tv The Claman Countdown FOX Business June 19, 2020 3:00pm-4:01pm EDT
sent you over a chart of crowd strike -- charles: let's leave it there. crowd strike -- we got you down for crowd strike. that's going to be your next big winner. >> that's it, buddy. charles: have a great weekend, always enjoy our conversations. you know, liz claman? the dow's off 118 points, but when i started the liz: i've got whiplash here. have a good weekend, charles, thank you very much. and you know what? it's really apple. apple today has taken the rally away. markets were humming along right from the open. the dow up 371 points early in the session until just after noon when this headline crossed. apple, close some u.s. stores in florida, arizona, south
carolina, north carolina, due to spikes in covid-19 cases. well, that spooked investors. look at the steep drop on the dow intraday chart at exactly 12:10 p.m. eastern time. now heading into the final hour, the dow still losing about 145 points but off the lows of a loss of 320 or so. the nasdaq which started the day heading for a record close above 10,000 is now down 13 points at 9,930. while apple closes up some shops, cities across the nation are still moving forward with reopening their local economies. federal reserve vice chairman is here in a fox business exclusive, in his first and only interview this cycle, we will ask him what it all means for the 45 million americans out of work. how long will the fed's money spigot stay open? and what new financial tools is the fed ready to pull out of its tool kit? breaking news, call it response or just massive blowback, but
less than 24 hours after announcing moviegoers would not have to wear masks, amc theaters has just reversed course and will now require all guests to wear them to prevent the spread of covid-19. as they prepare to open their doors, just in time for the summer movie season, amc entertainment ceo adam aaron is here in his first interview, since this afternoon's about face on the face masks. we will ask him about the new anticovid safety protocols and the surprising backlash of wears masks to the movies. -- of wearing masks to the movie. let's start the "claman countdown". breaking news, we just got these pictures moments ago. these are juneteenth celebrations kicking off across the nation. you're looking at live pictures
of gatherings in new york city, oakland california and washington, d.c. of course juneteenth is the holiday marking this date in 1865 when tens of thousands of the last remaining slaves in the country were emancipated, and at this hour, the push by a texas senator to make it a federal holiday is gaining steam. we're going to take you live to washington, d.c. for that, in just a moment. but first, apple falling from near record highs, and yes, dragging the markets down with it on the sudden announcement that it will close 11 newly reopened stores. yet earlier today jeffries raised its price target on apple to street high. the analyst was feeling more bullish on the tech titan thanks to the push in 5g. right now apple is losing about 1 1/3%. slack shares are slacking off on this friday afternoon following a downgrade from goldman sachs,
which downgraded the stock from a neutral to outright sell. here's the slack at the moment, down 2.7%. goldman sees still slack as best in class team messaging service but expects microsoft teams to create a more competitive environment in the space. microsoft is flat on the session. just as used car prices hit a record in this country, car max stock is getting hit pretty hard. it's down 6% right now. the used car giant shares are getting hit. they are the biggest drag on the s&p, as investors turn to the up starts in the sector. on-line sellers from vroom to carvana, moving higher, because they promise contactless purchases and easy returns. breaking news, the federal reserve of cleveland we are being told has just wrapped up a virtual discussion on building a resilient workforce during the covid-19 lockdowns. fed chair jerome powell was a
part of it along with the cleveland fed president. both talked during the discussion with community representatives of the youngstown, ohio area. during his remarks, powell said he's confident the economy will recover, but it would be a challenging road ahead. he did go on to say that the pandemic has exposed, quote, troubling inequalities, which existed before the crisis and we cannot gloss over disparities apparent in our society. what people also are desperate to know is how long will the fed keep the unprecedented stimulus spigot flowing that they had opened back in march, when coronavirus hit america right between the eyes? let's ask one of the top fed insiders, here in a fox business exclusive, we welcome federal reserve vice chair richard clarida. welcome, vice chairman, we appreciate you being here. what is the sign that the federal reserve will be looking for that may signal that it's time to scale back the trillions in stimulus that it has spent? i know we're not there yet.
but do you have some signs you will be looking for? >> i think it is important for your viewers to consider how we think. we have two goals assigned to us by the congress, maximum employment, price stability. we're a long way away from both. we have taken very aggressive proactive actions. there's more that we can do. i think there's more that we will do. so i think it is premature to be talking about that. we're focused on providing the support the economy needs. it's taken a big hit. it was nobody's fault. we have asked people to step away from the economy. they're coming back, but there's more we can do, and we will. liz: okay. let's talk about what more you can do and specifically i'm very interested to know about the tools, the tools that the federal reserve has whipped out since mid march have been pretty stunning. 11 different facilities, and, you know, among them, you talked about buying high grade investment bonds. these are investment grade corporate bonds, mostly through etfs.
i'm thinking hyg and lqd. those are the two etfs, at least part of them. i was looking, vice chair, liquid ldt has a debt of a lot of financials, goldman, even apple bonds, but hyg has debt of three bankrupt companies in it, hertz, jc penney, nieman marcus. i'm very interested the know, what was the genesis, who came up with the idea to actually buy high yield debt and at least below investment grade debt? >> well, as you said, liz, we have launched or about to launch 11 new facilities. our sole focus is sustaining the flow of credit to the economy. we have a corporate program in which we will be purchasing newly issued corporate bonds. and those bonds are either going to be investment grade or going to be the bonds of companies that were investment grade before the covid shock, and that's really going to be the
focus of that program. also in the secondary market, it is true that we are buying some etfs, both investment grade and high yield, but that's a relatively small part of the program, and again, the goal here is to support good market functioning to sustain the flow of credit in the economy. and we think it's working. liz: this is uncharted territory for the federal reserve. >> yes. liz: i want to get to that part where the fed announced it would get in the business of buying individual companies corporate bonds that are eligible of course, and i believe that would mean investment grade before march 22nd, when everything fell off a cliff, but it won't require certification. you know, i'm very interested to know exactly what that means. do you see any unintended consequences from doing something like that, buying the debt of companies, owning small pieces of bankrupt companies that could become insolvent? >> well, let's be very clear. the program that we announced
earlier this week would be focused on companies that were investment grade, as of when the covid crisis hit the economy. again, there may be some fallen angels in that category that have been downgraded but only after the crisis. so that will be the focus of that program. it will essentially be a very broad index of corporate bonds issued across many sectors of the economy, and again, that is to support the flow of credit to the economy, and we think thus far it's having a positive effect. liz: but you don't see any as i say unintended consequences or new bubbles that may be inflating here? >> well, i certainly don't. again, we will be very attuned, liz, and attentive to that. this is a very unusual circumstance. it's an unusual shock, and under chair powell's leadership, we felt it was essential that we act aggressively and proactively
to essentially what we think of, liz, is we are providing a bridge, we are providing a bridge in this shock in the spring until sometime later when the economy begins to rebound and recover. we realize this is an unusual time, and when the economy has recovered, and it's on its feet, we will be willing to pull back from these programs, but that's down the road. right now, we're supporting the flow of credit, and again, we will continue to monitor. we'll be attuned as these programs evolve, but right now we're good about the way -- we're feeling good about the way they are set up. liz: so i'm hearing you say and when we're talking about the fed's balance sheet, the chairman said in his testimony to the house on wednesday, that even after the crisis, the fed balance sheet will not shift into runoff or drawdown stage, and it will remain at these high turnt current levels only to be reduced at the percentage of gdp when the economy begins to grow again.
first, is there a limit on how large the fed's balance sheet can grow? is it 8 trillion? 10 trillion? is it unlimited? >> first, to be clear, in the global financial crisis, the fed was not selling assets, but as treasury and mortgage backed securities ensured at that point the portfolio was shrinking, also as the economy grew. so there's certainly that example to look at, but in terms of the specific limit on our balance sheet, when we purchase treasury securities or mortgage backed securities, as chair powell has reminded folks, there is no limit. that's decision that we make. these new facilities that we have set up, those facilities do have limits to the extent that they require and do have a substantial investment from the treasury, appropriated funds from the cares act. but importantly, a lot of those funds are still available to be invested, and so at least for the foreseeable future, i don't
really see a limit as being a practical consideration, but ultimately the size of these new credit facilities require an investment by the treasury, but there are ample funds still there for that purpose. liz: i want to get to interest rates. chairman powell -- >> yeah. liz: i found this so interesting, he said during the last meeting, a week ago wednesday, we're not even thinking about thinking about raising rates. regardless, we're at zero to a quarter of a percent right now. the president -- president trump has made no secret of the fact that he's a fan and wants to see negative rates. they have not worked in japan and some other countries. but when questioned during the fomc news conference about a week ago, chairman powell did answer one question about negative rates and said i believe the quote was we're not thinking about negative rates right now. that wasn't a hard no. you know we parse everything. >> yeah. >> would you give a hard no to negative rates? >> well, liz, this is what i will say to your viewers, the
committee had an in depth discussion of this very topic in october of 2019. the minutes of that meeting were published in november of 2019. the minutes indicated that all 17 participants. right now there are 17 participants on the fomc. all 17 participants expressed concerns about whether or not negative rates should be relevant or supportive of the u.s. monetary policy, and i can tell you, from my perspective, and i think most of my colleagues, our views on that have not changed since then. i will leave it at that. liz: okay. the highest gdp has gotten since the financial crisis was the second quarter of 2014, about 5.5%, under president obama, and then under the president trump administration, currently, fourth quarter 2017, which was about 3.5%. he was able to hit that level around twice. you know, we're stuck in this
covid situation. how tightly woven do you see the coronavirus threads within sort of this fabric of the u.s. economy? i mean, in other words, do you believe that until there's a vaccine, we won't attain growth that even matches the highs of the early 2010s? >> well, i think that's a tough call. as i always say in these interviews, i'm not an epidemiologist. obviously a vaccine would be a good send -- god send, and i think we're all praying and hope we get a vaccine as soon as possible. that's not on the near term horizon right now. we got the payroll employment report in early june for may, we've had strong retail sales, so we are seeing a return to work in the economy and also we've seen an improvement in the data, but, you know, i think this is going to be a very complex situation for sometime to come. we've indicated, i have indicated we need to be data
dependent here. we will be looking at the accumulating data. i think it is really -- i wouldn't go so far as to say we need a vaccine in order to get those growth numbers, that would obviously be helpful, but it will depend on a lot of other parameters as well. you are right, it is a very complex dynamic, that's for sure. liz: richard, complex dynamic is we're about to hit a hard break. i have about 30 seconds for your response on this, inflation, there isn't any. and we've certainly been stubbornly below the fed's 2% target rate. when is it time for the fed to officially lower that target rate? we haven't seen anything close to 2%. is that on the table? >> well, well, liz, i'll make some news for you here. we're not even thinking of thinking about lowering the target rate. our target has been 2%. we've been undertaking a framework review. we said at the outset that our 2% objective is something that continues to be our essence to
price stability, so we're not going to lower that inflation target. i can say that right now. liz: richard clarida, vice chair of the federal reserve. we're thrilled to have you here. thank you for joining us in your first on camera interview since the coronavirus began. thank you very much. >> yeah. thank you very much. liz: we are coming right back. don't go away. the nasdaq has turned positive. where will you go first? wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. get zero percent financing
liz: juneteenth celebrations and commemorations around the country. let's take you to them. on your screen, a reading of the emancipation proclamation in galveston this morning, an annual tradition in the texas city. juneteenth of course marks the day union soldiers read the emancipation proclamation to the enslaved people of texas, more than two years after president lincoln's order, many slave owners in white communities had kept the news of freedom from their enslaved population, but it did spread across the country. the holiday was commemorated especially in texas during reconstruction, freed blacks bought emancipation grounds for celebrations. houston's emancipation park on your screen now, for example, was bought in 1872. this year american corporations are taking part in celebrating
juneteenth, companies that either before or never before are really jumping in. we're talking about adobe, fifth third bank, google, lending tree, lyft, making the day a paid holiday for employees. in washington, d.c., momentum building to make the day a federal holiday. and edward lawrence, this is being driven by a republican texas senator; correct? >> in part, yeah, but, you know, in fact, there are four senators who introduced a bill to make it an official holiday. we're talking about senators harris, booker, markey and tina smith. tina smith -- they all go on to say that basically we need to honor the millions who died and suffered under slavery, and tina smith in a statement going on to say this, saying quote while many states already recognize this day, it is long past time. we commemorate the end of slavery as a country. now, all senators in the u.s.
senate we spoke with are commemorating or marking this very historic day. listen to texas senator john cornyn. here you go. >> it's an opportunity to reflect on our history, the mistakes we have made, but yet how far we've come in the fight for equality and a reminder of just how far we still have to go. >> on the house side, representative presley coming out taking to twitter saying that it is time to declare once and for all that the emancipation of black people is worthy of celebration and recognition in every corner of our country. part of that is helping support minority businesses. one company stepping up lowe's corporation or lowe's company are offering 25 million dollars to help pay rent, meet payroll, meet and pay-out standing debt to vendors as well as upgrade technology of infrastructure, for minority companies who apply. also the underserved.
the first round of grant applications has gone out now today, and it's being opened up. it is being managed by the local initiatives support corporation, but again, a company there stepping up putting their money behind the policies they have. back to you. liz: edward, you heard richard clarida the vice chair saying that they will do more to prop up this economy. we watched the dow come well off its lows, more than 250 points off its lows. we're down just 25 right now, and the nasdaq turned positive. pretty big deal; right? >> yeah, that was a remarkable interview, and he made a lot of headlines in that, but yes, on the mortgage backed securities, that shows the support that the federal reserve is going to give to the mortgage industry there. many fed presidents i've talked with believe that housing can be sort of a ripple effect in the economy and can help that economy. so if you help that sector, it
sort of translates into the other sectors. people buy washers. they buy driers. they buy refrigerators. so it sort of spreads out. the construction workers. liz: it's very interesting to see that the fed balance sheet has no cul-de-sac in sight, no end. it's out there. it will just make sure to add and add. closing bell ringing in 37 minutes. universal pictures, the king of staten island, reigning supreme in its digital run, topping both apple and amazon's charts, but will universal ever be allowed to wear the crown at amc theaters again? amc entertainment ceo adam aaron up next telling us that the movie-making giant will be universally shut out of its screens come july 15th. plus what brought about amc's sudden reversal this afternoon on requiring moviegoers to wear face masks?
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i'm ashley webster with today's fox business brief. disney's magic slipping despite a price target hike to 118 bucks at wells fargo. the firm, though, not budging on its neutral rating of the entertainment giant fearing a longer than expected impact of covid-19 on both disney's parks and film operations. penn national gaming losing some of its steam after rising as much as 7% earlier in the session. the casino owner confirming it has resumed operations at 30 of its 41 casinos across the u.s. meantime, spotify, rosenblatt raising its price target on shares to a high of $275 saying recent star-studded deals with podcast key rogen and kardashian will give the streaming service new pricing power on subscriptions. coming up next, amc, well,
flipping the script, less than 24 hours after saying moviegoers could choose whether to wear a mask to the movies. the theater chain now announcing they must wear a face covering when their theaters reopen on july 15th. in his first interview since the first reversal, the ceo of amc joins liz next. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us.
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liz: some pretty stunning breaking news, in the last two hours, amc theaters announced significant reversal of its new opening plan that would have allowed guests to choose whether to wear a face mask inside theaters. the largest chain in the country said after hearing from customers and scientists, it
will now require all moviegoers to wear face masks at their theaters. amc is going to reopen about 450 locations on july 15th with a goal of having all these screens open by the end of the month. covid-19 has crushed box-office revenue across the country, slashing january to june sales by 65% year over year. in his first interview, since the reversal of the mask policy, we're joined by amc theater's ceo adam aron. adam, welcome. i'm guessing you got some serious -- well, you will call it response, but i'm calling it blowback to the initial no -- no mask required. what sparked the 180 degree turn between last night and this afternoon? >> thank you, liz, always great to be with you. we have been working for three months on the plan to bring our theaters back. we shut them down in mid march because of the covid crisis.
and we put together what we thought was a great plan. we brought in consultants who are current and former faculty members of harvard university school of public health. we partnered with the clorox company. we have an incredibly comprehensive cleaning and safety protocols, called amc safe and clean. one of the elements of course of it was a policy on masks. all of our employees were going to wear masks, and in those localities where masks are the norm, we were going to have people wear masks, meaning our guests, that is, and those parts of the country did not be wearing masks, we were going to leave it up to the guests. we were going to strongly encourage it but not going to require it. we announced that plan last night around 6:00. within minutes, we started getting an immediate outcry from
our customer base. it became very clear to us very quickly that they wanted masks to be worn by all our guests all across the country, and so that's what we announced today around noon. i think we moved very fast. but it's really important that companies listen to their customers. that's what amc just did. and i think our guests are happier for our change in policy. and if our guests are happier, then we're happier too. liz: i got to tell you, you're telling me that the guys from harvard public school of health, public health thought it was fine to make masks, you know, not mandated? that worries me because it has been proven, it's science that masks prevent the spread, certainly in enclosed areas which i guess would mean theaters. that surprises me. this is not a neutral issue. it is sort of -- you know -- >> it is actually the opposite
of that. our harvard guys and ladies too, our harvard people, shall we say, have been the biggest proponents of masks from the very beginning of our discussions with them. what we were grappling with was there are parts of the country where the u.s. populist is not so excited to cooperate, but as i said, as we heard from our guests in the last 14 hours, it became very clear that the right thing to do was just require masks all across the country, and that's what we decided to do, and we're going to live with it, and we're going to try to educate people in those parts of the nation who aren't thrilled with mask wearing, that they've got to do this because they're protecting their own health, and they are protecting the health of their fellow moviegoers, but we're not just relying on masks. i want to be really clear here.
amc safe and clean is a really comprehensive program. there is a lot of things here, social distancing, seat capacity limitations, intensified cleaning protocols, contactless ticketing, mobile food and beverage ordering from your telephone. what i'm particularly excited about is we've gone a real high-tech route. we have vs in invested millions of dollars to order sprayers, vacuums, air ventilation filters. we are committed to operating our theaters safely and cleanly for our guests. we do know that convincing our guests that our theaters are safe is actually the only way we'll get them back into our theaters. of course our business will only thrive if our guests come back. liz: of course. all right. and so they're not going to be refills on large popcorn, etc. i won't even get into the fact that my favorite is to add butter on the butter machine,
but then you're touching it. so i better be able to at least add butter. adam, i do want to ask you -- >> i will tell you -- liz, on that last point, we're going to have sanitizing wipes and hand sanitizer all over our theaters, even if you touch something, you'll be able to make sure for yourself, and we'll make sure for you that what you're touching is clean and has been cleaned down. liz: okay. all right. so the butter's good. all right. the butter machine. [laughter] liz: because i'm sitting there putting that thing down. adam, i want to talk about the financials of amc. there was real concern that you guys were talking to bankruptcy experts and things like that. you got a lot of debt. will this company survive if you're only able to bring in 30%, you know, every other row of people and you have got to social distance here? >> well, you are right, back when covid virus first hit, mid
march, we went to a 0 revenue case literally overnight. we're the largest movie theater chain in world, do about 5 1/2 billion dollars of revenue annually, and in april, our revenue was nothing. that's a problem; right? and -- liz: i would think. >> we were burning through cash, which caused some of that press speculation about financial issues. but we were successful at raising 500 million dollars, half a billion dollars in the public debt markets. that gave us enough cash on hand, 718 million dollars, by the end of april, that even if our theaters were to stay shut all over the world, all the way through the end of november, we would have enough cash to last, and of course, our theaters are starting to reopen. we've already opened up theaters in five countries in europe. we opened up in the u.k. we think around the 4th of july. we just announced in the last 24 hours, as you rightly point out,
we're opening up our theaters in the u.s. starting july 15th, in time for disney's "mulan" and warner brothers, very exciting christopher nolan movie, tenet. we're very confident about our ability to make it through. one of the reasons is we're very different business than others that people think of. when you think of going to a sporting event at a major stadium, you think of every seat being filled. those stadiums are sold out. movie theaters are more like churches for easter sunday. last year we only sold 17% of our available seats all yearlong. so even if seat capacities are lowered, below the full level of seats in the auditorium, we still have more than enough seats to take care of -- [inaudible]. liz: adam, i will -- i'm going. i'm going to go to see tenet as soon as it opens. i will be there. i will tweet it out.
i will talk about the experience. we want to see a company like you succeed. please keep us posted. thank you very much. >> we will, liz. thank you for your support. liz: absolutely. adam aron of amc theaters. we are coming right back. the dow slipping just a bit, down 86, but we are watching a market that is trying to move higher. don't go away. (announcer) carvana's had a lot of firsts.
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might have the ultimate edge. is it neck-and-neck here? >> i mean, i will say this about this, and by the way, i'm getting tremendous social media pick up on my tweet about this. it just went viral earlier today, and i also previewed our hit on social media as well, so we'll get some spillover here. i want to be really clear about this, these are the front-runners. you can't say it's a done deal till you see the press release. there's a vetting process going on. and it's pretty extensive, and, you know, who knows what you find in that vetting process. and then, you know, if both of these people, if val demings and kamala don't make it through the vetting process, then you have to go through something else. here's what i'm hearing from senior democrats on wall street who deal directly with the biden campaign or essentially in the campaign. joe biden is going to pick a woman. given all that's going on,
he's -- at this point he's going to pick an african-american woman is essentially what they are telling me. these are the two leading candidates among those being vetted. i would say based on what i know and what people are telling me, you give the edge to kamala harris, simply because she's a senator, she has the ability to raise a lot of money. she has deep ties to california politics which again that is a safe state for the dems but there's a lot of money there. she will be able to raise money as she has been doing. she's a former prosecutor. that may be a negative in this climate, but it may be a positive as well. african-american woman as a prosecutor who can basically set things straight in terms of criminal -- in terms of law and law enforcement. val demings comes with some of those same qualities. she was a police chief in orlando. she's a rising star in the dij p -- in the democratic party, but
she's still a congresswoman. she doesn't have the broad stature. that's why the betting right now or the feeling inside these precincts is that it is kamala's to lose. but again, they have to go through vetting. if they both fail through the vetting. it is back to square one. who knows. elizabeth warren could emerge. amy klobuchar obviously isn't emerging. as we reported i believe on this show first that following the riots and some of the protests over the george floyd killing, in her home state, the optics were not very good. james clyburn, the great congressman from south carolina, very close to joe biden pointed that out early on as well, confirming what we reported. so that's where we are right now. the process is not over. we should point out that the biden campaign after my tweet was forced to react to this. they did not dispute it. all they said was the process isn't over. and it isn't because you never know what you find in the vetting process. and here's the other tangibles here before anointing anybody as
vp pick, joe biden has to really feel comfortable from what i understand with the person. that's one of his main considerations. the other consideration is that a vp can't do any harm, has to do good, but no harm. and based on what we're hearing right now, it is kamala that checks a lot of the boxes and also does no harm because she was, you know, agree with her or not, she was an effective senator when she was there and attorney general before that and a prosecutor. so that may be against her now, but it is not against her with everybody. here's where we are, liz. it is still a moving target, from what i understand, it will be in august, or by august 1. it could happen in july or a little bit after that. it is coming down the pike. and it's going to be a much watched decision given everything that's going on right now. biden leads in the poll, significantly according to a fox news poll. as i reported recently, the
trump people believe that an improving economy, we're coming off a horrible pandemic economy recession we had could really help him and their whole plan is to try to get unemployment with stimulus below 10% to run on that in, you know, for the homestretch. liz, back to you. liz: charlie, if the mandate is that you can do no harm as a vice president, both you and i are out of the game. we're like mack trucks barrelling through. [laughter] >> we are. liz: the two of us, oh my gosh. >> we are. liz: closing bell ringing in 8 minutes. the blue chips getting thrown into the heap at this hour, but it is not that bad of a heap, down about 113 points. today's countdown closer has a truly trashy word he's using to describe the state of affairs when it comes to stocks, but he still can find some gems in this pile. will help you clean up, he says
>> liz: all right, we are just about four minutes before the closing bell, look at this. for the week the dow, the s&p and nasdac will all close in the green that's the fourth week out of five that we have seen upside moves for an entire week. dow will get out about a 1.3% gain, the s&p jumping 2% for the week and nasdac up 3.8%. we're bumping up against the close on this friday, amazon about to break through another record high. its last closing record was just yesterday so any gain which we have right now be a new record, amazon is up 27 points to 2,681. this is the nasdac is trying to screech out a six-day win streak ashley webster here now that the stock is helping to fuel the
nasdac rally this week. ashley: yeah, liz let's look at the winners for the week on the nasdac that has gained almost 4% this week as you just said here are the top three. pharmaceuticals up nearly what 18% on the week, pretty darn good, and that's i'll say this company has an encouraging pipeline of drugs especially in gene therapy and nxp semiconductor up amazing 11% for the week, and the involvement in the new mobile wallet project in europe and then lam research another semiconductor company up nearly 11% as well evercore raising its price target for the stock up to $400 and quickly look at the other side of the coin. the weekly losers, united airlines, we go for the airlines we know that fears of the second wave hurting the stock down 7%, and ulta, the cosmetics retailer also down for the week about 5.5 % getting a downgrade or an
upgrade earlier to has had a weak overall session and then biogen, a biotech company had its price target lowered this week by three different analysts, the stock is down 6% for the week so there's the winners and losers, less? >> liz: okay, well ashley have a good weekend, the dow down 129 right now today's countdown closer says the trading desks call this a filthy market so to speak. they use an acronym, c for coronavirus, r for recovery,a for alienation, and p for politics. well you can spell i don't immediate to say it but right now four out of five weeks to the upside we have had a very significant move and so i want to just reiterate what the vice
chair of the federal reserve said to fox business at the top of the show. he said, the fed is a long way of reaching its goal of maximum employment and price stability but there is more, he said that the fed can do and more we will do. also that the fed's sole focus with corporate bond purchases is sustaining the flow of credit to the economy and that he doesn't see a bubble forming let me get to george ball, quickly, george we're about to hit that closing bell i'm glad to establish your shot what do you think of these markets? >> i think the markets are over -stretched. the trading desk will say filthy , crap, coronavirus re cover are, politics they each move the market right while the market has moved up probably further than it should and i think the fang stocks carried the market up and they are
earning lots of money. >> [bell ringing] >> up 65 and the leadership has changed. >> liz: thank you so much and the technical things aside have a great weekend that'll do it for the "claman countdown." melissa: shutting its doors apple closing its stores for four states as covid-19 cases spike causing the dow to slide and erase earlier gain, i'm melissa francis. connell: i'm connell mcshane welcome to "after the bell" everybody the dow is where the problems run we saw some selling into the close to end up 200-plus points to the downside, the s&p down 17.5 points, it looks like the nasdac, however, will end up higher for the sixth trading day in a row, so along this winning streak in more than a month if indeed it does settle higher up by three points so we'll talk about it all we have
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