maria: thank you dagen mcdowell, kevin phillips, stacy great to see you, everybody have a wonderful day, "varney & company" begins right now. stuart: i just finished up cleaning the coffee that i spilled all over the beautiful set. maria: i am sorry. i'm sorry to hear that. stuart: good morning maria, i'm ready to go. good morning, everyone. there is precious little love between the worlds two biggest economies and we have a new flareup between the u.s. and china this morning, the trump team has ordered china to close its consulate in houston, texas by friday read this is to protect intellectual property. local tv shows chinese officials

burning documents, not shredding them burning them, china threatens to retaliate and feels and looks like a new cold war. we have a significant turn in the fight against a virus, president trump says it's going to get worse before it gets better. a clear sign that the economic effects will drag on past the election. however, the trump team signed a contract with pfizer with 100 million vaccine doses. america gets the vaccine first, they pay pfizer 1.1 billion and the cost to you, 0. two stocks, got to watch them all day long, microsoft and tesla, the financial results reported around 4:00 o'clock eastern this afternoon, in advance of that those stocks are on the upside. by the way, as of right now tesla is the most valuable car company in the world worth more than gm, ford, and honda combined. and microsoft at 1.5 trillion is the second most valuable company

right behind apple. we have big news on real estate two, applications for mortgages to buy a home of 19% over last year. refi applications of 122% from a year ago. one hour from now the big number, will find out how many existing homes were sold last month. it sure looks like were starting a real estate comeback. "varney & company" is about to begin. ♪. stuart: this is a really big day for earnings, not just microsoft and tesla but how about this, aaa which is really changed its business model because of the virus, whirlpool and other big names to report "after the bell". look at big tech stocks right now, we have something of a pause in the rally that we seen recently, facebook is down to

apple and amazon on the upside premarket this morning. how about tesla, that could be the stock of the day, right now tesla is up $27 up $51597 a share. what do you say, i hear a lot of people saying tesla is a bubble, forget the other big tech stocks for a second period a bubble, what do you say. >> i think you gave your perspective when you said the value of tesla's equity is more than all the other car companies combine, i think that speaks to the bubble issue that tesla faces. i think stock is way overpriced, it makes a lot of sense and will continue to go up because it's driven by the cycle of a lot of players setting against the stock and constantly having to short cover and take the stock higher, the top position right now is about 10% of the stock.

if they had anything to defend in terms of earning, they want to cover. this is a cycle driving the stock higher, investors don't realize how few shares outstanding and how few shares of tesla stocks in the market. stuart: if tesla comes in with solid results this afternoon, i know exactly how much that to do, through solid results, they go to the s&p 500 and that's a very big deal wash. >> it remains to be seen, standard forces will take a look at stock price and especially whether they should put that in there. as it trades, it's a speculative stock, the company is probabl probably -- the debt is large and that's not a reason not to put in the s&p 500 but they're going to have to look at it and say is this going to add to volatility in the s&p 500. stuart: look at the other big

tax, amazon, microsoft, apple, google, are they in bubble territory? >> absolutely not, they look on a valuation metric by comparison, they may look expensive on a valuation basis, they are not, investors are smartly paying up for the increase in earnings or profitability, these companies are constantly producing, we will see microsoft today and will see the rest of the tech stocks, the prices that investors are paying that are justified by the earnings growth these companies possess, have a common ecosystem, and around their businesses, they make sense. stuart: it is not 1999 in other words. stay there for a second period i want to turn to another bright spot turning away from stocks for a second, real estate, housing, lauren, tell me all the numbers on mortgage applicatio

applications. lauren: applications to buy a home rising 4.1% as rates went under 3%. the mortgage bankers association noting continued strong demand for summer. the spring selling season was somewhat down, that is going into summer, it's recovering and then some. there is a desire to move the low rates powering refinancing, refi up 5% last week of 122% from last year. this is a market that is hot. stuart: it sure is. i wonder if there's money coming out of stocks and going into single-family homes, will discuss that later on as well. another positive for the market, good news on the vaccine, the federal government under government tapping pfizer and biontech of 100 million doses of the virus and if and when it's approved. if we get a vaccine this year, and is proven and is delivered, is the market just going to go

straight up like 30000 on the dow for example? >> depending on when we get it the market will probably get there before the end of the year. the market is looking to leg higher, earnings have been positive in terms of everybody knocking down the expectations and we understand what the economy is going to in were in a recession and we understand were climbing out of it. a vaccine would accelerate and motivate and jump back into stocks including all the stocks that are technically beaten up. stuart: what i'm getting at, is the market vaccine dependent? >> no, it is not been vaccine dependent, the market has gone the perspective of any progress without on a vaccine or treatment. the market has gone up based on the fact that we will come out of the back end of the recession better off than we are going into it were in the middle of it. that is well to stocks. companies have adjusted to what they need to do in this

environment. so investors get that, the bidding of the stocks it makes sense in making correct adjustments, and the market is reflecting what investors see happening on the backend. a vaccine would only accelerate a climb out of the recession. stuart: thank you very much for being here today. i appreciate always. look at united airlines, they lost a lot of money during the height of the pandemic. we know that. actually, any other positives of any kind that came out of the earnings report? ashley: i could dig for a day. any positives, maybe they reached rock bottom, maybe only one way to go from here. maybe that is a positive. revenue is down 87% year-over-year, it's been the same story including delta, $1.6 billion net loss, no big surprise there. the biggest metric is there

trying to reduce the cash burn. the daily cash burn. it has been around $40 million. it is remarkable is it not. they're going to try to reduce that number $225 million a day in the third quarter. about 6000 employees have taken up early exit packages, that does not account for the other 30000 who received a potential for low notice in the last couple of weeks. they may fly about 35% of capacity during the summer and those planes flew in the second quarter were about a third full. revenue code auto 50% compared to 2019 levels until a vaccine is widely available. is there a bright spot, it is tough to find right now. stuart: you dug deep, you really dug down there. well done. thank you ashley back to you in a second.

stuart: i'm calling a new cold war like everybody else. the u.s. ordering china to close the consulate in houston, texas. susan, has china responded. susan: threatening retaliation as the houston chinese embassy, that would mean the u.s. embassy in china will likely be closed and retaliation and this is after the abrupt order to close, they're sending them into order note under notice to get out of houston, chinese embassy staff is bringing papers and documents in the courtyard local residents and called in and said that they saw smoke billowing from the interior, the order to close came after two hackers in china accused of targeting american firms to steal coronavirus vaccine research and millions of dollars of sensitive information around the world. i houston embassy was the first chinese embassy to open in the u.s. ahead of the one in d.c., this is after the country established diplomatic relations

in 1979. the reaction to the closure, the order closure, stock market in hong kong in the chinese currency dropped off of the reaction and another clear sign of deterioration in the u.s. china relationship and doubts of the phase two trade deal. stuart: thank you very much indeed. here is what we got coming up for you, first of all will take you to wall street at 930 this morning where were expecting a modest loss for the dow and s&p in a modest gain for the nasdaq, that's a futures point at the moment, take a look at this number, 41% of black-owned businesses have closed permanently because of the pandemic. now compare that to 17% of white owned businesses. why the big gap, will discuss it, we are on it. hours after chicago accused the president of terry raising her city by sending in federal troops, 14 people shot in the south side of chicago at a funeral.

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stuart: free delivery but only for one week, grub hub partnering with hard rock cafe with free deliveries through next tuesday. grub hub unchanged. how about verizon walmart, this is interesting, tell me how they are teaming up for grocery delivery deal.

lauren: is an industry first, if your yahoo e-mail user, you can grocery shop from walmart, fill your shopping cart from your inbox, your e-mail with discounts and recommendations brought directly to you, however, users still have to go pick up their food from walmart so they're not delivering it yet for you. verizon owns yahoo but aol, some people still have aol mail and we don't know if this is an option for aol users yet but for yahoo it is in its first. stuart: got it in our we want to say it's a delivery story, it's a pickup story but were sure walmart excels. restaurants struggling during the pandemic and government restrictions on restaurant operations are not helping, for example bar owners in new york cannot sell alcohol to customers who don't buy food. they're getting around it creative ideas like they'll sell you 1 dollar cuomo chips, that

puts food on the table and therefore you can have a drink. i've seen nine drinks for 1 dollar, that's another round for this restriction pre-coming former ceo of ckd restaurants. is the government hurting restaurants as much as the actual virus, what do you think. >> it would be tough to determine who's hurting it worse, the government and certain cities is doing everything that he can to restrict what people can do and restaurants and how businesses can survive, you have about 85% of independent businesses are threatened with closure by the end of the year, you have things like cuomo chips although i understand that he said chips won't work so we might have to move to cuomo crackers and maybe it's not that big of a reach but restaurants are going to find a way to get around this. stuart: careful what you're saying there. watch out for that.

i'm not in favor of that kind of language. but i put it to you that apart from government restrictions, i think there's been a change in our culture, we have the restaurant culture up until february an early march of this year but i think it has changed, i think fewer are prepared to go to a restaurant these days where you can eat inside or outside, i think the culture has changed, do you. >> i do and i think until we get an effective therapeutic and it sounds like were making progress from that respect or a vaccine, i think it will stay that way, even though for weeks we've had only about 2% of the people tested in new york city testing positive for the virus, i think people are still nervous about going into a restaurant because if you don't know if summit in the 2% is going to be in the restaurant. you are seeing a change in it's going to take a therapeutic or a vaccine to turn that around.

stuart: also you are interested me, chipotle will report later on and this afternoon, they really adjusted their business model, they opened up quite a few restaurants, than a large number of restaurants with drive-through lanes. that's not what i associate with chipolte, that's what they're doing, they're really going all out to change the way that they do business, to keep themselves in the forefront of the restaurant business, is it going to work? >> it should, it is working for brands that have drive-through, if you had a drive-through and maybe it was half of your business and not any more significant percentage, you can really ramp that up, it is happened with the number of the quick service brands, all of which are doing pretty well. and starbucks is adding a drive-through pickup window. this is certainly something that will be important until there is a vaccine we'll see if that continues afterwards, i think chipolte is doing the right thing, just into the circumstances and those are the

companies that are going to survive. stuart: everybody's going to have to just because things are not going to be the same for a time to come. put the stock up on the screen for you, they are suspending accounts to fight misinformation. susan, what they're really doing is going after conspiracy theories. can you explain that. susan: harassment and safe news according to twitter, twitter said little stop recommending accounting contents related back to the far right group in limiting circulation of the groups content in places like the trends tab and search and this will likely affect around 150,000 accounts according to twitter saying they have already taken down over 7000 of these linked accounts just in the past few weeks and breaking what they call twitter rules on harassment, there have been multiple incidents of swarming or brigade he by members of the group that they say were individual, usually celebrity or somebody well-known bombarded with according to campaign of

negative messages or tweets, in the meantime on the tech firm, we had a technical glitch and has some concerned initially that conservative sites like the daily caller were being censored and they're not leaking users back to the website at all but later clarified by google saying it was a technical problem for everybody in president trump has accused google of political bias of conservative voices in their initial concerns with negley tappan. stuart: thank you susan, take a look at slack and microsoft. slack has filed an antitrust complaint against microsoft in europe. they accuse microsoft of the illegal and anticompetitive practices when it comes to their workplace software, another big american tech company under scrutiny over there in europe, no effect on either stock price. overall we will go down on the market, wednesday morning, a lot of red but not a dramatic loss, down 80 for the dow, six for the s&p and seven for the nasdaq. back after this.

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down but not that much on wall street this morning. you gotta take a look at the big tech stocks, premarket this is, before the market opens, facebook, apple, amazon ever so slightly lower this morning, not that much movement there but the vaccine makers, plenty of good positive news, the government is giving pfizer and biontech a lot of money to make millions of doses of vaccines. tell me about how much money. lauren: this is the most ever, pfizer and biontech receiving $200 billion to produce 100 billion, 3.1 billion extra. that support because yesterday while testifying on capitol hill pfizer said they had not accepted federal funds because they wanted to move as fast as possible and making a vaccine and they wanted to price as they wished. that has now changed overnight.

just to know biontech is up 8.5% up 170% this year, one more point about drug affordability, not the hot topic. astrazeneca and johnson & johnson testified yesterday that they will sell their vaccine at cost merck and moderna expect to make a profit in americans would get pfizer for free. stuart: that's not exactly listing, that is very, very important. pfizer and biontech get 1.9 billion and produce 100 million doses in the vaccine and hopefully sooner rather than later and the cost to you, americans, absolutely 0, that's a very interesting point. we always heard the rich are going to get this before everybody else. but everybody is going to get it for free. i think that's a big deal.

lauren: distribution in affordability of part of the white house operation warp speed and they are being very forthcoming and aggressive in working with all these potential vaccine candidates to make sure that everyone can get the vaccine. stuart: thank you, i love to hear that, everyone can get the vaccine. the opening bell is coming up in one minute, what were looking at is not much stock price movement at least in the early going, at least you can never tell how things are going to close. but a lot will depend on how microsoft walks up to the closing bell this afternoon and then their financial report. microsoft is so important to the overall market, it's one of the big five tech stocks, it has an enormous amount of money and it's worth $1.5 trillion, however, performs in its earnings report this afternoon will make a big difference to the overall market going forward. 25% of the value of the s&p 500 is wrapped up in just five

stocks, a 500 stock index dominated by five big-name american technology stocks. we said all week, never seen anything like this before. there is the bell, we have two, one, 9:30 a.m. eastern on wednesday morning, were up and running and were down, not that much, 30 points at the moment, i see a lot of red on the left-hand side of the screen but this is not a dramatic downside move by any means at this moment were up 30 points, the s&p 500, that's the same thing, that is done one point, no movement at all basically. in the nasdaq composite, always gotta go to this to see how the tech is doing, they're doing a little bit better this morning up a point on the nasdaq index which is at 10686. united airlines, they reported earnings tuesday, we knew it

would be rough, they lost $1.6 billion in the quarter, that is 13 weeks, however, they gave up somewhat optimistic forecast saying they're going to lessen their cash burn as the year goes on, we look for something positive. that's all we can come up with. and then there is tesla, the report "after the bell" today, look at them go up a near 2% tesla this morning. how about microsoft, they report as we said "after the bell", is this all about the cloud speaker is been the story of microsoft growth, the club business which also includes growth rates over the years are around 60 - 70% but that might slow slightly around 55% this year and this year's quarter, still pretty good and a faster growth in amazon web services and interesting to see how microsoft work from home services like the microsoft team in office 365 performed during the kobe lockdown team is the zoom

competitor and as videoconferencing and has jumped around 70% and user ship to over 75 million daily active users with the last count in april and gaming microsoft earnings lena has a surge of spending to a monthly record in the month of march nearly 1.3 billion spent, does that mean higher sales for the xbox, you talk to analysts and when they look in value microsoft, it's not that expensive compared to other tech companies and if you look at free cash for, it's generating so much cash and two times cashel, that is cheap in this environment. stuart: i always neglect the gaming of the xbox side of microsoft business. i just have not accounted for very much. susan: i don't think you're in the demographic to be a gamer, i can see why you discount that for microsoft. stuart: microsoft as of now, $210 a share, worth $1.5 trillion, they report later. let's look at boeing, they are a

dow stock, that is costing them 20 odd points, ashen update please. ashley: today, this is an $73,718,000,000,000 since it was grounded in march of last year, now there's a report that the faa which is an airworthiness directive for the 737 max in the near future, how vague cannot be, it's not expected to get the green light if it passes all the tests until sometime in october. hold your horses as they say, boeing says it is working very closely and they address the issues including software issues tied to the two fatal crashes, they said they made software updates, they believe is airworthy and the faa just completed three days of certification flights. it feels like it's getting closer but the reports say it may not get the green light until sometime in october.

stuart: boeing is down again. look at snapchat, that is down big this morning, not so bad, 4.4%, they reported big losses in the last quarter. is there some kind of silverlining? lauren: is not all gloom and doom, the silverlining if they can get advertiser money that facebook is not getting. let me go through the numbers first, if you look at the revenue, grew by 17% but they did report a loss that ballooned to $326 million and that was tied to cost to maintain their momentum like adding more users, the daily active user base grew 17% to 238 million people as quarantine power the urge to stay connected and entertain at home. but the company noted, this is a negative the initial list dissipated faster than they thought and they also said when you look at spending in the current quarter, movie releases, questions about going back to

school, does that happen, that hurt them but like i said they could get the money, the advertiser money from facebook and that is a positive, the stock is down but down double digits after the earnings. stuart: that is true, before we move on i want to make an observation, a lot of the companies that we report on, almost all of them that we report on a regular basis our technology companies. i think that shows you how much of a technological economy we have become. how much time do we spend on the industrial companies, the factory owners, you don't have to spend any time at all, these days it is all technology. there are some lockdown winners, were always interested in that. what do you got for me? ashley: look at these, the pandemic winners, these are the top five in s&p 500 since the beginning of the year, look index, healthcare diabetes company, that stock is up 96%,

97%, regeneron, the political trials of the antibody cocktail treatment to come bac combat co. that's up 70% so far this year end the reviews of that cocktail have been very positive in the chip company had a slew price target upgrade recently up 75% on the year and those price upgrades by the way or price targets anywhere from 450 up to $480 nvidia has been a stock surging and continues to do so. stuart: i have another winner, yeti, we used to call them vacuum flasks but it's a way of keeping things cool or hot, i have three of them, lauren tell me about it. lauren: i did not plan this, this is my coffee and a yeti,

this is my water and a yeti, it is a hot stock, go to the beach or the backyard and you'll see how many yeti coolers that you see. if you take a look at the stock trading at 4634 and has more than doubled during the pin dammit, it is up 32% this year, this is certainly a winner. you are not going on vacation, you're doing station in your entertaining a small number of guest using yeti products most likely. stuart: my kids asked me what do you want for christmas, what do you want for your birthday and i say get me coffee, they give me coffee because it last for a long time and they started to give me a yeti because you put your coffee into a yeti. i got three of them as i said. they work. you can put ice water into your yeti at 9:00 o'clock in the morning and it's to ice water at 4:00 o'clock in the afternoon, i think that's pretty good. stuartlauren: i agree, worth the money. stuart: where are we now, up 30 points for the dow, jones industrial average, i see a little green after a few minutes worth of business, the ten year treasury yield up white 58%. that is not good, when the yield

comes down, it is coming down, that means money is flowing into bonds and perhaps out of stocks. now .58%, i don't regard that as a positive indicator for the overall market. oil up $3 $31-barrel, $41 per barrel, bitcoin we have taken to checking, $9300 a coin, not much movement in the price of gold, that i'm interested in, that is a nine year high, $1851 per ounce, how many people on this program, analysts have turned to us and said put some money into gold, be by gld, it's easiest way for ordinary people to invest in gold, it seems that a lot of people are doing it and you have a nine year high for the price of 1 ounce of gold as of now. dozens of nfl players have tested positive for the virus,

yes they have and that number is expected to grow, serious concerns over the nfl starting the season on time. we are on it. is it the end of college as we know it, one forbes writer predicts that 4000 colleges will go out of business, he says that is a good thing, we will explain it. keep saying it, new york city will never be the same or at least years and years and years away from getting back to normal. former governor of new york george pataki fears that the big apple is going to die under failed leadership, he will join me in our 11:00 o'clock hour to explain in all ♪ ♪

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stuart: retail stories for you,

macy's and kohl's, ubs has downgraded both of them, ubs is saying sell them both, they say brands cannot rely on department stores or more centers survive, down goes macy's and down goes kohl's, and we have shopify, their partnering with the financial tech company called a firm, they're making it easier to buy now and pay later. allowing for biweekly payments instead of paying the full amount upfront, shopify is up $13, up 1.4%. then we have best buy, they do not report earnings until next month, they put sales figures out there and ash, it looks like we have another covid-19 winner. ashley: we do indeed, online sales say best buy have tripled in the current quarter through july 18, a surge and online purchases especially for things like computers, tablets and

appliances. they've opened up almost all of their stores since june 22, that's about a month now, they pulled back half of their staff and they have about 51000 workers, they've given them a pay raise, they've now started a minimum of $15 an hour and listening, this online sales so far in the second quarter, i just noticed this number, are up 255% compared with a year ago, it is very positive for best buy. stuart: it makes sense, you're sitting at home, you cannot go out, you don't want to go out, eat you go on your computer in your order from best buy online it does make sense, doesn't really. ashley: life is good yes. stuart: some people are having too good of time being locked down. that is the truth. i am staying on retail, last night the national retail

federation and trade association sent a stimulus, a letter to congress and here's what we want, top priority, limited liability protection for businesses. matt shay is with us, and arrest president and ceo. matt you know i'm with you on this, the most important thing for business today is liability protection, i put it to you matt, the democrats will never give it to you. >> stuart, nice to see you and be back with, we know a lot of things from the first couple rounds, we know the congress and the administration came together in a bipartisan way and moved quickly and found solutions, many of the relief programs have worked very effectively, the paycheck protection program, the economic injury disaster loans, we want to see those revived, replenished, may be repurposed a bit for rent and utilities and we like to see the healthy workplace tax credit, the tax provision that liability

protection is key and if you think of it this way, there are tens of thousands, hundreds of thousands of business you have a roadmap now like our operational and others to operate safely, think of yourself driving in your car, i hope retail business you reserving the speed limit, stopping at stop signs, waiting for the light to turn green and before you go through the intersection and you get a ticket, you get points on your license, your insurance goes up. that's what these businesses are facing, they're doing everything the right way and following the health and safety protocols in taking their guidance from local, state federal officials and their spending tens of thousands, millions of dollars, they should get some protection in order to do that. stuart: how is your effort doing in washington, d.c., speaker pelosi says liability protection is just a giveaway you're just protecting people with money, that's what they're saying. >> i will look at the hundreds

of thousands of small business businesses, those companies out there, the mom-and-pop main street retailers and others that have been able to take advantage of the paycheck protection program and the economic disaster loans, and easy this certainty and the unpredictable nature will have a chilling effect on many of the businesses, it's one more impediment they do not need in our objective should show the objective of keeping the economy open, doing it safely and keeping people back at work, we only have a few weeks to get the next package done, you will see the parties come to the table and find an agreement. stuart: i have ten seconds, you tell me, do you think you get liability protection, yes or no. >> if it's targeted and timely we could demonstrate people making the commitments to attain it is a reasonable thing to do a more portly we needed to keep the economy open. stuart: i agree entirely. i wish you the best of luck. >> it to seal. stuart: lockdown winners a whole

bunch for you, ask, you got video game makers on the list. ashley: when you're not ordering stuff at best buy, why not play video games, how about activision blizzard, call of duty, warfare, that was the latest addition to sell more companies than anyone else, that stock up 35% year to date, revenue of more than 12% this series doing well and attended doing also well, they more than tripled with the breakout success of animal crossing new horizons, i've never heard of it but i'm not the target audience, these gains have done very well. what is it activision blizzard is up 35% enjoying the virus crackdown. ashley: year to date. stuart: a big number, 35%. stuart: we talk a lot on the show about tesla and rightfully

so, the company's founder elon musk has taken the world by storm, that is not an exaggeration. more on that in my take on the top of the 11:00 o'clock hour. you remember the maga stocks, the man behind the etf joins me in a moment, i want to know what happens to maga stocks if joe biden wins. i will ask him when we get back. ♪

♪ ♪ ♪ ♪ ♪

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stuart: and etf called maga, and etf in a basket of stocks, there are 150 companies, stocks in the etf, they all support republican candidates. the man who started this is how lambert. welcome to the program, good to see you. what happens if joe biden wins, the maga stock in your etf go down don't they? >> i think it's a negative for all stock, the tax proposal that biden is putting out there will hit s&p earning by 13%. so that the negative for all stock, young the dividend tax he wants to take on and move dividends from a 40% to 60% tax rate because of double tax, he

is going to tax foreign earnings higher for corporations, is going to be a negative for all areas. stuart: i would buy into your maga etf if i think president trump is going to win in november. however, the betting market give biden is 63% chance of winning, the betting markets are saying he is going to win. why do you think that is the case. >> the betting markets have moved around, obviously we have had the coronavirus which is president trump's biggest problem, the real election starts 90 days out, august 3 into november is what we got to focus on, if you look back historically at the s&p 500 up during the 90 day period, the income net wins 87% of the crime and since 1984 they won 100% of the time. stuart: wait a second, you mean the 90 day period if the s&p is up from where was a year ago, the income net wins?

>> for the 90 day . . . august 3 which would be 90 days out from november to november, if that 90 day period is a positive s&p, the incumbent has historically 180% of the time and since 1984100% of the time. stuart: we will integrate there, the guy who created the maga etf, we will see you again real soon. still to come on this program, liz peek on the extraordinary violence in chicago and other major cities. that is a story and a half today. we have north dakota senator kevin cramer, he wants congress to forgive some ppp loans, ryan brumberg is on the show, i'm talking to him about the rise of elon musk. more varney after this. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years

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10:00 eastern. here is where we are after half hour worth of business. plenty of green but not extreme. s&p, dow, nasdaq up. nice gain. pfizer and biontech, the federal government is giving two billion dollars, for 100 million doses of the vaccine. microsoft as we walk towards the earnings report later this afternoon, the stock is up two bucks at 210. the growth is on their cloud

business. a lot on the line for tesla. they reveal the latest numbers as well this afternoon. if they show a solid profit they could be added to the s&p 500 and that is a very big deal. i've got a lot more for you on that. right now i have got existing home sales numbers. big deal for realtors. what do you have, ashley. ashley: biggest monthly gain ever. existing home sales up 20.7% from april at an annualized rate of 4.72 million units. head's not forget this fell 9.7% in may from april. this is a nice indication that the housing market with those historic low mortgage rates is really starting to show signs of life, again up 20.7%. existing home sales in june from may. annualized rate of 4.72 million units. lou: that is a bounce from a low, isn't it?

it is not like this is huge new as troy mom call increase in existing home sales? ashley: it shows, right. lou: existing home sales are down. ashley: the glass is half empty, yes. >> now this. remember the expression, tina. tina. there is no alternative. that is no alternative to stocks. well there is an alternative. it is called real estate specifically. single family homes. home prices are rising. mortgage applications are going up. you see the open house signs all over the place.

getting inside to take a look may be a bit more difficult these days but realtors report a surge in open house foot traffic. market watcher, mark tepper, told us yesterday, even in cleveland, people are paying above the asking price. there are bidding wars for the hoists there. let's not get carried away. we're not returning to the golden years of 2005 and 2006, but it is true to say that the good times are are coming back for realtors. that is indication take money out of stock profit, put it into a second home, vacation home or bigger home. technically this is call asset reallocation. money out of one type of investment and into another. maybe out of big tech, into another house. maybe. several things are driving this. the virus lockdown has had a profound effect. there is a lot of people want out of the cities because

they're crammed in with the children, they're working from home. they want space. suburbs and rural areas look pretty good. mortgage rates, historic lows. 2.98% on 30 year fixed with 20% down. much lower than that with adjustable or 15 year fixed. no wonder mortgage applications are up with, 19% from one year ago. then of course there is the election risk to stock investors. biden win or mail-in balloting chaos, that is a threat to stock prices. why not reduce that risk by switching out to real estate? there is no immediate election risk in a better home. of course, we haven't mentioned the great tax exodus which is going strong and pushing people out of high-taxed states and into real estate in florida, texas, nevada and tennessee. you add it all up, and maybe tina has had its day. there is an alternative to

stocks. i will call it real estate. i think we need an economist on this. and we got one. john lonski is with us. john, am i going overboard here? because those weren't exactly great existing home sales numbers compared to last year. am i going over board here? am i too strong about the real estate boom? >> i think it is pretty solid. i think it will help lead the u.s. economy into a recovery. you know, make no mistake about it. ultralow mortgage yields are helping. of course people have now assigned even more importance to their home, to housing, because of the lockdowns related to covid-19. you mentioned earlier that homebuyer mortgage applications, unlike existing home sales, homebuyer mortgage applications are up by 19% from a year ago. one last thing on existing home sales, these are tallied at the closing of a contract to purchase a home. so what actually drives existing

home sales, say in the month of june took place in april and may, which were not necessarily the greatest months for the u.s. economy. >> you do think that things are speeding up? home sales are beginning to speed up again. >> i think they are. i think you're going to continue to do quite well. i was struck by the fact that these mortgage applications numbers have remained strong, remained historically on the high side, thus far in the month of july, despite the bad news we're getting on covid from the southwestern and southern states of the united states. >> interesting stuff. john lonski. thanks for joining us, sir. always appreciate it. see you again real soon. >> my pleasure. >> how about wayfair, the online furniture dealer? they look like they're a lockdown winner s that right, ash? ashley: they're really are, this is interesting development for this company which is relatively young in this space but some called it the amazon of the home

goods market, furniture and accessories. have people have been trapped inside during the pandemic we've seen them furnishing their home offices which way fair has benefited from. also upgrading their living rooms. if you look at the stock, $227. if you look year-to-date, it es up 152%. it is remarkable. up 15% for the quarter. wayfair has done very well indeed. we have the obvious home winners and netflix, pelotons and videogames but wayfair has done very well during this period. >> and why not? if you're locked down, you want to refinish the home and get on the computer and get on to wayfair get yourself a new bed or couch or something. i know a lot of people have done just that. i want to stay on winners. i have got another one for you, cal maine foods. doesn't reflect today, lauren, a, what does cal maine foods do

and why are they a winner? lauren: they are the biggest egg producer in the country. eggs are big in the country after quart over quarter of supply and cheap prices, people are buying a lot of eggs as they stay home and cook at home. the stock is down today, it is up 29% under lockdown, stuart. >> not just during the lockdown period, 29% since the beginning of the lockdown, 29%. just amazing, this list of winners. i didn't see any of them coming. there you go. i really have to move on to what i will call and what we've been calling the crisis in the cities. chicago's mayor, lori lightfoot, this is what she tweeted, under no circumstances will i allow donald trump's troops to come to chicago and terrorize our residents. just hours after she put out that tweet, at least 14 people

were shot in her city, outside after funeral home. does federal law enforcement need to come in and get chicago crime under control? we certainly discuss that on the show. in california a man allegedly committed 14 auto shafts between march 30th and june 15th. thanks to california's no bail policy he was arrested countless times, let out of jail immediately and goes out to steal another car. i call it a crisis of the cities. let's bring in liz peek on this. am i going too far here? looks thome like the cities in america are in absolute crisis. what say you? >> stuart, i couldn't agree more. and the tragic thing is lear, we know how to fix this. we know that increased law enforcement leads to safer streets, safer cities. i think it is incredible. you started talking about lori lightfoot the mayor of chicago,

the most hilarious thing she tweeted or said about donald trump bringing in the fed, instead he should impose gun control. chicago has extremely tough gun laws. in that terrible mass shooting yesterday at a funeral home, every single person drew out a weapon and fired back apparently. guns are everywhere in chicago. gun control has no impact. what democrat mayors have forgotten is that their job is to protect their citizens, not the criminals for looting and rioting in the streets and damaging their businesses and so forth. the problem is, stuart, also, this has enormous economic consequences. who wants to go to be a tourist in any of these cities once the lockdown is over? who wants to open a business in chicago or in l.a. or some of these other cities? it is, it is a crisis. i think you're totally right. lou: good stuff.

thanks very much, liz. i'm sorry so short. but i have all sorts of stuff going on. liz peek, see you soon. thank you. look at tesla, microsoft, big day for both those companies. susan, go through it for me. start with tesla. susan: big day for tesla. it will be pretty tight after better deliveries anticipated during the covid lockdown month as tesla's only u.s. car factory was shut for the quarter. if we squeak by for the fourth straight quarter of profit, does tesla get included in the s&p 500 which is stock positive since s&p 500 funds need to buy the stock? market cap above 8 billion, easy for tesla, listed in the u.s. you have to have four straight quarters of profit for the company. also qualitative criteria. we know tesla rallied 50% this month alone. now with a market cap of $300 billion, the tesla is the

12th largest company even bigger than jpmorgan, home depot an united health. another big report card is microsoft. second biggest company in america. cloud as always is the focus. growth rates of 55 to 60%. work from home will be important. is that helping microsoft team which is a zoom competitor? daily active users jumped to 75 million at last count. they capitalized with gaming on xbox and surge in gaming spending during the month of march and beyond. >> it is all about technology. when you tell me tesla is worth more than jpmorgan, i mean -- susan: home depot. now a blue chip if you look at the size of it. >> it is worth more than general motors, ford, fiat chrysler and honda combined. extraordinary stuff. thank you, susan. we'll have more on this later. another showdown with china. beijing says we'll retaliate after america orders the chinese

consulate in houston, texas, to shut down by friday. chinese diplomats are burning documents, ouch. nba providing the first look at the socially distant court when the game returns next month. black lives matter is parented down the side of the court. we'll show it to you. baseball is back. it makes the return tomorrow. bookies are ready for return of sports betting. they're expecting a flood of bets. we'll have more. the pandemic hurting black owned businesses. 41% have closed for good. while just 17% of white-owned businesses have shut permanently. why the gap? i will ask the question. i really will. the second hour of "varney" coming up. just getting started. ♪ just over a year ago,

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♪. stuart: overall the markets were not quite an hour into the trading session. i see a little bit of green over there on the left-hand side of the screen. nasdaq up 44 points. look at facebook, please. they will create a team to study racial bias. what do we know about this, susan? susan: product team inside of facebook. there will be one inside of instagram as well. the company, what they're looking to do, they're looking to examine how black, hispanic, other minority users are being affected by the company algorithms. research shows that algorithm discriminated against groups in the past. the housing department sued facebook illegally showing facebook ads to certain groups

because of race, religion, other factors. they suggested that black were 50% more likely to have accounts deleted on instagram. disney said they were pausing advertising on their platforms. facebook pledged to boost representation of black people and minorities by 30% in the leadership group in five years. so there is a lot to do. ,. stuart: facebook down a fraction at 240 a share. that is facebook for you. on a similar note, look at this, 41% of black-owned businesses have close permanently because of the pandemic. compare that to 1 17 white owned businesses. joe collins is running for congress in the state of california. he is a u.s. navy veteran. joe, why such a disparity between black-owned businesses

and white-owned businesses? >> good morning. thank you for having me. one thing is very, very clear here. the majority of the businesses that are minority owned happen to be in inner cities where democrats have been running these cities for a very long time. these are black democrats that have been there a very long time. i cannot, i cannot, you know, express this enough that these democrats hate the president so much that they are willing to risk the well-being of our small businesses as well as the families in our district just to make him look bad because this has been going on for a very long time. covid-19 just happened to shine a spotlight what is going on in our communities. stuart: you're planning to represent a part of los angeles and the mayor of l.a. is talking about a new lockdown, specifically a new stay at home order. do you think l.a. needs that? >> no, absolutely not. i don't think a stay at home order is helping anyone in our communities, and the reason why

is, we have a very low income community. we have a lot of homeless. we have a lot of senior citizens there. are no resources being put back into our cities. so another stay at home order will continue to destroy the very fabric of the cities that we live in. let's not forget that you know, maxine waters wants to defund the police in inner cities. it is travesty. causes more crime and violence added on to the violence we already have here in the 43rd district. stuart: you take it are republican, that correct? >> yes, absolutely. stuart: i failed to mention that up front, joe. i do apologize. can you give me an opinion on nba painting black lives matter decal on the side of the court they're planning to use for this season? what is your opinion on that? >> i'll tell you this, you know, everybody has constitutional right to express their freedom of speech and freedom of opinion regardless if we agree with the

cause or not. so if that is what the nba wants to do, that by all means what the nba is going to do. i'm not a huge fan of the black lives matter movement because we see what is happening own the tv with mass killings, through the black lives matter movement and also other organizations associated with them as well. i'm not a fan of it. you know, but if that is what they want to do, god bless the nba. stuart: give me 20 seconds on this, are you given a hard time because you are a republican and black? >> you know, i get it more of a hard time from white republicans, being a black republican from inner city, than i do with people in south los angeles. i think the reason why -- stuart: live television, joe. it happens all the time. you get freeze frame. we interrupted you with 10 seconds to go. what have you got. fill it out. >> i don't get a hard time from

people in south l.a. because they are so ready for maxine waters to be gone they will embrace anybody affecting positive change in the community. that is what we've been able to do. i talk to a lot of people that tell us maxine waters left the district stagnant for a very long time. she doesn't live in the district. she wants to defund the police in the district. no jobs, no economic development. people deserve better. i want to give them better. stuart: that was an excellent recovery, joe collins. thank you very much for joining us. don't be a stranger. come back soon. >> absolutely. thank you. stuart: thanks, joe. look at sports betting stocks. major league baseball returns tomorrow. the bookies are expecting a lot of bets. kristina partsinevelos is with us. what have you got on the new season. reporter: sports calendar is affects fans all across the globe. have no fear, sports is here! major league baseball is returning on thursday. i'm at fanduel sports book in

knew jersey. as you can see you can't just go in just yet. i show you how gamblers are embracing sports with open arms. thursday will look a little different. ballparks will not open to fans. exclusively you will have to watch it on tv. sports league will view it through viewership through sports betting. american gaming association, predicts that mlb could potentially bring in $1.1 billion through sport the betting alone. they're dipping their toes in the sports betting world. offering fans to enter in-game contest on mobile devices that offers cash prizes. already 18 states are legal. stu, i leave you with one statistic. american gaming association says one out of four american adults are sports gamblers or will become sports gamblers. let the games begin. stuart: that is one vice i don't have. kristina, thank you very much

indeed. national women's soccer league announcing a new california winning team. oscar-winning actress natalie portman, tennis star, serena williams, are a couple of famous names investing in that team. we'll tell you more about that. after the break, big read on oil. how much demand is there? oil close to a four-month high. sign after recovery maybe? we're on it. full story after this. ♪

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i'm proud to be part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. call now so you can... retire better stuart: i'm seeing a little bit of green after one hour's worth of business. dow up 30. s&p up five. nasdaq up about 30 points itself. now how about home depot and best buy, a couple of retailers? surprisingly both of them hit all-time highers earlier today, especially best buy is up 9%. there is spotfy which is a music streaming company. it has a licensing deal with universal music. that is the world's largest record company. by the way it is close to $300 a share. greg smith, he is an investor. he is on the program frequently. he says it is going to $400 a

share. that is spotify. we'll see. we're about to find out how much oil we've got in storage or how much oil, what is demand for oil and gas in the united states? when we get exactly to 10:30 eastern time, i think ashley will have a number for you. ashley, are you tap dancing? yes you are, aren't you? ashley: i am. i'm still breaking out in sweats from last week's debacle. we're expecting a drawdown of about two million barrels. 4.89 million, is that a a drawdown. silence. i'm being told 4.89 million, whether or not added or taken away. stuart: up. it is added. ashley: a build. they say it is a build. that shows you that we're not using as much as we thought we would. expecting a two million barrel

drawdown would be more positive for oil. so that would tend to see oil prices fall a little bit. we'll have to wait and see. but unexpected bill of more than four, almost five million barrels, stu. stuart: your tap dancing was pretty good. i got to say. tough being stranded on camera. ashley: no fred astaire. stuart: work on it, son. a question, how are energy stocks, how have they been doing recently? lauren, what have you got on this? lauren: well you know oil prices are coming down from the four-month high yesterday on worries of the supply glut we just got and tensions with china, stuart. after washington demanded shut its houston consulate. we do export to china so the 10% gains we saw for occidental, apache, devon, they are losses today. if the look at the dow jones industrial average, the biggest losers are the energy stocks,

both exxon and chevron. energy sector worst-performing sector down 2 1/2%. stuart: we spent a lot of time today, covid-19 winners, which companies and stocks came out of the lockdown in good shape. we neglected to say that the energy industry as a whole has come out of the lockdown in bad shape. exxon, $43 a share, look at, 43.59. you know there is something wrong with the oil market. i have more to prove that. look at north dakota. oil production has taken a huge hit. oil production down 30% in may. natural gas production down 29% in may. that state is hurting. so come on in, north dakota senator kevin cramer, republican from that state. senator, i don't think there is anything you can do about this. what you need is a sharp recovery for the american economy, a sharp recovery for the global economy. that is what you're depending

upon? >> no question, stuart. thank you for having me. as for ashley's report, obviously the glut, that is not so much that we're pumping too much and storing too much, that is more after the mare we're not selling enough. it is dependent on the global economy, particularly when planes are not flying. inlove your report about best buy doing well and that's because they're good at selling stuff online and shipping it but passenger numbers are still way down. traffic numbers are still way down. obviously demand is the problem. stuart: it is not your fault. out of the blue you get hit with this, which really hurts your state and all those good people, i think they are american heroes, i hate to see them get hurt like this. >> you make an important point about american heroes, stu. i think we need a national energy policy consistent with the national security policy. we have got to do, take advantage of the knowledge we're gaining through this pandemic to understand that the american

fracker, the american producer of natural gas, the refiners, the entire supply chain, coal, nuclear, wind, solar, all forms of energy, that are american made are critical to our national security. we need to have a strategy that recognizes that. stuart: yes, sir. i want to move on to one other subject. you want congress to consider automatically forgiving some of these ppp loans. as i understand it, sir, you've got a one-page form, fill it out. if your loan was less than 150,000 bucks you're out of there, you don't have to repay the money. have i got it right? >> you basically do, but it is not automatic. you have to sign a one-page attestation. you're putting your name on the line that you spent the money right. but the analysts are telling us that 75% of the loans of 150,000 or less are going to qualify for forgiveness even with a 20-page form. it will cost $2,000 per loan to get the loan forgiven. the nice thing that is just to

the borrower. lender is another $500. just to put in perspective, 150,000 or less, that represents 85% of the pp loans but only 26% of the amount borrowed. i think we remove a lot of anxiety, uncertainty and bureaucracy has yet to come up with the form or portal to provide this forgiveness. i just think by doing that we can save the treasury money, borrowers, and small businesses money on something they're going to get forgiven in the first place. stuart: plus if the government tells you to shut down the business the government should help you state in business. that means forgiving loans very quickly. >> that's right. stuart: i think we're on the same page. mr. senator, as always, thanks for joining us. >> my pleasure, stuart. stuart: thanks a lot. united airlines just announcing it will extend its mask mandate.

where will passengers have to wear masks, lauren? lauren: everywhere at the airport. this starts on friday. united is requiring flyers to wear masks at all 360 airports where they operate. that in addition to on the plane. so a mask must be western at check-in, at gate, and united lounges. if you refuse to comply, you will be refused travel f you're a family thinking about vacation, i can tell you it is very difficult to have kids wear masks for a long time this. could be a deal breaker. united is trying to close all gaps. they want people to feel safe. stuart: very tough for young children. i understand entirely. let's get back to the list of lockdown winners. susan, what have you got for me now? susan: if you invested in these stocks you would have made a lot of money this year. they're continuing to rally.

look at payment companies like squares and paypals of this world. even advanced and mobile banking is now popular if stuart varney is doing that now, instead of waiting in line at the physical bank. people are stashing the stimulus checks. they're banking on square's cash app. transferring peer-to-peer on venmo. they make the chips that go into graphics, processors, and data centers. we're working more on the cloud because people are stuck at home and working home that is ahead of its. twilio, if you're in a car, trying to make a call, you have twilio provide that for you. this is runaway winner. these stocks are up 200 to 250% this year. stuart: i missed all of them. susan: you're on the mobile banking trend now? stuart: barely. don't like it. but i'm trying to move with the

times. susan: yes. stuart: thanks, susan. we talk a lot on this program about the crisis in the city and listen to this, former governor of new york state george pataki says new york city is being pushed to the brink by its own leadership. he wants action fast, or he says, new york city will quote die forever. he is on the show. he will make his case. china will retaliate after the u.s. ordered it to close its texas, houston, texas, consulate. firefighters on the seen. diplomats were seen burning documents as they get out. looks like a new cold war to me. more on that in a moment. ♪. introducing stocks by the slice from fidelity.

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stuart: modest gains pretty much across the board. dow, nasdaq, s&p all up. market is waiting to see how microsoft does and tesla does this afternoon with their earnings reports. china is threatening to retaliate against america after we, america, ordered the chinese consulate to close in houston, texas. the state department says this move is to ten protect american intellectual property. james carafano, vice president of foreign policy at the heritage foundation. james, make the link between closing a consulate and protectioning intellectual property. >> so we don't have all the dots here but what we think is happening here this coincides with the indictment of two chinese individuals who were accused of espionage, trying to steal a wide range of intellectual property including vaccine research and i think the believe the belief is that case

tied directly to the cone sue late. that is not new that governments use diplomatic facilities for intelligence. when you do cross the line, do something egregious, the country that hosts you, shutting that down is completely legit. stuart: do you regard that a extreme move, order three days from now, you close that consulate and get out? do you think that section dream? >> no, i don't think that is extreme. this is appropriate action. will the chinese respond? yeah. they might close a consulate. the fact that the chinese will lose in the consulate in houston, that will not compare to anything we'll lose by closing a consulate ever china. stuart: this looks like cold war, doesn't it, serious cold war? >> i am glad you broad that up. the cold war works to extent this is long-term competition. just like the united states panned soviet union was a serious competition.

on the other hand the cold war analogy doesn't work because this is different world. the nations of power are different. the our alliances are different. it is a competition and it's a tough one. which need terminology, techniques and strategies appropriate for the 21st century, not the 20th century. stuart: fascinating stuff. james carafano, thank you very much for being with us. always appreciate it. >> thank you for having me. stuart: go back the path here a little bit. do you remember rewalk? the company behind the powered exoskeleton? there is our guy. gene, walking down the hallway. it has changed your life, hasn't it? >> it has. i always say i would have to exist in a chair and not participate in life. stuart: i loved that. i really did. we've been keeping tabs on the company for years. they're back with some exciting news. real good stuff. we'll share it with you in a

moment. bike sales booming since the start of the pandemic. it is another lockdown winning industry. we have a whole bunch of them. bikes are part of it. full story next. find your keys. find your get-up-and-go. find pants that aren't sweats. find your friends. find your sense of wander.

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stuart: the national women's soccer league announced a new california team. lauren tell me the names much the famous co-owners. lauren: powerhouse group of women bankrolling this team in los angeles and the list is very l.a. some of the owners include, natalie portman, serena williams as well as her two-year-old daughter, eva longoria, mia hamm among the 33 owners. they want to boost viewership. they are fighting equal pay. they want women as leaders both on and off the field. they will start playing in 2022. stuart: i wonder if there will be fans in the stands. lauren: oh, no. stuart: i hope so. i really do. i have another industry that has done well during the pandemic. that is the bicycle industry.

sales have skyrocketed. grady trimble is at a bike shop in chicago. tell me about the numbers. how good are the sales there? reporter: at a peak in mid-may, a group said bike sales skyrocketed 5000% to the previous year. this safes it all, stuart. the shelves are basically empty. if you wanted to get a bike only options are higher price point options, one grand, two grand bikes, four grand bikes. paul cozy is the owner of this shop. sales are booming. people are looking for something they can do outside especially with gyms closed or people not comfortable going to gyms, right? >> absolutely. not much else left to do. getting out on a bike gives you freedom and exercise. reporter: what have your sales been like here? obviously we see the shelves. >> we're certainly having a little trouble getting bikes and getting dollars these last couple months n april and may,

sales were certainly through the roof. reporter: gotten to the point where you have a backlog of customers who are waiting for their bikes. how many people are waiting? >> currently over 400. people are given a deposit and waiting for a bike to arrive. reporter: if i wanted one right now, how long would i have to wait for it? >> mid-september. reporter: mid-september at earliest. maybe even winter. >> i can get you on a bike by september. maybe not the one you want. reporter: that is good to know. you know, stuart, one in 10 people rode a bike first time in 10 years. they're looking for something to do. another industry seeing spike in sales because of the pandemic. stuart: another winner, grady, good stuff. thank you very much indeed. favorite next guest, his name is larry. ceo of rewalk. that company makes devices that help paralyzed people walk

again. larry, welcome back to the show. great to have you with us. last time you were here, what 2018 i think it was, a few years ago. what progress have you made on the exoskeleton in the last year? >> something big has happened. it is real access to the digs abled community. cms, center for medicare and medicate services they issued a level two billing code, billing code k 1007. it stands for health care common procedure coding system. it becomes effective october 1st this year. cms recognize ad need for distinct credit. private distributors and physicians supported this in hearings. stuart: this will not make wheelchair a ink thing of the past but make more access for people with the exoskeleton. have you made technical progress? two years ago the gentleman washed down the corridor, he was doing well.

how about now? do you having something new and better than two years ago? >> they're walking further and faster. even last november, we had a veteran do the new york city marathon. another one did one down in charleston. so the real progress is in the databases. there are over 600 users using these at home in the community. now we have a lot of data which will allow us to build the pathway for payment and coverage. it is already happened in germany. we believe it will happen in the united states next with the cms activity. stuart: let me try to explain this. basically it is going to be easier to pay for this thing through insurance, is that it? >> i think so. the way to look at it is, it is predictability for users who want to walk the same way they get position thesis or surgery done to improve their life. we do exactly what it takes to qualify, training, pathway for home community walking. that is happening in germany. the united states is on the same path. it becomes predictable i think

best word to use. stuart: do you think the day will come we don't need wheelchairs any longer, wheelchairs are a thing of pat? the. >> i think some day. right now getting people up and walking to be able to use this in everyday life, work, home, community, in social situations is what we've got for the foreseeable future. getting them paid for was really a challenge and this decision by cms is a very important. it means a lot to the whole industry and community of paralyzed people. stuart: it is real good news. thanks for sharing it with us, larry. always good to see you. come back soon. >> thank you very much. stuart: sure thing. quick check on the market. the dow is onpside. nasdaq is down 27 points. home depot, best buy, both hit all-time highs earlier. best buy up 8%. $97 a share. boat sales up 75% in may compared to the same month last

year. that is a boom. after all, it's a, a boat is a pretty good place to do some social distancing i would say. that is a booming industry. congressman andy biggs, republican arizona. he says americans should feel insulted that dr. fauci is throwing out the first pitch at the nationals home opener. strong stuff. we'll let him make his case. as of right now tesla is the most valuable car company in the world? it is because its founder, elon musk, really commands attention. terrific car company. he is a human headline. more on that in my take next. just over a year ago,

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stuart: 11:00 in new york city, the markets are mixed, no serious gains or losses, but the dow is up 72 points. you've got to keep an eye on big tech, always, especially today, because microsoft reports its earnings after the closing bell. right now, microsoft is up about .25%, $209 a share. better take a look at united airlines. an executive just announced they will not be taking delivery of any new planes in 2022. that's two years away. so no big purchases of planes by

united until years in the future. bad sign for all the airlines. big news out of the real estate market. existing home sales up 20.7% in june. biggest monthly gain ever but remember, that's coming off an extreme low in the month of may. there you have it. real estate doing well. now this. we talk a lot about tesla on this program, and so we should. i don't know what to make of its stock and i've never driven a tesla car, but the company and its founder elon musk have taken the world by storm. tesla commands attention. it's been on an incredible run. as of right now, tesla is the most valuable car company in the world, bar none. it's worth more than toyota. it's worth more than gm, ford, fiat chrysler and honda combined. that is amazing, when you consider that tesla may sell 5

shud vehicles this year. toyota alone sells ten million. elon musk commands attention o too. outrageous tweets, pot smoking in an interview, a baby with an incomprehensible name. he can dance, too. he's very much part of the new american business leadership. amazing. the 49-year-old musk is now worth more than warren buffett who turns 90 in august. musk represents a changing of the guard. it's interesting that he's an immigrant. he was born in south africa. he only settled in california in 1995. within four years he founded a software company and sold it for $340 million. he started spacex in 2002. tesla motors in 2003. what a wild ride, and how american. where else in the world can you go so far, so quickly.

where else in the world can new ideas attract so much interest and support. i don't know where tesla's stock is going and i don't know the future of the electric car market, but five hours from now, we'll have a better idea. tesla reports at 4:00 p.m. eastern and get this, if tesla shows a profit, musk gets a $2.1 billion payout. the seventh richest person in the world, the most valuable car company in the world, tesla and musk really do have our attention. the third hour of "varney & company" is about to begin. stuart: let's see if my friend and colleague brian brenberg, he's an economist from the kings college here in manhattan, let's see if he agrees with me about tesla and musk, the all-american

story. can't do this anyplace else in the world. multiple billionaire, et cetera, et cetera. it's an amazing story, isn't it? >> stuart, you gave a pretty good movie trailer right there. it's appropriate for musk because he's really somebody out of a marvel comic. i think that's why he's become something of a hero to younger generations, especially. he embodies sort of the mood of our moment, the tech genius who makes a fortune and says he's going to put it all on the table to build companies to save our planet from environmental catastrophe. it is right out of the movies and that's what he's doing. that's why so many of my college students can't get enough of him. every other presentation i'm hearing from a student is about elon musk, it's about tesla, about spacex, about solar energy. their imagination is captured by this guy and apparently he's captured the imagination of investors as well because they have pumped the value of this company to stratospheric heights. stuart: i can't believe this

brand new car company, 17 years old, is more valuable than gm, ford, fiat chrysler and honda combined. that blows me away. it really does. >> he's a guy you can paint a picture of the future, stuart. that's the thing he does well. you can buy it or not buy it but that's what he does exceptionally well. let me just say this. in our moment where so many things are being torn down, i will say this about elon musk, he's a builder. he has a vision of the future and instead of trying to tear things down, he wants to build something to create that future and i would say that's actually quite an important thing for somebody to be doing in his position right now, because we are at a moment where tearing down seems to be in vogue. i just think that's not going to be helpful for getting us where we need to be. stuart: good point, brian. well made, too. you just mentioned college students. i want to draw your attention to an article in "forbes" which claims that college will never be the same because of the

virus, it claims that 4,000 of middle of the road colleges, whatever that is, will end up shutting down because of the virus. what do you say to that? that's extreme stuff, isn't it? >> it is, but i think it's actually at least directionally correct. college is going to change. the fact is it was changing before coronavirus. so many parents and students are looking at the cost of college relative to the value, they're looking at these commodity college educations where you're sitting in a massive classroom, you don't know your teacher, your teacher doesn't know you, you are probably not even being taught by a professor in some cases and the question is are you being prepared for anything, are you being prepared for the marketplace? in too many cases, the answer is no so i agree, college is going to change and frankly, it should. the fact is the only thing that really can stand in the way of that are these free tuition plans we are hearing about from the progressive left that would have the effect of propping up the system we have right now.

it would perpetuate the liberal bias that has taken over colleges and universities. that's really the only thing that can save the status quo of college. but it's a real question right now about whether we are going to get it. our presidential candidate has said on the left, on the democratic party, has said i will give you free college tuition if you make less than $125,000. that's a recipe for keeping things the way they are. stuart: heaven forbid. brian, always good. thanks for joining us, sir. appreciate it. see you later. okay. speaking of taking classes online, remote learning stocks absolutely soaring. tell me more about it. i don't know which -- what are these remote learning stocks? tell me. lauren: yeah. so parents are obviously spending so much more so there's no gaps in their children's learning as they are studying from home so we know they will return to the classroom, it's going to look different in the fall and you automatically think zoom. zoom is the remote classroom

winner but there are other companies including one called to you who say they are seeing a paradigm shift going on in education, in how we are learning. the stock is up 90% this year. the ceo says look, when everyone was sent home when the pandemic first struck, zoom was the band-aid but now we are perfecting it, we are doing it better and they are not the only one. there's another company called chegg up 103% this year. they basically provide students usually older students with connections to experts, in different ways you can learn more not being in the classroom. stuart: what strikes me is the repercussions of the virus and lockdown go on and on and on. it's changing so many things in such a profound way. very interesting. thank you very much indeed. lauren: and doesn't go back. colleges will close. stuart: yeah. that's true. i want to get back to united. we just told you their chief executive says they are not

going to be receiving any deliveries of new aircraft in 2022. also saying that 32,000 workers have already volunteered to be furloughed. i keep using this expression but they see the writing on the wall. the airline industry is shrinking. then there's biogen. sales and revenue both up big-time last quarter thanks to an extra $100 million in pandemic sales, whatever that was. the stock is up three bucks, 1.4%. pfizer just announced they will produce 100 million doses of their vaccine for the government. that's in a partnership with biontech. $2 billion deal with the government. both of those stocks, up this morning. pfizer up 2.4%. nice gain there. then there's novavax. top executives there just awarded a massive stock option package worth $100 million. they will get even if the virus vaccine fails.

stock's up just a fraction. check best buy, please. as we keep telling you, it's a success in the virus. it's hit an all-time high early this morning. it is another lockdown winner. what more do you have on this, ashley? ashley: on pace for a record close. best buy doing very very well. in fact, during this current quarter, online sales up 255% compared to a year ago, and the company is saying they have seen a surge in online orders for items like computers and tablets and appliances. now, most of their stores have reopened as of june 22nd, which is a month ago from now. they say many of their associates are back, their employees, and also, those employees are going to get a pay raise. the minimum wage now for best buy employees will be $15 an hour. so it's all engines go for best buy. their sales overall, up 15% when

they began reopening on june 15th, but bottom line, this is a lockdown winner and continues to be. they did a good job with curbside pickup and deliveries and now with those stores back open, the demand is still very much there, stu. stuart: thank you very much, ashley. here is another winner. big-time. spotify. they've got a deal with universal music group. susan, that really changes the way both of them, spotify and universal music, changes both of them, the way they do business. susan: that's why spotify's founder calls it a two-way marketplace. what that means is instead of just spotify, paying music labels like universal, universal now pays spotify to use its data in order to advertise and target audiences for its music and artists. it's a win/win for both. universal artists like lady gaga can use the tools and data such as push notifications to target and draw in the right audiences. a trial run for the artist known

as the weekend this march saw the highest response rate to date and the album hit number one on the billboard 200. spotify says the data indicates that this feature and this relationship results in higher levels of listening both short and long-term and we know music labels, they need revenue and sales right now. in fact, they get most their revenue from music streamers like spotify, apple music and pandora while spotify has only reported a few quarters, very spotty track record of profit since its listing two years ago. this is good news and win-win for both. stuart: it's had a fantastic run. i don't know the percentage gain but spotify, it's at least doubled, i think. susan: at least doubled. also, they are getting bigger in podcasts and spending like $100 million for joe rogen. interesting, the dynamic and trajectory spotify is taking compared to pandora and apple music. stuart: reminds me of netflix, it really does. it reminds me of netflix. right now, $289. gregg smith on this program recently said that thing, spotify, goes to $400. all right.

how about this. breaking news from the nfl. 59 players have now tested positive for the virus. tmz sports reports hundreds more could be infected. i mean, will that push the season back? sure looks like it. we are going to discuss it, too. the feds strike a deal to buy the virus-fighting drug remdesivir at a discount. however, top democrats say it's not good enough. more on their demands coming up. as new york city tries to recover from riots, the virus lockdown, former new york governor, the state of new york former governor george pataki says the city is being pushed to the brink, it might die. he joins us next. ♪ 49... 50!

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we're holding back indoor dining, museums, malls, things that we're still not certain can be done right. >> schools will reopen if that region is in phase four. >> zoos, for example, they can reopen but at reduced capacity. 33%. stuart: there you have it. that's new york's top leadership, governor cuomo, new york city mayor bill deblasio holding back on reopening, as you can tell. we have someone with us who knows a lot about new york state, the former governor of the empire state, george pataki joins us now. sir, your honor, i think that's the correct form of address, good to see you, sir. >> thank you, stuart. nice being on with you. appreciate it. stuart: you're saying that either we stop the craziness or

this city's going to die. now, you used that word. that's a very strong word. justify this city dying and your use of the word. >> it's a very strong word, and i hope that it isn't the case. we're seeing new york get hit by so many different things at the same time. first, as you know, with the covid virus, i'm in an office building on sixth avenue, 65 stories tall. there may be five or six other people in the entire building. america's changing the way it does business. remote working is now the new norm. people know they don't have to go to their office every day. so that is going to have a huge impact on new york. the second thing is the crime. what has happened with the police in new york and the violent crime that is three times what it was a year ago is going to keep people scared away. the third is tourists. broadway is shut down. the theaters are shut down. the restaurants and concerts are shut down.

almost two-thirds of people who attend plays on broadway are tourists from out of state, out of the country. are they going to come back to a place where the amenities aren't there and when we see too much street crime? so -- stuart: mr. mayor, you are really talking largely about new york city. do you blame the mayor of new york city, bill deblasio, for at least some of the city's problems? >> oh, absolutely. there's no question mayor deblasio lahas been a disaster, particularly in his treatment of crime and his treatment of the police. there's not one political leader in new york city or not too many at the state level today willing to stand up and say the new york police department is the finest in the world. they are great men and women risking their lives to protect our freedom and yet now they are the bad guys. they are under assault. they just passed ridiculous laws that hold police officers criminally liable if they end up struggling with a felon resisting arrest, end up sitting on their back for one example. this cannot stand.

this is deblasio, this is the new york city government but new york state government has the ability to overturn this and prevent it and they haven't done anything either. stuart: i want to throw some hard numbers at this. $8 billion, this is for the city of new york, $8 billion lost, $8 billion tax revenue lost over the next two years. look at this. 77,000 businesses could close permanently. that's in new york city. 77,000 businesses. bearing in mind those numbers, do you ever see new york city getting back to anything that resembles normality? >> oh, sure, stuart. you know, it's going to take time. i do think new york is in desperate straits right now but with the right leadership, with different policies, i think new york as it always has, will come back. it's not going to be automatic this time. you are not going to get the investors from overseas to come here without putting in place

incentives and improving the quality of life. we're not going to get businesses to say not only do we have the legal right to reopen but our workers are going to come back -- won't come back unless they know it's safe from a crime standpoint and there are things like restaurants and theaters to go to. i'm not giving up, but with the current leadership, the way things are going, new york is in dire straits. it needs to change dramatically or it will die. stuart: governor, you told us a moment ago that you were in an office building on sixth avenue. so am i. there is sixth avenue. that's a live shot looking outside at sixth avenue. it's 11:22 on a wednesday morning and it is deserted. there's no way this city comes back to normal until we get people back to work and that street is filled. governor pataki, thank you very much for joining us. it was strong stuff but you made a strong case. appreciate you being here. >> thank you, stuart. nice being on with you. stuart: yes, sir. quick check of the price of gold.

it's at a nine-year high. $1,858 per ounce. nine-year high. look at silver. that is close to a seven-year high, moving up to $22 per ounce. lot of people feel that inflation is coming down the road. that's a hedge against inflation. price of oil not doing much, $41 a barrel. next one, td ameritrade, that's a big e-broker, seeing a massive increase in trading volume. okay. ash, a, give me the numbers and b, why is this happening? ashley: yep. all right. let me give you some big numbers. 661,000. those are the new funded retail accounts that td ameritrade reported in the second quarter. they also reported 3.4 million average daily revenue trades. that is up, by the way, 62% from the last quarter and that's four times as many as the same period last year. so you ask the question why.

well, since the lockdown, we have seen a surge of new accounts and trading during the lockdown. mostly small investors who saw the market crash down into that march low, then start to rebound and they were tempted to set up an account and get in on the action. by the way, td ameritrade, like so many other e-traders, announced zero commissions. analysts said you know what, that's really going to hurt your bottom line. interestingly, they have seen their earnings grow nicely year over year despite charging nothing for those trades. stuart: they make their money by playing the float, i guess you could say. they've got an enormous amount of money in those accounts and they can trade against that. that's where the money comes from these days. interesting, though, isn't it. it's like a gambling casino. by the way, the markets are still on the upside. the dow is up about 60 points. i see green for the s&p.

the nasdaq is down 28 points. you got to keep a close eye on big tech, especially microsoft, because they report their earnings after the closing bell this afternoon. microsoft is up a buck at $209. there's this. again, strong stuff here. washington nationals super-fan, that is dr. fauci, he will throw out the first pitch at the team's home opener. however, one congressman says the american people should be insulted by giving dr. fauci that honor. the congressman is with us coming up. look at this. 59 football players have now tested positive for the virus. hundreds more could be infected. that's not good news for football right before the start of training camp. more "varney" after this. ♪ - did you know that americans that bought gold in 2005

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republican senators, probably not everyone, and at that point we'll be more specific about how to allocate but we do envision direct checks. stuart: you just heard it right there. you do envision direct checks. that's mitch mcconnell speaking on the floor of the senate yesterday. now, that was yesterday. today, mitch mcconnell's been on the floor of the senate again and didn't mention a new stimulus plan. senator mike braun, republican from indiana, is with us. sir, that strikes me as a sign of a dramatic split within the republicans about what you want, when you want it, and what form it should take. do you support more stimulus checks? >> so what i support, stu, would be with all the money we've already spent, i think it's now up to $26 trillion in total debt, it's an unusual circumstance, but visiting

businesses across indiana which i did over the last two weeks, some have been left out in the cold so i'm for addressing any errors and/or omissions and for those at the very low end of the scale that do not have a job, because this thing was working like gangbusters up until march 1st, it was the hottest economy, the trump economy was working. i have been about trying to get back to it as safely as we can. when it comes to throwing trillions around, i thought hundreds of billions were a lot when i got here, i think there's going to be many of us measuring it to get good value out of it, not just spend more money. stuart: you're not real enthusiastic, are you? >> well, i am to take care of where we caused it in taking that one size fits all, i think overly presippicriptive approac. the economy is coming back great in many places but it's still going to be awhile. for those, i've got a business

in a county south of where i live, an amusement park, theme park, that didn't get any ppp aid because it got mostly seasonal employees, kept them above the level. hopefully we can take care of folks like them that were doing great and got derailed. stuart: just so long as you get liability protection. >> that as well. that as well. stuart: can you guarantee it, please? can you guarantee it? >> i'm afraid that's going to come at an expensive price from speaker pelosi. that could derail the whole process. i think that would be sad. stuart: it would indeed. senator, you are one of 16 lawmakers calling for investigation into how taxpayer money was used to deal with this autonomous zone in staeeattle a others like it. if you are investigating this, what are you looking for? >> i'm looking for where we give them money and when you look at what's been happening, the carnage on the streets of our largest cities, mostly run by

the same governance over decades, and when these same people are talking about defunding police, autonomous zones, basically crazy talk, why we should be giving them money to support that point of view, i think it's smart that we look into it and if that behavior continues, we do something about not helping subsidize such bad behavior. stuart: do you approve of the president sending in federal agents to some of these cities to bring back law and order? >> you know, i don't like federal presence when it comes to local and state government philosophically. i think the president will do what he thinks needs to be done. tragically, the mayors, the organizations of law enforcement in these places that have been running the scene for decades, ought to self-correct, fix it themselves, because that would be something would be drastic. i would rather not see it.

i'm sure the president will make the right decision. stuart: i don't know if you saw this overnight. china ordered to close its consulate in houston, texas. we are saying america is doing this to protect intellectual property. can you make the link here? what is it about the houston consulate that needs to be closed to protect property? is this anything to do with stealing our virus research? >> i heard they were burning a lot of files and papers and stuff like that to boot. that should tell you what might be going on. president trump has taken china to the woodshed several times and with their behavior over decades, and especially most recently, of stealing intellectual property, all the bad behavior from devaluing currencies to dumping gluts, thank goodness we've got somebody like the president who is standing up to them. i think supply chains are changing right before us. i think businesses are getting the cue that maybe they are not such a trustworthy business

partner. it's up to them to change their behavior, if they want to continue as a global trading partner for anyone. stuart: seems like it's a new cold war, different kind of cold war, than with the soviet union, but a new cold war. getting tense. senator, always a pleasure. thanks for being with us. appreciate it. >> you bet. stuart: yes, sir. i want to have a look at amazon. where are they this morning? on the down side, $42 lower but still just above $3,000 a share. lauren, tell me about this company that helps buy american. lauren: on amazon. okay. billionaire mark cuban is filtering your amazon shopping by backing a company that's called cultivate. essentially it helps you find and buy products that are made in america. you can go to the cultivate website which you are looking at or install a plug-in to get the results. look, this is important because cultivate was founded during the pandemic. they want to help businesses struggling right now so every time you buy an american product, you help support and

create american jobs. cuban backing this site, created during the pandemic, to boost manufacturing jobs in the u.s. stuart: got it. all right. thanks very much indeed. amazon is just down 40 bucks today. sounds like a lot, but when you are at $3,000 a share, a $42 drop is not that much. drop in the bucket, actually. now, we have been focusing on pandemic winners. here's another one. boats. one company is offering an alternative to actually buying the boat. that is, letting members set sail whenever they want, without worrying about maintenance or repairs. it's kind of a subscription service to boats. we will deal with that. first, though, arizona expected to announce a school reopening plan this week. our next guest says it's time to get students back in the classroom all over the place. back in a moment. ♪

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stuart: i think the market's waiting to hear from microsoft at the end of trading today. that's why you don't have that much movement. plenty of green, okay. the dow is up 80, s&p is up 7, nasdaq is up 7. that's not a huge move. however, look at gilead. that's the company that makes remdesivir that treats the virus. edward lawrence is with us. edward, it seems that democrat senators don't like the deal that the government made with gilead. why not? reporter: yeah. you know what, president donald trump has been touting that the death rate is actually going down because of this drug and he says that they are using treatments like remdesivir to help do that. well, six senators are not happy at all with the deal the u.s. government made to get that drug. we are talking about senators elizabeth warren, bernie sanders, tammy baldwin, sherrod brown, chris van hol len, tina smith. they sent a letter to the department of health and human

services saying remdesivir is acquired at an exorbitant cost. if you look at the numbers, the government is charged $2340 per course of the drug and that's exactly what they pay foreign governments or foreign countries pay for that same drug. if you are using private insurance, you will pay $860 more. gilead says the only reason for that is by regulation, the u.s. government must get a discount on drugs. the senators in their letter go on to say that the whole supply of remdesivir should be confiscated or seized by the u.s. government because $70 million in grants was used to develop the drug. back to you. stuart: just seize it? i thought we had a constitution that prevented that. reporter: two of them, as we know, they like free stuff for everybody. senator elizabeth warren, senator bernie sanders want to see that health care for all. stuart: you got it, i want it, seize it. that's the way it goes. thanks, edward. i'm going to stay on the

strierstriervirus. in arizona, almost 2,000 new cases reported there tuesday. arizona will announce plans for reopening schools this week. now, we were going to discuss this with congressman andy biggs but he's stuck on the house floor. fortunately, his colleague, arizona congresswoman debbie lesko, is with us now. congresswoman, thanks very much for joining us, stepping in last minute there. we appreciate that. >> thank you. stuart: now, you want to get students back to the classroom, classroom learning is what you want, it's what congressman biggs wants. i'm putting it to you, you can't have it. because you can't guarantee the teachers union they are all going to be safe. >> well, listen, education is essential and teachers are essential workers. the students are falling too far behind so we need to give parents a choice, a choice of in-person learning. then if parents decide they want to send their kids to school, they think it's safe enough, they can do so and if parents

are too scared to do it, they can keep their kids home. that's what the school districts in my congressional district are trying to do is give parents a choice. now it's really up to governor ducey. he has extended the delay in opening schools until august 17th in person, and i hope he doesn't delay it again. stuart: but again, you run up against the problem of social distancing. i mean, if a lot of parents decide yeah, i want my children back in the classroom, awfully hard to accommodate social distancing when you've got a full class like back in the old days. it's going to be tough, isn't it? >> well, i think that pediatricians, multiple pediatricians, have said that the amount of covid cases among young children is really quite low. i think it's 2% among kids. and also, the younger you are, the less transmission you have. so i really think it's safe.

you have other countries that are sending their kids back to school. i really think you should leave it up to the parents and the local school board members. i have encouraged all of the people in arizona to reach out to the governor's office and their local elected school board members ambndnd tel thehahey ineckau bsekauotse asell cren arn t me.sa losomeso chirenrereanrn l l wl linehe, rsotnot. stst:uastuaost mt.nonono rember t tng oerant c hooaolrd bherehe in i sthernthn caia sayiaiainia thaiat ning thu shuss far f had dilure. that terrie thinecau he pusngusngngng ds theyhe y ngoi to t los teose year's worth of education if you're not careful here. let me sum it up like this. you want to give parents a choice. back to in-classroom learning or stay at home if you don't feel safe. that's where you're coming from? >> exactly. leave it up to the parents. i think the parents know what's

best for their own children. leave it up to the parents to decide. stuart: congresswoman debbie lesko, thank you very much for standing in at the last minute right there. that was literally 30 seconds warning and you appear on camera. terrific. >> thank you. stuart: some of my colleagues could learn a lesson. thanks very much. good stuff. all right. let's get to sports. the nfl is testing players for the virus and ashley, i think quite a few are testing positive, right? ashley: yeah, they have 59 players in the nfl have tested positive for the virus. this is since testing began four months ago. if you add in the staffers at the various teams, that number goes to 95. the league has ramped up the testing recently and they are expecting, the nfl is expecting more positive cases, possibly into the hundreds, when the testing pool starts to exceed some 2,000 people. now, the 32 teams have submitted

their covid safety plans to the league which have been reviewed. eight have already been approved. 24 are still being looked into now. don't be surprised if we see these numbers go up dramatically as the testing goes up dramatically. stuart: we talked about this yesterday with tiki barber. we said look, football is, you know, there's lots of hitting and you are getting close to people, you are sweating, you are coughing all over the place. it's not intrinsically safe from the virus, is it? ashley: it's not. it really isn't. because of the very nature of the game. it's going to be interesting to see how this plays out. stuart: well, i'm not going to be pejorative and say it looks to me like a delay, but it looks to me like a delay. can i say that? ashley: you can. stuart: i'm going to say it. thanks, ash. today is national -- no, no, sorry. hold on a second. restaurant brands, check them, please. they are the parent company of burger king. they've got a lawsuit over the impossible whopper.

that lawsuit has just been dismissed. they were accused of deceiving vegans about how their plant-based patties were cooked. the judge chucked it out. restaurant brands, up over 2%. costco, angry customers pushing back, they want the return of sheet cakes. you know about this? they disappeared during the pandemic. costco never explained why they ditched the cakes but some suspect it was because they didn't want to encourage people to have parties. they are being encouraged to bring them back. costco is at $325 a share. amazon has announced their first fulfillment center in el paso, texas. 625,000 square feet, expected to create 700,000 -- no, no, that's wrong. the strip says create 700,000 new full-time jobs. i don't think so. we will get you the full number shortly. next case. what was it? it was 700 new jobs in el paso,

texas. okay. social distancing. easy when you are out there on the water. maybe that's why boat sales are up a whopping 75% in may this year compared to may last year. boats, that's another virus winner. we are on to it, next. ♪ [indistinct radio chatter] (mom) come on, hurry up! all systems go? (mission control) 5 4 3 2... and liftoff. (vo) audi e-tron. the next frontier of electric. get audi at your door remote services through participating dealers.

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stuart: lockdown pandemic winner, yes, the boating industry. we are going to show you that number again. boat sales up 75% in may compared to may of last year. here is bob remsing, chief operating officer of sail time. first of all, there's this huge growth in the boating business because of the pandemic, but you, you run kind of a timeshare for boats. i believe you've got a 200% increase over last year. a timeshare for boats? have i got that right? >> well, first of all, good morning, stuart. yeah, you are kind of right. we're like a timeshare a little bit but really, what we are is part of the sharing economy. what we do is we work with new prospective boat owners who want to share their boat.

we find those shared users to share the boat. stuart: so if i come to you or go somewhere and i'm buying a boat, i'm a first time boat buyer, i come to you, and you find me partners to share my new boat? is that what you do? >> well, what you do is you put your boat into our managed care. we then go out and find qualified users to share your boat and those users get access to your boat through our membership office. we have a couple different membership types and the more time they want to have on the water and the larger boat they have, pricing, you know, is adjusted accordingly. stuart: so do i, as the boat owner, i still get my pick, if i want to go out on july fourth, i go out on july fourth? if i want to party on thanksgiving day, i get thanksgiving day? does it work like that? >> no. it doesn't work like that. it's the owner's access to the boat, exactly the same way as the members do. in fact, for the members, this is very very much like an

ownership experience. it's designed to where the members will go, use the boat, we are not on the dock, you know, checking them out. they come, they use the boat. now, the way this all works is we have a proprietary scheduling system, and the owners, both the owners and the members access the use of the boat through our scheduler. stuart: fascinating. and your business is up 200% in part or mostly because of the pandemic. bob, that's a remarkable story. thanks for bringing it to us. see you again soon. >> thank you. stuart: thank you. all right. we're not done yet. i promise there will be more "varney" after this. ♪ instead of trying to decide "should i invest in stocks or not?" meaning, "are stocks going to rise or not?", let's instead stop looking at the investments, which we can't control,

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stuart: got to follow these two stocks today. first of all, microsoft, we'll find out how big their cloud business is. then tesla reports their earnings. susan, this could be a big day for musk with a payout and a big day for the stock if it gets into the s&p 500. susan: look how it is trading we're rallying into the earnings, there is positive in the market they anticipate they will squeak by, tesla will squeak by with a fourth straight profit. this is gaap basis there are a lot of exclusions and expenses involved. this is the 12 largest company in america not to be included in

the s&p 500, that seems crazy, doesn't it? microsoft anticipation, they will continue to make money. it's a cash cow. that is what they will continue do. stuart: i sold too early. that is the way to go. i still have a bit of it left. connell mcshaken is in for neil today. connell, it is yours. connell: that is our show, "after the bell," look forward to microsoft and tesla. good to be with you everybody, filling in for neil once again. i'm connell mcshane on "cavuto: coast to coast." we're following stories all across the country today. in d.c., on the east coast there is a battle over drug pricing going on. we'll talk about vaccines. we'll also talk about treatment. the remdesivir rift. the back and forth between democrats in the congress over what was paid may have an impact on access you have to coronavirus treatments. in seattle we continue to cover the protests movement