content delivery network name like that. charles: akam. the indexes you created are doing extraordinarily well against their benchmark. congratulations. wish we had more time. always appreciate talking to you. liz claman, we have been holing it together.slumped, we came ba. i feel this market is waiting for the last hour of trading to really turn it on. liz: well, i agree with you because anybody who didn't like it missed a massive run-up, charles. you have been really giving people the skeletal structure, not just the skin and bones of all of it, so thank you very much. guiding our viewers into the final hour of trade, i will take it from charles, guys, did a key player in stimulus negotiations just admit the chances of a stimulus plan before election day are pretty much nil? markets immediately took a trip to the upside down world after

treasury secretary triggered more fear than any episode of "stranger things." look at the nasdaq, taking the most outsized hit right now, down 89 points or .75%. the dow is lower by 142, s&p down 20. our floor show traders are mobilizing right now in front of their cameras to root out the market's hidden pricing power players. they will tell you how they're doing that right now. just 24 hours after that apple event cameo, verizon's ceo is here on the 5g future he's promising apple iphone 12 buyers. what 5g really means to you and me right now and what will it take to get those ultra-fast speeds into areas still operating in some cases way back on 3g? hans vestberg with us in just a few minutes. the telecom giant joins us. and spac to the future. a new spac ready to clean up in more ways than one.

former nrg ceo david crane taking his clean energy investment to the public markets. what will it take for him to open up his blank checkbook? we will ask him in a first on fox business interview. first, we begin with a fox business alert. just as struggling americans are keeping their fingers crossed for government relief, prices are going up. the september producer price index, the ppi, basically gauges inflation at the manufacturing level, came in hotter than expected. overall inflation is still tame, but some products are seeing huge price jumps. what are they? let's put them on your screen. year over year, major house hold appliances are up 11.5%. building materials rose 28.4%. rvs and trailers increasing 58%. as we put on the screen some stocks associated with those industries, for example, whirlpool which by the way is up 38% year to date, then you've

got a name like beacon roofing supply, close to a 52-week high. winnebago industries up 34% year over year, how should you be picking stocks maybe by scrutinizing data? let's bring in the guys who study and pinpoint the flood of econ numbers to do just that. teddy, i will start with you. explain if you could how you extrapolate stock picks from data and phil flynn, actually, oh, teddy is on the phone. okay. i will start with you. go for it. on the phone: basically, you look at the numbers and obviously, you basically move to the sectors that would either benefit or not benefit from those various numbers that represent various sectors of the economy. if you look at numbers like, for example, from industrial activity, you would look at companies like, i would look at companies like dow and dupont. if you were looking at housing, perhaps home depot and lowe's to take advantage of all the new

homes. a positive direction for the cpi, that would benefit financials so you look at stocks hopefully like schwab or jpmorgan. and the ppi which is sort of interesting because that has clearly benefited from the pandemic, and people want to be outside more, so companies like polaris industries that make all these vehicles that folks use when they go outdoors. liz: that is a perfect explanation because i want our viewers to understand that traders like you guys and phil, weigh in here, can actually put a piece of data through a crucible and out comes from the other side some ideas. how do you work it, what are you seeing at the moment that looks like a good portfolio play? >> i'm seeing inflation back which i'm loving it. i'm a commodity guy, right? people always look and say maybe inflation is bad. the fed's been fighting for some inflation for some time. you speak about the motor homes. i just had a client that took

out money, bought a big motor home. i'm not kidding, this was recently. like boom, it's right in this segment. but i look at the resources right now. this is a sect or that was beat up initially with the covid-19 but actually, look at what's been happening to these prices. if you look at the price of copper, zinc, tin, all these things that go into building all the things teddy is talking about, we have a mini housing boom going on right now. we had covid, where manufacturers can't keep up with demand and that's going to keep the prices of those going up. maytag will do great, home depot will do great. what's also going to do great is all the materials you need to make them. one play i kind of like, you can look at the traditional miners, one is tech resources, a canadian firm. they do a lot with copper and zinc and they are probably owned by china. china's a big buyer of their commodities. i think a lot of these things are going to have to be built and the reason why prices are going up is the demand is there.

the supply isn't there. so these stocks are going to catch up with the price of those and this one has been undervalued a bit. it looks like it's starting to move. that might be a good one to jump on. the producer price inflation play. liz: yeah. the dow is down just 108 points. teddy, quickly on the markets overall, got a couple of months left before the end of the year. doesn't look like there's going to be a stimulus plan according to treasury secretary steven mnuchin who just about an hour and a half ago gave a speech or comments in front of a group and said you know what, it just doesn't look like we will even get a limited or piecemeal stimulus plan. does that affect anything you are doing right now with stocks? on the phone: i think so. the issue, and everybody sees it, the politics have become so toxic and we've got an election, what, 20 some odd days away. we don't know the outcome. there's all sorts of scenarios. i can give you good scenarios, bad scenarios or no scenarios. this is a time period where it's

really kind of treacherous and kind of dangerous. i mean, a stimulus package would be good. you would think that the politicians could rise above the politics and do what's good for the public, but clearly, and that's probably still in the cards, but at the moment, politics are ruling the day and it makes it very difficult to even try to guess where we are going to be between now and the end of the year. kind of difficult, but the market with all these negatives continues to act terrific. and the stock market in my opinion never lies. it never lies. it's telling us that maybe there are good things ahead. liz: well, no wonder you picked dow chemical. this is a toxic environment. get it? i made a funny joke. teddy, phil -- bad, i know. shecky green is on the phone. he wants his job back.

wells fargo and bank of america are actually trailing the bottom of the s&p 500 on a very big day for bank earnings. b of a is slipping, i want to say about 4% after it missed on revenue estimates. wells fargo's stock down 5.33%. its profit fell short of forecasts and maybe that's why it's really keeping a cap on what would have been a great day for goldman sachs. its quarterly profits surged 94% but the stock which opened up $3 to $213 a share is now up just .25% at $211.45. investors' appetite whetted for grub hub shares at this hour. here's why. its acquiring company reported strong pandemic related delivery gains. so grub hub is popping 8.5% right now. just eats, the $7.3 billion takeover of grub, remains on track to close next year. it's a european stock.

neo getting a jolt after jpmorgan upgraded the shanghai based electrical vehicle maker based on surging demand for electric vehicles across china. jpmorgan also jacked up the price target to $40 a share which by the way, is an 85% increase from yesterday's close. neo's stock already jumping 22%, standing at $26.49 a share. i want you to take a look at this stock. climate change crisis real impact acquisition corporation. that is a mouthful but it is the latest spac to go public with a focus on renewable energy and energy efficiency. so which green name could they soon be signing over their blank check company to? the ceo david crane joins us live in his first interview since taking his spac public. plus, we've got the ceo who landed a very big guest starring role in yesterday's apple iphone event. is 5g really here?

verizon ceo hans vestberg declared. we are about to pepper him with questions on what this all means for you and your cell phone and what deals is he ready to offer on that new iphone 12. with the closing bell ringing in 50 minutes, say, the "countdown" is coming right back. ♪ limu emu and doug.

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[ music stops ] time out! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ liz: oh, boy. you know, the spac attack continues, at least 139 spacs or special acquisition companies, these are these blank check companies that invest in individual names and take them public that way, in 2020, they have raised $53 billion for all sorts of companies that are going public. a lot of them are targeting and picking what we would call future tech. for example, yesterday we had romeo power on yesterday. they are going public via spac later this year and then hyllion last week. others include desktop metal, we have had them on as well and a

fin-tech company. one of the newest entries going back to this clean energy fanfare is climate real impact solutions. you can see them on the screen. they are going all in on green. they closed its ipo at $230 million last week. it's looking for a scaleable company in the climate sector. founded by david crane, the former energy ceo who took that company green in a way at the cost of his own job five years ago when many of his shareholders pushed back. climate real impact solutions ceo david crane joins us now in a fox business exclusive for his first interview since the ipo of the spac closed. david, you too are going into the spac world. tell me how much money is in this blank check company and what are you targeting? >> well, as you said, the ipo was for $230 million which means the spac is really looking to buy companies in the sort of $1

billion to $2 billion enterprise value basis. where we're looking, as you said, is clean energy is a huge part obviously of the climate issue but there is circumstanla economy, there's direct air capture, there's a lot of areas that fit in the description of climate. liz: explain to us how you would go about targeting a certain company to switch over to spac to, an actual name. does all of that money on the blank check go toward the single company and how much easier is this than taking it public via the road show or the traditional old school way that it appears is now happening? >> well, i mean, yeah, easier, the spac itself basically allows the company to decide who they want to align themselves with. so in our spac, we are an

operator led spac where all of us have been in the industry. so that should be helpful as these companies make the jump from being a private company to being a public company. liz: yeah. i get that. i suppose you don't have to answer as many detailed questions that you would normally have to with a traditional ipo but does that give you more latitude and if so, what regions are you most interested in? can you drill down a little more specifically? >> well, certainly, i think you just mentioned on your last segment, that automotive is important, but -- and has been very attractive in spac land because at this point, if you are trying to have impact on climate, getting rid of tailpipe emissions is the single biggest source of emissions worldwide. but apart from that, everyone's individual carbon footprint in terms of their energy usage in

the home or in the office is also a very attractive target because we have generations of young people that want to not have the same sort of impact on the climate that our generation did or previous generations. so there's many opportunities and i will say the best opportunities are in and around the customer. so what i would say, if you think about it, there is no apple, amazon, google of clean energy, a platform company. in my perfect world, we would find that platform company, spac it, de-spac it, and help it grow into being a company of that size and importance. liz: i remember years ago when i covered you as the ceo of nrg, the utility, you made such a compelling argument for making each individual home into its own utility instead of as you mentioned, putting up millions of basically tree trunks, these

telephone poles and stringing all kinds of wiring from county to county and you know, the old school grid which is certainly aging, but a lot of this may depend or does it, you tell me, may depend on who takes the white house come november, because joe biden has already said that he would go for clean energy and clean energy jobs. president trump is pushing very hard for coal and fossil fuels. so does the success of your spac really heavily depend on joe biden winning the presidency? >> i mean, i wouldn't say it depends on joe biden winning. you know, as a climate person, obviously i support vice president biden, but the companies that we're looking at have grown throughout the four years of the trump administration and it would be hard to imagine an administration that had been more hostile to clean energy than the trump administration. so the fact that these businesses have grown so

substantially during that period is a sign that a biden administration would only be a further upside to where these companies are going on their natural trajectory. liz: how close are you to pulling the trigger on this spac money? >> well, one thing i learned as a public company ceo last time is that you never comment on prospective transactions. i would try -- i would avoid that question, liz. but we're working diligently every day and hope to come to market sooner rather than later. but to your point about my time at nrg which ended five years ago, to me, it's proof that as the old cliche says, timing is everything in business. you know, my timing was too early five years ago but the time is right now. so this is the time to move on climate. liz: well, it's fascinating to watch and since you implemented a lot of green effort into nrg,

that stock in those five years has jumped exponentially. you can still claim a little bit of victory there. david, great to see you. please come back when you make the big announcement. we would love to hear about where you're investing your spac money. thanks. >> thank you, liz. i'll do that. bye. liz: good stuff. don't forget to tune in to "varney & company" tomorrow morning, 10:00 a.m. eastern, stuart has an interview with president trump ahead of his town hall tomorrow evening. we will see if climate and that kind of energy comes up in the conversation. in the meantime, pandemic related losses hitting businesses big and small across the country and now, hundreds are fighting back against their insurance providers to help cover their losses. but guess what? insurance companies are saying no, your policy didn't include that, even if it says specifically cover all risks. grady trimble is about to take

you live to one family-owned business suing its insurance company for that very reason. see if you relate and you can pick your side. closing bell ringing in 39 minutes. dow jones industrials, narrowing its losses, down 76 points. we'll be right back.

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liz: breaking news. this just hitting the tape. elon musk has just made a major production announcement about tesla via twitter moments ago. in response to a question from another twitter user regarding its model y suv, elon musk tweeted out starting production on seven-seater next month. initial deliveries early december. for a seven-seater, we are going

to assume model y. that's all the tweet says but the stock spike is speaking volumes. it is now jumping about 3.25% to $463.25. from cars to car insurance. we all pay insurance in some form or another for your car, your home, your apartment, your famous dancing legs. yes. some major dancer have insured their legs. each month, we pay our premiums hoping that when we file a claim, hoping we don't have to, but when we file a claim, we get that money back. but since the pandemic, hundreds of thousands of businesses are finding that's not the way the insurance companies see it. ralph lauren is suing factory mutual insurance after the company balked at paying up for quote, all risk insurance that the company has been paying the policy for. yes, all risk. houston rockets taking affiliated fm insurance, a subsidiary of factory mutual, to

court over a $400 million claim. and the hampshire house, owner of the famed cheers restaurant in boston, suing firemen's fund insurance saying it will not pay up on its property guard policy. all these companies have some form or another of business interruption. let's head to chicago, where we find grady trimble, who has been speaking with a business owner who has the same issues, just on a different level. i can only imagine, grady, millions of people watching right now, i'm saying we have millions of viewers, are thinking wait a minute, that's me, i've had the same problem. reporter: exactly. in fact, hundreds of businesses across the country are suing their insurance companies. we are at manny's, an iconic deli in chicago. since the pandemic hit and because of government-ordered shutdowns and the slow reopenings, they say business is down about 50% here. the owner tells me he paid for

business interruption insurance for times like these, but when he filed a claim, his insurors denied it and now manny is taking that company to court over those losses. >> in my eyes, i don't know who has to step up, but i paid a premium for -- we have been in business for almost 80 years. every year. and i think it's their responsibility to step up and pay when we make a claim. reporter: an industry group for the insurance companies, though, say that that type of insurance only kicks in if there's physical damage to the property. as an example, damage from a hurricane. the insurance information institute says misled by trial attorneys, some of these businesses have attempted to take insurors to court, arguing that covid-19 can be classified as physical damage. almost all of these cases have so far been decided in favor of insurers. that industry group also saying that if these insurance companies had to pay out all of

these claims to everybody who is filing them across the country, they would bankrupt the industry in a matter of months. that industry group says it is up to the federal government to do something because they are the only organization that has enough money to help these businesses. liz? liz: i feel for them. this has happened to me. they use us as atms. you pay every month, they take your money, but then it doesn't work the other direction. it's unbelievable. grady, thank you very much. we will watch this very closely. grady trimble. the lightning deals are going fast on this day two of amazon prime day. while amazon is expected, according to analysts, to bring in some $10 billion during the two-day shopping extravaganza, shares of the e-commerce giant falling 2% right now as big tech leads today's market retreat. and faster is better, as quote, 5g just got real. at least for verizon, after taking a center stage role

during apple's iphone 12 big event yesterday. but just how much a speed boost can you expect if you go with the apple iphone 12? verizon ceo hans vestberg is here to answer all our pointed 5g questions. he's next live. the closing bell ringing in 30 minutes. the dow down 105. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

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the wait is over. 5g just got real. liz: verizon ceo hans vestberg becoming one of the few outside non-apple executives to ever take the stage at an apple rollout event but he got the honor, and took it to announce the expansion of his company's 5g network. but what does 5g getting real actually mean?

well, verizon, it's all about this 5g ultra-wide band service, built on what's called mm wave spectrum which is hyper-fast and slashes latency. it's now available in 55 cities, 43 stadiums and arenas and seven airports across the u.s. okay. 55 cities, but the u.s. has 19,000 plus cities. so will this be enough to get customers to make the upgrade now for super-charged speeds of the future? we welcome the man at the helm, verizon communications ceo, hans vestberg. that was quite a dramatic moment yesterday, when you came out there and made that declaration. i guess on the surface, i could infer that apple chose to highlight you guys at verizon but tell us how this came about. who approached whom over the iphone 12? >> i think this has been in the works for a long time and of course, we are sharing technologies between our

companies because ultimately, you can have a great handset but you also need a great network. you know, our 4g network is the best in the nation and we are also building the best 5g network in the nation and that's how it came about. it's lots of hard work between our teams and of course, it's a proud moment for us and of course, we have been working with 5g for a long time, but we also know that the consumer based in the u.s. has a very high degree of ios phones in their base. that's why it's so important to them. liz: in the last i want to call it 26 hours since you made that appearance, you know, this big event so many people were watching, you made that declaration about 5g, what are you seeing regarding customer inquiries and possible business? what kind of phone, you know, interest and calls and inquiries are you getting so far? >> of course, a lot of interest but -- and i think that both from our customers in our stores

but also, of course, from the wide world we were part of. we announced we have 55 cities with super performance but we also announced a nationwide 5g which is going to cover more than 200 million people at the same time. so now we have the best 4g network, national coverage on the low band for more than 200 million people, 1800 cities and on top of that, the stadiums, we are just growing. we have a lot of questions about ultimately this is for our customers. liz: within hours, all the carriers were pushing out deals for this iphone 12. while you are offering free iphones i believe to new customers, at & t at least momentarily has outdone you. $15 per month new iphone 12 to existing customers and new

customers. its existing customers that they are one-upping you on because you have this 15 per month new iphone to existing customers but are you going to match at & t's offer? >> first of all, we have an extremely loyal customer base. we are the best network. we will do right by our customers and i have all the confidence that my team in verizon consumer group will take all the right decisions to see that our customers are really getting the right type of offerings which we have done for a long long time. i'm really confident, this is not the first time we have a competition. this is a very contested market. this is nothing new for us. we will just continue to compete with our values which is the best network, our distribution and around that's very important for our customers. liz: but if that team of yours comes to you and says you know what, we are seeing some churn here, and they are going to at & t because existing customers

also are getting that free new iphone 12, will you take a step then to alter your deal? >> i think that's a good question at this moment. we feel really good about our offering that we have done together with apple right now and the network we have built. let's see how it plays out. i will let my team define that and see if there's something else that needs to be done. right now we are really happy with our offering. liz: i want to hear more about 5g for our viewers, because they hear that term and think okay, fifth generation, we hear it's going to be faster, but there are different levels of this, as you know. you talked yesterday about the lower band and then the ultra-wide. so can you make an analogy, is it similar to, say, economy, economy plus on an airline with a little more leg room, then business and first class get the faster network? >> no, it is much more. that's why we built it, it's transformative technology.

that would be 20 times faster than the 4g that we have which is the fastest and the best in the united states. so it's huge. four gigabytes per second when it comes to download speed. we have maybe 80 today or lower on the 4g network and that's ultra-wide band. then the capacity, that's why we could launch yesterday the nfl app, the super app with nfl and apple where you can have seven screens at the same time on the iphone and you can pick and choose which of them you want to look at. that can only do when you are on a 5g phone. it's really a combination of the lag, the capacity and the speed that makes totally new type of applications. liz: we have come so far so quickly, when you look at the timeline but this mmwave, this millimeter band wave, it's

super-fast and requires the most media content but it's basically at this point available indoors because it's susceptible, it can't see through buildings or around corners. in fact, it even has trouble sometimes going through raindrops. at what point, is there a timeline that you expect to see it way more widely available across the united states beyond just the 55 cities and some airports and arenas? >> no, we are constantly developi developing. we had less than 30. we are doubling the footprint on the wave last year, this year we will end up with 60. this is just the beginning of it. clearly, this technology is evolving all the time. we have longer coverage on it right now, it works indoors. we saw the evolution of the spectrum which is an enormously powerful spectrum that we have built the 5g on. again, we built it on different and ultimately you will have 5g

on all the spectrums you have so it's more about this is so different than any other spectrum because it can give such a super performance. liz: finally, if i get an iphone 12, with 5g, at verizon, do i still need to pay for home wifi? i think people are so tired of so many bills and they are paying for broadband, paying for all kinds of television opportunities, hulu, apple, this other stuff. do i need to pay for home wifi once this is eventually built out? >> it depends on the use cases. if you have a multi-room apartment with tv screens, et cetera, your wireless bill will need to be different. you can do 5g access when you have a router bringing the signal and then distributing it, but if you are of course having a smaller apartment, something like that, you are going to have a fantastic sort of experience with 5g which you basically have today with 4g as well. so clearly, wireless is moving

but that doesn't take away that fiber is going to be important and it's a little more about what are you going to do on top of it. liz: do you have an iphone 12? are you going to buy this? >> yes. i have. liz: you know people in high places. there you go. you've got it already. i want -- i've got to work for verizon. hans, great to see you. thank you so much for joining us on "the claman countdown." we will be watching. please join us again when you start to see those consumer numbers move. we would love to hear about that. thank you. >> okay. thank you very much. liz: any time. a ticking post-election time bomb. charlie gasparino is up next. he's going to break it on why the tiktok saga may not be over any time soon, or even later. and one of the last tech founder ceos still standing. i'm talking back from the

dot-com era. founder and ceo rob licasio of live person, he weathered the dot-com implosion, his stock falling from $8 to seven cents. he made it through 9/11. the financial crisis. and now he's facing a pandemic but he is thriving. how he fought against the odds on my everyone talks to liz podcast. and how his company is using conversational artificial intelligence to better your customer service, as you wait on the phone now during this pandemic on these 1-800 numbers. tune in to spotify, apple, google, wherever you get your podcasts. please listen to it. let me know what you think. i'm on twitter ,@lizclaman. so you're a small business,

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liz: facebook and twitter in the crosshairs as the election nears. one social media app has gone relatively unnoticed over the past week or two. after having so much attention on tiktok, charlie gasparino has more on tiktok. there's some developments here. what are they? charlie: can you imagine, we haven't spoken about tiktok in like two weeks, maybe? liz: i didn't dream about it for two nights. charlie: dream about it. oh, god. i feel bad for your husband but that's a whole other story. we won't go there. your husband, who i really like. saint whatever, i forgot his first name. what's his first name again? liz: jeff. charlie: jeff. in any event, here's what we got on this. what's fascinating about this, it was a story that was front

and center, galvanized the trump administration. a very top of the trump administration, everybody from the president to attorney general barr to steve mnuchin, the treasury secretary to mike pompeo, secretary of state, to the china hawk, peter navarro. everybody was all into tiktok and now, from what we understand, this thing has kind of disappeared. the way it's been described to me by people that are close to trying to figure out what the company's future is and whether that partnership with oracle will be ultimately approved by the trump administration, is that the administration has put the whole tiktok imbroglio on what has been described by several sources as the back burner as the election enters the home stretch. so the election is obviously eating a lot of time and there's not a lot of debate going on with tiktok, particularly now that the courts have ruled tiktok could operate, there's a temporary restraining order on

the administration's ban on it, so there's some time to deal with this. you know, what we hear is that the administration is in no rush to resolve the questions involving the oracle partnership, whereas tiktok will still be owned by the chinese, it will still, the chinese will still own the all-important algorithm even if it looks like they kind of dress it up that u.s. companies are front and center here, and yes, there's still some worries about this inside the administration but the sense i'm getting, and for all i know, they will rule on it at 5:00, but the last i heard on this story, obviously i will try to give you that, they may wait until after the election to deal on it -- deal with it. then it becomes a question if trump wins, does he allow it. i have heard two scenarios. if trump wins, he allows it because it's no longer that big of an issue. i also heard if he loses he's going to kill it because he's going to impose the ban because

you know, why not just stick it to china one more time before you leave. so there's a lot of people trying to game plan this thing, if it's a post-election issue and how the administration might move on it. it's fascinating stuff. but you know, the impression i'm getting, again, mnuchin's not calling me back, i don't know with the attorney general barr, if china has spoken to the president on this either. these are people hovering around the outside of it. they are saying they don't think there's a big rush here to get this thing done. liz: yeah. charlie, your own wife avoids your calls. i mean, don't get mad at mnuchin. charlie: let me ask you this. did someone tell you to say that? liz: no. believe it or not, i actually can occasionally come up with some stuff. charlie: okay. saint jeff. liz: saint ginny. thank you, charlie gasparino.

charlie: there is a saint charles, i'm sure. liz: yes. there is no saint liz. i can tell you that. there is devil liz. devil child. charlie, good to see you, thank you very much. after more than -- redheads are the devil. after more than six months toiling through a pandemic, it is quite clear the holiday shopping season will definitely not be the same as last year or any year before it. but how can you still cash in on consumer spending habits? our "countdown" closer has the answer with areas that you need to look at when "the claman countdown" returns. when i was in high school, this was the theater i came to quite often. ♪ the support we've had over the last few months has been amazing. i have a soft spot for local places.

it's not just a work environment. everyone here is family. gonna go ahead and support him, get my hair cut, leave a big tip. if we focus on our local communities, we can find a way to get through this together. thank you. ♪ if you are ready to open your heart and your home, check us out. get out and about and support our local community. we thought for sure that we were done. and this town said: not today. ♪

nasdaq down 79. if you bet consumers will spend

less because of job losses, lack of fiscal stimulus, there is one area in the financial sector that still has legs to run according to iconic founder greg callahan. what is it? i'm intrigued her, craig. >> our favorite sector is consumer discretionary. it has been one of the leaders off of the low since last march. we are bullish. we expect the market to move higher. so a nice combination of consumer discretionary plus technology we like are the data processing companies like mastercard, visa and global payments. liz: they're always described in a way as toll roads. they get a little bit of scrape off of each purchase, do they not? so therefore i get that but are you worried that people will not have enough discretionary cash to spend as much as they did last year perhaps? >> toll roads, toll roads don't grow that fast.

these three companies in our valuation equation we're projecting growth in earnings of 16% per year out through the next five years and they're all taking a pause this year in 2020 but there is a nice surge expected in 2021 and again followed in 2022. liz: do they benefit, you say from moves to cashless transactions? have they moved quickly enough with the times? >> it is real possible they will benefit from that, people moving to less and less use of cash. we're not counting on that. that would be a nice bonus for us because primarily of value. liz: i mean i get that but on what basis do you estimate the stocks on average are priced about 25% below fair value? >> we never use pe or price to book. we usually disagree with managers who use those simplistic methods. we take current earnings. project them growing out to the

future, discount to present vat you. when you do value our way, the all three stocks are priced 25 to 40% below our estimate of fair value. [closing bell rings] liz: craig callahan. a billion under management. thanks for joining us. we're down 184. still under 1% for the dow. connell: loses like unlikely before the election. stocks slipping for the second day in a row. we have fresh concerns about stimulus and when we might get it out of washington. i'm connell mcshane good to be with you again reporting from the fort myers area of into as we welcome another edition of "after the bell." we erased what were early gains. treasury secretary steve mnuchin expressing doubt getting a new relief package being passed three weeks before the election. the dow closing down 160 points. on the ground in the sunshine state voters continue to speak