cheryl: david, really good perspective. all eyes are going to be on these big names after the bell. david, thank you for your perspective. we appreciate it. >> thank you. cheryl: tech-heavy nasdaq is in the green, liz claman. there you have it. big numbers, big names coming out in about an hour. liz: yeah. absolutely. it's going to be the biggest earnings day ever. to see all those four big tech titans all repeating and putting their numbers out. we are on that case. plus we are on this. breaking news. president trump at this very moment is visiting the headquarters of the american red cross in washington, d.c. this is video from moments ago. president trump wearing a black mask as he visits people who are donating blood. the president is expected to hold a specific roundtable discussion donating plasma to help treat patients infected with the deadly coronavirus. we will take you there as soon as the event happens. you know the story about plasma. it's become a very important commodity.

it is official. the pandemic has triggered the steepest economic contraction in history, but markets in this final hour don't look nearly as bad as they did when the number for gdp q2 came out earlier. right now, the dow is down 193 points but the low had been a loss of more than 500 points. yes, we saw that the covid had created a stunning collapse in growth but nowhere at the moment where we see the nasdaq up 56, that's where we see some real strength. but the reaction is most prevalent in safe haven government treasuries. to the ten-year yield which moves, by the way, inversely to the bonds price, diving into a hole. we are at .55% for the ten-year yield, as worried investors decide it is risk off. all right. so president trump is making comments right now at the headquarters of the american red cross in washington, d.c. let's listen in for a moment. >> these therapies transfuse

powerful antibodies from the blood of recovered patients to help treat those battling the current infection that we all know so well. plasma is one of the more delicate ways of doing things. it's had tremendous response so far. we've had. and it's an effort to accelerate, to really accelerate new therapies and further reduce mortality. we've been able to show some tremendous things. if you notice today, it was covered very well, lot of countries where they thought they were doing well, they're not doing well at all. they've had explosions, explosions, unfortunately. we're joined by secretary of health and human services, who is doing a terrific job, alex azar. alex, hi, alex. fda commissioner stephen hahn.

hi, steve. surgeon general jerome adams. and i hope your wife is okay, jerome? i know she had a little difficulty but i'm sure she's going to be fine, right? please give her my regards. thank you, jerome. dr. francis collins, who everyone knows. thank you very much. nih. and dr. anthony fauci. anthony, hi. and deborah, where's deborah? deborah. hi, deborah. good job. everybody's doing a good job. everybody's working very hard. i want to also thank the ceo of american red cross, someone who's done outstanding work. i've known about it for a long time. gail mcgovern, thank you. really an outstanding job. ceo of america's blood centers, kate freh, thank you very much.

ceo of csl limited, paul perrault, thank you very much. great job. and ceo of labcorps, adam shefter. thank you very much. we have taken bold actions to give americans access to plasma therapies. the fda made the treatment available to patients with life-threatening infections beginning in march. we provided $48 million to the mayo clinic to support their expanded access program for plasma. we're providing up to $270 million to the red cross and america's blood centers for the collection of up to 360,000 units of plasma. my administration is partnering with commercial labs, insurers and health care providers to encourage those who have had the virus to donate plasma. so if you've had the virus, if you donate, it would be a terrific thing. we really need donations of the

plasma. to those that have had the virus, you've gotten through it and i guess that means you have something very special there, right, gail? so we would appreciate that. it would help a lot of people. we are grateful to labcorps for offering free antibody testing to identify people who can donate and labcorps has really been fantastic in a lot of ways, other ways also. as a result of these initiatives, we've already treated nearly 50,000 patients with plasma, roughly two million americans have fully recovered from the virus. this afternoon, i'm asking these citizens to go to the coronavirus.gov, coronavirus.gov, and volunteer to donate plasma as soon as you can. we have a lot of people that would heal, would get better, as soon as you can, please. in addition, i'm once again urging all americans to protect the elderly, socially distance,

wear a mask when you cannot avoid the crowded places, and if you can, you have to avoid crowded places. it just seems like so many things are taking place in crowded places. we don't want that. and always wash your hands. wash your hands as often as you can. together, we will defeat the virus, we will defeat the invisible enemy. i want to thank the american red cross. i have been a fan of the red cross for a long time, as you know. we appreciate the great work that you do. thank you very much, gail. now i would like to ask gail to say a few words, please. thank you. >> mr. president, thank you so much for joining us today and for shining a light -- liz: president trump at the u.s. government is now partnering with commercial labs to ensure that the donation of plasma covid survivors is an easier process. the president making these comments at the headquarters of the american red cross. as we're looking at the markets, folks, it is interesting to see that yes, while a loss of 248 points

clearly for the dow jones industrials is not something that we would indicate as positive, considering that the low of the session was a loss of 547, we will take it. and keep your eye on the nasdaq because the nasdaq is that one green area here. the low for the session was down 130 points for the nasdaq. but right now, we do have it moving higher so it's punched back up into the green. let's get to our pop stocks. did you order -- which one you guys want me to do? brad? okay. let's get to qualcomm. qualcomm of course as you know is a leader in smart phone semiconductors. qualcomm is at the top of the s&p 500 right now, surging on earnings and an upbeat outlook. look at the stock up 14.33%. here's what happened. the company is seeing very strong demand for its 5g chips. of course, the upcoming 5g cycle will likely offset excess inventory of older microchips. and qualcomm did reach a

settlement with chinese telecom giant huawei good for $1.8 billion in revenue. we should mention paypal is moving at this moment to the upside. it too -- actually, it had been down earlier. yeah, it's punched back up 4%. it beat expectations on both the top and bottom line. the online payment leader gutsy enough to not only give but also raise guidance. lot of these companies are not even giving guidance because they can't see that far out. not even that far out, but of course, the coronavirus and pandemic make things very difficult to judge. new active accounts pouring in as e-commerce reigning supreme during the pandemic. speaking of e-commerce, the online shopping boom proved to be quite a boom for overstock as customers snapped up furnishings to redecorate their homes during the lockdown. overstock's stock is up 25%. it's getting propelled to a revenue beat in the second quarter and a return to profit versus a loss from a year ago. the parent of kfc, taco bell

and pizza hut, yum brands, reporting a second quarter earnings beat as folks binged on fast food during the pandemic. admit it, were you one of those people? the stock at the moment struggling a little bit earlier today because all three of its major brands did see same store sales decline. now, you might think that that is something that might be in the past but we have to talk about the damage that we've seen from q2 gdp. the lockdowns which hit the second quarter squarely in the jaw look like this. gross domestic product, plunging a record 32.9% in the second quarter so how, with that horrific number, did crocs defy gravity? it's the maker of colorful flexible clogs. it beat second quarter revenue estimates. its e-commerce surged nearly 68%. the stock is up .5%. how do ceos continue to navigate these very dark economic

tunnels? crocs' ceo figured it out. what's his next move? he joins us live to talk about it. welcome to the show again. glad to have you. yes, compared to your pre-covid revenue these are clearly weaker, but what would you say was the secret to overcoming the specter of losses and actually making money during the worst economy most americans have ever seen? >> probably three things. one was cost controls, making sure that we're in control of both our operating costs but also working capital. the second was really leading into digital. we have been big investors in digital sales, both sales through our own e-commerce but also partners like amazon. obviously those channels continue to function in this time frame. then the third thing was health care donation program. early on in the crisis, we thought it was really really important to support our front line health care workers. they were reaching out to us, they wanted crocs, they were easy to clean and comfortable

and we gave away 680,000 pairs which generated tremendous good will and drove a lot of people to our website. liz: god bless you. i do have to bring you back to march 16th. lockdowns began, new york city became an instant ghost town. what did you as a business leader do? did you set up a war room? what was your first reaction? >> yeah, we really had a virtual war room. you know, i would say we were really lucky. we started putting in place microsoft teams and we went, we sent everybody home, closed all of our stores and had a virtual war room. our senior team would meet on a daily basis and we would figure out all the different strategies and things that we needed to do. we established both a defensive and offensive playbook. we knew right from the beginning it was important to be defensive but at the same time, we needed to start thinking at that time even when it was really hard, we needed to start thinking about what we are going to do that was going to allow us to propel coming out of this. it was a lot of communication,

lot of late nights and a lot of time sitting in front of your computer. liz: you are very much at least the ones we are looking at, a summer shoe. but even another ceo out there, i noticed this, one of my friends brought this to my attention, the ceo of vale resorts put out an open letter, of course, he's a big winter guy, and i want to put up some of what he specifically said. it was basically him saying do not get complacent if you want a winter sports opportunity. as we put this up, what he's saying is this thing could rear its head again over the winter so what do you begin to do as you're looking and here's rob katz saying we cannot get complacent, we must assume the virus will reemerge, we cannot relax restrictions or protocols and play catch-up to the virus during the ski season. how do you prepare for something like that? >> i mean, i completely agree. vail resorts is just across the street from us so yeah, we have to remain extremely vigilant.

you know, we are fully expecting with the increase of the virus we are seeing, we open and close our stores dependent on the safety measures that we have in place and any risk to our employees. we monitor that very closely and monitor that in conjunction with other retailers but i think as a country and in fact, all countries around the world need to remain extremely vigilant and that's the only way i think we can get our economies back up and running and serving our consumers. liz: you brought up that a lot of front line workers, particularly doctors and nurses, wear crocs. they don't ever grow mold or they don't smell. i have my pair right here. my custom uc berkeley ones you guys made. i do have to ask you, have you tested whether viruses, any virus, can live on the actual material?

>> so the real benefit of crocs is they are easy to clean. it's not the actual material that makes them defensive against the virus, but it's the fact that you can use a powerful disinfectant, whether it be alcohol or others, on them and there are no cracks and crevices that you can't get to. so it's really the cleanability and so i think we need to rely on the cleaning solvents and disinfectant materials that kill the virus but you can do that easily on crocs. you can put them in the dishwasher. you can run the cycle and put them back on. they are easy to clean. liz: thanks for the tip. >> that's really important. liz: yeah. we can't let you go without bringing up one of the biggest stunners, the success just a few days ago of your collab with kfc. i would have thought gucci but

kfc, the shoe printed with a pattern of chicken and a mini chicken leg that smells like chicken, apparently. they are being sold in the secondary market for $250, sold out in minutes. you've now got a template for a huge continuing revenue driver. what's the next collab? >> we have 12 significant collabs lined up for the remainder of the year. i can't tell you who they are. i think part of the secret sauce of these collabs is they are unexpected. i think, yeah, the kfc was a huge success. we have done collaborations with musicians, with designers, with other brands and other stores. i think it's the variety and creativity that goes into the actual product that makes them a must-have item. i can tell you, we had over 130,000 people in line to try and get those collaborations before they were sold out in 30 minutes. liz: okay. i want to see a taco one for

taco bell. you got to unveil it here. thank you very much for joining us on "the claman countdown." >> thank you. liz: any time. any time. closing bell ringing in 45 minutes. dow jones industrials still languishing down 256 points. gold is also pulling back today by $7.60. still at $1960 a troy ounce. up next, trolls world tour ignited a royal rumble in the entertainment industry but now a peace treaty has settled the biggest box office battle of the year. amc entertainment ceo taking us behind the scenes of how this cease-fire came about. "the claman countdown" will be right back. as a caricature artist, i appreciate what makes each person unique. that's why i like liberty mutual. they get that no two people are alike and customize your car insurance so you only pay for what you need. almost done.

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simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. liz: from two months ago, amc's ceo told "the claman countdown" his 260 plus u.s. theaters would never again show another universal film after universal during the light of the march lockdowns broke the traditional theatrical window and released "trolls world tour" directly to video on demand.

last night words came both sides put down their weapons. universal will first release its movies to amc theaters, but will shrink the traditional 70-day exclusivesity window down to 17 days including weekends before releasing it to the great wide way, films to digital. universal said releasing "trolls" to video exceeded expectations but -- >> we have always believed it can be a complement rather than a replacement for a rebust theatrical release. liz: to the man who struck the deal. amc's ceo adam aaron, co-owner of the philadelphia 76ers. i know the nba is tipping off tonight. we will get to that in a second, after a four-month covid pause. first, how did you guys get from boycott to a deal? who approached whom first? >> oh, you know, if you go back in time a little bit just before

the covid crisis, amc, the largest exhibitor in the world, sold more tickets for universal than anyone else on the planet. when we realized it might be coming, we said we needed to restructure the financial arrangements between our two companies. we always had good relations, great relations with jeff and with all the executives at universal. there was never any bad blood or ill will. this was just about money. we each approached each other the very first day and we have been in negotiations ever since. i think we all thought this wouldn't end up in war, that this would end up in a renegotiated business agreement between the two companies. liz: yeah. where did the 17 day number come from? did you leave money on the table? i ask that because many movies make millions after that three-week window. "ju "jurassic world" raked in

millions after its three weekends were done. why not 21 days? >> well, 17 days is actually a number that's been floating around our industry for about four years now as an alternative to the current window, which is 74 days, or what some studios wanted which was called a day and date model which means movies would go to the home the same day they went to theaters. 17 days was picked because that's after the third weekend of release, and for many, many movies, more than 80% of their revenue has already been banked in theaters by the end of the third theatrical weekend. we were able to preserve those but if that's all we got, that wouldn't have been enough. fortunately for us, we have been able to include amc in the revenue stream that comes from that home viewing so that opens up a whole new revenue opportunity for us. in essence, we are now going to

get paid at amc what people come to our theaters or when they stay home on their couches and watch movies at home. liz: what percentage of the premium video on demand will you guys get at amc? >> a big percentage. but the deal terms are confidential. liz: 50? 40? >> i'm not going to tip it here. let me give you one interesting fact about how this could expand the market both for universal and other studios and for amc and other exhibitors if they follow stut. 97% of all movies that play in the united states sell fewer than 10 to 15 [ inaudible ] in a country of over 300 million people. while it's great that people come to the theaters in huge numbers, movie theaters sold a billion tickets in last year,

2019, pre-pandemic -- liz: but adam -- >> -- that's not coming to theaters and now this is a new revenue opportunity for studios and for us at amc, because we are going to get a cut to tap into that market. liz: okay. do me a favor. let us know when you do open. do you have a date yet, real quick? >> we are real close. we said publicly we will open mid to late august, in time for the opening of "tenet" which is currently slated for the first week of september. liz: okay. all right. good luck. please come back again. >> one last thing -- liz: adam aron of amc entertainment. yes. all right. we will get his one last thing the next time around. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

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amazing school district. the hoa has been very involved. these shrubs aren't board approved. you need to break down your cardboard. thank you. violation. violation. i see you've met cynthia. at least geico makes bundling our home and car insurance easy. and it does help us save a bunch of money. two inches over regulation. thanks, cynthia. for bundling made easy, go to geico.com liz: don't worry, i have adam aron's one last thing. all he wanted to say was go,

sixers because he's a co-owner of, yes, the philadelphia sixers. let me get to baseball. the toronto blue jays weekend series with the philadelphia phillies has been canceled. the mlb pulling the plug on the games after the phillies announced two staff members have now tested positive for covid-19. that happened just this afternoon. the phillies as you know hosted the miami marlins last weekend and the marlins have their own very very serious outbreak, including 17 players. it started as 12, now it's 17, two coaches and mlb is now investigating the marlins outbreak. the phillies and marlins have not played a baseball game since sunday. baseball's problems come as the nhl is just 48 hours away from puck drop on the 2020 stanley cup playoffs. the league that had no players test positive out of 800, that's great news, before heading into one of two playoff bubbles in toronto and edmonton. o

what are the teams competing for the stanley cup? the arizona coyotes and their new president and ceo, javier gutierrez, joins us now. you must be so eager to see this kick off. what's it been like for you guys? >> absolutely. it's a pleasure to be on, liz. long-time watcher and yes, it's incredibly exciting for all of our fans here in arizona. it's just a wonderful, wonderful time to get back to talking about hockey and seeing our wonderful players back on the ice and obviously in the middle of this pandemic, it's wonderful to have some entertainment, get our minds off of all the challenges all of us are facing. liz: how have you kept the players healthy and safe? we know with the marlins, that there is now an investigation, they may have gone to a club, who knows, but it has spread certainly. what have you been doing to keep your coyotes, your players, in the bubble and how have you stressed to the entire

operation, the entire, as they say in canada, organization, that this is really serious, you can't be fooling around? >> first and foremost, i really have to applaud the league, the nhl, gary bettman, bill daily, all the great folks in new york at the league office, they really put in a fantastic protocol and made this a priority. they said safety first and created daily testing, you know, protocols that really went above and beyond to make sure that not only our players but our staff, our trainers, our coaches, everyone was safe. so you know, we are now in the bubble and in edmonton and in toronto, and that's a very controlled environment. players are being tested daily, everyone is being tested daily. as far as the organization, we also here in arizona really focused on going above and beyond what is being recommended. our hope is that obviously we cannot eliminate this threat of

this virus, but we can try to manage it and mitigate it. we have made it a top of mind every single day, every conversation. liz: if my hockey math is right, you guys had eight home games left for the season when the covid lockdown happened. how do you plan to make up that revenue that's been lost? >> yeah, no, absolutely it's a challenge. we're looking at a lot of digital marketing and digital platforms to try to make up that revenue. we are trying to be value add partners to our corporate sponsors, to our fan base, to our loyal season ticket holders, and coming to them with, you know, with marketing and with a lot of platforms that are more tech-enabled in order to try to find revenue and try to bridge the gap there. liz: you guys, you know, you could improve your numbers when it comes to home games and

people filling the staeeats. we know the nhl will expand to 32 teams. here comes the seattle cracken. when you look at those things, how do you feel about adding more teams? >> you know, i think it really just shows the continued growth of this sport and of the fan base across the country. i just took this job two months ago and i'm sitting here in arizona, it's 115 degrees, yet i'm in a hockey town. usa hockey has done a report that youth hockey growth for boys and girls under the age of 8, this is the number one, number three markets respectively. it really shows that this sport has a lot of legs, lot of growth, and communities around the country are really, really primed to continue it as a growth pattern. liz: well, when this is all over and you come to play new york, we would love to see you here at fox business. xavier gutierrez, president of the arizona coyotes. good luck with the stanley cup playoffs. thanks so much. breaking news.

president trump now taking questions at the headquarters of the american red cross. let's listen in. reporter: gentleman from labcorps talked about that a little. what's that going on? has there been improvement? >> so we're getting mostly now, we're ordering as many of the immediate tests which is five minutes to 15 minutes even a little bit less in some cases than five minutes but we are trying to get those tests. we have pretty close to 50%, i call them short term tests, but we're up to about 50% which is amazing. the other tests, while good, you have to send them. then they have to do the work, they have to send them back so the process takes long just in terms of delivery. we really are liking the short term test where you find out immediately whether or not you have a problem. that's what we're striving for but we're already up to approximately 50%. is that correct? >> with the new antigen tests

that are available to nursing homes, that will help our turnaround time but you have charged us to get that turnaround time down across the board and we are working with fda to make pooling available. the reason labcorps has been able to decrease their turnaround time so remarkably is they moved to pooling several weeks ago. that's dramatically increasing our throughput around the country so we really need to call on all the laboratories to learn from labcorps and others that are doing pooling to really increase our turnaround times -- decrease our turnaround times. we know it's possible we can decrease it by at least 50% if all our laboratories move to pooling. we are doing, as you said, and we are going to decrease the turnaround times. >> how is labcorps doing about turnaround? >> right now, mr. president, for priority patients, those in hospitals or in nursing homes in hot spots, within one day we can turn them around. >> that's great. >> for everybody else across the country, we turn those around in two to three days on average.

we can do 180,000 of those tests per day and we are still increasing capacity and as dr. birx said, we will be doing pooling and multiple other things. we will continue to work hard. >> for nursing homes, one day and something more than that for everyone else, but three days looks like it's a pretty good target? >> on average, two to three days. we shoot for two to three days. >> that's really, that's very good. we would be happy with those numbers. numbers that we are happy with and we use a certain test around here that goes very quickly and it's just been recently developed. we've done an amazing job, everybody at this table has done really an amazing job in coming up with testing and testing that works. steve, go ahead. >> one issue that has come up is once you do have a vaccine, how do you properly distribute it? how do you get it out quickly? >> when we have the vaccine, we have the military all lined up.

the military is going to be doing it in a very powerful manner. these are people that don't usually do vaccines, they do soldiers and they do lots of other things that frankly are more difficult but we have our general and logistically he's all set. tony, you want to say something about that? >> that is correct. as the vaccine rolls out, we will be getting them distributed and as you probably have heard, we are going to make sure that we do it in an equitable way and it's representative of the populations who need it the most, and we have the standard way that we determine that with the acip working with the cdc but dr. collins and dr. redfield have put together with the national academy of medicine a group that will fortify that decision making process so that we are making sure we are very fair and equitable in getting the vaccine distributed properly. >> i think i could have francis say that tremendous progress has

been made on the vaccine beyond anything that we would have thought, if you go back six months. what do you think? >> it is just frankly quite astounding, mr. president. i have been at nih for 27 years, director for 11. i have seen some amazing things happen but the way in which the whole research community, public and private, philanthropies, everybody has come together to work on this, not worrying about who gets the credit, trying to figure out how to strip away anything that's going to slow things down. i think all of us motivated by the fact that this is the most serious problem we have encountered in our professional lifetimes, even a day matters, so that's why a lot of people look kind of sleepy because we're all working 24/7 trying to make sure that nothing possibly slows this process down. yeah. the vaccines, this week is a big week, as you just heard, having two phase 3 trials started in the very same day of this past monday. based upon very impressive phase

1 data showing that people who got that in phase 1 trials developed these high levels of neutralizing antibodies that should be very predictive of protection but you don't know until you actually run the trial in those 30,000 people. by the way, you heard earlier about coronavirus.gov which is the place you can go to to find out how you can donate plasma. there's another thing you can do. if you go to that website, sign up to say you're interested in a vaccine trial. we need people to volunteer for that as well because we are, with these four to five trials coming along very quickly, each of which needs 30,000 volunteers, that's a lot of people. we need them. >> we are working very well with other countries. >> we are indeed. science has always been international and it certainly is right now. we work with our colleagues in europe and the uk and asia in a way that i think represents the best of the best and again, everybody recognizes we are all in this together across the whole planet. >> okay. thank you very much, everybody. thank you. thank you.

thank you. liz: dr. deborah birx, dr. fauci appearing with president trump there at the american -- what we're looking at here was just basically a discussion specifically about blood plasma, about what's happening with all of the labs and how the u.s. government is working with them and the american red cross in d.c. we were watching, of course, stocks. stocks have sold off but we are well off the worst parts of today's session because we've got this horrible number for gdp, worst ever. just a complete collapse of growth. but remember, we do have some comeback here with the nasdaq. is it any surprise at all that we have four big nasdaq companies, facebook, amazon, google and apple, all reporting after the bell.

the effects of the covid economy crisis may very well take a toll on all four of those names, but i think the estimates are a little off here. it does look like all four of them will see shrinkage from their earnings but with amazon seeing an expected gain of $1.46, it's still down 72% year over year. just don't see it. i think amazon did incredibly well. we'll look at the s&p 500, down .33%. dow jones industrials down about 1%. let's get to the biggest firms on wall street. when will they go back to work? we are talking tech and now we are talking big financial firms. to charlie gasparino with exclusive details on what, the timeline here? charlie: yeah. this is an update because as you know, coronavirus is in the headlines, mainly in the south and the west, raging in florida, texas, although there's some thought that it might be coming off caseloads might be coming off their highs. in new york city, the pandemic at least for now has been

contained and i went back to my banking sources, the people at the top banks, jpmorgan, bank of america, citigroup, and basically asked them, you know, what are the plans, are the plans still intact for reopening. again, here's what they stay. right now, they are working on very limited staff, only essential workers, people to keep the plumbing going, traders, computer programmers. they do expect as of now to start filtering non-essential people back into the offices in september so you might get something like 20% to 30% of the big banks' work forces starting to come back in september. thir plan as their plan as of now, i say that because we could get a second wave, to have as much as 50% of their work force back by the end of the year. that's as of now. again, this thing could change if we get a second wave. the banks are telling me they are planning to do it, particularly in september, it's going to be kind of a test case

of how to deal with non-essential workers. how do people come to the office or get on elevators, do they take temperatures constantly, do they wear gloves, how do they perform and how do they -- so september is sort of going to be the test run for the more fully implemented work force coming back to the office toward the end of the year. again, this could change. here's something interesting i'm getting from inside the banks, that workers want to come back to work. it's interesting. you would think because of the pandemic and how it hit new york city early on, also the crime wave that has decimated new york city in recent months, police being handcuffed, not being able to do their job, you would think people would be afraid to come back to work and what they're hearing is people do want to come back to work. they want some semblance of normalcy in their lives. they are a little afraid of getting on subways or even

possibly taking ubers, but they want to come back. so the firms are telling me that their plans are still to come back starting in the fall, filtering to non-essential workers and bringing more and more back until the end of the year where there is 50% capacity. again, it's all dependent on a second wave. as you know, the coronavirus hit new york really hard, hit it early. there is some talk about a potential second wave. if there isn't, you could see this plan of people coming back starting in the fall and having some degree of normalcy for the banks' new york city workers. we should point out that in new york city, there are something close to 300,000 financial service workers. so it's a huge part of the economy, one of the biggest parts of the economy. this will be very interesting to see how this unfolds. but again, it's all dependent on a potential second wave. back to you. liz: you know, as we see technology stocks moving higher,

the financials are getting crushed today. it's pretty stunning. most of that is related, of course, to that ugly gdp print. charlie, thanks very much. we'll be watching that. we cannot ignore oil. oil sinking 3.25% today during the regular session, settling below $40 a barrel. $39.92 was the final price there. it is trading in the after hours session. it's now at $40.18 but fears the rising number of coronavirus cases will cripple demand are swirling around black gold. kind of like black, i don't know, black copper? who knows. it's not really black gold at the moment, is it? cheryl: i know. >> tim: hard it's hard to see these numbers. down more than 2.5%, as you can see. i want to take a look at the contract, obviously. we dipped below $40 earlier. definitely pressured by worries of a resurgence in coronavirus cases around the world and that that could possibly cause demand to falter as major oil producers

begin relaxing those output curves. shares of exxonmobil were the ones we are watching. that's certainly been hurting the dow today, as you can see. exxonmobil down almost 5%. chevron down more than 4%. the global demand story that concerns possibly lower domestic demand, that's got investors in these oil giants concerned. second quarter had a few bright spots. i don't want to totally bring you down here. oil companies were forced to sharply curtail production as coronavirus related lockdowns reduced driving and flying. the companies that appear to be in the best shape really out of everybody, of all the numbers we have gotten from these oil producers, apache, that looks pretty good. royal dutch shell cut their dividend in earnings, had messy earnings. they wrote down the value of assets, $16.8 billion. conocophillips, valero, having trouble today. i will try to give you a couple bright spots overall for the oil and gas industry. it's kind of a rough day.

back to you. liz: yeah. you know, will exxonmobil be able to preserve its dividend. that becomes a massive question. thank you, cheryl. cheryl casone. check the dow. we are down 240. we have the russell 2000 small caps also weaker, down about five points. closing bell 13 minutes away. the emperors of the digital world, yes, the internet online technology industry taking incoming fire in an antitrust blitz on capitol hill just 24 hours ago. but can earnings help heal the wounds of yesterday's congressional bruising? the stocks are having no problem bouncing back but find out next when our panel of all tech all-stars comes right back. they will prepare you for what's about to happen after the bell. introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions.

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liz: yes, the closing bell is nine minutes away but even closer are the reports of how much the biggest of the big tech companies will have made during the quarter. that's in a few minutes. in the meantime, as we wait on that, fitbit is moving in reverse on a report saying that european regulators are set to open a full antitrust probe into google's $2 billion plus buyout of the fitness tracker maker. we do have fitbit down 2.7%. google is holding strong, up about 1% at the moment, despite the news less than 24 hours ago after yesterday's congressional throw-down, but maybe that has more to do with everything that happened during that throw-down. let's take you back to the calm before the storm. that was when we saw the swearing-in of four of the most powerful ceos not just in the nation but in the world yesterday. and then after they all put their hands down, things got real as tech titans clashed with

law makers during the roughly five-hour long antitrust hearing. the ceos were on the defensive immediately, in some fiery exchanges over everything from intellectual property theft of competitors, censorship, copycatting to being called the emperors of the online economy. get the popcorn out because as i said, the fireworks continue in just a few minutes, where alphabet, amazon, apple and facebook, earnings are about to be released. let's bring in our tech all-stars to help you get ready for that. john meyer and kevin kelly. okay, john, i want to start with you. you have a particular relationship over many years with apple. people who don't know, it's the flashlight on the iphone, that's john's. john helped apple develop that. what did you think of how tim cook i guess conducted himself? >> i think tim cook conducted himself as well as he could have. however, you know, a lot of what

happened yesterday really again sort of went over the fact there is this very very growing and significant i would say uprising amongst apple's third party developer community where they are fed up with the fact they're facing this kind of 30% tax on apps sold as well as content sold within apps. and the reason why it's so significant is because developers would not be facing this if it wasn't for the severe lack of competition amongst the app store. liz: in fact, the app issue of having a behemoth like apple squish down and be the controller of all of those who came up when the chairman of the antitrust subcommittee, he of course a democrat from rhode island, had this exchange. listen. >> we have fierce competition at the developer side and the customer side, which is

essentially it's so competitive, i would describe it as a street fight for market share in the smartphone business. >> have you ever retaliated against or disadvantaged a developer who went public about their frustrations with the app store? >> sir, we don't -- we do not retaliate or bully people. it's strongly against our company culture. liz: all right. john, do you agree with that statement? or is he kind of dancing around some of the hard-handed tactics, heavy-handed tactics apple has used? >> he's certainly dancing around the real tactics at play here which again is the fact that think of a small to midsized developer. these are people trying to make a livelihood off of developing for apple's platform, thus making the iphone even more superior. if you spend six to nine months developing an app, say a few hundred thousand dollars at play, apple could literally just

. there are no competing app stores. when he says there is no competition, he is really referring to the fact. there is a lot of competition. he is referring to the fact there is a lot on the iphone as a device but really not on the app stores front. liz: kevin. you as a big investor in technology, what did you think? who got hit the hardest yesterday? >> i think actually google got hit the hardest. they're easiest target to go after, given the fact they have had multibillion-dollar settlements over in europe. they have no competition when it comes to search, right? not only do they have no competition when it comes to search on the desktop but also on the mobile device. that is actually pretty interesting, tim cook has that oh, he was saying there was a street fight from the clip you

were showing but this victim mentality that these ceos had, we're under attack here, right? you need to help support us is pretty interesting because the street fight isn't happening really between, you know, apple and anyone else. it is a duopoly between google and apple. the senators had an easier time going after google even because the advertising aspect. liz: well jerry nadler of new york went after mr. pichai on instagram and he really had some info. he came pretty much armed to the teeth. let's listen. comment what you think -- >> vigorous competition, travel, real estate. >> let me ask very specifically, the evidence that we collected shows that google pursued a multipronged attack. first google began to steal other web pages content. in 2010, google stole restaurant

reviews from yelp to bootstrap its own rival local search business. do you know how google responded when yelp asked you to stop stealing their reviews? we'll tell you. our investigation says google's response was to threaten to delist yelp entirely. liz: google was outed in many cases. what do you expect from earnings, kevin? >> i actually expect from earnings we'll see a significant amount of cap-ex come about because they are a distant third in the cloud business this ties into the congressional hearings yesterday given the fact they're going into the health care side pretty heavily. we saw that last year from a lot of the headlines where they were saying they were actually getting customers data from the health care systems that were out there and customers didn't ohno that. so i think you are going to see a heavy investment in cap-ex, into the cloud infrastructure for that very reason they want

to build the system because google is a company that shoots first and asks questions later. they would rather ask for forgiveness than permission. that is what we'll see happen with their earnings. it played out over the previous quarter, we see the cap-ex spend is weighing heavily on the stock. liz: apple expected of earning per sure after buck 39. amazon expected to come in at a buck 46. both those numbers would be considerably down from a year ago. john, do you think what happened yesterday will negatively affect stocks in the future? >> in reality i don't think so. one of the biggest thing of companies like apple, they're pulling vast majority of revenue from the iphone sales. if anything to look at, look at international numbers on iphone sales particularly in china where over the last few years apple has gotten an

extraordinary amount of competition and also backlash among consumers in china and the iphone. [closing bell rings] when i was in china recently the iphone is considered sort of a joke at this point. liz: we got to go. john, kevin, thank you. stand by for the big four earnings. that is it for "the claman countdown." melissa: the biggest names in tech are about to shake up the market. apple, amazon, facebook, alphabet worth nearly five trillion dollars combined. set to report results just moments from now. hey, david. david: hi. that is almost as much as our national deficit. but i digress a little bit. but i'm david asman in for connell mcshane this is "after the bell." the major averages closing off the lows of the day. the pandemic takes a toll on american workers and businesses. let's get to today's panel as we