maria: have a great day, everybody. see you tomorrow. "varney & company" begins right now. stu, take it away. stuart: i shall indeed. good morning, maria. good morning, everyone. look what we have for you today. an indicator of a strong economy, a market close to yet more record highs and the start of the democrats' virtual convention. the socialists are running that show. more about that later. first off, two major retailers showing excellent results for the middle of the calendar year. walmart doubled its online sales. we were out there spending our stimulus checks with bricks and mortar sales soaring at walmart. home depot, i guess we were all

remodeling big-time during the lockdown. profits went straight up, sales straight up. those tools, wallboard and paint, just ran off the shelves. these two companies are economic indicators. they are doing well. the economy apparently recovering nicely. as for the overall market, well, the dow, that's close to the 28,000 level this morning, up about 40 points at the opening bell. the s&p, that's just a couple of points away from an all-time high. the nasdaq, already there. by the way, apple is only, what, $10 shy of a $2 trillion valuation. all right. let's get to it. the virtual convention. if it wasn't clear before, it should be clear now. this is bernie sanders' democrat party. he laid out a far left platform and it's been adopted by joe biden and kamala harris. socialists wrote the party platform. i'm calling it the

biden/harris/sanders ticket. it's the most progressive t campaign of any political party in recent history. tonight, alexandria ocasio-cortez will be a featured speaker. we heard from the president. he's telling voters to watch out, your 401(k) is in danger and we are expected to hear more from him momentarily as he leaves on a campaign swing to arizona and iowa. great to be back. "varney & company" is about to begin. our campaign ended several months ago but our movement continues and is getting stronger every day. many of the ideas we fought for that just a few years ago were considered radical are now mainstream. >> if you think things cannot possibly get worse, trust me, they can. we have got to vote for joe

biden like our lives depend on it. >> look, you get the wrong person in here, your 401(k)s, wave good-bye to them. they'll be worthless. they'll be worthless, right? stuart: there you have it. night one of the virtual convention with a little bit of the president thrown in there. it went technically, it went well, although it was nothing like normal. surprising how the lack of crowd reaction makes such a difference. fox news' chris wallace said it was like watching a telethon. i think he was right. you know, we will have more on this throughout the show, guaranteed. meanwhile, the president hitting the campaign trail yesterday, stopping in minnesota and wisconsin. later today, he will hold a rally in phoenix, arizona. now, happening at this moment, president trump and first lady melania, they are signing a proclamation on the 100th anniversary of the ratification of the 19th amendment which guarantees women the right to vote. happening right now. at the white house. let's get to your money.

start the dashday, start it rig. walmart and home depot reporting what i would call blowout numbers for the last quarter. kohl's saying they are optimistic for the rest of this calendar year. look who's here. the man himself, the retail guy, that would be gerald storch. gerald, i'm saying that walmart and home depot, they are economic indicators. they are doing very well and they are indicating a strong economic recovery. what say you? >> i think you're right. these were absolutely fantastic numbers. home depot in particular, it doesn't get any better than the numbers they posted. sales were up 25%, same store sales. who has ever heard of that? both transactions and ticket were up double digits, fantastic results and there's every sign it's going to continue. the stock is up 32% year to date. it's up a little again today. fantastic performance. consumers are fixing up their homes. walmart's numbers very very

strong. in any other environment, their stock would be zooming today. it's not zooming right now for two reasons. first, it's risen 15% or so this year already so it's up a little bit in the year. secondly, there was a lot of noise in the earnings release about the impact of the stimulus, that helped drive the results during the quarter and that things slowed down near the end of the quarter and they wouldn't give guidance about what they were expecting. it's really based on the stimulus. they have a lower income consumer who is very much dependent on whether or not they get that money. putting that aside, numbers were fantastic. strong growth particularly in transaction size, groceries. kohl's, i have to tell you, they are a pandemic loser. their results weren't so good. they did better than expected but the stock is down pretty sharply, over 50%. it's down pretty steeply today. that's because they really don't have an answer, no matter what they say, for the pandemic. it's not because the consumer's not strong, to your point. it's because kohl's is a department store, focused on selling apparel with an

un-economic e-commerce arm so it's very very difficult for them to make this work. stuart: back to home depot and walmart. i know they are in different industries. it's home renovation versus all around selling just about anything, but what are those two companies doing right? is it just being in the pandemic and well-placed or good management and good strategy? >> well, they both have fantastic management. but walmart has always been the leader on things that you need, groceries, consumables. they have tremendous value which consumers obviously want. they have gone to walmart to buy groceries and while there, they are buying everything else. all that general merchandise they talked about during this earnings report showed a boost. last quarter was just groceries. now it was everything. they provide great value, they fixed their internet so they are competitive with amazon. particularly with store pickup, they are driving that business. home depot is just fantastic. they have been the leader in this space. they have invested in technology. they have strong e-commerce. they have great value. of course, if you are going to fix your home up or even going

to garden or do anything outdoors, this is where you are going to go. they are in the right place at the right time. great internet, great management team. i don't see anything stopping home depot or lowe's, for that matter. that segment is really hot right now. stt stuart: we love to see winners. thanks for bringing the two prime winners of the day. thank you. see you again real soon. we spend a lot of time on this program about the working from home movement. but look at amazon. they are going against that trend. what are they doing, susan? susan: that's right. welcome back, stu. hiring 3500 in six major cities, including new york city, phoenix, san diego, denver, detroit and dallas. these are corporate jobs, 2,000 of them will be in new york city. that's to work in amazon's new offices in historic lord & taylor building. amazon buying the fifth avenue department store for around a billion dollars from wework according to the "wall street journal" and working from the office. that goes against the work from home trend that other tech giants have been employing.

twitter and square say you can work from home forever if you can. facebook extending work from home until at least next summer. and over the next decade they say they will shut more of these jobs to remote but amazon is going in the opposite direction. suggesting that companies and employees will still want to go back to the office after covid. new york city and other big cities may not be dead after all. you read those headlines, right? stuart: yes, i have. we have been featuring that for weeks on end here. amazon is going against that grain. very interesting stuff. susan, thank you. economic data out this morning. big read on home building and home construction. home buyer stocks all doing well because they are very good numbers. almost one and a half million new building permits issued in july, a 19% jump. new home construction hits almost 1.5 million units in july. that's up, what, 22.5%. huge numbers. big gains. staying on construction, i

want you to take a look at the price of lumber. look, i'm a tree farmer. i know for a fact that the value of lumber, timber, has been going up for four, five, six weeks. lauren, are you going to tell us that that hurts or raises the price of new home construction? lauren: absolutely, and it already has, stuart. as home builders say they are more confident than ever, they do have this warning. >> the only head wind we're concerned about right now is lumber prices. they are rising exponentially. they are adding up to five figures to the cost of an average house and that's something we hope that the administration will take a look at. lauren: let me get you the exact numbers. homes are costing $14,116 more since mid-april because of this skyrocketing price of lumber. it's pushing the cost for the builder up 70%. jerry howard asking the white

house look, roll back the 20% tariff on canadian lumber imports to the u.s. that will help us keep homes more affordable. stuart: yes, it would, but the price of my lumber from my tree farm is doing very well, thank you very much indeed. thank you. i had to get it in. tesla, look at that. $1900 a share as of this morning. up, what, 3.7% today. they were up 11% since this week, i believe. by the way, elon musk's spacex planning a launch next hour. tell me more about that, ash. ashley: they are indeed. not far from where i'm sitting, if i put my head out the window i might be able to see it. 10:30 a.m. eastern time from cape canaveral. the falcon rocket booster will be taking off hopefully, weather permitting, of course, as always. it will carry a payload of 58 satellites that are actually part of elon musk's broadband network and also again, they will try to recover the main

booster that falls back into the ocean. there's a drone ship out there and the name of the drone ship is, of course, "i still love you." that's the name of the drone ship. we will keep an eye on that. 10:30 a.m. this morning. stuart: by the way, ashley, thank you very much for all the hard work you and susan and lauren did while i was away. i do appreciate it. i was lollygagging on vacation. by the way, elon musk is now the fourth richest person in the world because of the gain in tesla's stock. apple, on your screens right now. $457 a share. they are launching two new live radio stations, apple music 1 and apple music hits. they are available now in 165 countries. not helped the stock which, by the way, is $10 shy of a $2 trillion valuation. i will say that again. look at futures. we are flat to higher this morning across the board, up 30

points maybe for the dow industrials. new york gyms, yes, they can soon reopen but some strict new rules. will people come back? do you want to work out in a face mask? that's a good question. we are on it with ceo of retro fitness. we have seen chaos unfold in some big cities. mike murphy, market watcher, he says that could hurt the market. interesting. he will make his case in a moment. we are just hours away from day two of the democrat national conventi convention. some big names, on your screens now, including former president bill clinton, will appear tonight. is that a good move to put bill clinton up front in the age of me too? we're on it. ♪ hi, this is margaret your dell technologies advisor to listen, is to hear more than what's being said...

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stuart: disney is expanding its deal with verizon. disney will offer some customers a free year of disney plus, hulu and espn. okay. disney is down, $129, disney. boeing offering a second round of voluntary layoff packages. they originally planned to cut 10% of the work force. but the slowdown in travel has caused boeing to go beyond that. the stock, though, down just 27 cents. $171, boeing. airline stocks, ooh, lauren, what's this about virus cases on the rise hurting travel demand? tell me more. lauren: yeah. that's dinging the good news that 773,000 people passed through security checkpoints yesterday so for the past five days, we are seeing that number hold above 700,000, 800,000 on sunday.

but yeah, it's these rising covid infections, more quarantine measures by some countries. they grounded the airline stocks in a big way yesterday. american was down 5% yesterday. but look, they are all down once again this morning in the premarket. stuart: if the number of cases rise and quarantines rise, then down goes airline travel. if you stick at 770,000 passengers a day, that doesn't make it. thank you, lauren. now, democrat national convention, day one had a number of democrat all-stars giving speeches, including bernie sanders. watch this. >> let me take this opportunity to say a word to the millions of people who supported my campa n campaign. but our movement continues and is getting stronger every day. many of the ideas we fought for that just a few years ago were considered radical are now mainstream. stuart: that's true. that's exactly what's happened.

a member of bernie sanders' 2016 campaign is with us. welcome back. good to see you again. >> good to see you. thanks for having me. stuart: my opinion is straightforward. bernie sanders is running the democrat platform. what say you? >> my opinion is straightforward foo. i always try to give it to you straight shot with no chaser. i would say that progressives disagree and feel like bernie sanders is not really running the democrat party. that's why you did not hear a lot on policy. you heard three things yesterday. one was the $15 raising that minimum wage. two, the second thing was taking medicare from 65 to 60 which people think is a joke. then three, ending privatized prisons which i certainly support but it's still not strong enough. the thing is, i don't really even consider myself a progressive and i'm certainly not a socialist but most of the progressives within this party feel that bernie sanders did not ask for enough concessions. his speech last night was pretty much saying the important thing is voting donald trump out of office and have a revolution later. i will say there are

progressives up and down the ballot, our down ballot progressives that are moving this party further to the left but joe biden has not really changed his positions much. stuart: well, far be it from me to argue with you, but i think you're wrong. look, hold on a second. if you look at the biden/harris campaign platform, it's raise taxes pretty much across the board, it's green new deal, pretty much across the board, it's anti-business pretty much across the board. i would call that joe biden moving to the left so he can catch the progressive support. that's where i'm coming from. >> well, the democrat party has always to me failed in the area of small business. i'm a small business owner myself. you rarely hear that in the major speeches they do. i think that's always been a criticism of the democrat party and certainly joe biden has moved further left than what he quote unquote, used to be when he was a moderate. so i agree with that. i agree that senator harris provides a balance but still,

your true progressives are those who are very serious about medicare for all, still disagree. that's why representative tlaib said she will not be voting for the democrat platform and still voted for -- to nominate bernie sanders even though bernie sanders isn't voting for bernie sanders. there is still some internal fights that still need to happen and they move forward. whether trump is in office or not, the movement is not going away and progressives do not see bernie sanders really carrying the mantle like he once did, so you will see new leadership emerge from the progressive wing for sure. stuart: okay. today is day two. tonight, the theme is leadership. tonight's speakers include chuck schumer, aoc and bill clinton. you think that's a good idea to put bill clinton up front tonight in the age of me too? >> no, i don't. i don't think it's good to put bill clinton in the age of me too or any other age at this point. i think it's outdated and age is exactly what the problem is. when you are trying to motivate young voters to come to the polls, i just don't understand

why having more of the same establishment leaders that have ran this party for decade after decade, i don't see the positive. i don't see the point of bill clinton speaking tonight. i just see it being another opportunity for people to bring up old tapes and bring up his record, and i think there's a lot of good leadership within the party that they are just not utilizing and i don't think that he's one that can really move the needle any more than what's already happened at this point. i don't see it as a positive. stuart: before we close, i hate to ask, but who you voting for? >> i'm glad you asked. the answer is i'm keeping it to myself. but you know what, varney, when i say who i'm voting for, they expect me to be a full-time surrogate and i'm not. what i try to do is express the voice of those that are underserved and do not have an opportunity to speak on this platform so i always welcome the opportunity but as far as my vote, i can tell you i do not support president trump. people think because i criticize the democrat party that that means i support president trump. and i don't. but i'm here to be objective and

look at both sides fairly, and i thank you for that opportunity. stuart: what you're telling me is the turnout for democrats will not be strong because of the progressive wing not being well represented according to you? that's what -- i'm reading between the lines and saying that. >> you're not reading between the lines. i can get pretty clear. the turnout won't be that strong not just because progressives but also because of policy. they can't just assume that black folks will just run to the polls as well. senator harris does bring some motivation but there are still policies that folks are looking for that they want a clear line. it can't just be vote against trump. it has to be what are we voting for. they better tighten up on night two to express those policy demands folks are asking for. stuart: fair enough. thanks for being with us again. see you again soon. that's a promise. >> thank you. stuart: sure thing. check those futures, why not. tuesday morning, we are going up but not by much. nasdaq, nice gain, 40 points. back after this. ♪

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helping riders focus on the road ahead. stuart: president trump has just said that he is going to pardon

susan b. anthony. i believe she voted illegally back in the day before female suffrage. he's going to pardon her i believe this afternoon. mr. trump just said that. check the markets. we are moments away from the opening bell. the nasdaq's coming off a record close yesterday. the s&p, couple points away from all-time highs. mike murphy is with us. mike, i read your stuff and you are saying that the problems with our cities, the damage in our cities, will affect the markets. how so? >> good morning, stuart. you know, we've talked a lot about the economy and i believe the economy will be able to get -- recover from what it's going through right now. we are seeing that already. but as i look at what's happening first-hand in new york city now, stuart, and then you add portland and chicago and san francisco and all the big cities in america, america's not going to recover and prosper while big cities across the country are

burning down. so it's time that we get together and forget about the pandemic for a minute, forget about the economy for a minute, and just realize if we don't have law and order in our cities, nothing else matters because nothing's going to work. it's a real concern for me, especially for new york right now, because i'm raising a family there. stuart: you are also worried about election risk and the market. chaos on election day, election month, for example, possibly a biden win, a socialist win, all of that makes you a little skittish about the market, does it? >> so my concerns are increasing by the day, as i see what's going on. again, using new york city as a proxy for the other big cities across the country, we can't talk about recovery, we can't talk about getting things back to normal when there are 72 people shot in new york city over a five-day period. so if we don't get some leadership in office, the mayor and the governor get together to

say hey, we support police, we need police, we need law and order, without that, no other plans, no stimulus checks, nothing the federal government can do is going to help new york city and the other big cities recover. so although i'm nervous about that, i still believe in the economic recovery once we get past that. stuart: hold on a second, mike. the market just opened this tuesday morning. we have opened on the upside as expected, about 30 odd points at this stage. marginal upside move for the dow. check out the s&p. i think it's pretty much the same story there. it's a couple of points away from an all-time high. that was going into today's trading session. the s&p this morning, we will get it for you momentarily, and the nasdaq as well. yeah, okay. there you go. the s&p is up 7, nasdaq up 41. dow up 31. all-time high for the nasdaq at 11,168. never thought i would see that but it's there right now. mike, back again to you. where does the market go from here? >> so i believe going into the

election, if president trump wins another term, which i believe he will, the market's not going higher, it's going much higher because when we get past the election risk, when we get past the protesters, then we can start rebuilding this country. i believe the trump administration is doing everything they can right now to stimulate the economy after we had the covid pandemic but again, i think you have another side and maybe a far left side that's trying to just get -- create an archy and they are winning in places like portland. look at numbers out of home depot, look the anumbeat number walmart. when we get past this craziness in our streets and i believe we will, the market's going much higher from here. stuart: brave prediction from mike murphy. trump wins, the market goes much higher after that. we heard you there, murphy. you're on videotape. thank you very much.

let me check out tesla. i believe, yes, we are, we are at an all-time high for tesla. can you explain this to me, susan, please? susan: many reasons, stu. that includes wedbush calling $1900 for the stock price. the stock has more than quadrupled so far this year. i checked the analyst ratings this morning. the median target price still below where we are trading, $1437 is where analysts call it. catalysts include the wedbush call and you have battery day next month and there's that five for one stock split at the end of this month which means $400 will be easier to afford than $1900. usually a bullish sign for the stock. yesterday's big rally added another $8 billion to elon musk's wealth, now the rworld's fourth richest, worth $$84 billion and change. most of his wealth coming this year, $50 billion worth. he wants to own no possessions.

keep a close eye on the s&p 500. if we close at these levels, 3386, that's where we need to end above, that's a new record high, closing high for the s&p. stuart: that's very important. you have a new high for the nasdaq, you have probably a new high for the s&p. the dow is, what, 1,000 points away from its all-time high. we don't realize how we creep higher, in a pandemic, coming outs of a pandemic, at least. let's move on to the retailers. start with walmart. lauren, big winner. start there, please. lauren: yeah. at a fresh record for shares. they are up right now even though the quarterly numbers, they were tremendous, revenue hitting 137.7 billion and two trends remain very strong. the first is online, web sales up 97% thanks to curbside pickup and also home delivery. the other trend is consumers are going to the store less frequently but when they do go, they spend more money. they spend 27% more.

the final point, this did put pressure on the stock earlier but it has since reversed. the stimulus checks, they powered the consumer and look, if we don't get another round, another deal in washington, that could hurt walmart. let's check another dow stock, home depot. shares are pulling back a little bit right now but sales in the quarter hit a record $38 billion. stock's down 1.25%. look, red-hot, the market for do it yourself projects at home. we are stuck at home, fixing up our homes, same store sales for home depot up 25%. the average customer spent 74 bucks, 10% more than last year, stuart. stuart: 10% increase in the average check size at home depot. that's a big gain. tell me a little about kohl's, please. lauren: well, they are a department store, after all, and department stores are struggling so yes, they lost money, yes, their revenue fell to $3.4 billion. i think jerry storch said it

best. they don't have an answer to the pandemic. stock down 13% today. coming in today, it was already down 54%. kohl's is a loser. if i'm going to leave you with a positive, they said they expect the shopper to start shopping earlier for the holidays this year and they say we have plenty of cash, about $2.5 billion. stuart: but the stock is at $20 a share, down 50% so far. that's not good. all right. i want to take a look at apple, please. $458 a share. susan, apple music's new radio station, tell me. susan: when apple gets bigger into anything you really have to pay attention because they bring a bucket load of money and a billion active potential iphone customers. two new stations, apple hits and country music and when apple does something, they bring in the big celebrity names. exclusive shows, the biggest in music, including luke bryan, lady gaga, snoop dogg available

in 165 countries. let's take a look at the competitors. spotify, amazon music and tencent. they should all be paying close attention and because the future of content by the way looks more and more like it's shifting into technology. stuart: clearly is. that's a fact. got it. thank you. here's another winner, nvidia. the chip maker is now worth more than $300 billion. susan: with a "b." stuart: susan, they make chips for games, don't they? susan: that's what they have been primarily known for. however, there has been a transition so 540 is how high the stock could go, a street-high forecast. we are expecting some pretty good earnings after the close on wednesday. nvidia should announce for the very first time they are no longer just a graphics chip maker, meaning the data center chips are now bigger than gaming for them. this is because companies are accelerating their move to cloud computing which needs their fast

chips for processing and storage. nvidia now the biggest chip maker in the world, a size no chip maker has reached since intel during the dot-com bubble boom-bust. nvidia also in the lead to buy another company, another important chip designer that all smartphone manufacturers use to put into their phones. apple now using them to go into their macs for the very first time. stuart: nvidia is an american company, i think? susan: yes, helmed by a taiwanese gentleman. but that's been a monster in the stock market over the last few years, particularly when it comes to cloud computing and graphics. stuart: thanks very much indeed. check the market, seven minutes into the session. we are up 24 points for the dow. 27,867. three stocks hitting all-time highs at the open, this is. walmart, home depot, tesla.

all-time highs. home depot has backed off a little but look at them go. the ten-year treasury yield right now is .67%. the price of oil right now is $42 a barrel. pretty sure of that. put it on the screen and i will tell you for sure. no. okay. i will talk tesla. that's wrong. i don't know where that came from. the price of oil is roughly $42 per barrel. okay. got that. bitcoin, $12,000 -- i go away and it was $11,000 a coin. i come back and it's $12,000. how about that. look at gold, up $23 an ounce and back above $2,000 per share. i say it all the time. look at sixth avenue, new york city, right now. this is 9:38 eastern time on a tuesday morning. there's barely any traffic on sixth avenue, new york. i got to say, i don't think it's going to come back to anything like normal, ever. but that's just my opinion.

real estate agencies seeing a record 112% increase in vacancys in new york city. that is a record. 13,000 units vacant. here's the headline that says it all. new york city is dead forever. the author of that scathing headline will join me in our next hour. if you want to know what's happening to the democrat party, look no further than bernie sanders' speech last night. look at this. >> our campaign ended several months ago but our movement continues and is getting stronger every day. stuart: he's running the show. so what does a vote for joe biden get you? you can't have it both ways. we are just getting started this morning. big show coming up for you. this is "varney & company." ♪ introducing stocks by the slice from fidelity.

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stuart: you know, if you bet against tesla, you short it, you are saying that tesla's stock is going to go down, lot of people have done that and lost their shirts. this morning, tesla's up another, what, 50 bucks, $1800 a share. look who's with us. andrew left. you are shorting tesla, i understand. why are you doing that? >> let's make something clear. i was long tesla for a long time. i was initially short, then switched to long. i understood it. right now, i keep a balanced portfolio as a fund manager and i think tesla's a bit overextended. does not mean i recommend it for your average investor to short tesla. i always come on your show and say to people do not short tesla. but at these levels right here, i have a small short position. yes, i do. stuart: it's just the requirements of your fund that

you've got to have a certain number of shorts in there and this is the most -- the best one to short at the moment? >> i mean, at this moment right here, yes. it looks like it could be a bit extended. we could see a pullback. a lot of of it's factored into tesla, a lot of blue skies. we already have the stock split factored in. i like the risk/reward here of being short. stuart: we always like to hear your new stock picks because so many of them have, in fact, done very well. your latest is kamada. an israeli biopharmaceutical company, i think. what do you like about it? it's down today 4%. >> okay. well, it's an interesting company. people who want to speculate on possible vaccines or treatments for covid, you are taking a plasma of people who already had it and putting it into others so it creates the immunity, it's a company out of israel. they actually have a base

business as well that generates cash flow so you're not just buying a dream. they have had good results in the past few weeks that have been published. for a $500 million company right now, the possibilities of a treatment of covid, which are seeing good results, i like it. again, it's a speculative pick, but yes. stuart: that was interesting. when we started this about 45 seconds ago, it was down 4%. then you recommended it and it's down 2.9%. you've got some clout there, left. i'm telling you. tell me about overstock.com. hold on. >> [ inaudible ]. stuart: all right. i want you to talk to me about overstock.com. it's done incredibly well this year. as i understand it, it's gained, what, 1500% since the start of 2020. you like it. you recommended it. how much higher do you think it can go? >> well, i recommended it i think at $15. i don't own the stock anymore. what a run this has been. it just goes to the overall theme of the market, stay at

home. you saw sixth avenue, you said it was empty, people are shopping some place. they are shopping on amazon, shopping on overstock, shopping on wayfair. you got to forget about valuation and say how expensive are things and maybe -- that's what people are buying. overstock, i'm out of it. when i make that kind of percentage of a stock i would normally sell it. i still own amazon. i don't see myself ever selling amazon. again, those people on sixth avenue are on amazon, not overstock. stuart: amazon this morning is, what, about $3200 a share. what a company. amazing. last one is restoration hardware. they have had a really good year. they are up again this morning. would you buy it at $317 a share? >> i think the stock goes to $500 easy. i say that for a reason. it's one of the few companies, you could argue amazon and overstock [ inaudible ] one another. rh really does not have much competition.

what they [ inaudible ] in the furniture space. people have moved to the suburbs, are spending more money on their homes and rh is a direct beneficiary of it. they are going to start opening their european branches this coming year and when you see that, i just think the stock could easily double from here. it's nice to own a company that has a great product at a fair valuation with a long runway ahead of it. that's what rh is. stuart: it's moving up as you speak. got that one. last one is sonos. you recommended them i think back at $12 a share. they are at $14. are you still bullish on them? >> i still am. same thing, stuart. same exact thing. in your house you are watching netflix, listening to music, whatever it is. you have to hear it on something. sonos, anyone who has it, it's a great product. stay-at-home theme, it's a great product. they make money. there's a business there. those are the kind of stocks i want to own right now. stuart: well, we ran through them real fast.

you have been right on so many of your picks. we appreciate you coming on board and showing us some more. andrew left, you're all right. see you soon. thanks very much. we are going to take a live look at cape canaveral where spacex is getting ready to launch its 11th batch of starlink satellites in about an hour. we have former nasa astronaut here on the show as it happens. he's going to take us through that launch. look at the home builders. mortgage rates holding at record lows. how low can they go? we are about 3% now. i'm asking the question. do you think we can get to a 2% 30-year fixed? we will discuss it at least, next. ♪ to me. yeah? so what do you see? i see an unbelievable opportunity. i see best-in-class platforms and education. i see award-winning service, and a trade desk full of experts, available to answer your toughest questions.

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stuart: just look at that market. who would have thought. record high for the s&p 500. record high for the nasdaq. we are coming out of an epidemic, we are going into a contested election -- wait, a chaotic election, in my opinion and look what we've got. record highs for the stock market and for your stock prices. extraordinary stuff. mortgage rates still at record lows. the average on a 30-year fixed is 2.96%. mitch roschelle is with us, partner and business development

leader at pwc. mitch, speculate for me. do you think we will see the day when we get a 2% 30-year fixed? not 2.25, not 2.5. 2% 30-year fixed. what do you think? >> i will be bold, stu, and say yes. i predicted, i don't know, with lauren about nine months ago we would see mortgage rates in the 2s and they are there. i think they will continue to go lower as investors chase for yield and continue to buy u.s. treasuries and that will ultimately drive down mortgage rates. i think we will get pretty close to 2 over probably the next several months. stuart: wow. that will be sensational, because you can borrow an awful lot of money at 2% and your monthly payments are not that huge. how about refinancing? who should consider a refi? when you look at the rate somebody is paying now, versus the rate they can get, what's the gap that makes it worthwhile? >> it depends on a lot of factors and certainly your credit is very important to that

decision, because if your credit has deteriorated because you are out of work or some member of the household was out of work, that could make it a lot harder to get a mortgage right now. if your credit is strong, i think now is an excellent time to do it. the facts and circumstances clearly differ from house hold to household but if it's a savings, i do it now. ignore what i said before, the rates are going lower. i think now's a good time. you know, don't try to game the system and get the best rate. do it now. stuart: last one. if you get to 2% 30-year fixed rate mortgages, you think that really makes that big a difference to the housing market? >> i think it does. look at what's happened right now. we have demand that's in excess of supply of new and existing houses. you saw the housing starts number today was very strong, you saw home builder confidence yesterday that was very strong. i think low interest rates are fueling that and i think that if

they continue to go low, it will continue to fuel it. right now, we talk about v-shaped recoveries in the economy. we certainly have one in housing right now. stuart: you got our attention with the 2% 30-year fixed, and we like that. thanks very much. see you again real soon. thank you. >> you bet. stuart: wrapping up the democrat national convention, our coverage thereof, who better to have than this all-star lineup to react to it. doug schoen, brian kilmeade, pam bondi, charles payne, all of them here. but first, i say it's really important to get back to school, but it's just not looking real good. i will tell you why, in my take, which is next. ♪

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over a million older americans have used a reverse mortgage loan to finance their retirements. it meant so much to nellie, maybe it could mean as much to you... call now and get your free infokit stuart: the story of the morning about your money is record high for stock prices. okay, the dow is down 24 points but look at this, the nasdaq's up 42, the s&p's up 6, both in record territory even though we've got a pandemic, even though we've got a chaotic election coming up we have record highs for the market, extraordinary stuff. a couple of big movers we've been watching for you. walmart, they doubled, literally doubled their online sales. what a performance. the stock is pulling back about a buck at the moment.

home depot, sales up 23%. that is a huge lockdown winner although down a couple bucks at the moment. look at tesla, up another $41 at 1877. susan, come in again, please. the s&p 500 poised for record close. big deal. susan: it's a big deal. we breached through the intraday record. 3393 was the intraday for the s&p 500. if we close above 3386, where we're at right now, it looks like a new record close for the s&p. first time since february we've seen this. you should be encouraged by the two sectors taken us here have been laggard plays. energy stocks and also the financials as well. financials don't really do well when the outlook on the economy looks bleak. that is it stilt case at least for the covid recovery. when we come to energy you're talking about the oil price, right? it is above 40. remember it was in negative

territory for the first time in history during the height of the pandemic? there is a lot of recovery. home depot, walmart are names taking us higher today. we don't talk about this, there is stimulus taking place around the rest of the world. china injected $100 into the banking system yesterday. stuart: we should remember the s&p is an index of 500 different companies so it is very broadly is bad. it is not just five or six big tech companies. it is much more than. that when it is at a record high that tells you a crews the board. susan: volumes are low with vacation summers. we're down 20 or 30% on the average. stuart: thank you, susan. i want to bring in scott shellady. this is an unusual question, not a trick question. i will take a while to pick your brain. what is more important to the market, the fed or the election? >> well i would have to say the election because the fed should, stuart, be apolitical, right?

it should be transparent, do their job depending on not different depending what administration is in there. i thought about it. that should be a constant right? they will change a little bit from one administration to the other i get that, but running the economy, doing their job, i think that would be probably something that would stay on the straight-and-narrow, but what we have playing out in front of our tv screens now, we're flirting with fire. i think, you know what? i'm comfortable with decency of most americans, right? i don't think most americans like to see what is on their television screens right now. they're pretty upset with it. the silent majority is getting more increasingly upset what they have been seeing. i think that slowly but surely bubbling up. i would say those people, that reflecting into the markets means that election will be a really big deal when it comes to your money. if i could just throw one more thing in there, stuart, i think

my age group, i'm 54 years old, we have a lot of responsibility on our hands for what is playing out on our television screens now because i believe in my heart of hearts this is the direct result of everybody getting a trophy, everybody making the team. everybody getting an a. there wasn't the proper sacrifice and effort for maybe that reward. if you didn't get that reward, you had to put more sacrifice and more effort for that reward because now something you got, i want it. if i don't get it, it's not fair. i think that is now the direct consequence for a lot of what we're seeing on our screens. yes, there is some social injustice there, i understand. ultimately you can't have the anarchy what's yours is mine because it's not fair. that is not going to float with america. stuart: what you're saying is you hope that america rejects socialism. i personally think the biden-harris, bernie sanders

tick connects it is that ticket. stuart: it is a social history ticket. i want to see america reject it but i'm not sure they will? >> stuart, this has happened before. i don't, i don't need to hope. i know, i at least feel very strongly america would reject that. just like i felt very strongly when europe, england rejected jeremy corbyn. he had some crazy bernie ideas if you remember, it was hands down slam downfor boris johnson. the brits said no. i think america will follow suit that way. it is just not in their dna. the silent majority will come through. it is not a hope. stuart: if you're right, it is a trump win, i think you see the market do very well indeed. i know you have a lot more to say. i know you do. you have to keep it inside until the next time.

>> all right. stuart: here we go. i have got an update on tiktok. oracle joining the fray, susan? susan: apparently so according to "the financial times." larry ellis sown's oracle joining with early venture tiktok investors with a possible bid. this had a lot of oracle tech watchers and not a natural fit for oracle. they make business software. oracle's largest acquisition was peoplesoft for $10 billion. this might be for billions of dollars. they are looking to buy tiktok in canada, u.s., australia. president trump has extended the window for any negotiated deal to buy tiktok up to 90 days. microsoft still might be the lead bidder to buy tiktok since they have been talking for more than a could not.

he says they will ban tiktok if they do not sell or find a buyer for their u.s. operations. never count out megabillionaire, larry ellison. remember the fund-raiser he did in silicon valley? larry ellison, he is a deal-maker. stuart: i didn't know that, susan, larry ellison, oracle guy is a trump supporter. i forgot about the money raising. it is my age. thank you, susan. here is a name we don't cover very often, advanced auto parts. ashley you will tell me they are a lockdown winner? ashley: it is interesting. we never talk about them, turns out because of the lockdown more people are maintaining or repairing their vehicles. if i did that my car would never run again i can tell you that but others who are skilled in mechanics. if you look at the latest numbers, the revenue coming in at 2.5 billion, that is up 7.3%

year-over-year. the earnings per share way ahead of what the street thought it would be. the company said that it benefited from consumers that received stimulus checks, unemployment benefits and changed behavior because of the impact of covid-19. it is pretty amazing. the stock is up 13% this quarter. and again, we don't talk about this side of the economy but advanced auto parts has done very well, thank you very much. stuart: you know what rich people do when they get a car and that check the engine light goes on, you know what they do? ashley: they change the car. stuart: exactly. they get another car. that is just a joke. ashley: ash tray is full. stuart: it is a joke. thank you, ashley. thanks for all your hard work recently. i do appreciate it. ashley: my pleasure. stuart: now we got to get to we've been watching the democratic national convention. bernie sanders spoke virtually. according to the president is a

fraud and trump is the one killing the economy. doug schoen is with us. i have a strong belief here bernie has taken over the party. joe biden now dances to bernie sanders's drummer. i think that's we are now. i think you will agree with me? >> i will agree certainly the left, aoc and the squad are trying. bernie last night was more conciliatory, stuart. he spoke as did other speakers about the need for coalition. so i worry about the left. i do agree with that, but i think bernie did a much better job last night than he did four years ago. stuart: but he still said look, the movement is intact. the movement is coming through now. i'm not, he is not the nominee but the movement is still there. if you look at the policy platform of biden-harris, it is far, far left.

tax everybody. green new deal up the wazoo. i think that is unelectable, what do you think? >> i think they are electable. i think they are too far left i certainly agree with that. i think bernie understood when he distanced himself on biden from health care, indicating that joe was not for universal care. he understands if it is just the left, bernie and he may win the policy debate and lose the election. that being said, stuart, if the democrats are to lose, it will be by being perceived too far left. stuart: if they win, if the biden-harris bernie sanders ticket wins, we're off to the socialist races and it will never comeback. >> stuart, i can move to florida to get from state taxes. i don't know with how i get away from increased federal taxes, potential of a wealth tax, potential across the board capital-gains taxes.

i agree certainly, if the democrats win the senate, it is katy-bar-the-door. stuart: a lot of cliches. >> i'm sorry, i think that will be the case. i think extraordinary tax increases at every level in every way. stuart: got it. doug schoen. thank you very much. >> sure enough. stuart: and now this, back to school, it is so important but i don't think it is looking very good. the way things are going very few youngsters will get in classroom schooling this calendar year. that is a tragedy for their education and a serious child care problem for parents. it will take a miracle to turn things around. there is uncertainty that borders on chaos. in one school district in georgia students returned to the classroom. 25 tested positive. the school closed. in arizona, a school district outside of phoenix opened, then closed after some teachers called in sick to protest

in-person classes. any school district that opens has to figure out what to do when a student tests positive. put his or her classmates in quarantine? close the class? close the school. what to do. planning is almost impossible. in new york city for example, 30% of families they say they will stay with remote learning. that number will change. so how to principals organize classroom schedules, or teachers schedules? how do you do that. by the way new york city principals are balking big time. they don't think in classroom learn something either safe for them or their students. after the college level disaster for in-person learning for university of north carolina chapel hill. a complete reversal. they're now going to all remote instruction after the rapid spread of the virus on campus. thousands of students are going home. where does that leave higher education? in a mess, that's where. politics, doesn't really

dominate this issue. it is really all about practicality. in a climate of fear how do you get tens of millions of youngsters and teachers and staffers together in has rooms or campuses? absolute safety is a charade. no environment can guarranty zero risk. i guess our best policy is to minimize the risk using vaccines and treatments but we're not there yet. right now the school year is beginning. the classrooms and campuses are largely empty. the most urgent need for millions of parents is not back it school supplies, it is child care. brian kilmeade fired up about this. he wants to see all the kids back in classrooms pronto. he will join us later this hour. the democrats set to outline their economic agenda. i want to know what it is. what will it do to your paycheck? i'm asking art laffer that question next hour. new york city, a ghost town since the beginning of the pandemic.

our next guest says the city that never sleeps is now, quote, dead forever. this is "varney & company" rolling on. ♪. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. the 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 of successfully navigating economic turbulence. giving you clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. ( ♪ ) ♪ i need it so bad don't call it a hobby. it's way more than just a job. this is how we live

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stuart: turn to the southlands for the dow industrials. we're off 80, 90 points. home depot turned 3% lower. that is taking 20 points off the dow. we have record high own the nasdaq which is still up 27. amazon according to the journal they're adding around 3500 new office jobs in six cities. that includes 2000 office jobs

in new york city. everyone else is working from home. amazon is bringing them into the city. the stock knows no bounds, up $93. 3200 bucks a share. look at uber. they're rolling out the uber pass system nationwide. the stock is up 2%. susan, what is this around why should i care? susan: the stock is up on the news and uber pass is $24.95, you get cheaper rides, no delivery fees on food delivery. this is uber roll out of subscription service, recurring revenues. kind of like netflix model, people pay a fee every month. uber needs to way a make money with ride-hailing decimated, down 75%. uber eats doubled since last year. not making up for the drop in rides. don't forget this is an important week for uber and lyft, if they don't win the court injunction in california they will need to immediately reclassify their drivers as employees with benefits instead

of just independent contractors. both have said august 21st might be the date they will need to temporarily shut down operations in california, one of their biggest markets with hundreds of thousands of drivers if they don't win the court case. "the new york times" is reporting this morning to get around this, uber and lyft might be moving to a franchise model. this is interesting. so drivers and riders will still use the apps but instead the cars will be fleets of vehicles, fleets of cars from one franchise, then pay their own drivers as employees instead of forcing uber and lyft to do that. stuart: i think i got it. the 24 bucks a month subscription fee is very doable. susan: if you pay for it. you have to find people to pay for it, right? stuart: i would? susan: in covid times i feel it would be a tough sell. stuart: i would do it. i haven't done it yet. pizza hut, why is it shutting a lot of locations? i thought pizza was big during

the lockdown. why are they doing that, lauren? lauren: the giant franchise that owes them went bankrupt. they reached a deal with the owner of pizza hut which is yum! brands to permanently close the restaurants. here is the story, that have dining rooms. we're eating pizza, we're ordering it. we're not going out to eat it. these dining room pizza huts from not suited for take-out. overall pizza sales are red hot because of the virus but chains like domino's are winning because the locations are smaller and for pickup. stuart: that is understandable. restaurant eating pizza doesn't work. take-out does. got it. green in the home building area. up 19%. very strong. new home hits almost 1 1/2 million in july.

that is up more than 22%. multifamily units apparently very strong indeed. home-building stocks, left-hand side of the screen, all of them on the upside. big theme on this program, the exodus from new york city. we've got new numbers. real estate agencies see a record rise in rental vacancies, up 122% from last year. that is 13,000 empty apartments. if that goes on, we've got real violence in the streets, massive increase in shootings this is new york over the past month, up more than 176%. that is shootings in new york compared to last year. again we'll show you 6th avenue, middle of midtown manhattan, right before lunch hour and it is empty. our next guest says, the city is, wait for it, dead forever. james altucher, says this former hedge fund manager, lifelong new yorker, author of that book, "skip the line."

let's get right at it. dead forever. you ever to explain that. >> well, look what you just said about sixth avenue, it's empty. first off, we have something like 30 to 50% of the restaurants in new york city are probably already out of business and they're not coming back. now the offices in midtown, this is where most of the millions of workers go to work in new york city, why is it empty? they're allowed to be open but most companies now are encouraging workers to be remote. citigroup, jpmorgan, google, twitter, facebook, they want employees to be remote for maybe years or permanently. this completely damages not only the economic ecosystem of new york city, the restaurants, transportation, office buildings, commercial real estate but what happens to the tax base when all of your workers can now live anywhere they want in the country, not

even the suburbs? they will go to all of the cities like nashville, miami, austin, denver. they are leaving cities because they can work in places that have a cheaper cost of living, lower tax basis and what happens to the tax revenues of new york? just at the same time that deficits are soaring? so all of these numbers and, you know, apocalyptic statistics you were just quoting, what is going to reverse that? it is only going to get worse. stuart: it is very sad, james. look, i lived in the new york area for 40 years. i love this city. it is a truly great city. i have lived in london. i lived all over the world in great cities. this is a great city. it grieves me to hear you say it's dead forever. is there hope at all? surely can come back a little bit, can't it? it won't be like it was. >> look, i was born here. i lived here for my whole adult

life and i have five kids in new york city but yes, i don't think we're going to see a return to the old new york. the good news is, that that means financial opportunity, creative opportunity, artistic opportunity. this will be dispersed for the first time throughout the entire country now. it will not be isolated to just one or two spots like new york or san francisco or l.a. everybody is going to have opportunity. but reality, what makes this different now is, bandwidth is 10 times faster than it was in 2008. people can really work remotely now and have increase in productivity. stuart: james, i've got to go. i like your ideas there. that is very interesting stuff even if it's a little disheartening. thanks for joining us. i got to leave you because happening momentarily we'll see another spacex falcon launch. it will shoot one of those starlink satellites into space.

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stuart: okay, we turned south for the dow big time. we're off 159 points right now. the s&p, nasdaq, also are in

retreat. they're in the red as we speak. earnings, walmart, absolute blowout. online sales almost doubled. in-store sales were up around 10%. big deal, led by their budding grocery business. the stock has in fact pulled back. it had reached 140. now it's 133. kohl's, revenue down 23% from last year. that's a real killer. the stock is down 14%, dropping below $20 a share. even though their online sales jumped almost 60%, doesn't matter. they're down nearly 15%. boeing, no earnings from them today but their ceo says another round of voluntary lay i don't have packages is in the -- layoff packages are in the works. it is a dow stock. let's get to, we used toe call it the space race. now it is just the space

industry. nasa just passed a major milestone in their mission to understand better the surface of mars. they were successful powering up six massive lithium batteries that will power an exploration helicopter. this is on mars. it is known as ingenuity. it took eight hours to charge 35%. still nasa called the pass a success. the helicopter is scheduled to hit the red planet february of next year on the back of the perseverance rover. you got all of that lot? staying in space. look at cape canaveral, florida of course we'll see another spacex falcon launch sending more starlink satellites into space. leroy chow is with us, a former nasa astronaut. there it goes. it has taken off on time. look at that. can we listen in to ground

control, maybe? there you go. looks like a successful launch. that is a spacex launch. okay? that is elon musk writ large in the sky. 58 starlink satellites on the knows cone right there, going up there. leroy, tell me what those 58 satellites are going to do. >> adding to the constellation, starlink constellation. his goal of course is worldwide access to the internet through these satellites, small to medium-sized, that will be orbiting relatively low. that means the internet signals, traveling speed of light through each other through the network. takes a lot shorter time having to go all the way to the communication satellites are in geosynchronous orbit at

25,000 miles up. these satellites will be hundreds of miles up in what we call low earth orbit. stuart: in the great scheme of things, in the space industry, is spacex now the major player? >> i think so. they're certainly leaders in innovation. this launch, for example, is the sixth time they're using this first stage that we're watching right now. they're planning to recover it and use it again. that is just one way that spacex is dramatically brought the launch cost down to launch satellites and other space vehicles. they will try to catch the payload, the nose cone covering satellites that protects them from the aerodynamic forces once the rocket gets up into the inner part of the atmosphere, no longer needed, it is jettisoned. those things can cost over a million dollars. there is a lot of incentive reusing that. spacex is leading in the innovations. also starlink, they are not the

only companies that want to create satellite internet. but they're the leaders. they are launching satellites. stuart: would you want to be a astronaut ever again? >> i have no regrets. i had you wonderful flying career with nasa. i spent 229 days in low earth orbit and space shuttles. if i had the opportunity to go moon or mars, i would jump at opportunities. with that many days in space. like eating a big meal. i'm still a little bit full. i will be hungry again some day. stuart: before we leave you, i got one question i always wanted to ask, if you were there in space weightless for 220 odd days, what was it like when you first got down-to-earth and put your feet on terra firma and you realized your weight? what was it like? >> right, even after a short one or two week space shuttle mission, you come back, you're very dizzy. first time i stood up after wheels stop from two weeks shuttle mission. i felt five times heavier than

expected to. after longest flight aboard international space station was six 1/2 months. a little more intense. and it takes longer to recover space shuttle mission after couple days. you feel pretty good. after a long mission it take as matter after few weeks. stuart: 30 seconds left, any physical changes in your body when you came back? >> fortunately for me nothing permanent. there are a number of challenges medically. some people have had things like permanent eye damage, for example, or bone, significant bone loss. for me fortunately no lasting bad effects. stuart: i think this whole idea of space is coming back into the public imagination. i think there is real support for it. leroy, thank you very much for joining us this morning. >> my pleasure. thank you. stuart: okay. now we've got news on those electric carmakers. another one's going public.

who is it, susan? susan: canoe. they hope to make electric vehicles like this which is a cross between a van and a shuttle bus. they want to use a subscription model. you pay one monthly fee for these transport crossovers. canoo, comes very comfortable chairs instead of normal car chairs. the way they're going public is a big trend taking place on wall street. they're called stacks. then canoo would be the fourth electric car company to use spaces. the most famous, high-profile truck maker nicolela. we know nikola quadrupled since the june introduction. electric car companies are some of the most popular stocks on the robin hood app for the day trading brigade, another trend we see owing to covid this year.

stuart: another one i missed by the way. susan: there we go. how many can you think you see, do we have crystal ball somewhere that we don't know of? how does that work? stuart: i like to invest in industries in the future. i have not been successful. susan: not buying boeing and sell microsoft. that is not exactly the modern trade. stuart: you got me, again. thank you, susan. what a pleasure it is. all right, seriously, joe biden, he not answered questions from the media in weeks but took time to sit down with rapper cardi b. i will ask brian kilmeade later this hour, can biden win by staying in the basement? good question. new york governor cuomo announcing gyms can reopen but have gym goers figured out a home workout routine by now? what are gyms going to do to get people to come back? will you work out with a mask on?

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stuart: i'm afraid turned red all across the board. we started out green. now we're red. we're down 140 on the dow industrials. now listen to this, the governor of new york, governor andrew cuomo announced gyms will be allowed to reopen at least partially next week. watch this. >> the gyms can open as soon as august 24th. one of the requirements is mandating masks at all times. the local health departments must inspect before or within two weeks to make sure all the guidelines are in place. stuart: andrew alfano is with us. he is the ceo of retrofitness which has 150 outlets across the country. andrew, capacity limits, mandatory masks, inspections, if i was a gym goer i'm not sure i would want to go back under

those circumstances. you know what i mean? >> well, it is a good point on the surface but i would share that 47 other states across the country had already recognized the importance of having health clubs open and operating. what i can share is that the beyond retrofitness which operates in 14 states around the country, as i speak with other fitness leaders i will tell you that joinings continue to be up. check-in of members continue to be up across the board. the demand to get back to health clubs is actually extremely high. while we are pleased that the governor of new york finally shared that we would be allowed to open, i would share that today, at day 155 of the mandated to close, in new jersey still has not provided guidance. while we're pleased we're not exactly sending a thank you note. what the federal government recognized was a essential business in phase one. stuart: i understand it is an

essential business. i got that. i'm going back to my point that, look, i'm not a gym goer. i don't belong to a gym. i never had a gym membership. i understand that. but look, i can't imagine getting on a treadmill, sweating up a storm, breathing heavily in a mask. i don't get that. i mean, don't tell me that that's popular? >> it likely not popular but i will share with you that people that are gym goers, people that are, do take their health and fitness as a top priority and after a pandemic i would share that the fitness industry, health and wellness just continues to be more and more relevant. i would share that the most health-conscious people who do go to health clubs want to get back. i would use the example of no more than a mask being mandatory in a club while you're working out, there are people that run on the treadmill with ankle weights and people would say that doesn't seem reasonable but

people want to get healthy. they recognize that especially during a pandemic that exercise, health and fitness are not only good from a physical perspective but a mental health perspective, it is one of the best benefits they can have. there is data across the country that recognize people want to get healthy. stuart: i'm not sold yet, andrew. answer this one for me, when you were shut down did you offer any refunds to those who got a subscription over a long period of time? >> that's a great question. would i share that retrofitness recognized that people we're going to very strong personal challenges. so different than some other health and fitness companies out there, we immediately put forward a no stress, no call freeze on people's memberships so they can focus on their personal situation. obviously people were losing jobs t was a very unprecedented, precarious time. so both for our franchisees. retrofitness is 100% franchise

organization, meaning everyone of our clubs is individually owned and operated by a small business owner. for them, we waived, not deferred, waived all fees, all royalties, to make sure they can preserve their cash. for our members, very different than from some other fitness organizations did, we put them in an automatic freeze. they did not have to worry about their memberships. i would share the goodwill with our retrofitness community remains very high as we come out of this. stuart: andrew, we wish the very best of luck. good news on the no refund phase there we'll see you soon. >> thank you. stuart: top of the hour, you have my take on reopening the schools. i say it's a tragedy for our children's education because they're not going to reopen, and it present as serious child care problem for parents if they don't open with in-class

teaching. brian kilmeade is fired up. he is on the show next. ♪. granted. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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stuart: the dow at this moment down 100 points. 27,700. the nasdaq has returned to the green. look at big tech. you always got to do it.

here we go. what have we got this morning? we have a mixed bag. big tech shows us, there we go. apple is up. amazon is up. facebook is down just attraction. oak, you got to count the seconds to 10:51. three, two one, bang. 10:51 on the dot. you know what that means. brian kilmeade. host of the "brian kilmeade show" is with us now. brian, i want to start with back to school. in my opinion the vast majority of youngsters will not get in-person, in-classroom education for the rest of this calendar year. i think that's a tragedy. do you see any way around this? >> look in mississippi they're all back to school, 300,000. in new york they had about 200,000 want a hybrid model. went up 40 more thousand over the last two days. people getting a little queasy about it. a lot of states that did it. in new york where famously we bent the curve, we're below 1%. they have a hybrid version in

high school in my town. then you have zero to sixth grade, kindergarten and sixth grade pretty much go four, five times a week. we're getting there. both schools have to design, make the protocals. walk in. even if you have to use a food pedal for a hand washer, make sure you do it. do these things. prepare for them to test positive. how do you do it when there is a positive test. get the parents ready. there is going to be kids that test positive. most of them will be asymptomatic. you're not going to know until you fail a test. i'm heartened by the saliva test. quick result. the nba started it. quick result, you don't need, don't need the swab. don't need reagent. you don't need the lab. stuart: okay. >> i think that could help schools. stuart: you're more positive than i am. i think it is chaotic quite frankly. i don't know how schools, teachers parents plan for this. this is up in the air. >> in my school, my daughter told me they're giving everybody

plexiglass. they're walking around the halls with plexiglass, if you believe that. stuart: no, i don't. i do from you. i find that incredible, desperation indeed. brian, to talk to you about this. did you see joe biden, went to do interview with cardi b? >> yes. stuart: my question following that, is when will joe ever get out of his basement and do serious interviews with serious journalists? >> he is actually interviewing with lin-manuel miranda today. he wrote "hamilton." this is unbelievable. i know. he will sit down with bill maher, with kamala harris. not "60 minutes." woe have more awkward moments but more than likely very few. i don't mind doing niche interview. broaden your mind out to get the younger demographic. why the president sat down with bar stool's president. get it. you know what the president also does?

sits down with chris wallace. does us for an hour. jonathan swan of "axios" in between. takes all-comers. creates news. technically makes some mistakes. look what he did yesterday, stuart. he was asked by cardi b. he said i will give you free college. what? just like that, i'm giving you free college. i want "medicare for all." okay. i'm saying to myself did he okay "medicare for all," free college because a rapper asked him to? that has to make handlers so nervous to sit down with the likes of stuart varney. stuart: or the likes of brian kilmeade or anybody else at fox. got limited time, brian. i really want to get this in. i will show our audience what i think is disturbing video from portland. you can see a man on the ground there, pulled out of his pickup truck, beaten by protesters. he goes on and on. it's grim. it is frankly disgusting. what do you make of this? >> i have talked to two people involved directly with this we hung up with the "daily caller"

reporter that recorded video. he is in the hospital. he was picked up by cops 20 minutes later. he was still unconscious. he was being a hero. he was at a 7-eleven who was being harassed who was transgender. when they did that, they looked at him trying to beat him up. he hopped in his car. he is trying to avoid them. in that he made himself susceptible. they ripped him out of the car beat them senseless. he is saying that he tried to run them over. not true. if i was him i would have run them over. these people are the thugs the worst society has. they need to be stopped. jim clyburn, separate people going for racial justtives and those who just want to kill and destroy america and its cities? stuart: gee, i wonder if any of this will be ever mentioned in the virtual democrat convention? i think it will not. because that is a turnoff, big time turnoff.

brian, thanks for joining us. >> go get em, stuart. stuart: thank you. i said it before, say it again, we'll not get the results on election flight with mail-in balloting, no matter what the postal service does. that's a big issue. joe biden saying taxes should be more progressive and equitable. how much is that going to cost us? art laffer will answer the question. plus you will have my take on the biden-harris ticket becoming what i think is the biden-harris-bernie ticket. more after this. ♪ (vo) we've got your back, road warriors.

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stuart: and the state of play, 90 minutes into this business session, we have a mixed bag. down 80 on the dow, down a fraction on the s&p, but up 32 on the nasdaq. the s&p and the nasdaq hit all-time highs, intraday highs, earlier this morning. walmart and home depot, both hit all-time highs earlier this morning. both of them have pulled back. both of them reported extremely strong earnings report. walmart doubled its online sales. that is spectacular. walmart is actually now down $1.70. now this. if you want to know what's going to happen to your money in a biden presidency, look no

further than bernie sanders' speech last night. it's not the biden/harris ticket. it's biden/harris/sanders. bernie wrote the program. socialists were invited to run the task forces that came up with a radical platform on taxes, climate, health care and more, the far left is running this show and your money is at stake. the official 110-page manifesto is loaded with wildly expensive proposals. look, i don't want to be picky but think about replacing a half million school buses, retrofitting four million buildings and two million homes in five years. those are just some of the quote, minor details of the net zero energy plan. don't worry about paying for it. tax the rich, tax business, print a lot more money. that's how you do it in a socialist paradise and that is bernie's plan. it's now the biden/harris plan, too. but wait, there's more.

bernie has pushed through two more far-reaching financial proposals. a new lending facility for minorities. this is to minimize racial disparities. and a new mandate for the federal reserve. they would have to quote, redress racial injustice, end quote. how exactly does the federal reserve do that? the media is so obsessed with defeating the president that these kind of things get no scrutiny, nobody is thinking forward. what happens to an economy when you raise taxes by the trillions? kill whole industries and print even more trillions of dollars, all when you are trying to recover from the virus global shutdown. at the virtual convention last night, a republican, former ohio governor john kasich, he said joe biden would not be a far left winger and he said no one pushes joe around. wrong on both counts. bernie has pushed joe into a

dead end socialist corner. gee, i wonder what charles payne thinks about all of this. he is the host of "making money" on this network and joins me now. he's got a smile on his face. i think he may have approved of what i've got to say. look, let's talk election risk ahead of the election. the risk that biden wins, the risk that we won't get a result for months. is that -- are you factoring that into your market outlook? charles: the way i look at the market, stuart, it's telling me that president trump is going to win re-election. that's the message i get from the stock market right now as we are less than three months, less than 100 days away. just historically, this is what i'm seeing from the stock market. but obviously, any sort of notion that -- i mean, think about hanging chads, for a moment. could you imagine millions of ballots, they don't know where they are, they can't find them, something's wrong, and it just could be an unmitigated

nightmare. yeah, the market would, i think, take at least an initial hit on a joe biden presidency and then wall street would have to figure out among those who would be winners. one of the things i'm starting to see now, these firms come up, more and more firms coming out with stocks to buy under a biden administration. so really, i think the market believes president trump will win in part to the kind of data you started off this hour with, and the things that we're seeing. covid cases are going to be drifting lower and we could have a vaccine and meantime, the resolve of this economy, the resolve of the american public aided by trump policies and swift action from the federal reserve and federal government, i think people are going to want to stick with that. stuart: okay. let's see how that turns out. you're not supposed to say that in journalism but only time will tell. you know that. let's talk robinhood. charles: i give you 80 days. stuart: all right. robinhood, the investment app, it's aimed at millenials valued i believe at over $11 billion.

look, day trading or investing from home, it's taken off in the pandemic but a lot of people think that's just making the market into a gambling casino, therefore not good for the market. what's your take on that? charles: i got to tell you, those -- that traditional way of wall street thinking, i don't get it. i really don't. when i hear, every time someone comes on tv and says this is going to -- this is not going to end well, i don't understand what they mean by that. one day the market's going to go down and the only people that are going to lose are millenial traders, that wall street won't need a bailout, that they themselves and their portfolios won't get crushed? i say the more, the merrier. i studied this last year. google millenials not in the market 2019, every single article chastised millenials for not being in this market. now they are chastising them for being in the market but some are day trading. they are in the market, they will learn how to invest in this market in the ways that make

them comfortable. i will tell you right now, they are crushing the performance of traditional wall street. they are killing them. they are making a lot of money and by the way, think about day trading. that means you booked your profits at the end of the day. they are sitting on piles of profits, a lot of money, outperforming 99% of the professionals who were warning them that it's going to end badly. i say more power to you. get in this market, make some money and you will lose some, you will learn but you will be in the system, the greatest money making machine in the history of mankind. more, the merrier. stuart: real fast, i have known you for 20 years. you have been in the wall street business for much longer than that. have you ever at any point in all those decades sold out all stocks and got out of the stock market completely? charles: never. never. i have been down 50% cash, maybe, 70% cash in the worst case scenario but i never plan on being completely out. stuart: okay. an honest answer. that was a good one. i'm going to watch you, what is it, 2:00 eastern time today, i

think it is. yes, it is. all right. i'll be there, charles. thanks very much, fella. charles: thanks, stuart. stuart: quick check on individual stocks. better take a look at tesla. the stock has only been going up recently and they just announced they are working on a new self-driving chip with taiwan semiconductor. it goes into production late next year. the stock right now up $68. $1904 is your price. advanced auto parts looks like another lockdown winner. they had a strong quarter. same store sales up nearly 8%. that's their best performance in a decade. the stock is up 1.5%, $163 a share. amazon, they want to turn malls into fulfillment centers. grady trimble is with us. go through this for me. how could this actually be a win for the malls as opposed to amazon? reporter: well, two ways.

it brings foot traffic back to malls which we know has been declining for years, and the other way is we have seen department stores closing by the hundreds and so what is that, that's thousands of square feet of space. it already has a loading dock in it. amazon is suggesting fiulfillmet centers could go in those locations. another analyst after a recent call with the ceo of simon property group, the largest retail operator in the country, said what about grocery stores. amazon we know has been expanding its grocery concept. this is one of them. it's in all babies-r-us and very soon will be in amazon grocery stores. you can put that in an existing retail space. it saves amazon money so they don't have to build a new space and it helps simon out because then they wouldn't have to have vacant retail space available. after that earnings call, where the ceo mentioned going into this grocery space or maybe courting amazon or a company like it, the shares of simon property group spiked so it's

something investors like and it's sort of an unlikely partnership, stuart, where we see the e-commerce giant going backwards in a way, back to retail. stuart: exactly. the irony here is that amazon beat the malls and now are going back to the malls to help them out. isn't that something. grady trimble right there in the middle of it, thank you very much indeed, sir. more on amazon. take another look at rackspace. that's a cloud company, went way up monday. it's up another 6% today. there is news that amazon is thinking of investing in them. susan? susan: rackspace up again, outperforming now in a down market today and it spiked on that reuters report that amazon was in talks to buy a small stake in the cloud services company. rackspace makes sense for amazon since it's a company who helps companies and other companies move their data over to the cloud, to amazon web services and other providers. financial terms of the deal have not been disclosed. rackspace is only worth around

$3 billion and change so it wouldn't be a huge investment for amazon. amazon, though, is the world's largest cloud provider, nearly 40% of the market share. i know when we think of amazon we think of online shopping but this is the money maker for them and by the way, the stock is rallying again today big-time in a down market. that's despite first of all, its competitor walmart's big earnings this morning and going against the remote work trend, they are hiring 3500 to work in their offices in six cities. maybe new york isn't dead after all. stuart: i hope not because i love this city. you keep talking about the cloud, the cloud, the cloud. i don't think we all understand quite how important this thing is. susan: how many times have i explained this to you? how many times? how many years has it been now? there is only so much i can do. think of the cloud, this is where you keep all your storage and your numbers, your data and your files, and you don't have to have a physical server. they do it for you. stuart: it's the back office to the world. is that it? susan: unlimited. stuart: we got it. i use it every day, apparently.

so my producer tells me. all right. all right. thank you, susan. president trump joins tiktok rival trilla and the first video gets millions of views. is it safe? we will speak to the co-owner coming up. first, house speaker nancy pelosi pushes back against concerns over mail-in voting. watch this. >> don't pay any attention to them. their purpose is to frighten people from voting. we will have vote by mail. it will be successful. stuart: i disagree frankly. i think the election will be an absolute mess. i don't think we will get results for weeks after election day. i hope i'm wrong. but i think i'm right. back in a moment. ♪ before money, people traded goods.

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donald trump is the wrong president for our country. he has had more than enough time to prove that he can do the job, but he is clearly in over his head. he cannot meet this moment. he simply cannot be who we need him to be for us. it is what it is. stuart: interesting that former first lady michelle obama did not mention kamala harris. she had prerecorded her television, her appearance there at the dnc. got that. now, tonight, who is on deck at the dnc tonight, ashley? got the list? ashley: i do but you know, it's interesting, people who watched yesterday said it was like watching a 3:00 a.m. infomercial. there was just no excitement at all. that said, let's see who we have on the slate for today. later on this evening, we are going to hear from senator chuck

schumer, we will hear more of the same from him that -- as we heard from the former first lady michelle obama. then we have former secretary of state john kerry. this is a lineup, is it not. representative alexandria ocasio-cortez, aoc, we will get a brief message in, and yes, as you mentioned earlier, former president bill clinton and then joe biden's wife, dr. jill biden. that's the slate for tonight. but there's no doubt no bands, no balloons, no big hats, no energy. that is the reality of this virtual convention. stuart: and bill clinton in the era of me too. that should be interesting. all right. all right. i want to talk about mail-in voting. pam bondi is with us, women for trump co-chair who joins us from the great outdoors, not trump headquarters, the great outdoors is where it's at, pam. i've got a bee in my bonnet about this. no matter what the post office says, look, you're not going to

get a result on election day, you're not going to get a result in election week. i think you are going to get all kinds of challenges to create chaos. i don't think there's anything you can do about it. >> no, and stuart, we are trying to do everything we can by encouraging, you know, can i just use my home state? i'm in north carolina now, but can i use my home state for an example of florida, what we do. stuart: please. >> okay. so we do -- there are mail-in but there are absentees. you have to call and request a ballot. so in anticipation of your show this morning, i went on the supervise or or of elections an attempted to request a ballot. it was too late because you have to do them ten days out for very good reason. you have to do them ten days out and the supervisor of elections, they have two days to send it to you which gives you plenty of time to mail it back in on time.

you have to sign your ballot, your ballots are certified when they get in. you can track it the whole way and they will get your vote counted. that is the way to do it. what the democrats are trying to do are mass mailouts, which already is a horror story. eric trump knows someone who received six ballots in the mail with six different names. that's fraught with peril. people aren't requesting them, they are just being mass mailed out to these other states, and frankly, dr. fauci has now said it's safe, go vote in person, you can vote in person, wear a mask, social distance, go vote. that's what our system was made out to be. remember jerry nadler, i think in 2004, right, in that congressional hearing, he was complaining about the new york [ inaudible ]. back then he was saying they were a bit archaic.

he did not even want at that time people to come in and fill out a handwritten ballot at the voting booth, because he said those can be altered, those are fraught with peril and the machines are more reliable. take that and given what they want to do with these crazy forms, now they [ inaudible ]. stuart: i agree entirely. my, how times change. speaking of that -- >> right? stuart: wait a minute. what do you make of bill clinton at the dnc convention tonight? just off the top of your head. what do you make, bill clinton, the me too era, speaking tonight. >> this is off the top of my head. we are in the middle of a me too movement right now and it's very interesting they have former president clinton coming in tonight and also on the other side, you know, he was a bit of a moderate and now with this left wing radical agenda coming in, getting bernie sanders as one of your top speakers. that's what our world is going to look like.

we will have socialized medicine, we will do away with private insurance, the green new deal that's going to cost -- 82% of people are going to have tax increases, $3 trillion they want to take. i don't think bill clinton always agreed with all of that. it will be really interesting to hear him speak tonight. stuart: it surely is. pam, thanks for joining us this morning. always appreciate it. come see us again soon. >> i will. thank you. stuart: see you soon. all right. couple of stocks to check for you. first off, boeing. ceo david calhoun says another round of voluntary packages, layoff packages, is coming. won't say how many will be affected. the stock is down two bucks on that news. it is a dow stock, remember. $169, boeing right now. uber and lyft. considering franchises in california to get around a court ruling. can you explain this simply, susan? susan: you know, this is a very important week for uber and lyft which both might temporarily have to shut down in california on friday morning if they don't win that court hearing against

the orders to immediately reclassify their drivers as employees with benefits instead of just independent contractors. california is one of their biggest markets, hundreds of thousands of drivers, and the "new york times" reporting today that to get around this, uber and lyft might move to a franchise model so riders and drivers can still use the app, but the drivers will now be small fleets of cars from different companies that then pay them as employees instead. stuart: what about subscription service? you described that earlier. was it 24 bucks a month? susan: uber pass, $24.99 a month. cheaper rides, no delivery fees on food delivery and uber needs help to make money since their main business of driving people around is still down around 75% from march to june. this is a subscription service, pretty innovative. think of it as recurring revenue like what netflix does, members pay a monthly fee no matter what, the company gets it. also noting, by the way, some interesting chatter on the market, and you might like this. bloomberg sources reporting that warren buffett, the oracle of

omaha, might have taken a $400 million stake in uber. there's no confirmation of this right now and as you see, the stock bounced up, then came back down. this is not exactly the traditional type of investment that the oracle makes. think of more like geico and the like, but he also bought into gold, something he said he would never do. he's now in barrick gold. his largest holding is in apple. he said before he doesn't invest in anything he doesn't understand but apple is such a cash machine, cash cow, that he did buy in. so you know, uber might not be that big of a stretch. stuart: yeah. it's good to see him getting into the future. i always think -- susan: who does that remind me of? who does that remind me of? stuart: me. susan: someone that -- oh, yeah. stuart: i wish i was as successful investor as warren buffett and i'm not. there you go. susan: apple is 44% of his portfolio now. stuart: that's a big chunk. that's for sure. we've got barrick gold on the screen, it's at $2994. it hit a seven-year high after

warren buffett bought a stake in the company. ashley, do you know how many shares buffett bought in barrick? ashley: well, yeah. a stake worth $564 million. that would make him the 11th largest shareholder of barrick gold. it's really interesting, this stock is up 63% year to date. gold itself has been up 18% in the first half of the year. but as we know, warren buffett never been a fan of gold up until now. i was reading some of his quotes. he said once if you own an ounce of gold now, and you ka rcaress for the next hundred years, you will have an ounce of gold a hundred years from now. it doesn't go anywhere. it doesn't buy anything. it's not the civilized buy says warren buffett's right hand man. nevertheless, he puts his money in gold which got out of some of the more im famous financial na. that led people to speculate maybe he wasn't that bullish on

the economy. nevertheless, he's very much into gold. $564 million worth with barrick. stuart: got it. buffett on barrick. got that. all right. alcohol sales. straight up in the pandemic. there's one group of people being told put the bottle down. the new drinking guidelines that you should know about, coming up. we will tell you. and we talked about what happens to the market if trump wins or biden wins. but what if there's a split, meaning congress controlled by a different party than the white house? we will deal with that next, too. ♪ this is decision tech. find a stock based on your interests or what's trending. get real-time insights

in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

stuart: not much stock price movement. we have a move up in the nasdaq, a move up in the s&p, both hitting record highs at some point today, but we are down about 40 on the dow. the outcome of the november election, yeah, that is the great unknown from wall street. a trump or biden win could have very different reactions, at least on the market, that is. let's try to make sense of it all with jason katz, ubs managing director. i have three scenarios. let's go through them. what happens if mr. trump wins and republicans win back the

house and keep the senate, in other words, a clean sweep? what happens to the market? >> let me just digress for a moment. for months you and i have been talking about everything other than the election and i said it's an eternity away, yet now it's knocking on our door. and look, option markets are starting to sniff out the potential of us not knowing the outcome come election night. so i do think that there will be a visceral reaction in the marketplace should we have a scenario where we don't know the outcome. now, to get to your question, with respect to a clean sweep, the question is whether it's a blue wave, clean sweep, or a red wave. if it's a blue wave, i think there's more at stake in this election than in my entire life. from the standpoint of taxes, not only corporate tax rate, individual tax rates, capital gains rates may go up, there may be a financial transaction tax above a certain net worth level

and the estate tax exemption could go meaningfully lower. so there would be a lot of headwinds for energy companies, financials, big tech, as a result of tighter regulation and definitely antitrust -- stuart: so that's a clean sweep by the democrats, they win the white house, win the senate and win the house. got that. what about a clean sweep the other way? president trump wins the white house and republicans keep the senate and take the house? what then for the market? >> that's one of the few scenarios, stuart, that people aren't handicapping. i'm not saying that that's going to come to fruition but i think you will get a visceral reaction to the upside should that happen. you will clearly have consensus with respect to a virus stimulus package, infrastructure spending i think will be a foregone conclusion in a positive way. you will not only get an extension as far as the existing tax cuts, you may even get a lowering of capital gains rates. the only negative i see in that se fa

scenario, you could see increased trade tension as the administration will be really emboldened with the support of all congress. stuart: clean sweep democrats, market down. clean sweep republicans, market up. what about a split decision? where the white house is controlled by a different party than congress? >> well, i think it's sort of the status quo. if biden should win, i think it's a modest short-term negative for the market and time will tell. the good news in that scenario is the gop will constrain any sort of major spending or tax initiative. but again, you are going to have tighter regulations under that scenario. should trump win, and it's the status quo, then i think you are going to see the tax cuts that we have in place stay in place, and of course, there will be much more trade friction, we could see that way on technology as some of the big techs here in the u.s. wear the black eye for some of the issues we take with huawei and wechat and others.

stuart: so generally speaking, i mean generally speaking, the market favors trump and the republicans rather than the democrats and joe biden, generally speaking, would that be true? >> as a general statement, i would say that's accurate. i won't say that's my political view per se but as an observer of nearly 30 years in the market, i will tell you i think that's what the market is sniffing out and discounting. stuart: it's just fascinating, isn't it. how many days have we got to go? less than 80 now, isn't it? less than three months. amazing. it just comes right at you all of a sudden, doesn't it. >> things are hard to handicap. 2016, everyone got caught with their pants down. we will see what happens this go-round. stuart: i can't wait. jason, thank you very much for joining us. see you soon. we will turn from the race for the white house to the -- an actual racetrack. nascar star kevin harvick will

soon drive this car, left-hand side of your screen. looks like a busch beer can from 1997. busch is going to release a matching beer can to celebrate harvick's title wins. the car debuts september 6th in southern -- it's called the southern 500. it's in darlington, south carolina. okay. take a look at this. budweiser wants to become the first ever state beer of utah. they launched a campaign with these utah themed beer cans last year budweiser became one of the first full strength beers to be sold in that state. where the law was changed that allowed stronger alcohol to be sold in stores. the cans roll out next year. busch stock up a fraction. 1.4%. i want to bring lauren into this. i am told that a certain group of people are being told drink less. which group of people are we talking about? lauren: men. men should drink just one alcoholic beverage a day, down

from the prior guidelines of two drinks a day, according to some federal guidelines. look, this is coming at a time when people are drinking to help them get through the pandemic, whether they are depressed, bored, anxious, whatever. take a look at this. between march and august, overall alcohol sales up about 24%. but we know this, health experts warning that the more you drink, that increases the risk of cancer, heart disease and other problems. stuart: all right. i will take your word for that. one drink a day and that's it. okay. i didn't hear what you said there. that was whispering. dagio, huge drinks company, they have a deal with hollywood? lauren: they sure do. it's another celebrity booze deal, if you will. they are spending $610 million on the deadpool actor ryan reynolds. his brand of gin called aviation gin, it also bought, i don't know if you remember, george clooney has tequila, they bought that. they continue to push the premium drinks.

aviation gin actually doubled their u.s. sales to $40 million last year. it's a premium brand but is doing well. what i whispered was just one drink because i sent that article about the federal recommendations to my husband. stuart: we heard you whisper. okay. by the way, george clooney, he made hundreds, plural, hundreds of millions of dollars on his, what was it, tequila he had out there? lauren: great tequila. stuart: tequila. that's right. just one drink. tell your husband, don't forget. all right. president trump joins tiktok rival triller this weekend. he jumped ship. his first video went viral, had millions of views. we have the co-founder of triller right after this.

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nobody can do it like me. nobody. nobody can do it like me. ♪ >> nobody can do it like me. nobody. nobody can do it like me. stuart: that was president trump on triller, the tiktok competitor. that video that you just saw had over 23 million views and look who is with us. the triller executive chair and co-owner. you describe yourself as the adult version of tiktok. what makes you different? >> well, i mean, we're very different. we have a much older demographic. our content is just really based around american culture. it was built in america here.

what you're seeing even on tiktok is just technology that was stolen from us. you know, we have one large active lawsuit in the federal district in texas, patent violation, so we have been here, we have been building slowly and organically and you know, we're really excited about the success we have seen, especially of late. stuart: i'm sorry, i didn't realize that you've got a lawsuit going here alleging that they stole your technology and ran with it. sorry, bobby. i did not realize that. my apologies. i should have been better informed. >> it's okay. it's a big deal to us. stuart: yeah, i'll bet it is. i'm sorry about that. i should have known. look, if i download triller, the message pops up that you are collecting my personal information. now, to me, the problem with tiktok is that that personal information went to china and could be used against me or my children or grandchildren many years down the road. what are you going to do with my personal information?

>> there's personal information and then there's personal information, right. what we collect is basic information the app requires for functionality. for example, even biometric data, we don't capture the face. we treat the face as a block. we don't capture your clickboard data. we don't capture your password. we don't share geo locating. we don't care where you're at. the problem is if you have a government like the ccp who does not only like the american business, it doesn't necessarily like our way of life, knowing where you're at, knowing where your kids are at, having propaganda and being able to tell that story, it's no longer an existential threat, it's a real threat. so we tell people look, you know, do what you want, it's a free country and god bless the fact that it is, but know what you're signing up for. stuart: okay. how do you make your money? >> we don't. we haven't made any money yet.

we have significant plans on advertising, you know, we have a lot of live events, we have the mike tyson fight coming on and a series of different shows. we have brand partnerships. i think our revenue numbers should be north of about $100 million this year and maybe triple that next year when we actually focus more on ads. right now we have been heavily growth oriented so we have seen the results of that and we are bracing for the revenue cycle to really start to turn on. stuart: wait a second. you've got -- you are expecting 100 million downloads this year, this calendar year, right? >> yeah. we have already i think had about just 90 million downloads this year which puts us aggregated at about 250 million downloads. what you are seeing in triller is really just chapter two of chapter ten of the product map. over the next two, three weeks, there's a huge transformation that's going to happen, a recommendation engine, user flow change, a lot of new content, there's a lot of influencers coming over to triller from tiktok because of some of the

concerns, you know, that you discussed earlier. stuart: it's all good stuff. thanks very much for joining us. i do apologize that i did not know about that lawsuit. i should have known and i didn't know. but i hope you do well with it. >> thank you. stuart: thanks for joining us, bobby. see you soon. thank you. susan, tell me more about tiktok, expanding their music portfolio? is that the way to put it? susan: yeah, tiktok is a force in the music industry, short form music app so popular that it decides number one hits and it's now teaming up with indy music distributor united mapsters so this deal will allow artists on tiktok to distribute their songs directly to other music streaming services like spotify, apple music, itunes, down cloud and even youtube. we know tiktok has more than 100 million users in the u.s., 800 million globally and despite the concerns about a ban in the u.s., it continues to be very very popular. it's still a hit maker. stuart: we have one more company

joining the fight to buy at least a piece of tiktok. i think that's oracle, right? susan: yeah, it's a growing list. oracle was a bit of a surprise since this isn't the type of acquisition that oracle typically makes. they are a software enterprise company, after all. we know that larry ellison is hesitant when it comes to spending tens of billions. their biggest acquisition was in 2005. this will be much bigger than that. we know oracle and its partners are looking to challenge microsoft to buy tiktok's business here in the u.s., canada, australia and new zealand. twitter has also had discussions according to the "journal" with buying tiktok as well. president trump has now extended that window to 90 days for any tiktok deal. microsoft might be the lead bidder here but you know, they have been talking for a month. however, you never want to count out mega-billionaire larry ellison because he is a trump supporter, and he threw that fund-raiser for president trump just last year. stuart: i imagine with all these companies in the bidding, that

the price, the sale price of tiktok goes up because everybody wants this thing. right? susan: it's hard to carve out certain geographies. that's why you extended the window to 90 days. but larry ellison is not exactly a social media type of guy. it will be interesting if he does buy this property and what he intends to do with it. stuart: well said. susan, thanks very much indeed. next case. here's what joe biden thinks about taxes. roll tape. >> it's time corporate america pays their fair share of taxes. stuart: okay. and everybody else as well, i suppose. okay. what happens to your paycheck if biden wins in november? we will deal with that next. ♪ 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. what do you think? i don't see it. only pay for what you need. liberty. liberty. liberty. liberty. ♪ if biden and harris get into power, they pledge to raise your taxes by $4 trillion which would in very simple terms mean many of you will have to pay double and triple the taxes that you're paying right now. stuart: you heard it right there. the president campaigning in minnesota. joe biden will jack up your taxes if he's elected president. we heard it clearly.

art laffer is with us. all right, art. look, the democrats -- >> hello, stuart, how are you? stuart: remarkably well, surprisingly enough. okay. at our advanced age. >> you look great. stuart: thank you. so do you. okay. let's get on with it, shall we? look, the democrats say they are only going to tax the rich, only raise taxes on people earning more than $400,000 a year. do you believe that? what would happen to our paycheck, ordinary folks' paycheck, if biden wins? >> well, let me just say if you still have a job, your paycheck will be lower, the after tax amount will be much much less and by the way, we all know what the effects of this are. we have the highest corporate tax rate in the world when trump lowered it from 35% to 21%. we could see the beautiful results of that, the economic growth until the pandemic hit. i don't know why he's on this case but he is, but it would cause a very sharp decline in

the u.s. economy and they won't get the revenue. they just won't. those people who do work will pay a lot more in taxes but a lot less people will be working because of the tax rates and because it's just not profitable to hire people, to invest in capital formation. and -- [ speaking simultaneously ] >> personal income tax rates, corporate, capital gains, you name it. wealth taxes as well. stuart: but can you -- do you really believe, that's the wrong way to put it. he says, biden says he will only tax federal income tax rates will only go up if you make more than $400,000 a year. okay. supposing you make $100,000 a year. do you believe that biden will put up your federal income tax rate on that income, 100 grand a year? >> if they want to get revenue, they have to raise the lower rates as well, stuart. that's the only way they can. they have been talking about this for so long. but i believe they will raise tax rates across the board.

they obviously don't want the payroll tax cut to occur -- stuart: i'm going to jump right in. >> they would have to reverse that -- stuart: forgive me for jumping in here but look, they're not going to raise all the money that they want to raise in taxes. it's not going to happen. you can't just raise $4 trillion, $3 trillion, that's not going to happen. know what they're going to do? they're going to print the money. they will call it the new monetary system or the new monetary theory or something like that. they are just going to print it. that's what they are going to do. >> well, we are already doing that in extreme form as you know. the cares act was what, $3 trillion, $3.5 trillion. we have a huge deficit besides. they can't go much beyond that, to be honest. they really can't. they will try to but they can't go too much beyond that because already, it's doing a lot of damage to the economy, this huge surge in debt. what they are going to do is they are going to try to take more money from people and whenever they do that, stuart,

they cause less employment, less output, less profits. i think the stock market will be at risk. i think the economy will be at risk. just when we are recovering from the pandemic, this is the worst time imaginable to raise taxes or increase deficit spending, frankly. we need things to create jobs and employment and that is exactly what president trump is doing. he's doing all the right things. i just don't understand biden at all and why they are attacking him on the economy. that's one area where president trump is clearly correct on the economy. stuart: you don't understand joe biden at all. i will tell you what. that campaign is not run by biden. it's not run by kamala harris. it is run by bernie sanders. he wrote the script for the entire -- >> you may well be right. i mean, i happen to know joe biden historically. he's been a very fine man. this is not the joe biden i used to know. stuart: got it. out of time. art, that was good. very good indeed. thank you, art. >> thank you, stuart. pleasure. stuart: more after this.

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♪. stuart: i watched a little bit of the virtual democrat convention last night it didn't quite come across as something really appealing to me. i found like chris wallace on fox news, he said, look the first hour at least felt like a telethon and not the normal convention. however i will definitely be watching tonight. in particular i want to see how and what bill clinton says in

this the era of me too. i'm surprised he is on the front page, the front stage there. i'm also inclined to watch aoc. got it right, aoc. that's a must tonight. i will be watching. my time's up for now though. neil, it's yours. neil: stuart, thank you very, very much. we'll be watching that as well. couple things going on concurrently, this surprising strength we're seeing in home building. so many people say as goes the stock market so too the state of the election but what if i told you housing could be a far better barometer? it has in the past. we'll get into that. between overall mortgage demand at its highest ever, interest rates at its lowest ever. permits surging. initial starts moving better than a 22% clip. something going on in housing that belies the