The Unemployment Rate rose to 4. 4 . However, on mornings with maria this week, i spoke with the former president of the atlanta federal reserve, and he told me that the Unemployment Rate is much closer to 10 than 3. 8 given we did see. 6 million Unemployment Benefits this past week. Joining me now to discuss the backdrop and the markets and investing around it is the alpha one Capital PartnersFounding Partner dan nice. And, dan niles, and it is good to see you. Were going to get into the health part of this and, of course, what corporations are doing, including 3m, but i want to ask you about these markets. How would you look at the jobs numbers and your expectation in terms of when things might come back . Sure. I mean, i think thats really the key to the market, is jobs. As you pointed out earlier, you lost 3. 3 million jobs two weeks ago, then the most recent week you had 6. 6 million. And the funny thing is that as you get into april and may, thats when corporations, the big ones, are really going to decide what to do. Dont forget, most of this damage was inflicted in the month of march. So as the First Quarter ends, now companies are trying to figure out, okay, who do i lay off, who do i furlough, etc. And i fully expect unemployment to be well over 10 . To me, the only question is does it peak out at over 20 . So thats the thing im focused on, which is why i dont think the market has seen the bottom. We just saw a bear market rally, which is pretty common, and well see where it goes. Maria so you are expecting further losses. Youve been able to navigate this market quite effectively. I was reading the letter that you wrote to your investors in the last month, and you said given this march is the worst month in history since the great depression, i wanted to give you an unaudited estimate as to where we stand today. In fact, for the month of march and the expectations for the month of april, youre beating what the s p 500 is doing, right . Yeah. I cant get into too specific about our performance given the funds private registration, but the fund was up in the month of march, and we were up year to date and so far so good in april as well. So people want more information, go to dan niles. Com for it. But, yeah, weve been very fortunate in that we saw the covid problem. I was on your show in january, we talked about it. We talked about shorting apple starting as early as february 10th because of the virus. So thats worked out well, but theres also been some really good long in the bandwidth space and gaming. Youre having somebody on from the nfl talking about how that shut down. Guess what . People are spending a lot of time playing video games. And ecommerce names like amazon and work from home like ring central. Those, believe it or not, are all names that were up in the First Quarter. I think its balancing the portfolio between longs and shorts. Maria yeah, its really interesting to look at what has actually traded up in this environment where the whole market has taken such a hit. And youve identified those things that people are actually doing when theyre staying home in this shutdown, right . Yeah. And i think, you know, we talked about that back on your show in january as well, if you remember. We talked about how gaming would be a big deal because, you know, what else are you goinged to do if youre locked in as a chinese citizen . So we own ten cent, that was up in the First Quarter, and in the u. S. We own activision, and, of course, nobodys leaving their house, so amazons obviously the men fishery of delivery. Men beneficiary. And youve not the work from home, and if you want to receive your work calls on your personal cell phone, ring central helps you to do that. Maria youve got to allocate money for a living, meet expectations and predictions, when do you expect you can start looking at an economy thats opening up and creating opportunities to buy . I know youre still not comfortable with the valuations even today. No, and i think, you know, thats part of the reason why were not comfortable saying we found a bottom because, as you just pointed out, if you look at valuations, my favorite measure is market cap to gdp. That was up at about 1. 5 in late february which was an alltime record, even higher than where it was during the tech bubble. Thats come down to about 1. 1, 1. 2. The problem is the average since 1970 is 0. 8. So thats about 30 lower even if here. From here. Thats why its hard to say valuation works. My biggest thing is jobs. I mean, your prior record for jobless claims was 700,000. We did 3. 3 million two weeks ago, and we just did 6. 6 million. So for me and knowing that there are even bigger layoffs coming as corporations work through q1, i cant get comfortable until i see that starting to taper off. Maria understood. All right, dan, it is great to talk with you, thanks very much for joining us. I know you are opening a new fund, and you broke that news on mornings with maria, so were going to be watching that as, obviously, your performance is outperforming. Dan niles, thank you. Ill be sitting down and speaking with the ceo of 3m. The company was attacked by President Trump. Youll want to hear this, stay with us. What i love most about being a scientist at 3m is that im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. From packaging tape. To tape that can bond materials to buildings. And planes. One idea can unlock a breadth of solutions. At 3m, we are solving problems that improve lives. aurelia i was just frustrated i almost gave up. 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Serious allergic reactions like low blood pressure, trouble breathing, throat tightness, face, lip or tongue swelling, rash, itching or hives have happened. Tell your doctor about dental problems, as severe jaw bone problems may happen. Or new or unusual pain in your hip, groin or thigh, as unusual thigh bone fractures have occurred. Speak to your doctor before stopping, skipping or delaying prolia®, as spine and other bone fractures have occurred. Prolia® can cause serious side effects, like low blood calcium, serious infections, which could need hospitalization, skin problems, and severe bone, joint, or muscle pain. Are you ready . Ask your doctor how prolia® can help strengthen your bones. Maria welcome back. More american manufacturers being called upon to create medical supplies to help protect workers on the front lines of this coronavirus fight. 3m, which is already in the process of producing 50 million n95 masks, now claiming the demand has exceeded the production capacity. This even after President Trump invoked the defense production act against 3m. The president tweeted this week this, he says we hit 3m hard today after seeing what they were doing with their masks. The p act, production act, all the way. Big surprise to many in government as to what they were doing, well have a very big price to pay, writes the president. Joining me now is the chairman and ceo of 3m, mike roman. Mike, thanks very much. Obviously, you saw the president s tweet and the pushback that youre getting. Can you tell us what happened . Yeah. Good morning, maria. Im happy to be on again. Let me start with this, you know, the narrative that we are not doing everything to maximize respirators in our own country is false. Nothing could be further from the truth, and im happy to talk about that. The idea, the other idea that 3m is not doing all it can to fight price gouging, unauthorized reselling is absurd. We are doing everything we can to fight covid19 and support the Health Care Workers here at home. But its just, it and, you know, up until yesterday we had been really proud of all the things we were doing and hearing from every direction save a few negative narratives. But the narratives out there, theyre just not true. Maria all right. Lets talk about that here because 3m is one of those few companies in the world right now that the whole world is looking toward to make sure you can produce what we need in the face of this massive pandemic, mike. The administration has also requested that 3m stop exporting respirators that are currently, that can be currently manufactured in the United States, stop exporting them to other countries because we are in an emergency situation right now. Hospitals are on the brink. They cant even take a heart attack victim, a stroke victim because they are overrun with coronavirus cases. Can you do something that would turn on your manufacturing to help your home country in a bigger way, mike . Yeah. And, maria, we have done just that. Starting in january we saw this coming. And we learned back in sars and h1n1 that we had to keep idle capacity available because we are a leader in this area of respirators. So we have idle capacity in the United States, and we brought online well before there was a call for a covid fight here in the u. S. And we max mused production of that maximized. That got us to the 35 million respirators. Normally we produce 1620 respirators a month. So we have doubled our production. We continue to focus onramping up. We have producedded millions and millions of respirators, and now we have arrangedded to import more masks from china. We have an agreement to allow us to export 10 million additional a month out of china. And in our normal production going back even as when we started in january, a small percentage, less than 10 of our respirators in the United States are exported to canada and latin america to support the Health Care Workers there. We are often the sole provider of those respirators in those countries. And so with the um ports from china imports from china, we are a net importer. And as weve been telling the administration for days and days, were happy to shift our overseas production to the United States. However, there are consequences maria yeah. On a humanitarian level, and that includes stopping ebbs ports to can a that and latin america. Maria no, i understand. And canada and latin america are at a different place right now with covid19 than america is, right . I mean, america now has become an epicenter, and an Emergency Management official in florida was on fox news this week, and he is alleging that 3m is shipping equipment to Foreign Companies who outbid u. S. Buyers. He realized this was happening when he could not purchase the essential equipment that he needed and the distributers, and the distributers said somebody else was willing to pay more. So are you selling this equipment to the highest bidder, mike . We are maria, we are, and let me say this from the beginning, we have not and would never use prices for supplies like this, vital supplies in this crisis to not sell to the highest bidder. We manufacture respirators, we sell them through authorized distributers, and we sell directly to the government, and the distributers take those to the customers that have the greatest need. And were working with fema in the u. S. To make sure we are prioritizing those with the greatest needs. Back before we had the authorization from the fd the a in early march, we were [inaudible] in our industrial channels in the u. S. And around the world, and those distributers will sell to the demand that they see. And so a lot of the reselling that is going on now is a result of inventory that was built up at that [audio difficulty] since the emergency use authorization, we are tracking what we are selling, were working with our distributers to insure that we are getting that through and there is not and we are not seeing the price gouging through them. Its the resellers that were the highest bidder kind of issue so occurring. So it really is very we are all over this with our team making sure that we are only going through authorized sellers and that we are managing that price and preventing price gouging. Were working with the doj and state a. G. S too to pursue and identify those price gougers. More of marias one on one with 3m ceo mike roman when wall street returns. Stay with us. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. 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We are open 24 7 online, so you can keep managing all you need from home and through the verizon apps and verizon. Com. [ one morwoo me b[ laughing ]] woo play pop music no way dude, play rock music yeah woah no matter what music you like, stream it now on pandora with xfinity. And dont forget to catch trolls world tour. Lets party people one more time maria welcome back. More now of my interview with the chairman and ceo of 3m, mike roman. There are some markets that youre the only one to make these respirators, and we have Health Care Workers that are on the front lines, and people that are getting sick in america. So is there a way that you could insure that youre not relying on distributers to go sell your equipment that may have been sold to them a while ago to the highest bidder and to communicate clearly to the American People that there is no taking advantage of a crises situation, mike . Well, we can be aggressive in helping to pursue those. We can identify counterfeits, we can identify resellers that are not prized distributers, work with the doj and the state a. G. S to go after them. We work with our echannel partners to insure theres no price gouging. We are taking every action we can take. And, yeah, were going to bring more of our own production from outside the u. S. Into the u. S. As i mentioned, working with china now has covid19 outbreaks subside there, redeploying more of that production and getting approvals to do that. And were working with the white house to help accelerate that and increase that, and were looking, looking for that as the next step in increasing our capacity here. Maria well, im glad you brought up china, mike, because this is a question that i asked you a week ago when you joined me on mornings with maria on fox business, because i was told early in this crisis, and i went on the air with this a month and a half ago, that there were ships that were carrying goods that america needed, important protective gear that was made in china, and those ships were told to turn around because china needs the equipment. And those contracts that were in place with american companies, american hospitals were not going to get the gloves, were with not going to get the masks. Youve got your factories on the ground in china. If xi jinping decides the say to you youre going to make everything for china and were not going to send anything exporting to the United States, youve got get approval to bring those products arent always u. S. Standard products but they can still help, we need to get approval to bring those into the u. S. Thats all being expedited, and were excited to work on going from 10 million up as we can. Maria but this is a really important point, because so Many Companies like 3m have operations in china, but when were in the middle of a crises in the United States, what are you going to do if the Chinese Government tells you there will be no export, youve got export restrictions. I mean, youve got a procedure in place to produce products for the local economies that you operate in. And thats what youve been doing, producing products in china for the chinese. But when the u. S. Has a major crisis situation where we are in right now where our Health Care Workers cannot get access to that, what are you skyrocketingu think the president had to use the defense production act on 3m . Well, its been a focus of the defense production act, i would say that weve been telling the administration for days and days, and its important to understand that, were happy to shift our overseas production to the u. S. Were already a net importer. But there are consequences, as you highlighted. We are often the sole provider for Health Care Workers in many cubs, and that was the in many countries, and that was the way we built out this capability, to be able to support them. There will be consequences. They will not have access to products, and theyre in the middle of the fight too. Were happy to do that. Well comply with the dpa. It was important that we had that to help us aggressively go after that because of the consequences on a humanitarian level. And then the u. S. Exports to canada can be a challenge. Finish we are, we are often the sole provider to Health Care Providers in canada. We, its important if were going to stop those exports, that we all understand the consequences. And thats, the dpa has 2007 us that clarity given us that clarity, and well comply. Maria so what do you think the consequences will be if the u. S. Does not get the proper number of respirators and ventilators and protective gear like masks and gloves, if millions and millions of people in america die, mike . Yeah. I, we are all in doing everything we can. We are, as i said, bringing everything we can in. Its difficult for us to play god. We are really working to make the best decisions. Were partnering with fema in the u. S. And partnering with the government to help us really navigate this. Were putting everything we can in our power to maximize production. Maria so do you feel you have enough product right now to meet the needs of american Health Care Workers right now . I, you know, maria, i dont one of the challenges is looking through the demand for the use. I think we have visibility that we, with other companies and us and ramping up the way we are, that we can meet the immediate need. And weve got to make sure that we are focused on that, providing respirators where theyre being used. Maria my thanks to mike roman of 3m. Dont go anywhere, more wall street right after this. You ever wish you werent a motaur . Sure. Sometimes i wish i had legs like you. Yeah, like a regular person. No. Still half bike half man, just the opposite. Oh, so the legs on the bottom and motorcycle on the top . Yeah. Yeah, i could see that. For those who were born to ride, theres progressive. Yeah, i could see that. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. His stylist browsed hundreds of styles for him so that tonight,. John could feel totally himself. Let us find your perfect fit at stitchfix. Com. Maria welcome back. Weve got a big show next weekend. Dont forget to join us on friday, every friday night, 9 p. M. Eastern right here on maria bartiromos wall street, and then this weekend ill see you for sunday morning futures, 10 already eastern on fox news, join me on sunday. Catch the show live, fox news, 10 a. M. On sunday. And, of course, every weekday start smart. Join me weekdays, monday through friday, 69 a. M. Eastern on mornings with maria right here on fox business. We hope you will join me as we set the tone for the weekday business. Thatll do it for you. Thanks so much for being with me. Have a great rest of the weekend, everybody, and ill see you again next time. Gerry hello and welcome to the wall street journal at large. Were now about a month into the u. S. Feeling the full effects of the coronavirus outbreak and the impact caused by the virtual shutdown of much of the economy is becoming more and more apparent. The Labor Department reported on friday that a massive 701,000 jobs were lost in march. That breaks a string of 113 months in a row of job growth in america. Meanwhile, the Unemployment Rate skyrocketed to 4 ,