Transcripts For FBC After The Bell 20240713

Fox Business Team coverage. Phil flynn is the man of the hour watching all the oil action for us so well get to phil. Lauren simonetti on market. Blake burman from the white house. Well have more reporting from washington. Phil, like i said you you are te man of the hour. You never saw a day like this. Take us through it. Never in my life. A lot of people watching this market never thought they would see a day like this. You have a perfect situation where the contract coming for delivery with no demand there is somebody out there right now that wants to sell oil and there is nobody there to buy it. In fact this is the first time weve ever seen this kind of situation, connell, and it could be a shortterm situation because you look at some of the back months and the price of oil, there are still relatively strong compared to the front month but this is a disaster. It is a disaster because opec didnt act fast enough to cut production. It is a disaster because u. S. Producers didnt pull back fast enough. It is a disaster more than anything because this is a snapshot of what the world looks like when it stops, when Economic Growth grinds to a halt. And i think we look at the historic nature of the wti contract, sort of being like an economic barometer of the world, were seeing what the world looks like when it stops and thats a negative price for crude oil. Connell now you used the term snapshot, phil, and that might be the more, the most appropriate term you can use own a die like this. Talk a little more about the value of crude oil because it is so strange to see it up there that it has gone negative at 30. To your point that is the may contract for the may delivery. If you look crude for june delivery, more accurately traded contract, were at 21 you bucksl you about the value of oil . It tells me there is hope we wont repeat the process in the coming months. There is expectation well see a drop in production because of the opec cuts, a drop in production because u. S. Producers are pulling back and a hope that the Global Economy is going to slowly get back to normal. Were seeing hope priced in some back month contracts but that doesnt do anything where were at today, in the next 24 hours. Right now refiners are running at very low rates because there is no gasoline demand. So theyre not buying oil. A lot of the Storage Facilities are getting full up. So theyre not buying anymore oil. And so the other thing youre seeing here with todays market is a snapshot in time where the buyers are basically being paid to take this extra oil off the market. That wont go on forever. Were going to see Economic Growth go back up. Were going to see production fall back but it is ugly right now. Connell it is ugly to say the least. Unbelievable to see those numbers on the screen. Thank you, phil. Lauren simonetti, watching how the stock market reacted to all this today. Lauren . Lauren well not good, connell. We close near the lows of the session. To give you perspective for the dow and s p 500 coming off two strong weeks for the stock market. So starting this new week firmly in the red, the dow down 592 at the close. I was about to tell you that the nasdaq was the outperformer with Companies Like netflix and amazon near record highs but that is not the case. The nasdaq also finished right near the lows of the session today too. I want to show you the intraday picture of the Dow Jones Industrial average, you can see right around 2 00 p. M. , when the price of oil started to free fall, there it is, the market started to come down a little bit more. Look, i still said there is no, no one is using the oil and there is also no place to store the oil that is a big problem, if you look at the dynamics of the market. On the dow, exxon and chevron weighing sharply, contributing negative 40 points to it. The drillers got killed today. Marathon, occidental down in a big way, also take a look at this. Halliburton shares. This is one of the nations biggest suppliers of Oil Equipment to the oil industry it, finished higher. The price of oil is in freefall yet halliburton shares are up 2 3 of 1 . Here is why. They announced cost cutting. We are living in a crazy market. Another part of the market that had to do with oil is shippers. Supertankers sitting at sea with millions of barrels of oil on them. Look at the reaction. Tk up 20 . Scorpio tankers up 18 . So that is come green on the screen for you. One thing to note about oil, connell, as i send it back to you, it is expensive to turn off a well for instance. As we look at the other side of this pandemic that has ground the economy to a halt, we look at recovery, when we will need oil again, we might not be in a good situation because weve effectively shut down supply. Just something to consider as we consider a recovery. Back to you. Connell what a world. Lauren, thank you. Of. Melissa has more on all of this now. Melissa here is dan pickering. He is chief Investment Officer at Pickering Energy partners. And dan, i used stand live on the floor of the new york mercantile exchange, and we would watch the contracts go oaf the board, like the may month out there up front, we say for people that traded the futures but didnt actually want the product, they didnt want physical delivery, what would happen if you got stuck with a barrel of oil and you didnt actually have any place to put it . It seemed like a theoretical argument but now there is apparently at least someone who has a futures contract and does not want to go to cushing, oklahoma, and does not want to pick up their oil s that part of what is going on . It absolutely is, melissa. I think, you look at this, you say there are too many paper barrels and not enough physical storage. Guys have to get rid of them. The contract is rolling. So they have got to sell. You sell at any price if you have no place to put the barrels. Melissa no, i used to joke with traders who were in the pit, what would you do if you dont unload that barrel . And you know, they would laugh and say, i dont have any place to put it. Im not an actual oil person this is where sort of reality of the market because of everything that is going on in the economy, the real market like you said has met the paper market. And that is how you go down to a negative number here. It is something i didnt think was possible. I never thought, i never even imagined i would see Something Like that. How about yourself . Did you ever think you would see, ever know the numbers would go negative . Crazy days. People are adjusting the axis on the charts as we move through the day today. It is really is unprecedented. The scary part it is not clear that it is over. So the may contract expires tomorrow. The question is, do they come after june . Do they come after july . Were still going to be in a pretty oversupplied situation as we move into the next couple of months. And so, you know the irony is, we take down the may contract. Junes up at 22, 23 bucks. And how quickly does it come down about we get out of this physical oversupplied market . Melissa sew so we understand people with this contract dont want to take delivery. Does that mean actually there is no storage anywhere . You would know that. People were calling around today. People reaching out to me during the day and trying to see, does this really mean there is no storage available anywhere . What are your thoughts on that . I think everybody is trying to figure out who is getting hurt, who is on the other side of this trade and getting buried. Theres storage but now it is a super scarce resource. The guys that own it dont necessarily want to give it up in the near term because there may be even better opportunities next month or month after. I think that the big trading shops, you know the vtolss, almost certainly have storage. You have floating storage. Your previous guest was talking about tankers. There is a number of places to put crude but you have to be able to put it there tomorrow or early next week, the following week. So the reality is, it is scarcest resource out there. Crude is plentiful and storage is scarce. Melissa wow. That is an amazing sentence that i wasnt sure we would ever really say in lifetime. Symbolic i in a bigger sense, the world is at a standstill. No one is moving anywhere. No one is using any energy, right . It really is. I drove to this studio in about seven minutes instead of 27 minutes. The economy is killing demand and whether its 95 of Airline Flights being empty or people driving their is simply no demand. When demand falls 25 Million Barrels a day you just cant cut supply that fast. Were living the fallout of that situation. Melissa unbelievable. I stood in riyadh, saudi arabia, when oil made historic highs. Weve seen this whole roller coaster. I never thought i would see this. Dan pickering, good luck. Come back soon. Thanks for coming on today. Appreciate it. Unbelievable. Well the White House Coronavirus Task Force Briefing is expected to start just about an hour from now. Lets check in with blake burman for the latest on that. Blake. Reporter hi, there, melissa probably more questions to come about reality with testing as we saw over the weekend. More governors say there needs to be more testing in order for them toe open up the local economies. The president took to twitter to say the following at one point about testing writing quote, states, not the federal government should be doing the testing but we will work with the governors and get it done. Now the federal government could potentially be ramping up testing capabilities through the use of title 3 of the defense production act. Peter navarro telling me a little while ago, that the department of defense is finalizing the negotiations with puritan, a company out of maine. Navarro saying following in a statement, with dea support, puritan will with broader goal of increasing nasal swab production from three million to more than 20 million within 30 days of the contract award. Melissa, i reached out to the mainebased company. Have not yet to hear comment back from them. Separately as we look toward capitol hill and negotiations going on between the white house on the hill and phase four or the next batch of relief, it includes 25 billion for testing though im told one of the holdups late into last night, one of the disagreements is that republicans want to see more after privatepublic partnership with the fund, with the testing whereas democrats want to see the federal government have more control. One of the things that they have to work out there. Melissa. Melissa blake, thank you for that. Connell we have a fox business alert now, coming in to us is the Earnings Report from ibm. This is just out. It is down from last year at this time than everyone would expect but better than expected on the bottom line for ibm. Earnings at 1. 84 a share if the first quarter. The street was look forge 1. 08. That would be 20 drop from last year but still down. On revenue side a slight miss but pretty much in line at 17. 6 billion, 17. 62 billion. A little bet less than expected. Stock is up about 1 . As so Many Companies have ibm is withdrawing the full year guidance for the year 2020. Said in the press release in light of the current covid19 crisis. No guidance. Earnings better than expected. Revenue pretty much in line to a little bit light. That is ibm just out. More to come out on and more to come in general as we have 2. 4 million cases of covid19 worldwide. Nearly 800,000 confirmed right here in the united states. At least 4. 2 Million People have been tested for the virus in the u. S. So important to get the testing ramped up. Well have the latest on that as we continue through the hour. Local leaders grappling when and how to reopen their economies and governors say more testing is the key. Well have more on the state of play there. The Small Businesses are still bracing for relief. Well be right back. Heres the thing about managing multiple clouds for your business. When youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. Home values are up, and Mortgage Rates are at record lows. Thats good news for veterans with va loans. Thats me. By using your va streamline refi benefit, one call to newday usa can save you 2,000 a year. Thats me. Theres no income verification, no appraisal, and no out of pocket costs. Thats me. Put your va home loan benefits to good use. Call my team at newday usa. Connell so congress is getting close from what we understand to a deal that would replenish the Paycheck Protection Program for Small Business, maybe do a few other things as well. Edward lawrence covering those talks in washington. He joins us with the latest this afternoon. What is the latest, edward . Reporter the latest right now, connell, no deal as of right now. Senate Majority Leader Mitch Mcconnell says the senate will go into special session tomorrow with something that they had not put on the calendar at this point. Senior gop leadership aide tells me exactly what blake burman reported, that the testing portion of this is the issue with this program. The democrats held out. They got some of what they wanted, in addition exactly almost all of what they wanted. To get 310 billion added to payroll protection program, white house advisor larry kudlow said the democrats will get additional 75 billion for assistance for hospitals, another 25 billion for testing. The first one went like hotcakes. So, second one could go like hotcakes too, i dont know. I havent seen estimates on that. The number, the initial number was raised, request from 250. Last i heard from the secretary 310. Port now. Reporter now in addition senior official tells me 50 billion for loan relief and 10 billion for grant relief for the Small Business administration. The house is back in session on wednesday to considering legislation. Frustrated mcconnell said there will be no votes for the senate because democrats wanted to be keep negotiating. The head of Small Business Association Gave start varney a dire warning about and what it does to businesses. All businesses are really hurting. Revenue is not coming through the door. 93 of the ones polled have impacted negatively. They are desperately trying to hang on right now. Each day that goes buy without congress appropriating more funds, fixing thisprogram, making sure the it goes to little guys, restaurants will close and more people will lose their jobs. Reporter many Small Businesses i talked with are frustrated with the situation right now. They would like that relief, connell . Connell understandably so, still no deal. Edward, thank you. Melissa. Melissa joining us charlie hurt, Washington Times opinion editor and fox news contributor. This is really astonishing to me. Most Small Businesses have 13, 14 days maybe of cash on hand. Larger ones may have three weeks, maybe 24 days. As those folks in washington go home and continue to cash their own paychecks, they cant quite get this done for their constituents. What are your thoughts . Its truly incredible, melissa. Back a couple weeks ago when congress was taking their first couple of stabs at trying to come up with some sort of funding bill in response to the coronavirus, you heard a lot of democrats talking about how they dont want to give money to wall street and business fat cats and all this kind of stuff. Well the problem there is a lot of those fat cats happen to be Small Business owners who employ people and at a time like this, there is nothing in the world that is more important than, than making sure that people still have jobs to come back to once this is all over with. And you know, my view of this is, obviously were, what, six months away from the election but people will remember what goes on here and anybody that is determined to have been playing politics at a time like this in order to score political points will pay a grievous price come election day. Melissa it also underlines the point that government cant solve this problem there is really no point in opening up your business if there arent customers out there to come back to it. You know, when i watched medical professionals on tv talking about this, i watch politicians and pundits even, im always reminded all of those people on tv are still cashing a paycheck. Theyre still able to feed their families, and there are other terrified people who are being forced to stay inside and you know, are really heading into very dire financial straits. Have we reached a tipping point, do you think . Well, i think that, i mean, you point out something that us very important i think, that there are a lot of people, a lot of these central planners in washington or these people coughing the central planners washington who have not felt this personally but i know from personal experience i look around, just about everybody i know has been profoundly affected by this, in some way, some people, far more so than others. And thats why, anybody that is perceived as playing politics in a situation like this is going to pay grievously in an election and youre exactly right. You know the government isnt the answer to every single problem out there and thats why it is all more important that these Small Businesses have, get the backing, get the, you know, have the strength that they need to survive this thing because thats going to be the answer to all of the problems we have today once we get on the other side of this. The people, the real heroes, real people who are going to climb, claw america out of this hole is going to be those Small Business owners and those workers who are going to be desperately, you know, who are already desperate to be working now and desperate to be, you know, bring home a paycheck to take care of their families. Melissa do you think we passed the point of no return . When you look at oil turning negative, it is emblematic of the fact that nobody wants any energy because no ones going anywhere. When storage is more precious than the actual oil itself, when you look out the window, day after day, and everything is shut and closed, i dont know, charlie, im starting to get really nervous that i dont know how were going to turn this around on the other side . Its truly terrifying, melissa. You know, you would think that, well the Silver Lining here is, well, gasoline is cheap. That is not even a Silver Lining at this point. That is how bad the situation is. My greatest hope is that i do know how much people want to get back to work. People that have been very, very good at adhering to the advice from elected officials about how to deal with the coronavirus. And, and i know, you know, prior to this, there werent fundamental problems with the economy. It wasnt like it was a bubble. So my prayer is once we get past all of this, we will go back, and the recovery will be quicker because the fundamentals were good when we went into this. Melissa i mean, this is really just, look at crude oil. America needs to go back to work now, now. Its over. Amen. Melissa charlie, thank you. Connell . Connell all right. Were moving on to the push to hold china accountable. There is another country joining in the calls for an International Investigation into claims the virus may have been accidentally leaked from a lab in wuhan. So well have new information on that. Using Artificial Intelligence to fight the pandemic. How one company is using technology to keep americans safe on the front lines. This is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Shes confident, protected, her strength respected. I have always wanted to be a teacher. Ive been teaching for over 20 years. With everything going on, weve had to alter our classroom settings. We have to transition into virtual learning. On the network, we can have teachers facetoface with a student in livetime. They can raise their hand and ask questions. They can type questions. We just need to make sure that the education is continuing. vo at verizon, were here and were ready to keep students and teachers connected to the world. Thats why verizon and the New York Times are offering 14 Million Students free Digital Access to times journalism. Connell the china, facing mounting pressure. Sources have told fox news that u. S. Intelligence officials are launching a fullscale investigation into whether the coronavirus originated in a lab in wuhan, china. This comes as were learning another country is now sounding the alarm. Lets get to foxs gillian turner. She continues to cover this story standing outside by the Chinese Embassy today in washington with more. Gillian . Reporter hey, connell. So the u. S. Is not alone in this any longer, joined by the government of australia over the weekend in calls for further investigation into the origin of the coronavirus in wuhan and thorough accounting of communist parts actions to date. Australia foreign minister says a International Independent investigation is the only wray to get to the bottom of this pandemic and declare australia will absolutely insist on that. These words echo president trump. He called for an expanded investigation several times over the weekend. Take a listen. We want to go in. We want to see whats going on and we werent exactly invited, i can tell you that. Reporter were also hearing from the Wuhan Institute of virology for the first time. The labs director speaking out with a complete denial of the labs role in the viruss outbreak. Listen to that. Translator as we said early on there is no way this virus came from us. We have a strict regulatory regimen, we have a code of conduct for research so were confident of that. Reporter now this pits the lab and chinas government directly against the Trump Administration which has confirmed to fox news theyre near certain that coronavirus originated in this lab. Now senator tom cotton tells fox news a closer look at that lab director is needed. Lets take a look at that laboratory director. He is not just some independent truthseeking scientist, ed. He is an official in the Chinese Communist party who is towing the party line. Reporter now as the government carries on its investigation americans nationwide are really seeking legal remedies of their own now. We know of at least seven federal civil class action lawsuits that have been filed against chinas government for damages amounting to trillions of dollars, connell, related to the coronavirus outbreak. Connell . Connell wow. Gillian turner, continues her reporting live from washington. Thank you, gillian. Melissa. Melissa launching the most aggressive study in the nation, new york is testing thousands of residents for antibodies but is it good enough to reopen the states economy . Thats next. Plus were waiting an update from the Coronavirus Task force in about an hour from now. President trump just tweeting the briefing will begin at 5 30 p. M. Eastern time. Well bring you any breaking headlines from the white house. Texas starting the first phase of reopening today with restrictions being lifted on state parks. The state will ease limits on surgeries this wednesday. And it is set to open Retail Businesses for pickup, delivery and mailorders by the end of the week. In tennessee will follow texas with its phased three opening beginning next week. Lucky them. S, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. 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Is that true, do we have to ramp up this more to comfortably open a hard hit area like new york and how much more on the testing side . Yeah, it is absolutely crucial to have more capacity for antibody and viral testing in order to open up and the reason why we need Antibody Testing is to have a really good and quite local, locally granular estimate of how many people have already been infected with this virus, because weve had so little viral testing we dont have a good sense of that in any place and the, Antibody Tests give us that ability to understand how many people are potentially immune if they have been infected. Connell now that point about potential immunity, i notice you used on purpose the word potential. We talked to experts about this. You have written Something Else about it yourself. We have a new virus. We dont know a ton about it. Even if there is some risk about it if we dont have the Antibody Test were not sure were 100 immune and we have to take chances in society go back to work without all of that information . I think thats right but i think also if we know that say 5 of the population has been infected, then that gives us a very different sense, then were quite, we can be sure 95 of the population is still susceptible, and that were at much earlier stage of the epidemic. If there is significant, tens of percents of people in the population already infected, then that tells us that, if we can do anything to stop this virus short of a vaccine, it is going to be immunity and, and then we can feel more confident. I dont think we can wait for absolute certainty about the strength of immunity but i think well be trying to gather those kind of data at the same time were doing surveys of who is immune, of who had immune response. Connell yeah. Weve been having this debate, i dont know if debate is the right term, but were having discussion about reopening certain economies. Maybe politicians on one side and doctors on the other and all these other people kind of worked in the middle of it, it does become unfortunately i think about absolutes. It is all really percentages and probability. Kind of working in the original point i was making. We will have to take some risk. Not necessarily rolling the dice. We know the economy is in really, bad shape right now, is it there from your side, medical side, acceptable level of risk people will have to assume in order to go back to work . We have to go back to work, for example, way before we have a vaccine, right . I think thats probably right and and i think the issue is that we need to protect our Health System from getting overloaded. That is why we went into this social distancing, physical distancing and pushing down on the economy in the first place. My concern is that if that was a good idea when we had a few tens of cases in a state per day, now we have a few thousand cases per state in our state for example per day and so the logic of saying well, we maybe stopped increasing so fast, so it is time to go back to work is a little hard to follow from my perspective. I dont quite get the idea if you have a bathtub not yet overflowing you turn off the tap but now when it, it is closer to overflowing, we can turn on the tap now because it hasnt overflowed yet. That is the metaphor im thinking of in terms of right now. Connell i see your point of view. You want the water to go down a little bit. The other say well, were losing jobs every day, there will have to be some balance there and some acceptable risk. I get your point, maybe were not there. Real quick on the last point, then maybe we have to go. Yeah, i think, i dont believe in destroying economies for the fun of it. That is not any Public Health experts thinks that is good idea. That is bad for Public Health. If youre concerned about the medical system staying intact, this is something you have to tread very carefully on and economy is, is another consideration. Connell understood. Okay, well keep talking about it. We appreciate your point of view. March lipsich from harvard. Thank you. Connell melissa. Melissa pleading for support, new York Governor Andrew Cuomo is calling on the federal government to prioritize and delegate resources for reopening. Take a listen to this. If you dont help the state government, local government, how are we supposed to have the finances to reopen. If you starve state and local government, all that means we have to return around reduce funding to the people who we are funding. If we dont get federal assistance. Melissa here now is bill mcgurn, wall street journal columnist and fox news contributor. Bill, it sounds a little like he is holding new yorkers hostage saying we cant reopen unless we get money from the feds. He says he needs 15 billion. No mention of the fact that the state was already 6 to 7 billion in the hole because people left. Because they were being massively overtaxed. They have fled, the revenue base fallen as they go to florida, everywhere elsewhere you wont get taxed to death. He already had a huge hole, he talked about, unless i get federal money im not reopening. What do you think about that . He is facing a real crunch but just as covid19 exposed some people like me, i have diabetes, were much more vulnerable, i think the states that have not really done a good job with their economies are suffering too. Everyone is suffering that is understandable. It just against raises larger question of price of keeping knit it in lock down which is very steep for everyone. Melissa yeah. Meanwhile theyre encouraging people to call in on a tipline in new york and report people that are too close to each other. They have got the stat here. They have issued a total of 244 summons for fines up to 1000 for proactive enforcement saying people are too close together but at the same time our subways are clogged with Homeless People who are visibly sick, who are violating the same principles, who are right next to each other, who have moved to the subway to live. That is where our health care workers. That is how they get to work is on the subway. So while theyre saying you know, we need more money and theyre saying people have to stay home until we get better, theyre not dealing with the homeless crisis on the subways which is a huge danger to Public Health. Is exactly their job, is an impediment to us reopening and is a problem for our health care workers. Why do you think theyre not dealing with that . Look there are a lot of problems. I think a lot of the problems extend from, you know, usually we quarantine the sick. In this case were trying to quarantine the entire healthy population. And that has a lot of costs and contradictions involved with it. So i mean we should sort of expect some of these contradictions. Look, i think, i mean, to reopen were talking about esing it and tracing infected people with tracing and so forth but, and thats the ideal so we can have real knowledge on which to base these decisions but i think some of the thinking has to move from isolating the healthy to isolating the vulnerable. I mean we have two extremes. The people who have had the disease and survived are thought to be immune. We should be able to let them get back to work and so forth. Meanwhile people are elderly, people that have the preexisting conditions, we should do more to look to how can we isolate them, keep them from getting infected . I think if we shift that, we can deal with imperfect situations. I think those have to be our priorities. Because i think, we did a good job with the flattening the curve for what it was supposed to be. Depressing demand so it wouldnt overwhelm the hospitals and so forth but it is not going to defeat the virus itself unless youre an isolated country like new zealand. So i think we have to plan for how were going to accommodate this connell mentioned risks. We need to have intelligent risks to have more information so we can make a real calculation what it is going to do. As connell pointed out all risks are going to carry some downside. Melissa no, bill youre so smart because it doesnt feel like we could possibly have enough tests in time before the economy falls off a precipice it cant come back from. Right. Melissa if you follow what you said so simply, to protect the extremely vulnerable rather than trying to protect all the healthy, if we move to that, it starts to make more sense. Thank you for that. Bill mcgurn, appreciate it. Connell. Connell really interesting. Well talk about automation in a moment being used to fight the pandemic. In fact we have a ceo coming on to talk about his companys efforts to use special technology for tests that put humans at risk of the virus. Well be right back. 300 miles an hour, thats where i feel normal. Having an annuity tells me my retirement is protected. Protected Lifetime Income from an annuity can help your Retirement Plan ride out turbulent times. Learn more at protectedincome. Org. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a Small Business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. You may not be thinking about blood donation, but blood is needed to save the lives of people who are sick with a range of illnesses. Its easy and safe to give. If you are in good health, please donate. We need heroes now. Visit red cross blood dot org to schedule an appointment. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Of. Connell it is a futuristic approach to tackle pandemic. Nano electronics is trying to fight the coronavirus with technology. We have Matthew Putnam with us. Well do this in couple minutes, matthew. Well talk about the product you make, how that might help. Tell us first about how, how you are using a. I. And technologies as we try to get through this, to have humans interacting essentially with robots. Tell us about it. Thank you. I think using technology is something that we have to do now for Current Crisis and for later and this is taking materials that are available to us right now to produce what americans need and produce it when it is needed. You do that by using Artificial Intelligence, robotics and human ingenuity for every field. Im especially interested how you make things like uv lighting. Uv lighting, you make your home safe or your clinics sanitized. Then eventually we are socialized better. There are Many Industries we can look at, but has to do with not stockpiling for the future but being able to build now and in the future to deal crises now and as new crises arise. The uv lighting issue is what i wanted to talk about. Sure. Connell that gets into what your company does. The simplest way to think about it, maybe you can explain how, we do stories all the time or have guests on, what were worried about is a second wave here of this virus and how were going to detect it and some of the products you guys are working on could maybe help there, right, down the line . Yeah. So our company is, a manufacturing hupp that works with any. They have been expensive but theyre able to desanitize against cove individuals but against any virus of that size, of other pathogens. They just have been very expensive in the past and there hasnt been enormous amount of supply but the materials to make them, aluminum and nitrogen, are very abundant but only Artificial Intelligence system with robotics can make them efficiently and affordably. So we are working with companies to do that. Connell do you think, matthew, as a final point, before we let you go, were going to see a big change after this virus just in the way, supply chainwise how we do business . What are the ramifications, longlasting ones, of what weve been here do you think in your business . Absolutely. Weve seen huge vulnerabilities from this. It will be a very distributed system. Were going to no longer have reliance on everybody else to get something built. Our newest technologies in a. I. Allow us to build extremely locally and this is a trend that is not going to happen just for now. It should be something that continues on. Connell yeah. A lot of people are saying that and that probably will be one of the Silver Linings. Definitely one of the effects of all of this. Matthew putnam, thank you very much. Nanotronics. Melissa. Melissa going fully virtual. The nfl holding a test run ahead of the leagues First Virtual draft. Boy. Lets be honest. Quitting smoking is hard. Like, quitting every monday hard. Starting small can lead to something big. Start stopping with nicorette. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. The nfl suffering some setbacks on the mock draft. Reporter there were issues from the getgo. There were technical glitches according to reports. You can see when you look at the setup, john lynch tweeted. You see the computer monitors and telephones. Each of the 32 teams have multiple setups like that. Then you add on league officials. Normally its simpler. Each teams Decision Makers hud until their draft room. This time they are home, they are spread out. So there is a lot that can go wrong from technical glitches to cybersecurity issues and hackers. Roger goodell will make the announcement of each teams selections from his studio in his basement which i think you can relate to. Melissa absolutely. Its hard to believe they are going to split up for this. Interesting stuff. That does it for us. Lou dobbs tonight starts right now. [ ] lou good evening, everybody. China is on the verge of becoming a global pariah. The Chinese Communist partys coverup of the deadly contagion they unleashed on the world will bring consequences for the government and its leader xi jinping. Xis lies and deception have been exposed to the world. He ordered the the head of the institutes of virology to go on stage on say