. >>> plus, investors are betting on penn national gaming.ock popping after beating revenue estimates. the ceo jay snowden will join us to talk about business amid the pandemic the second hour of "squawk box" begins right now >>> good morning welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin along with becky quick and scott wapner is in for joe kernen. good to see you as always. all of this can change after 8:30 because we have, of course, the jobs number. we will see where that lands right now the dow looks like it will open down 123 points off. s&p off 11 points and nasdaq open down about 39 points. >>> andrew, thank you. big market stories we're watching this morning. the jobs report from july and stimulus in washington mike santoli telling us what it all means for investors. we kick things off in washington and the president's executive order banning actions with chinese apps kayla tausche. >> reporter: good morning, scott. it was a pair of executive orders late last night in which president trump said that he would b

. >>> let's get to "stop trading" with jim penn national gaming, the barstool partnership and the databaseith barstool this is the actual barstool book which i think is going to be fantastic. they can do a tv rights deal, and yes, it is portnoy, who is so busy you know, with all the -- he's doing all the cryptocurrency stuff he's become a little boy, like a suit i feel he's become a suit, but this deal penn national gaming how they can buy more barstool and just a match made in heaven. i've got to tell you, the stock can go much higher >> interesting, jim. >> and you know, bitcoin, we don't mind bitcoin we love the fact elon musk, the text and the twitter and stuff and you know what we want from him, who is going to win the super bowl and whether there's going to be a season and maybe some of the matchups wouldn't that be good? he can do both he's ambidextrous. >> on the season, jim. how about tonight, what have you got? >> ehealth, controversial company and columbia sportswear, a fantastic line of cold winter sports people should be thinking about this company they've had to close a lot o

they are downgrading draftkings and barstool sports, partner penn national gaming to an equal weight. morgan is warning that investors' expectations have gotten just a little too high given increasing competition in the sports betting sector and the threat that the upcoming nfl season could see cutbacks for a full cancellation. draftkings is down by almost 6% and as you can see, penn national is down more than 2%. >>> now, if those nfl fears weren't enough for you, the fantasy sports world is grappling with game cancellations across the nba, nhl and mlb. the new york mets walking off the field last night in a sign of support of recent racial injustice protests. the nba boycotting the court for a third straight night but set to resume the playoff schedule tomorrow. draftkings and penn national both, as you can see, in the red right now. it's been a new world, if you will, for sports, that's for sure. >>> well, the markets are still rallying today after jerome powell's announcement yesterday that the central bank will allow inflation to run higher than the standard targeted 2%. you can

penn national gaming, soaring on quarterly revenue beats plus its launch of the barstool sports book betting app is on track for the third quarter. penn is up 12.8% right now. and its rival is also betting on positive moves here, up 3.33%. but we've got this fox business alert, folks. check the clock right now. we are 52 minutes away from the deadline for players in the nfl to opt out of the season due to covid-19. 4:00 p.m. eastern. less than an hour from now. we are checking parent of fox business, which airs sunday nfl games and cbs network parent via come cbs which is set to air super bowl 2021. both stocks completing passes at this hour. now, while live sports events have started, albeit with no fans, the ban of large gatherings is hammering concert stocks. live event promoters i-heart media and live nation are both lower right now with i-heart media down 5.25%. live nation down 1.8%. even as live nation announced it has enough cash to last until next summer. >>> folks, unable to watch sports or concerts, turn to gaming, providing quite the boost to activision blizzard. it is at

check out shares of penn national gaming where is dave portnoy right now? stocks only go up. i'm not sure that is true. goldman sachs initiating coverage of the stock with a buy rating and $60 12 month prize targets. analysts writing they believe, quote, barstool sports embedded customer base and content creation engine will drive one of the lowest customer acquisition costs in the sports betting industry allowing penn to quickly take share within goldman's proprietary i gaming and sports betting model jim cramer joins us now. penn is his favorite casino stock. jim, what do you think it's true, by the way, portnoy and all those guys have created such a -- like free advertising, its an elon musk approach which is you don't have to pay for advertising when everybody is following you on twitter and following you on social media. >> do you know what, it's funny in the penn nat gaming piece by goldman which i like very much it says precisely that, it talks about the number of tiktok fans, the number of twitter followers of dave. it doesn't mention dave as much a

. >> penn national gaming is a company that a lot people felt when football like the big ten and pac-ld withdraw, it would hurt the stock notice it's not. i did reach out to him about splits, and he says the more splits, the more stock, more, more, more of everything this is david being tongue in cheek. i want people to realize, you can follow him he's not saying he's the great investor he has fun, he likes it, but most importantly there's a big overlap between stocks and the sports book, and penn nat is doing quite well tonight i have cisco after earnings, and ebs and then j-com, it looked like they put that short to rest thank you, david >> jim, thank you, my friend i'll see you back here tomorrow. >>> let's get started with the 10:00 hour of "squawk on the street." carl has the morning off, as we keep as eye on the markets technology, jon, sort of, well, we see it right at the bottom there, leading the dow at least high other as well, apple, for example. tantalizingly close for those long on the stroke i remember, guys, not too long ago when apple was approaching $1 trial won and p

individual is so back that i believe and you know i have to get his name in because of the penn national gamingecommendation from goldman sachs. >> here we go. yes. yes. >> the portnoy factor. david, i have no complaints with portnoy. >> i'm aware all right. that's twice i know you mentioned him in "squawk box" as well. >> do you know what that's in difference to, right >> do you get paid on the mention? i'm kidding. >> i get paid by the phillip roth estate. portnoy complained do you know that one >> that's actually not that far. up for sale by the way in warren, connecticut. >> yes, i looked at it my wife and i looked at it we said we buy phillip ross place and we want to flip it american pastoral 2. best book ever they call me the swede >> you are the best. >> lev all right. we will get more on the speculative nature of the stock market and reminisce about the late '90s again when we talk about tesla. do want to talk about apple on the other side of this and don't ing aitat b kudlow wille joinus b ler in the show you say the customers make their own rules. let's talk data. only xfinity mobile

you might want to sit this next hand out morgan stanley making a big call on two gaming stocks, downgrading penn national and draft kings to equal weight. both stocks have more than doubled since the beginning of the year and investors' expectations may simply be too high jeff mills, what do you make of the call >> i've liked both of these stocks for a while penn was a final trade of mine if you look at the draftkings chart, it traded into this narrow wedge, both to up the side it's maintained that up trend. i think the fundamentals are still in place in a long-term story. these are powerful brands. i think you have a spending redirect going on with people not attending sporting events, so they're betting on them in stead. i think the legislative story is really the big one, thinking about california, texas, florida, new york having not legalized online sports betting yes. i think that comes and that's a major catalyst it talked about revenues going from 1.5 billion in the industry to over 12 in five years i think it was a pump the brea e evaluation story i think you could see some volatility, but if you

we look at penn national >>> welcome back to "fast money. a bad hand for casino stocks national gamesevenue going basically bust in the second quarter. >> the nation's casinos were closed for much of the quarter so it really should come as no surprise that the results are dismal the q-2 release from the american gaming association shows revenue dropped 79% year over year, slots, table games, sports betting all plummeted but look at i-gaming that's the online casino games up more than 250%. it's only offered in some way, shape or form in six states. states looking for new tax revenue streams may be inclined to consider it now ohio broke its record for highest monthly ggr ever, 12% higher than last july even with capacity restrictions in place its gross daily revenue is up 19%. south dakota's daily gtr up almost 43% indiana's has risen 7% new jersey sports books raking in 25% more in bets this july than last year and the industry has cut costs in ways that really have improved dramatically. we have learned from the aga and the companies themselves that the players are younger and they'r

penn national down 7%. those stocks are up a lot. but do you view the online gaming or sports betting markets as zero sum?d about the implications >> there is penetration in the usz. and i don't now enough to know, we're just very much learning in this category and we have a lot to learn here. in the general experience when things are so early there is room for lots of players to fig it out as far as the market goes >> in your letter you talk about how, you know, the company is basically earnings, dp you rounded down, it's zero on it's digital games business right now. if you assessed the valuation for this company as you