your cnbc news update a federal appeals court has thrown out california ban on high capacity magazine a three judge panel ruled et violates the second amendment. it conflicts with the decisions in six other district courts across the nation. the head of the department of homeland security and senior aid are not legally eligible to hold their jobs. it found acting secretary and deputy secretary were improperly appointed to their positions a dhs spokesperson called the finding baseless take a look at this. here is something we haven't seen in a while. a high school football game. the matchup in utah. it appears to be the first sanctioned game of the pandemic. they went onto beat the home team 24-20 tyler, seating capacity was

limited to 25% but a hopeful sign for a lot of us that want to see football this fall. back over to you >> absolutely. that's terrific news let's look at the markets as the dow and s&p kind of limp toward the end of the week industrials up about 1/10 of a percent or 42 points s&p 500 flat higher by a point and a half nasdaq a little bit lower. a fifth of a percent there but still above 11,000 russell 2,000 flat >> thank you retail in focus. sales in july coming in lower than expected. that was led largely by a dip in auto sales covid continues to be a wrap on these companies. that's a huge one for the sector walmart, home depot, target and many others reporting earnings retailers like under armour have surprised wall street. what should investors expect

moving forward >> you had an interesting take that the pandemic is allowing very big companies to shrink their revenues to grow their profits. you like tjx and planet fitness. the out brands call is interesting. we hear it all the time especially with bath and body works that the value is clear. you also say that the street is under appreciating or undervaluing victoria secret that's not really an insight that we hear a lot of. >> absolutely. i go back the a couple of years ago. tli tyler and i had a fun conversation reflecting on how times have changed. i think it's fascinating you think about it, the first time in recent history that retailers have to ask themselves or allowed to ask themselves which stores they want to open, not which stores they want to

close. you have this once in a lifetime opportunity to completely refashion your business and decide wall street is no longer a force need to grow, how healthy should i be. that might mean selling fewer goods at higher prices i think that's the opportunity in front of them and i think that's the underappreciated opportunity we'll see play out >> i guess we'll soon see. >> try to figure out who can take it into long certainly success. we're looking at who is good at nesting and could ben fits in it becomes a trend.

>> heading into the fall season and winter season it's hard to believe that is upon us but what happens to the all important back to school season. i think a note about how best buy will benefit consumer electronics will be up. what about if you need the buy your back to school clothing if you're at home, you don't need that. black friday, will people be crowding into malls in the midst of covid and even christmas shopping that's right around the corner >> well upgrade at best buy a couple of months ago on that thesis which is they are well positioned in a multi-channel world. they built their multi-channel business e-commerce almost 20% last year. when they closed their stores, they kept 90% of their sales when they went to curb side. once they fully reopen their stores in mid-june, we think

they are probably comping in the double digits since that time. it's important that we as a society get back to school we think that is critical. we got the economy to full recovery in a way, best buy sort of went away whether they go back to school and you need a new computer or phone for that or you're going to be working and studying from home in the future, you're going to need to fix up the home and get that home office ready to study or work. >> one thing i think is really interesting is you like planet fitness. that's an interesting call it does appear that jims are falling left and right >> i think when we started talking about is embracing we'r in the current normal rather than the new norm.dopting and r

who can be nimble. i think tjx, i put them together for a reason they might not see that similar but i think tjx and planet fitness offer value and a compelling offering that is a non-covid play while covid is going on both stand to shrink, more people will caulk in as the fitness environment continues to fall upon itself there are people that will no longer have gyms and planet fitness will be waiting there

with open arms >> new york, we still don't have access to jgyms we'll see how it plays out next week during earnings tyler. to the bond market we go and rick, who tracks the action for us at the cme. hi, rick >> it seems to be losing a bit of momentum. we couldn't get above the 72 basis points high yesterday. this is a real move. real moves by the highest credit means the lesser credits have to pay attention. look at the two etfs high yield etf, hyg and investment grade lqd since july 1st. losing bit of horsepower we talk about the weakness in the dollar the store is more about the strength of the euro the euro versus the yen and on the same chart, euro versus

dollar the reason i went back 16 months is because it's at a 16-month high you can clearly see the strength in the currency markets these days is the euro tyler, back to you >> rick, you see it right there in the chart thanks very much the return of sports was supposed to be big for draft kings but the stock is falling today. we'll bring you the real reason the stock is lower power lunch will be right back machin [ thunder rumbles ] [ engine rumbling ] [ beeping ] [ engine revs ]

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stock is up more than 200% this year contessa joins us with more. >> investors may have been spooked by a question on the earnings call regarding an irs memo declaring draft king should pay taxes on daily fantasy sports morgan stanley analyst says he estimates as much as $30 million tax bill annually for draft kings. that would be almost 40% of what the company reported for second quarter revenue. ceo jason robins said courts and state legislatures have already weighed in and fantasy sports is not wagering robin said the rationale is flawed and any way the memo has no force of law. users are rushing to e-sports. >> even since they started to resume we still seen really strong volume and participation. i think it's one of those things where a lot of people are distracted with other things

we had a big gap with no sports. people tried e-sports and loved it >> draft kings gave stronger than expected guidance that excludes college sports but is predicated on professional sports as you might imagine the nfl continuing as currently s scheduled. they experienced a strong up tick in users in july and august and thinks it will continue into the sports season this autumn. >> contessa, remine me and i'm embraced for not knowing this but how does cradraft kings mak money off of e-sports? is it gambling on games that players are playing or what? >> the interesting thing is gambling on e-sports is not legal in most places i think it's only two states where you can wager on those e-sports games people can pay for a user fee to get on and participate in that

way. sort of the way that fantastic -- fantasy sports work. it's not wagered but you pay an entry fee. the irs says those entry fees are wagers and draft kings is pushing back on that front >> all right thanks very much thanks all those robinhood traders, don't pay a dime for trades. how does the company make money? that's coming up tonight at 6:00 p.m., jim is off but we have you covered with summer school. frank and josh brown are taking your questions exploring some high flying stocks off the impact. s in session. that's at 6:00 p.m. eastern. where are you?! honey, did you hear about these new geico savings? mom? you'll get an extra 15% on top of what geico could already save you. can i call you back? your father's been researching our geneology. we're vikings!

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health care back robinhood turned the brokerage industry on the head by offering free trading if the trading is free, how does robinhood make money kate roonies has the explanation. >> robinhood is cashing in on the trading boom without charging customers on the front end. gets revenue behind the scenes from what is known as payment for order flow market makers like virtue or citadel securities pay robinhood and other brokers to execute client trades. the according to recent sec disclosures and analysis by piper sandler robinhood fetches the highest rate for equity trades at 17 cents per 100 shares schwab gets 11 cents and for options, the pay day is way bigger robinhood and td ameritrade bring in the highest rate at 58 cents. that is way above the industry average. robinhood roughly doubled order flow revenue in the second quarter of the year. that is compared to the prior three months they saw the biggest ungreece

among all of the brokers and the majority of its $180 million came from options. across the industry, options are way more lucrative than trades from a single stock. analyst saz this could present a potential conflict of interest brokers might be incentivized to push customers towards the more profitable products. robinhood responding saying that's not the case. the company also declined to say if it's profitable after this recent trading boom. back to you. >> kate, such an interesting story. how important is this revenue stream is it possible to know how important the revenue stream is for both robinhood and also e-brokers? >> it's gotten way more important. they had this revenue model from the beginning. they were really the pioneer of free trading for others that cut commissions, analysts were skeptical that this could actually pay off. and it has seemed to offset the cut commissions and all of a sudden they're seeing record customer growth. they're able to make it up with payment for order flows.

analysts are happy after the last few quarters with td ameritrade and schwab and the competitors. >> good to see you thank you. folks, trade talks may be off for this weekend so where does that leave the relationship between the united states and china we'll be right back to discuss 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.

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welcome back, everybody. reuters reporting today that u.s.-china trade talks schedule ford this weekend have been postponed indefinitely cnbc is working to could be firm the reports and whether or not these talks precede the u.s. relations with china are right now plagued by a variety of issues from the spread of coronavirus to cybersecurity and

intera intellectual property and more they're way behind on u.s. goods as part of the phase one trade deal doesn't that sound like an aeon ago? on manufactured goods, agriculture g agricultu agriculture goods and energy too. china is ramping up the purchases of crude oil john rutledge has adviced the white house on the talks with china. he is chief investment strategist a cnbc contributor. we're really tight on time here. do you expect the talks to take place? they are really about implementation of phase one. if they're postponed this weekend, will they resume before the election if i was advising i would say it is a wonderful opportunity for air time nobody argues with ahead of the election wlchlt that will happen, i don't know but there is plenty of stuff to talk about there >> yeah. and the one issue that everybody talks about is we don't like

china. the republicans don't like china. the administration is whacking them and the democrats say us too we don't have any reason to love them either, right, john >> that's right. trump won this one everybody wants now to hate china. trump got there first. the best bide kn can do is i hae them too the soy beans were not promised. we were half the deliveries in phase one. there is not going to be a phase two. there is no incentive for president xi to do anything ahead of the election. >> no. so what you've got is an agreement in, i guess, in principle to buy more american go goods. so what's the -- what's the enforcement mechanism there other than bad boys in china, they are mostly boys, by the way, start buying.

what are you going to do they're not going to be talked about with this short a fuse before theelection there is the stumbling blocks in there i note that you say you have been upping your cash levels i don't know whether it's because of this or other things but explain. >> i was heavy cash ahead of the coronavirus.

there are 19 areas i talked about on air i was a big buyer. i've been sell for the last few weeks especially nasdaq stuff. because it's overpriced tight ping credit is how credit crisis happens i think we have a difficult fall ahead of us. i'd rather have cash in order to buy things at half price >> john, great as always to see you. thank you for your perspective today. have great weekend, sir. >> thank you, tyler. >> nice to be with you let's look at the markets. they're basically hugging the flat line for the dow at least up .04%. nasdaq, too, basically flat and the nasdaq almost the same

>> and basically up almost 2% on the week, about 1.68% here about .5%. all right, tyler thanks for letting me hang out with you this week "closing bell" starts right now. >> thank you and welcome, everyone, to "closing bell. i'm sara eisen here with jon fortt in for wilfred today we're points away from an all time record high on the s&p 500. the index continues to bump up against that level just dipping into the red there. we're 3370 let's look at what is driving the action the rotation is back reopening trades like airlines and industrials and rallying while tech take the backseat what is hitting a record retail sales for the month of july despite the pandemic. that has retail stocks