this online betting placing bets at any time is a click of a button. before placing bets even if they prohibits from gambling from widespread negative effects. professional sports teams are drastically different and the athletes are less susceptible. universities have those are not able to monitor everyone with the reputation of the institution chairman graham mentioned the advent is significant so for example who gets the jump ball and they increase the scenario the opportunity for student involvement student athletes could be easily persuaded to throw a ball or instead of a strike on the first pitch to rationalize is not truly impacting the outcome and tarnishing the integrity of the game and finally began being gambling on college sports for those that already offered those that permit sports gambling have recognize the dangers and then gambling on teams in their home state against competition for example new york allows sports but prohibits sports in college gambling for any sport taking place in the state of new york they may not bet on the syracu

americans have been betting on sports as long as there are sports to bet on. estimated $150 billion a year was bet illegally. the federal prohibition did not eliminate sports betting, it only managed to drive it underground. illegal gambling operations fuel other criminal activities and lack protections for consumers, athletes, competitions and the best -- bets placed on it. legal options operate under state and tribal regulation to enhance transparency, more americans for legal sports betting than ever before. driven in part by continued restrictions and widespread confusion around the legality of easy to access offshore websites. recent research found an overwhelming majority of sports bettors think it is important to only bet 2 legal providers, most still participate often unknowingly in the illegal market. legalization, consumer education and a sustained coordinated crackdown on illegal sports bets operated in the us. the responsibility for integrity and legal sports betting must be a shared imperative. in the economic opportunity, all stakeholders share i

nfl is massive for sports betting. but, to your point, yes, we think that pro sports are going to come back at some point. so if it's not this year it's going to be next year or the year after and this is just a blip in the buying opportunity here for the long-term holders. >> hey, it's tim. thanks for joining us. i guess my question really i about the competitive landscape. to me, draft kings is playing the long game and as sad as some of these setbacks have been for baseball, you know, you've talked about this with their market share and how you've modeled that. who else is in the game? what other exposure is investors going to have to osb or online sports betting >> yeah, certainly. so we have -- draft king has a 25% market share long term, we think there that could be ultimately conservative. but we think draft kings and fanduel are going to be two of the major wirns here. fanduel you can play through flutter, the owner there. and then there's other ways to play. penn national gaming is another one. bar stool, we'v

biggest bet you've ever seen? biggest bet i've ever seen was $75,000 a hand.id they come out ahead or behind? they came out ahead. well, i wasn't willing to go quite that far. -come on. -benny dealt me a 20. i stayed. i was just wondering, was you thinking about splitting that? -[ laughs ] -when it first went down, but i remember what you told me. -right. -we don't split 10's. no. there you go. benny dealt himself 9, 12, 14, and finally... ♪ [ benny laughing ] lemonis: i was playing blackjack with veteran dealer benny figgins and had two jacks on the table -- 20. benny's hand started with a 9, 12, 14, and finally, 19. ahh. blackjack rules meant he had to stay, and i won the hand. i ended up for the night, winning a total of $197. all this is profit. anybody ever give you business advice? yeah. save your money. i took that advice and called it a night. -you're a real gentleman. -thank you, sir. i've been in las vegas nearly two days, and i gotta tell ya, this place has a million ways to take your money. ♪ first, i went to the pool and had lunch in a cabana. 226

they're betting on good news out of earnings and perhaps making a contraryian bet on a stock that hasn'tformed so well >>> next, we have your final trade. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424. iredefined the wordng th'school' this year. it's why, at xfinity, we're committed to helping kids keep learning through the summer. and help college students studying at home stay connected through our university program. we're providing affordable internet access to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. >>> don't forget bonus haour of "fast money" straight ahead. tweet us @cnbcfastmoney. it is time for the final trade let's go around the horn tim seymour, what do you say >> that's going to be a great second hour. t tme is the ticker. trades cheaper than sp

i would bet on the decline. charles: tell you what, all right, you bet on the decline. $20 billion says this stock is short. liz claman, it's going to make -- options are saying it will move 20% up or down after these earnings come out. liz: thanks for the direction. it's like i love when they say that. 20% either up or down. thanks. thanks for the clarification. charles, love it. thank you so very much. we do have to say that we might have seen higher moves here but investors are feeling the heat of new claims of u.s./china tension. on your screen, the smoky scene at the chinese consulate in houston last night, coming as diplomats reportedly took to burning documents just hours after the state department ordered the diplomatic outpost closed. as we head into this final hour of trade, china's biggest names, many of them trading on the almighty nasdaq, getting caught in the crossfire. though it is america's tech titans that get quite a bit of credit for the nasdaq taking 2020 by storm, but could another stealth s

was betting illegal? what attracted the fbi's interest in the first place. >> there are statutes involving money laundering and also ones betting and i'm trying to get the exact one here. here it is. thanks to the great national constitution center prep team. it is 18 usc 1804, wagering information by telephone and forbidding betting or wagering knowing a wire communication for interstate or foreign commerce and bets or wagers. so he was probably violating the law but the question is whether the search as jamil explained it was constitutional and if wasn't, according to existing case law, the evidence had to be excluded so everything was on the search. >> so what was illegal about it was that it was interstate. >> right. >> if he had been making a local phone call it would not have been -- >> if the gambling was local it wouldn't have used the interstate wires and that is how we ended up in federal court in the southern district of california now the central district. that is how it wound from that court

even pga or whatever football is the king of sports betting.hat's the way it is then the nba and then baseball it's not going be good for the sports folks that's why online gaming is so important for these states and that's why you'll see so many states for the next couple of years recognize that sports betsing isn't big enough you want to have online gaming like new jersey and that's what pennsylvania pass now andmy m michigan and other states because it's kind of the key to the future it's kind of interesting right when a pandemic happens the states have started approving online gaming. you saw what an advantage that new jersey had but can still bring a bunch of tax revenue because of the fact of our so successful online gaming in new jersey new jersey, we have live dealers where you can play we have a studio with 20 tables with these beautiful ladies that are dealing you the cards and i think we have some guys too. you're playing blackjack you're playing it. it's real and it's live. it's live online gaming. i think you'll see many states con

today they announced a new way to bet on one of america's most celebrated fourth of july events we'll discuss with ceo jason robins coming up denny's, new effort to raise cash what's facing the restaurant industry in these uncertain times. but let's focus on the big stories we're watching today first of all mike santoli, meg tirrell, pfizer's encouraging vaccine news and highlights from the fed news minutes ago. breaking news on apple josh has it for us hey, josh. >> so wilf, more apple stores closing as covid-19 cases rise specifically apple saying it's going to reclose 30 additional stores in the united states tomorrow that will include stores in alabama, california, georgia, idaho, louisiana, nevada, and oklahoma that means apple has reclosed, by the way, in total 77 stores now here in the u.s. remember, apple operates 271 stores in the united states all together apple reiterating in a statement, we take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams an customers back as soon as possible apple always said here, guy

net share paying about $2.25 which is only 1.5% of the underlying stock price to take this bullish bet normally i wouldn't buy a call option that expires just three weeks from today usually i'll go a little further out. because i'm playing earnings here, i'm looking for a binary event. i'm not looking to hold this going into the expiration. that's something i want to make viewers aware of, this is the type of trade you want to hold onto relatively shortly right after earnings and probably close out next friday or the following monday. >> mike, what do you think of this >> i mean, i think that you definitely are going to make a bullish bet here the stock obviously hasn't performed that welcoming into this event but it could be the catalyst another way one could potentially play it if you're just looking to do the binary is trade about $2 then of course whether you won or lost, you would know by the end of next week i can understand why given the slightly elevated options premium that tony is now looking at using a call spread if you're going to look at that longer date of expiration of

favored and he was betting $500. >> do we know if duquesne won? >> i don't know. >> let's find out. viewers, figure it out. >> but he was taking tons of bets on this line and calling all of his acquaintances and the people that gambled with him and the people he places his bets with. because he was a bookmaker. so he was taking bets and placing them to engage in the process. so he was literally the biggest basketball handicapper of his time. >> and go ahead. >> it is striking. olmstead was the biggest bootlegger of his time so these are not small potato guys and in both cases the feds didn't take the time to get warrants because these guys were under serious enough suspicion they might have done so but they didn't and they gave rise to landmark cases. >> a time line of the events leading up to the case ,and i want to walk through it so you could see how the events proceeds. the fbi started bugging the phone booths back in february of 1965 on sunset boulevard. and just a short time later, february 25th, 1965, mr. katz was arrested on eight counts o

two lines in the tele prompter baseball is back as the mlb kicks off its season and so does sports betting we'll talk to the ceo of fan dual "power lunch" starts right now >> rolls right off your tongue thanks opinion as jobless claims rise for the first time in four months, republicans and democrats are pushing to come to an agreement on phase four as unemployment benefits are about to expire. let's get the latest details >> senate gop leadership and the white house say they have reached a fundamental agreement on the next relief package but we still haven't seen any of those bills yet and it's not clear when we will treasury secretary stephen mnuchin was back on capitol hill to continue the negotiations with senate majority leader mitch mcconnell. he told cnbc he's made one concession to senate republicans and that's abandoning the administration's request for a payroll tax cut. >> one of the issues i think about the payroll tax cut is people get that money over time. the president's preference is to make sure we send out direct payments quickly so that in august people get more money >>

but what are they going to bet on? obviously, they're betting on horse racing. i hadn't thought about that. but with the uncertainty of our major league sport seasons right now, what will they be betting on? i don't know. but yes, everyone wants an escape, for sure. >> are they betting on the next team to come out with a covid-19 outbreak? >> too soon, dan. >> what else are they going to bet on? >> whether the games will be played or not, or whether the season will be completed or not. it's a whole new world of betting. there's a pent up demand for all the gamblers, they'll put their money down on anything. >> that's a bad bet, we just don't know if there will be games two weeks, three weeks from now. >> it's a weird time. vietnam is taking dramatic action after four people, four tested positive for covid-19 in the country's most popular beach city. the government is evacuating about 80,000 local tourists from da nang following the positive tests over the weekend. the country's four airlines have usinlaer airafts t ferry out of to self-quarantine and report thei

the bets. so they put the microphone on top of the booth and recorded what was happening inside. then mr. katz would walk down and an agent would follow him. they turned the microphone on so it did not record anyone else. so they were not penetrating or violating, so they said, they did not need a warrant for this. >> what law was he breaking? was betting illegal? what attracted the fbi in the first place? >> >> there are statutes involving money laundering and ones against betting. >> here it is. a law against the transition of wagering information by telephone. and knowingly using a wire communication for the transmission for bets or wagers, so he was violating the law. everything turned on the constitutionality of the underlying search. >> what was illegal about it in the fbi's mind, was that it was interest? eight if it had been a local phone call? >> the gambling if it had been local, it wouldn't abuse the interstate wire now wouldn't fallen under federal law. that's how we wound up in fed

with more sports returning, business of betting is looking to cash in buta of betting is looking to cashd hunter. good to see it. the stock about the betting industry. why is it getting special attention here. 4000 people allowed to start this pilot for glorious goodwood. why is it important that the betting industry only racing industry gets back its feet?” think the whole thing around sport of course is notjust about betting but the crowds attending, if only for terms of atmosphere. we have seen cricket dipping its toe in the water over the last few days. we're going to have quite a spooky situation on the weekend on saturday with the cup final. i think sporting events wherever possible are looking to bring back some of that atmosphere which of course is the tradition notwithstanding the tradition notwithstanding the fact that it is probably going to be a considerable time yet until everything is back to any sort of normality. i want to ask about that because the uk government is obviously seeing this as a test to see if sporting events can be held republican attendance. do you think b

he's risking a very small percentage to take this bullish bet.hat i could potentially add to this trade which is something that i did with my hyg trade, which is sell an august 123 put. in that put you'll collect about 50 cents especially if you believe in the short rates environment. selling that 123 put will offset a little bit more than 40% of the cost of that long call that is one way to negate some of the time premium you have to pay on this trade. >> what do you think, mike >> yeah. i mean, for the reasons i talked about earlier, i'm just no comfortable selling a lot of puts this thing traded down to about 109 or so. causing things to swing around a little more. because of that vulnerability, i'm not really looking to sell a lot of premium in our own portfolios we're not short premium here i think now is the time we can begin to start acquiring optionality instead of trading it >>> morgan stanley, mike will reveal what to do next more "options action" up next. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we

michael: there two different bets. he is betting on the pipeline.s naturally increasing demand for natural gas. from a producer standpoint, is there too much supply. the price -- i look at the outlook for prices. it is still somewhat bearish. he did not want to get bearish on a 25 year low. getting the natural gas much above to does not have much of a chance. we have very large inventories. there is not as much is there used to be. lisa: you did have warren buffett adding into occidental. assetsould be some bet are undervalued. where you see the potential for upside in the fossil fuel industry at a time when most people are running it off with a lack of demand from the global economy as well as the shift towards a less carbon heavy footprint? michael: that is the key thing. the decarbonization. if you look at the california energy prices. $40 -- the proved new $50.40 is the there'll be more supply. it will be replaced by technology. decarbonization. then we have global recession. i view crude oil and copper as hitting expense levels -- ,om: the hear

emily: so, how is this impacting your business in the world of online sports betting?turn of sports in general? matthew: the business has actually performed very well. we have the broadest variety of sports products people can play. our business has held up very well during this whole period. that said, people like certainty. i think you are going to see people who are sad if baseball gets disrupted. but at the end of the day, there's always things people can watch. there's plenty of european sports back. there's obviously the nba and we think the nfl will play. there will always be something for somebody to do on one of our sites. emily: as you just said, basketball restarted last night in orlando and they are taking a different approach than baseball. what kind of activity did you see on your platform compared to normal times? matthew: it was the biggest night of nba we've ever had. most number of users, most amount of handles. demand was off the charts. emily: so, how do you expect that to play out given that there's probably some pent up demand here? matthew: i thi

trump: a lot of people were betting against it. but they have learned not to bet against us, i suspect. i know they have learned that in mexico. the people of mexico and the united states have joined together by shared value, shared faith and shared future on this beautiful continent. we are both proud, sovereign nations built over generations by the sweat, sacrifice and devotion of hard-working people who love their country. and who gave everything they have to create a better life for their beautiful children. in the united states, the extraordinary contributions of mexican americans are felt at every industry, every community, and every facet of our nation. from art, to commerce, to science come to mexico -- to medicine, the mexican people are incredible. they upheld our highest values, god, family and country. they've launched small businesses, propel industries, and they serve heroically in police departments and in our great military. as we gather tonight, we reflect on all of our two people have accomplished together over th

and bet and that is one reason why the stock is on fire for the pasta a couple of months actually since the beginning of the year at the tesla stock has already almost a quick drew pulled the company is worse now almost i'm $300000000000.00 if i'm not mistaken was that it's almost the 10s most valuable company in the s. and p. $500.00 once they should get access to this exclusive club and in the 1st after our reaction the stock popped up by another 67 percent all right you must get an incredible run there in scorn in new york thank you let's take a look now some of the other global business stories making headlines the u.s. government will pay nearly $2000000000.00 to buy $100000000.00 doses of a covert $1000.00 vaccine being developed by pfizer and german company biotech pfizer spokesperson said the firms will only receive the money if their vaccine is deemed safe and effective the deal allows the government to acquire an additional $500000000.00 doses. french authorities have told telecom operators planning to buy way 5 g. equipment that they won't be able to renew licenses for the ge

and they are betting that this ecosystem is thriving and. the consequences that would come from not you know it's interesting because you often hear this idea from people that they calling is quote not backed by anything and yet it's it's backed by these miners in out that are converting energy to an confiscate a ball indestructible all units that we now know can be used as a store of value and and used as money and you mention how the energy costs are really so important to the sol thing as they are in all mining you know whether it's gold mining or any type of mining energy costs are a big component of that it appears now bob as though the center of gravity for bitcoin mining is actually now moving maybe away from china toward the u.s. because the u.s. is now got the cheapest energy is that correct can you fill us in on it it's difficult to know there are not any large scale metrics miners are intensely secretive you know if you in the you know they team forty's if you forgot if you've got a gold chain right in san francisco california you

want to one of them who can bet on that. at the moment it's driven a 51 but when. i played once about i almost go the injuries that. i give up then i did so also get a bit of most of the bonus bust because anything. grips but if i do notice now stansell to both might i seem a bit ago this fujitsu a mobile probably months to move to little mobutu or whether to. do studio will be . reduced to one of those best of them but in front of all the dust was deliberate so they're. going to robeson. yeah right he's a little little doing well. with the doom of numbers but it's still manage one. but for some some like me people going to put a jumbled from pony up we have a few weeks because it's a little prototype stupid to go up only steps double the debut for money to the homophobe. all right. ok that's the end of my sit. down. the end of my mother will there are. already things of my sea offense here. and good bad ready. well done hardy and good luck in the future. and we'll see you all next week. 'd the be. the boss. the be. the bigger. the be. on. be in good shape the bear

so why should investors bet on the little guys? >> it's really -- i mean, it really comes down to the price you know, when i look at something like apple, i see a company that's trading 20 something times earnings relative to interest rates now the 10-year treasury is at 60 or 70 bases points so that's essentially 160 or something times earnings so you've got a company that's buying back a lot of stock it's trading at a reasonable valuation. they're returning a ton of cash to shareholders. and so i like the price. i would look at anything at the right price, but when i look at valuations, smaller companies the valuations just aren't as nearly attractive going and investing in a large company like apple >> now, ryan, at a time when we're seeing so many new retail investors get into the markets now, your advice to them is don't pay fees choose a low-cost index fund but at the same time, you also say you've never been one to diversify and when you find something that you like you go all in, as you have with apple and wells fargo. what

you're betting on a vaccine. that's all you're betting on and i don't know if i want to make that bet for 2020 guys, very i'm to pomportant we. this week has always been make or break and you know what let's just say it may not be so great. on "mad money" tonight when an activist money manager starting sparring with a company, how do you know who is right? the battle between elliott management we like them and crown castle we like them and one-third of the u.s. population doesn't regularly wear a mask so it doesn't work. i'm speaking to the top minds in business and you can help. you know what they say money is power i'm talking to find out how it's shifting capitol to promote racial justice about time. stay with cramer >> announcer: don't miss a second of "mad money." follow @@jim cramer on twitter send jim an email or give us a call at 800-743-cnbc miss something head to madmoney.cnbc.com. experience the joy of a bigger world in a highly-connected lexus vehicle at the golden opportunity sales event. lease the 2

last week carter said morgan stanley was your best big bank bet. >> the key here is morgan stanley'sperformance to its sector. it is not at an all-time high, yet relative performance has already broken out and is particularly strong over the past several trading sessions and past several weeks. >> i was looking at the july september 50 call calendar it obviously closed at a relatively good level on the day. it's going to cost about $1.85 for that spread. >> the first leg of that trade expired today in the green what do you do now, mike >> this is a situation please be sure to follow options action on twitter and follow us. there was some give and take between us and the viewers on this i recommended rolling the short side out and up. some of you adjusted your strikes to the 52. well done on that. be nimble when you wake on monday and if the prices are different, you should adjust accordingly. >> the action was down the financial sector overall was up 5.2%. i think there's more to go. >> all right elsewhere, tony said one farmer name was about to book some healthy returns. >> on a rel

i'm betting against disney with tony. >> your take on the trade?i like the trade and i'm definitely not bullish disney here we talk about the relative weakness and just in terms of valuation at a $270 billion enterprise value and that number might surprise some people but they have taken on debt since this began and the valuation of the business is not as cheap as you probably think and the peak of $318 billion and of course it is trading at a lower valuation and just consider that virtually every aspect of the business is severely impacted by what's going on except for disney plus. and of course as good as that is it is not enough to make up for the other things going on here. >> check out the web side. you can sign up for our newsletter ♪ >>> coming up, mike has a way for you to share a ride on uber. >>> plus, calling all options action fans. reach into the pocket, grab your phone and tweet us your question@options action. if it's nice we'll answer it on air. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ >>> welcome back if you thought the earnings train slowing down think ag

they are betting it goes significantly higher second trade, thc. this one are buying the august 25 calls they paid about # 5 cents for these. they had multiple buy, buy action in draft kings. >> hopefully that thc will help you cure your upset stomach. i don't know i don't know if you see what i did there. thank you very much. >>> your questions answered next in ask halftime. you can reach us at those addresses. go to the world wide web fire up that modem cnbc.com/halftime. we're back ieright after this 49... 50! i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. xfinity. the future of awesome. >>> time for traders to answer your questions round one, this one goes to you. from john in denver. what do you think of pipeline operator kinder morgan >> i think

>> that's probably a safe bet. people may not like fossil fuels.l is the one that's been dropped by as many utility plants as possible and it's getting phased out that's the dirtiest fossil fuels on these issues. and if you want a constant supply of energy i don't know how you're going to move off over the next decade. >> massive amounts of reserves that we have and thanks to hydraulic fracturing we can get those as well. >> we look forward to more of your reporting coming up on squawk box as well >> a solid start to the new trading week north man trader explains why he says we're seeing a historic asset bubble worldwide exchange is back in just a moment. so many people.ovid-19 is stillg if you've survived it, then you're the heroes we need. the plasma that's in your blood can literally save lives. but we have to act fast. so please donate. you fought for your life. now, let's work together to take down covid-19 to donate plasma go to thefightisinus.org >> futures right now pointing to solid gains at the opening bell. futures into cash trading. a b

roy out west >>> still ahead, some of america's biggest mall owners are making what could be risky betsertain retailers bins.inuses we have all those details, next. by spreading any missed p usaa insurance payments over the next twelve months so they can keep more cash in your pockets for when it matters most find out more at usaa.com for when it matters most save without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. >>> welcome back dow is up 25 points as it continues to join the other averages now in positive territory. this is a fresh session high for the blue chips the real headline is the nasdaq. it's up almost 2%. it's up 197 points to 10,700 powered by amazon which is up nearly 6% today. all

the day traders bet on the airlines so watch out when united airlines reports. they are losing a fortune. i say take a pass. so no to most of the airlines. wednesday night fireworks. first from microsoft that could be the non-covid key to the week i expect a gigantic quarter. that's up 14 points from here. it's absolutely one of my favorites which is why we've owned it forever by my travel trust which you can join along there is tesla i love tesla but it can't possibly live up to the 250% run it had this year. still, if it goes down, listen to me on this, if it goes down in the quarter, remember battery day beckens on september 22nd. the day before my sister's birthday, probably natural vent. i bet elon musk has a new battery that can last ten hours making this a buy into weakness. you want to hear that. you have chipotle. i expect another perfect quarter. i know things still do double g digits but maybe they don't franchise that gives them more flexibility and it's how they have been able to respond to covid with big digital initiatives, more drive-through lane

you bet.oming up, a fork in the road for facebook. should take it ceo mark zuckerberg set to meet with civil rights groups today on how to deal with a worsening flood of online hate in a few minutes we're going to speak to someone who is going to be on that call. >>> next, details on tiktok's decision to pull out of hong kong ayve updates in the s&p 500. st tuned, you are watching "squawk box" on cnbc >>> welcome back to "squawk box" this morning want to take a look at the futures. right now we are down 212 points on the dow little over 1% s&p 500 down 20 points nasdaq looking to open down 30 points right about now joe? >> thanks, andrew. more fallout from china's new national security law. tiktok saying it plans to do this >> reporter: in light of the recent events, the company has a little bit of the app. decisions by other companies such as facebook, twitter, zoom to pause cooperating with law enforcement authorities in hong kong on data requests, but this situation is quite different becau

shortllion in unhedged bets that say they cannot. they have been around for a long time, products are on the road, many more of them all the time in fact. it is now a well-established company. not so well established is taking something from the playbook is niccola. tell us about what you have learned by studying that particular company. bob: niccola is fascinating. caps a $14 billion market company that has a business plan. when you execute a short sale, you must borrow a security to make delivery. it is almost like you are selling a car that you did not own. and youo a hertz, borrow that car to make a delivery. the price of the rental contract, the price to borrow annum.ck, is 600% per basically, to shortness stock, ofis costing you 2% a day your capital to maintain your that people means think this company is going broke in the next 50 days. you think it does not have a good risk reward profile. bob: i will leave others to judge that. have beenw is that we tracking this for a long time, we track 50,000 securities around the world.

is insufficient to make a bet they shouldn't bet.ause sports betting is such a big industry, how did you wrestle with the privacy question? >> first of all, the privacy question is paramount to the players. we spent the last three months in a collaborative effort with our players' association whether it was the return to play system, the protocols, transition rules, dates or the fact that in the midst of this we have agreed to extend our collective bargaining agreement for another four years so we have six years of labor peace. they have said we don't want to have to unless the player decides to disclose it and we are doing that with all injuries because if the team says a player has an upper body injury you know what it is but if a player isn't showing up and playing and there's no disclosure as to what it is -- the nature of the injury or condition is then you assume that it might be covid-19 exposure. so we are respecting the players' wishes in this regard but we are going to disclose numbers. we will disclose them whether we have

moral hazard they are bailing out the very top you know 0.01 percent of the population from their bad bets in their bad you know investments and indeed many is you know some would say oh that's a conspiracy theory but now the guy who runs the largest hedge fund in the world ray deleo has joined this side of the equation the way we look and analyze the markets he agrees with us and here again he's the most successful current hedge fund manager in the world bridgewater's dalyell says capital markets are no longer free central bank balance sheets will explode dahlias said that investors should favor stocks and gold over bonds and cash because the latter offer a negative rates of return and central banks will print more money see he's watched the show he knows about plucky he knows about what plucky does the balance sheet are out so it raises saying there you know what we've been saying right so in a market there is that the price in a market is supposed to represent something as opposed to represent supply and demand that's kind of what prices are all about and that's what the wealth of natio

and as the president said a little while ago people were betting against that they were actually betting against it. but it's never been stronger never been closer to doing tremendous job together we're cherished friends partners and neighbors or cooperation is founded on mutual trust and mutual respect between the 2 of us and between our 2 countries and serbia's president has delayed re-imposing a weekend care if us pot of coronavirus restrictions but that didn't stop thousands from gathering for a 2nd day of protests in belgrade demonstrate is a calling on alexander who choose to resign they blame him for a spike in infection saying he lifted measures too early to hold elections those are the headlines on al-jazeera coming up next it's counting the cost. in india identity politics on the rise is the construction of budget cuts and loads of the across the country and as a dockside is you do see the grid from his office will not just the him into something more like the team i didn't see of the british football i meet with victims of violence and discover what life is like for minorities

that suggests there's a lot of retail participation in options and continuing to bet on the momentumthis stock there's a really low probability it actually gets to those levels. >> chris, what do you see? >> this is a stock we've liked for a long time. it broke through 1,000 we got that right. the value lastock tried to rally yesterday on less volume i think the guides are starting to sell this one i'd be careful. >> jeff mills, what do you make of this? jim cramer called the move in tesla, the move in microsoft insane >> it looks kind of insane to me but it has for a while jp morgan basically said they think all the near term good news is priced in. i agree. the chart is straight up this is what a top looks like. this generally is a story stock. it's extremely volatile. i wouldn't own it. i wouldn't short it. is it a tech software company or an auto maker? if it's a hardware auto maker, it is ridiculous maybe it falls somewhere in between. i don't know i'm still on the sideline. >> here's a tough one, karen let's say you have a three-year time horizon general motors or tesla? >> gos

no sure bet on medical development. you want to know at least you can recoup the up-front costs and also hopefully make a profit. so i think when you got, you know, lawmakers threatening to confiscate this, down the road it will be much more difficult for pharmaceutical companies to take the risks on the moonshot drugs that we really need. connell: because i think when regular consumer sometimes sees just a dollar amount value on a drug, there is a sticker shock associated with that, boy, that is way too expensive. so then they read a story, they say, well these politicians, they're trying to help me. they want me to pay less. your point that doesn't necessarily always work out that way. >> yeah, absolutely. you have to look not just what is happening with covid but particularly with research diseases how you treat them. you want medical companies to be taking big risks on conditions that don't affect a lot of people? i think there is reason why the united states is able to quickly respond. why we have so many promising

do you do sports betting there?een doing sports betting for some time our companies are coming over there to try to take over the market. it is a big deal. anything else of it gives you something to do. the interesting thing has been that some of the sports betting that has come into the stock market then drove the rally that everyone was talking about that robinhood rally. the more sports the better. alix: it also explains that if we don't get that $600 unemployment extension that you can see sites like draft kings were robinhood traders coming off because they don't have the extra cash. that's interesting how as we had to stimulus it might move the needle. coming up we will speak with the madura ceo. saying thatd she november is likely the earliest we will see if the madura vaccine will work. it will be testing 89 sites around the u.s.. 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 ob

. >>> we start off with the ultimate bet on the reopening trade. disney world in orlando set to welcome guests back tomorrow >> it is a big bet disney is starting off slow with the magic kingdom and animal kingdom, two of its five orlando parks with limited capacity. this is a very big deal for disney to start the staged reopening of disney world after closing both of its domestic parks on march 14th. yesterday it started reopening downtown disney. that's the outdoor mall by its anaheim park it mandated masks and social distancing there this is an important moment for disney parks and resorts which last year was the largest with revenue generating about 35% of revenue in 2019. it's estimated disney lost more than a billion dollars between april and june at those domestic parks because of those closures. the opening of disney world will be a key test of what consumer demand for the parks could look like especially since disney's orlando park sees more traffic from out of state visitors than the california parks which are smaller. obviously the anahe