people thought it would be great for everything bay, bad for paypal, but there was nothing you could do so what. how did the narrative of it would be bad for you come about? given the fact that you have partnerships -- this company is one of the largest companies in the world. it's fantastic facebook, google, why didn't people see this? why did i have to debate a young lad who said everyone in the world should short paypal and go long ebay? >> yeah, i remember that, jim. and i remember coming into paypal and a lot of people had their doubts it was at that point a 15-year-old tech company, a lot of people thought we have a lot of technical debt, that our service was on a path towards commoditization, and we really tried to fundamentalty redefine ourselves, and not just a checkout button, but a platform of capabilities, services, tool sets that would enable businesses to move into a digital economy, and that would allow consumers to safely and easily both shop and consume digital services and we knew eventually that digital was going to take over in terms of leading our economy. that's

so our top picks today are paypal and square.med paypal the perpetual gainer their growth is not just because of e-commerce. they're structurally gaining share. the paypal -- we did a survey that shows their recent qr initiative so people are going to check out with qr codes, spearheading that in the u.s our service shows this could add up to 15% of upside to their total addressable mark fet they can get people to check out using qr codes and for square, we see them as a massive share gainer but they'll be able to gain from the disruption that covid is doing in the s & v space plus they have the cash average position which has been a huge success. paypal and square are top picks because of that. >> tell me a little bit more, quickly, about this use of the qr code that seems like it will speed checkout >> absolutely. so if you think about china, that's like the most prevailing way of checking out. china, there's no credit cards really in the u.s., paypal is partnering with cvs to allow qr code checkout in stores. the survey showed

paypal is a great product. electronic payments, contactless payments, more relevant and important than ever with the pandemic but what it means, jim, is that dan schulman, paypal they have to know their customers more than ever before and have a one on one. they have to be on a customer journey and i love paypal. i used property ducduct it's incredible. what they need to do is know me like no other person bam, know me and that's why we have had this great relationship now with paypal. >> so you shocked the world when you said not coming back until the end of july of 2021. that sent the housing stocks roaring. all the companies that do work at home roaring because everyone knows you do work.com and you have the pulse of what people need to do is it just good for business and good for people? why are you doing it >> jim, you know we have introduced work.com. we introduced it on this show. it's the fastest growing product ever companies have to get back to work and get back to work safely that's extremely importan

towards the real world you must i went to it from ohio i don't think they were out there scanning for paypal so you had to go solicit that thing after how do you know did you say you're in you're hired these are hearing years old. is so not spending lightly on how your office is that was 19 years ago with the real world you're right i had to go looking for it so i was watching the rebels in new orleans which is the previous season the one that i was on and i saw a commercial and i said i was there like do you want to track down i was like i do you want to try out well sit in the video so i made this video on a v.h.s. by the way because back then we didn't have our little camera phones that you know it's hat today so i had a v.h.s. i remember putting press editing it by pressing play and record on my v.h.s. . videos because i always would record everything off might big huge v.h.s. camera and so so yeah i sent in a video and back then there wasn't all these reality shows there was like maybe 4

we interviewed the ceo that made it clear paypal's business is on fire because nobody wants to touch cash when it could be bathed in covid and nobody wants to put their pin in a debit card reader we need contactless payment and that's paypal in a nutshell. this stock rallied 57%, you need to know that's terrible for the regular banks. jp morgan, bank of america, citi group, wells fargo all could be partisan but bad for their business financial tech plays like paypal thrive when money mangers are afraid to own real financials with actual credit risk. they need financial exposure to buy fintech. invidia, the company i named my 13-year-old rescue dog after it's a little green card, it's his i.d., i.d. card, you swipe it he would not have swapped. anyway, he's dumb as a bag f ocho h - of hammers, unlike invidia the dog, this stock can hunt gaming, data center. invida today is what intel was in the '90s. modern daiy leonardo dvivinc hirks,hirki. plus has a cool leather jacket i could never pull off i don't know if they can justify the stock but it's not the stock wall street flocks to in

apple -- is their target a look at who joined epic games against the tech giant >>> plus, square, paypal two of the stocks soaring this year we'll take a look at some of the real winners in this shift to digital and who is in the best position keeping those games inrward. "the exchange" is back after this constructing funds that don't simply follow an index. but explore new terrain. helping you fill portfolio gaps. connect to client goals. and strengthen confidence in you. flexshares. powered by over a century of investment expertise. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. woi felt completely helpless.hed online. for a prospectus containing this information. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my g

paypal is up 110% from the bottom in march. visa has not performed as well but it's starting to out perform nicely it wasn't a covid first stock but it's in the second wave as things start to reopen 85% of payments around the world are still made by cash or check. there's begun this acceleration through the pandemic of digital payments and alternative forms of payment what we're seeing that everywhere we go because it's accelerating it's moving from every kind of merchant cvs and grocery stores would prefer not to use cash paypal has been a fantastic business with an enormous number of new clients both on the merchant si merchant side and user side. venmo has become a verb that i use. they have done well with the acceleration we own visa. we think they will grow their earnings >> nice bullish view there jim, what about you? >> the one at the top of my list to buy i don't own it yet it's visa. i agree with what kerry said.si. see visa is tied to consumption trends what i expect to happen, both sides are very far apart sue just m

joining us now is paypal's chief of business affairs, luis.t two decades working on tech leadership roles. wonderful to have you with us here on bloomberg tv. some progress, incremental as it is, better than no progress at all. toe in australia, we managed stay above 30% for some time now. why is the progress being made in the tech sector so much slower than across broader corporate roles? to,eah, i think you have you know, look at the problem statements from a truly end-to-end perspective. we have not seen, in the last decade, the talent at all levels of organization that we need to be able to see. some of the senior recruitment and high-level positions. what we are starting to see now is a broad awareness of that need. and we are starting to, you know, i think very intentionally for programs intact around making sure that there is a true pipeline. certainly women and people of color can have a fair opportunity to be considered for those opportunities. haidi: what are the barriers that still exist? louise: well, i think part of the barriers k

notably their gains this month out paced newer rivals like paypal that's a reversal of the trend we have seen for most of the year where the younger payment service companies have dominated and off the heels of that spirited conversation a few moments ago it's really interesting to see all of these big moves in the non-financials payment space with how week it's been this year >> give me the laggards again. industrial, real estate, you till tills >> utility, energy usually one of the worst performers >> kevin, which one is most likely to have a good september, do you think >> of the losers none of them you have to say, to me, i've been taking money out of utiliti utilities, taking money out of money center banks for a reason. i think the other sectors that look interesting to me, technology is driving america 2.0. it's allowing us to run an economy on a digitized basis i have the stay there. health care really intrigues me. they did not decline as quickly as everybody thought and all of this money falling out of helicopter is one way or another getting to them. it's the consumer space, t

weeks ago prosecutors say a 17 year old from florida was the mastermind behind the hack that cheap paypal into making bitcoin donations and affected some of the platforms most high profile accounts including former u.s. president barack obama democratic presidential candidate joe biden and microsoft founder bill gates as well as some company accounts like apple and twitter has said the hack has targeted some of its employees who had access to its internal systems . now some of the other stories making news around the world hong kong's legislative elections scheduled for september have fane postponed for a year chief executive carrying them says the delay is necessary due to a surge in coronavirus cases but oppositional mike has accused the government of using the pandemic as a pretext to form a pro-democracy movement. people have gathered in portland oregon for a novena night of protests president donald trump tweeted that federal agents which was supposed to begin phasing out this week will remain in the city until local police had finished what he called a cleanup of quote an a coast an

there's finn tech, who doesn't love paypal or square? but when you get down into the weeds of this market, what you see is that there are a lot more losers than there are winners. that's the nature of the covid economy. and now there's no one in washington willing to play gardner. maybe there's only a matter of time before the weeds overrun the entire patch joe in california, joe >> caller: boo-yah, jim, from the sweltering mohave desert >> my daughter went there a couple of years ago, it was 112. how are you holding up >> caller: it's not too bad there's new blood on the board and my girlfriend hates these stores, but my question is, should i love them the stores are big lots -- >> your girlfriend is right, they are hideous but they're trying to turn it around if it goes down, you buy more. because there's a lot of people circling that thing, saying come on, we can do better i like that. i'm glad you have the aspect about the heat let's go to bruce in california, bruce. >> caller: bruce in california, hello. i entered the brokerage entr

etsy, facebook, shopify, paypal.f those have been on fire because they represent a digital life line for struggling business owners. they help you take your brick and mortar outfit online and that may be the only way to survive here because it's probably broken without it at the end of the day though, small business loss is big business gain. and that's what we see every day. what propels the stocks of big businesses it starts with the macro today the macro gave us the prism that we used to examine earnings when the price of food stalls or goes lower, we tend to revert to the cramer covid-19100 hot list. we are going to get more of these days then we get some positive new orders from manufacturing goods. they didn't look like recession numbers. your order's up 6.2% in june, better than expected aircraft increased by 3.4%, not recession numbers. maybe we've hit bottom only 12% of the economy but it's nice of course in terms of the pandemic, we were in much better shape for most of june than we are now. still the numbe

i'd love that to continue pulling back so i can get a full position in it paypal paypal is very attractive name i missed it. don't know how i missed it i was onto the visa and cash list that have to come down quite a bit as would peleton i don't expect it to because they report earnings soon. i think have another blow out quarter. >> jim, what exactly are you doing trading this environment >> i'm in the making any moves today. i have a couple on my watch list i think the stimulus deal will take longer to play out. i'm going to see if i get better price for it same thing with sales force. you look at the results this week and i don't see that stopping any time soon it continues to be the in demand customer relationship management software those are two on the growth side on the value side, i think viewers know that i'm not long for intel here i still have it. i'm looking for an exit there. i still want to be heavily in the semiconductor space. broad co broadcomm is one that intrigues me it has a pretty diverse portfolio of applications. much like intel does a very atrackive valuation on the

i'm a big fan of paypal and square, i mean, i think about the millennials and gen x. a lot of them are underbanked and looking to invest in markets and paypal and square offer that ability. square's cash app allows people to buy stocks on a fractional basis and even invest in bitcoin along with their seller ecosystem and their peer to peer payment so those kind of spaces that again are thematic plays, they're a play on the growth of the future and they're also bringing that growth forward due to the covid pandemic or the faces that i would focus most. >> you're not the only one with your eye on fin tech chris, stuart, thank you >> thank you very much >>> getting some headlines from the president. elon is with us now. >> reporter: president trump announcing a new peace agreement between israel and the united arab emirates. he is speaking to reporters in the oval office right now. the uae is only the third arab country to recognize israel's existence. president trump said that he's already discussing with other nations the possibility of additional cooperation he says t

how about paypal and visa.y, they are winners because they are all going shopping online, right? ashley: we are all going shopping online. the numbers have been very impressive. if you look at the numbers, listen, it's interesting because if you look at the credit levels of people, they have actually come down. people have been inclined to save their money in such an uncertain economy. however, when they do spend money, paypal and visa and mastercard, for that matter, are all very popular choices. it's interesting. on the one hand you have the consumer pulling back a little bit because of the economic uncertainty but these types of companies, paypal, visa and so on, are doing very well because you can just go online, can you not, and type in the numbers and away you go and have it delivered. stuart: it's so easy. it's so user-friendly that it takes the place of getting in the car and driving some place to buy an item or two. a whole new world for people like me. all right. thanks, ash. check the big board. we'v

take a look at paypal. amazon, regeneron, netflix, clorox, all of these companies having a tremendous time. i want to hone in on paypal, if we can. this stock is up 78% year to date. just reported its best quarter in history. massive increase as we know in e-commerce and contactless payments. they are the huge beneficiary of that. they added 21 million new accounts in the second quarter alone. that is more than in some entire years. ubs just raised its price target to $213. the company believes, and they may be right, the pandemic has changed the way consumers go about business and perhaps changed it permanently. some people have never used paypal, go ahead and use it. of course, clorox, those clorox wipes, disinfecting wipes, they are still struggling to keep up with demand five, six times the usual demand and they say they may not be fully stocked in these wipes until next year. last quarter, their sales were up 22% year over year, coming in at close to $200 billion. these are some of the winners during a

just like paypal would have fraud detection, right. we need to be able to respond in the event we have autocontrol biology out in the environment response what we're building off with concentric, which is the new brand we launched to do the pandemic response, is the beginnings of that muscle. right. and i think going into the biological sentry where you're going to see the last 50 years are about computing, i think the next 50 years are about cell programming. we'll need this. so we're excited to be building this out as a capability at gingko. we see it aligned with our business. >> i read that, you know, you saw jurassic park. you're younger than i am -- when you were in high school. and that's one of the things that got be you thinking about this. you're able to do this. not maybe to make dinosaurs but you use the example, this sounds crazy, but you said of it, of a tree that knew how to grow into a table. >> i used to try to explain to people how amazing biology was. right. how powerful it was. think about it you plant a seed in the

take care. >>> our next guest is an early investor in the likes of uber, airbnb, pinterest, paypal andumping aboard the spac wave kevin hartz joins us, as that vehicle begins trading today stay with us ♪ ♪ ♪ ♪ lookentertainmentour experience: xfinity x1. it's the easiest way to watch live tv and all your favorite streaming apps. plus, x1 also includes peacock premium at no extra cost. this baby is the total package. it streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. yup, the best really did get better. magnificent. xfinity x1 just got even better, with peacock premium included at no additional cost. no strings attached. >>> starboard value becoming the major hedge fund to jump in on the spac friendsy manning to raise $300 million through a blank check acquisition vehicle. spac raised $2.5 billion this year speaking of spac, seven hartz is taking his spac known as one public today he's an early investor in uber, airbnb, pinterest and paypal and founder and former ceo of event bright, kevin joins us now, thank you for joinin

that would be ideal for distancing which is sad because the last thing we want is to put any of our paypal here at risk going to visit is at risk and certainly if we do have any business is that need to close or operator to further reduce capacity it puts them at risk as well. it's happening all over the u.k. not least where the hot weather is driving people to the beach look at the difference between the south coast of england and the cost in spain confused rules and public in different supposing that risk the health and livelihoods of the people making sure tourists have a nice summer holiday it hardly seems a fair deal largely al-jazeera in the english lake district. recapping our top stories here on al-jazeera the lebanese cabinet has declared a 2 week state of emergency in beirut after tuesday's devastating explosion at least 135 people are dead more than 5000 are injured around 300000 have been left without homes the authorities are blaming vast stores of highly explosive ammonium nitrate which they say were kept in unsafe conditions for years several court officials are now under ho

white to be tested at 19 inside a makeshift hospital has been set up to treat iraq as a number of paypal with the coronavirus until now pup when you get he has avoided a large scale outbreak but in recent weeks it has spread to new provinces forcing the closure of a massive copper and gold mine and many health workers are testing positive protective medical equipment is being distributed and international health teams flowing in but there are concerns the already fragile health system won't cope for all we know there are some great things going on behind the scenes the communication between government health department and then down to the people that hasn't happened the government has brought in lockdown measures including closing its border with indonesia but in many areas social distancing is a challenge and with huge numbers living below the poverty line access to clean water for handwashing is limited what we can do is find ways to overcome challenges whether it's washing hands. in a creek washing hands and they are. using salt which my stable have is a means by which to wash their

isolation measures but it really is deflating to not see these stick is going down given how many paypal is being financially impacted by this of course we're seeing more businesses closing retiling manufacture a good many are concerned that some of these companies just won't be able to survive the 6 week lock down even with financial support from governments and on top of that some experts are saying that the recession that it's surely is currently in my last and to the end of the year a pretty tough time at the moment but we always knew that it might take a week or 2 to see how these new looked down measures would influence the right of infections in victoria one of nigeria's biggest airlines has sunk more than 70 part of some ground crew due to the coronavirus demick private courier piece also plans to cut salaries of remaining staff by up to 40 percent it says major cities within nigeria west africa and the middle east but like many other airlines sorts business slum because of travel restrictions. the johns hopkins university virus tracker is now reporting there are more than 700000

isolation measures but it really is deflating to not say they think is going down given how many paypal is being financially impacted by this of course we're seeing more businesses closing retiling manufacture a good many are concerned that some of these companies just won't be able to survive the 6 week lock down even with financial support from governments and on top of that some experts are saying that the recession that it's surely is currently in my last and to the end of the year a pretty tough time at the moment but we always knew that it might take a week or 2 to see how these new look down measures would influence the right of infections in victoria virgin australia meanwhile has announced a firing 3000 stars as it prepares to relaunch on the new owners the pandemic forced into volunteer administration in full travel restrictions had left it billions of dollars in debt and the government refused to bail out indian administered kashmir is on lockdown to prevent protesters from gathering to mark exactly a year since the region lost its special status a curfew has been imposed in

this 2nd wave of infections just doesn't seem to be going away hospitals are filling up with small paypal and something to need to be done but at the same time people are worried and anxious the closure of many more businesses in industries like manufacturing and administrative shouldn't in raise hell will lead to thousands of people not being able to go to work and there are also huge question marks about whether many companies will be able to survive this 6 week lockdown and what will happen after that there are financial grants available to businesses and also lucas who you have to stay at home and asa life the prime minister scott morrison announced that on monday but right now there is huge concern about what this means for the economy and jobs not in the in victoria but the whole of the strike leah and any kind of economic recovery that the federal government was looking at right now seems like a prospect that is fighting away in the short term all right to nicholas cage live for 7 sydney nicholas thank you. at least 20 people including children have died in yemen where flash floods

breaks isolation measures but it really is deflating to not see these figures go down given how many paypal is being financially impacted by this of course we're seeing more businesses closing retiling manufacturing a good many are concerned that some of these companies just won't be able to survive the 6 week lock down even with financial support from governments and on top of that some experts are saying that the recession that it's surely is currently in my last and to the end of the year a pretty tough time at the moment but we always knew that it might take a week or 2 to see how these new locked down measures would influence the right of infections in victoria the afghan health minister says 10000000 people may have been infected with corona virus the announcement comes after a nationwide blood survey testing for the virus the result shows more than half of the cases are in adults maybe 50 percent of children who tested positive did not show symptoms more than 1200 people have died in afghanistan since the pandemic began. more than 5000000 coronavirus infections and about 200000 death

paypal rose the most. that doesn't it for me on bloomberg markets. "balance of the latest on stimulus negotiations. he will spake -- he will speak with senator rick scott. tune in tomorrow morning for my interview with the bp ceo. they guy would get some sleep, maybe not. ands 2:30 a.m. in new york will replay all day. this is bloomberg. ♪ ♪ david: from bloomberg world headquarters in new york to our tv and radio on its is worldwide , welcome to "balance of power," where the world of politics meets her world of business. we will start with the markets. not a lot of movement abigail: a little bit of a dull summer day. what people associate with summer trading for stocks. at the open stocks had been down slightly. looking for direction, we may get that later this week when we have jobless claims. folks would be looking to see whether or not they move in the wrong direction. the payrolls report on friday. today small moves. yesterday desk of the stocks that had been up, microsoft and apple. microsoft is lower. some folks considering what a tiktok deal w

recorded 13 more people have died including a man in his thirty's and hospitals are filling up with paypal needing help now these figures might not same as high as some other places around the world but we need to remember that a strong leader had been extremely successful in containing this virus and we'll all know or how fast it can get away from us if it isn't contained but these new figures it really will justify i guess for many the need for the tough shutdown lockdown measures that are currently in place in the city of melbourne in victoria where there is an overnight curfew and harsh penalties being imposed for anyone who breaks isolation measures but it really is deflating to not see these figures go down given how many papal live being financially impacted by this of course we're seeing more businesses closing retail and manufacturing and many are concerned that some of these companies just won't be able to survive the 6 week lockdown even we've financial support from governments and on top of that some experts are saying that the recession that australia is currently in may last

i like paypal and i like not just the back half of the year as a short-term trade but from a fundamentalto see. i think those companies are poised to do very, very well going forward. >> courtney gibson, thank you for joining us we really appreciate it. >> thanks. good to see you. >> good to see you as always rlid does it for us here on wodwe exchange squawk box is coming up next thanks for watching. ♪ 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. ♪ if i could, baby i'd ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. >>> apple and tesla split and there's three new stocks for the dow. 8 straight days of gains that end a nearly record august warren buffet making news on his 90th birthday. and he is making big moves moving stocks there and the tik tok soap opera what china did that could make a sale difficult or even impossible it's mon

paypal is making a bid for younger customers. it will introduce a feature allowing u.s. to pay off their purchases over time. no interest or origination fees will be charged. during the pandemic, younger consumers have flocked to companies such as after pay that allow them to finance and pay later. robinhood and other online brokers say some clients face problems in trading cured robinhood reported issues with equities, options, and cryptocurrency training. charles schwab and vanguard also said some clients may have trouble accessing their website. that is the latest business flash. alix: thanks. for more on that robinhood story, sonali basak joins me. let's be fair. it is not all robinhood, right? sonali: correct. the outages faced today are at schwab, they are in vanguard, they are at td ameritrade, they are among the biggest brokerages for sure. with that said, we have another story out today that outlines all of the claims about robinhood at u.s. consumer protection agencies, and there are many more than its rivals. there are a couple of issues being highlighted toda

buffet's strategy so selling some banks and buying gold also watch big moves from the fund appaloosa p paypal the names. you also have to watch sis coe one guest he was buying two weeks ago. he was buying that and this is syy. this is the food company and 1.9 million shares in the previous quarter there's the names to watch as we go whale watching. back down at the broader market at the s&p 500 new all time highs despite the markets continued climb higher, any time will preserve the market pulled back. ceo, fund manager and cnbc contributor. you have the start like i do of a long day today which is fantastic to have you on listen, we have been waiting for this pull back since the march lows you know, the market just continues to go higher is there anything that you see that indicates a pull back may be forth coming? >> i think that there could be a lot of emotion coming up in the next several months. i have clients that are really genuinely worried about the election so you have the election and vaccine coming but the timing isn't definite yet that emotion could come in and create bumpiness a

them would be ideal for distancing which is sad because the last thing we want is to put any of our paypal here at risk going to visit is at risk and certainly if we do have any businesses that need to close or operator to further reduce capacity it puts them at risk as well. it's happening all over the u.k. not least where the hot weather is driving people to the beach look at the difference between the south coast of england and the cost in spain confuse rules and public indifference a putting at risk the health and livelihoods of the people making sure tourists have a nice summer holiday it hardly seems a fair deal largely al-jazeera in the english lake district. watching out there at life from london much more still to tell you about 10 years ago 33 chilean miners were trapped underground for months they will praise for their resilience and bravery so what they say many are now struggling to get by. going to hear from the beirut bride who had to run for her life when the blast. places that's going to warm up the southeastern parts of australia just a touch as we go through the next cou

probably because i got out of it too soon i got out of this one at 170 now it's pushing towards 200 it's paypalcalls aggressively bought during the day-to-day this is like a month long trade. >> i also want you to tell me about lyft after earnings. you have calls there >> yeah. >> this earning cycle for lyft stock popped nicely. i took off half the calls. then the uber news came out about their earnings which impacted lyft and i thought maybe this stock is still get up and go uber saying we might suspend operations in california whether that is chatter or not, that's impacted both stocks and the rest of my options finished worthless in lyft. they expire tomorrow but they are worthless right now. >> rough week down about 9%. >>> coming up, keep your questions coming we'll answer them straight ahead. you still have time go to cnbc.com/halftime. you can tweet us as well we're back in two minutes to do that what happens when a wireless carrier puts its customers in charge? well, the good news gets shared. and it gets rated #1 for customer satisfaction. but don't just take our word for it. take thei

we've been seei -- frenzy, but at least on the equities side this goes companies lie apple, facebook, paypal, microsoft, they are doing better under this environment than they would have done if there was no pandemic. when oy hear words like frenzy and buying panic, that leads me to believe, carrie, at some point that music will stop i'm sure you get questions all the time, will it stop in maybe to stephanie's point, it won't for a long time. >> it might not for a long time. it's very hard to predict when momentum will end. momentum is your friend when you're an investor in the market this environment is good for the kind of companies we've been talking about. their earns as sales forces had increased more than expected and to step off that train is very dangerous. you have to look at valuation. you have to trim back when stocks get to the nosebleed territories, but these companies are showing results exceeding expectations, so it's very set hard to step away. >> we'll look at a name like facebook, if you will, tiffany, it's nearing $300 a shares maybe you know something i don't. can't see a

paypal making a bid for younger customers. featureintroduce a allowing u.s.o pay off purchases over times. no interest or additional fees will be charged during the pandemic. this copies moves by other companies. moving to by its biggest rival to create a global waste and water giant. it's offering $3.5 billion to buy a 30% stake in shares from a utility that would be the first step towards a takeover. they think they can get more. they will seek rival offers for the stake. that is your bloomberg business flash. day: today marks the final of roberto acevedo's time as the director general of the wto. joining us is a candidate for the position, jesus seade. a former wto deputy general director. it is great to talk to you, jesus. day one what do you identify as the main problem in the wto that you can fix and how? summary is that trust has been lost among negotiators. which was always the soul of the process. the system is not functioning anymore. those are the two main internal crises. on top of that you have the pandemic, the u.s. china crisis, and a wealth of

case for cash there is nothing but good news for our business if is the same trends you heard from paypalvisa, and mastercard last week consumers have accelerating their buying choices in the next two or three years it would have take an harder period of time and so i think in the near term, carl, it is nothing but good news for our business. realizing that the macro will be whatever it is >> there is 3.5 million merchants. among those among colleges, universities, public schools, and so forth i'm curious what you're seeing from that customer base >> let's just start it was by fur cas bifurcated that way. the tuition changes, housing changes, those are all generally good things for our business. we service 39,000 primarily public school districts here in the united states. a lot of our revenue in that business comes from school pl lunches which, of course, children need. i would have said to you a quarter ago while the second quarter was difficult for our k through 12 business, i think sitting here today it is likely to take longer to come back given some of the announcements you have see

we know that google is serious about doing more in e-commerce they hired from paypal they have been enticing suppliers and sellers to come on with free product listings effectively offering zero commissions on sales what they really need is something to bring the consumers along for the ride it may be a bit tan generalable to the core areas that are looking at the advertising business it may be something that might be a possibility >> they could maybe argument it would help diversify from ama n amazon i'm getting tv ads when i try to buy products on amazon the experience is becoming distressingly familiar do they think to think about some other kind of foray into that space >> it doesn't get talked about enough as well as amazon's ambition to do with what many believe is the migration of tv ad dollars into the digital sphere they have imdb tv which is smautsmau smaller platform they do have fire tv they are looking to figure out. it's something they are already series abo serious ashbout it makes a lot of sense. without it, they are serious about building that up >> mark, thank you very much

bad that she has been banned from-- and this is real-- twitter, facebook, instagram, uber, lyft, paypal, and "shakespeare in the park." like, i'm sorry, how do you get banned from "shakespeare in the park?" "shakespeare in the park"? i mean, sure, i did, but that's only because i didn't know i wasn't allowed to ad lib. "to be, or to do something else, ya know? it's a tough question. i'm going to have to think on that one." and, also, this person was also banned from paypaul. that site is 90% nigerian scammers. they company was like, "this user does not reflect our values of cheating the elderly out of their life savings by pretending to be grandchildren who need bail money. it's not who we are." it is crazy to think that this person could one day be in congress, and she's not even allowed on most apps. can you imagine not being able to use instagram, facebook, or twitter? that actually sounds kind of nice. should i be racist? in other news, do you guys remember when the big question on everyone's mind was, "did donald trump collude with russia during the 2016 campaign?" remember? it was

there has been no success with google, ebay, paypal.ve made the decision that and media companies will not succeed. they have allowed apple because they have a company bigger there than the united states, so it affects their employment if they don't let apple or nike stay. these things are considered as much chinese companies as american companies, which is not true, but that is the perception. no one knows for sure if the chinese government is spying through these things, but nobody would be surprised if they are. the second thing is that we know the chinese government and their affiliates, like the russian government, have been trying to hack into american companies to steal code. something had to happen. is this the right way? not likely, i'm not sure why this is happening now, but we need to take on the chinese government, tech transfers, why they can raise capital in the u.s. but american companies cannot raise capital there. it is a fair discussion to be had. we can debate whether it is the right time to do it, but that is politic

, i think that's an interesting name that had been more of a technology darling with a square and paypal about a month ago it started falling off a cliff. if they do start breaking down because these are all expensive names. i think you have to be prepared to step to side and recalibrate with other names >> we're learning about a position in square i want to have a conversation about and brynn teed this up perfectly for us value, versus value trap and center in on the financials for that conversation because the other, what i think is really interesting, is from the 13 fs from berkshire they trimmed the largest stake in wells they cut jpmorgan by 62% and they completely exit the stake in goldman sach's. we talked about the 13-day buying bing from bank of america too. they are not out of all the the financials but they are out of a lot. what's the statement there about the trade in and of itself per sooeceived value or value tp >> it's interesting. i think it's important to talk about. jpmorgan is an interesting one everybody talks about jpmorgan it's the gold standard and still strugglin

second choice so what do you think >> it's interesting because the open rather seems to have to be paypal but they're both afflicted in the same way. or do you go back to visa and mastercard which i think are also seeing tail winds from contactless payments the thing for square, they took a lot of market share between ppp loans going on with their cash app i think it's been an enormous time for square. i think the valuation is really tough. since about $110 i took a position and cut it by 80% i'm happy to still be long on the stock. i took a lot of exposure off $40 ago. my sense was it was very expensive then and i was playing with the house's money it's a fascinating company i think everything that's good about square is why you wouldn't want to own bank of america. therefore, i think you do want to own some square but i would be waiting for a pullback today. >> the big question is can it even come close to replicating that going forward if government stimulus is not quite the same as it had been during this past quarter in terms of getting reduced? that was a big reason why we had that

something out of almost all of them so that means i've sold amazon that means i've sold some ebay and paypaltflix, alibaba, you know, it's been a broad list. and again it has nothing to do with anything else it's just a market call. >> i was going to ask you, roger, about the regulation. because you have always said that apple has the least to fear when it comes to regulation. and regulatory scrutiny. i think you joined us on the day that those ceos were facing congress in terms of their hearing. do you still feel that way, even though this war against some of the developers have gotten bigger and more public >> actually, i'm not so confident as i was and the reason i'm not confident is i think the political side of this is a much bigger factor than i had recognized on the day of the hearing when you look at antitrust on an issue of harm to consumers, when you look at it relative to restraint of economic activity and innovation, apple doesn't look anything like google, facebook or amazon it -- you know, the issues that it has look like issues we see in sectors like cable television and telec

value, you take off some of the money it's okay to trim the amazons and microsofts we have trimmed paypal and nvidia along the way, to you sein the moment it's euphor and it's great, but it's not going to be stagnant we're going to be moving forward. that's where we're looking for the opportunities. it's going to be wrong for a while, but i'm okay with that, becauseivity some of the winders on the balanced approach tony dwyer is here with us welcome. i hope you're well welcome back. >> hey, judge, doing well. thanks. >> glad to hear it where do we go from here we're about to push 11,000 on the nasdaq every day that's where the money is, that's where the money has been good. the question is will there be a rotation away from some of that? is it time to rebalance and rotate or not? >> i think there is, judge i'm much more focused on the rotation than the absolute target level for the s&p 500 i think we're in an extraordinary situation, where if you with look out into 2021, they was flivver supposed to been a capital recovery. i kind of butchered it on "fast money", but it was supposed to be

if you look at some of these payment processing stocks and i consider paypal is a potential competitort, square, aiden is in the netherlands they trade over in europe, look at these stocks, this is just this year, good time to go public, good time to to go public as a payment processing company it's going to be hard to own ant financial if you are in the u.s. but one way to own it renaissance capital's international ipo, ipo s is historic high, they will o en that within days of ant going public as for the dow companies, the dow changes that we've been seeing -- by the way, losers on this, nyse and nasdaq, do you think they're not unhappy about missing out about the biggest ipo of all time potentially, they're listing in shanghai and in the hong kong so not here in the united states. obviously they're not going to be happy about that. as for the dow shake up, this makes sense, they're conservative here. salesforce replacing exxon, salesforce big software company, apple split reduced the weighting of technology and you don't need two energy stops when the s&p is 3% energy having chevron

i have paypal which has been the star of the rally other than square there's a company that is a leadern terms of contact centers and then people don't know azek. jesse worked at 3m composite material i have everything in the front of my house done with azek because it lasts forever it can survive nuclear war it's wood replacement that is really ideal people who know this also know it and let's see what they have to say it's great to see you. >> yes you know, it's funny, looking at paypal here quick, jim, it's up again. technology has a decent bid to it all with the overall market today weaker than it was yesterday when we had broad based participation. >> don't blame them for this decline. you sound sour what's the deal? you got a whole show coming up that's going to be dynamite. >> i don't like saying good-bye to you it makes me sad. i'll see you soon. >> i can't say good-bye to you >> all right >> no complaint. >> i have read them all. it's one of the best all right. let's get started with the next hour of "squawk on the street. that is the 10:00 hour eastern time i'm david faber. he

new stakes in visa and paypal and mastercard and disney. strategies going into the last couple quarters of the year. >> i'm a home gamer. i do love them and i find that we don't know, look, we've got some fantastic notes this morning jpm raising the payment process is doing incredible. going into disney was a gutsy move because you had to believe that disney plus was going to be great. pretty soon we'll be going to the movies again conscious it was in a rainy weekend and now we'rer a eafraid getting covid g to the movies. i feel like they're spot on with the processors i don't know what stocks paypal. that's just a juggernaut >> yeah. and then, some of the other moves we got from these filings. ackman upping lows we talked about home rebuilding. and third point we already knew about some of their steps and new stakes in facebook and baba which is making news for other reasons today. the president said, in fact, they're looking at some new restrictions >> alibaba has the most u.s. financials but hardly a moment that the president doesn't try

paypal says it will not charge customers fees on these tran actions.vs will rollout by the end of the year and the company already assessments touchless payment from apple and google pay. >>> the usda has now identified 14 different kinds of seeds. a spokesperson says some pckages contain flowering plants, others contain vegetables like herbs including manipulate, sage and lavender. agriculture officials warn if you received a package do not plant them. >>> and the fda has linked red onions to a salmonella outbreak. the fda says bakersfield based thompson international is the likely source. the company is recalling all of its onions because of possible cross contamination. and if you can't tell if your onions are from thompsont just to afe. > shome making a new property. >>> and here is a live look from our east bay hills camera. so beautiful there this morning. i love that. 6:38 is the time right now and we're going to check in with lisa what we can expect in the weekend aheading coming up. >>> as we all fight the coronavirus pandemic california is ma

the mother of all work from home stocks zoom which was down today so the names like asquare and the paypal and those names all week long with the big faangs or dan's maga and the rotation which retail was really good and that is unusual banks weren't as good as i had hoped. it is a nice bounce but they have so far to go as a catch-up trade. i think there is more to go there. and guy touched on fedex and ups, i mean there was a big upgrade in fedex but that stock is up well over, well over 100% from the bottom which is kind of crazy so i'm long fedex but i think this move, the last two days which is about maybe almost 30 points, is probably a little bit over done and the airlines today up huge as well. that one, i wouldn't jump on that bandwagon i'm staying on fedex even though it is getting rich but i'm still afraid of the airlines whether you include the debt, the risk/reward isn't compelling to me so i think i like the rotation but there is more to come. >> for fedex and ups there was news and tim you've been hot on the ups trade in terms of aggressive pricing because of the pandemic is

would be ideal for distancing which is sad because the last thing we want is to to put any of our paypal here at risk going to visit is at risk and certainly if we do have any businesses that need to close or operator to further reduce capacity it puts them at risk as well it's happening all over the u.k. not least where the hot weather is driving people to the beach look at the difference between the south coast of england and the cost in spain confuse rules and public indifference a putting at risk the health and livelihoods of the people making sure tourists have a nice summer holiday it hardly seems a fair deal largely al-jazeera in the english lake district. still to come here on the u. sa a push for more diversity in the global fashion industry. months long anti racism protests in the u.s. . and we'll hear from tiger woods as he goes for a 16th major title that's coming up in the small the pizza. parlor again there's a growing push for more diversity in the fashion industry and off this year's wave of anti-racism black lives massive protests some of the industry say that now is the