Transcripts For FBC Mornings With Maria Bartiromo 20240713

Stocks as well. At 4 00 oclock on wall Street Markets were downwith the dow industrials taking another step down near the close so we were down sharply in the morning, leveled off in the afternoon, went back at it at the close, down 592 points on dow industrials at 4 00 oclock yesterday. Earning season rolls on. Big names include cocacola, lockheed martin, Philip Morris and travelers this morning. After the bell attention turning to streaming giant netflix. We will anticipate what the numbers will be. President trump saying he will sign executive order temporarily suspending immigration as part of the war against the coronavirus pandemic. Getting america back to work, georgias governor announcing businesses can reopen this week. Other states including South Carolina and tennessee also starting to ease restrictions. Meanwhile battle over additional coronavirus aid continues on capitol hill this morning. Businesses are waiting for the muchneeded funds to become available. Senate likely to vote today. The house tomorrow. Banks are warning that the proposed amounts could run out in days. Plus questions rolling about kim jong un and his health after reports of a heart prejudice. Mornings with maria begins now. Lets check Global Markets right here. European indices down across the forty, ftse down 92, cac quarante in paris down 100 points and dax index lower by 250 this morning. Germany canceling oktoberfest due to coronavirus pandemic. The Worlds Largest beer festival normally attracting millions of people all the way to munich. Loss as cross the board overnight in asia, lets take a look. The worst performer there was hong kong, down 2 and a quarter percent on hang seng index overnight in asia. Top stories we are watching this morning. Focus this morning on north korea that kim jong un may be in Critical Condition following heart surgery. He missed celebration for grandfathers birthday. He was last seen at meeting few days earlier. The white house says it is aware of the reports. The developments come amid claims by north korea that the country has seen zero cases of coronavirus. President trump plans to sign an executive order today temporarily suspending immigration amid the coronavirus pandemic. The president tweeted last night this. In light of the attack of the invisible enemy as well as need to protect the jobs of our Great American citizens, i will be signing executive order to temporarily suspend immigration into the United States. This as travel restrictions remain in place for china, europe and the uk, south korea and iran. The mood following yesterdays joint agreement between United States, canada and mexico to extend restrictions on nonessential travel across shared borders. Protestors are openly defying social distancing guidelines to rally against coronavirus lockdown orders. Across the country hundreds of people waved american flags and held up signs at demonstration in pennsylvania yesterday. Protestors are slamming the state safety precautions as act of tyranny. Similar demonstration in maine. And in Georgia Governor Brian Kemp allowing businesses to reopen, gyms, barbershops, nail salons can open asals as friday. Restaurants and Movie Theaters can open next year. New York Governor Andrew Cuomo with meet with President Trump at the white house to discuss states response of coronavirus pandemic. The two have had contentionous relationship, more than 14,000 people have died in new york city. The epicenter of the outbreak. Cuomo is also calling on the federal government to pay 50 bonuses for frontline workers. Lord taylor reportedly can file for bankruptcy. Coronavirus pandemic has forced to temporarily Close Department stores in the United States. Filing can come from niemanmarcus this week. Oil having huge sell off. Crude oil demand reaching alltime low. President trump speaking of record low prices yesterday at the white house. Based on the record low price of oil that youve been seeing at a level thats very interesting to a lot of people, we are filling up our National Petroleum reserves, the Strategic Reserves and we are looking to put as much as 75 millionbarrels into the reserves themselves that would top it out. That would be first time in a long time thats topped out, for the right price. Maria and joining the conversation this morning fox business Dagen Mcdowell, wall street journal Senior Writer Jon Hilsenrath and National Taxpayers union senior fellow strategist mattie. Dagen, we were watching the market collapse during our program and when the market opened prices went negative. We have to get phil flynn to explain what that means. I know it was the expiring contract but certainly looked strange, the market having collapsed the way it did. Dagen right. Is phil on with us . Have we gotten them yet. I will never bigfoot phil on oil. [laughter] maria phil, do you want to explain first, phil flynn, how its possible that oil prices are negative 37 right now. Phil its a perfect nightmare and theres a perception and growing reality that all of the oil thats being produced, that theres no place to put it right now. If you look at the global storage tanks around the entire globe, they are filling up to the brim. In oklahoma where they delivered the oil, that Storage Facility is about 80 full and at the current rate its going to be completely full mainly by the end of may, so what the market is saying right now if youre an oil producer, dont try to jump to oil unless you want to have someone unless you want to pay to take it away and because theres no demand, what we are seeing here is the reflection of what has been happening and the inability of opec and not opec countries to cut back production a few months ago when they should have done it when demand was falling off of the map. Maria so when you look at the contract that is in use today, the contract yesterday was expiring, how much of the expiration was at fault here and how much was it that oil demand was actually getting sopped up . Phil i think a big part of it and when it created negative it created more doubt at the end of the curve. So this perception has may become a reality and the fear that we will run out of storm. This will force producers to stop producing. They are going to have to stop producing and my concern right now we are word about negative prices for the next few months which is a possibility if producers dont stop producing, but im more worried about longterm production destruction because this is a devastating blow to Energy Producers around the globe and even though demand has stopped right now, longer term, we may be paying the price for this many years down the road. Maria and dagen, weve already seen at least one shell producer file bankruptcy protection in this environment. Dagen right, this adds to pressure on local economies and on jobs in oilproducing parts of the country. Phil, just to put this in perspective, literally its cheaper to take a bath in oil than water. Phil it is. [laughter] dagen thats theoretical, but you basically will get paid to take on the oil if you got somewhere to put it whether its in a Swimming Pool or in your bath tube. Thats how upside down the world has gotten, but i want to point out the later month contracts, the june contract, for example, was still trading above 20, that rolls over this afternoon in august the august contract closer to 30. Is that the market at least telling us that theres a rebound in oil or at least theres some stability a few months out as the u. S. Economy and the world begin to reopen . Phil i think thats absolutely what its saying. Theres still optimism in the price but now after yesterdays debacle they are pushing that back further in the future. You look at the june contract, for example, there was a panic selloff here in the last hour or so. We saw the june contract, i think, as low as 11. Its rebounded the 16 so the disease that hit the frontmonth contract seems to be spreading to the back end of the curve which is more of a concern, i think, you know, for the Energy Industry. If this becomes entrenched in the market psychology, its going to really cause a lot more pain in the industry, and youre absolutely right. I was getting phone calls yesterday from producers saying, hey, i have trading in oklahoma, theres going to be a point where the prices are going to force prices back up but we are not there just yet. Maria all right, we will keep talking about this. Yesterday oil and stocks sort of decoupled by the close. Phil flynn, thank you very much for talking about oil. We are just Getting Started this morning. Coming up fox news strategic analyst is here on kim jong uns status and the military implications. We will talk a little china with jack keane coming up. 7 00 a. M. Hour editorial steve moore on getting the economy going again and the managing partner adam schaffer. Dont miss that. John kennedy live here on the president s decision to halt immigration. The letter publisher denise and dean banks on americas food supply. We are checking out markets, futures next as investors are grappling oil to start and, of course, the shutdown in the economy. Dow industrials down 345, back in a minute. Maria welcome back, lets take a look at markets this morning. Day is beginning on the downside. Futures under pressure once again. Decline at start of trading about 400 points on dow industrials. As you can see the markets moving and it is down 402 on the dow. Down 35 on the s p and 65 points lower on the nasdaq. The dow industrials fell by better than 2 yesterday pressured by shares of boeing and exxon, two big losers on the dow, the s p and the nasdaq also down better than 1 on the session. Joining me right now is Trust Company cochief Investment Officer hank smith and joining the conversation fox business Dagen Mcdowell, the wall street journal Senior Editor Jon Hilsenrath and National Taxpayers union senior fellow president mattie, great panel this morning and i thank everybody for being here. Hank, let me kick it off with you, the move in Oil Yesterday certainly set the tones for markets. Do you think oil will start setting the tone for stocks Going Forward . Yeah, its a reminder that despite the massive rally weve had over the past 3 weeks, we are still facing greatist Economic Contraction in the countrys history. This is not going to be a straight road back to new alltime highs for sure and that was the stark reminder. Maria Jon Hilsenrath we have been talking about the expected contraction in the Second Quarter, it could be contraction of 20 , up to 30 contraction in gdp for the Second Quarter and now im saying we could get a contraction in the First Quarter as well. We are talking about a recession this year, 2 quarters of contraction, Third Quarter could be contraction as well. The question is how severe would it be, jon . Jon well, you know, maria, thats a good question and i think those numbers for the Second Quarter when they come out are going to alarm people but they need to be kept in perspective. When we hear about a contraction of 25 or 30 , thats in the annual rate of growth, so those numbers are annualized, divide by four to figure out what the actual contraction was for the quarter. If its 25 , more 5 or 6 actual contraction. When economists talk about this, they mule ply by 4 give or take to get an annualized rate. We need to work really hard to keep whats happening in actual perspective. Maria so what do you think, then . Jon i think its a big hit. You know, again, when we talk about Unemployment Rate going back to level that is we havent seen since the Great Depression and we could for a few months, the thing to remember is that in 1930s Unemployment Rate was up near 20 and stayed there for years on end. The hope and i think maria wow. Jon the prayer of a lot of people that you know employment rates go very high and then comes back down as the economy gets back on track. I mean, i think its going to be shocking maria a snapback by the end of the year. Hank, do you want to invest in this environment . How are you allocating capital right now . Yes, you do want to be invested because, look, this is part of being a longterm investor and enjoying superior rates of return that the markets give you. You have to be able to withstand the kind of bull pull pacs pullbacks and bear markets. If youre looking of having cash on the sidelines, i think the market got ahead. Theres no such thing of 4week bear market and i think we will have a test but i do believe its going to be a brief bear market, its going to be a brief but severe recession and on the other side of it we will have a healthy recovery. Maria yeah, i mean, i just want to read you nancy lazar from Cornerstone Macro, she says we are revising up our second half gdp forecast from down 2 to up 10 for the second half, hank. Shes got the numbers in the Second Quarter, shes talking about im sorry in the First Quarter shes talking about a contraction of 3 and a half percent. Thats the First Quarter. The Second Quarter shes talking about a contraction of 25 and then in the third shes talking about a contraction of 2 , but then in the Fourth Quarter shes got a gain of 3 to 5 in growth. Do you think we will see a snapback in the Fourth Quarter, real quick, hank, we have to jump. Here is what we know extraordinary monetary fiscal policy, we know that. How quickly will the consumer resume normalization, how much pinned up demand would be unlearned . Thats the variable. Maria all right, we will leave it there. Hank, great to talk with you this morning, thanks so much, we will see you soon, sir. Hank smith joining us there. Stay with us. We will be right back. As we work to get through these times together, 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. Maria welcome back curving coronavirus. President trump announcing executive order which will halt immigration in the United States n. A late night tweet the president wrote this n light of the attack of invisible enemy and protecting jobs of american citizens, i will be signing executive order to temporarily stop immigration. Mattie dupler, weigh in here. Mattie maybe hes going to suspend certain types of visas, maybe hes going to close out the borders entirely. Definitely what the president did the action he took to make sure we had fewer people coming from china was huge in spreading the virus in california and people coming from europe, however, the administration should be careful. The president has certainly sent message with tax cuts, deregulatory agenda that the country is open for business. Closing down our borders to immigration could send the opposite message and ultimately stem the ability of the economy to get back online. Administration needs to be careful on how they execute the order. Maria dagen, what do you think in the temporary suspension is coming as existing travel bans are still in place, ban on china, europe, south korea that remain standing. Dagen exactly. That was the point was going to make before peoples catches on fire over this tweet and this executive order. Even without this executive the administration has all but stopped every form of immigration coming into this country, most visa processing has been stopped, meaning almost no one can supply for visa to visit or move to the United States right now. This is all in the wall street journals reporting. These are interviews and citizenship ceremonies have been postponed, refugee program, migrants crossing the border immediately sent back if found. To matties order includes exclude migrant workers, but theres always this, people who, you know, their goto to hate the president , its always the overreaction so the devil is in the details and the details show you some people will still be coming into the United States if we need them here on the job and then basically immigration is already shut down as we try to fight this deadly virus. Maria a friend of mine said the other day and she lives in italy. Maria, when do you think i will be able to travel in the United States again. It got me thinking about it. The last thing that will come back in terms of reopening the economy is international travel. The last thing, because look at what is going on in italy in terms of coronavirus and away from the United States. You dont want to have people coming in from other countries to just, you know, start up and flair up coronavirus and the cases start going up again. Thats the whole point. Dagen and in new york city much of the cases of this virus came from europe, in fact, so if theres a fear about tourists pouring back into the United States, i think thats an absolute legitimate one is we try to get arms around fighting the virus on our shores. John can i jump in here, maria . Maria go ahead, jon. Jon i was just going to say. The president s tweet said he was cutting off immigration to protect american jobs. I mean, that so i understand politically appealing to a lot of people but i want to say cracking down on immigration is not an americas longterm interest. In order to get the economy growing, our advantage is growing, thriving population and, you know, it might sound appealing on the shortterm to cut back on immigration, but we need population growth, we need people coming into this country to get this economy growing in the long run and i hope dont lose perspective on that. Maria yeah, no, i think this is about pandemic that we are in the middle of it. Jon he says we are doing it to protect jobs. But he says doing it to protect jobs not about not for health reasons. Job reasons. Maria i see. Thats a good point actually. Jon hes framing an economic question and its not in the economys long run interest to cut off immigration. You know, we have a long history of weve cracked back on immigration from italy, from china, from japan, from mexico, over 2020 years of history. Its not in our longrun interest. Maria lets take a break. When we come back we have to get to ppp program. The money apparently on the way. Wewe are waiting on a vote on te senate. How long can coronavirus live on shoes, even on your mail. We are zeroing in on the life span of the coronavirus on surfaces, back in a moment when we come back. Life isnt a straight line. And sometimes, 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. A partner who makes sure every step is clear, youre first. First to respond. First to put others lives before your own. And in an emergency, you need a network that puts you first. That connects you to technology to each other and to other agencies. Built with and for first responders. Firstnet. The only officially authorized Wireless Network for first responders. Because putting you first is our job. Maria welcome back. Good Tuesday Morning, everybody, thanks so much for joining us. Im maria bartiromo, it is tuesday april 21st, your top stories right now 6 32 a. M. On the east coast. Oil in focus once again this morning. Crude Oil Prices Still in negative territory after falling to a record low yesterday after negative 37. 63 a barrel. Massive selloff in the price of oil. That sends stocks lower yesterday and continues this morning. Futures indicating lower opening for broader markets this morning. Dow industrials down 416 points. S p futures lower by 37. The nasdaq futures down 68 points right now. This after the historic oil decline yesterday fueled the selloff in stocks. At the close the dow down almost 600 points. European indices are down. Cac quarante in paris down 114 as well and dax index in germany lower by 300, 296 and change, lower on the dax. Germany has canceled its oktoberfest due to coronavirus pandemic, the Worlds Largest beer festival normally attracting millions of people to munich. Asian markets overnight down following wall streets lead across the board. Weakness as you see about 2 on average on the hang seng down 2 and a quarter percent. President ial hopeful joe biden commenting on the democrats dream ticket. Cheryl casone with those details, cheryl. Cheryl good morning, maria. Joe biden says that he would name Michelle Obama in running mate in a heart beat in interview, biden called michelle brilliant but he added she doesnt she that she would want to live anywhere near the white house ever again. Meanwhile his campaign is celebrating its best month of fundraising yet, bidens team reached 46 million in march. Struggled to bring cash for must of the campaign but fundraising has spiked in the last couple of months. Shares of ibm were under pressure, premarket trading after they reported miss on revenue stock down 4 and a half percent right now. Drop in revenue for the First Quarter and withdrew annual forecast due to the coronavirus. Something that we may see Many Companies frankly do during this reporting season. The revenue miss coming as ibms new ceo is working to generate more sales from Cloud Computing on the call he said unprecedented times it was not the time to declare that they have any clarity. Well, celebrity miami power Alex Rodriguez and Jennifer Lopez want to buy the new york mets, at least a big piece of it. Two reportedly hired Jpmorgan Chase to raise necessary funding. Rodriguez first showed interest in the Major League Baseball franchise back in february. The mets are worth 2. 6 billion. You may remember billionaire steve cohen tried to buy stake in the team last december. The couple will likely work with a bigger group to take control from the team. Finally, a viral singing surgeon is at it again trying to bring people some comfort. Cheryl that is one of the four songs in a new album, yes, album, by mayo clinic doctors, music is medicine. All of the proceeds from the sales will go to charity that support people that are most affected by covid19. The duo first went viral for rendition of john will nons song imagine, maria, and actually they have been singing together for years so they are just having their moment right now in the middle of this mess of a pandemic. Maria i love that. That is great story, cheryl. Thank you. Meanwhile this, one of the headlines to have day, kim jong un reportedly in Critical Condition this morning. The north korean dictator recovering from Cardiovascular Surgery according to south korean media. The white house is aware of report but no confirmation. Kim jong un last appeared in state media on april 11th, joining me right now fox news senior strategic analyst retired general jack keane, general, great to see you this morning, do you believe these reports are true, what do you think about this, what does kim jong uns absence mean for north korea Going Forward . Jack first of all, missed key holiday, thats usually significant. South korea disputes that as serious a Health Problem as being reported. You know, the last time when his father missed a key celebration, 60th anniversary of north korea back in 2008 it turned out he had a stroke and that began declining health to his death in 2011. Usually when Something Like this happens, maria, theres something really going on here, whether its cardiovascular disease leading to a major operation and now in Critical Condition. We just dont know. This is such a closed society. Certainly our intelligence is all over this as is south korea and taiwan, they have active Intelligent Services and time will actually tell us and what the speculation would be if there is a change in leadership there, that is such a Close Society that anybody predicting that would be likely unfounded. Maria general,let talk china for a moment crying foul this morning amid coronavirus. The Chinese Foreign minister says only covid19 is to blame for the pandemic and not china and that the country is a victim of the virus after reports that the country did, in fact, import millions of dollars worth of personal protective equipment from the United States in the first two months of the year. I want to also ask you about hong kong. Let me stay for a second. I have details, data from the Chinese National customs, okay, and im looking at this right here. Let me tell you about face masks, increased 18 fold for the months proceeding january 2020 with an average 18 million per month in september of import of face masks into china. Then youve got goggles, chinese monthly import of goggles and spectacles, get this, general, up 260 in january and february 2020 over Monthly Average previous four months. Surgical gloves, import up 242 in january. Oxygen therapy, chinese monthly reports of oxygen therapy and other respiration apparatus, up 163 in january. Let me point out that china is the producer of half of the worlds capacity on all the stuff and they had the buy more in january, up 200 in terms of what they were buying. This is pretty clear that they knew exactly what was going on with this pandemic and we wanted to protect china and vacuum up all of the equipment and the rest of the world is at a disadvantage, general . Jack theres no doubt that china chinas deception, permitting that to grow into a worldwide pandemic, now, cast china and you can see the growing resentment and antagonism. President xi and regime is being an international perria. African nations speaking out and european nations, the nations in the pacific. They know full well about the regime, but now the world is coming to a fact, they have to reassess their relationship with the communist Chinese Party and china and that is what we are seeing. Xi is back on his heels on the way that i have never seen before since hes been in power. Maria i dont know that the communist party cares. Look what happened in hong kong, prodemocracy leaders arrested including media mogul jimmy who has been a guest on the program. Is there another example of china trying to change the narrative here . Look, lets not forget before this pandemic the incredible amount of pressure xi jinping was under. He had donald trump poking him on tariffs. He had an economy weaking because of tariffs and 2 Million People in the streets every day protesting hong kongs chinas authoritarianism, general, and now the protestors are gone, nobody is talking about the protestors in the middle of the pandemic and they go into hong kong and arrest 15 people this weekend . Jack yeah, china, i think, is actually doubling down here because whats happening, their public image is sacred to them and when i talk about public image, im talking about internationally their public image but also the domestic public image and believe this, its a fact that china fears more their own people than any other country. When they have a tendency to be back intoed the corner and thats happening to be them internationally, what do they do, they lash out. They are doubling down. They know that the protestors in hong kong are thinking about restrictions are being removed, mass protesting again and they are sending a loud message to them by arresting jimmy li who is a personal friend of mine and those other leaders and i think theyll be very tough this time if the protestors gather in the streets of hong kong, step up activities in taiwan and South China Sea lashing out because of the world condemnation of what they have done. Maria is he released again, general, they arrested him a couple of months ago but they released him right away. Jack yeah, they released him in 5 hours, its what it takes to process him. Maria okay. Jack i think they are on a path probably to do something in terms of jailing some of these people which will absolutely be tragic and people just exercising their Civil Liberties to demonstrate. Maria yes, general, thank you so much for weighing in this morning. We will certainly be watching this very important story. General jack keane. Quick break and coming up, the coronavirus life span, how long can this virus live on surfaces, on clothes, on shoes, even your mail, we are zeroing in. Stay with us. Maria welcome back, alarming numbers this morning on coronavirus. Los angeles county residents may have been infected by early april surpassing official numbers of confirmed cases. Research finding that over 4 of the adults have antibodies in their blood indicating past exposure. Joining us right now fox news medical contributor and author of the book make america healthy again, dr. Nicole saphier, thanks for being here. These are startling statistics. Tell us about the antibodies and what we need to understand. Nicole well, new headline comes out of california. Usc did prevalence testing, they randomly tested the blood of shy of 900 people who see who had antibodies to the coronavirus, how many people actually recovered that didnt know were infected. This was in parallel to santa Clara Sanford study and i have to go with caution with these because although both of the studies did show that theres probably much larger amount of the population whose already had the coronavirus and recovered of the coronavirus with antibodies circulating in their systems, both of the studies had a small sample size and relative to the big population, but also theres been some debate on their confidence intervals because we werent sure that theyre actually accounting for the false positive rates in some people as well as the false negative rates, so the trick is when youre looking for the antibodies, its just a moment in time. If youre looking for igg, thats an antibody that is circulating in the blood stream. Anywhere from a week to a month after the actual infection itself, so if someone just had the infection, say, a couple of days ago, may may not actually have had igg circulating in their system yet, that would be what we call a false negative, meaning they did recover from the viral infection but they dont have antibodies yet and also false positives can occur because the tests can detect other antibodies from other viruses, like other coronaviruses specifically like from common cold. Maria questions are circling about the virus on how long it can live on clothing, shoes, mail, this is important, for example, when somebody is going to visit their parents, their grandparents, we are told to take off our shoes because the shoes carry the coronavirus. Tell us about these things, clothes, shoes, mail, how long does the coronavirus stay on the surfaces . Nicole reports that came out told us that the coronavirus can actually live like a live virus can live on card board for about 24 hours and then even plastics an metals up to 3 days, of course, this was alarming for people and when we were trying to get more information about this coronavirus, we were saying we need to be careful, everything is wiped down, continue to wipe out everything, but the truth is youre significantly more likely to contract the viral illness, again, if youre in close contact with someone. Thats why the 6 feet social distancing is so important right now. This is a respiratoryborne virus. Thats the way to get it. The truth is when it comes to shoes, theyre very dirty. There have been small study that is about 50 of healthcare workers who were working in covid wards had coronavirus on their shoes when they went home. We should be taking off our shoes going into the house because this would help with people with allergies as well as decreasing infection if you have pets and small kids that go on the floor. Maria great to see you, have a good day, thank you so much. We will be right back. Astay stay with us americas oldest lighthouse has weathered many storms. Seeing the break in the clouds before anyone else. Together, well weather this storm. Maria coronavirus hitting americans in the wallet. With added pandemic, the struggle is getting worse. Joining me right now the author everyday millionaires, ramsey solutions, chris hogan. Chris, good to see you this morning. Tell us how the coronavirus deepen the Coronavirus Crisis that many are facing this morning . Chris, well good to see you too, maria. The reality is that we have the market down, unemployment is up and people are reducing how much they are saving for the future. This is alarming, however, looking, people are still in the place of trying to get a feel for where they are with retirement. 55 of people are saying that they are planning to put less in. Weve got 56 of people that say they dont know how much they will need for retirement, so this is a perfect storm, however, i see this pandemic as an opportunity to wake people up and really start to Pay Attention. You can either Pay Attention or you can play catchup and the reality is this pandemic is only went a few weeks here but with retirement, maria, we are talking about a lot of years, so hopefully people will look at this and start to get more engaged in their planning and the steps they are take to go provide for the future. Maria its a very important reminder, chris, real quick on what we should be doing about it, just make sure youre not slowing down on your savings then . Chris yeah, if your income is steady, maria, im telling people to stay focus, keep doing what youre doing. I advise people to invest 15 toward your future. But if your job has been lost you have to go to conserve mode and take acare of things first. Maria chris hogan with the right advice. Still ahead, we are watching you at home. Now companies are monitoring remote employees amid this pandemic. We will tell you all about it when we come back. Mornings with maria right now. Stay with us. I feel cared about as a member. Theres no extra costs for it or anything like that. Its all kinda like, through the app. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden. Sofi has brought me peace of mind. Truly thank you for helping me prepare for whatever the future has in store. Its all because sofi let us see light at the end of the tunnel. So thank you. Thank you. Maria welcome back. Good Tuesday Morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is tuesday, april 21st. Your top stories right now, just before 7 00 a. M. On the east coast. Oil is in focus once again, crude Oil Prices Still in negative territory after falling to a record low of negative 37. 63 a barrel yesterday, crude oil continuing that decline. Futures pointing to a lower opening this morning, take a look at the stocks and we are expecting a triple digit decline out of the gate this morning with dow futures down 391 points, s p futures lower by 35, nasdaq futures down 60 points, this after that historic oil decline fueled a selloff yesterday. Stocks were down across the board on wall street. The dow industrials closing back down by the lows at 4 00 with the dow down 592 points yesterday, nasdaq down 89 and s p lower by 51. Earnings season rolls on, cocacola with a double beat this morning, saying it is well positioned to manage through the covid19 pandemic. It remains optimistic on seeing sequential improvement in the back half of 2020. The company is with drawing its full year guidance. The stock is up almost 1 . Other big names this morning reporting earnings include lockheed martin, Phillip Morris and travelers. After the bell tonight attention turns to netflix for the quarterly numbers. We will anticipate that this morning. President trump says he will sign an executive order today temporarily suspending immigration as part of the war against the coronavirus pandemic. He is also working on getting america back to work. Georgias governor announcing some businesses can reopen this week. Other states include South Carolina and tennessee, also starting to ease restrictions and go back to work. The battle over additional coronavirus aid continues on capitol hill this morning as businesses await muchneeded funds to become available. The senate likely to vote today, banks are warning proposed amounts, however, could run out in days once again. Plus this. Questions are swirling about kim jong un this morning and his health after reports of a heart procedure. Mornings with maria is live right now. Global markets are lower this morning, taking a cue from wall street, markets under pressure in europe. Germany canceled its oktoberfest due to the coronavirus pandemic. The Worlds Largest beer festival, normally attracts millions of people to munich. That is now canceled. The german dax index this morning down 268 points. In asia overnight wall streets lead overnights with losses across the board. Take a look, you see the worst performer in hong kong, hang seng index down two and a quarter percent. All those stories coming up this Tuesday Morning. Joining me to break it down, Dagen Mcdowell, Jon Hilsenrath and matty duffler in new york. Theres a lot happening and here are the top stories that were watching this morning. All eyes this morning on north korea amid unconfirmed reports that kim jong un may be in Critical Condition this morning following a heart surgery. Speculation about kims health began last week after he missed the celebration for his grandfathers birthday, the founder of north korea. He was last seen at a meeting a few days earlier. The white house says it is aware of the reports, the developments come amid claims by north korea that the country has seen zero cases of coronavirus. President trump plans to sign an executive order temporarily suspending immigration amid the coronavirus pandemic. The president tweeted this last night. In light of the attack from the invisible enemy as well as the need to protect the jobs of our Great American citizens i will be signing an executive order to temporarily suspend immigration into the United States. This as existing travel restrictions remain in place for china, europe, the u. K. , south korea and iran already in place. The move follows yesterdays joint agreement between the u. S. , canada and mexico to extend restrictions on nonessential travel across shared borders there. Protesters meanwhile are openly defying those social distancing guidelines to rally against coronavirus lockdown orders. Hundreds of people waved american flags, held up signs at a demonstration in pennsylvania yesterday, protesters slamming the states safety precautions as an act of tyranny. A similar demonstration was held in maine. In georgia, the governor allowing business toss reopen this this week. He said gym, barber shops, nail salons can open as early as friday. Movie theaters can open next week. The coronavirus outbreak may be 55 times bigger than the number of confirmed cases, that is according to the new Antibody Testing in los angeles county. Researchers at the Southern California university and the department of Public Health believe more than 4 of the country, of the county has antibodies to this virus. Doctors estimate that the number of people im expected could be more infected could be more like 450,000 than the 8,000 confirmed cases. The coronavirus pandemic forcing millions of americans to delay mortgage payments under a government program. The number of homeowners seeking relief of forbearance jumped 60 compared to the prior week. The wall street journal reports the government may allow fannie mae and freddie mac to buy home loans that have gone into forbearance, it would help Mortgage Companies facing a cash union. Oil turned negative for the First Time Ever yesterday, crude oil demand reached an alltime low as the World Economy stalls due to the coronavirus. Take a look at oil this morning at 31. 38 a barrel, the unprecedented selloff revealing that the saudi arabia deal did little to ease investor fears, leaving investors struggling to find a solution to this demand issue. Joining me now is the American Petroleum institute ceo, mike summers. Thank you very much for joining us. Great to be with you. Maria explain to us what took place yesterday with that expiring contract sending oil prices into negative territory. So what you had yesterday was really a combination of events. You have an extreme amount of surplus oil on the market. But you also have historic demand low as a consequence of the coronavirus. And of course, you had that futures contract expiring today and that confluence of events led to these negative oil prices. Maria, though, if you look at it in the long term, june futures prices are still in the 20s. So were confident that this industry can rebound once we get through the coronavirus. Maria yeah. I mean, but Even Oil Prices in the 20s, come on. I mean, youre talking about a massive collapse. We are expecting Shale Companies to go bankrupt with oil prices below zero in one contract and in the 20s in another, hundreds of Oil Companies are now in jeopardy, right . Yes, were very concerned about it. We applauded what the president did on this front, particularly in his negotiation was the saudis and the russians. But remember, those cuts dont go into effect until may. Now were hearing this morning that some of those cuts could be fastforwarded to very soon, so were hopeful that those cuts take place as quickly as possible so that we can get these oil markets back balanced but we really need demand to come back if were going to have success in bringing this industry back. Maria but youre not expecting demand to come back any time soon, right, mike . I mean, lets face it the world is shut down. Well, what weve seen is this historic drop. I mean, our estimates are that we could go to about 80 Million Barrels a day of demand in the month of april. Thats down 20 Million Barrels. The world usually consumes about 100 Million Barrels of oil a day and because of stay at home orders, what youre seeing is demand continue to go down. And we have obviously significant concerns about that. Weve got to get through this virus and get america back to work and the world back to work if were going to see prices rebound the way they should. Maria and you discussed this earlier this month. You attended the white house meeting on the state of the Energy Industry along with the American Petroleum Institute Member countries. What challenges remain for the industry . Can you tell us about that meeting . It was a great meeting. The president acutely understands the problems within this industry and the demand contraction that has occurred as a consequence of coronavirus. The meeting was really focused on making sure that the saudis and russians came to the table for this historic agreement but as we explained to the president then and as we are concerned about now, until america gets back to work, were not going to see a significant increase in the price. Thats because americans have stopped commuting. We stopped driving. We stopped flying. As a result of that, we see this historic demand drop. But were working with the white house now. Were working with the department of energy in particular on some solutions here, particularly as it comes to storage. The real issue that happened yesterday and is ongoing today is that theres not enough places to put this oil. So we need to get new solutions on the table as quickly as possible so that we can store this oil when its not being used. Maria and have you spoken with some of your members, the major Oil Companies of the world to see if they can actually handle this in terms of storage . What are they doing about it, mike . Well, absolutely. Everybodys trying to get creative here. You may have seen that even there are tankers right now floating in the worlds oceans, filled with oil. That went from about 10 tankers in the month of february to about 60 right now. So there are a number of Creative Solutions out there and were working with the administration to find more. Maria all right. Well leave it there. Mike, great to get your insights this morning. Thank you, sir. We will see you soon. Well be watching the oil markets. Mike summers joining us there. Coming up, we have former wall street Journal Editorial Board member steve moore on the program on the economy getting going again. And then the managing partner oetaly, adam safer on the restaurant shutdowns. At 8 00 a. M. This worn well be joint morning well be joined by john kennedy. Dennis gartman is here on markets and dean banks on americas food splievment dont miss a moment of it. Were watching netflix, the streaming giant reporting after the bell tonight. What to expect from netflix, back in a moment. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Once weekly trulicity is for type 2 diabetes. Its not insulin. It starts acting from the first dose. And it lowers risk of heart attack, stroke, or death in people with known Heart Disease or multiple risk factors. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, severe stomach pain, changes in vision, or diabetic retinopathy. Serious side effects may include pancreatitis. Taking trulicity with sulfonylurea or insulin raises low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. Maria welcome back. Netflix set to report First Quarter earnings after the closing bell today. The stock is up this morning. Analysts are expecting revenue of 5. 7 billion and earnings per share of 1. 65. The streaming service seeing increased viewership as millions are staying home due to the coronavirus. Joining me now is Cfra Research analyst, tuna amobe. Great to see you. Thanks for being here. What are you expecting from netflix tonight . Well, i think netflix has guided to about 7 million global net subscriber growth for q1. We think because of the coronavirus and the spike in home viewing, the expectations actually are much higher than that and we would not be surprised if they significantly beat that expectation, which is why, maria, you see that shares have been by far the best performinperforming so far in 2. Maria yeah. I mean, this company is obviously poised to benefit from the shutdown and everybody at home. But how longlasting do you think this can be, tuna . I mean, once you sort of acclimate yourself and get and used to it and understand netflix, do you keep it going even when you go back to work . Do you think this is an important milestone that the company is able to achieve here, that will be sustained . Well, as we think about the Addressable Market of streaming, even before this covid19 outbreak, i think theres always been a lot of potential upside in international markets, they are still way underpenetrated. Ironically here comes covid19 which provides a catalyst for people to those that havent subscribed to netflix, they discovered the platform. Theres a lot of shows that they have timed to coincide with this inhome stays. So when i look at a lot of studios that are kind of figuring out how to fill their pipelines, netflix seemed like they were prepared for this. So to your question, we think this is something that could actually carry through into the rest of the year. Maria yeah. And thats why youre seeing acquisitions. We had the ceo of verizon on last week, hans vestberg. He announced he was acquiring something called blue jeans, which is like a zoom. And then you have fandaggo its acquiring voodoo, offering on demand movie and tv purchases, rentals, walmart acquired that platform in 2010 for 100 million and it comes as coscomcast is set to roll out te peacock streaming service. You see moves, even acquisitions to try to capitalize on this idea that people need to stream or do Video Conferencing from home. Indeed, maria. I think theres intensifying of the streaming wars, you can add to that your Parent Company that just closed on a streaming platform for 40 million. That tells you how the companies are clamoring to have their own stake in this intensifying war that has different models. To your point, peacock went ahead to launch just as they planned this past april, hbo max is still on track, so its kind of ironic that these platforms are looking at this inhome stay as a way to reach out to captive audiences and i think it really speaks to the power of the platform and so this is something i think that really has changed the dynamics of the inhome, all of this technology, zoom, or whatever, investors are starting to look at some of these things a little bit different. Maria Jon Hilsenrath. Tuna, weve seen amc theaters drop more than 50 this year. At what point is there a buying opportunity for these old line Movie Theater stocks . Eventually i would think people are going to want to go out and spend some time outside again once the economy opens up. Is there a buy there at some point . You know, ive got to tell you, the Movie Theaters have been one of the hardest hit in this whole pandemic which is quite understandable. Amcs actually even more unique because they placed a huge bet with the string of crossborder acquisitions. So for them, this thing could not have been it could not have come at a worse time. To your question, shares look ridiculously inexpensive but when you look at the debt burden they have, they came through another cycle of refinancing. We still have a buy on them, i have to say, but frankly this is really based on a call that at some point, which we think is not in the near future, people will start to feel a little more comfortable about going out, back in the theaters, but at this point its really a wait and see and with the shares trading where they are, you have to wonder how low can that go. Theyve got to deal with near term leverage issues which they still have to confirm. Maria yeah. Really important points that you bring up, tuna. Its great to talk with you this morning. Thank you, sir. We will see you soon. Thank you. Maria tuna amobe joining us there. Coming up, aiding Small Business, inside the potential deal to get main street businesses the money that they need, it is held up in congress. Were expecting a vote soon. Well talk about it. Then, watching you in quarantine, how your company could be tracking you as you work from home. Back in a minute. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Maria welcome back. Senate leaders are preparing to pass phase 3. 5 of Coronavirus Relief as early as today. The 470 billion additional package would include 310 billion for the paycheck protection program. 60 billion in disaster loans, 70 billion for hospitals and 25 billion additional for testing. However, banks are warning that that is not going to be enough for the ppp to even last a week. Dagen mcdowell, we know that the money has already run dry from the first 350 billion tranche. What are the odds of this getting done this week, number of senators yesterday, sunday, rather, told me theyre ready to vote yes today. Dagen it will get done this week. The democrats should have voted for what Mitch Mcconnell put in front of them, it was roughly 25 lines in a refresh to refund this program. That was almost two weeks ago. That was a week before the money ran out and the democrats playing politics didnt move and here we are. And businesses are struggling. All the Small Businesses who i talked to in new york and beyond, theyre thinking about how am i even going to survive the next few weeks. Ive got 51 years of pentup rage as the child of two Small Business owners and i can tell you that Small Businesses, which make up half of the jobs in this country, have been screwed over by politicians throughout history. Have been screwed over by bigger businesses, have been screwed over by the big banks and this is a testament to how Small Business owners have been treated literally for decades, because these loans and ive been very loud and very upset about this. But a lot of these loans went to larger businesses that the smaller businesses were overlooked. In fact, Jp Morgan Chase issued 115 million in forgiveable loans to at least two dozen publicly traded companies. This is according to Research Done by the wall street journal. 20 million in loans to two units of ruths chris. Youre owned supposed to get 10 million in loans for this program. Somehow, ruths chris got 20 million. Shake shack has given the money back. These are companies that have other avenues of funding. In fact, jp morgan committed loans in the tens of millions to both ruths chris and potbelly separate from this in the weeks prior to this program being launched. And i will also just add this. 4 of the applications of these loans in the ppp, the initial 350 billion, 4 were for more than 1 million but nearly 45 were of the approved dollars under the program, 4 of applications represented 45 of the actual dollar amount which suggests that Larger Companies received a disproportionate share of the aid and that is on the banks. Pray fopraise for the communitys for getting money out to the Small Businesses. This is shameful from start to finish and they all better work to fix it and that includes jp morgan. Maria well, you know what, its also the structure of this and the treasury. Because more money needs to go to the Community Banks. Jon hilsenrath, thats where main street banks, the Community Banks were talking about the nail salon, yoga studio, theyre banking with the communities banks. Those are the banks that need the money and many people told me that there needs to be a shift in the structure of this plan where more money goes to Community Banks and of course the rigidness of the rules have to be loosened up as well. That means 75 going out the win window to employees, 25 for other expenses and the eightweek period which both of these issues i mentioned a lot, the eightweek period makes no sense that the clock is ticking as soon as you get the money even though they have theyre in a shutdown, they have no business coming in. Maria, i think those are both really important points. On the banks, you know, my colleague ruth simon did an analysis that found that whether you got money depended mostly in this first wave on who your banker was and whether your banker had the skills and technical competence to get the money out. So it wasnt based on need. You know, and in many cases as dagen said the bankers were getting the money to the biggest, most important clients. There were a lot of inefficiencies in that process. As to your point about the restrictions, you know, i agree, theres so many inefficiencies about the way this is working. One of the things that puzzles me, on the one hand the government is sending money out to unemployed workers directly and paying them 600 extra a week. On the other hand, its paying these Small Businesses money to keep their workers. So theres all kinds of crossincentives that are really bizarre about this and i wonder if it would be better to just get the money to Small Businesses and let them decide how to use it. Dagen jon, i want to give those stats i was citing, those were from ruths article she wrote with peter, it is rudiger. Yeah, yeah. Dagen i wanted to give them credit for that. Because they did the analysis on that. By the way, chase has been sued out in california for prioritizing larger loans over rather than treating customers on a first come, first served basis. So well see where that lawsuit goes. And ill just say of course dagen was citing those numbers because shes always about three steps ahead of me. But so im referring back to the same analysis. Dagen i give credit where credits due and the journals done a great job on this. Maria mattie, one of the issues here as john mentioned, 600, youre paying people more money to stay home. So in some states you might be making 23 an hour because of that 600 bucks and it goes until july 31st. So the president s talking about opening the economy, reopening it in stages in the next month or so. Why would somebody go back to working at a restaurant, bussing tables, when theyre making more money sitting at home until jul. Weve been talking about the Small Business thats are suffering as a result of the government not designing this plan appropriately but the workers who work for these businesses are the ones who ultimately pay the price. Theyve got two choices right now. They lose their job, they can try to get unemployment but as weve seen the state processes for that a mess. They havent been updated in 60 years. People arent get the Unemployment Benefits theyre applying for. Or they can stay connected to their business because of these ppp loans. Thats why its so crucial that those ppp loans stay funded by congress. The fact that democrats have spent two weeks ditheing on this is unacceptable and its allowing Small Business toss crater Small Businesses to crater. The workers could keep the benefits throughout the course of the uncertainty which is so essential for those people to not have a disruption in their lives as we work to get the economy back online. Maria yeah. All really good points. Well take a break. When we come back, are you being watched in quarantine . How your company could be tracking you as you work from home. You wont want to miss this, coming up. 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. Seeing the break in the clouds before anyone else. Together, well weather this storm. Maria welcome back. Good Tuesday Morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is tuesday, april 21st. Your top stories, 7 33 a. M. On the east coast. Oil is in focus once again. Crude Oil Prices Still in negative territory with nowhere to actually store the oil after falling to a record low of negative 37. 63 a barrel yesterday. The market as you can see now at 33, 63. Negative. Futures pointing to a lower opening for stock price as well. We are expecting a decline of 400 points out of the gate on the dow industrials. The nasdaq futures this morning down 75. And the s p futures lower by 40 points, this after that historic oil decline yesterday fueled a selloff in stocks. In fact, markets traded near the lows again at the close and finished near the lows of 592 points lower on the dow. 89 points lower on the nasdaq and s p was down 51. Global markets this morning continuing selling, markets under pressure in europe. The fq100 right now is down 112 points, the cac in paris is down 110 and the dax index in germany lower by 292. Asia overnight, red across the board there as well, worst performer was hong kong, down better than 2 . Lap corp. Announced it has received approval from the food and Drug Administration to market an athome coronavirus testing kit. Big news, Cheryl Casone with details now. Cheryl it really is, maria. We keep talking about the issue of testing. This athome test will have to be recommended by a doctor and it will be offered first to healthcare workers and first responders. It may later be offered to the public. Now, this announcement has sent lab corp. Stock higher this morning, gaining a little more than 5 in the premarket right now. They launched their first coronavirus test back on march 5th. Definitely a stock to watch and a story to watch today in regards to testing. Lord and taylor reportedly could file for bankruptcy. Sources tell reuters that is one option being considered right now by the struggling retailer. The coronavirus pandemic has forced lord and taylor to temporarily close all its Department Stores in the us. Many retailers have. A bankruptcy filing for Niemann Marcus could come as soon as this week, we should add that. Well, the boys of summer could return to the diamond but it may look very different. Dr. Anthony fauci in an interview with the yes network said when Major League Baseball returns, teams will have to limit the number of fans in stadiums and require them to wear masks but he reiterated in the same interview that the idea of a shortened season played in one or a handful of cities without fans is a more feasible idea for the league. Right now the league is looking at different options for a possible return at some point this summer. We shall see. And when Roger Goodell hosts the nfl draft thursday night from his basement he probably thought he would not get booed like usual. Bud light has plans to make sure the disdane will take place. Monday the beer maker invited fans to record boos and post them on social media under the hashtag boo the commic m commish. Heres a taste of what Roger Goodell gets to hear during every draft. [boos] cheryl so simulated version of the mock nfl draft ran into technical problems early earlies week. The curtain will go up virtually on thursday night. Roger goodell thought im off the hook this year. Hes not. Maria i love that story. Thats great. Meanwhile, we all want to get back to work. Open for business, georgia, tennessee and South Carolina among the states that are preparing to partially reopen this week and next week. Residents are growing restless over coronavirus restrictions certainly. Some worry this could lead to further spread of the illness as georgia and tennessee in particular have not seen two week declines in cases but the governors say the economy needs to get back on track. Joining me right now, former wall street Journal Editorial Board member, stephen moore. Steve, it is great to see you this morning. You also think we need to get back to work. Tell us how you would like to see a rolling open for the nation and are you worried that as we see this slow rolling open, getting back to the economy, it may mean a spike in coronavirus cases again with the spread happening . Well, hi, maria, good morning. First of all, i am a member as you know of the president s Economic Task force for recovery so weve been talking almost every day about this issue. Ill tell you, the president is probably the most bullish about getting the economy reopened as anyone and he has certain he certainly understands the health risk. He also understands that we cant continue until the end of june to get the or even the end of may to get the economy opened, that the economic ramifications of that and frankly the ramifications for Public Health and increase in suicides and child abuse and drug abuse and all of the problems associated with the increase in poverty and unemployment, would just be horrific for the american society. So i believe what youre going to see you mentioned those states like tennessee and georgia, texas is opening up, youre going to start to see over the course of the next six weeks or so a kind of red state, blue state divide in the United States where red states are going to open up at a much faster pace than blue states and thats going to have really interesting ramifications. I talked to a manufacturer in wisconsin yesterday, maria, and this woman said, look, i cant if i dont get my business open in three or four weeks, im out of business. You can board me up and put our business into a corps ss e. E. If i see arizona or texas opening up, im putting things in a uhaul and going to these other states. Theres going to be pressure on blue states to open up as they see red states taking the lead. Maria youve got 21 states set to end the stay at home orders in late april and that means those states range from florida to georgia to illinois to texas, scheduled to end the stay at home orders this month. That accounts for nearly half, 46 of real gdp, steve, and thats why Cornerstone Macro is raising their forecast for the second half of the year. Theyre talking about a contraction in the First Quarter of roughly three andahalf percent, contraction in the Second Quarter, roughly 25 , the Third Quarter theyre actually raising their estimates to up 10 and the Fourth Quarter up to 5 . Do you see that kind of a second half recovery based on where we are right now with the stay at home orders lifting . Well, maria, this is why ive been such a i was one of the first people who said weve got to get the economy opened as quickly as possible. I was saying that towards the end of march, that the economic effects would in a negative way. The answer to your question, maria is this. It matters a lot. Were doing some research right now, looking at what are the implications of, for example, opening on may 1st versus may 15th versus june 1st and what you find is if you can get the economy in many places up and running even on a partial basis on may 1st, then by the end of the summer you could start to see a recovery. If you wait until june 1st then probably all of 2020 is wiped out and youre in a recession well into the fall. So the answer to your question is the starting point matters a lot. Maria thats really interesting analysis. Im going to come back to you on that. Wasnt to hear more about that. Before we go, steve, whats your take on phase three, the stimulus deal on the horizon, House Speaker nancy pelosi says negotiations are down to, quote, fine print. She hopes the agreement will be approved by the senate today. As ive been reporting since this started we can expect a 470 billion deal which will include 310 billion for the paycheck protection program. Whats your take on this and do you think theyre going to get this done . Is it enough money . Yeah, i do think they will get it done sometime in the next couple days because as you were talking about time is of the essence. I listened to your fascinating conversation about the problems with the ppp and ive got to say, the biggest problem and this is something that just needs to be shouted out every day and has to be fixed. We made a major, major potentially hundreds of billions of dollars of mistake by allowing these loans to become grants. That was a catastrophically bad decision because whats happening here i heard dagen talking about these numbers, about the Big Companies getting about half of the money. Whats happening, dagen and maria, is the Healthy Companies are treating this like free money because they werent going to lay off workers anyway and now they get this free money, two or three or i get calls every day, how can i get this free money. We have to make sure thus is a loan program this is a loan program, not a grant program. This is the reason that the little companies, the little guys, the little shops cant get the money because the Bigger Companies that are healthy are getting this money. We have to make sure its a loan program, not a grant program, it has to be repaid and that will discipline this program. Maria by the way, thats why shake shack is giving the money back. Shake shack takes 10 million and then it gets pillaried for it because its a Public Company and it has other avenues to borrow from. Steve, its good to see you this morning. Thank you so much. That was good publicity. We need to shame other companies in doing the same thing, give the money back if you dont need it. Maria thank you, steve. All right. Well be right back. Stay with us. Your work is essential. Thats why kubotas 1,100 dealers are working to keep you working. Call or email your kubota dealer about 0 financing. No payments for 90 days offer expires 5 31. Together we do more. Maria welcome back. Some troubling numbers, restaurants across the United States now on track to lose an estimated 50 billion this month. 240 billion by the end of the year according to a new survey. It is a startling statistic for an industry that employs some 11 million americans. 8 million now furloughed because of the restaurant closures. Whats more, 60 of owners say that existing federal loan programs will not prevent more layoffs. Joining me now is the managing partner at etaly, adam safer. Im a big fan. You guys have done such a great job there. How are things going in terms of your business and how you transitioned with this shutdown. I know youre doing delivery service. Whats the state of business right now . Yeah, so obviously it was a huge shock to the business. About 50 to 60 of our business is restaurant and Quick Service which we have to shut down, doing very little amount relatively to delivery. We are quite frankly doing better than others because we have a grocery side to our business. But the reality is, is that the restaurant side and this goes beyond eataly. It goes to the fact that our suppliers are having to shut down because restaurants are shut down. And so the vast majority of restaurants dont even have the ability to transition to grocery like we had, which was a piece of our business. Maria so how are you doing that . How are you getting fresh foods and supplies when your suppliers have also stopped . Its a challenge every day. Its really interesting. There are fishermen out there who have fish but then theres a lack in trucking. You cant get the fish. Theres a lack so we are working, were working hard to get it, were working hard every single day to keep people in business but it is a really hard time and were doing it. Maria you say that the ppp loans go ahead, adam. Finish. Please. Go ahead, whats the question . Maria you said the ppp loans are lifelines for Small Business but not for independent restaurants. Tell me the issues around the Paycheck Program as it relates to eataly and restaurants your size. It is a major issue. Because the fact of the matter is, that they started these loans and its they have this eight weeks of forgiveness. This is critical. These businesses cannot take on more debt. They already have they only have 15 days of cash onhand on average. So if you start the eight weeks, by the end of the eight weeks, if you start it today, by the end of the eight weeks you wont have a business to come back to. Youll have to relay off people. We need to be able to have Congress Move that date to when you can open. On top of that, you already mentioned the fact that they make more on unemployment. Maria they are staying home. Why would they come back. That program is in place until july 31st. Both of these points ive been saying a lot, adam. I would love to hear about the struggles youre facing. Some of these issues will be on the other side. Have you to prepare for what the business looks like when you get out of this. Well talk about that the next time. Good to see you this morning, thank you, sir. Thank you. Maria adam safer from eataly. Well be right back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] maria welcome back. Coronavirus forcing millions of people across the country to work from home. Leading to a growing number of employees installing programs to monitor worker productivity. Joining me right now is the cyber guy, kurt knutsson. Kurt, great to see you. So, weve been talking this week a lot about surveillance, all of a sudden. The Coronavirus Tracking means tracking. So tell us about these programs and what kind of information employers are gathering. So employers, i get it, they want to make sure that everybodys productive when theyre working from home. So theyre tapping into one of three of these top tracking Software Applications that are often used to monitor work systems whether its your laptop, tablet or a phone, and theyre doing things such as capturing the screen every 10 minutes or they may record every single key stroke to find out how long you spend on an email and the quality of that email and the duration of the email and then also theyre looking at communications for messages to employees to find out your attitude, what your state of mind is and how often youre at your computer and if were on one of those zoom calls and sharing a screen, they can tell whether or not youre paying attention to them. Maria wow. Mattie duff letter, thats all i have duppler, thats all i have to say. Are these a privacy issue. Do you think employees are surprised if youre using a work computer or a work phone, some kind of device your employer gave you, do you have a presumption of privacy. Is this really new in the age of coronavirus . Mattie, you just nailed it. If its a companyissued and provisioned device you have no expectation of privacy on it and it probably still surprises us that this is going on. But you might have signed something in your agreement to work or in an employee handbook at some point, you just forgot about that. Many times, thats what theyre juicinusing to justify this. Have you to ask do you want to work for someone who is not forthright about doing this. You can do an oversurveillance of your workforce and have them kickback and you lose key people. One thing you can do, whether youve been issued your own or you have your own computer, you can see if somebody has been installing tracking software on it which is key and there are a lot of free Software Applications. One i like is malware bytes, you can get it at cyber guy. Com for free. Maria kurt knutsson, thank you. Well be right back. Announcer there are everyday actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Maria welcome back. Good Tuesday Morning everybody thanks for joining us. Im maria bartiromo. Tuesday, april 21, top stories 8 00 a. M. On the button on the east coast. Oil prices once again in focus, crude oil still in negative territory, this morning, after falling to record low negative 37. 36 a barrel yesterday, stocks also pointingings lower this morning we are expecting a selloff start of trading this morning in triple digits take a look dow futures down 550, spoop fighters lower 3w50i nasdaq futures lower by 912 after oil decline fueled a selloff 4 00 on wall Street Market by lows yesterday down 592 points, nasdaq lower by 89 s p 500 lower 4 00 on wall street yesterday earnings season rolls cocacola double beat well positioned to manage through the covid19 pandemic, remains optimistic on seeing sequential improvements withdrew full year guidance Philip Morris believes adverse compacts are temporary, after the bell attention will return to streaming joined a netflix has been trading up President Trump, as you can see, the stock up a 51 right now one 1 4 , President Trump says he will sign an executive order temporarily spending immigration as part of the war against coronavirus pavilioned, georgias governor announcing some businesses can reopen this week South Carolina, tennessee also starting to ease restrictions a battle over coronavirus aid continues on capitol hill businesses wait for the muchneeded funds to become Available Senate could vote today on this banks are warning that the proposed amounts however could run out of money again, in days. Plus questions swirling about kim jonguns health after reports of a heart procedure, mornings with maria is live, right now. Maria Global Markets lower this morning under pressure take a look ft 100 down 127 in uk, brexit talks between uk eu restarted this week, but due to the pandemic they are being done video chat uk landlords say transition period will end deal or no deal, december 31st uk is leaving. In asia overnight red across the board take a look weakness with worst perform in hong kong, hang seng down 2 1 4 coming up joining me to talk all about it Dagen Mcdowell Jon Hilsenrath Mattie Duppler good to see you. Good morning. Maria some top stories watching this morning, we are watching north korea amid unconfirmed reports that kim jongun may be in Critical Condition, following heart surgery. Speculation about kims health began last week after he mid the celebration for grandfathers birthday, the founder of north korea he was last seen at meeting a few days earlier the white house says it is aware of reports developments amid claims by north korea country has seen zero cases of coronavirus. President trump plans to sign an executive order today, temporarily suspending immigration into the United States amid coronavirus pandemic tweeted last night, in lighted of the attack from invisible enemy as well as need to protect jobs of our Great American citizens i will sign an executive order to temporarily suspend immigration into the United States. This as existing travel restrictions remain in place for china, europe uk south korea iran band, following joint agreement between u. S. Canada next extend restrictions across the shared border coronavirus outbreak maybe 55 times bigger than number of confirmed cases according to Antibody Testing in los angeles county. He researchers at university of Southern California, and the department of Public Health, believe more than 4 of the county has antibodies to the virus doctors estimate number of people infected would be 450,000, than nearly 8,000 confirmed cases. Meanwhile, protesters not having it openly defying the social distancing guidelines, to rally against coronavirus lockdown orders, hundreds of people waved american flags at demonstration in pennsylvania yesterday shaming stated safety precautions as act are tieriny in georgia allowing businesses to. He gymnasium barber shops can ep as early as friday restaurants movie theatres can open next week new York Governor Andrew Cuomo will meet with President Trump today at the white house to discuss the state response to the pandemic two ladders had a contentious ripe with cuomo repeatedly calling for federal help to expand test for kind of 19 more than 14,000 people died in new york city the epicenter of this outbreak cuomo calling on federal government to pay 50 button ussets for frontline workers. Lost business from covid19 forcing hertz to cut o workforce will lay off 10,000 in north america will cost 30 Million Dollars in searchers pay, and benefits inherits shares lower premarket as you can see, 4. 45. A share. Curbing the spread of coronavirus as i mentioned President Trump is announcing, that he will sign an executive order to temporarily halt immigration into the United States, joining me right to you to talk about that Senate Appropriations Committee Budget Committee Member louisiana senator john kennedy great to see you again thank very much for being here. Thank you. Your reaction to the president now, shutting down immigration temporarily . I was surprised. I support legal immigration. I havent read the executive order i need to read it dont know whether president did it for health or economic reasons, my guess is this is one of those issues you can it will round or flat if it will help health wise economically and is temporary. That is one thing. But as a practical matter maria i will not sure it matters case i dont think they have been processing visas anyway in washington, d. C. , may be one of those sounds impactful but as practical matter really not. I am really not doblgdz your question i found out about this 5 00 this morning i havent seen the executive order i want to look at it. I know i think you make really good point about visas not being done anyway i want to ask about reopening the country let me stirs start about senate hours away from voting phase he 3. 5 Coronavirus Relief including funding to restock paycheck protection program, 470billiondollar package would allocate 310 billion for Small Business original allotment of Small Business funding running out of money in a matter of days, senator what is your take on this is this what you are expecting . To vote on and will you vote today . I hope we will vote today i think the delay caused by Speaker Pelosi and senator schumer has been wildly irresponsible were go being to do extra things in the bill besidess supplementing what i call Small Business forgive loan program but those emergencies, the the ppp program is an emergency we should have done it last thursday before it ran out of money. I i just i am very disappointed we had a weeks delay there was no reason for it other than political posturing and now is not the time this is not the time. What are you hearing from colleagues what is nancy pelosi saying about this . I will tell you even while you and colleagues are saying that you know she is Holding Things up she is going on tv shows all weekend this weekend saying it is Donald Trumps fault you know that . Yeah. Well, look. I have been around politics whole life i understand the mystery and muscle of politics. But there is i worry the speaker sees this as a political opportunity. She needs to stop thinking about the next election. Start thinking about next generation i will give her this she is consistent whatever trump wants, she is against. And this is no time for that. The ppp program that is working. And to let it go run out of money for a week to hurt the people the employees, and the Small Businesses, is wildly irresponsible isnt a time for that i have been hearing some what evidence . Go ahead. I was saying i have been here since sunday. Reporter ready to vote on this thing this is par for the course we reached a deal, sometime not always but my democratic friends want to they want to trade in the last second they let president announce something then start adding stuff, we just dont have time for this silly nonsense right now. Maria so is that what it is i mean that they keep adding what evidence can you share with us that shows that nancy pelosi and her colleagues are sitting on this for political reasons . I know that in the last two weeks when you were first doing the cares act she wanted to put funding for planned parenthood there you colleagues agreed to send 25 Million Dollars to Kennedy Center for cares act she got that in what else is going on you can share with us in terms of approving to us that she is not telling the truth that it is you and your colleagues and the president s fault . Well, the proof is is the past. Look, the speaker others did too but speaker stuck a lot of spending porn, in last bill you are right i voted for it swallowed voted for it the whole this time felt like taking the train to chump down i did it for people Small Business we were told sunday by president and treasury secretary in a Conference Call that they have a deal they have a deal they have a deal. I have seen this movie before here we are what tuesday . I dont know that we are going to have a vote today. In the senate it is going to have to be unanimous otherwise come back i plan on doing i worry i dont want to accuse anybody unfairly but this is vintage pelosi waits until last minute then goes theres one more thing i get it she has a social agenda i get tilt elites in washington and new york think they are smarter he more virtuous than the rest of us but this is no time for that the American People they are either dying from coronavirus, sick from it or dying from not having a job. There is a time for politics there is a time this isnt it for politics. Maria senator this is embarrassing it is embarrassing senator you make all the right points let me get your take on reopening economy before you go 21 states to end state home orders late prip from florida to georgia illinois texas, scheduled to end stayathome orders this month accounts for nearly half gdp 46 gdp are you worried we are opening too soon senator. Sure i am worried we all are worried you dont know we have never been here before. You know, we all know that the most important things in life arent things but we got to eat. We got 22 million americans out of work and climbing, we are faced with choosing between cancer and heart attack weve got to save lives livelihoods a miracle choice this i do know. We cant leave economy shut down or it is going to collapse the Federal Reserve is holding it together with spit and duct tape if American Economy collapses World Economy collapses some preening elites say they continue care about human life i care about human live you can about die from poverty i care about saving lives, livelihoods i think the way most americans feel. Senator so eloquently said as always great to see you we will watch to see if you can get that vote going on the next stimulus and, of course, it will then go to the house we will see you soon senator. Thanks for stopping by this morning senator john kennedy joining us there meshes feeling pinch you heard him say it Staggering Number of people unable to pay their mortgages we are taking a look when we come right back. Maria welcome back, the coronavirus pandemic hurting the Housing Market millions of homeowners rig relying govent to delay payments, leak to go Fannie Mae Freddie mac to purchase home loans in forbearance easing pressure on Mortgage Companies Jon Hilsenrath reaction . Yeah, maria this is a really important also fascinating story, so the federal Housing Finance agency oversees fannie mae and freddie mac. Hold billions american mortgages clr companies in the middle Mortgage Services some are banks but some are not regulated by anybody. Quicken loans mr. Coopers holding on to mortgages, and they dont have the capital to do that. Socialism what fhfa is looking at yooug fannie, freddie to bail out Mortgage Services taking mornlz off their hands it is a fascinating story the guy who runs the agency is a free market guy came from cato institute, was against bailing out fannie freddie, in 2008, mortgage industry breathing down his neck to help now in this situation. Really fascinating dagen. Dagen we should note it was fannie mae and freddie mac that recently announced they would no longer buy loans in forbearance that would he about reversal what fannie mae and freddie mac are trying to do you want all to be health able to make loans at a. M. Existing home sales before of march well before complete shutdowns across country expected to fall more than 8 from previous month. With the rockbottom Interest Rates look where 10year is. To come back to this the issue that is there is millions of households out there cant make mortgage payments, the government is trying to facilitate them putting that off but mortgage unregulated mr. Coopers quicken loans dont have where to manage losses the government is called upon to come in help out using fannie and fred as the vehicle, to take those loans off the hands of Mortgage Services, it is astonishing to me after 2008 crisis that we kind of allowed this gap to build up where all mortgage firms are not regulated dont have Capital Requirements to with 1257bd a shock like this. Dagen pretty astonishing to me could this worsen. Dagen i was going to say astonishing to me banks bailed out by taxpayers 12 years ago turning their backs on Small Businesses during this crisis, historic crisis, where everybody has to do their part, and they got bailed out once now here we are. Not only that dagen but big banks got out of the Mortgage Business they still do it a lot kind of made way for Companies Like quicken loans to jump in they did not think it was profitable enough why we have unregulated services doing this. Maria interesting lets take a break we are looking at markets, look at futures, today we are expecting a decline this morning at start of trading as investors grapple with about historic plunge in the price of oil and questions around the reopening of the economy, dow industrials down 557. Stay with us. When you own horses, you dont just own horses. You own a pasture. A barn. And hay. Lots of hay. You need a tractor built to get every job done right. The kubota l series tractors. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Theyre all possible with a cfp® professional. 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. Maria welcome back oil going negative,crude futures staying in negative territory this morning despite that plunge that we saw yesterday and prices jumping off the lows, this after may contract hit negative 37 dollars per barrel end of trading yesterday that may contract was expiring crude oil demand meanwhile, in a fee fall as World Economy stalls due to coronavirus. Joining us right now is publisher Dennis Gartman great to see you. Thanks for joining us i know you look at technical indicators for this market what are technical indicators telling you and how does oil and this dive in the price yesterday play into all of this . Well, obviously, the oil market has everybodys attention the change in the stlaushg had everybodys attention the fact that strangely unbelievely just unbelievebly to less than zero down 37 dollars one point negative, we bounced back this morning got above a dollar higher that negative again, a lot of pressure on june contract a lot of pressure going to be on july and august contracts, this is unchartered untenable territory i dont think we will see minus 37 dollars again in my lifetime i certainly home we shant, this means it is indicative of the amount of supply of crude oil that we have coming, the lack of stores that we have tank rz, on the ground, crude oil simply looking for stores where it can find it having a hard time i think indicative of ab increasingly detrimental, weak global and domestic economy that i dont think is Getting Better quite some period of time into the future. Maria so you dont think the economy gets better, any time soon. In the future, because of this coronavirus, and youve got stock market, following suit with the oil market. How do you want to place bets taken to sidelines if you think economy is not going to recover any time in terms of investing today . Well, i trade only for my own account other than fact chairman of University Endowment i am in market cadaver trading from my own account i am trying to get a little bit short of stocks not dramatically but i think after the rally weve had which i think predicated upon the amount of liquidity the fed and treasury have injected in reserves in system finding its way margin stock prices i think about to have run course i hope i am wrong i fear trying to make a test of lows we saw in middle you march economy weak data simply weaker, weaker next several monthslet us hope things are better by summer late summer early fall, but i sadly have doubts at this point. Maria so again quick are there any places to hide . I mean you look at some companies that have benefited from the shutdown, and stayathome order like netflix amazon, you know basically the Digital Transformation only accelerating in this shutdown that is an area to it is netflix walmart, amazon only places to hide, when you are down to 3 or 4, 5 or 6 stocks leading the market higher that sort of lack have been breadth i would disdain stay away from am i buyer of netflix at this place not with your money certainly not mine would i be a breyer of wool mart . Not with your money certainly not mine would i tend to be short of stock market absolutely i think we still have lower markets markets dont make vbottoms thigh markets make bottoms testing testing testing again sidewise several months i suspect history will repeat itself once again i am afraid. We are still testing how far it can go low thanks very much for your insight good to see you stay safe. Coming up america food supply tyson foods pet dean banks is here, live company faced plant closures due to pandemic how is your food supply america coming together thursday fox business virtual town hall with mark cuban breaking down how economy can come back during this crisis. I will be there. I hope you will too. Stay with us. Maria welcome back, good Tuesday Morning. Thanks so much for joining us. Ima massive. Tuesday, april 21 top stories right now 8 31 a. M. East oil no focus this morning, crude Oil Prices Still in negative territory. After falling to record low of negative 37. 63 a barrel yesterday, stocks falling too pointing to lower opening on wall street at lows of the morning right here with dow futures right now down, about 500 points 495 points lower on dow 77 points lower nasdaq, s p 500 down 45 points, Global Markets following suited take a look at european indices under pressure across the board ft 100 down 125 cac quarante paris down 134 dax in germany lower by 350. Asia overnight red across the board worst hong kong, hang seng index down 2 1 4 on the session zooms security woes are no secret to them or Business Partners Cheryl Casone with details now, cheryl we are learning more about zoom, in this shutdown arent we. Cheryl we sure are how to use it or may be how we should not use it maria. Yeah according to report from new york times, the videoconferencing app well aware of the number of Security Issues with this but lax deciding to fix them, early last year Business Partner dropbox hired Security Experts found a flaw that allowed hackers to gain control over users computers zoom ignored the problem until another expert found a similar issue months later. Taking a look at stock in premarket it is slightly higher actually this morning. Well u. S. Airlines getting first payments from federal government to help survive damage to their businesses, from the coronavirus, Southwest Airlines received part of the initial 2. 9 billion dollars distribution from treasury department, treasury has completed grant agreements with American Delta United Spirit all premarket downside might be part of the oil story, though most weddings maybe on hold during pandemic but ready to say yes to dress a new way to find one bridal salons offering zoom facetime appointments show zriems try them on for bride for a deposit customer gets Curbside Pickup delivery maybe 3 or 5 dresses, another zoom call will show bride how to take her Measurements Get dress tailored using virtually system i was thinking all years ago when you worked at kleinfeld you could try on dresses or part of your job just being nice. Maria i cant believe ykancan. Cheryl favorite story. One job i got fired from kept trying on all wedding dresses i was a stock girl thank you good memories Food Industry a hit tyson foods feeling wrath nearly 100 tyson chicken workers in tenity tested positive for virus plant in iowa temporarily closed president 250ison foods dean banks good to have you here this morning thanks very much for joining me. Thanks for having me. First give a status check how are you doing how are employees, what can you tell us in terms of the impact of coronavirus on people and operation. Almost say thank you to00 thousand plus in u. S. Globally helping us really work our way through this crisis it has been challenging to respond to demand from food service to retail but meet those challenges we take in every possible precaution while making that change, feeding the country we have had emphasis instances taken plants down a day for deep cleaning that sort of thing we have some lines operating at slower rate than normal doing that really to take care of team members make sure they can stay safe healthy through this crisis. Of course, the government is there to support you. Hundreds of National Guard personnel are being activated in iowa coronavirus sweeps through Meat Processing plant how many did have you to get rid of when Company Closed iowa plant two weeks what do you do with surplus of food, given that you have to close down plants because of coronavirus . Maria the impact on supply chain really cant be measured they are substantial aven we can run with minimal processing donate that product to communities who can further take that food process it take care of themselves. It is a pretty tremendous impact, when our plants are closed, we certainly appreciate Government Support received not only from the National Guard, and some local communities where they have come in really completed the preventative he protective members for members obviously, working closely with white house, administration to make sure that all of our potential precautions even some shifts from food service to retail can be operated effectively we have been grateful for that support we have been positive, about the interactions with some county Public Health officials the cdc, having them come in review our facilities. And give compliments how we are take care of members through this crisis juf been able before this you have been able to penetrate the prepared food segments certainly has increased profitability your margins you have had to completely pivot rather than selling to restaurants all closed we know that you are selling to Grocery Stores tell me how you shifted focus business who customer is today of tyson foods. Well, first maria, i really i am hopeful that we can get to a point reopen economy relatively soon, some of our customers are Small Business owners, weve seen them hit strl hard through this crisis. What we have seen is a number of our customers just be really, impressively dynamic creating family meals increasing traffic through drivethru we have seen them step forward take care of their consumers ultimately our consumers make sure food can get cooked, served delivered to the families to dinner tables, from a retail side weve seen obviously, surge in retail purchases in our Retail Partners have been phenomenal ramping up Distribution Centers making sure food can make tliet their supply chain in some instances we have taken some of our food Service Package prishts larger box quantity products have them delivered into retail, so that families can buy symbolic food on table for their family. I know there is a host of issues going on in the Protein Market if you will, are protein being what you sell meat chicken et cetera, you know we talk about coronavirus, but lets not forget, there are other diseases that have been pretty much exporting out of china i am talking about african swine flu a couple months ago, when you had swine flu, you had 250 million dead pigs sick pigs in china that moved prices as well what was the impact there . And tell us about the main issues going on, in terms of protein. How tough is it to trust when youve got flus out of china what is impact to your product . So our no impact on our productss whatsoever sent we have Service Chinese market actually were in most countries around the world we have been able to backfill that supply it has devastating pork industry created a huge surge in demand we are making sure customers taken care of globally through this crisis we have seen confirmed with cdc World Health Organization many are not foodborne they could transmitted human food is safe some make plant look like operating rooms we feel comfortable providing high safe high quality about affordable food to the nation. What is would be thing you think will change once we get out of this is this are you planning dheengs processing plants what changes to restaurants . What is the one thing that you come away with this dean think my business is going to be different, in the next couple years because of this . There is quite a few things, so, for example, we were early in the process temperature checking all employees that led us to purchase install thermal standards in plants, that will help, when food season comes back in next year when it comes to supply chain, we participate in online click and collect quick and deliver retail a surge almost threefold in Core Products channels amazon, walmart click and collect we know will stay other Impact Business as a well we have been effective having team members work remotely weve also seen quite a few shifts from food service to retail we think will benefit food service customer, for example, group families, pickup we think that is going to be a business that thrives as soon as food service an get back and operate. Really interesting to see how you see business changing once we are back on if other ide of this thanks very much for info good to see you this morning stay safe we will see you amazon president of tyson food, covid19 hitting sports head he have a league coming up next how is adapting to the new normal. Back in a moment. Maria welcome back. The sports world at a standstill, the progressively Fighters League adding to list of 2020 sports, severely impacted by covid19 pandemic, the league announcing that it will postpone competition until 2021 joining me chief executive of our of the tfl, peter murray thanks for being here you had yet announced 2020 schedule does that put you in unique position from other sports now on hold . A little bit more, yes we were fortunate in that we did not start our season. So we thought it would be prudent to reschedule. Given uncertainty in the world and weve rescheduled for 2021 with partner espn. 2021 Dagen Mcdowell jump . Dagen what about the Financial Health of your fighters what are you doing for them . How are they surviving . That is a great question reminder of the year will support fighters under contract with monthly stipend to help support them and families. Dagen financially how are youing a a league . What is your financial situation like . We are well positioned, we had significant Capital Raise the end of yearended second swn a lot of momentum increasing ratings by 50 suddenly championship audience, so we just felt that for the rest of this year, we will provide espn with original the programming to meant access to fighters and remain about the opportunistic the alert part of this year oneoff events. Jon hilsenrath. Peter looking beyond this crisis, i like to hear about your thoughts about how American Sports competition change after this crisis and how americans consume it are you thinking any longterm shifts you want to position yourself for. Absolutely, there will be a new normal, business, of course, sports, sports is a great unifier we look forward to sports coming back to life, competition, when it will does come back we will absolutely be in a way that ensure athletes are safe, teams are safe, in addition, of course, to fans, it will be made for tv. We are uniquely positioned to deliver compelling made for tv product that has been our focus the last two years. It will continue to be our focus we will further emphasize that. Our sport end of may the ability to take fans into the cage up close to the action, other sports whether it be football, you have 100yard field, soccer, massive stadium we believe we are uniquely position to do provide exciting experience when we get back to live competition. We will be watching peter great to have you this morning thanks so much, peter murray joining us there senator schumer says a detail has been reached, on interim stimulus we have been waiting for paycheck protection program, to get an agreement on additional money schumer is saying they have reached a deal coulding to take a short break come back take a look if impacting markets then great time to fill up oil bringing gasoline prices down with it price pump next stay with us. You doing okay . 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. Maria welcome back we told you before we went to break breaking news we got more now on deal senator schumer is talking about the senator says coronavirus bill includes 75 billion dollars for hospitals, this is something the a democrats pushed wanted more money for hospitals, he also says that lawmakers do have a deal on the coronavirus instinctive will pass senate today, senator schumer says, so they have agreed to federal involvement in testing strategy, senator says passed in senate 4 00 today. And says that the asked about state opening up said u. S. Needs National Coronavirus testing programs, in place before he will agree to opening up in a big way but, again, senator schumer saying that they have agreed on a number for more stimulus for Paycheck Program part of the cares act he except these that to be voted on proved Day Health Care in the Senate Approved at 4 00. Less pain at pump gasoline prices record lows among coronavirus pandemic jeff flock in kenosha wisconsin this among details. Stalk about stimulus look at that sign back there, nothing like cheap gas to stimulate to you get out on road maybe, 99 cents can you believe that . This is lowest gas prices in the country, in wisconsin to look at numbers in wisconsin woodmans in ken osha cheaper all over the at a time in leynas fuel in wisconsin has for 89 cents i filled up 19 gallon tank cost 18 dollars i tried to put more in couldnt get in it nationwide the numbers we are now at 1. 18 average gallon of regular we were 2. 1 last month a dollar more expensive just a year ago now a handful of states are at their lowest prices in a decade. Including kentucky, michigan gan 1. 45 Convalescent Home afternoons 1. 36 minnesota illinois, all setting records, the only thing i can report to you maria that is not great about this you look at woodmans here in ken osha 99 cents but very few cars here people just arent going anywhere maybe if you got a tank at home, buy some and store it. Wont be as cheap forever. The problem nowhere to store it the one opportunity to fill up with cheap prices cant leave your house jeff flock, stay business more mornings with maria and breaking news right after this. Sick should stay home. You dont go to an emergency room. You dont go to a clinic. You get on the phone and you ask for advice and instructions from your physician. We dont want you to go into the e. R. Or the Doctors Office without talking to them first, because you might spread corona virus to someone else. Please visit coronavirus. Gov for more information. Sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Yothats why kubotasl. 1,100 dealers shes confident, protected, her strength respected. Are working to keep you working. Call or email your kubota dealer about 0 financing. No payments for 90 days offer expires 5 31. Together we do more. Maria welcome back. More on the breaking news we brought you a few minutes ago. Senate minority leader senator Chuck Schumer says a deal on the interim stimulus has been reached. Schumer says 125 billion of Small Business money will go exclusively to the unbanked and mom and pop stores. Hes also saying 75 billion will go toward hospitals. Weve got John Hilsenrath and Dagen Mcdowell this morning. Your reaction to what we are hearing on another deal, senator schumer says is going to be voted on and passed in the senate today at 4 00. It should have been done nearly two weeks ago, if democrats had stepped up and did what was right and put money into the paycheck protection program. There should be also billions of dollars for the Economic Injury Disaster Loan Program through the sba but again, i just want to push back, this money was meant as a place holder for people it was an alternative to unemployment so to steve moores point, thats why its not loans. You said this again and again. Nobody is going to take out a loan if you dont know what the next three to six months look like. It was meant to go right to workers and thats why those are forgivable loans. Maria yeah. They are still going to go bankrupt, obviously. Made, what do you say . We still havent heard from the administration or majority leader Mitch Mcconnell. We have to make sure the is are dotted and ts are crossed before we make sure we have a deal on this new funding. Maria jon, close it out. I will say very quickly, now the onus is on treasury to get these implementation issues worked out. A lot of mishandling on the last round. Maria all right. For sure. We will see you soon. Thanks, everybody. Varney Company Begins right now. Have a great day. Stu, take it away. Stuart i shall indeed. Good morning, maria. Good morning, everyone. First, the price of oil. We are still digesting the shock of negative pricing. Yes, the price dropped to minus 37 a barrel. You had to pay not to take the oil you were supposed to have delivered to you. Thats what happens when Global Demand collapses and theres nowhere to put the oil thats still coming out of the ground. The Energy Secretary will be on the show later this morning. Whats the administration doing to doing for the