Transcripts For FBC The Claman Countdown 20240713

Billions of dollars of rescue loans are now flowing to americas Small Businesses but what about the hundreds of millions of americans who are not Small Business owners . They are waiting on promised checks. How long will it take for the irs to print them . The man who would know, mark everson. The 46th commissioner of the irs joins us in a fox business exclusive. We have a lot of questions to ask him for you. As the race for a cure frantically continues, jacob glanfield, star scientist of pandemic is back to share a breakthrough first on fox business. Its breaking news on his therapy to stop covid19 in its tracks. You will be the first to hear it. As people around the globe gear up to work from home, computer and Equipment Sales numbers are going absolutely through the roof. We are going to talk to the micron ceo about outfitting all those products with his semiconductors. The rare move Warren Buffett just made thats sending a warning to anyone thinking about buying airline stocks. Less than an hour to the cioffii closing bell, lets start the claman countdown. Liz we have breaking news. Home Cycle Company peloton Just Announced it will be halting live production of its exercise classes in new york and london and they will do this through the end of the month. This comes after an employee at its new york city studio tested positive for the coronavirus. The instructors had already been teaching classes with nobody in them but peloton now says it will just continue to add new prerecorded content to the app. Shares of peloton are Still Holding on to gains of about half a percent. The stock is at 28. 90. There are a big bunch of movers in the final hour of trade but teslas pop is noteworthy. Tesla is up nearly 6 right now on an upgrade to a buy from a hold on robust First Quarter deliveries and the introduction of the model y. Jeff eries also gave the electric vehicle maker a 650 price target, a 30 upside from current prices. We are at 508 and change. Then theres this. Ceo elon musk just releasing a Youtube Video showing a prototype ventilator being made, this is whats on your screen, being made of tesla parts including the model 3s display and infotainment system. Unbelievable. Good stuff. Tesla is not the only automaker helping the medical field. Ford says and has confirmed its now shipped one million face shields with 190,000 being sent to new york and new jersey. Ford stock is up 5. 5 . Its still only 4. 48 but general motors, which is also up 5. 75 , says its pushing 600 suppliers to help produce masks as well, as far as the government is concerned, too. Not to be outdone, apple producing one million face shields per week. According to apples ceo tim cook, the shields can be assembled in two minutes and are designed to be packed 100 per box. Thats giving apple a nice 6 gain right now. Its at 255 and change. Due to the spike in demand, food giant kraft heinz is adding more shifts at packaged food plants, specifically those that make, yep, mac and cheese, soup and canned beans. Conversely, kraft is reducing production at plants that supply restaurant products. Its kind of a giveandtake here. Either way, kraft is in the green, up about 1. 66 . Amazon has announced that it has now filled 80,000 of the 100,000 jobs it listed late last month. The ecommerce giant which is up 3. 75 right now also says to protect those employees from the virus, its in talks with covid19 test manufacturers abbott labs and thermofisher to help improve screening warehouse employees to reduce the risk of infection. Clearly this hour, its risk on as investors interpret the latest headlines as a return to bull market normalcy but we s got dueling bankers battling out whether thats truly the case. First, Jpmorgan Ceo Jamie Dimon in his annual letter that was just released, said he expects that the current Coronavirus Crisis will trigger a quote, bad recession and we will see what we saw similar to the 2008 financial crisis which was just horrific. Yet Morgan Stanley has a rosier outlook for the current economic climate. The financial giant sees the worst as behind us. Analyst Mike Williams there says this is the most attractive risk reward hes seen in years and now is the time for investors to buy stocks. Certainly today, we know that people are listening to the Morgan Stanley guys. Whos right, though . To our floor show traders, tom hayes and phil flynn. Tom, who is sort of ringing more truth for you when we dont really know the fullblown outlook of what this coronavirus will do to the rest of the United States . Yeah. Well, its a bad news good news situation. As you know, the market is a discounting mechanism so just as the market sells 35 in february and march, anticipating the bad news we are seeing now, the market will start to recover modestly months before we see the bottom economically. So its a mixed bag here. I will say one thing that we have to look forward to. Even if these dire projections are correct where we get a 20 to 30 contraction in q2 gdp, you are talking about a trillion, trillion and a half dollars, even if that goes for another quarter and you go up to 2. 5 trillion, the government has already authorized close to 6 trillion of stimulus and aid for businesses and individuals. You thattadd that to the federa reserve, increase their Balance Sheet by over 2 trillion since august, over half of that in the last couple weeks, you are liz i get that. I get that. But the question becomes there are two pieces, two heads to this monster. One is obviously the economic picture and the administration, the fed, everybody is all in, phil flynn. However, with the health care crisis, we still have a couple states that have not issued these orders to stay at home and we still are seeing sort of fits and starts effort on behalf of a bunch of different companies. It is like a manhattan project. But we still dont have a full effort that makes it look like every governor is going to get what they need. Well, i think thats true in the short run. But i think we made gargantuan steps where we were just a few weeks ago. Its easy to sit back and say this state isnt getting what they need right now, this other state is not under quarantine right now, but if you look at the effort from where we came from just a few weeks ago, its been incredible. Im optimistic that these governors are going to and even more optimistic what we are hearing about the potential peak of this virus. Thats going to help a lot. I know you come to me for doom and gloom predictions. Call him, we need doom and gloom. But i can see what hes saying, listen, the economic hit is going to be hard and we know that, and we have seen it. But i think what thomas said is correct. Look at all the stimulus. What i feel really good about, compared to 2008, i like the guys who are in charge of the economy right now. These guys get it. I think back in 2008, the obama administration, they were thinking that Small Business and businesses were the problem, not the solution. I think this administration realizes theyve got to get people back to work as quickly as possible and do everything they can to get these businesses through this period and i think they are doing it. Liz yeah. Well, that piece of it, as i say, is well done and is getting done, definitely. Tom hayes, phil flynn, thank you. But again, i would be remiss if i didnt stress here you cant have the recovering economy with sick people. Its being worked on and wait until you see one of our segments in just a few minutes how close we are to at least a cure. A fox business alert. We have just gotten this. The Federal Reserve is going to buy those Small Business rescue Loan Banks Bank loans the banks and Treasury Department just began making friday. This is a move to apparently encourage the banks to participate and more details on this will be released later this week. That means that the fed and the treasury will have to lay out 38 billion because that is the current tally of loans paid out by the Program Since it started grinding to life three days ago. The white house now says 129,000 loans have been approved. Now, let us turn to the individual taxpayers who dont own businesses. According to treasury, they are next. I am assuring the American Public they need the money now. What we are going to do again, is if we have your information, you will get it within two weeks. Social security, you will get it very quickly after that. If we dont have your information, you will have a simple web portal. You will upload it. If you dont have that, we will send you checks in the mail. Liz that sounds simple but what are the logistics of sending money to 150 million individuals who annually file tax returns, not to mention seniors and others who dont file returns . And is the irs up to the task . We bring in former irs commissioner mark everson, who ran the irs from 2003 to 2007. Mark, good to see you. We have a lot of questions from basic logistics to more complicated issues. First, im simplifying it, what does it take to start up the check writing machines in this case . Well, its an awful lot of work because the irs each year, it gets 155 million individual returns, more or less, so thats the number of payments they are going to make, plus other people who dont have to file a return. You get up to some pretty big numbers. As the secretary indicates, there are an awful lot of people where the service has the banking information for those individuals. That will go pretty smoothly, i would imagine. The numbers i have seen, its Something Like 60 million of that population. But they will have to issue an awful lot of checks to people who dont get direct deposits into their bank accounts. So if you will, the real problems here are not going to be with the bulk of the transactions. Those are going to go smoothly. I think the irs will step up and do just fine. But even lets say 2 of the transactions are difficult because they dont have the right information, 2 of a number like 160 million or 170 million, thats three million. Thats a big number that will take special handling. Liz i would think, mark. A perfect answer to that because thats what i think people are listening for. But lets say that you have a senior citizen, for example, who hasnt filed tax returns in a long time. The irs doesnt have the correct Bank Information and perhaps that senior doesnt have access to the internet. Well, that last point you just made is really important. Right now there are an awful lot of people who do interact on the internet but they cant go to library, if thats where they go to do it. People especially who need the money who are at the low end of the economic strata have an issue here. The service is working, as you know, to set up a portal where people can go to to give the information so that then they can be they can get the money in a bank account but that will all take, again, access and frankly, my concern here is that the irs is a pretty reliable piece of the government, but if they cut corners or move too fast and its understandable why they are under pressure, my worry here is we could have some sort of data breach if they dont take their time and do this correctly. Liz well, exactly. If people are going to the library, im not saying libraries arent secure, but this is certainly a concern. We can put up on the screen what people need and what they will get. 1200 for individuals making under 75,000, 2400 for couples making under 150,000 and then the list goes on here. 500 per child, no income limit. 5 less for every 100 above the income cap. What concerns do you have aside from security on this process . We know the irs has suffered severe cutbacks in the last several years. Are there number people to pull this off . Thats really it. The budget cuts as you know have been pretty draconian. So they are thinly manned and like any other organization, a lot of their work force cant come to work during this time. Frankly, the work force skews older so many of those people, they are already retirementeligible or may have an aging parent they are taking care of. That adds an additional element of stress. The other thing i would say for your viewers is many people are trying to get through just like the loans that opened up on friday. People are going to try to get through on the phones. They arent going to be successful if they do that dealing with the irs because those call Center People just arent there. The best way to get the information is to go to the website, irs. Gov and try to access information there. As the secretary has indicated, they will be putting up this portal where you can provide information to the government so they will know where to get you your money. Liz mark everson, served in the irs under george w. Bush and of course, worked for Ronald Reagan and you have been a real servant. We do appreciate it. Thank you so much for giving us some answers that we needed. Can i make one more point . Liz real quick. Okay. Liz really quickly. We are coming up against a break. Yeah. Im with alliant group. We work with businesses to take advantage of the r d tax credit and other areas of the code they may have overlooked. Its really important right now for taxpayers to go back and make sure they have taken advantage of every benefit to which they are entitled to under the existing code, not just the new relief package. Thats important. Liz absolutely. You are important and your answers are important. Thank you, mark everson of the irs. When we come back, the race against the clock for a coronavirus therapy. If youve got the sickness, wait until you hear what the scientist Jacob Glanville has discovered. To help you stay informed of the latest news just say coronavirus into your xfinity voice remote to access Important Information and special reports from around the world. And to keep your kids learning at home, say education to discover learning collections for all ages from our partners at common sense media, curiosity stream, history vault, reading corner and many others. For more information on how you can stay connected, visit xfinity. Com prepare. 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. Liz we have breaking news that we need the bring you right now. According to the bbc, uk Prime Minister Boris Johnson has been taken to the intensive care unit. He was just transported to the hospital yesterday out of an extended precaution over his coronavirus symptoms but now he has been brought to the icu. We are going to bring you any updates as they come in. He of course had been brought to a hospital sunday evening with persistent symptoms, including temperature, a high temperature, and now of course, we do understand that he still remains in charge of the government but he does have his foreign secretary expected to chair a coronavirus meeting. In the meantime, Delta Airlines warning it expects Second Quarter revenue to plunge a stunning 90 because of the coronavirus. Delta chief executive ed bastian was very honest when he said that even as delta burns more than 60 million in cash daily, the Airline Still has not seen the bottom yet. Maybe the oracle of omaha doesnt see the bottom yet either. Berkshire hathaway has slashed its 11 stake in delta by about onefifth. Buffett began buying shares in the Third Quarter of 2016, when shares were hovering around 50 a share. By this past november, he was looking at a 4 billion gain on paper. Then as markets fell due to coronavirus and the airlines got hammered, in a classic buffett move, berkshire added shares on mar 3rd at an average price of 46 and brought his total stake up to about 11. 1 . Buffett always believes buy when people are most fearful. But then the situation after that got sobering for the airlines. Apparently somebody at berkshire, whether Warren Buffett or his two stock pickers, decided the visibility for the stock was so low that berkshire cut 390 million worth of delta just last week. To jeff flock at chicagos Midway Airport on what it is like to fly with all that fear out there. You just flew. Tell us what the experience was. Reporter sounds like Warren Buffett did what i did with my 401 k but thats a whole other matter. Yeah. I did fly yesterday. I flew into here at midway and maybe you see, i didnt have a lot of company. This is what it looks like at the checkin right now. We took some pictures of the flight that we took yesterday. It was southwest flight 3239 and me and seven of my closest friends were the only ones on board. Take a look inside the plane. Maybe you see everybody sort of with their own quadrant. No meal service or any kind of service at all, basically. No contact with the flight attendants at all. Those magazines, you know the inflight magazines all taken out. They dont want them to spread any coronavirus. Inside the terminal, its almost a ghost town. All of those businesses, shut down. Lot of the gates completely empty. When we got here to midway, ts aline, nobody in the tsa line. Thats kind of across the board these days. Here are the tale of the numbers. They are not pretty at all. According to air transport association, International Air transport association, 8500 planes are now grounded. We arent talking just about the 737 maxes. We are talking about a third of the international fleet. A loss of about 250 billion in revenue, they think, when all is said and done this year. They point out the airlines only have, most of the airlines, only about three months of liquidity and thats being tested right now and according to the air transport association, they think its not going to be a vshaped curve. They think it will be more of a ushaped curve. Stocks other than united today not doing well even though the market is doing well. United is up on news that they are going to extend premier benefits until 2022 and make it a whole lot easier for you to become a premier flyer. Nobody racking up any miles at the moment here as perhaps you can tell at a ghostly, ghostlike Midway Airport. Liz . Liz yeah. You know what, im looking at delta. Delta is down 1 . Ual up 5 . I think when you look at the year to date changes, that is really disappointing. Delta down 62 year to date. Very tough. Jeff, we have to run. Thank you. Thank you for taking those pictures. It gives people a real sense of what its like at the airport right now. Closing bell ringing in 36 minutes. We still have a roaring rally happening right now. Coming up, the star of Netflix Documentary pandemic, dr. Jacob glanville, on the breakthrough his Company Just Made that he says could be a game changer in the treatment of covid19 patients across the globe. You will be the first to hear about it. He is back with us. What did he discover . Liz as the race against the clock for a Coronavirus Vaccine and a cure, of course, continues, our next guest, the scientist featured in the Netflix Documentary pandemic believes he and his lab team have found a covid19 cure that shows real promise. Now, a cure is different than a vaccine but two weeks ago, he was working on a major scientific breakthrough. His team at distributed biowere working on engineering a series of superpotent neutralizing antibodies that will block viruses similar to corona with the hopes it would render the virus impotent. Here to reveal in a first on fox Business Interview is how promising it looks now. Distributed bio president and ceo Jacob Glanville. Last time you were on the claman countdown your team was racing to bioengineer antibodies, as i remember, to block covid. Give us the news. Do you believe you have done it . Thanks for having us on. Yeah, im happy to report that we succeeded. What we have done is we zoom in to covid19, the virus, and see the spikes on the outside of the virus, it needs to generate a set of superpotent antibodies that block those spikes so the virus is no longer infectious. We completed, we have an embarrassment of riches. The next step is we are sending molecules in partnership with the military and covid, a partnership supported by the gates foundation, and test how well they protect hamsters who also get the covid disease. Liz you will inject it into hamsters and how big does the test and study have to be . Because there isnt lot of time. People are desperate for an answer here. I know the dangers of rushing anything out there, but you definitely want to get going on this, do you not . Yeah, no, i agree. Thats really the advantage of an antibody over a vaccine. A vaccine, we are really talking about 2021. We cant wait and disrupt our economy and lives that long. An antibody treatment is much faster. If it protects the hamsters very well, we set up enough material to test humans in the summer and thats something that we are in position to release the drug by september. This is a drug you can give to people in the hospital. Thats really important, because thats our whole problem. 80 to 90 of people dont get that sick but the ones who go to the hospital get really sick and that causes us to go home and wear face masks and not hug our grand mothers. The minute we have medicine, we can give those to doctors and all go back to work and hug our grand mothers again. Liz well, yeah. Thats what people really want is some type of hope. Nobody has antibodies against this. So the news really is that you are ahead of schedule and you have this, as you put it, an embarrassment of riches. What happens if you start to see immediate and decent results on the hamsters . Can you fasttrack testing it on humans . So we are doing everything we can to fasttrack that and we are having active discussions with basically anyone we can talk to. We are throwing spaghetti against the wall to see what sticks. As soon as it looks good against hamsters we will grow large batches of this material, it has to grow in cells and we will run safety tests to make sure it looks super clean. That still puts us in position of going toward late summer. Obviously if we can go any faster, we will. I dont want to give anyone false hope. Its still going to be by the end of summer we will start running the trials. Liz thats fair. Its better to underpromise and overdeliver. Dr. Anthony fauci recently said the coronavirus cure claims within the netflix pandemic docuseries were quote, old concepts and you came back at that and said old is actually good. Old is well validated. I better go call fauci. Have you been in contact with dr. Fauci . Well, first off, i want to thank dr. Fauci. Hes working really hard to try to protect all our lives. Yeah, old is good. You want to use wellestablished medicine and antibodies are really good at dealing with very scary things. Antibodies took ebola which is a super deadly disease and when you receive the antibodies for ebola, 94 of the patients are okay. Antibodies are used to treat rabies. They are used against snake venom. We already know antibodies work in hamsters. So it can be effective. What i would say to fauci is dont just use vaccine. We need to use an antibody treatment because we cant wait until 2021 to restart our economy. The minute we have medicine in the hands of doctors and patients wont be at risk of death, they can get treated and go home, we can all go back to work. This is something an antibody can deliver months or even half a year ahead of a vaccine. I would strongly encourage fauci and his team to consider antibodies as a critical part of us solving this problem. On one hand, what i want to say is actually, this disease, 90 of people dont get that sick. We kind of already have a vaccine. Thats the vaccine. Most people get it, get over it and are protected. The problem is 10 of people who get really sick and go to the hospital. Those are the ones that need medicine now. Liz Jacob Glanville, go, go, go. We are cheering you on. Run, run, run. You and your team, we cant thank you enough for really being at the forefront here. Thank you for coming on fox business. Good luck. Thank you very much. Liz up next, micron ceo sanjay morotra, theres a huge demand for electronic equipment as so many of you are trying to work from home. Hes in boise, idaho. Wait until you hear the number of cases there. Its a dual story here. Stay with us. announcer carvanas had a lot of firsts. 100 online car buying. Car vending machines. And now, putting you in control of your financing. At carvana, get personalized terms, browse for cars that fit your budget, then customize your down payment and monthly payment. And these arent madeup numbers. Its what youll really pay, right down to the penny. Whether youre shopping or just looking. It only takes a few seconds, and it wont affect your credit score. Finally a totally different way to finance your ride. Only from carvana. The new way to buy a car. Liz breaking news. This just in from fox businesss edward lawrence. Hes just gotten this. According to a Senior Administration official, as of 3 00 p. M. Today, so as of about 39 minutes ago, more than 40 billion worth of loans have apparently been paid out to Small Businesses. That equates to more than 130,000 loans. The sba, Small Business administration, estimates that with that number, more than 3. 4 million jobs have been saved or preserved. They did not give exact metrics on how they were able to calculate that but we are reporting the news to you. It seems good at least at the moment. All right. Its not only toilet paper and paper towels that are flying off the shelves at stores right now. Add computers, laptops, related electronic products, everything that you need to help you work from home. More states and cities are enforcing stayathome orders and that means more people are rushing to upgrade their home offices just to get the job done. According to Research Outfit mpd, laptops and desktops are up 40 in sales. Keyboard sales, up 64 . Headsets, monitors up 138 . The winner, web cam sales for skyping up a whopping 179 . Just compared to the first three weeks of last march. Who will be filling all those computers with microchips . The brains of all of these electronics . Micron ceo Sanjay Mehrotra joins us live. Good to see you. I know youre in california but your headquarters are in boise, idaho. You got a bifurcated story here. How are the folks who are running micron doing and how are you keeping them safe, then we will get to the sales picture which i would imagine is starting to look better and better. First of all, thank you. Good to be on your show. Yes, our team members across the globe, that is our top priority, to maintain their safety and health. Micron actually was early from the very first in hubei province, china, to make sure our sites in china as well as singapore stopped the travel as well as implement physical distancing protocols at our offices. A lot of our team members actually are working from home today. This has resulted in us being in the best position to take care of our team members. Im really proud of the micron team and with tenacity and professionalism and care, taking care of each other but also taking care of the communities where we operate. We have implemented more than 90 of our nonmanufacturing team members are actually working from home and within the manufacturing environment on a global basis, approximately 50 are not on site. We have yet been able to run our operation successfully. We have implemented red team and blue team concept at our manufacturing sites and what that enables us to do is keep the two teams separate and prevent the spread of coronavirus, keep our Team Members Safe and we were early in adopting this. So we have really taken major measures in terms of making sure that we are adhering to all the laws and regulations, working from home and absolutely watching for the safety of our team members. Liz all right. So now lets get on the manufacturing piece of this. Are you able to fill the orders and do your numbers reflect what we just saw from npd . There are Massive Gains in sales for everything from laptops to web cams. So the environment as you know is extremely fluid. The consumer side of the demand, for example, smartphones, we expect will be lower for the remainder of the year versus precovid expectations we and the industry had. On the other hand, the work from home environment across the globe has placed greater demand on remote work, on the data center side of things, and you know memory and storage is a key element of data center infrastructure. So yes, that is a side of the business where we see in order to adjust to the shift of dem d demand, the data center side, we have actually made adjustments in our production so that we can accommodate for reduction in the smartphone side of the business because as you know, consumers at this point are not buying necessarily smartphones or automobiles or other consumer products, but yes, work from home economy is a positive factor in terms of demand as well as noted earlier in terms of laptops and working computers. The situation overall in terms of demand expectations, in terms of macro, is fluid and we continue to be very adaptive and close to our customers in understanding where the markets are going and making adjustments accordingly. Liz i think thats fascinating. So what you are saying is people will be less intently focused on buying smartphones but the data centers, these are these massive servers that people are all stressing out at this point. What are you sogeeing with the pipes as they pertain to keeping everybody online . Youve got so many people now discovering zoom and twitter live and hospital online to do real business, slack, the list goes on, microsoft teams. Do you think the systems here in the United States can hold up with all of that increased heavy use . So the smartphone, for example, in china, where China Economy is coming back, the smartphone manufacturing and factories are back in production, nearly back to full production. So in Smartphone Market in china, with respect to our manufacturing and with our customers, we have seen increases in demand there and then it is changing there compared to the januaryfebruary time frame in china in the Smartphone Market had a significant decline. Now as coronavirus has spread to other parts of the world, of course you can expect the demand environment remains extremely uncertain, particularly on the consumer demand side. Yes, the workload demand requirement on data centers is actually increasing. At micron we had to buy 7,000pcs to make sure our team members that work from home and of course, Video Conferencing and all this is absolutely driving greater demand and workload on the data center sites. Liz sanjay, thank you for coming on. We do appreciate it. Micron technologies. Dow is up 1,373. Charlie breaks it next. I need all the breaks that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Liz all right. We just want to flag you, we are now going commercialfree for the rest of the hour because this rally has gotten really strong and we are watching this kicking off in this first full week of april. Dow jones industrials up 1537 right now. I want you to see what the nasdaq, up 512 points, again, theres some real oomph behind this rally. Can we flip it to the russell 2000 . These are the install casmall c. They have been tending to lag when it comes to some of the big rallies and right now we do have it joining. Its up 7 or 82 points. Big moves here for all major indices. Well, as the New York Stock Exchange Trading Floor enters its third week with the lights out, shuttered, putting the future of one thing on uncertain ground, that one thing may be initial public offerings, ipos. Charlie gasparino joining us now. Charlie, the axis spinning, the ipo world has apparently ground to a halt, has it not . Charlie yeah. I want to get into that in a second but we do now have some breaking news on maybe whats moving the markets today or at least some of the sentiment. Theres a lot of things that move markets, its not only one thing. But heres some of maybe the underlying sentiment. Wall street sources are telling the fox business network, these are wall street sources, liz, that do speak with people, members of congress and the white house, what they are saying is that a next phase of the stimulus package could come approximately in midmay. This next phase, the numbers that are being bandied about here is between 1 trillion and 1. 5 trillion. Now, what it will provide, we cant tell you. It will probably be more Small Business loans, it will probably be payroll tax extension. We have spoken about that. Now we are starting to get some real numbers and dates here as to when its coming. Looks like its coming sooner rather than later. Again, this is from wall street sources, executives who speak with members of congress, speak with the white house. They are saying the next round, the word in washington is that the next round is midmay and the numbers are pretty big. Not as big as the last one. Remember, thats 1. 2 trillion, i think. This is between 1 trillion and 1. 5 trillion. One part of wall street that may do well with this stimulus, or may come back, are ipos which as you know, liz, you know, New York Stock Exchange floor is shut down. Its running virtually, meaning its running by its computer network. So there is pricing and its running fairly okay. I mean, trades are being done, markets are moving up and down. Nasdaq always had an electronic system. That seems like its operating fairly seamlessly. But what isnt operating seamlessly is the ipo market. Its ground to a shut, ground the a halt. Apparently there have been a few ipos that have snuck in in recent weeks, i think nasdaq did a couple, maybe a biotech and a tech company listing. New york has listed a closed end bond fund. So a few things have listed, have snuck in. Not a lot. And heres the rub going forward. If economic conditions, Market Conditions remain this volatile, again, wild swings, thousand points up and down, you know, its hard to price in that environment. Ipos in that environment. And with wall street virtually shut down, people working remotely, might not be easy to price a deal. Exchange officials are saying if this environment continues, obviously its going to be awhile before ipos come back, maybe not until the end of the year. So a big driver of this economy has been ipos. New Companies Seeking financing, looking to expand. Were not seeing it now. Its one of the downs, big economic downsides of the coronavirus, of the pandemic and how its impacting the economy. But again, i cant stress this enough, the federal government is throwing a lot of money at this thing. We have 2 trillion thats now being spent. We have the fed pumping trillions through monetary stimulus and the word coming out of washington, delivered to wall street executives who spoke with fox business, is that the next phase could be in midmay. At least thats what theyre talking. We will have to see if it comes and the stimulus number on top of the 2 trillion fiscal stimulus they are doing now is another 1 to 1. 5 trillion. My guess is it will be on the upper end of that thing. Liz, back to you. Liz wow. Charlie, thank you. I believe charlies reporting in part has pushed the markets to session highs, if that is true, more money into the system. Weve got the Dow Jones Industrials up 1,600 points. I know you saw the nasdaq, when we last checked it was up 500. Now its up significantly more. Let me get to a momentum stock that is losing momentum. Theres some carnage with Video Conferencing company zoom. Zoom is getting dropped and not because of bad wifi. Now the new York City School district is joining tesla and a growing list of now former clients over security concerns. Hackers known as zoom bombers, we told you about this a week ago, breaking into random conferences uninvited, taking a look at the stock which was sort of one of the early winners, that stock is down about 3. 25 . Stands at 124 and a penny. To Cheryl Casone live in the newsroom with more on the problems here, and another i guesswork from home company thats actually on the rise. Cheryl yeah. You get the pressure on the stock right now is real, it is in the red. The new York City Department of education telling principals dont use it. The Department Reportedly worried about privacy. Instead of zoom, new York City Schools can start using google or microsoft platforms. Thats the recommendation now. Also troubling for zoom, at least three state attorneys general say they are going to probe the company over privacy violations. The issue, default settings which allow users to access calls they were not meant to be on. The ceo began that apology tour last week and that started with the wall street journal and i will leave you with this. Elon musk and spacex reportedly banning employees from using zoom. They say there is significant privacy and security concerns. Back to you. Big loser today, zoom video. Liz yeah. Yeah. Got you. Cheryl, thank you very much. Again, we are powering higher. No more commercial breaks here. Four minutes to go before the closing bell rings. Lets bring in t3 trading chief strategist scott redler and smh Group Chairman and ceo, george ball. George, do you believe the flashing bull signs have a longer vapor trail here . I think at least there are signs that there are signs. Thats a plus. The market has been taking two steps down, one step up, one step up, two steps down for weeks now. I think finally theres some decrease in the amount of uncertainty and thats going to give yes, i think weve got a base established. Liz scott, do you see a base established for the s p or could there be outlyer Money Managers saying getting a lot of press for, there could be another downward spiral to hit these markets . I think today was a big day technically to take out the s p, take out 2600. Short term it opens the door for a move to 2750 which is probably another 6 or 7 higher. I do think the news flow could help. The reason why were rallying besides what charlie said with the stimulus package is because europe seems to be over the peak. The numbers here seem to be lower, modelings were projecting. So i think based upon getting over the hump here with the peak. Now you will hear taper effects of virus. I do think like other strategists are saying, like the summer we see implications of economic damage, ream earnings cats a bit of a corrective phase. For now, we do have momentum for another move to the 2750, to 2800. I do think over the summer we might be in for a little bit more challenging times. But for now, i think the better news cycle could be here. Lets hope it stays here. Liz wow, look at the subpoena up 177 points. Nasdaq up 546. George, what are you buying, what do you like . I think if you like the market now youre looking for stocks apt to go up a lot even if the market does not go up or down. Warren buffett cant predict the market. The motley fool cant predict the market. Liz, i actually think you can but you cant tell people. So really investors today are looking for stocks that could to up 50 or 100 on a value, valuation basis, even if the s p doesnt go up, even if the dow stays at 22,700 forever. There are a lot of those after the last month or two. Liz, i will answer the question if you want. I think what looks good is microsoft, microsoft looks good. Apple is responding well. Netflix held up during the correction. I think lots of tech names showing true signs here. I would stay away from beaten down trouble spots that can rally. [closing bell rings] Like Airlines or some of the casinos. Megacap, has a lot of cash, buybacks and sustain this move. Liz buffett was concerned about the airlines, we know that but it is no concern day. Risk on for the markets. Lots of green. That will do it for the claman countdown. Connell wow, recovering all of last weeks losses and doing it just like that. A huge surge for stocks on a monday. Talk of more government stimulus is a possibility. Also on the medical side, at least some signs the coronavirus pandemic may be stablizing. Put it together, we have a nice rally. Well take you through it. Good to have you with us. Im connell mcshane. Melissa im melissa francis. This is after the bell. Major averages all closing near session highs up more than 7 on the day. Im looking at the dow