harley-davidson takes a sharp turn america's best known motorcycle maker is slashing jobs as it tries to reverse its falling fortunes. also on the show france isn't eating enough cheese now it's piling up we have the details. and it's the world's most expensive parasite or that right now the highly coveted caterpillar fungus is a vulnerable species. welcome to the show i'm stephen there's a in berlin american. icon harley davidson is cutting $700.00 positions worldwide as it restructures to to save costs the company said the decision was based on long term factors and not the coronavirus pandemic which has temporarily closed its factories and is still affecting production sales of harley davidson motorcycles have been falling for years in the u.s. company's core market especially as baby boomers age the milwaukee based company employs 5600 people worldwide. and let's go now to our financial correspondent yens korda in new york yeah is harley davidson in trouble well i mean overall you would expect that during a pandemic or riding a bike is pretty good for social distancing but as you

and harley davidson is just one of several u.s. companies that have been reporting results today our business correspondent joins us now from new york yes this set of course early thinkers is the 1st proper indication of how big an impact the coronavirus has had on corporate america tell us more. the overall it's not a pretty quarter but nobody really expected that take mcdonald's for example the fast food chain also out with earnings and revenue drop of about 30 percent by the way harley-davidson that was not all to blame on the pandemic they already had some issue with specially attracting younger writers before the virus struck the world and the united states the stock still down by a good 8 percent but you also have a couple of companies that profit some technology companies we've got after hours pretty good numbers from chip maker in france trying to revise the pfizer the pharmaceutical company the biggest winner in the dow jones industrial average on tuesday also after they beat wall street expectations meanwhile for those of

and harley davidson is just one of several u.s. companies that have been reporting results today our business correspondent joins us now from new york yes this set of course really figure is the 1st proper indication of how big an impact the coronavirus has had on corporate america tell us more. the overall it's not a pretty quarter but nobody really expected that take mcdonald's for example the fast food chain also out with earnings and revenue drop of about 30 percent by the way harley-davidson that was not all to blame on the pandemic they already had some issue with specially attracting younger writers before the virus struck the world and the united states the stock still down by a good 8 percent but you also have a couple of companies that profit from technology companies we've got after hours pretty good numbers from chip maker at france trying to revise the pfizer the pharmaceutical company and the biggest winner in the dow jones industrial average on tuesday also after they beat wall street expectations here is meanwhile f

harley davidson. the other side of that coin. harley, do we like it? >> looks like we lost them all right. sounds like we got some technical difficulties that we'll work through after this commercial break we have a bearish call out of intel. one of our experts that we'll debate that coming up on the halftime report. in the next hour on the exchange, a first on cnbc interview with tom polen to discuss the rapid testing test that's right here at 1:00 p.m. eastern time the halftime report is back in two minutes. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. >>> welcome back let's get straight up to headlines with sue >> good afternoon. here is what's happening at this hour in florida, miami dade county is reclosing restaurants amidst the latest surge in new coronavirus infections take out and deliverly will still will allowed but gyms and party venues will be required to close. the order

. >>> it is a classic american company, but harley-davidson is struggling during the pandemic. we will tell you how many jobs the company is eliminating. >>> one of my favorite bob sager tunes. this is a lie aversion. this is the version that you here mostly. this is the one that you hear. thank you, mark. use the hashtag #ktvu. that is how i get my songs. let's go back to with the anchors. >> all right. a little bit more music for you this morning. the tower of the arts, bridging the divide as people continue to practice social distancing. in today's trip, we will show you how virtual platforms replace the stage and what local musicians do instead to reach out to their fans. >> we said, let's do it every friday and give this weird time some structure, and give people something to look forward to every friday. the >> that is a nice thought, the craft makers that you are used to seeing at outdoor events, they work hard to stay in business during the pandemic as well. we will hear from some of them, but do not forget to join us at 9:00 for our trip. we celebrate the arts around t

when a harley davidson was a no 3 on the ride a harley i want to hear the same so when we heard 40 or 50 years ago i want to enjoy it today. as friends company sells special exhaust pipes at the touch of a button the engine roars deeper loader and more powerfully. it sounds good doesn't it. not everyone agrees some german states would like to ban the devices the 2nd host of the german parliament the discard wants to prohibit their use on sundays and state holidays. hold their already laws defining maximum noise levels as there are laws defining speed limits you just have to apply them and review this desire to create a new ban as a form of discrimination discriminate. for weeks of protest to the plans they see the majority of them torn down their engines when they are going through tons of villages they see the roar of the motor is part of the experience. this is. the kick it's part of it and then i put on my sones system ac d.c. . load exhaust pipes save lives car drivers hear me and i feel safer a moderate risk of going a noticed by drivers because i have a small silhouette and with

have his harley davidson i call it the. ok it's a lovely black cloud and it's got 900 signatures of young high school students who were inspired after listening to our talk. we use this bike as a catalyst for change because we're able to take to different schools different places as it becomes a story by itself because it's a collaborative. we are here to not turn you all into done deals i'm not here to tell you all to become vegetarians i'm not here to tell you although. i'm here to tell you to become the next gandhi. bigger object and to become the next gandhi you can bet anything you want to lead to anything you want but you have to follow his principles his principles of truth his principles of nonviolence his principles all strategy. that makes gandhi could be a man the next gandhi could be a 12 year old child that makes gandhi could be the schoolteacher who gets inspired because there are required to cause change in the word if you look at people like save jobs who imagine you know how powerful change because of how i

harley davidson out with numbers. its first quarterly loss in more than a decade.ring plans have been undermined by, you guessed it, the pandemic. sales in the u.s. have been on a five year slump. shedding roughly 14% of the workforce. tom: it has been 20 years since the pioneer of womenomics first showed how women could boost japan's economy. now japan's female put dissipation is higher than the u.s. but still well short of its target of getting women into 30% of supervisory roles by 2020. our next guest offers tips in her latest book, how to nurture female employees, which was published earlier this month. let's bring in kathy matsui, vice chair at goldman sachs japan. great to speak to you. that really stood out to me, that the labor participation rate for women in japan is higher than the u.s.. so significant progress in japan, much of it built on the recommendations you put forward. it seems that progress has started to stall. why? kathy: we have made, as you mentioned, considerable ground in the last few years with respect to getting women, more japanese wome

harley-davidson u.s. have been lagging and falling for years and the company replaces ceo earlier this year in 2020, the company has reopened the factories a few weeks ago but at lower production levels and that reflects the current market environment that we are in including the lower demand for motorcycles and hogs in particular, harley joining walgreens, levis and other companies that are continuing to lay off workers. ashley: it's a familiar theme, what about united, their pilots union, what is the pilots union saying about those furloughs. susan: that's another company that continues to lay off, this week we heard from the you knighted states saying they were going to furlough about 40% of the workforce by october, 30000 employees without a paycheck in 2200 pilot jobs are at risk. the pilots union says united pilots, let's strike a deal which we have four voluntary furloughs of pilots in early retirement and we don't know specifically how many pilots have agreed to this but united is the last of the

on july 3rd telling investigators he suffered racial abuse and believed all people who ride harley-davidson's are white racist. >> of donald trump and white people are going to create the world we are living in he has no choice and people are going to have to die. >> he was a former marine and police officer. navarro waived his pulmonary hearing on july 17th. he is due back in court on august 12th. shannon: thank you. as preparations continue in milwaukee for next month's democratic national convention more than 100 law enforcement agencies have informed the city they are withdrawing from agreements to send personnel to assist with convention security. >> of the police forces claim we are not going to participate in until that is adequate, what is adequate? it is politics being played in support of law enforcement in general. shannon: we are joined by the police chief, responding to claims the move is political, good to have you with us. so what is your sense here. what we heard from a number of agencies, they are worried about sending their personnel when they are told they can't use teargas

harley davidson.n awful lot of layoffs and firings starting to be announced because demand is not returning at the same time as employees. this does not count all of the restaurants that tried to reopen in may don't have the business. people will be laid off. the small business people say 22% of their membership expects to fire workers even after they've reopened. tom: michael mckee, thank you so much. jon ferro, to me this is the mystery of the end of july. weekly jobless claims, the end of the july jobs report. what michael mckee just said to me, other than the pandemic, is the most emotional thing. is the net change in the headline number of the payrolls report, that has really surprised to the upside. .he real story is the churn the permanent layoffs have been building over the last couple of months. i don't like the idea of it, but i imagine that story will continue. tom: there's no question about it. with the laborl economy folding into what we see in the stock market, futures up 22 right now, a

raytheon didn't give any harley davidson was way below expectations mcdonald's were light. they didn't provide guidance either they did try to find an optimistic note. here is the ceo of mcdonald's. he says i believe the second quarter represents the trough in our performance as mcdonald's ha has learned to adjust our operations what is the story with earnings this season. there's really two stories one is the kind of bearish one the reopening is slowing down. we're not sure what's going down it will impact us. that's what xerox said another bullish option said second quarter is the bottom the trend is improving from here that's what the battle is now. >>> the economy has the long road to recovery especially when it comes to unemployment rate. there is some good news. a new cnbc survey shows that most believe the number of unemployed has peaked. steve is here with the results for us steve. >> people should put on their seat belts and may not be taking them off for a while if you look at the unemployment rate, we are a long way coming back take a look. 3.5% is the number we

mcdonald's, 3m, harley davidson reporting.nies trading, u.s.etween gains and losses. stimulus debates in congress and the fed. ounce fored $2000 per the first time. republicans are trying to give the restaurant industry a boost. surprising tax breaks that made it into the stimulus bill. >> i am already on my second martini. 500 -- questions need to be answered.

polaris moving higher by 7.5% but rival harley davidson sort of a rival, hitting the skids at this hour after an unexpected quarterly loss that the motorcycle giant blames on the covid-19 lockdowns which triggered a temporary suspension of production. harley is down 1.7%. >>> now, the dollar's slide to a two-year low yesterday, we talked a lot about this, has kind of skidded to a stop at this hour but even as the dollar index bounces off the bottom, the index which measures the greenback against a basket of six major currencies, look at this over one week. it has plummet ed and look sinc its march highs, 9%. it is on track for the worst month since 2011 as the u.s. struggles to control the pandemic. but here's the twist. a weaker dollar can be a positive for certain stocks because it helps u.s.-based multinational companies price their exports more competitively overseas, but where there are winners, there are always losers, right? to our floor show traders. wolfgang tester and scott bauer. before we even get to which stocks you see gaining and which you see losing due to the weak dolla

stock to watch today as well as harley davidson. that stock is actually roaring ahead after citigroup starts coverage of the motorcycle makeover with a buy rating, saying the chief valuation and new ceo make the stock pretty attractive. harley up at 7.25% right now. >>> finally, piper sandler downgraded edge cloud platform fastly. valuation concerns there as the stock is down more than 1.25%. >>> take a look at uber stock. they finally announced a multi billion dollar deal to buy postmates to boost the ride hailing company's stake in food delivery market amid a slowdown in its core business. uber finally made it happen, susan. susan: it's official. $2.65 billion all stock deal. postmates, the fourth smallest really out of the big four food deliverers. they were going to raise money either through an ipo or selling itself which it did to uber. this was expected. they would say that it would take uber to build this type of market share seven years on its own but if they team up with someone like postmates it actually gives them a faste

here's harley-davidson higher. the stock is down 33% so far this year, getting a 6% fill-up today just under 25 a share. finally shares of spotify lower over at bernstein. even if spotify could increase the market share, it won't add much to the bottom line. only taking off about 4% of that gain today now sue herrera for an update today. >> ghislaine maxwell accused of putting girls into minor sex acts is in jail, but isn't being housed where jeffrey epstein took his life in august. her bail hearing will be held on friday >>> chinese health officials confirming a herdsman in the country's inner mongolia region has been infected with the bubonic plague the man is in stable condition and receiving treatment at a hospital they are warning of hunting, eating or transporting animals in that area >>> twitter is joining facebook in whatsapp in suspending all data inquiries in light of china's controversial national security law >>> espn films is gearing up to produce a docuseries on the life and activist colin kaepernick

>> let's start with harley-davidson, price target 31 this is on optimism on cost-cutting measures and the impact to its bottom line. looking now at shares of gap rbc upgrading the retailer to outperform this morning. they said it could help capture a younger consumer finally, raymond james upgrading hanesbrands. they think vendor partners like hanesbrands will benefit as well a couple things taken from the table of contents, and these are quotes, all i do is win, win, win. got money on my mind can never get enough and it's all about the benjamins on the free cash flow. brian, i'll send it back to you. >> rahel solomon, thank you very much by the way, there is an opec sort of meeting today. i say sort of, it's not the full ministerial meeting where everybody kind of virtually comes around the table and we used to stand in that stairwell. this is a technical committee meeting where they honor output levels, and we are getting a heads up that the group will increase production. when i say increase production, i want to be careful of my language opec currently has a deal to cut production

york, so i'm already terrified -- yo, this is not okay i hate to say it, but coco's dad is a harley-davidsone, you know he stayed home for nine days with covid by the time he went to the hospital, he had pneumonia in two lungs. >> jimmy: oh, my gosh. >> they held him for about three days in the icu, and then they call you and they make those next of kin calls where we - that's when it's scary we might have to put him on the ventilator >> jimmy: oh my goodness >> and it took him a month to make it out of the hospital, god bless him. but now he is home, but his lungs are damaged indefinitely but covid attacks your lungs and it can really leave your lungs ruined >> jimmy: gosh >> thank you to everybody who -- i mean, i put it on social media because there are still nonbelievers and people look at me oh, i see you tough. one guy wrote me he said you seem scared. i said yeah, i'm s i've made it through so much in my life. i don't want the die because of this, especially with a new daughter so, yeah, i'm aware and i'm concerned, and i'm cautious, you know you want to call that scared, call it scar

yep, the home of "happy days" and harley-davidson is also the home to a whole lot of racism.tructural and -- hold up. another viral video just dropped. right in our laps. >> today is supposed to be the hunter park party. we pull up to start setting up. this lady walks right up to me and says, you don't have a permit for this today. i'm going to need you to take this down. so, we might have a problem here today. >> that's white people calling the police again, huh? why do they all call the police and they stand there in a certain stance and they wait on them? >> but this one has an m. night shyamalan twist. we were there just as it was going down. >> so, cnn just rolled up. funny how the universe works. >> forget cell phone footage. we can use these fancy cnn cameras. we need everybody on deck. everybody on deck. >> i got a call i got sent out for. you have an i.d. that i can just put in your name and stuff? >> i never heard of such a thing. they're passing out candy. >> okay. going to have to talk to my supervisor. appreciate your cooperation. >> my name's kamau bell. yeah, y

navarro telling investigators he suffered racial abuse and that believe all people who write harley-davidson's are typically white racists. >> navarro said that if president donald trump and white people are going to create the world we are living in, he has no choice and that people are going to have to die. >> a former marine and police officer. navarro waived his preliminary hearing on july 17th, he is due to be back in court on august 12th to be arraigned. shannon. spoon all right, alex hogan in new york for us tonight, thank you. as preparations continue in milwaukee for next month's democratic national convention, more than 100 law enforcement agencies have been formed the city they are withdrawing from agreements to send personnel to assist with convention security. >> this other police forces claiming we are not going to participate in less there's adequate -- what's adequate? so i think it's politics mostly that's being played in support of law enforcement in general, chief morale us in particular. >> shannon: jewett we are joined now by the police chief, william lam, to respond to cl

shares of harley-davidson, down 2% the motorcycle maker reporting the surprise loss as well as revenues that fell shy of analyst estimates. it is feeling the economic effects of covid-19 on its businesses it announced plans to refine the product lineup andrew, joe, melissa, all of those ones to focus on and i, too, am doing stuff around the house but mostly i have other people do it for me. back over to me. >> i like your style, dom. i like your style. >> i'm going to try to do more of the hands-on stuff with you >> when we come back -- by the way, my kids desperately want -- think, joe, you need to see the bunny. they want the audience to see the bunny. we might have to have a cooper appearance. >> do that do that. is it one with the weird ears? >> desperate for an appearance by the bunny or really they want to come on we'll see. when we come back though -- >> the ears. the one with the weird ears? >> the bunny >> yeah. you know -- >> the bunny's got ears -- >> he's listening. >> does it matter? >> it matters to me. i'm trying to visualize what cooper looks like. >> we'll see cooper in

harley-davidson. ford, polaris. these are all combustion engine type products. natural gas would also fair pretty poorly. by the way natural gas was the number one source of electricity in the country last year and continues to be. only caveat to all of this, stu, joe biden is not opposed to fracking. that is what he says. that is what he claims. that will get his left-leaning colleagues very upset but he doesn't want to ban fracking. but when you look at this plan, really? come on. stuart: but he wouldn't allow any new fracking. certainly not on federal land. ashley: correct. stuart: he wouldn't allow that. he wants to win pennsylvania. so he won't ban it. we'll see about that. ashley, thanks very much indeed. great news on oil. very good. nice timing. ashley: thank you very much. stuart: you're welcome. four cities in california are refusing orders to closeout door dining. one of those cities is dublin. it is in the bay area. we'll hear from the mayor of dublin california, in our next hour. >>> president trump unhappy with los angeles starting the school year

harley davidson has posted its fourth-quarter -- first quarterly loss in more than a decade.ermined by the pandemic. sales in the u.s. have been in a five-year slump and the new ceo, who took over in february, has embarked on a cost-cutting spree, shedding 14% of the workforce. shares fell by 11% before recovering by the end of the session. giants, the biggest tech had to capitol hill to face a tough congressional antitrust hearing. their critics are lining up. the ceo is the latest to slam the likes of google and apple. this is bloomberg. ♪ ♪ this is the first major antitrust investigation that the congress of the united states has engaged in and about 50 years. addresssigned to economic coercion. to the extent that these large technology platforms are behaving like monopolies. >> the antitrust issues facing facebook and amazon are different than those facing apple. >> zuckerberg will get the majority of the iron. bezos will get the majority of the praise. i think cook will stay out of the way. >> google is the only actual monopoly. when you have monopoly power, you have to

but the other name i'm watching today is harley davidson that stock is up about 6% right now.ated by citi and keep in mind this is the u.s. motorcycle manufacturer it was struggling before coronavirus. we've seen the past five years we've seen sales decline but what citi argues is that the recent stock price collapse reflects a likely further ne nearterm collapse and gives no turn around potential by a new ceo and we have to see what other details from that name in earnings in the coming weeks carl >> all right, guys we've got an all-time high on the nas has the president noted on twitter s&p up five days in a row it would be today that would be the longest streak since december let's get to bob pisani. >> carl, good to be back, by the way. been away for a few days really a powerful rally. 10 to 1 advancing to declining stocks you very rarely see that at the open this is part of a global rally that has been going only in thet week or so as you see shanghai just powerful rally. trying to jawbone the markets up and they are succeeding in doing that japan's nikkei up and the s&p

it would be negative for ford, harley davidson, the coal industry and also natural gas.uld likely see more regulation whereas cannabis would likely see deregulation, especially if the democrats not only keep the house but take the senate, too. so aurora cannabis, tilray and canopy growth are some names you might want to put money into. biden is also expected to be less confrontational on the world stage and you could expect an easing of tariffs with china. these are some of the names that would benefit from that. procter & gamble, nike, 3m as well as dupont. but these are stocks. what about taxes? because joe biden would very likely increase the federal minimum wage as well as repeal the trump tax cuts and the tax foundation says those policies would mean the loss of 585,000 full-time jobs. all right, what about individuals. here are some examples. a married couple filing jointly's marginal tax rate would double to 25%. the estate tax exemption would be halved and the top capital gains rate would go back to 39.6%. listen. >> one of the things you have to do is you really

you know, i learned that we lost big dave this is a guy i spoke to every single morning about harley-davidsonsing there to sort of -- >> grieve. >> i have to tell you one of the weirdest things in the world is sitting in our seats, turning around and seeing nobody nobody and occasionally a nurse would walk by with a sign or occasionally there'd be somebody out back but that makes the show. because you feel that energy, the juice we're missing. >> i don't think we'll ever take it for granted again we recognize what's so precious. and what's precious is people. >> i think what we've realized now with our families and our friends, you know, people that you haven't been able to see, haven't been able to talk to you find yourself getting emotional. you know, craig came over to my back yard a couple of weeks ago and i'm getting emotional with him. >> seriously >> i think we've all had a breakdown here or there sometimes on camera, sometimes not. but i think we all know we're the lucky ones but there's so much grief on so many levels. it's so heavy and we do want to be together. it's hard to carry th

. >> you may not know robin farley works at ubs she was negative on harley davidson she upgrades it today it's time, even though it won't fix the demand problem, remember, this is an outdoor stock. people might see vaccine, you won't do it. i went to a harley store two years ago. i brought the demographic down earnings per share okay. but the fact is i love it when a bear goes to a bull. hog. >> they announced layoffs. i think they branded in the ak, they called it the rewire. it points to everything we talked about companies trying to increase operating leverage through layoffs. >> a new ceo taking no prisoners. i think for those looking for a travel stock that hasn't really moved yet, get on board harley it's fun my friend haley has one. they are a blast to ride on. >> jim, how about tonight? >> biohaven, this man is a hero to a lot of people it's a pill. i take it. it melts in your tongue. about 15 minutes later the migraine goes away it's extraordinary and it's just a miracle for those who have migraines, biohaven is revered. 40 million people. pop. it doesn't taste bad it's kind of l

they want thor another upgrade for harley-davidson, it's getting so much love you have to believe it'sng to go higher and they really don't have any love for faang right now. i think that the love for faang always teams to come back, but there is omwi, instead they're revisiting quarters that weren't that bad when stocks went down united health had a dynamite quarter and people said they borrowed from the future and analysts come back today and say, wait a second, that is one cheap stock. i'm looking for companies that are being rethought about as being cheap. i pre day of the accident that morgan stanley tomorrow will be higher than it is today. >> interesting guys, i will give you one stock that's a lot higher today than it was yesterday and that is dell we've talked about this previously a few weeks ago of course the journal to give them credit broke the story, i followed perhaps with a little bit more detail, but thought people certainly believed the likelihood was high that they were going to pursue the spinoff of the m ware. yesterday the company essentially saying it is at least

and take a look at harley davidson is, they're up after an upgrade from citi which says there's a potentialre than a 5% at $24.67. >>> all right, move over, kylie jenner, dwayne "the rock" johnson just smashed one of her social media records. we'll tell you which one coming up. i know you can't wait. >>> and as virus cases spike, the governor of new jersey calls for federal action. roll tape. >> we went through hell, we cannot afford to go through hell again. we need a national strategy, i think, right now, and masking is going to be at the core of that. ashley: and now the trump campaign is encouraging masks. we'll have that next. ♪ introducing stocks by the slice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. in a highly capable lexus suv at the golden opportunity sales event. lease the 2020 nx 300 for $339 a month for 36 months. experience amazing at your lexus dealer. ♪ ♪ >> we are unleashing our nation's scientific brilliance, and we'll likely ha

. >>> meantime, harley-davidson given a buy rating in new coverage at citigroup.nalysts noting an attractive valuation a significant turn around under the company's new ceo. becky? >> andrew, thank you. >>> when we come back, we'll be speaking with former shell oil chairman marvin odum he's now running the covid-19 recovery efforts in houston. he'll join us to talk about how texas is dealing with the rise in cases and what businesses there need to do that's all coming up when we return you say that customers make their own rules. let's talk data. only xfinity mobile lets you switch up your wireless data whenever. i accept! 5g - everybody's talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item - corner offices for everyone. just have to make more corners in this building. chad? your wireless your rules. only with xfinity mobile. now that's simple easy awesome. switch and save up to $400 a year on your wireless bill. plus get $200 off a new samsung galaxy s20 ultra. but with the covid-19 crisis, many v

stuart: harley davidson, motorcycle people, reported earlier.hat stock, really on the way down. 9% lower. their sales, we understand, were hit by the virus. there is something of a silver lining. they say their sales have steadily increased since april. that's not helping the stock, still down 9.5%. that's harley for you. >>> how about the price of gold this morning? very much in the news recently. right now it's at $1956 per ounce. wow. it's done well recently. joseph shovak is with us, from iannelli diamonds in new york. he's been on the show before. welcome back. good to see you. >> hey, stuart. how are you, bud? stuart: bud, i'm well, thank you very much indeed. do jewelers raise prices when gold goes to these kind of levels? >> that's a good question. i would say yes, they do, because they are trying to get out of the gold they have been sitting on for a long time. are they buying now? no. they're not. honestly, i think if you are looking to buy a really heavy gold chain, something like this, i would probably hold off for awhile. if you are