you've heard of buyers remorse, when he has buyers remorse when he buys bank of america. he has remorse over not buying enough 13 straeparate days of purchase bank of america stocks. if you have to own a stock for the next 100 years, bank of america fits warren buffet's methodology very well. >> megan, what do you like >> scott >> go ahead, steph >> i was going to ask mike what about the elections. what if the dems sweep do you think the banks will work then if they are more regulate than now >> good politics is good economics. dodd frank was law passed by the democrats. a lot of the democratic plans have been put in place maybe it's the absence of some of the roll back of the regulations. from what we have seen so far, we haven't heard as much mention of a transaction tax or big bank tax. you can create a tail risk scenar scenario what's good for the economy means you're going to need to rely on the banks and reenforce capitalism and it might not be -- it's a concern it's a short term concern for investors out there. it's also a concern we've heard through others just buy

could say to warren, you could find the same reasons to buy wells fargo i truly believe that if bank of america is going to begin to see some significant appreciation, you're going to get even more out of wells fargo it's a mirror image of bank of america -- >> wells has had fleas, though how are they the same? >> has wells has had fleas, correct bank of america, there is already a premium that's built in because of the brian moynihan and the management team, clearly. i think charlie scharff in his management team is an excellent management team. i don't think that investors have properly priced in a premium for that management team so if i compare the two, bank of america and wells fargo, clearly you are correct. wells fargo has had way more fleas and every other type of insect that can bother you, but looking forward it if we are going to get the appreciation from money center banks which are not as i best in breed, jpmorgan like, i will get more up side than wells far aro and would tell warren buffett he would be -- >> you're trying on out-oracle the oracle good look with that. steve, go ahe

he is a serial buyer of bank of america. so we think he's on the right track. the largest bank, bank of america, jp morgan and citigroup, they are capturing more share when it comes to digital banking and they also have more scale to better carry expenses seen though these headwinds are a once in a 100-year event, we think it will extinguish this event versus others, as well as the buildup for reserves in those problems is the greatest for any recession experienced in the u.s. so banks have a war chest, they're ready for this, they are strong it the one word for banks would be strength >> it's like the weights behind you. a 50% rally over the next 17 months mike mayo, thank you for joining us we appreciate it >>> coming up, the global pandemic has shown the power of innovation in everything from finance to biotech ahead we'll speak with squares cofounder about that and more. >>> plus facebook is hoping to reel in tiktok users as it rivals other reels how strong can it be for both platforms? we'll discuss, after this. what happens when a wireless carrier puts its

take what you will from the timing of this buying in bank of america. certainly a bit of a vote of confidence in brian moynihan's company. >> while this buying has been going on as you suggest, if it's just a swap from wells fargo to bank of america, the inference is not particularly strong. but buffett main insight and biggest most successful positions such as american express, coca-cola, apple, has been the idea that a business could have multiple expansion, that it was more steady, stable, reliable than the market is betting. who knows if that's the case with b of a. the wealth management investment bank is probably underappreciated if we're in a bull market. >> just as well, american express is another one where he got permission to go fwof 12% and fed ruling goes up 24.9, same granted with bank of america, with amex gone up to 15% holdings, still 12% holding in bank of america if that's a conclusion to draw from him on where he might be headed with that position. board seats on the jpmorgan so good insights but not directly on bank of america's boar

we talked about the 13-day buying bing from bank of america too. they are not out of all the the financials but they are out of a lot. what's the statement there about the trade in and of itself per sooeceived value or value tp >> it's interesting. i think it's important to talk about. jpmorgan is an interesting one everybody talks about jpmorgan it's the gold standard and still struggling to hold above $100 a share. their trading was out standing they add great earnings report yet the stock after a quick bump to the upside wasn't able to hold any of those gains and quickly, descended down again back toward the 200 level. i'm motte sure why he exited that one we also do know he put on a huge, he continued to add to that position in bank of america. i happen to agree with him i own bank of america for a lot of reasons it trades still below book value. i think i understand some of the rationale for mr. buffet on why he's got the big position. if i had a chance, i would love to find out what was the thought process because i thought they did everything

know about a potential deal >>> plus disney shares up this morning after surprising analysts bank of america's jessica early will break down those numbers. we'll be right back. on a scale not seen in decades. an estimated 54 million americans will struggle with hunger. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgan stanley in supporting feeding america and your local community food bank. ♪

be the places i would be excited about >> warren buffett's berkshire hathaway betting big on bank of america. berkshire has been buying for 12 straight sessions and now has a roughly 12% take in bank of america. should you jump on the buffett bandwagon? karen, you're there. >> i've been on the buffett bandwagon. a couple of years it would have been much more positive for the stock than it's been i don't know if this is some of the wells fargo money that's now flowing back into bank of america. but i really like this story clearly we're going to see giant credit losses but they've been provisioning for that for two quarantiner e quarters now it's an extraordinary franchise. it is not expensive. i think that ultimate lly it's just too cheap here. >> dan, let's say the oracle of omaha picked up his motorola flip phone, he has an iphone now. he calls you, dan, and says what do you think of my buying bank of america for the past dozen straight sessions? what would you tell the oracle >> i think it's a nice meaty stock. i would say it's the only thing in this stock market that makes any sense to m

what he did with apple and bank of america is extraordinarily strong i think the old man in omaha, i don't think he's lost his touch just yet i love the tenacity of buying that he did for bank of america. >> who was that jim? >> sorry it's hard to get a word in edge wise what pete is talking about is important and it's actually on target with what tom lee was saying what changes sentiment on these value and cyclicals where sentiment is awful is private buyers coming in they bought the big natural gas pipeline a month ago there's a lot of this activity going on which is basically private investors coming in and saying, okay, we think it's cheap and we're going to buy it. to heck with what the public sentiment is you need it to continue but it's important part of the value. >> don't tell babe ruth he doesn't have it anymore as long as he's swinging the bat if wii goie're going to see tha think the regionals have a great opportunity to work as well. i added that one i like both of those because the fact they have different exposure than bank of america or jpmorgan >> give me quickly on g

bank of america says it's not dangerously bullish. 79% of their survey says they expect a stronger economye asian equity session. capitulation, i would say. the number of people who would say it's a bear market rally, 35% from 47%. i should've changed my drums to pounds. there she went. will brexit risk reappear? we will talk about brent in just a moment. down 7/10 of 1%. let's talk about the markets. hong kong has been hit by the strongest typhoon this year. it forced disruption to businesses and public transport. saw theer eight storm cancellation of morning trade in the city's stock market. juliette saly has been assessing the impact. good morning. normally, we see the afternoon session resume half hour ago. it is just coming online right now. weakness after the morning session was scrapped because of the storm. we saw trading with the stock connect scrapped in the morning session as well. derivative trading was delayed. hong kong has said that all tropical cyclone warnings have been canceled. the storm is dissipating. want to check in on one stock in particular. that's hong kong exchan

if you noticed in the last two weeks, he's bought $1.7 billion of bank of america stock and everyone said when warren is [ inaudible ] he's buying these cheap stocks, they say has warren buffett lost his touch. the answer is always no. i like bank of america. i like wells fargo. the regulators are going to have to lift that asset cap on wells fargo if they want to see our recovery be sustainable and strong and steady after all the effort that's gone in and i think morgan stanley noted correctly [ inaudible ] we will have 27% earnings growth in the s&p next year but only 14% earnings growth in technology, 33% earnings growth [ inaudible ]. liz: yeah, you know, your signal's a little bit sketchy here. but i'm looking at the price-to-earnings ratio. we try and let our viewers know this. the pe ratio for bank of america is 15. that's cheap. then you look at the pe ratio -- i mean, amazon is like at 120. we talked about that the other day. let's just say apple, apple is certainly higher than that. as we check that pe, phil, i see these names and i say okay, profit take. pe of aum pple is 3

ethan harris, bank of america head of securities bank of economics, is still with us.his amplifies that there is a lot of pressure to and the furlough program in october for the u.k. the debt is rising, 2 trillion pounds now. what happened? ethan: i think it is a mistake to pull back at all on the fiscal support of the economy right now. i mean, it is true we are not in complete lockdown now, but we are a long way from a recovery. certainly, the u.k. has had a particularly deep recession. i do not think we should say, ok, now we have to focus on the budget deficit again. this isn't the right time to do that. the reality is if you look at the developed world, whether the u.k., european union, or the u.s., governments have a lot of capacity to borrow the world with effectively zero interest rates. it is not good, but it is necessary. it is too early to start on that path of fiscal consolidation. i do not think they should pull back. alix: there is an argument made that you cannot sustain this level of spending for too long much longer. ethan: i don't know what the trigge

located at bank of america. the eastern side of the zone another new assistant centers started at the county health and human services building in napa. today they launch our fourth location. to the south a recovery resource center is now up and running at kaiser permanente arena in santa cruz. all centers will be open daily until you notice. we want to thank you, for donations and all effort you put towards the telethon with the red cross for fire relief. thanks to your help, we have raised an estimated total of more than 640,000 dollars all of that for the victims of the lightning fires. >>> this week and more businesses were allowed to reopen outdoors across the east bay. we went to pleasanton to see what was open. >> reporter: some of the regulars new others stumbled upon it but add them up and you had a line. mo of the day at cosmos barbershop. >> i've been a longtime customer . probably 15 years maybe more. >> i wouldn't be willing to wait with eight people in front cut my son's hair 't do a good myself it

we are going to call it bank of america junior academy. providing afterschool content as well. the last thing was education. i had one of my own team say i need a phd to figure out when my kids are going to school in the fall. we've been running seminars and working with education experts to help our working parents understand exactly what they are dealing with and knowing it's going to be a fluid situation. bank of america -- it's great you have these resources and flexibility. given your experience with hr and you mentioned con academy for one, how do you recommend smaller firms who don't have the resources to give 75 or $100, what are some ideas to navigate this crisis? i think really being creative, thinking about what are the online resources that are available that can help with tutoring, thinking about how to organize care. while we would love to go back to more formal ways and in center care, that's going to be possible in some parts of our country and it's not going to be possible in other ways. inking about ways to hire college s

. >>> welcome back what is a better bank to own bank of america or citigroup >> well i own bank of americahave owned citi in the past. i think the execution is better at bank of america even though the stock is more expensive at 12 times earnings. that's compares to 10 times earnings at citigroup and 6 times priced to book citi is cheap for a reason i like the execution better and the responsible outline growth strategy outlined by the ceo >> next up, joe in new jersey asks, pete, is best buy a buy, sell or hold >> i view it as a bit of a buy still. i understand the cautiousness they put out there when you look at the digital growth and i think that will continue for next couple of quarters, yes margins might come in a bit because they will be bringing back employees a bit more as they reopen and continue to open up stores and they alluded to that. i think the digital sales will continue to be very strong they might not be 240% but i think they will be very strong it still trades inexpensively. i view this pull back as an opportunity. i may be owning this stock before the end of the day. >

we will speak to the head of fx strategy at bank of america. is is bloomberg. ♪ to theelcome back european market open. until the45 minutes start of cash equity trading. let's get a business flash. some of the top corporate stories we are covering. oracle is entering the race for tiktok's u.s. business. the move may complement -- make complicated microsoft's attempt. investors include general into gant sequoia capital. and sequoiatlantic capital. bp mike -- of bhp is making a push to shake up the portfolio. a transition to copper and nickel to meet expected demands from renewable energy and electric vehicles. softbank has invested nearly $4 billion into 25 of the world's biggest technology companies. the softbank founder is expanding the company's activities and tech stocks. last week, he unveiled a new asset management arm. that is your business flash this morning. the dollar is extending declines. chances for a comprehensive stimulus deal before september diminish every day with neither side willing to make concessions. democrats and republica

bank of america says they have been left out of this new initial public offering because of their pastlibaba rivals jd.com and others. sources say that bank executives and alibaba said they should refrain dealing with competitors if they wanted to do business with jack ma's sprawling empire. it could be the years biggest ipo. we had to the lunchtime break. back tensions between the u.s. and china as well playing out. seem to be bothered particularly by what is happening between beijing and d.c.. have beenat could engendered by the latest pmi numbers. what we have is the managing 51.2 rising to 52.8 from in june. a year ago it was negative. what this represents is the highest reading for pmi manufacturing since january 2011. it represents the third consecutive month of expansion taking place. we have outputs on that index rising 54.9 versus 52.8. that is also a january 2011 highest rating. this is bloomberg. ♪ hey, kids! welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. learn how to draw with a minions expert... how to build an indoor obstacle course! plus.

right now, we begin our economic coverage on the simulcast with ethan harris, at bank of america withhority on the transfer and greenspan to bernanke his wonderful book, and also absolutely nailing the non-v-shaped recovery of 2007-2008. no major house did better than bank of america on that call. once again, we don't have a v-shaped recovery. what kind is it? ethan: well, we have a two month v followed probably by three months of l, and then hopefully we start picking up again. clearly, the resurgence in the virus caused a little bit of pulling back in the economy in july, and we expect things to be kind of flat for the next few months. tom: what is your unemployment statistic for friday? how much of a mystery is that statistic? of thewell come employment report could be anything. as we know, congress have done terrible job of forecasting it because there is such a cross current of firing and hiring in the labor market. our guess is that the and implement rate dips below 11%, so it comes down to 10.7%. to put that in perspective, that would be worse than at any month during the great

know the answer but of course if you did sell significant amounts of one of the bank holdings versus a small pop off in bank of america then it would seem to be a small relative bet on one name. >> i agree in the overall context of things the bank of america purchase is a drop in this portfolio but it was between july 31st and august 4th, they spent more than $300 million on bank of america shares alone just within that five day span. so it's interesting to see what the pattern is in terms of how he got into these bank stocks and in terms of the buy backs, that goes to the core of his investing. he is getting his portfolio at a deep discount and if you think of his portfolio, the biggest holding in apple, one of the most valuable companies in the stock market right now, he's getting that at a severe discount so that's buying apple shares along with a lot of others it's going to make the point in the second quarter a couple of businesses performed very well. geico was a strong performer saw a profit of $2.1 million in the second quarter that's 393 million a year earlier. a lot of that was because of the premiums weren'

buffett has his biggest bet, if you like, on bank of america which is interesting because wells fargo and maybe jpmorgan chase have been a bit of a laggard when you compare it to some of these other stocks, especially apple and amazon. so it's very interesting that he doubled down, if you like, on b of a. he also cashed out on the airlines. i think he threw in the towel there in may, cashed them all out, is going to take a long time for the airlines to recover from the covid-19, of course, the pandemic and when people will get back to normal, if ever at this stage. you mentioned the big acquisition in 2016. that was really the last big mega-deal berkshire hathaway has done. yes, they bought dominion energy for, how much was that, $10 billion back in early july but not on a mega scale. they have all of this cash, okay, they are buying stuff back but where will he go with that cash in the future? we have to wait and see. that cash pile grew by $9 billion from the last quarter which was a tough quarter, as we know the stock dropped 19% because of what the pandemic had done to many many i

the "oracle of omaha" did buy more bank of america. i know you like certain ideas in that area. nancials really came on strong last week. what are the specific banks you're looking at? >> i do like bank of america along with warren. we like morgan stanley and we already have a substantial position in welles farring wells fargo, the underdog. they have acted bret well, wells fargo the laggard. most of the names look pretty solid. charles: okay. twitter, guys we know it is in the news big time this morning t opened nicely on talks they're in talks with tiktok. the company of course would need a partner or would have to raise cash to make it a buyer. let me ask you, mike, what's the best fit for tiktok? would it be a twitter? would it be microsoft as an investor? which would be more attractive for you? >> as an investor i think microsoft. i really think twitter under jack dorsey has shown, charles, they're willing to pick sides, political side, that is. i think tiktok is better if they're more open, if they're more along the lines of something that can really help the buying company

goldman sachs and bank of america are said to have been left out from the upcoming ipo because of pastba rival jd.com and pinduoduo. they said they should refrain from dealing with competitors if they want business from jack ma's empire. biggestld be the year's ipo. coming up on daybreak asia, the cross fires between days -- beijing and d.c.. hsbc earnings. this is bloomberg. ♪ ♪ ♪ yvonne: lewis -- good evening from bloomberg's global headquarters in new york. haidi: asia's major markets have just opened for trade. our top stories, tiktok faces imminent ban in the u.s. but insists it breaks no local laws. markets -- microsoft is interested in a deal and has discussed the idea with president trump. the 7-eleven owner revives its pursuit of the gas station chain. aey will pay $21 million in deal set to close next year. goldman sachs and bank of america are being shunned because they worked with alibaba's rivals. shery: japan, south korea and australia coming online. let's get to the market action. starting with the open in japan, the first quarter gdp contracted at a slower pace than exp

off water and power to homes or other private venues caught hosting large gatherings. >>> some bank of americaad a very worry-filled wednesday. they woke up to see a big zero in their bank accounts. bank of america confirmed it was an online glitch showing incorrect account balances for online and mobile users. the bank assured customers their money hadn't disappeared. however, it hasn't issued any updates indicating the issue has been fixed. i'm sure a lot of those customers are ready to pull a rihanna. you know the rest. >>> coming up next half hour, mac and cheese for breakfast? why kraft is rebranding its iconic pantry staple for our quarantine kitchens during our pandemic pause. >>> first, trying to cope during these dark days. what former first lady michelle obama is telling us all about low-grade depression. and resurface over time. febreze fabric refresher eliminates odors. its water-based formula safely penetrates fabrics where odors hide. spray it on your rugs, your curtains, your furniture, all over your home to make it part of your tidying up routine. febreze fabric refresher, for

savita subramanian of bank of america, ahead of the payrolls report. on the program, julia coronado, macropolicy perspectives founder and president. we will catch up with jeff rosenberg of blackrock. this is "bloomberg surveillance ." ♪ >>>> i think we started the new economic recovery. >> we are certainly in the midst of a slow-moving policy mistake. >> if you are in the world where the soon to be are just economy is authoritarian, you don't have a global free market anymore. >> this is an extra nearly severe crisis, but it is also hopefully a roughly short-lived crisis. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: -- tom: good morning, everyone. an extraordinary jobs report.

to have you with us i assume you would take exception to some of the things the analyst from bank of americatoday take apart your case and his. >> yeah, first of all, thanks for having me. the call this morning pretty simple we see further 10% upside epps on 20% upside on revenue and shipment iphones based on the survey work we've done, we've kind of summarized the fact that we think there's a very strong upgrade setup going into 2021 of those that we surveyed 1,000 plus consumers, 35% cite add very strong interest in upgrading. that's based on on 950 plus million active iphones out in the market i'd also highlight iphone x as well as iphone 11. over 40% of those surveyed know a very strong interest in upgrade on the iphones cycle going into 1221. upside on iphone shipment, blended prices of those iphones as we see a mix toward larger screen phones into the pending upgrade cycle as well. >> the 11, when did it come out, last september or september before that? i can't remember now they come out so fast. what are people looking for in an upgrade this time that the 11 doesn't have >> i think d

jonathan: let's get to our first guest of the morning, jared oodard, bank of america head of the research investment committee. draw the distinction for us. jared: we keep it simple here. i think any move towards value, any rotation to cyclical sectors is going to be a tactical short-term flash in the pan until some changes in the economy that can provide meaningful growth higher. until then, i think these are noisy moves higher that a lot of investors can endure. lisa: because yields are higher, that should be good for the cyclicals. that should be good for the banks. why is that not another sign about performance, given that there may not be any reason behind this rally? jared: there's a lot of crosscurrents in the bond market right now. there's a lot of confusion about what it will be like in the future. most importantly, the sense that if yields really do rise in a meaningful way, the fed will come in with yield curve control and cap any big move anyway. so the long-term benefits, the correlation you might expect between yields and banks and other cyclical sectors, i think is not goin

we heard from the bank of england and we will hear from the bank of america chief in the u.k.ll speak with the ceo of forward. this is bloomberg. ♪ ♪ alix: live from new york, i am alix steel with guy in london. we are counting down to the european close. ,here was no action in d.c. shocker. minority leader chuck schumer and house speaker nancy pelosi were in a news conference. she says we need to move quickly on stimulus talks. it looks as if the president is potentially warming up to take unilateral action. it will be interesting whether that happens friday into the weekend if the democrats and republicans cannot get together. alix: is the jobs number tomorrow good and decrease the urgency or do we need a terrible number to bring keep people together? i hope that's not what it comes down to. we all know the jobs number is all over the place. you know whathe

business as long as they don't make big mistakes. -- hemmed his space in did build a stake in bank of americades at a lower price than the other big banks. one thing to keep in mind when you listen to analysts, they point out that this time around, the mistakes that are being made problems.e banks they are part of the solution. kailey: thank you so much. for more on this, we are joined partneriamond, founding and ceo and farmer barclays ceo. it is great to have you. i am going to toss it right to you. did anything we hear from the fed and powell change the calculus for banks? bob: that is a very good question. i don't think so at all. announcementtoric by chairman powell. on the other hand, there is nothing new. it is very consistent with exactly how the fed has been behaving through the pandemic in terms of hyperfocus on getting veryyment back, very, relaxed -- if i can use that term -- that some inflation could be positive. 2012 witharp back to an inflation target, that was the first time for 2%, which was probably a recognition that some inflation would be ok after the financial crisis and

some commodities yes briefly should we expect this to continue well at least it's not impossible bank of america for example saying we might even touch $2500.00 an ounce for sure nobody really knows a lot depends on what's going to happen with interest rates and also a global economic recovery all right with the latest from new york thank you very much. and switching gears the united nations announcing tuesday that all $187.00 member states have now signed a global treaty against child labor however the practice is still rampant in parts of the world including among cocoa farmers in west africa a chocolate producers have vowed to curb child labor in recent years they failed seeing an increase instead as you'll see in our next report cracking down is complicated. a village in southern i free coast a special division of the police forces out looking for children working in the kickout plantations instead of going to school. child labor is commonplace here and it doesn't take the police gnome to find someone. with taking the girl with us. and we're taking her mother too she can prove that her child

below $1 million for the first time since mid march we'll discuss the state of the economy with bank of america president of retail that, is coming up next ♪ ♪ i keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenow. the smarter way to workflow. >>> let's bring in steve boland, pred of retail serve 3z 3 million mass market consumers. it's also part of the overall executive management team at bank of america. very good afternoon to you thank you for joining us, steve. >> good to be here, wilf let's kick off with the consumer the area you have such data on everyone saw the uptick in april and may. has it continued since then or is it plateauing a little bit? >> no, we're seeing it continue as we continue to see states reopening and people getting back to spending on essentials where we've really seen consistent growth is in the debt card spend that is probably the trough was down 40% and now first week of july was down closer to 10% that's really essential. credit card spend, that's where people are using for the bigger spend like vacations and larger

michelle meyer, bank of america securities, economics, joining us now to give us her take. t's break it down a little bit and start with what we learned in terms of the payroll report. everybody has their favorite way of breaking down the payroll report. what did you see in these numbers about what is happening in the u.s. economy? unless the labor market continues to heal -- but it is at a moderating piece. the jobs numbers were stronger than this -- than last month. about 42% of jobs lost have been recovered thus far. in some of the most sensitive sectors to covid like leisure and hospitality, retail trade, one would think at this point a beenf -- hiring has exhausted and now it does become difficult. ofbecomes more a function broad spending, and that is why i think there is so much focus on the fiscal stimulus bill right now because that has been a big source of purchasing power for consumers. if that feeds, what does that mean for the ability to continue to bring workers back? theor: does this take pressure off congress on some of those tougher stimulus measures you were

bank of america and goldman sachs do not boa and goldman have diverse boards apple and microsoft have companies in the dow have black women hold 16 of the 345 board seats according to our recording and facts data coke, chevron and united health care are notable stand outs with two female blackboard directors each many companies though from walgreens to travelers, to m mcdonald's have none boards are interested in adding black men and women according to executive search firms we talked to board level diversify is so key. john rogers who is on the board of nike and mcdonald's has said. the board is the real boss directors can hold management accountable to live up to closing the gap on equal pay and hiring during this moment of change make sure they are held accountable for these promises they are making right now in this environment >> it's a really good story and very interesting story in light of everything that's happening to put a fine point on what you already reported it's even worse in certain states. >> aye seen reporting in louisiana it exchanges to 48 cents for every dollar i

bank of america global research. stays with us, and we will get further thoughts from her on what is going on in the euro zone. boris johnson is lifting the lock-down in england, but can he keep virus numbers under control? we will discuss next. this is bloomberg. ♪ >> welcome back to the european open. we still have 35 minutes to go before the start of the cash equities trading. but it is friday. boris johnson is resuming lifting the lock-down in england. casinos, theaters and bc parlors will be allowed to reopen. but there are tougher penalties for hakem who break social distancing rules. travelers from the netherlands will have to quarantine for 14. evelyn is still with us. we will get back to our consideration on the euros, but your thoughts on the u.k. as the latest headlines here are about reopening parts of the economy. what is the underlying eek story at the moment? are you looking for the bank of england to do? will stimulus play a bigger role? > the story from an economic perspective, us that is a systemic

but just try to go inside this hayward bank of america branch. >> this is frustrating. >> reporter: there's more of this going around than you might think. temporary bank branch closures because of covid-19. the b of a branch is indeed shut down. for caroline the next closest branch is two and a half miles away. >> yeah. the line is so long or like sometimes i go to oakland because, like, they're not that busy. >> reporter: we took a look at the website and found 79 branches closed throughout the bay area. the company warned back in march it may change or reduce hours and temporarily close banking centers to keep customers and employees safe from covid-19. and it's not just bank of america. >> i'm angry because i work between oakland and san francisco, and there's a wells fargo over there right by my job. it's closed. >> reporter: so was this branch on mcarthur boulevard in oakland. a check of wells fargo's website finds at least 62 locations scattered throughout the region are temporarily shut down. we reached out to both banks for comment. in a statement wells fargo said, quote, these tem

bank of america securities career economist kathleen oh. of the stocks moving in the right direction in seoul. shares jumping to a two-year high after the kapok group. song, hot 100. 25% stake in bts. we are seeing the stock up by 2%. 2.5% at this point. coming up next, ties between china and the u.s. continue to sour. we will have the latest on that developing story. this is bloomberg. ♪ haidi: tensions between australia and china are rising after revelations beijing has detained an australian journalist without charge. it's get the latest from our managing editor, ed johnson. it could beike another tit-for-tat measure by china. ed: good morning. that's right. according to the abc, he has not been charged but could be held in a designated location for up to six months without access to a lawyer or assistance. and you are right. it is very hard to see this in loopther way than another of the downward spiral in relations between australia and china. relations have been in the decrease. huawei from its 5g network. of course, it got worse -- s

bank of america thinks the good news is baked in downgrading the stock to under perform but raising their target to 166 from $155. you can see the stock is up more than 50% eps was 44% higher than expectations and recurrent consumer spend accelerated 127% year over year those are those in game purchases that account for a significant amount of their revenue. 65% of the first quarter take two's guidance shows that area is slowing. what is not slowing at the moment is sales across the industry they surged 26% in june to 1.2 billion dollar we'll learn more much when a activision blizzard reports in two hours. >> josh, brown, this thing has been a juggernaut. stocks up 40% in three months. it raised its full year sales forecast we get the whole story they have knock out profits. yet you're going to go to sell a downgrade to sell on this. >> if you do go to a sell, no one will be mad at you i don't know what the history of this particular analyst covering the stock is the stock price, forget about the fundamentals of the company, the stock price has gone vertical it was $100 three months ago i

. >> positions could have changed since then berkshire hathaway has been an acquirer of bank of america very recently part of that selling of financial stakes could be portfolio rebalancing here brian kelly, the gold mine of berkshire hathaway, that really caught my eye. >> that to me is the biggest news you heard my dogs barking. they thought it was huge news as well this is warren buffett, the oracle of omaha, the best investor of all time that has consistently for the last decade said gold is magical metal you'll do better off buying american companies here he is selling banks, american companies and buying into gold. to me, the signal for this is that he's talking about a longer term view. if you're following him, you're saying, wait a second, warren buffett, the oracle of omaha, he's say iing -- [ inaudible >> he is still investing in gold speaks volumes in my point of view i am certainly following the yellow brick road to omaha you know how i feel about gold we're talking about inflationary pressure we've talked ad nauseam about the effects on the dollar. what the effects of the c

north bay, two fire assistance centers are opening, one at healdsburg school, the other at a bank of america branch in guerneville. >>> and number five, the spare the air goes on, again today and tomorrow. north bay, coast and central bay already dealing with unhealthy air for all of us this morning. >> number six, aside from the fog that is causing just a bit of a problem this morning for people going in and out of the north bay, everything else is looking good. so this is a live picture of walnut creek. and it is 13 minutes along 680 to dublin. >>> and number seven, one of the top stories on abc7news.com this morning, you can now text b.a.r.t. police to request help in non-emergency situations. the number is >>> there could be a new quote critical piece in the probe of the police shooting death of breonna taylor. kentucky's attorney general says his office has received a ballistics report from the fbi. daniel cameron explained why charges have not yet filed against the louisville officers who taylor. >> we're leaving no stone uturned. a fair and thorough investigation is deserved by all. >

. >> in guerneville , this assistance center is now set up for residents at the bank of america. this town is coming back to life now that most evacuation orders have been lifted and fire danger has passed. >> a lot of people are excited about they're back and we're open. >> restaurants and shops are reopening and customers are back. >> we kind of heard this was some closures going on, so we wasn't sure but we saw cars coming back, so we figured, okay, let's take a drive down this way. >> guerneville residents are resilient and thankful to those who protected the community. >> we're grateful to the 50s and first responders. they saved this town and this place. >> hol assistance centers will be open through next friday 10:00 a.m. to 7:00 p.m. live in guerneville, cornell barnard, abc7 news. >> thanks, cornell. >>> let's check the progress being made against two other fires. right now, the czu lightning complex, evacuation orders remain in san mateo counties. lightning strikes sparked the fires two weeks ago. here's the latest on the scu lightning complex that burned across parts of

if we look at bank of america's recent survey on working from home, prior to covid-19 only 5% of respondents worked from home predominantly. currently that sits at 45% we've seen a 9 x increase in terms of the number of people working from home. that has huge ramifications for home improvement spending, furniture spending home depot sits in this category if we look at mortgage rates o3% this translates into a seismic s category home depot is a net beneficiary of this. so the trade i'm looking to make here is going out to the october 2nd weekly options i'm selling the 277.5-262.5 put vertical here, collecting about $9 for this credit spread. i'm collecting about 9.25 on that 277.5 i'm collecting almost 39% of the width here if home depot stays where it is and starts to move a little higher, i'll collect 2% of the underlying stock price over the next 45 days if it ends up between the two strikes i'll end up owning home depot for 271. if home depot falls apart, i'm only risking 3 .% of the underlying stock price to take this bet. >> mike, your take >> first of all, i love home depot as a compan

the bank of america says -- >> good morning, stuart. stuart: good morning to you. little delay there. bank of america says gold goes to $3,000 an ounce. what say you? >> there's no reason that it cannot go there, stuart. all the fundamentals are in place. there's monetary printing not just in the united states but across the globe from central banks. that's pushing it. there's this prospect outside of what we see in front of us of inflation and that bodes well for gold, too. all of the fundamentals are in place. there's no reason, really, nothing stopping gold from going higher. stuart: to the individual investor, how do you get into the gold market? you've got a choice of gold coins. you've got a choice of gold mining shares. and you've got that gld, the popular gold etf. how should you go? >> the miners have been doing exceptionally well. they have been leading the pack. but we are in gld. we own a position in gld for some time. i regret we didn't add to it in the last couple months but we are certainly doing very well with it and have held it for some time. that

another assistant centerfire victims is at a bank of america. another new assistant center opens today. at the county health and human services building in napa. recovery resource center is up and running at kaiser permanente arena in to crews. of the centers will be open daily. we do, one to say thank you to your donation to the red cross for fire relief. we appreciate your help and donation matters from clorox and wells fargo, between all of that we have raised an estimated total of victims of the lightning fires. >> getting a haircut it has become a lot more complicated. a new wave of business, plenty of people lining up for outdoor haircuts. many in the beauty industry can resume operations outside including hair salons. nail salons, waxing and skin care. no shortage of people waiting for a shave and a haircut. cosmos seem to be the exception was all over alameda county. many establishments have yet outside. we have them all listed on our website, so. >>> coming up, a look at help me transform the bay area's largest voting center. >>> he play

check your bank balance and it says zero, zip, nada. >> that's exactly what happened to some bank of americatomers wednesday. not to worry, the bank says it's an online glitch and your money is still there. >> the bank says repairs are under way but haven't said exactly what went wrong to begin with. >> that happened to me in college. i just didn't have any money. >>> to a trashy pony ride in texas. >> check out this video from outside houston. a garbage collector grabbed a life-sized stuffed pony that was in the trash along his route and he took it for a spin. >> the owner said she threw out her daughter's pony because it had a broken leg. when they saw him playing with it, it made their day. >>> finally, the vehicle you have to see to believe. >> it's got one horsepower, literally, engineless, the vehicle was spotted in ukraine. >> the horse was trotting in the slow lane as it pulled the car down the street. bet they get great gas mileage. >> that's what i heard. and you can just feed them oats. at i heard. and you can just feed them oats. ...to soccer practices... ...and new adventures. y

jack: and, al, bank of america recently upgraded tesla. you say to sell. why? t of a -- it was a long-term affair, and he went from sell to hold, and he even took a few shots at the company in his upgrade report. listen, i am not a tesla bear, but the stock is up 20% since announcing a split. it just closed at an all-time high. it is 26% above its 50-day moving average. you don't have to sell everything. you can sell a little when things are this good. so i am a profit taker in tesla for a little while. jack: the hate upgrade. i learned something new. carlton, ben, al, great ideas and thank you. to read more, check out this week's edition at barron's.com and don't forget to follow us on twitter. that's all for us. see you next week on "barron's (announcer) the following is a sponsored program for prostagenix, furnished by prostatereport.com. (upbeat music) ♪ hi, this is larry king. over 30 million men in america have prostrate problems. i know, i was one of them. and all these natural prostate supplements like the ones i have here in front of me are everywhere.

one bank of america analyst predicts it will peak around $3000 an ounce within the next 18 months. facebook has come up with its answer to tiktok and instagram reels, the feature allows users to post 15 second videos of that they have edited and added a fax to. the enhanced feature was launched wednesday in 50 countries, including the u.s. during the hearing last week, facebook's ceo was asked about his company's history of copying its competitors. he did not deny it but says the practice is not about that. the goal is to quote build the best services possible. >>> that is your cbs money watch report for more go to our website. >>> more than 2 million homes and businesses are without power after tropical storm isaias which through the east coast. getting the lights and air conditioner on could be taking longer than usual because of the pandemic. >>> a little cloudy around here. let's check in darrin. >> good morning, happy to be here filling in this week. it is cloudy out there but if you look at the details there is less of it. it will not stick around as long and we are going to

one of the things i thought was pretty fun it was yesterday bank of america came out with their monthlynager survey. and suddenly, people were getting bullish and suddenly they are not saying this is a bear market rally. it is funny what hitting all-time highs will do to sentiment. maybe it is time to buy stocks. you can see the data, clearly a very big increase in optimism as the market has powered higher. romaine: a lot of this he talked about the general fear of missing out. a lot of people are going to take that fomo and chase the trends in momentum. but some folks remain structurally bullish. let's welcome oppenheimer chief executive strategist john stollzfus to get his case on the direction of the market and less the direction in more just your general sentiment of where we stand right now. this all-time high we hit yesterday, is that a signal to you that there is some momentum here to continue paring this market? john: i think there is, romaine. i think when we look at it, the market has a goal that is beyond the near term. it reminds me a lot of 2009, after we got beyond the bot

the coronavirus on the quarter was $3.5 billion joining us now is an entertainment analyst at bank of americaa, good to see you this morning. thanks for being here. what's your read on the quarter? >> there were a lot of surprises in the earnings and earnings call last night. the most important is the direct to consumer subscriber numbers disney reached over 100 million subs globally. the key number is disney plus was over 60.5 million subs at the beginning of august, a few days ago that's exceeding the low end of their guidance for five years. in only eight months it's a huge number and i think a big, big surprise. another one is that they announced, an analyst -- there's a couple of things they announced they are rolling out internationally next year and instead of it being under hulu label, it will be under star which they fully own and will be all of disney's content. they finally announced that they will have an analyst meeting as they say in coming months and. that should be a big event their last analyst day regarding direct to consumer was a huge -- it was just a huge event for the st

information in washington dc based think tank is backed by donors such as pg&e and kaiser and bank of america. >>> hackers may have gotten access to amazon's alexa. bbc reports the cyber security firm found a flaw in that device where hackers could have grabbed recorded audio. amazon said it is fix that problem and doesn't believe any of its users were exposed. >>> apple may soon be bundling of services and offering customer subscriptions. they said the tech titan will offer plans that bundle services like apple tv, apple music and i cloud storage. no official word on pricing, but the company will reportedly offer discounts for bundling and we are waiting for comment from apple. >>> the only thing going her mi wa >>> this video has gotten 300,000 views in the past 24 hours. you will see a lot, why a police officer risking her life to pull a wheelchair user from the path of a freight train. >> she told a reporter about the heart stopping save with just seconds to spare. >> i tried to get him up. >> reporter: the train horn blowing and adrenaline pumping. >> get up get up get up. >> reporter: p