Transcripts For FBC The Claman Countdown 20240713

We could slay the bear today as the dow is rallying for the Third Straight day despite a shocking, shocking record high weekly jobless claims number. Take a look at the markets right now. We just went above 1,000 a couple minutes ago. The dow is about 1,006 higher. The high was 1219 points for the dow. We are watching that number. S p is up 116. Nasdaq is up 296. A gain of 4 . Again, the dow and s p could notch three Straight Days of gains today. Weve got an hour to find out. So the dow is trying to break out of that hibernation. The number to watch, 1,109. 77. Write that down. If we can close above that, we will have rallied 20 from mondays low. That means we technically exit the bear market. Our floor show panel will give us more perspective on what that means to all of you. And as the u. S. Death toll from the coronavirus tops 1,000, one tech company is working to help john hopkins and astrazeneca to find a treatment or cure. Hes here in a fox business exclusive. We have been talking about it. Businesses are struggling with these shutdown orders across the nation and now theyve got a new issue. Rent is due next week. First of the month. Same for businesses as for you at home. The ceo of the Restaurant Group that owns fat burger and others is here to tell us how hes helping his franchisees. Weve got breaking news right now. Texas Governor Greg Abbott expected to hold a News Conference at any moment. He will talk about his states response to the deadly coronavirus pandemic. We are monitoring that News Conference out of texas. Remember, the president granted the Lone Star State a major disaster declaration, that was just yesterday. Lot of talk down south in texas, the great state, about whether or not they actually lock down communities or its a case by case basis. Of course, we will look for any headlines coming out of Texas Governor abbott. Also, there are reports right now that apple is considering a monthlong delay of its 5g iphone launch in september because of issues related to consumer demand. All of that due to the virus. Also Micron Technology shares are surging. Take a look at the stock. Up more than 4 . Bank of america double upgrade of the stock after its strong earnings report. We are starting to talk about earnings again. Signet jewelers is moving higher. They beat earnings estimates but they also announced temporary store closures in north america. Maybe not a surprise there. Look at the stock. Thats a gain of 30 , 2 and change. We are watching this one. Goldman sachs downgraded beyond meat to sell. This was interesting. They decided to cut the price target to 39 from 129. Thats a big hit to beyond meat. They are saying food Service Traffic has dropped due to the coronavirus and we know that. The stock, though, is down a little more than 4. 25 . We are watching beyond meat. We are also looking at groupon. The ceo and c. O. O. Have left their positions at the daily deals provider. No reason given for why they are leaving. The changes, pretty interesting if you are an investor in the stock. Perhaps the stock tells the story. Look at that oneyear chart. Excuse me, threeyear chart of groupon. Ceos are based on performance and stock performance. You know that. While the dow may be on the verge of coming out of bear market territory, there are now whis tpers of are we in a recession. We heard from fed chairman Jerome Powell this morning, this as 3. 28 americans applied for unemployment benefits. More and more lockdowns are causing more and more businesses to shutter and there are more layoffs. During this interview this morning, fed chair Jerome Powell did say while we may be in a recession now, theres nothing wrong with our economy. Take a listen. Theres nothing fundamentally wrong with our economy. Quite the contrary. This is a situation where people are being asked to step back from Economic Activity, close their businesses, stay home from work, so in principle, if we get the virus spread under control fairly quickly, then Economic Activity can resume. Cheryl thats a question for all of us, are we in a recession now. With three days of gains for the market, is the worst behind us . Tough question. Lets bring in mark hamrick and former ubs america chairman and ceo, robert wolf. Good to see you guys. Good to see you. Hey, cheryl. Cheryl robert, i want to start with you. Interesting to see jay powell talking to america this morning and talking about the state of the economy. What did you make of his comments . I thought his comments were spoton. Its a technical recession. We are absolutely in one. We will have one in the First Quarter and second quarter. Our hope is that its not an l but we get a u or v shape. I think the amount of easing and liquidity hes providing into the system dwarfs what we went through in 09 when i was running ubs and part of their recovery advisory group. Its just if you look at the stimulus package out of the senate, which i call more of an aid package, not stimulus, and you look at what the feds doing, were in i would say the beginning phase of what we need to do. We have a lot more to do to get our recovery back. Cheryl i want to pick up on the ubs comments you just made but i want to get mark in real quick and ask you about the initial jobless claims today. The estimates are all over the place. We could have seen one million or four million. 3. 28, a shocking number. The concern, though, is that next thursday, a lot of folks that are just getting laid off, they didnt get to the office or didnt get on the computer to file a claim, what does it say to you about next week for jobless claims . Good question. I think we were gritting our teeth coming into this number. Lets admit that given the unprecedented nature of this episode we are experiencing right now, we dont have a lot of models upon which, not a lot of templates upon which to base our expectations. But i do think we have to be observant about the world around us. It has seen an unprecedented stoppage of Economic Activity broadly. So we should expect these numbers to look as bad as they are, and possibly worse. I absolutely associate myself with the earlier panelists comments that we have good reason to believe well have [ inaudible ] but we are still in the early innings of the lockdown, too. Cheryl we are, we are. Robert, before i let you go, i have to cut it short, let me ask you this about. You ran ubs during the financial crisis. You were at the table. If you were running a major bank today, how would you be feeling . I think the banks actually are in good position. This is nothing like 2008 and 09 where the leverage in the system was north of 30, 40 times. This is much different. The leverage in the system is actually below 15 times and at the household and the consumer, its also lower. So that was a time where we were concerned with financials, housing and the auto market. This is much more broad, much more impactful and that was a true global recession. This is i think, to Jerome Powells point, this is a technical recession. The pandemic brought this upon us. Therefore, we have a faster way to get out of it. Im just hopeful that we continue with the stimulus because like i said, this is more like stabilization, what they did today. The one thing i would comment, i know we are in a rush here, i think the next phase has to get the consumer side going. We actually need to think about ridding sales tax and lowering the payroll tax so the consumer can actually get back to doing what they do which is feeling confident about the system. Cheryl thats a really good idea. Im glad you said that. Robert wolf, mark hamrick, guys, thank you very much. Great to have you on. Thank you for having me. Thank you. Cheryl well, new York Governor Andrew Cuomo broke the bad news a few hours ago. The number of coronavirus cases now stands at 37,200, up 6500 since last night. Desperate and exhausted doctors and nurses at new york City Hospitals are treating the sick in makeshift tents. The story thats gone viral is something liz claman is on right now. Lets bring in liz, quarantined at home. Liz, looking beautiful as always. What did you make of this . This story is crazy. Liz desperate is absolutely the right word. This is the picture they say paints a thousand words. This is the shot, camera shot, heard round the world. These are new york city nurses who have outfitted themselves in a very brave and certainly ingenius way of trying to at least protect themselves as best as they possibly can, wearing hefty trash bags and the headline in the New York Post is treated like trash because they are desperate to get this equipment, nurses, orderlies, doctors, they are all resorting to macguyvering. They are trying to cobble together ppes, personal protective equipment, using one mask and then washing it with purell so they can reuse it later. Thats really not supposed to be done, but theyve got to get out there on the front lines and save lives. The photo of the new york nurses wearing these hefty trash bags really crystallizes the desperation that many in the hospital industry and Health Care Industry are dealing with right now. Rj reynolds, the company that makes these hefty trash bags, that they were wearing, they were actually wearing the big large black hefty trash bags, they are publicly traded company, 5. 5 billion market cap, and they are kind of saving the day. They make all kinds of things. Everything from aluminum pans that are disposable, plastic bags, all kinds of wraps, and everything here, even the oven cups they are baking cups they make are being used by hospitals as sort of stopgap measures. In the end, we do have the irony here that rj reynolds products had recently been under question and a lot of people on wall street said that rj reynolds, well, reynolds Consumer Company had fallen out of favor because they are looking ahead to a world where we certainly at least were aiming to be plasticfree. Well, now its plastic that is sort of saving the day. That is a very important point to make. In just a few minutes, i am putting together the most extraordinary story of the entire 3d global community, 3d printing community. They just had a webinar called the leadership forum, bold action in uncertain times, and they are triageing everybody, even competitors, are cobbling together to come up with solutions for 3d printing ventilator pieces and face masks. The founder of 3d systems, i have been speaking to him on the phone, ive got his story coming up. Stay tuned. Its a fascinating one and it really makes you feel good about how americans and people all around the world are turning what were 3d printed scuba masks into face masks and ventilator parts. Its unbelievable. We will be back in a bit with that. Cheryl see you soon. Obviously a huge shoutout to the nurses and doctors on the front lines. That was a heartbreaking picture. I saw that this morning. See you in a little bit. The dow is if rally mode. We have kind of come back a little bit. Like i said, a lot happens in the last hour of trading, as liz always says. This is like the craziest hour of the day. Well, boeing is leading the charge right now, as you can see. Boeing is up more than 12 . The jet maker looking at a potential 17 billion in government loans. Selfswabbing for patients in an effort to protect medical workers. Up next, we talk to the company thats helping to power two of the biggest names find a cure for the deadly coronavirus pathogen. Well be right back. The American Red Cross urgently needs blood and platelet donations and asks healthy donors to schedule an appointment to give. During this corona virus outbreak, patients are counting on lifesaving transfusions. Visit redcrossblood. Org patients are counting on lifesaving transfusions. We find a way to get through it. Is faced with adversity, its not about taking care of ourselves, but taking care of each other. Checking on our neighbors. Lending a hand where we can. And just being there. Its the sum of the small parts that make a big difference. To help you get through this, we promise to do ours. Were offering chevy owners complimentary onstar crisis assist services and wifi data to help keep you connected to the things that matter most. And, if you need help with your current vehicle account, were here. For those who need a new chevy, interestfree financing for an unprecedented 84 months, with deferred Monthly Payments for 120 days on many of our most popular models. You may even have the option to shop online from your local dealer. And take delivery at home. Its just our way of doing our part. Shouldnt you pay less when now you can. Data . Because Xfinity Mobile gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Call, click or visit a store today. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Cheryl drug maker gilead status asked the government to revoke its rare drug status, caving in to criticism the virus is a Global Pandemic as drug makers race to find a cure. There is a company thats working with them. Talon is a global cloud Data Integration company. They are helping researchers and drug makers sift through the vast amounts of data thats being collected around the world on the virus. Joining us to discuss this, talon ceo crystal biemont. Thank you for being here. Thank you for having me. Cheryl how did this kind of come to pass . How are you working with Drug Companies in particular to go through all the things that are being collected, the information about the virus . Well, when you think about the problems that exist quite frankly, i think liz said it well, theres a number of areas of uncertainty and unpredictability and when you think about how we are going to find vaccinations and how we are going to be able to help more predictability with location and future cases and so forth, really, this is about having data that is a complete set of data, that is quality data that you can make sure is something that you can trust and that it is timely because right now, time is of the essence in terms of helping researchers and drug makers and so forth, so really, its not just about having a data set but its about having really trusted and clean data sets and thats what we do and what we have done for many years. So its about putting in the hands of the right people all of that type of data that quite frankly is going to be important for us to help solve this. Cheryl im assuming condensing it is almost like taking a novel and making cliff notes out of it at the end of the day, right . Okay. That would make sense. Talk about Johns Hopkins. I think Johns Hopkins has become our bible. How are you working with them . Because they are really the ones giving us the true information about the cases and where and how fast. Yeah. Well, really, what you are seeing is everyone just trying to come together and this is, you know, something that Johns Hopkins, for example, is making Data Available to the public and they are making it available in a way thats full sets of data that right now are very unstructured, meaning that in order to pick it up and do something with the data and have researchers really use it in a way thats going to ultimately tell a story and predict outcomes, that data has to be pulled together in a way that can be used successfully. So this is really the difference between being able to get to good outcomes, thats really important, very quickly, and this is where the ability to cleanse that data, structure it and have it available very timely. Its a perfect example of actually one of our employees which i think is really important here, all of our employees have been able to have a role in how they can help solve for some of this and be very purposedriven and one of our employees identified it and said we can help. This is the core mission of talend to help make sure when you are trying to solve for outcomes, we help make sure its the right outcomes because its the right data that goes in. Cheryl we are following patients, its a crisis and certainly, its all hands on deck. Crystal, thank you very much. Thank you very much for being here. Thank you for having me. Cheryl we are watching the big board right now. We will see, weve got 40 minutes to go. We will see how we close out. We are up 920 right now on the dow. Could this be three days in a row for the dow and s p . At this point we are higher, we are tracking it for you. There are your markets. 22,116. Also, the Movie Theater giant Amc Entertainment in line for access to emergency funds within that 2 trillion relief package that the Senate Passed this morning, last night, but those funds are too little, too late for 600amc corporate workers. They had to be furloughed. Screens remain dark across the country. No one is going to theaters. The ceo telling liz last week he hopes to keep workers on the payroll as long as possible. From the box office to Fantasy Sports worst nightmare. Coming up next, jeff flock with a front row seat to the grudge match in the Sports Betting industry against coronavirus cancellations. Thats an interesting argument. The claman countdown coming right back. bobby youre concerned that its going to cost you money. Ouble, ben to this day, i only paid what i had to pay for the device. When i go back, everything is covered. Theres so much youre missing by not having hearing aids. vo well find you a hearing aid that fits your lifestyle and your budget at one of our 1,500 locations. Call 1800miracle to start your 30day riskfree trial and schedule your free hearing evaluation at your locally owned miracle ear today. Its putting that hard asset as insurance, you might say, against the paper dollar. Thats why i bought gold, its not for my insurance, but its for my daughters and the grandchildrens insurance. That i felt like that generational aspect of passing down gold, is securing them a future. Of course, nothing is without risk and that being said, i feel that by diversifying with precious metals, that i am covering my bases. Its a hard asset, you can turn it back into cash. Whereas keeping a lot of cash in your bank account can really almost end up being nothing. You have these dollars over here sitting in a bank drawing practically zero interest. I think gold and silver has a greater potential for increasing in value. I mean, you have to keep cash, but you dont have to keep everything in cash and you dont have put everything in the stock market and you dont have to put it all in the bond market. You do a little bit of everything and then you sleep at night and dont worry about it. In fact, i sleep better with gold than i do with the stock market, because its tangible, its there. If you bought gold in the past, or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone and call to receive the complete guide to buying gold which will provide you important, never seen before facts you should know about making gold, silver and platinum purchases. With nearly two decades of business, over a billion dollars in transactions and more than a half of a million clients worldwide, u. S. Money reserve is one of the most dependable gold distributors in america. Cheryl we are getting more breaking news into fox business right now. President trump has just approved a disaster declaration for the state of illinois. Once again, breaking news. President trump, disaster declaration for the state of illinois. Now, we also want to focus on whats happening out in california. The Department Store has canceled all merchandise orders through june 18th, saying its the First Time Ever its unable to deliver merchandise to its customers. The stock is moving to the upside, ross stores. 84. 61, last read on that stock. No balls, no strikes, no peanuts, no crackerjacks. Today was supposed to be opening day for major league baseball. Just like virtually every other pro sport, the season is on hold thanks to the coronavirus. The hardest hit, stadium workers and other businesses that rely on their fans. The bars, memoribilia shops, parking lot owners. What does this mean for the fledgeling Sports Betting industry . Jeff flock is live at, this is so sad, an empty Wrigley Field in chicago. Hey, jeff. Reporter i tell you, i have been to so many opening days at Wrigley Field in chicago and again, its raining, so if it wasnt coronavirused out, it might be rained out today. Wrigley field, great Wrigley Field. Maybe some day again, you mentioned all the businesses. Yeah, the cubby bear lounge, thats a legend in chicago. Thats shut down except for takeout. Sports world, jerseys, hats and all the rest, cant get that either. Yes, big money when it comes to Sports Betting. You know, 18 states now have legalized Sports Betting either online or in casino and this was supposed to be the breakout year for Sports Betting, march madness was coming, now baseball and then football. But you can still bet, at least on some things like take a look at these. If you want to bet on an actual game, the belarus premier league, thats soccer, is still playing. Yes, minsk still hassocke socce. Who is cam newton going to sign with or who will win the world series. Thats not going to win a ton of money for folks who are counting on all this and Sports Betting to bring in a lot of dough. The folks at draftkings have a Public Offering scheduled for next month and they say they are going to go ahead with it. The folks in the Sports Betting industry say things will recover. Take a listen. The Online Gaming companies are going to, you know, a, be able to weather the storm in terms of a lack of live sporting events to wager on and some of them, you know, have good balance sheets. The ones that dont are, you know, have a lot of debt and obviously no income right now, they are going to struggle. And they are going to have a hard time. Reporter there are a lot of these companies, cheryl. As we said, 18 states now. Washington state became the latest one. The governor signing a bill just yesterday. I tell you, when the scene looks like this, this is the inside of Wrigley Field right now, this is the gate. Can we get it open . Nope. Got a padlock on it, actually. Until those come off, i think its fair to say Sports Betting is not going to make a whole lot of money. Cheryl eerie times. Very eerie. Thank you very much, jeff flock at Wrigley Field. Hopefully it will open soon. Thanks, jeff. Lets take a look at the markets right now. The dow is up 969 right now. The s p is up almost 5 . As you can see, the composite, the actual composite, 5 , always interesting the look at that number. The big number, the dow up 960. Just want to say if the s p and dow close in the green today, that means three Straight Days in a row, we keep talking about it. We have 30 minutes to go until the markets close. We are on your markets. See if we get out of bear market territory for the dow. Its possible. Also, the coronavirus has been forcing a lot of restaurants to get back to basics. Mcdonalds pulled all Day Breakfast from its u. S. Menus to help lessen the load for its kitchen crews. Burger giant also considering deferring rent and service fees for franchisees. That stock up more than 1. 25 right now. Coming up next, how fat brands is looking to keep from going hungry amid the outbreak. The claman countdown coming right back. Sure, principal is a financial company. But think of us as a protect your family as it grows company. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Cheryl we promised you we would be monitoring this News Conference out of texas. Governor abbott just announcing an executive order that anyone that flies into texas from new york, new jersey, connecticut or new orleans from any airport in any of those states has to selfquarantine for 14 days. That executive order Just Announced by the governor of texas, governor abbott. Cheesecake factory, lets take a look at that right now. This stock has been a big story today. Cake is the particulticker. Its up 4. 5 . They are telling landlords they wont be able to pay the rent on the first part of the month, at least. The coronavirus outbreak has caused the company to shut down about 27 locations around the country. They are moving others to a takeout delivery only model. Restaurants around the country are facing a major cash squeeze. The industry is looking for help, obviously, from washington. I want to bring in andy weiderhorn, ceo of fat brands. They own several popular restaurants including fat burger, ponderosa, elevation burger. Good to have you here. How are your restaurants, your employees, how are you holding up . All of our restaurants and franchises across our system, every franchisee needs a lot of tlc right now. Its a little bit different regionally appear nd by asset c meaning the fast casual restaurants, burger restaurants, are at about 50 doing a lot of delivery and takeout. Thats an increase from what they normally do but obviously the dining rooms are closed for the most part. Then on the casual dining side, like in florida or texas, where some of the restaurants are still able to operate at 50 capacity, also state of georgia, they are also doing about 50 of their business but less takeout, more dinein. Cheryl so your franchisees, what kind of relief can you offer to them . Obviously a franchise business is what it sounds, they are independent operators under the umbrella of you. How can you help them and how are you helping them . We have done things like roll back marketing in certain areas because were not spending money on advertising right now other than for delivery so we are giving them relief in that way. In some markets we have helped them with royalties where we can. But the real thing we have done is we have been coaching them, suggesting to them that they take advantage of the sba Disaster Recovery loan or stimulus loan thats just been approved yesterday in the senate. We have coached them on how to deal with landlords and ask for rent deferrals, also the payroll tax assistance thats coming i think will help them. But really, the stimulus is something thats important. We have written to the National Restaurant association asking them to Lobby Congress for a bigger refund of payroll taxes that have already been paid so they get cash in their pockets today. Finally, we have helped negotiate with the supply chain vendors like cisco, u. S. Foods, the big distributors, to give better terms, longer terms to fra franchisees right now. Usually they are paying bills on a 30day basis. Money that comes in today are paying bills from 30 days ago. Obviously thats been cut in half. Cheryl one of the things we talked about is kind of a struggle for messaging. What you can do as a ceo, can you reach out and say heres what you need to do, heres the next step to get the help you need. If i was a small busy would say go to the bank. If i was a franchisee i would still say go to the bank . Every day or every other day we are communicating with all 400 restaurants giving them advice and coaching them on heres whats going on, heres what you can look for, get your sba Disaster Recovery loan application in because those will take awhile. The stimulus program, we have worked with our bankers at corporate to be ready to help our franchisees with the stimulus plan once the details of the socalled playbook is out so bankers know what to do to get money in their hands. Same with vendors. That communications important. These are all Small Business operators owning one or two restaurants each, nobody owns a whole bunch, and they need help. They dont know where to go. The communication gap is large at Small Business. Its not like the ceo of boeing is sitting down with the president. This is Small Business in the true sense. Cheryl they are struggling. They are all struggling, confused, dont know where to go. Its that message thats gotten lost and theres just a lot of confusion. Anyway, fat burger is great. If all your franchisees are watching right now, to all of you, good luck. We are thinking of you. You make a great burger. Hopefully we will be able to visit those restaurants across the country. Andy, thank you very much. Thank you. Cheryl all right. Well, now to what has to be the most pressing issue when it comes to saving lives. Hospitals around the nation do not have enough ventilators. The most crucial medical device that is needed to treat coronavirus patients, in a fox business exclusive, liz claman has a story of 3d Printing Companies banding together to help save the day. Liz . Liz i have to tell you, i just got the story of what has to be an army of 3d Printing Companies, both partners and competitors, they just completed a webinar that had apparently hundreds of these people on it. They were coordinating, and t triageing to create a whole group of people who around the world will begin to print muchneeded ventilators and specifically ventilator valves. What they are doing is retooling their printers and the printers which were obviously printing out a whole bunch of other things, what they are doing is going for the ventilator issue because there just simply arent enough of them. And i would say that they are looking specifically at, i got this from the former ceo and founder of 3d systems, one of the biggest companies, and he ran the whole event. I just got off the phone with him. Here are a couple things hes been telling me. Specifically, he said that hes getting a lot of these companies together to not only print the valves but the big effort here is to retool these companies and retool the actual printer so this is a mass effort on an industrial scale to pull out these ventilators and the parts and they are making protective gear, the face masks that go over some of the hospital workers that they are desperate to get ahold of. They just dont simply have enough. So much equipment there. He told me that 3d systems, which is a publicly traded company, in fact, hbq, we have a whole bunch of these we can cycle through here that are part of at least 3d printing community. He told me that now he, he is now the head of a Company Called xponential, are retooling their printers to make among other things, 3d system has a plant in italy that was making scuba diving masks. They have already retooled the scuba diving mask company to create ventilator masks. This is just unbelievable. I mean, to be able to do that, because that is the problem. Everybody is so concerned we dont have enough ventilator masks. Hes got a Second Company that he helped found and that company is in india. They have created what he termed a very clever valve of sorts that is a splitter. This will enable one ventilator to work on two different people. So thats happening right now. And i just think its important for our viewers to understand that the industrial world at the moment is working incredibly hard to try and be problem solvers. Problem solvers. And i want to give you this quote, what he said to me on the phone just a minute ago. Hes in silicon valley, also under quarantine but he told me we are in a storm, liz, but the ultimate goal is to bring the ship safely to harbor and without the right navigational equipment or the instruments or the right fuel, we know that this is what hospitals are facing, they dont have the right equipment. He said if ever there was a time to collaborate in the 3d printing community, it is now. An uncommon partnerships, as he put it, must be formed. Those are competitors who are viciously fighting each other to get market share in what is still in its incipient stages although its been around 12, 13 years. Can you imagine if they are able to use this 3d printed splitter to work on ventilators and to make one ventilator work for two people, if youve got it scaled up, you could effectively double the number of ventilators in the United States certainly and that is something that these companies are doing right now. A whole bunch of 3d printing giants and pioneers, banding together to make an army. Cheryl that was my reaction when i saw the picture. I thought that could be amazing. That could save lives. I hope that it hits scale as you just said. Liz claman, thank you very much. See you tomorrow. Liz claman from her home. Lets take a look at the big board right now. The dow is up 889. We are trying to enter bear market territory. We will see how things go. But we might have three days of gains for the dow and s p. We are on track. We have 17 minutes to go. Coming up next, one of the biggest banks on the street now in damage control mode after a major outage yesterday. Charlie breaks it, next on the claman countdown. Apps are used everywhere. Except work. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. 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Its just our way of doing our part. Cheryl fox business has just made the decision to go commercialfree until that bell rings. Right now, weve got a dow thats up 847 but i got to tell you, 1109, if we can get to that point of the dow and anything is possible, as we have seen with all this volatility, the bear would actually be out of the dow. We would be out of the bear market for the Dow Jones Industrials. If you were watching your markets right now, we are also watching one stock thats really been taking off. Television audiences have jumped to 12month highs right now, of course as everyone is locked down, social distancing, people are staying at home. Data Analytics Company nielsen reports that americans are expected to watch as much as 60 more television on all platforms in the next few weeks. Now, the home viewing surge is being felt bigtime by netflix. They have streaming outages experienced across the country. Thats been happening this week. The stock is up more than 4 . There have been reports of a nearly 50 jump in traffic to netflix as well as Movie Theaters and restaurants and bars and Live Entertainment venues, if theyre closed, you will watch netflix. We have had analysts talk about this stock the last few days. Theres that stock right now, up 4. 25 . Netflix not the only company thats plagued by outages. One of the streets biggest names now in damage control mode after they got knocked offline yesterday. Joining us now, Charlie Gasparino with exclusive details. Charlie . Charlie yeah, thats Morgan Stanley. I tell you, the initial reports from what im gathering from brokers who work there, the initial reports were kind of downplaying the severity of this. This was a massive outage. It affected all 15,000 brokers in different ways. Morgan stanley initially tried to spin it as if it just affected the online brokerage system which it did. Took that out. But every single broker was affected by this. Essentially, if you called your broker at Morgan Stanley yesterday, and said trade out of this, it was essentially impossible to trade out. They couldnt tell you if there was if they called the trading desk and said you know, sell x, whether the trade was commenced, whether it cleared, they couldnt see the brokerage accounts of the various clients. So they were essentially flying blind yesterday. Now, still, a lot of Morgan Stanley brokers did call in trades, it was a wild day, from what i understand. And Morgan Stanley to their credit made good on every trade today. Apparently what they did was they went back, they looked at the prices that occurred yesterday when the calls were made by the clients to the brokers and when the brokers put it in, and they gave the client those prices. So it looks like that the clients were not out of any money but this was really a scary situation. Through the day, Morgan Stanley brokers thought they were the victim of terrorists. They werent. Apparently this was a Software Glitch, kind of inopportune time to have a Software Glitch when markets are going crazy over the virus spread and Market Impact of that. But it was, according to Morgan Stanley, its a Software Glitch. Again, all the clients were made whole but this was a pretty big outage, particularly at a very critical time in the markets. It did affect all 15,000 brokers. Again, Morgan Stanley did make good on those trades and that means at least according to brokers im talking to, theres going to be a price here. I mean, Morgan Stanley is going to have to pay something. Its going to hit their bottom line in some ways because they had to go back and make up those trad trades. I cant tell you if its going to be material or not, the company is not commenting on that aspect of the story. But it is an issue where they did go back and its going to cost them some money. Again, this was yesterday. Not today. System apparently worked well this morning. Brokers are taking orders again. Cheryl i need to interrupt you. I want to let our viewers know we briefly are above, with the dow, we briefly went out of bear market territory. That 20 jump from the low. We right now are at 1148. Again, the key number, 1109. I wanted to bring that in but also ask you about these comments from Stacy Cunningham from the New York Stock Exchange. She says electronic trading has been going pretty smooth. That is what youre hearing . Charlie yeah. And it raises the question why they kept the stock market open for so long and put some people in harms way. Clearly, up until the day they closed, they closed it monday, correct, that was the first day of its closure, there were a lot of calls that the New York Stock Exchange did not need the floor. The floor, lets be real clear here, is in many ways a Marketing Arm of the New York Stock Exchange. The notion of liquidity by these floor traders that they are integral is contradicted by people who work at the New York Stock Exchange, who are partners in the New York Stock Exchange, including doug sifu of virtu, a designated market maker who said its not a place that provides a lot of liquidity. Hes down there mainly for advertising. If its going to be an advertising issue for the New York Stock Exchange, and thats a business issue, they want to bring in as many people to come and list their stocks on the Stock Exchange because it looks good, theres a big fanfare to it, you have to ask yourself why did you stay open so long if its merely, if its not an integral part. We should point out that as we reported yesterday, six People Associated with the exchange have come down with the coronavirus. That was my producers story yesterday. We do know one of those is a very famous floor broker, peter tugman, i believe his name is. He went on social media to say hes been infected. So the real question is why did they do it . Why did they keep it open . A lot of people believe its a business issue. They believe the business issue was, i believe its this friday is when theres whats known as triple witching hour, when the options expire and theres a lot of activity for the floor, that they wanted to keep it open maybe to hit that. Thats been out there. I have asked for a clear explanation from the New York Stock Exchange on this. Really havent gotten one. But again, its cheryl come back with that, then. Charlie we will keep looking at it. Cheryl charlie, thank you so much for commenting on that. I really appreciate it, for all your reporting today. We will see you tomorrow, obviously. We want to look once again at the markets. Guys, this is remember i told you we were going commercial free at fox business . Yeah, this is why we just did that. Because we are now up 1286. Again, closing above 1109. If the dow can be up 1109 and now we are up more than 1300 points. We are pushing into the last five minutes of the trading day. Guys, this is again, we are watching this happen every day but again, right now, the Dow Jones Industrials has left bear market territory. That is a 20 gain from a recent low and again, as you can see, its happening on your screen, you are watching it with me, this is after 3. 2 million initial jobless claims were filed this morning. This is after a stimulus bill was approved by the senate, tomorrow the house has to vote. If things go smoothly in the house tomorrow, nancy pelosi and team get this through, get the yeas on this one, you might see another market day thats looking like today but incredible what we are seeing in these last minutes. 1363. 1361. Again, the dow is on track right now to be out of bear market territory and the s p and the dow, Third Straight two retailers are popping ahead of the Fourth Quarter earning after the bell today, bringing out their Fourth Quarter earnings. Lauren simonetti has got that. She is working from home. Lauren, what do you have in. Lauren hey, cheryl. Were looking lululemon and gamestop, how has coronavirus impacted them . Well see two interesting takes. For gamestop they had a horrible holiday quarter. They decided to stay hope while other stores were closing and they kept other stores were open, to fulfill online orders and pick them up curbside deliveries. Well see if it helped sales. Lululemon, people are staying at home wearing yoga pants that could be good for the company. Stores are open in china even though closed in north america and europe. Well see what lululemon says. Cheryl. Cheryl lauren, thank you very much. Lauren could be next shoe to drop after jobless claims. Earnings. Cheryl thank you very much. The dow up for the third day in a row. Investors cheering the stimulus plan. Todays countdown closer says if the covid19 cure is out there for your portfolio, he has ideas. We call him the 2. 6 billion man, ernesto ramos. Good to have you when you have all the volatility, ernesto. What do you make of the volatility . Markets are happy about both the monetary and fiscal stimulus in place. They are looking for the rest of the year to the rebound and we just want to be cautious about things here and that is why we recommend that you want to take some exposure, you do so in defensive way through our low bmo low Volatility Fund as opposed to gangbusters here. Cheryl volatility has been painful for a lot of people. That is why the markets have been swinging so much but we had chairman Jerome Powell on the today show this morning and fact were in a recession. What did you make of those comments from him . I think we are in recession and market is seeing through it. Well see the recovery which will take place in q3, q4, depending how long the virus lasts. We dont know how long it will last t could last couple months or six months, nobody knows. That is why the defensive nature of our portfolio is good here. If it lasts six months, the market is likely to revisit the lows as opposed to if it revolves itself in couple months which i think would be very, very quick. Cheryl i want to give our viewers some examples and these are things that you provided to us. Costco, costcos lines are packed with lines out the door. Kroger, grocers are having the moment right now because of a very bad situation happening in the country. What else do you have in your mind, defensive as you say . Utilities like american electro power, eli lilly, newmont is interesting example. It is a gold miner. You dont think of gold miners low volatility. They are not in themselves but this one it is exposed to gold in such a big way it acts as really good counter weight to other stocks because it moves contrary with stocks. When gold is going down, stocks are egg go up. When stocks go down it golds up. Even though some stocks might look to be a little more aggressive in and of themselves. Cheryl i have 10 seconds. Consumer spending 70 of the economy. A consumer stock you like right now, ernesto . Defensive oriented. Maybe on the consumer side Something Like netflix, for example. I mean, clearly we have been watching a lot of netflix, my wife and i after hours here. That is all we can do. Cheryl all anybody is doing. [closing bell rings] er knows toe ramos, 2 billiondollar man. Thank you. The rally taken the dow out of bear market territory in record fashion. That is it for the claman countdown. After the bell is now. Melissa threepeat on wall street. Stocks surging for the third time as the house is expected to vote on a relief bill for millions of americans tomorrow. Im melissa francis. Connell im connell mcshane. Welcome, everybody, to after the bell. With this gain of 1300 points, the dow as cheryl alluded to a moment ago was able to exit bear market territory which is ridiculous when you think about it. We hit the bear market low not six weeks ago or three weeks ago. We hit the bear market low on monday. It is now thursday. With fox Business Team coverage, we have Lauren Simonetti following volatile markets this