it's like goldilocks you know, different bowls of porage to pick from. good to see you. tyler, we're going to call that a jexit. that is a joe exit we witnessed earlier. >> i thought i had ten seconds >> i know when i have ten. >> we got to go. we'll see you later. >> good afternoon, welcome to the "closing bell. i'm wilfred frost along can sara eisen. the nasdaq soaringtoday. health care consumer and discretionary higher today vice chair afirms a low rate

policy even if unemployment starts to fall and split stocks apple and tesla rallying apple up 5% today. tesla up 10% today tesla is now surpassed j & j and visa to become the seventh most valuable company in the united states 59 minutes until august is in the books. we're waiting for a record close for the nasdaq possibly another one for the s&p 500 though just negative as we stand >> welcome back, wilfred good to have you back here coming up, delta's ceo ed bastian joins us with the thoughts of the latest industry. and of course his response to united's move today to eliminate change fees. we'll also speak with mohammed el-erian about texceptional mont for the bulls. we're looking to cap off a 7% up month for august the work from home winner zoom reports earnings after today's close. that stock is up nearly 500% on

the year can it keep up the furious pace? let's get straight to the big stories we're watching one hour left of trade. mike santoli tracking the market action on this final day of august phil lebeau and joe osha are here to discuss tesla's split and another big surge for that stock. start us off with a broader market quiet today. that apple gain not doing as much p for the dow it's only less than 3% of the weighting. >> that's right. the apple split basically is costing the dow about 100 points the dow may be better by 100 than it is now if they did the not split. you're right, quiet. an undertone selling in there. the index is the s&p 500 is being flattered a little bit by the tesla and apple moves. it is negative below the surface. a lot of the cyclical groups, industrials, financials are on the weaker side today. seems like month end noise the we keep pointing out a lot of attention about the acceleration through july and august it left the s&p 500 in something

of a technical overbought state. maybe people getting overexcited at the margins that can correct itself a couple ways you have a lot more days like today that are flat. essentially let the trend catch up to it or can you have a sharp pull back the no way to say exactly thu is going to play. there is a month end effect. that might be at work today. take a look at our to date basis. the s&p 500 against long term treasury st that is a very, very wide stred spread of outperformance there is some expectation. you may see month end rebalancing into bonds for this reason bonds are strong today as well take a look at a year to date basis, the same two instruments there. the long term treasury etf -- actually this is six months. this the is not year to date it shows an interesting divergence in the last month or more than a month right now. by the way, if you owned a portfolio, 60/40, you're up 9%

total return, year to date that is well ahead of what history knew and for as turbulent as things have been, this has paid off this year. it outperforms what it is giving you. >> august is set to be the best month since -- it's going to be 1984 or 1986 at this point it has been an uphill clim since april. august is actually best month since april. but it's the best august since the mid 80s. so what do we need to see in september to keep it going we haven't seen stimulus from the fiscal authorities the at least another new package. and there is still questions on the virus. what do you think -- what box dozen we have to check >> first of all, i would say july and august taken as a block had been amazingly impressive. up 13% of it's extremely rare to see both months each up 5% so that's something that basically puts you in different league in terms of how good the summer has been which again

means the sbbar is pretty high i think the virus data is getting a little attention have we seen most of the den fit of declining counts that we're going to see a lot of attention on flairups in college towns we'll see that back to school. so that has been kind of the backdrop of what is going on right now. and then we're going to be getting -- i think basically the economic data surprises charts have to keep looking good. they've been incredibly strong in terms of economic numbers coming in relative to expectations that's actually been the answer to those who say there is a massive disconnect between the equity markets and economy much it's the rate of change of how things are getting better, not necessarily how good or bad they are those things i think are significant. the big question is any of it truly going to matter if the market itself just got a little ahead of itself and pulled forward gains in the summer. >> mike, thanks so much for that s&p 500 just negative as we stand. the nasdaq up a healthy full 1%. tesla jolting to another record high

the company's five for one stock split took effect. phil lebeau has more on the move >> we're looking at getting the $500 a share by the end of the day. now who knows? but it wouldn't surprise me if it does get there. and this move in tesla shares today it means that the market cap continues to hit record highs. the now well over $440 billion let's do a comparison. tesla versus the top five automakers in the world. toyota, nissan, mitsubishi, alliance, gm and hyundai no comparison. it has a higher market cap, 367,000 sold by tesla last year. more than 44 million by the top five automakers. reminder, in one month we will get the q-3 deliveries from tesla. we'll see if they're still on track to hit the target of 500,000 vehicles being delivered this year. if you take a look at shares of tesla, we're showing you this since august 11th. this is just the moves since they announced the stock split

remarkable it continues pushing higher i was joking when i said $500 a share. it may get there >> 74% since august 11th is astonishing. stick with us. let's bring in joe osha from j & p securities kick things off since august 11th when they announced the stock split, what portion of that 74% do you put down to the stock split? >> i think it has to be a significant portion of it. to be fair, i do think that some of the investors are starting to realize what tesla is. and we've said this before i think that this is a category killer it's a business that can become $100 billion company in a couple years. some of the investors see that some of them are clearly chasing the split. >> it's a $400 billion company you mean in terms of revenues? in the short term, joe, phil mentioned deliveries coming in a couple weeks or whatever it might be is there any data point, data release from the company that

could derail the current rally is that all irrelevant for the next 12, 24 months >> it probably is. i heard you mention earlier this year's delivery numbers. if one were to try to val unite company on this year's numbers, you're not going to get very r far. the question is this company i think next year can generate $43 billion in revenue and sell 700,000 or 800,000 units if it can stay on that trajectory, this is not completely insane. i think the stock is fully valued but, look, if if people are just going to try to value it on this year's number which is maybe a little over 500,000 units, obviously it can get there >> how is the rest of the industry watching this incredible rise, phil? what are they doing in terms of the competition from the major automakers and also the upstarts that have been very hot in this market like nikola? >> they're investing heavily in developing electric vehicles

they say there is a lot of competition coming tesla won't have the same dominance that it has right now. theoretically, you're correct. but i have to tell you that i have heard this and i am sure joe heard this for four or five years now. i used to hear people say 2020, you wait until 2020, tesla will have the lunch eaten we're in 2020, where is the competition? so there are a lot of investments out there but they're investments and promises we have not seen a true competitor >> joe, as you said it, clearly people aren't pricing this off next quarter's delivery numbers. but what about any other big news items that could hurt the stock whether it's china trade tensions how important is china to the long term outlook for this stock? >> china is really important i think if we were to go through that exercise, it would be, you know, a significant hit in

chinese market which is propelling growth for them right now. over the longer term, go back to what phil said, it's going to be somebody else getting their act together in had this space it really is astonishing how little the major oems have accomplished we have lots of startups like nikola boy, if you look out there and say is there a car i can buy right now that is equivalent to the mod 38, the answeris no. i can't even see where that competitor is going to come from as long as that continues to be the case, tesla will be a richly valued stock >> phil, no offense to joe here in this conversation the analysts have just been wrong. they missed this move. they had to catch up and revise their forecast and revise their price targets. it's been obviously very hard to predict. where is the street on expectations and how do analysts not just joe but on the street who can

continue to raise justify the valuation and what are they telling clients to do? >> first of all, i've not heard one. maybe a few. arc invest is way above everybody else in terms of price targets and justifying evaluation most have lower price targets and almost every analyst when you read the notes, it's in big bold letters, we do not justify the valuation of this stock right now. we're not sure anybody can justify. you heard joe say that earlier i'm note sure that matters i've not heard one person come up to me and say i'm thinking about buying tesla where are the most analysts at in terms of price target this is pure momentum. that's what's driving it right now. >> phil and joe, thank you both very much. >> thank you >> after the break, buffet's birthday surprise. he turned 90 yesterday and taking the occasion to disclose a major bet on japan we'll discuss that next.

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the investing world is waiting to see what warren buffett would do with his cash position in this pandemic. it looks like the answer is to put it abroad. they announced yesterday it bought 5% stakes in five different japanese trading conglomerates, a total bet of more than $6 billion the names there for you on the screen. he has been a net seller of the cyclicals. they're deciding to buy japanese cyclicals. can you argue them more global but they're certainly not u.s. and that's a big contrast, of course, to after the 2008 crisis he said those were all out bets. the second point is that these stocks have similar characteristics of the u.s. banks he's been telling.

in that sense, accentuates the preference of japan over the u.s. at the moment it it's not likehe found the next apple instead, he is buying something kind of similar to some of the u.s. financials but just ones he prefers abroad he bought five of these and themselves are indecreed diverse. trading houses focused on energy, yes. mitsubishi operates the biggest convenience store chain. there say large hospital chain in that sense, they have pe characteristics. conglomerates. they're similar to berkshire hathaway in a way. he is giving his money to make the final stock picks as opposed to doing it himself. so an interesting investment

there. >> in terms of it being a sector bet, it is definitely interesting. you think about his holdings in terms of the wholly owned businesses, it's massively exposed to north america and economic growth. with the utilities and infrastructure stocks. he sold some debt over in japan in yen terms earlier this year this could pair up i see the financial rational for it but also do agree that it's not the same kind of great business we found here at a fair price and we're going to hold it forever. we like how it managed or the business dynamics of it. >> maybe he's trying to diversify the composure away from u.s. dollars in japanese yen and barrick gold, a classic diversifier. but the other thing that stands out to me, mike, is that it's not the typical buffet crisis

playbook buy america, buy some of the most beaten down companies. he sold the airlines and selling the banks which are also out of favor now. that's one of the reasons that i think buyers like bufferest and berkshire hathaway didn't have the opportunity for all that stuff to come their way. and, yes, you have to look elsewhere. so it makes sense o thn that lel i believe. airline sale, as far as we can tell, maybe he took a $3 billion loss on that total he's up $50 billion in apple since the march low. this is a $6 billion bet you have to keep it in perspective. this is stuff around the edges >> all right either way, reading into

buffet's moves always interesting. 42 minutes left of trade for the session. and we still got growth outperforming value right now. technology is the best performer in the market. consumer discretionary positive. most stocks are lower on the day. s&p 500 is flat. dow is down 200 points despite apple's gain the nasdaq higher by 1%. after the break, a super sized controversy. mcdon aldz slamming former ceo as morally bankrupt as a new figure emerges in the company's probe. we're going to talk to a "wall street journal" reporter who has enlolyolwi t ce. stock slices.

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schwab. own your tomorrow. welcome back breaking news on delta it's a copycat business. and following united's announcement they're scrapping ticket change fees permanently, delta is now saying it will do the same thing for some perspective here, this is a $2.8 billion revenue source

for the usair lines last year. i looked at the numbers this morning. $625 million is what united got from ticket change fees last year delta was a little higher than that not surprising that we have seen this from delta. you don't want to see one airline have an advantage over you and so delta is now matching united in terms of permanently waving ticket change fees. back to you. >> good for the consumer first let's talk mcdonalds and mctrouble. an explosive turn today. the hamburger company slamming easterbrook calling him morally bankrupt after he requested the restaurant's lawsuit to claw back hisseverance package be dismissed. they filed a lawsuit after discovering he lied and covered up information regarding three other sexual relationships he

had with employees during its internal probe last year all of this comes on the heels of a new report from "the wall street journal" that mcdonald's former head of human resources is now emerging as a focus of the investigation. joining us now for more is the author of that report, heather hadden from "wall street journal. thank you for joining us this saga is unbelievable. it is unusually public getting pretty heated between the former ceo and the company what is your reaction to the company airing this dirty laundry? >> it's unusual for the issues to come out so publicly off a board of a major company will handle these kind of matters quietly. mcdonald's has taken this strong stance to claw back severance that they paid to steve easterbrook, the former ceo after he first stepped down from

the company in november. so they this lawsuit with a number of allegations against him including sexual relationships he had in the company. now that investigation is on going. the company tells us the and so it's also looking to allegations that mr. easterbrook covered up other improprieties of employees it's looking into the hr department for the company more broadly. and meanwhile, this lawsuit is playing out. so mr. easterbrook's attorney responded about two weeks ago saying that this lawsuit has no merit. the company very forcefully responded to day it said once again that it's former ceo lied in various strong terms to the company and board and investigators when it was first looking into this and said that it has every right to

sue mr. easterbrook for that severance. >> do you think there is any blame here that lies with the company board and that is why the company is being so defensive and so harsh with the public criticism against the former ceo do you think they're being defensive at all >> i mean we really don't know, you know, that's what's going to play out in court. who is to blame here one thing that was raised when the suit was first filed is the thoroughness of the investigation that the company engaged in they said that they did the investigation they needed into the matter in november when it was first deciding to fire the ceo and offer him quite a handsome severance package at that time. the question is some have raised did the board do a thorough enough investigation now not at so many other really

damning allegations came in and out july when they did this further investigation in response a tip that said it got into further issues of the company. so i think the investigation is one thing. that will be explored if this does go to court and actually mcdonald's own response today, they said this deserves to be played out in court. how it handled its investigation and it's going to defend that. >> to that point, it may well not be a legitimate defense for steve easterbrook, but if there was an insufficient original investigation, who does that fall upon? i in rs that easterbrook was ceo and outgoing ceo at the time and that may have made it harder the board is the same throughout the chairman is the same throughout did they have a lot to answer for? >> yes so they said mcdonald's said they've been very thorough in

this and they hired independent counsel to conduct that original investigation and now that they've actually retained additional independent counsel to -- for this further investigation into the former ceo and the conduct. their basic stance is that the former ceo lied to them ain a wy that made it very difficult to further expand on that investigation based on the knowledge that they had at that time so again, the question is, you know, perhaps an independent counsel and another independent counsel could have looked even further if they felt it was in the right to do so the company said they were using the facts they had at the time to explore what they knew then >> such a crazy story, heather keep us posted on what you learn. thank you for joining us today >> thanks so much. >> heather hadden from the "wall street journal." we'll speak with delta's ceo ed bastian about the just announced move to eliminate change fees following united's move earlier

today and a whole lot more of a quick check on bonds for you.

time for our coronavirus tracker. arizona and florida are seeing significant improvement. arizona recorded the smallest one-day increase in cases since

mid-may and testing positivity rate does continue to decline. florida also saw the smallest one-day increase in cases since june reopening plans continue with new jersey governor announcing to day that indoor dining can reopen 25% capacity beginning this friday. on the vaccine front, fda chief telling the financial times yesterday that he was willing to consider granting approval to a covid-19 before phase three trials end in order to make vaccines available as soon as possible still questions about that, wilfred. i mean this is widely criticized by russia when they did this as not living up to the safety standards. so we'll have to see obviously we're in a crisis and a pandemic and so it's a desperate time >> absolutely. some gap we hope still between the russian practices and those. but absolutely y have to stick to strict

standards. time for a news update hello, everybody here's what's happening at this hour in greece, a huge wildfire is threatening one of that country's most important archaeological sites, the ancient citadel. water dropping planes have been helping firefighters try to contain that blaze in paris, temporary testing sites for covid-19 have been set up to boost capacity as infections there rise. the seven day average of new cases for all of france topped 5100 today and set a new record for the fourth day in a row. here at home, the white house coronavirus task force member dr. deborah birx recommending the use of face coverings when visiting friends and family members >> we find that when people gather together in private as family members and neighbors, they make assumptions that there couldn't be anybody that has infection there. and then they don't wear their mask and they interact together.

and that creates spreading of the virus among family members and neighbors. >> so wear that mask you're up to date. i'll tend it back to you, sara >> sue, thank you. after the break, changes in the air. delta announcing it is eliminating change fees. matching a move by united earlier. we'll talk exclusively with the about that and a lot more. we're minutes away from zoom videos earnings report we'll see if that work from home winner can keep the gains coming up more than 400% year to date "closing bell" back in two minutes. [squeaky shopping cart] [sniffing]

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delta announcing they're permanently eliminating change fees effective immediately following united dropping the fees earlier ed, a very good afternoon to you. we particularly appreciate joining us again after those technical issues a couple weeks ago. >> great to be with you, wilfred, thank you >> let's touch on that news we just mentioned i guess my question on it is not only are you facing weak demand, but are you also facing a bit of a price war having to follow united's lead so quickly >> i wouldn't call it a price war. we announced late last year at our investor day that we were re-examining all of our customer policies with a particular eye on eliminating those that were

seen by our customers as punitive i mention that also when i spoke at ces earlier this year so this was a page we were on. i think it's the right move by united we're pleased confirm we're eliminating those since they're not in effect currently and won't be coming back into effect once we get outside this year. the. >> ever? >> they won't ever come back, ed how long is that promise once we're into 2020. >> i'm sorry to be clear, we're eliminating them they're not in effect currently. and when the period of time that they had already previously announced they were not going to come into effect, they're not coming back into effect next year so they're effectively eliminated from this point forward. >> i want to get your thoughts on the latest from washington, ed white house chief of staff mark meadows said they're looking at drafting an executive order that would prevent more airline

layoffs or furloughs to get money to the airlines. what can you tell us about that? have you had conversations about it with the white house? >> well, as you know, the first cares act was really successful for the industry it held the jobs for our people and gave us time to get our bearings following the pandemic. and as we're coming up on the end of the first cares act period, it would be a great opportunity across not just the white house and the administration across the hill to ensure that airline workers' jobs are protected for the next six months and in turn continue with the payroll support assistance that they provided us the first extension. i don't know the -- whether it's going to be in the form of an executive order or legislation or if it happens at all. but certainly anything that is put in place to protect workers jobs i'm in support of

>> are you planning for the worst? if that does materialize, what does it mean for delta how many layoffs >> we don't know if it's going to happen. we have to assume woint happen if it does, we'll correct. the only work group right now that we believe we would have furloughs in would be unfortunately our pilots we're working with them hoping to avoid them. there is a little less than 2,000 furlough notice that's we already had to send out to our pilots if we can't and we don't get the extension, we would be forced to go ahead with the furlough >> ed, what do you say to other industries that are not getting, you know, bailouts and prioritization from washington like retail, for instance. they can access the capital markets either why can't you go to the debt

markets and they've been wide open since the fed got involved and prevent the layoffs? >> well, we are raising money. there is no question about that. we will continue to raise money. i don't think this is bailout in any sense. this is a decision that is being made to keep employees in place in the face of pandemic, a once in a century experience. i can't govern whether the airline industry is more or less important than retail or any other industry i can make the case for our industry and the administration will make the decision onz which industry they plan to provide support for. >> another question, ed, had to do with the experience of flying and what you're seeing the fact that you have banned a lot of people from flying delta because of the refusal to wear masks. the short term sacrifices that have to be proving costly

against competitors, how do you think they will ultimately serve delta in the long run five to ten years? what does that look like >> we said we need to protect the safety of our customers and employees. enforcing the mask policy, ensuring the middle seat is open, fogging every single plane before it takes off. wiping down the surfaces ensuring that the filters are the highest quality air that anyone can breathe better than the air that you and i are breathing as we speak together that will ensure that customers have a continued confidence to start as they start to travel again. and from if a delta standpoint, i know it's going to continue to build brand loyalty. we see it. they're running in the 70s which is an unheard of number.

and i know consumers are telling us repeatedly that they are thanking us for what we're doing. they're having confidence in travel and looking forward to getting back on a flight >> ed, just want to talk about passenger traffic numbers. clearly the headline is that we're down still around about 70% year over year we had ten straight days of week over week declines 5% each day from the same day the prior week are we heading back towards the lows of april? you are getting worried about that trend at the last ten days or so? >> not at all. in it august, there is a seasonal pattern we start to get to the end of august, particularly in the southern part of the country, schools are back in session. people actually are starting to reduce the vacations so even though the numbers are reduced, we're seeing the same

season alt it is a heavier travel time. once we get into september, post labor day, hopefully we'll start to see bate of business coming back so even though the numbers are lower and delta were in that 25 to 30% of a normal pattern, we're starting to see a little -- the one thing encouraging to me is the sales volume that we're seeing in terms of advance bookings. our sales numbers are starting to pick up again it's bate of an encouragement. >> just around, i want to good back to the starting topic there is definitely a feel like you and american have reacted to the united announcement even if what you've done today is just make a big deal of something that was already in the works.

there is a feel of price wars trying to undercut each other. >> i would label today's announcement as confirmation of the path we're on since we already previously announced it. but we want to make certain that we're providing the best pricing opportunities to our customers >> finally, ed, just thinking about your comments about the confidence that we need to get back on planes and for business travel to resume you have looked into the antigen tests now that we're getting them approved by the fda where you can quick test or the saliva tests, is that something realistic before we get a vaccine to happen where people can do that before they get on the plane and feel more confident? >> we're doing that for our employees. so off 75,000 delta employees are being tested

they have past exposure and carry antibodies we're using that to test and retest people that are more vulnerable to it i don't believe there is enough supply in the market to move testing over to airlines i think there is parts of the country particularly on the front lines of hospital workers and other places where we need to make sure the kpiz sploosupp adequate saliva testing and other forms of rapid testing are coming to market over the coming ms. months that is another factor in bringing people back to air travel. >> thank you so much for joining us >> great to be with you. >> the final minutes of trading for the month of august plus how portfolio managers are beating the competition and as well as that we'll be discussing possible further stock splits who could be next.

we're back in a couple minutes

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closing bell market zone, commercial free kanch of all the action heading into the close. mike santoli here to break down the crucial moments of the trading day. we is paul hickey with us as well last trading day of august nasdaq on track for another record close the s&p 500 joining that as well gaining .2% in the last five minutes. take into positive territory anything positive, of course, for either of the indices will be a record close. mike, clearly fabulously strong august this is also positive. i guess this sort of turning point in the last couple of trading days despite that post is that volatility is picked up as well. is that something at record high that's you should be concerned about? >> you can monitor the idea that people are bracing for a little more turbulence out there.

today is a representation of a lot of the things that the skeptics are complaining about this market. you know, you have the nasdaq. very narrow strength you have overall market breadth. you have the volatility index up you have the cult stocks that are up a lot and carrying the nasdaq so whether it comes into play and some kind of come uppance for the market is remaining to be seen. we're looking at new intraday highs here in the s&p 500 capping off a banner month the what would you tell investors about whether it can continue >> yeah. i think this kind of momentum that we've seen, people have heard on your show and on your network today talking about tesla, if you want to get in front of that and head into this momentum, good luck. we see similar with nasdaq 100, the highest percentage of up

days in a year through august in the index's history going back to 1985. s&p 500 despite the etf has been -- had more positive days this month as percent anl of global trading days. what is really amazing about that is mike's point, the themes of this month and are reinforcing the recent themes is that half of all trading day this is month had negative breadth. we have all these -- you know, the divergences in performance, very strong at the index level it's no the quite as strong. i think do you have divergences. it's not nearly as wide of a breadth divergence that we've seen in other periods of major market turning points. i don't think it's a major worry at this point by any means >> i think it's the market is posted gains in all but four trading days for the month of august

unbelievable let's talk more about you mentioned tesla. apple and tesla hitting record highs today. both wrapping up the first day of trading after their stock splits took effect apple which first announced the four for one split on july 31st is up 35% since then tesla up is 75% since they announced the five for one split on august 11th apple came out with better earnings on -- so people were saying that that had to do with it you know, paul, what has history shown us about the splitters and how long this can have a positive impact? people like analysts, mike santoli, everybody, it doesn't add value. but apparently it adds some momentum >> yeah. i mean, tesla, $188 billion in market caps since they announced the stock split earlier in august apple's added half a trillion in market cap like you siaid, apple has other factors at work. but with tesla, there is not

much news in that span besides the stock split. what you have seen historically is you tend to see stocks that announce stock splits do well from the time the split is announced until it gets -- until the split takes effect once the split takes effect, you tend to see the outperformance wain so in the last five years of 25 stocks in the s&p 500 that have split their stocks, once the split took effect over the next three, six, and 12 months, stock outperformed the s&p 500 less than half the time so i mean we've seen outperformance by apple and tesla in spades over the laugh couple weeks history would suggest that you're not going to see that kind of outperformance going forward. but again, i mean that is just the historical context here. the stocks are just monsters on their own right now. >> you think it may spur more stock splits these ones clearly on the

surface appearsuccessful stocks are almost nonexistent. it wouldn't surprise me to see a uptick in the number of stock split announcements since we have so many stocks in high triple dinlts and even four digit values or share prices right now. >> female led funds have fared better during the pandemics. funds without a female manage

rer down 160 basis points. open a sector basis, they tend to favor tech and nonfemale lend funds favor financials female led funds have higher exposure to amazon, apple, microsoft, and tesla and low exposure to berkshire hathaway, united health and exxon. mike santoli, quite a stark difference there a full 100 basis points in terms of performance relative to benchmark. i guess the other kind of standout point in this is that both sets are behind benchmark either way which, i mean, depends on where the benchmark is but also interesting point to take away. >> yeah, when you sample is mutual funds, pretty much much you're going to have that. they're underperforming. i was trying to pull this apart a little bit it has something to do with the length of tenure because female managers more likely have kind of grown as a portion of total managers than more recent years. chances are more growth

managers, more interested in it i guess more up to date growth stocks also maybe a little bit of a tilt towards esg funds which does also have that kind of tech focus. so a lot of the inputs probably having something to do with the findings >> you think women just do better during crisis moments you've seen that with the studies around leadership as well countries have crushed the virus curves faster and a majority of them have female leaders paul hickey raises the question whether growth will tun to perform. that was the why here. a lot of them were in the right stocks for the right moment and will that keep propelling this market >> i think going back to the study, you also see when you look at studies of women ceos and you study women traders versus male traders, they tent to -- the studies bear out that women ceos historically have better stock performance than men and women traders have had better, you know, better performance than male traders. and what is interesting is

usually it's because women are -- women in these roles tend to be more risk averse, maybe not willing to take a huge leap or -- like a big risk, but with these stocks, we have tesla. we have amazon some of the stocks a year ago weren't considered the most safest stocks. the financials and stocks like berkshire hathaway are more represented by male managers have underperformed. it's a real interesting thing. it hits close to home for me i have four daughters and i think they would be great in any of those roles >> more risk averse. it's found to be less prone to overconfidence >> yes >> yeah. >> i said two men with a you lot of daughters in between them cloud monitoring company data dog on track we haven't talked about this one in a while

josh lipton has details. josh >> so, sara, data dog is down 12%. this stock skyrocketed higher. it's up 120% so far this year. in the past five months alone, doubling the market cap to 25 billion, they offer a platform allowing customers to monitor the performance of the apps. networks and computing infrastructure they've had an impact. analysts are bullish on this name not a single sale on the street. back to you. >> all right josh lipton, thank you interesting one to point out what are you seeing in the market >> as we mentioned earlier, on the weak side, if you look at market breadth in in the new york stock exchange, it was more than 2-1 to the down side. it remains that way.

so clearly there is, as you said, undertow selling despite the flat index take a look at the equal wal weighted nasdaq fund so the average stock looked badly lagging across the board take a look at the vix volatility index ticking up here it's up 25, up to 26 the secret is out that september is a weak month. traders have a lot of gains. it seems like hedging through the indexes is offsetting the highly speculative action in individual equity options. the. >> we have under one minute left of the session the s&p 500 just positive or at least hovering in and around being in the green and red as we're settling here, it's just five basis points into the negative not quite a record close for the s&p 500 as we stand. we'll have a record close for the nasdaq which is up 0.85% the dow is down 0.6% a very strong august for all

three of those indices the nasdaq up nearly 10% >> tech discretionary leads the charge along with health care and energy and materials are the bottom of the pile at the close, the s&p 500 is just negative, just missing out on another record close. the nasdaq composite another record high. >> just losing out on the record close. a gain of 7.4% for the month of august and that's a wrap. welcome back, everyone, to "closi "closing bell. our cnbc market commentator joins us look at how the markets traded up financial dz not have a best day. so now it's less than 3% of the overall dow.

the s&p 500 closed lower by a quarter of 1% ultimately you had groups like energy, materials, financials and industrials weighing on the overall market technology did better. tech, health care, utilities and consumer discretionary closed positive it's why the nasdaq closed at a new record high. .68%. leaving the nasdaq up almost 10% for the month of august. the cyclical stocks outperformed lately it is all about technology russell 2,000 ended down 1%. breaking a two day win streak for the month. the russell is up 5.6% so it is lagging the overall markets. but still managed to have a good month as well. we're closing out the best months for the dow and the s&p 500 in decades coming up, we're going to ask the chief economic adviser mohammed eh live arian if is he worried about stocks getting

overheated joining us, paul hickey is still here welcome to you, mike capping out stothe story of the month. tech, nasdaq and that brought stocks to record after record. >> for sure. and really this moment is one you have to decide is reversion to this a factor here? if it is, it's going to be a little bit of a drag you have five weeks up in a row. you have both july and august gains of 5% or more on each month. the very strong phases of uptrends mean good things going out a little bit there is a give back phase often. as i said, before the secret is out that september tends to be a little choppy and weak,

especially in election years we'll see if that gets discounted up front or maybe the market can show the strength through the way it did what is supposed to be a weak august breath taking activity in the big names of the nasdaq. apple, tesla and amazon today accounted for more than 100% of the gains in the nasdaq 100 and tesla in particular traded $55 billion worth of shares today, twice as much as apple traded to day even though apple is four to five times as large as tesla. >> do you feel the disconnect between the winners and losers can continue >> well, i would tell you we have enjoyed seeing the market run this month and it's been a great place. and we feel like the market is in a good spot at this time. we're comfortable where it is. the disconnect will continue what we're seeing thus far is that the economy, the market investors rewarding companies that have low debt and they have superior amounts of cash and

cash flows and they're also competitively advantaged you know, these are the plays where the winners are and they'll continue to be the winners up until the rest of this year and into 2021. >> paul, the fact that bond yield did rise on the month, that was a bit of reversal the fact we saw really some strong action in groups like transports which are very cyclically sensitive i think ending the month up 12%. what does that tell you? the market sniffing out a new kind of recovery, a new cycle here for the economy >> well, i mean, if you look at economic data, we track about 40 different economic indicators and track their year over year changes, the momentum on a month to month basis for the month of july, the most recent month, the percentage of indicators showing positive momentum was as high as it was in only one month. and that sought of the 2009 if many crisis. we're seeing strong momentum in

economic indicators off obviously a very low base. but i think we may have just seen the shortest recession in u.s. history and add to that we've had so much stimulus thrown at the economy that when we do start seeing lower numbers in the covid-19 outbreak, i think that's going to -- and what we are already starting to see that in the performance of the transports and the industrials which are starting to do better i think over time those stocks should do a little better whereas the tech may take a breather you take the semis we saw last week we saw the s&p 500 hit a record high same day that semis relative strength in a one month low. that happened six other times since 2013 at least two-thirds the time over the next week, one month and three months the s&p 500 saw weaker than average returns going forward. so it begs that idea of

underperformance or subpar performance in the short term, especially after we're so far ahead of our moving averages and we've got an extended at these levels >> mike, i was interested by the intraday action in the dollar. started strong, ended weak is that perhaps suggestive that there is still more room to price in how dovish the fed can get with the latest set of announcements that they're willing to embrace inflation >> it could be you had this very weak bounce in the dollar in general. and it seems like it's difficult to fight that trend. you did see kind of real yields again making another new low today as no, ma'am inal yields came back a little bit that trend is tough to get in the way of i don't know really if we're pricing in incremental fed easing from here or just it is sinking in exactly how committed the fed is to sort of staying easy deep into what unemployment comes down a lot. >> we got some breaking news coming out of washington

kayla has it for us. >> a congressional oversight panel opened an investigation into all federal contracts negotiated by the white house trade adviser peter navarro as the government cancels remainder of the $646 million contract it negotiated with royal phillips to make a remaining 33,000 respirators. the house oversight subcommittee and consumer and economic policies chairman told cnbc.com's reporter that this investigation comes after the abrupt cancellation of that contract so far royal phillips has only made about 12,000 ventilators out of a total 45,300 that was entailed in this contract. to be sure, the department of health and human services told "the washington post" that of the 95,000 plus ventilators in the federal stockpile, only 15,000 of those vents had been sent out to hospitals.

so there seem to be a glut of ventilators in the stockpile once there is a signed contract, it is assumed the government would be paying out the remainder of the contract and now democrats in the house are trying to investigate why this one in particular was abruptly canceled and whether there are risks embedded in other contracts that were negotiated navarro. we'll be reaching out to navarro and the white house for comment. we'll get back to you with that. >> interesting one to keep an eye on thanks so much for bringing us that back to the markets. robert, we mentioned inflation in the last set of comments. clearly, the fed is certainly warming up to the idea if inflation arrives, where do you want to be positioned? stocks still the best place to be >> at first it's going to be hard to see rise in inflation with, you know, as we recover from this recession. we have 10% unemployment and we have excess production capacity so as the economy recovers, and production capacity gets filled

and the job numbers, you know, start to grind lower, we have made a shift -- we have considered having investments in growth and value growth has led most of this way because there's increased usage of health care and technology. but we see this growth that's been pulled forward a year or two that is helping the growth companies not lasting forever. and, so you know, as the growth starts to moderate, we think value is where you may want to consider having some funds but, you know, value from if a performance leadership standpoint needs to have a catalyst we could see value doing better on a relative basis. primarily through financials and energy you know, our focus on the value side is companies with dividends, consistent dividends, steadily growing dividends, you know, on the financial side, if the worst case scenario for the loan loss reserve zz not come to pass, investors bid those up and the price goes higher

energy is a long term story. >> i would encourage and think that is the best use to separate out the competitively advantaged companies. >> a lot of active managers, value investors saying that we'll continue the conversation in just a moment. let's get to zoom earnings >> sarah, if you think the first quarterer is a blowout, wait until you hear the second quarter just reporting, blowing expectations out of the water. even the highest expectations on the street eps coming in at 92 cents a share. coming in at $654 million. guidance extremely strong. q-3 earnings per share guidance between 73 and 74 cents. the street was expecting, get

this, 35 cents higher than all the estimates on the street as well fiscal full year revenue and full year eps also am coming in much higher than the street was expecting. the number of customers committeeing more than $100,000 in revenue, those are zoom's biggest customers, up 112% year over year. so more than doubling. this is another blowout quarter. shares are up, you know, i say just less than 4.5% because this stock you might expect it to be up higher. remember, since the last results, shares rup more than 80%. back to you. >> by the way, don't miss -- we have a first on cnbc interview

tomorrow on "squawk box. how about the customer growth, 458% from last year? unbelievable >> yeah. all stunning and, you know, essentially it just accelerates this company so many years the market is assuming they have become the next ubiquitous platform, this indispensable thing we can't get out of our lives and layer in more service and revenue on top of it 6% pop on this amazing number. this stock vertical lately any type of analysis on this face paints extraordinary how this run has been and does stand out as a stock that people can point to in terms of things

overheating. we discussed data dog and zoom now. all of the stocks are just modestly overvalued. but if you think about it, they're all the leaders in the space that they have and with the market is showing is that if you're the leader and you have that first mover advantage, it's going to place a very premium valuation on your company. that is great month for the bulls. they're posting the best august in decades bob pisani is taking a look at the winners and losers for the month of august. bob? >> the last four months have been bad i want to highlight april, may, june, july is great. now we have 7% up in august. we broke a seven day win streak today. i think the key story about this

month, it's telling you the market is telling you that they're optimistic about a vaccine in the future. travel and leisure stocks whether you talk about cruise lines like royal caribbean or the airlines like delta or the hotels like marriott, i doesn't matter the reopening story is the predominant motif today. you can see the rest of the market was also doing well here. so not just tech like sales force obviously and nvidia, semiconductors had a particularly great month but we saw retail names that were pounded in march and april like gap and el brands they started to do a lot better. consumer cyclical names move forward. this is the part of the market story. it's true you have the gap names, rather the names around mega cap moving forward, the faang names, you have a general

broadening of the market we have an advance dein the middle of the month. broadening the rally is the key story for month. there were losers, yes they were the exception by and large. back to you. >> bob pisani, thank you so much for that our thanks to paul hickey and robert noble for the market discussion today warren buffett making a big bet on japan next, we'll ask the chief economic adviser whether it's time for investors to follow buffet's lead and look outside the u.s. opportunities 'rba i90ecds what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line

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the dow closing out best august since 1984. and the nasdaq finishing the session at record levels up 10% for the month. the here to discuss the relentless rally is the chief economic adviser of aliance. no one expected this even the optimists and the bulls i don't think expected the size and speed of this market come back >> i tell them, understand what you're betting on. these months have been

incredible and this sum irhas been incredible. it's a different league. but understand why and that's because of liquidity. understand that that is the bet you're making. if you're comfortable betting on the technicals, then go right ahead. if you take a more holistic view of the market, you have to express your bet >> i'm not going to argue with you on the fed that's a huge powerful $7 trillion force in the market and the economy. but there are other reasons, right, that vaccine hopes that bob is talking about, the treatment advances, the testing advance that's we've seen from pharmaceutical companies around the world, even the better economic data than predicted yes, there's a ton of pain out this and pretty awful. but a lot of signs including housing and in some areas of consumer do point to a v-shaped recovery >> so, yes to everything you've

said but like everything else we look at, there is an issue of valuation. how much is priced in if you look at fundamentals i think most people say quite a bit is priced in sara, i look every day at what the derivative market is doing i look at the decoupling of the vix from the indices and what you see people do is two things they're interesting. we think they should pay attention to that. one is the expression of the long of the claim on the upside. it's increasingly done through calls unless there are cash position why less money at risk on the other hand, we see increase in tail hedging while no one wants to challenge the market by putting shorts on now or very few people want, they're worried about the tails in a different way than retail investor is thinking so absolutely yes everything you said but valuation is making certain people think how i can better express that view?

>> the announcement last week from the fed, do you think that actually makes inflation more likely or just that if inflation does materialize it will be permitted by the federal reserve? and if it does come, what is better equities or gold >> so it's the latter. it's if we get a jump in inflation, the fed is going to worry a lot less why was last week it is formalized this flexibility. you now have a framework that allows it to be dovish and to have that flexibility so it is important if you want to express it, i suspect you would want a bit of gold in your portfolio but you going back to the issue i hear over and over from investors, there is no alternative to work with you i hear everything you're saying. but in relative terms, equities

look a lot better than anything else that's what most investors believe right now. >> we haven't seen and as far as the extension. unemployment benefits. it is over it ended it's the fact that every time lawmakers get together it appears to result lately in no progress >> a month ago we were having this conversation. i would have told you we're going to end april with no agreement on the stimulus. we're going to end april with higher trade tensions between china and the u.s. we're going to end april with some really horrible numbers out of the rest of the world what do you think is going to happen to the indexes? we wouldn't have had one of the most amazing months we had in decades. and the reason why is that this marketplace is conditioned to

look at only one thing en that and that is liquidity. that is ample and predictable. so it doesn't matter for the marketplace right now. but believe me, it matters a great deal for the economy and we're going to see this either in this employment report or more likely thenext employment report >> we're talking early better warren buffett's investment into japan. if that was as simple which i know it wasn't as a bet on japanese cyclicals over u.s. cyclicals woshgs that ma cyclicals, would that make sense to you >> you know, saving the u.s. in favor of the rest of the world is something that people tried to do and they got burnt several times f you're going to do it that, is the best what i to express it why? you have a central bank in japan that is as committed to supporting asset prices as the fed if not more. they are part of the world that is going to do relatively less bad than the rest.

and until recently this he didn't have the political uncertainty. now they have it i don't think that warren buffett had prepared for an early or premature exit of the prime minister who committed to reforms. so the bet makes sense in terms of if you're going to fade the u.s. he's been fading the u.s. to a certain extent that's a better place to put it than emerging markets or in europe >> do you like that? that trade do you think that the money should be made now outside the u.s. >> so, you know, i still believe that if you're going to meep the u.s., if you really want to play the liquidity, do it in a safe way. and that's why these tech names still make sense in relative terms because of their balance sheets, because of the positive cash flow. but overall, you know, i've been wrong on this, sara. i stress, i've been wrong on this

i don't think i'm comfortable betting on just technicals someone that believes in long term nvestment, i'd rather hav fund ams as a tail wind, not as a head wind. >> thank you for joining us. >> thank you always appreciate your commentary strong august. it's been followed by a weak september. up next, mike santoli taking a look at why season alt during a presidential election year could result in an even rougher road for the market that's next.

stocks wrapping up the best august we'll go back to mike santoli taking a look at average performance in september of an election year. what comes next? >> historically, what's come next is not good this is when things started to get a little bit tough to the down side in election years in aggregate. so this chart in blue shows all presidential election years as an average kind of typical path of that year and you see this is basically where it gets a little bit weak. we're right here and so basically the second half of september is when things have historically become tough. and then with the rebound into

the end of the year. you see much weaker than the typical year let's pull it apart a little bit. there is nothing about this particular year that has been typical. if this was this year, it would be up to a record high and then the sharpest, you know, 35% drop in the history of markets and then the biggest v recovery in the history, so, in other words, there is a lot of unique factors here that is not con formed. lit's not think is an al ga r. go rhythm we can bet on. if there are two headwinds for the market that is unusually strong, it's season alt and sentiment getting a little overexcited. those are two things put in the column saying be cautious or don't be surprised if you see a little pullback. at this point after a great run. >> and, mike, is the market still saying that a trump presidency will be better for the stock market

is ut general volatility as we approach the election day. the history says that in the 0 days leeting up to an election, the market tends to bedown the odds of republicans holdin the senate have gone up. can you talk your way aroundit >> mike, thanks so much for. that shares of zoom higher after hours.

after a bleak quarter, they posted 355% year over year revenue growth joining us to break down the numbers, dadavidson. he has a buy rating on the stock. and he has a hold rating $180 price target very good afternoon you to both. i'll start with you. the performance year to date outstanding. and moving higher after hours as you would expect from this beat. but we were discussing earlier, the beat is so big, perhaps the only sort of small jump in after hours trade in the stock suggests that it's already run up quite enough. >> yeah. thank you so much for having me. look, i think the big question after the blowout q-1 they had was what are they going to follow that up with and clearly this is a case of it being even stronger than the original you know, you can always -- there is always that argument, right? even heading into q-1, there is debate of has the stock run up so much heading into q-1 and did everyone already know what was

happening? then the same thing is happening here they completely crushed analyst expectations literally revenues 4.5 times what it was in the year ago quarter and there is even record profitability alongside that so i think even with the move in the after market, just the magnitude of the beat is so big. i think the forward looking assumptions are conservative and rightly so there could be even more upside to numbers and to the stock repair the question is whether things fall away outside of the pandemic world and what is the risk that happens? >> it's the -- tsz the right question i think the biggest question after q-1 is how long can this go on for? how much future demand do we really pull forward? and one quarter later, 90 days later the company is beating by

$163 million they raise the guidance by almost $600 million for this year i think it's really hard to stay in front of it this is running way faster than i think people would have expected so, you know, even among those who have buy ratings on it, you look out there and i think there are ten analysts with buy ratings. so it's a little bit like trying to lasso a tying here in this marketplace. there is no quick back to normalcy i have two kids in the other room right now doing zoom school meetings tlflt is no back to normalcy i think we'll live with that for the next year. that is very favorable for zoom and very favorable for a lot of additional software companies as well

you still have a $108 price target it's like trying to lasso a tiger. the bear case here is really is really if you want to make a fundamental case, it's as simple as this. there are other choices. you have new offerings coming out in the marketplace so i think what we have is a phenomenon with zoom that has really captured the market's imagination. it's not going away. so the numbers are going to keep going up it's hard to make a bear case in software full stop right now when rates are pretty much near zero it's only a couple quarters away when the comps make this growth story come back to some semblance of normalcy.

i think the bear case is simple. sometimes over 30 times revenue is over 30 times revenue and cooler heads prevail eventually that may take some time to take place sector rotations probably won't lead i think you have to be patient for normalcy to happen >> what about the competitor question who is zoom's biggest competitor and how -- how has it managed to surpass them at this point some of them quite big like a microsoft or a cisco >> it's a great question the two biggest competitors are the two that you name. cisco webex, eric's old company, the incumbent. and we're seeing a lot of webex being replace bid zoom microsoft is getting way more aggress whiff teams. it is using older technology it is not as scaleable it's not as easy to use. and because of that, i think zoom is in a great position where they are becoming the de

facto standard for video conferences. am to tom's point, we keep thinking once we get out of the pandemic, i don't think things are going back to normal i don't think the idea of executives flying across the country for a two hour meeting is going to happen anymore i don't think offices at 100% capacity are happening anymore so you might be pulling forward a lot of t machlt here t tam here. this is zoom's game to lose. as long as they continue to innovate and continue to have the better product, and as long as microsoft and cisco are trying to play catchup, really this is just zoom's game to lose >> thank you voso much for joinn us still ahead, we'll speak to the ceo of company that is working to combat an inherited heart disease that may impact one in 500 american adults that is a stock that is soaring over the last 12 months. that inthe view and more comg o"csi bl.in &t's big 5g news... (shouting through the glass) at&t has nationwide 5g? yup! and that's faster? faster, yea!

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welcome back to "closing

bell." time to get a cnbc update with sue herrera. hello, everybody here's what's happening. the oakland a's postponing more games due to a member of that organization testing positive for the coronavirus. tomorrow and wednesday's ganlz against the mariners will be rescheduled, this after sunday's game against the houston astros was also postponed liberty university announcing an independent investigation into that school's operations under the leadership of jerry falwell jr the inquiry will include financial, real estate, and legal matters. he resigned last week amid questions about his personal behavior >> j.c. penny saying talks to find a buyer for the bankrupt retail ver hit a stalemate the largest lenders are now making a bid for the company can you go to cnbc.com for the latest on the new store closures and check out this beast literally. it is a beast. st that is a 14 1/2 foot long salt water crocodile

he was caught in australia's northern territory the 770 pound reptile will be taken to a crocodile farm to be part of a breeding program >> looks -- >> enough said >> looks calm, at least. >> i cannot even imagine i don't know who caught it i don't know how they caught it. however -- i'm sure a lot of effort was put into that. >> sue, thank you. >> you got it. >> breaking news on a new frrul the labor department that will effect your retirement plan. >> the department of labor is just issuing a comment it is really -- they're looking for comments from individuals and from investors they're proposing a rule that would require those who are in pension fund and other plans to have proxy votes when they would have an economic impact on the retirement plan. now this sounds a little nerdy

what is really going on here is a battle over the ability of individuals and companies to bring forth plans that would essentially have a social purpose. so a lot of proxy votes occur when individuals or people advancing causes like social causes try to affect a change in the corporate structure. so maybe they're interested in climate change they want to get a proxy vote in it there what the department of labor seems to be saying is you can't raemy do anything that would promote social causes. it has to have some kind of economic impact on the plan in particular now part of this is probably having because the head of the department of labor is eugene scalia, anthony scalia's son he is very critical of attempts to promote social causes through these kind of retirement plans in the past. in fact, this is a big issue with esg funds the department of labor had a proposed rule recently trying to

remind planned sponsors that they're supposed to simply advance the interest of individuals investing in the fund and that includes how much money they can make, what the profits are and not try to figure out whether or not they should be advancing social causes like esg. so this sounds very nerdy. it gets tied up in a lot of political issues around how much should individuals be promoting social causes and how much should plans sponsor be allowing that to happen back to you. >> interesting thank you for breaking it down, bob. shares of myokardia getting a boost today. up next, we'll ask the company's ceo about when this medicine could hit the rk a hmaetndow many people could be benefiting. woman: my reputation was trashed online.

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myokardia develops treatments for inherited heart conditions, in particular, hcm, it was out for more data for the drug's retrial over the weekend. the stock, $5.5 billion market cap up more than 100% in the last 12 months hcm affects one in five people 650,000 people in the u.s. most of the people around 85% remain undiagnosed it can be deadly my older brother died because of hcm in 2015. it's an issue close to my heart. joining us now an exclusive interview is the ceo thank you for joining us good to have you with us i want to kick off on those key aspects of the disease i mentioned a couple statistics

there. it is much more wide fred than perhaps some people have realized often undiagnosed. it can be deadly >> it's a pleasure to be on the show thank you for having me on you're right about that. the it is actually the most common genetic disorder on the plan he is affecting 12 million people 650,000 in the u.s the diagnosis rate is low. partly because it is underpreched we need to do more education around the disease it's out there we're spending a lot of time and energy with the community making sure that we raise awareness on how to identify the disease, ho you to see it, when you know what to look for, you can really diagnose it whether it is through genetics or through ecocardiology: >> and up until now if people have been correctly diagnosed with it, it's been a case of really managing your life with the condition. but your drug is changing that

>> no, that's right. you hear countless stories from people who are suffering from this progressive debilitating chronic disease. its a disease that affects people in the prime of life. it is a younger person's disease. and they cope. they get winded walking across a room they stop taking trips we had people who have experienced clinical trial talk about how they can walk on a beach on the sand. something they hadn't done before in decades. so it real why i is -- there are severe complications you noted some as well that you have experienced personally, wilf that happens you hear of athletes that suddenly and tragically drop dead playing on a playing field. ots odds are, it odds, are tit's hcm. >> what is the environment like right now, whether there is a delay, how hard it is to get approval given that covid-19 is

so dominant and that's where all the focus is when it comes to fda or clinical trials what is that like right now? >> yeah. it's an important point you raise. i think there are two facets for us, i have to give a lot of democrat tud and thanks to the people at myokardio, the employees working hard despite everything going on at home for them to really push through in the studies. i also have to thank the patient that's participated in it the studies. we haven't seen an impact, let's say to our business in driving our programs forward which are important. the fda component,we have not seen any sort of delays or hiccups, the relationship we had with the fda and the interactions have been very productive they've been super communicative. and continue to do so. >> what is the opportunity here for myokardia. the biggest problem for hcm is lack of identification of people 85% or so of people that have it

don't know that they have it so i guess those 85% wouldn't be potential buyers of your drug. they don't know they got it. >> well, there's a lot of work that we're doing to change that. not just us but the entoire hcm community. there is a lot of exciting technologies you heard of these wearable watch that's are measuring rhythms. we are miniaturizing and learning a lot more about how to do the ultra sounds that happen right now in hospital settings doing those remotely and what is not unusual and i think we sh should expect it, i certainly do, is as efforts like this take place coming out of the major medical conference, shining a light on the disease the diagnosis rate will increase and improve. we haven't had anybody spending from industry at least spending time and energy with caregivers and cardiologists helping really

educate. >> thanks so much for joining us today and good luck. i mean that more than ever >> thank you, thank you, wilf. >> up nicht on the show, california under siege the state has had a rough 2020 from an economic body blow to devastating wildfires and companies and workers moving out houch how does california come back? right now, the worst place to be is stuck in-between.

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a look at tick tock deal to sell its u.s. businesses could be announced as soon as tomorrow mic and walmart top contenders sale price 20 to $30 billion certainly still a lot of complications and questions to be answered. will be fascinated to see if that does get finalized as soon as tomorrow. s. >> p for the rest of the market wraps up august tomorrow starts september, we're starting on a

high note spa even though as you -- it's been happening in pockets for weeks now. the issue is the way this can resolve is a little while down the road we say this was the stealth pull back and now the index is refreshed because the average toistock is down and th markets are not necessarily predictive how this will play. you have to be aware the market is giving you plenty in a short time if you look at five-month winning streaks, five week winning streaks which we have both of right now. if you look out a year the implications tend to be quite positive in the shorter term you have a little bit of slippage because things have been so good so

long. >> smpm 7% -- once again whether year-to-date this more or quarter the u.s. smashing the rest of the world. >> it's because we have massive trillion dollar tech stocks, piling up market stock. >> we're out of time "fast money starts now". >> i'm dominick chu in for melissa lee. this is "fast money. tonight's trader lineup -- tonight on "fast money." not every single stock is reaching all-time highs these days but the chart master is looking at a few names that are about to come to life. later on, work-from-home darlington, zoom video, blasting off again after its earnings report. we'll find out if the momentum keeps going. plus we have a