analysts there say they think when the travel recovery happens, expedia will benefit. they also like their aggressive cost-cutting measures. let's finally end on shares of apple jumping again today. closing in on a $2 trillion market cap the key level to watch here would be $467.77 kelly, don't laugh at my handwriting. of course, it aspired to the company's 4 for 1 stock split taking effect at the end of the month. we will be keeping a close eye on that milestone for the world's largest company. you can see shares are up almost 3%, kelly. >> i think it was beautiful. you knocked it out of the park watch out, dom >>> let's turn to the story that has captivated wall street, silicon valley, washington and some millions of users we're talking about tiktok under scrutiny for months now over its security issues. take a look at tiktok's weekend. on friday the cdc reported that microsoft is interested in acquiring tiktok from the company bytedance. the president said he would impo cut the ban if it was a deal joanna stern of the "wall street journal" with some reaction and imp

if he does something similar to what he did with expedia, which if you take a look at what he did in last 18 months, firing the ceo in december, putting in a new ceo in march, bringing along apollo in april, you wonder if he's going to use a similar strategy with mgm, which is growing but facing a number of challenges as it tries to reopen its doors. >> not that i could invest in it, but i couldn't bet against barry diller >>> it's not just tiktok and wechat caught in the middle of the u.s.-china tensions. chinese cloud giants alibaba and tencent holdings could be next deirdre, this could have big implications for the market overall, right >> it's easy to talk about tiktok and wechat because we can see them they are apps in our phone at least tiktok here in the united states. the cloud wars could have great tensions a lot of american businesses in the united states don't use them, but they do potentially use them overseas. the european businesses use them, and tensent and alibaba are growing at a quicker pace than their american counterparts, amazon, microsoft and google in fact, ali

but as far as percentage jumps, it's expedia taking the lead. intraday it's currently up 5.5% whereas we have booking up 3%. >>> let me get you casinos which suffered of course mass closures at the height of the virus lockdowns. wynn finding itself in first place in the s&p winner's school, up 8% right now followed by las vegas sands up 3% and caesars up just under 1%. >>> and to the airlines. now, you guys, the sector began flying premarket this morning thanks to the thrust of russia's announced vaccine news that they have a vaccine they are ready to give to people. delta first in line for takeoff. it's up 3.25%. ual up 1%. we've got american airlines up 1.5%. but delta has another reason to celebrate at this hour. today marks the eighth straight trading day that the stock has risen and that marks the longest winning streak since back in mid-january right before the coronavirus pandemic took hold, leaving the entire travel sector in disarray. since then, delta has dramatically cut cash burn but how long can it last without another tranche of go

sixpence for themmy expedia star as pakistan's progress took a heavy knock.ddenly england's sales were up. pakistan's premier back nearly went first ball. the past 50 before lunch, but england will head into it with a spring in their step. let's go live to old trafford and our cricket reporter henry moeran. and henry, england came into this series off the back of that win over the west indies, but pakistan will provide a very different challenge over these three tests? this is going to be quite a different challenge. not these physically because of that west indies series, and having played those three test matches back to back and whether the bodies will hold up to the strain of so much test cricket such a short space of time. ben stokes the england all—rounder on the site only as a batsman, he had a quad injury he picked up in the final test. it will be interesting to see how they can at that. pakistan have one of the most exciting fast bowling attacks in world cricket. too young and exciting players, the to see how they go, we'll see. there'll be a few sor

this is a perfect time it makes strategic sense coming off the low expedia and booking.com are seeingrowth. there are signs of improvement people are looking for risk free low-risk outings and drive to locations. all of that plays in to airbnb they are positioned to capture the upswing expected in coming months >> given what we've seen according to the data team, about half of the ipos, it is a brand name you could maybe price in do you feel like there is enough demand for massive gainers in the market >> absolutely. unlike uber and lift that could be positive. it was in certain years. they started vesting other places they are coming back up and they are well sit waited in terms of financials. continuing to execute. the market will see this is a good company in a good market. they operate a good position all things line up very well for airbnb >> how strong, airbnb is part of the story. how strong is the venture capital, private equity side of things is there still a good amount of financing demand deal making happening. amid the pandemic, it seems like it would put a crimp on things

their own cash and buying stock getting right down to it we go from five to one stock number five, expediaur, quidel. he and a director both bought back in june so a double dip of insider buying third, bio haven a board member that sold in april has come back to buy he sold in april and is now buy gs but at a higher price ceo of financial his third purchase in less than a year and biggest and the company with the most is upwork a board member and venture capitalist also his third buy of the year at a much higher price. those two, virtue an upwork making the third buy of the year and at higher prices interesting stuff. we do this only here on wex and every friday names we have our eye on now to washington where it is much quieter not just because it is about 5:30 in the morning but because the senate adjourning for the august recess with no stimulus deal in place elon now on where we stand do we stand anywhere given that recess is now in order >> we start adjourned. majority leader sent lawmakers home for august recess and said they are not going to reconvene until after labor day. a sign t

that was the expedia ceo. the latest on the stimulus deal, still no deal. mnuchin sounds the alarm over taking on enormous debt. this is bloomberg. ♪ .> we have to balance there is a need to support workers, the economy. people who, through no fault of their own, are shut down because of this terrible disease. on the other hand we have to be careful about not piling on future debt for future generations. nerations. ♪ haidi: let's take a look at how we are setting up for treating, the start of the asian trading week. over to sophie kamaruddin in hong kong. what are you watching? futures are mixed. we are keeping an eye on earnings, hsbc and japan airlines under the highlights as we wrap up the gains for asian stocks, which have been powered up by tech some of sector staying in focus microsoft and doing it for tiktok. the prospects of letdowns, that is weighing on manila. manila will return to a stricter lockdown and melbourne is under a curfew. you have the sterling leading moderates gains. the dollar taking a breather. at a march 9 high after its best month

i look at the s&p 500 best reformers, we have names like wynn resort, expedia, norwegian cruise line. dow has now performed the nasdaq 100 and five of the last fixed trading days. yesterday it was by the most in a month. this is a shift away from big tech, which is a defensive posture because of tech's strong balance sheet, steady earnings growth, and the advantage in a work from home world. if you look at things on a technical basis, big tech has extended. almost a quarter of the nasdaq traded above its long-term moving average, and almost a third of the new york faang index is above the moving average as well. david: among other things i do not understand is we say when it come to stock prices we look at earnings. big tech did well on the earnings season. why didn't they get rewarded? scarlet: they did get rewarded. it is that the element of surprise is what moved stock prices. second-quarter earnings showed tech did well. the sector was resilient. the group's ability to continue to surprise is limited from here on out. when you look at the valuations, it is clear it is stretched. d

it pushed maryland to make its own platform last year and expedia and tripadvisor with its own platforms. airbnb did raise about a billion dollars earlier this year. it also announced it would lay off 25% of its work force, about 1900 jobs, so still a lot of questions here but airbnb ceo and founder brian cheski pushing forward bill >> seema mody, thank you very much >>> zoom ininfo down sharply to since going public two months ago. the stock is still up about 14% since that june ipo. the ceo will join us straight ahead. >>> plus this stock is up nearly 20% in just the last month we'll have the name and whether there is room to run ahead "the exchange" is coming back in two minutes. >> announcer: but wait, there's more "the exchange" is also a podcast. listen to the favorite parts of the show you might have missed sign up now on apple podcast, spotify and google podcast this is "the exchae"n bc ng ocn this selenite grey is so pretty isn't it? wow. jim could you pop the hood for us? there she is. -turbocharged, right? yes it is. jim, could you uh kick the tires? oh yes. can you change the

i spoke to a ceo of expedia las week he said it's hopeful you'll see a return for demand in big cities what's your opinion? >> first of all, hotels are not going away about 40% of bookings were hotel accommodations, which was an increase from previous periods, but the fact is we don't expect hotels to go away. here's the interesting thing, though we've seen this trend for a long time of more and more people interested in alternative accommodations which is why we've gone out and got more supply in that area, because we're realizing people are seeing that as an attractive alternative. certainly the pandemic accelerated that trend, so we brought forward in the future that type of accommodations. but after the pandemic, you may have people saying, i'm going back to doing it the way i used to do. i think people are thinking, gee, i'm going to include that in my possibility set. in addition, with people now working away from the office so much more and comfortable with that, if you're working from home, you can work from a cabin by the mountain, by the lake, you can work from a beach, a con

piling into banks right now, so e-health is a $2 billion market cap company but it's basically the expedia for health insurance, and the stock got absolutely wacked when their churn rate was much higher-than-expected, but they've identified the problem, they know it's easy to fix, they have too many outside agents who are selling but not servicing, and they're going reverse that and bring it inside. charles: well, i had a small position so i remember that, and obviously, also, there's a short position and a big short campaign against it that didn't help either. let's move to next week. i want heather, if you can, sketch out how you think this market could unfold next week of course depending upon what congress may or may not do >> it's all about the stimulus and hopefully we get a deal i don't know if that's off the table yet today before they go to recess, or president trump has threatened executive taking executive action on payroll tax cut, extending unemployment benefits as well as a moratorium on evictions those things all-important to americans at home and i think if you don't extend

cohorts have, even travel stocks like you talked about, if i dare i say love southwest airlines or expediaexp, those are areas that have trailed s&p, they started to perk up on days and then pulled back with some of the virus numbers get worse, i agree with you, this is about living with the virus and better therapeutic and those areas because their undervalued are going to rip the day that we have that announcement of the vaccine. charles: to think the brinker of restaurant stocks and they have a bunch of casual restaurants, 11% in a single session, these stocks, what is so interesting, their trading like the growth names when they get hot, people gotta be careful, if you're too cute you might miss it. let's talk about it, the conventions are all over and i don't think it's a contest, the republicans put on an amazing show but it's a final -- to the white house and i want to get your thoughts on how this market starts to impact or influence the election or the election influences the stock market. >> i've heard you recently say before the fed announcement that you saw the markets were up

so s i like the solutions that are scaleable, and expedia and booking was with a massive hold, and no visibility to other side of it. i suspect to get the consumers traveling the way they were, it is going to take a lot longer than people think. i think that this hope around therapies and vaccines and that it is going to be any time in the next few months or talking about election is nonsense. the fact that you are ripping the stock market on those sorts of headlines makes absolutely no sense to me. >> well, the stocks are trucking the new record highs and your next guest says that playing defense is the best strategy. we go to mark, head of capital management. >> thank you, melissa. before we dive in, i wanted to channel a little eminem from 8-mile, and say, i know the bad stuff and get it out of the way at the first of the year, i used the bear market word and i am happy to report that things were not as negative as we thought. the great news on the other end of that is the long short fund up 3x and the market is up 15% instead of 5. and the second thing when we were together a few

that's a bick draw, but is in line with what expedia saw in the second quarter as well the ceo joiningow to discuss whether we can continue to see a rebound in travel in the fall and winter as travel restrictions ease. is the worst behind us and whether much of that answer depends on whether a vaccine hits the market. we look forward to that tomorrow >>> after the break, we'll dive deep into uber's numbers hike! simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions! touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. >>> shares of uber moving lower. recording a wider than expected loss for the quarter and a drop in gross bookings. bradley tusk is an early investor and partner in uber it's a tale of two businesses right now. gross bookings for rides plunged 75%. for the eats business, bookings more than doubled from last year do you see any light at the end of the tunnel as far

are seeing strength nasdaq on track to close at a record high, closed above 11,000 apple, amazon up expedia, lululemon, some other gainers. mike, the groups that are leading s&p, industrials, materials, financials, which is a very sort of cyclical strong economy theme on a day where we got news of private sector jobs, which was a humongous myth more than a million added. more than 100,000 added in terms of jobs. what is driving this trade. >> well, i think employment is not what is driving this trade what is driving global cyclical upturn of some description at this point, a weak dollar fostering and reflecting that trend. also some traction with service sector pmi a general sense that corporate america outperformed fears in this quarterly earnings season they set a higher floor than we thought in terms of protecting profit margin. i don't think it means all is well i don't know if this rotation is going to last. not really a rotation, just skind of a little bit of a take your turn in the sun kind of thing for cyclical stocks but still better than the alternative which is five stocks going

. >>> with airbnb filing to go public our traders break down what this could mean for expedia and bookingn.cor on trinatn.bcom more "squawk on the street" coming up. our retirement plan with voya gives us confidence... ...we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement. >>> it remains another eventful day for retail in general. there's a look at footlocker and ross stores. comps up almost 19%, kelly, and they reinstate the dividend. we've been watching all kinds of retail all week long especially earlier in the week with the big boxes and home improvement interesting to see a story within specialty though that is rewarded, and the dividend of course raises a lot of eye produce brows. >> shares of buckle are up today. similar earnings beat. what's nice is we're seeing a pivot from the big box stores that have been winning and taking market share to the more mall-based players like a footlocker, john, a

. >> experience it with expedia. >> narrator: a.w.s. became by far the world's leadingin cloud-compplatformllion businesses, as well as pbs, pay amazon to store and manage their data. >> narrator: bezos had again anticipated the next frontier in technology, and had ma himself indispensable to it. >> what jeff bezos is after is really creating a company that is the irastructure, that owns the infrastructure for how commerce is done. and that's an incredibly powerful place to be. ♪ >> please welcome chief executive officer of aman web services andy jassy. a >> narrator:y jassy created and runs a.w.s. he credits the service with making it easier to do business and sparking innovation throughout the economy. >> look at what a.w.s. has enabled with regard to change in our society. look at, netflix changed the way that we consume digital content, and airbnb changed the way that we get accommodations, and hola and grab and lyft and uber changed the way that we t transportation. a.w.s. has enabled, has been a part of enabling all these huge innovations and changes in consumer experiences thatve hav

take a look and you'll see that expedia is leading the way each of emth up 1.57%. squawk box will be right back. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. ♪ i keep working my way back to you, babe ♪ ♪ with a burning love inside ♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away servicenow. the smarter way to workflow. good morning, mr. sun. good morning, blair. [ chuckles ] whoo. i'm gonna grow big and strong. yes, you are. i'm gonna get this place all clean. i'll give you a hand. and i'm gonna put lisa on crutches! wait, what? said she's gonna need crutches. she fell pretty hard. you might want to clean that up, girl. excuse us. when owning a small business gets real, progressive helps protect what you built with customizable coverage. -and

expedia is down 82% for the quarter. airbnb already let 25% of their staff go. on their numbers, also really interesting thing, stu, because this is pretty rare. i was talking to the folks at saver, the people that process all the reservations for airline and hotel companies, and cancellations last month were bigger than bookings. people are booking and then canceling because they are afraid to go. most of the news right now is not good. stuart: we saw that report this morning from disney, cutting the hours at which their theme park in florida is open. that's another bad sign in terms of getting back to normal. >> it is. if you look at the same thing, disney earlier on the program, i heard that we were all getting high on gambling but we aren't gambling in vegas, that's for sure. if you look at what's happening in vegas, wynn just reported their second quarter revenues were down 95%. last month, their revenues were $85 million and they are normally $1.6 billion. so places that we go like disney and like vegas are -- we're just not going there. those places are n

and billions of dollars in shareholder value they have created by spinning off great companies like expedian, trip adviser. i don't know if it would be necessarily a bad thing for big tech if they were forced to start spinning off some of their businesses. how much would amazon web services be valued at if they were going to announce they were spinning that off? i bet amazon's stock would surge on such news. stuart: okay. tell me about peloton. i have been following that thing. i remember at the beginning of the pandemic it was down in the low 20s, as i recall. now it's above 70 bucks a share. that's a virus surge. can they keep it up? >> look, peloton has been a tremendous beneficiary of covid here. it's the ultimate connected fitness company. i think this has all the makings of a cult stock. i think that they only have about a million and a half members that they touch, they have an addressable market of 150 million members that are gym members in the international markets and the u.s. markets they're in. they have a huge green field opportunity in front of them. i think this is a great c