Emergency Small Business fund, 75 billion for hospitals. The democrats claim its their victory and already, senator schumer is planning another 150 billion package, this one for local governments. Is all this enough . In my opinion, not if we dont get back to work soon. We have to open up the economy to avoid economic disaster. Elsewhere, the president says he will sign an executive order today suspending green card issuing for 60 days. This does not apply to guest workers or agricultural workers. To the markets. After two days of sharp declines, weve got an uptick. The dow looks like it will open with a gain of close to 400 points. That is 1. 7 . S p up 1. 8 . Nasdaq up 1. 6 . Green arrows across the screen. There are some standout stocks. Netflix nearly 16 million new subscribers. Their outlook, though, is cautious. We will get into that. The stocks down eight bucks, 1. 8 . Look at chipotle, doubling their online orders in the month of march. Chipotle is clearly a lockdown winner and the stock is up. Mcdonalds, a gradual reopening of their instore dining. How about that. Up 1. 8 . Now perhaps investment enthusiasm is a little tamped down overall by this. The continuing selloff in oil. Okay, we are up 16 at 13 a barrel, but thats still bankruptcy territory for an awful lot of companies out there. 13. 49 as we speak. Watch out, though. We are going to have new numbers on how much weve got in storage. It will likely show a big increase in the glut which will keep driving prices down. Gas, love to show you that, 1. 80 is your national average. We have, what, 16 states where at least one station will sell you a gallon for 99 cents. Big show. Lets get right at it with the backtowork open up the economy movement. Varney company is about to begin. I see light at the end of the tunnel. I actually see a lot of light at the end of the tunnel and were starting the process. Were starting a very very powerful, important process. People are getting very anxious. They want to get going. They want to get back to their jobs. They want to make money. They want to take care of their families. So the light is getting brighter and brighter every day. Stuart you heard the president right there starting the process, light at the end of the tunnel, and look whos here. Greg abbott, governor of the great state of texas. Governor, why dont you outline your plans to what are you going to reopen and when . We have already begun to reopen some things in the state of texas. For one, very importantly, expanding the scope of surgical procedures that can take place. This week we are opening up what we call retail to go but next week i will be making an announcement about what we will be opening up the first week of may. Its going to be broadbased. We want to make sure we open as many businesses as possible. However, we want to make sure we do it in a very safe way that does not stoke an expansion of covid19. Understand this, as we step forward and making decisions, all the different types of businesses that we will open, we are doing it working with a team of four doctors including a former fda commissioner under president george w. Bush as well as a current person, doctor, who is leading the tracing and tracking strategies for the university of texas system, tracking covid19, so we are going to do this strategically but you know texas wants to get back to work and we are going to open the doors to business in texas. Stuart thats what i wanted to ask you about, morale within the state of texas, the enthusiasm for getting back to work. I take it theres a lot of enthusiasm in texas. Well, listen, texans love to work. Theres a reason why texas has always had the number one economy in the United States and thats because of the terrific work ethic that we have here. But people also need to pay bills. They need to continue their livelihoods. So theres an urgency to get back to work. We will provide that pathway in a very safe way to make sure we will open as many doors to businesses as possible while also maintaining the safety of the people of the great state of texas. Stuart the other crisis in your state is the price of oil. We are down to, what, 13 a barrel as of this morning. Thats bankruptcy territory for drillers in your state. I put it to you that theres not much you can do when the overall level of demand literally crashes. Thats why the price is down. I dont think theres much you can do about that. Well, there are several things that we have been working to do and several more things that can be done. First, it is a crisis. Its bad for the drillers, bad for all the employees. So you mentioned the lack of demand. Thats coupled with an overwhelming amount of supply. So i have been working with President Trump as well as his administration on various different strategies. One was the strategy to try to negotiate some type of peace between russia and saudi arabia. Another thing that can be done, stuart, that is one thing that is really driving down the price is this massive amount of supply that saudi arabia is putting on the market right now. Saudi arabia should be stopped from putting all that oil on the market right now. Its bad for saudi arabia, bad for russia, bad for the entire world, obviously bad for the state of texas, but there should be strategies afoot to prevent saudi arabia from putting that on the market. The u. S. Could just stop saudi arabia from we can stop acceptance of any of that oil coming from saudi arabia. Stuart got it. Governor greg abbott of texas, thanks for joining us. We always appreciate it. Thank you. Thank you. Stuart we like to cover all kinds of industries which are clearly in trouble. We are looking at department stores, we have looked at oil. Now we will take a look at the real estate industry. Lauren simonetti is with us. Good morning. The latest on mortgage applications, please. Lauren yeah. The weekly numbers fell. 3 last week because lets face it, people are less inclined to host or attend an open house during coronavirus but as the new normal, despite these low rates, refi activity up 225 on an annual basis. I do have to tell you that weekly even refis fell a little bit. Very popular trade but fell 1 in the past week. We have seen a lot of refinancing because folks are looking to get cash out of their homes, save some money. Stuart i understand that. Thanks, lauren. Now the airlines. Heres another area clearly in trouble. They will get a lot of money from the government but look at this. Delta airlines lost 607 million in the First Quarter. Thats january, february, march. Thats before the extreme restrictions on travel came in. They still lost all of that money. Delta, though, 23 a share. Now, the department stores. Look at macys. We have already heard about Neiman Marcus maybe filing for bankruptcy. Macys is trying to raise, what, 5 billion in debt to avoid its bankruptcy. The stock still down there at 5 a share. At t, they reported profits this morning and their monthly mobile subscribers actually grew. However, without advertising on live sporting events, they are missing out on what they think is 600 million worth of revenue. At t struggling to get to 30 a share. Now, more news on reopening and rescues. There is a bipartisan bill in the works that would give 500 billion, a half trillion, in relief for state and local governments. Senator bill cassidy is with us. Hes one of the cosponsors. Senator, 500 billion added on to all the other rescue money thats out there in the economy. Are you worried about building up a level of debt which is not sustainable, spending too much . Clearly we are worried about the debt. One thing we can say now, Interest Rates for the federal taxpayer are 0 . So that mitigates it. On the other hand, if we go into a depression, we are going to really add debt and as much money as we give individuals, families and employers in order to get them through the rough patch, if we dont have Police Departments and emts and Fire Departments and garbage pickup, none of that will matter. A city will not open if the city is bankrupt and cannot pay for garbage relief. This is about helping cities which have totally lost their tax base because of covid19 recover to provide those essential police, garbage, Fire Services to allow employers to reopen. Stuart 500 billion, half a trillion, enormous amount of money. How would you parcel it out to different states . Yeah, we have a formula, if you will, which takes into account onethird is the degree to which your economy has been hit by the covid19 crisis. Another third goes to you based upon your population, if you will, and another third related to your tax revenue lost. So a third disease, third population, third tax revenue loss. We think its an equitable way, everybody gets something, by the way. Theres a floor above which you automatically get something. But above that floor is based upon that formula. Stuart do you think we will ever pay this back . Of course. But Economic Growth is the key to being able to pay things back. Countries which are not economically growing dont pay back debt. Countries which are due. We will not grow if our cities cannot provide police, garbage and Fire Services for Small Businesses which are the keystone of our economy. We just wont. So this is another piece of what we do to restore our economy when we are through this rough patch. Stuart senator bill cassidy, republican from louisiana, thank you for joining us, senator. We appreciate it always. Thank you. Thank you, stu. Stuart now, news of more Food Processing plants being shut down. Weve got the news from smithfield about pork processing. Susan has news about tyson foods. Tell me. Susan this is the largest pork Processing Plant for tyson which is one of the Largest Food Companies across america. They are now closing down their waterloo, iowa pork Processing Plant, reopen in Columbus Junction recently and this is because of covid19 and the outbreak amongst its workers. So we also as you mentioned, smithfield shut down in south dakota, wisconsin, jbs, which is another global large Food Producer also closing down colorado, cargill also. This is really hurting hog farmers. They have lost 5 billion, decimating the rural population, the Rural Farmers and some say they probably need some help as well. Also, it impacts the food supply across the u. S. With processing taking a toll on taking supply out of the market. Stuart Food Supply Chain is being interrupted here by these Processing Plant shutdowns. I refer you a question. Are we in danger of shutting down the Food Supply Chain for pork . Susan when it comes to pork, possibly, since we know that hog farmers, they can grow the hog and they have the pork available but they cant process it, cant get it to the food and table and stores. Stuart here it comes. Susan, thank you very much. Lets get back to the overall market. We will get a bounce at the opening bell, up maybe 400 for the dow industrials. Across the board, i see green. Take a look at riteaid. That company has announced new selfswab Virus Testing sites. The ceo of riteaid on the show in later this hour. The stock is up a fraction. Next hour, the 10 00 hour, secretary of state mike pompeo holds a News Conference. We will hear about china and north korea when he speaks. You will hear it right here. Next, treasury secretary steven mnuchin. I want to know how are we going to pay for all the money that we are printing and putting out there. Thats after this. Technologies advisor. Me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. Soon, people will be walking back through your door. Soon, life will move forward. Well welcome back old colleagues, get to know new ones some things may change, but well still be here, right here, so you can work on the business of getting your business back. At paycom, our focus will always be you and well see you soon. 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. Stuart joining Varney Company on the phone, treasury secretary steven mnuchin. Mr. Secretary, this new funding, this new deal for the paycheck protection program, you say that this is the last wave of help for Small Business. Is it going to be enough . On the phone well, first of all, its great to be with you. I hope it is enough. So theres another 310 billion in the ppp program and on top of that, theres going to be another 300 billion of disaster loans. Thats in excess of 600 billion that we are pumping into Small Businesses and many of these Companies May also be able to access the feds main Street Lending facility as well. Stuart will it be enough if we dont get back to work fairly quickly . On the phone well, i hope we are going to get back to work fairly quickly. We are kind of operating under the environment that we are going to open up parts of the economy and we are looking forward to by the time we get later in the summer, having most of the economy if not all of the economy open. Stuart sir, what can you do about, there has been some trouble with the process here, ruths chris getting a lot of money, harvard getting money when theyve got a 40 billion endowment, small restaurants not getting much, bigger chain restaurants getting quite a bit of money. Can you sort out the process and make it work more fluently . On the phone let me first clarify the harvard situation. I actually spoke to the president of harvard already this morning. Harvard is not part of the ppp program. Harvard is part of the 30 billion program of department of education money and i think harvard is thinking seriously about whether its appropriate for them to keep the money or give it to other institutions that need it. And then, you know, the Big Companies that are borrowing under the ppp, i made it very clear yesterday at the president s press conference and well be putting faqs out today, there is a certification that these Companies Need to make and i think they need to look at it very carefully. I think a lot of these Big Companies, its questionable whether they can make that certification. I think they should review it. If they pay the money back quickly, there will be no liability to treasury and the sba. If they dont, they could be subject to investigation. Stuart are you happy with the performance of the big banks in getting this money out there . It seems Like Community banks have done a much better job. On the phone well, the Community Banks have done a great job. You know, even within the big banks, theres some of them that have done very well. Theres others that have been a little bit slower. But i think particularly in this tranche, a lot of the big banks, while we have been shut down, have been underwriting, have been taking applications, and i think theyre going to get the money out quickly as well. Again, the statistic of a Million Companies out there with 10 employees or less is really quite impressive. Stuart the money has gone out to a million small companies, is that correct . On the phone its been approved so in many cases, the money is out the door. In some of the cases, the banks are still in the process of sending that money out. But thats a million Small Businesses just there, 1. 6 overall, 30 million workers impacted so far. We expect it will be another 30 million workers by the time we get done with this. So close to 50 of the private payroll. Stuart you dont consider this stimulus money, this is rescue money, correct . On the phone absolutely. I just remind you, every dollar that goes out of this program is one less dollar in unemployment so by putting people back to work, we get them off of unemployment and we get them back and ready for business. Stuart leader mcconnell is worried about paying for all of this. Mounting debt is just building up by the trillion. How are we going to pay for this down the road . On the phone well, first of all, let me just say the good news is Interest Rates are very low so the cost of carrying the debt to the american taxpayer is quite low. But i think we are all sensitive to this is a war and we need to win this war, and we need to spend what it takes to win the war. On the other hand, i think we are sensitive to the Economic Impacts of putting on debt and thats something the president is reviewing with us very carefully. Stuart mr. Secretary, just a few moments ago we had on the show senator bill cassidy, republican, louisiana, and hes talking about a 500 billion bipartisan plan to help state and local governments. Senator schumer has been talking about a plan for 150 billion for state and local governments. What do you think of that, another half trillion out there . On the phone well, the president has spoken to a lot of the governors. Hes had numerous video teleconferences. Hes heard from both republican governors and democratic governors and hes taking that into consideration. So what he said is in the next bill, we will look at this, we will address this. He hasnt made any decisions in regards to the size or the amount. And as you know, this is not every single state is the same. But its something that the president is reviewing carefully. Stuart if you add it all up, the money thats coming from the Federal Reserve, the money thats coming from the congress, i think were looking at, what, 6 trillion or even 7 trillion in total thats going to be pumped out there in one form or another. That is an accurate total, 7 trillion . On the phone i think its about 2. 6 trillion in federal money and we have the ability to lever that up probably with another, up to another 4 trillion with the Federal Reserve if we used all the Federal Reserve facility. So its a lot of money and thats why we are determined to support American Workers and American Business to get through this. Stuart i will also ask you about the price of oil. Weve got it down to what, 13, 14 a barrel for delivery in june. Thats bankruptcy level for so many drillers. Im not sure that you can do much about that price, bearing in mind that its the result of the World Oil Glut which is not going away any time soon. What can you do for the drillers . On the phone let me just say i have been involved in trading markets my entire life and i never thought we would see the day where you had oil trade at gigantic negative numbers. That was quite a thing to see. This is the classic supply demand imbalance. Because oil is a physical commodity where you need to take delivery, one of the things we have obviously seen is all the Storage Capacity is literally disappeared. Everything is filled. So if anybody had Storage Capacity, effectively there was a free arbitrage, you could get paid to take the oil, sell oil in the future and lock in a giant gain. Obviously whats going to happen is the producers are going to stop producing, in many cases that will bring the supply demand back in line. Thats why you see in the forward curve, the price of oil is higher. One of the things that the president has instructed me and the secretary of energy to look at is we want to remain energy independent. What can we do to support our Energy Business because obviously, in the short term, a lot of these companies are going to have issues, a lot of these Companies Need to shut down production, but the president is determined and were looking at different plans to support them. Stuart you think we might get to 30 a barrel oil by august . On the phone i think we will. Again, if you look at the forward curves, you know, oil is trading a lot higher in the forward markets. Stuart mr. Secretary, thank you very much indeed for taking time to be with us today, sir. We understand you are very busy but we appreciate your time. On the phone thank you. Great to be with you. Stuart thank you. Appreciate it. See you again soon. Lets get to the markets now. As the treasury secretary was speaking, there was no movement on the dow industrials. We started the interview up about 390, we ended up about 380. Not much impact from that. We will have the opening bell weve got futures now i told you we are up about 370 points. Shah gilani is with us. Come in, shah. Thats a nice pop this morning. Not exactly huge but its satisfying at least. You think its the result of this new rescue package which has been agreed to, government money getting into the economy again . Is that why we are up . I think thats a touch of it, stuart. The markets looking for any shades of optimism it sees in an otherwise very shadowy economy, and this is a moments bit of good news. If you look at the context of the total sum package of the 359 billion thats gone out in ppp and i look at it in terms of 22 Million People that signed up Unemployment Benefits over the last four weeks, will the ppp money get to companies and will that reduce the number of people on unemployment lines. We will see the next unemployment figure, new claims, initial claims come out on thursday, tomorrow. Its a balance between the two. If the money gets out fast enough and we can get people off of the unemployment lines and back to work, then they have to be able to work. So this is what the market is facing and its a tough stance for the market to try and manage. Stuart thats the biggest deal of all, getting people back to work. How fast can we do that in a safe way and an acceptable way . The moment look, i think this market is up because we do have light at the end of the tunnel. We had Governor Abbott of texas on the show earlier today, hes trying to open a whole bunch of businesses next week, by the way. We have already got South Carolina opening stores, georgia, tennessee, other states beginning to open up. Thats the bright spot for the markets, isnt it . The market is looking at that and looking at past the peak, looking past the economy shutting down and opening up again, its looking past all those things. So far it likes what it sees so far. But we havent gotten anywhere. We havent gotten past peak infections, havent gotten the economy opened up. We desperately do need to open up the economy but really, it comes down to every state deciding what is appropriate and safe for their citizens and we dont have a particular road map for that anywhere yet. So it remains to be seen but i agree with you, the economy has to get opened very soon, the sooner the better, because the economy cannot stand being shut down for another couple of mo s months. It just cant handle it. Stuart i was intrigued to hear treasury secretary mnuchin tell me a couple minutes ago that he thought the price of oil could go back to 30 a barrel by august. He says yes, he believes it can get back to that. It went up a couple bucks actually while he was speaking. I would think thats, if we do get to 30 a barrel by the late summer, surely thats a plus for the stock market as well, isnt it . Yes, if we see oil rise, thats a positive both for the market in terms of perhaps as green shoots in terms of Global Growth but it really means more to the American Economy in terms of saving the frackers, saving the shale oil companies, the most Exploration Production companies as you mentioned earlier are in dire straits because of oil at this low price. What we saw the other day was a complete aberration, i dont know, again, we could see it in the june futures for wti but that was basically a mechanical issue of only about 100,000 contracts causing that incredible inversion. In the real world, oil is trading at a normal level around 18 but in the futures market, because of the contract expiring, and theres no place to put the oil that people were supposed to take delivery of, if you owned those contracts, thats what we had yesterday. I dont know that we will see that again. We could see some of it in the june contracts but lets hope not. Stuart if we see some crazy things in this virus situation crazy. Stuart hopefully we dont see them again. Stay there, shah. We are about to open the market. 20 seconds to go. We are expecting to open with green arrows pretty much across the board. Look at that level for the dow. 23,300. Today is april 22nd. It was back in, what, march i think it was that we bottomed out at 18,000 for the dow. Look at that. 5,000 points up. Here we go. We are off and running, trading as of right now this wednesday morning. A sea of green. This is for our radio viewers listener, i should say. Lefthand side of the screen, every single one of the dow 30 are in the green. Every single one of them has opened up and the dow is now up 400 points. I just saw Procter Gamble turn into the red. Thats another one changed. Bottom line, the vast majority of the dow 30 are green and up. Show me the s p 500, please. Im sure thats up. Yes, it is. A better gain than the dow. 2 higher. Across the board, we are up. The nasdaq composite, this will tell you how the tech stocks are doing, better than 2 gain. How about that. 175 up for the nasdaq composite. Now, lets have a look at some individual stocks which are really moving. Look at that. On your screens right now, tiger king, thats a netflix product, reported a huge gain in subscribers. Okay, lauren, come in. Tell me more about netflixs report. Lauren okay. They added only 16 million new subscribers. Basically double what we thought they would add. Why is the stock down 1. 7 . Well, they were a little sober when it came to the future. Essentially saying look, we know 64 million households watched tiger king and we have all these eyeballs on what we are offering but thats going to slow as the economy opens back up and people are not sitting on their couches anymore. One reason because of that more sober outlook that the stock is down today. Stuart still at 422 a share. Ive got a question about have they shot their Fall Schedule already so they have fresh stuff coming out in the fall and early next year. Thats a key question. Im told they do have that material. Lauren, go ahead. Lauren and heres why. What netflix does that a lot of other streamers dont do is they film and release an entire series all at one time. They dont do it week by week as traditional tv and other streamers do so they have in the can seasons for may, june and july, content that can be released. Also, a lot of their content was in post production at the time of the lockdown orders so they are able to have their employees work at home and get that out. They will be affected by this but not as much as some of the other players. Stuart 422 on netflix right now. Next case, chipotle. Ashley, im told that this bigtime ordering online for chipotle . Ashley yeah, in fact the orders have surged 81 as people stay indoors and say you know what, i feel like some chipotle. Expensive rice and beans, you used to call it. They also just paid a 25 million fine for those outbreaks that made people sick at their restaurants from 2015 to 2018. Thats the largest food safety fine ever. Maybe now thats in the rear view mirror, thats also helping the price of the stock today. Stuart it sure is. Its up 8 . 852 a share. That is chipotle. Hold on a second, ash. Tell me about mcdonalds. I saw earlier they are starting to reopen their restaurant locations, Restaurant Operations . Ashley yes. Very slowly and judiciously, says mcdonalds, especially in those states where we have already talked about lifting some restrictions, tennessee, georgia, South Carolina. The company says it is going to be a slow process. They are going to enforce social distancing and they say they will take other steps to mitigate the spread of the virus. They are also going to do checks on their staff before they begin their shifts, screening them for temperatures and those kind of things. But they are slowly starting to reopen. Stuart okay. Big picture right now is the dow is at its high of the day, a 400 point gain. Theres green arrows across the board here. I think there are three factors involved. Number one, weve got a lot of states beginning to open up and go back to work. Number two, weve got something of a recovery in the price of oil. We have bounced up to 14 per barrel and treasury secretary mnuchin says thats going to 30 by august. That helps the market. Number three, weve got this brand new rescue package, nearly a half trillion dollars worth of rescue, going into the economy. The market likes it. Dow is up 400. One other stock i want to check for you. That would be zoom, on your screens right now. Theyve got new security measures with the release of zoom 5. 0. The stock is up 2 at 146. Of course we are watching the airlines. Delta in particular. Revenue took a hit because of the travel restrictions. Thats the First Quarter. January, february, march. Probably gets worse in april, may and june but the stock is up 2 . Delta at 23. The department stores. Tough there. Macys looking to get to bring in 5 billion. They are trying to save themselves from bankruptcy. They are still at 5 a share. Remember Neiman Marcus thinking about bankruptcy themselves. At t have got a new streaming service, hbo max. That launches may 27th. At t is at 30 bucks a share. Lab corporation, interesting, the fda has approved its home test kit. That stock is up 5 , 156. Other indicators, we like to check them for u this is the yield on the tenyear Treasury Holding at. 60 . The price of gold, way above 1700 an ounce, at 1730. Up a whopping 42 an ounce today. 2. 49 . Again, oil, lets get back to that. Thats important these days. 14 a barrel, up 2. 82 a barrel, 24 higher. Maybe encouraged by what we heard from treasury secretary mnuchin. He thinks the price will get back to 30 by august. Come in, lauren. You have news on united. The stock is down. What have you got . Lauren down 1 . They are selling stock to raise money. They hope to sell 39 million shares at 26. 50 so less than that each to raise about 1 billion. As you know, nobodys flying. Thats not expected to get better any time soon. Taking 5 billion from the government as part of the cares act and raising money through this stock sale of a billion dollars. Stuart you are quite right, you just cant tell that when we open up the economy, and the Airlines Start you dont know how many people are going to get on a plane. You just dont know. Lauren yeah. No idea. And people will fly again. It will be gradual. Coming up, we will tell you what the planes might look like in the future as we social distance on them. Stuart oh, that i would like to see. We will get that for you later. All right. I think theres news on the new iphone from apple. Susan, what do you have . Susan its set to launch on friday. People have been testing it already, getting rave reviews because you get a smaller screen, a cheaper price tag starting at 399 but you get the same powerful chip you get in iphone 11 so you can pretty much do whatever you need to on an iphone 11 on an iphone se now and one of the top apple analysts says its actually selling better than expected with these preorders and hes looking at the shipping rate. He still predicts shipments to be down 20 , 25 in the Second Quarter of this year because of covid19. People are stuck at home, losing their jobs, they dont want to buy 399, 1,000 price tag phones. Stuart shah gilani, thank you for being with us. Much appreciate it. Good stuff. Check that big board real fast. We got a 400 point gain for the dow industrials, 23,400 is your level. Now this. Democrat leaders taking a victory lap after the Senate Approved more Small Business aid. Is it really their victory . Good question. A lab in wuhan, china denying any link to the first virus outbreak. Will we ever really find out whats going on . I will certainly ask trumps former Deputy National security adviser, k. T. Mcfarland. Shes on the show. Plus, are we going to run out of content . Netflixs cofounder on that next. 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. 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Expedia are close to a deal to sell a stake to a couple private equity firms. They need the money. The stock is up 11 . Of course its been depressed recently. Shah gilani, i said goodbye to you a couple minutes ago. Bring him back. I know youve got a couple of picks here. Whirlpool and vonage. N i know what whirlpool is. Deal with that first. I want to preface that by saying were not buying right away. We are looking to buy, i have a long list of stocks we want to buy. The market volatility is such we are looking for the right places to get in. I think we have a little ways to go down before i acquire some positions. These two are certainly on the list. Whirlpool for all the right reasons. I think the Second Quarter is going to get hit but this company right now has almost a 5 dividend yield and is only using about 25 of its net income to pay that dividend. I like that. That means theres plenty of cushion so the company can continue to pay the dividend. Price comes down to dividend yield increases. I like that. Right now its exactly at 4. 89. I like that. I like the cash flow the company has to pay its debt. I like the business that the company is in, its solid, appliances and i think its got a long way to go in the recovery. The stock is going to soar. Vonage is in the content distribution business and for example, lot of people dont necessarily know vonage or what they do but the leader in this group made alltime highs. Vonage is a lot less expensive and i like it down here. I think the company, it has small losses, given its size, its going to be a winner in the marketplace as soon as this passes. But this is a business that people want to be in. This is about stayathome. This is about content. This is about the cloud. This is about delivery and distribution of all those services. Vonage is a goto company. Stuart weve got to say goodbye to you now because the shot goes down in ten seconds. We timed it just right. Shah gilani, thank you very much indeed. I want to get to netflix. Certainly the most interesting and widely followed Earnings Report thus far. The stock is down 18 bucks at 415. Mark randolph, the first ceo of netflix and its cofounder, is with us. I want to talk to you about content. I am told that netflix has a whole bunch of series already shot, its in post production, so they will have a lot of content in the fall and early part of next year. Is that accurate . So stuart, are you not going to let a proud parent crow about these amazing earnings and subscriber numbers netflix has come out with . Stuart look, what im getting at here is the stock is down because Reed Hastings says look, this growth wont last forever. I want to put out there the whole point that theyve got new content coming online, on stream, rather, when a lot of other people dont. I think thats true. Of course, as lauren pointed out a little bit earlier in the segment here, netflix because it releases these shows in full seasons, they have pretty much a full season in the can. The head of their content was very clear to say that pretty much 2020 was going to be unaffected. Largely what we will be seeing is slowdowns in 2021. But of course, that is whats facing every streaming company, all of them will be delayed, and in some ways, netflix i believe is in a better position. You know, from the very beginning, when we started netflix, this was all about the brand. How do you help people discover great stories. They built a tremendous amount of technology to help people find these gems in the catalog. So they are less dependent i think on whats new tomorrow. Netflix will help people discover some great things they havent seen before and i think thats something the other streaming services may not be able to offer quite as well. Stuart what do you think about a price increase from netflix . I realize that their competitors, disney plus, at t, much cheaper. You think theres a possibility of a price increase from netflix . Well, i personally think its very unlikely and of course, on the call, netflix itself said they thought that a price increase was really not being considered at all. I think that makes a lot of sense. You know, they announced these phenomenal numbers but they were very very clear that they believe these subscriber numbers were in some ways being pulled in from future quarters. But you know, i heard something on that call that i have never heard from netflix before. Reed as well as other execs used the word guess and guesswork. As a longtime watcher of Reed Hastings, i can assure you he does not use those terms lightly. I think netflix is realizing, as everyone does, theres a huge amount of uncertainty here. When can we get back to business, when can we begin resuming content, when do things go back to normal. I think netflix is extremely unlikely to make any kind of bold moves until they have a sense of whats coming. Stuart the obvious question is, when we do get back to work, we are no longer locked up at home, will we watch as much netflix as we have been watching for the last four or five weeks. Marc randolph, thanks for joining us. You are indeed a proud parent and i dont blame you. Great company. Thank you very much. Thanks, stuart. Stuart move on to this. The maker of the video game fortnite, making a ton of money because they also have this new app called house party. Susan, explain it all. Susan explosive growth for this company. This is probably the next generation champion that we really should be looking ahead at. So yes, house party, as we mentioned competitor, younger version of zoom, 50 million signups just in the past 30 days, 70 times increase in usage, and this is from epic games which paid an undisclosed amount for house party last year. Dont forget, they already have fortnite, the biggest video game on the planet. Then really, the backbone, some say the jewel in the crown, is something you may not have heard of, unreal engine, a software code, the backbone of hundreds of video games. So this company is still private at this point but they are raising at above a 15 billion valuation looking to raise half a billion to a billion dollars. When this does go public, this is a name to really watch out for. We didnt get snapchat until 2011 and uber was forged in the depths of 2008. Watch out for the sglengs ratne generation of champions. Stuart thanks very much. Good stuff. Look at this. A vending machine for face masks. Its in poland. There are also machines selling gloves and hand sanitizer. There you have it. Americas Oil Producers feeling the pain. We will take you live to a refinery where they are shutting capacity. Staggering numbers for you on what they are refining and how little and why. Well be right back. Many of lifes moments in thare being put on hold. Are staying at home, at carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Stuart he wanti wanted to run different psa right there. I wanted to run the one where im in my kitchen and you can see in the background my twin granddaughters. We cant get it up. But theyre watching. There was a picture of my twin granddaughters, cynthia and eleanor, beautiful kids. They celebrate their fifth birthday today. Happy birthday. We have not forgotten you. All right. Moving on. Check the price of oil. Look at that. We are 14 a barrel. Treasury secretary mnuchin was on the show earlier talking about oil. Roll tape. On the phone we want to remain energy independent. What can we do to support our Energy Business, because obviously, in the short term, a lot of these companies are going to have issues, a lot of these Companies Need to shut down production, but the president is determined and were looking at different plans to support them. Stuart well, he said 30 a barrel for oil by august. Jeff flock, righthand corner of the screen, is at a refinery in indiana. I guess they have to be reducing their capacity, right, jeff . Reporter oh, absolutely. Its both good news and bad news for the refiners. This is the bp refinery in whiting, indiana. It supplies gasoline to seven states crediacross the midwest. The good news is we are looking at cheap oil so thats cheap oil coming into the process. The bad news, of course, is that demand has collapsed by between 50 and 70 according to gas buddy. These guys have shut down a lot of their capacity. The real guys getting hit, of course, are the producers. Take a look at these numbers. This is on debt now in terms of Oil Producers. Its a highly leveraged industry, the drillers obviously have 86 billion of debt coming due between now and 2024. Pipeline companies also, huge expansion under President Trump, theyve got 123 billion worth of debt coming due. Its not pretty in the oil patch. Stuart you can say that again. Its not pretty in the oil patch. Thanks very much indeed, jeff. Good stuff indeed. By the way, 30 minutes from now, we will get the latest reading on how much oil do we have in storage. Its likely to be a huge increase, because you cant sell it. More varney after this. [narrator] soon, lights will come on. Soon, people will be walking back through your door. Soon, life will move forward. Well welcome back old colleagues, get to know new ones some things may change, but well still be here, right here, so you can work on the business of getting your business back. At paycom, our focus will always be you and well see you soon. 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. Mortgage rates are now at all time lows. By refinancing, you can save 2000 a year with one call to newday usa. Our team is standing by right now to take your call. And from start to finish, you can do it all without ever leaving the house. With our va streamline refi, theres no income verification. No appraisal. And no out of pocket costs. One call can save you 2000 a year. Stuart its 10 on the east coast. Markets open for half an hour. I see a lot of green arrows. Not quite the high of the die but the dow is up 400 points. Look at the price of oil. It is moving up. Were now at 14. 82. We touched 15 a barrel. Treasury secretary Steve Mnuchin thinks it is going to 30 by august. He is talking about he never seen anything like this in the oil market. And he also said this about getting back to work. Roll tape. Well i hope we are going to get back to workfarely quickly. Were kind ever operating under the environment that we are going to open up parts of the economy and were looking forward to, by the time we get later in the summer, having most of the economy, if not all of the economy open. This is a war and we need to win this war and we need to spend what it steaks to win the war. Stuart maybe thats helping the market as well. We also spoke to Texas Governor greg abbott. Now he is ready to get his state back to work. Watch this. We want to make sure we open as many businesses as possible, stuart, however, we want to make sure we do it in a very safe way that does not stoke expansion of covid19. ,. Stuart let me tell you a lot more where that came from. We have a big show for you. At the bottom of the hour, 10 30 eastern, well find out how much oil in storage. Last week it was nearly 20 million barrels, an enormous number. Im expecting somewhat similar today. Later in the hour secretary of state pompeo holds a News Conference. Were looking for news on china, north korea, and what the president had to say about iranian gunboats in the gulf. You will see that press conference live. And now this, in california two studies of great importance. The results they are showing may change the way we figure out the health risks of the virus. Stanford and usc used antibody tests to assess how many people have been infected. Both studies showed a very high infection rate, way more than has been reported. In los angeles county, for example, the usc study found at least 220,000 people had the virus, perhaps as many as 440,000. That in a county only reported 8,000 cases. In other words, it is prevalent whether we know it or not. Please think this through. If the actual infection rate is very high, deaths remain at a limited number, then the fatality rate comes way down, on a mass scale, it comes down to the level of a nasty case of flu. Of course there are questions about the reliability of the studies. Who was tested . Was it representative as a sample . Were there any biases inherent in the study and is the test itself reliable . Well dr. John ionides, the author of the stanford study said this, it is not perfect but it is the best science can do. There will be a lot more studies like this. We will get a much larger sample which will make the findings more statistically reliable. Again, think this through. Six months from now, we may well look back on the virus shutdown and say, was it worth it . Did we shut down the whole economy and go into massive unpayable debt because of an epidemic with a fatality rate similar to the flu . We wont know the answer till more antibody tests are taken. So got those studies done. It is very important. Economist john lonski looking at the overall subject, ive got a study that says 60 of ceos around the world see a ushaped recovery for the economy. Are you with that . All i want to do is observe a Material Recovery once we have sufficiently contained covid19 risks. If we have that, i think well do just well. The consumer will come back gradually. Remember, were still going toe to have partial shutdowns when the economy reopens. That will necessarily limited upside for growth. Stuart but its coming. The faster we get back to work, then the faster the economy recovers. That is kind of obvious but the great unknown that is pretty obvious and the hope is once we begin to reopen the economy we remain healthy enough so that we dont have to go back to shutdowns all over again. Thats the great hope. I think what were going to be focusing on more than anything else is the capacity of hospitals to handle any future influx of covid19 victims. If it turns out most of the people have mild symptoms dont be terribly ill they have to go to the hospital. We can keep the economy open. Otherwise we have no choice. Stuart what worry as lot of people is the debt were piling up from all the rescue plans. It runs into extra trillions of dollars worth of debt. I think that is unpayable. Is it going to be a problem in the future . Over the near term well be in a position where the Federal Reserve will have to buy up u. S. Treasury debt. I believe that is what youre referring to. Buy up u. S. Treasury debt, keep it out of the market so to prevent longterm borrowing costs from rising significantly. I think the fed can afford to do so, provided that Inflation Expectations remain wellcontained and my god, who is worried about inflation with negative oil prices we had recently . Moreover provided that the Dollar Exchange rate does not weaken appreciably. I see no sign of danger ahead for the Dollar Exchange rate. So perhaps we do have this ability to shoulder this huge increase in u. S. Government debt. World war ii, u. S. Government borrowing was as much as 30 of gdp. This year it is perhaps going to be no greater than 15 . U. S. Government debt as a percentage of gdp reached 120 i believe by 1944. Were still just above 80 . I think we have the ability to handle this, to shoulder this debt burden, provided that the economy grows. Stuart okay. John, good stuff. We always appreciate you being with us. My pleasure, thank you. Stuart Small Business owners looking for aid. Now the victims of a data breach, ouch. Ash, details, please. Stuart ashley on top of Everything Else, stu. Thousands of businesses may have had their information during the application protests, protests, process during the application. We know that database includes names, Social Security numbers, birthdates, Financial Information and contact information. We understand that once the government was notified of this, they say they immediately disabled that function. They fixed it. They have also notified all of the businesses that may have been affected by this and also offered one year of free credit monitoring. So on top of Everything Else as people desperately trying to keep their businesses afloat, we have a data breach, stu, of at least nearly 8,000 businesses. Stuart i guess it is just inevitable, isnt it . It is just such a constant story. A data breach here, a data breach here. They got your information there. Stuart yeah. Ashley yeah. I believe all of us have our information out there, ash. Ashley there is no privacy. Stuart we got to remember that. Market check, green arrows, up nearly 400 for the dow industrials. A gain of 1. 6, 1. 7, 1. 8 on all main i dont remember indicators. Lets look at individual stocks. First of all netflix, they added over 15 million new subscribers in the First Quarter. More content is coming but a lot of people are worried when we go back to work we wont watch so much netflix the stock price is down 14 bucks. It is still up 418 a share. Chipotle got a surge of online ordering during the pandemic. That stock up 8 . 851 is your price. Here is delta airline, they lost 600 million bucks in the First Quarter of the year. Theyre burning through 100 million of cash a day we are told. The chief Financial Officer just canceled his retirement to deal with the crisis. The stock is up 8 cents. Bank of america is bullish. Come on in susan. Susan bank of america says gold price cost reach 3,000 in next tate 18 months. A lot has to happen. The record high for gold was 1921. We have not tested that level for close to seven years, eight years. Bank of america says the Federal Reserve cant print gold. Financial repression is on extraordinary scale and gold is an ultimate store of value. It performed pretty well over the last 15 months. I think the consensus is, stu, well get past 2000 in the next 18 months, but to go to 3,000 in 2021 i think that is a bit of a stretch. You have to have a lot of Federal Reserve action and Central Bank Action and has to be a lot of market volatility to get there, right . Stuart a couple of world crises, throw in some inflation, maybe you get to 3,000 an ounce. Susan inflation, have you seen it the last nine years . No. Taken a while to get to 1800. Well see. Stuart 3,000 bucks. Thank you, susan. Facebook, Messenger Service for children will launch in 70 more countries. Tell me more about that, lauren. Lauren that is correct. They are making changes to the service in the u. S. Number one, kids can approve their own friends. What can go wrong with that. Parents of course can override, less supervision when it comes to adding contacts much number two, adults can join in on chats and conversations like teachers and coaches. I do not think kids will like that one. Finally stuart, you can have more easy conversations. Childrens photo could be more visible to a wider group. Like i said, what can go wrong . Changes coming to the kids messenger app on facebook. Stuart teachers, coaches, joining in conversation, i think not. Expanding friends, i like your expression, lauren, what could possibly go wrong. Thank you, lauren. Were minutes away from the latest read on how much oil we have to storage. It is expected to be a very good number. There is talk, yes, there is, a lot of talk about a fourth stimulus. Will it be any help for the oil drillers . I will ask alaska senator dan sullivan. The oil industry in his state is in dire, dire straits. The democrats want to take all the credit for the relief deal. So what does the president s team think about that . Trump 2020 Senior Advisor Mercedes Schlapp joins us on the pelosi, schumer, victory lap. Thats next. Now more than ever, you need technology you can rely on. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a Small Business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. And let me tell you something, rodeo. I wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. 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Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. 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. Stuart i got it. I got it on the air eventually. Got me saying stay safe, stay strong, stay positive. In the background was picture of my two granddaughters, twin granddaughters, cynthia, eleanor, it is their fifth birthday today. Happy birthday. I hope you have a great day. Five years old today. How about that . Now this. Heros welcome for a soldier returning from afghanistan. A school, church, illinois, a great idea, they held a driveby social distancing parade. All for Staff Sergeant eric guzma. He had been deployed nine months overseas. Welcome home, young man. That is a great reception. See more of that. A huge, huge fundraising advantage in march for the trump campaign. Ashley, the numbers, please. Ashley they are impressive at least if youre donald trump. Lets look at numbers for you, at the end of march, the Joe Biden Campaign had as you can see 57 million on hand. Compared to donald trump and Republican National committee at 240 million. We should remember though that joe biden has only been the presumptive democrat nominee for the last couple of weeks. As the incumbent, mr. Trump has big advantages. He is on National Television each day. Joe biden stuck in his house in delaware trying to do Virtual Campaign events and using social media to contact his supporters. The other question becomes, you know, what will fundraising be like once we get on the other side of the virus and economy being devastated as it has been . How hard will it be to generate more Campaign Funds in an economy that will be struggling to get back on its feet . Certainly donald trump with a huge advantage as we, at the end of march and november, just around the corner. Stuart you got that right, ashley, thank you very much indeed. Democrat leaders are taking a victory lap as the Senate Approves the more Small Business aid package. Watch this. They like to say, oh, we held up. We didnt hold up. They held up. Now we have prevailed. This is a real victory. Why did we win . Well a lot of reasons. The unity. Our caucuses and strength of our caucuses, the support of the American People but ultimately our answers are the only, are the better answers to the covid crisis which is a more strong, active, focused government. Stuart we need a response to that. Mercedes schlapp is with us. That is called a victory lap. What do you saw to that . Well i think the democrats are in a defensive posture right now they did in fact delay getting i am meade i cant think relief to our immediate relief to Small Businesses. At the end of day they pushed through unnecessary demands. We have to look ahead now. This is the moment in time were going to see a vote happen in the house on thursday. It is a bipartisan bill and were going to be get the funding necessary for the Small Businesses, were talking about 350 billion, that would benefit this paycheck protection program. We know that it is providing relief to the Small Businesses, providing these riskfree loans that these Small Businesses dont have to pay back and its a winwin for the American People and also for congress and the president at this moment because we know that part of this issue will be insuring that we can jumpstart our economy once again. Stuart let me refer to what the president tweeted this morning. Im going to read it for you. I know you seen it already but here it is for the viewers. I will be signing my executive order prohibiting immigration into our country today. That is the top line of the tweet t goes on a little bit more. That is the top line. Mercedes, why is the president doing this . Lets remember this is temporarily restricting immigration for the next 60 days. It is going to impact those who are seeking permanent residency, those green cardholders. It doesnt impact the temporary visas which i know many of those go to, for example, farmers, or to those that would work on farms. So i think its important to put this into perspective. We know that when you increase competition in terms of having more, influx of workers come in to the country it will depress wages. We cant afford to do that right now because were seeing the jobless claims increase dramatically. Obviously the unemployment numbers also increased. This actually even disproportionately impacts latinos and blacks. So i think the key for the president is, lets put halt on this right now in terms of immigration and lets hone in on making sure we can get our workers back to work. And insure that we dont necessarily increase competition at this moment in time to make sure we safeguard our economy. Stuart what do you make of what treasury secretary mnuchin told me this morning about an hour ago saying, look, were on the road to recovery. Were opening up as fast as we can, as safely as we can and well be looking good by the summer . Thats pretty strong stuff at this point in time. Look i think we know one thing about this president and that is this president takes bold and aggressive actions when it comes to not only combating coronavirus and taking necessary steps to protect the American People and health of the American People but also to insure that we can get this economy going again. The president has tremendous faith in america. We have the entrepreneurial spirit. We are the ones that roll up your sleeves and get back to work and really get our communities back in gear. So i think that you look at our team in the white house, you look at our team in the administration, theyre going to be optimistic because they know that President Trumps economic policies worked when we had a, where he built a very fundamentally strong economy. And he will make sure that we have the policies in place, keep taxes low, insure that the deregulation continues, to allow employers to get back on their feet, to get American Workers back to their jobs. That is going to be the president s priority as we, as we move forward. So i think we look at this, i think we can say that we want, youve seen the spirit of our corporations basically being creative, being innovative helping us out during this crisis. I think you will see this once again, we get america reopened because of President Trumps leadership. This is stuart as fast as possible. As fast as possible. As fast as possible. This is in contrast to joe biden who we know that his top priority will be to increase taxes on the middle class and also focus on the Green New Deal which would of course lead to job losses. This is not the economic plan that we need from biden in the basement. Stuart mercedes, i got to run. Thanks for joining us this morning. Mercedes schlapp. I appreciate it. Secretary of state pompeo will hold a News Conference a few minutes from now. China, north korea, maybe the iranians will be involved in the news that he breaks. Oil supplies building up. Prices are crashing to historic lows. The inventory report, how much oil have we got out there . Well have the number for you in just a moment. announcer in this world where people are staying at home, many of lifes moments are being put on hold. At carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Stuart one hour into the trading session i see a lot of green. The dow still up 360 points. A couple of stocks to check for you. First off expedia, reportedly theyre nearing a deal selling a stake to the company to private equities company. They need the money. The stock is up 8 . Now we have got a lot of oil floating around the ocean on super supertankers. Laurens come in for this please. I have a bet that the supertankers raised price for storing oil, am i right . Lauren beyond right. Five times what they were charging last year. 100,000 a day. Stuart, i can also tell you this is still a profitable trade if you can find somewhere to store the oil. Thats the problem. When will the market supply and demand come back in line . Here is what treasury secretary mnuchin told you moments ago. This is the classic supply demand imbalance. Obviously whats going to happen is the producers will stop producing, in many cases that will bring the supply demand back in line. Lauren when is that going to happen is the question . I was just talking to a oil analyst. He says maybe as early as june, randy givens with jeffries. There is hope in sight that normally will return to these markets. Stuart by the way the treasury secretary did tell me again about 45 minutes ago, yet oil, he thinks will get back to 30 a barrel by august. Were coming up on 10 30 eastern time. A couple of seconds away. At that point, 10 30, were going to find out how much oil weve got in storage. This is called the weekly inventory story. I believe it is breaking now. Ashley, do you have the number yet . Ashley not yet but i can tell you were expecting a build somewhere north of 15 million barrels. You mentioned this earlier, but last week that build came in at 19. 2 million barrels, an outrageous amount. Maybe it came in, 15. 2 million barrels. 02. 15. 02 million barrels. Whoever did the guessing i say guessing theyre often way off, whoever did the guessing this week was right on the money. Adding close to 20 million last week. Were still swimming in the stuff. To laurens point running out of places to put it. Stuart despite that glut, despite running out of places to put it, look at the price, you have gone to 14 a barrel. No telling where it is at the end of the month when the contract owner has to take delivery. There is no telling that. Now were up 14. Alaska senator, republican, dan sullivan is with us now. Mr. Senator, welcome to the show. Good morning, stu. Good to be back on your show. Stuart the treasury secretary gave you a glimmer of hope this morning. He suggested that the price of oil could get back to 30 a barrel by august. Im sure you like that because at 14 you guys are out of business. Well, look, i think it is obvious that the Energy Sector has been through a supply shock a major one, a major demand shock. What we need to avoid as we come out of this pandemic is a Major Political shock. What do i mean by that . The president and his team and Senate Republicans were all focused on bolstering this key sector of our economy but lets face it, stu, National Democrats have become is rationally unhinged in their in hostility to the Energy Sector. Uninformed congresswoman aoc tweeting the other day celebrating the demise of this sector. 1 3 of Senate Democrats wrote big bank ceos, dont invest in Energy Sector especially places like alaska. To me, it is remarkable. Their policies hurt families, goodpaying union jobs, our national security, our energy zoo security. Do democrats want russia to be the worlds superpower not america . So we have to avoid the Major Political shock which i think we will. Stuart what will you get in terms of help from the government . I know there is 3 billion set aside to buy oil to put into the Strategic Petroleum reserve. I guess there are other plans to i guess get tax breaks for the drillers s that enough to save you without a raft of bankruptcies in alaska . Well, look we do not want a rash of bankruptcies and job lay offs. That is starting to happen around the country. The president , his team, a bunch of Senate Republicans im part of, were working on supply side, getting saudis and other nations to cut back. The president did a great job. We were threatening saudis to remove our military if they didnt. Stuart can i jump in . What help do you want . I can tell you one thing will be really critical. Right now there is a movement on wall street, the big banks, big ceos are starting i dont know through the woke sensibilities or i dont know what it is discriminating against the oil and gas sector, particularly my state but around the country. Big banks are saying we will not invest in the sector. My view, you want to be part of the cares act, trillions of dollars the banks want to be part of, they shouldnt be able to discriminate against a really important sector of the economy. So weve been talking a number of folks in the administration, among, with certain senators, but wall street shouldnt have the opportunity to say, hey were going to participate in cares, financing and then discriminate against a key sector of the economy, killing jobs, killing our national security. So thats something i think is going to be a really important issue longer term. Stuart fair enough. Republican senator from the state of alaska, enormous state of of alaska, dan sullivan. Appreciate it. Stuart were holding on to the gains. It haas been like this the last hour. The dow up 3, 400 points, somewhere in between. That is 1. 6 as we speak. The market is up. I think the market likes the oil price marginal recovery. I think the market likes the new rescue plan that has just been announced. I think the market really likes opening up movement were seeing around the country. Then we have zoom, the conference people, teleconference people, the stock is up 3 . What are they doing, ash . Ashley they have upgraded their security. Lets not forget they saw tremendous increase of number of people using the service, from 10 million to 100 million. They had security flaws. They promised to fix them. They brought outside Security Experts from people that borked at facebook, microsoft and google. Now they have zoom 5. 0 with encryption that will keep those people who want to zoom bomb out of the way. And as a result you can see the stock up 3 1 2 . People like what they hear. Stuart well, Queen Elizabeth had a zoom birthday party, i assume that went off uninterrupted by zoom bombers. I presume anyway. Ashley no one zoom bombs the queen. Stuart not going to get i have a way with it. Ashley no. Stuart here is a headline for you, heineken, the beer people, saw profits drop sharply. Susan, explain. Susan this week a barrel of oil being cheaper than a pint of beer, so that was interesting. We call heineken the budweiser of holland according to our executive producer. Beer volume dropped 2 for first three months. For month of march dropped 14 . Why . Because of the bars closed because of covid19 quarantine around the world. Heineken pulled forecast for the year. The fact that Carbon Dioxide fromethnal plants hard to find. No one is driving, filling up gas pumps that means ethanol plants are not running at full steam. Beers are having problems getting co2. Stuart wait a minute, youre telling me there is shortage of co2s . I wanted we wanted to suppress the co2. Susan in the air as well. Beer consumption is dropped over the years because millenials dont want cheaper beer. They like the highend stuff. Stuart whatever you sigh, susan, i believe you. Susan you should. Stuart thank you very much. Dow industrials up nearly 400. Tomorrow at 2 00 p. M. Eastern fox business holds an America Works together. It is a virtual town hall. Charles payne, mark cuban, well be there. You got questions . Well send them to investedinyou foxbusiness. Com. Tomorrow 2 00, Charles Payne and mark cuban. Secretary of state mike pompeo hold as News Conference minutes from now. Well take you there live. Hey, can i. Safe drivers save 40 guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. Stuart were holding on to a gain, close to high of the day, were up 421 points. Microsoft, apple, going up big time, that is helping the dow. Facebook is up nearly 10 a share. Moments from now secretary of state mike pompeo holds a News Conference. Well be interested in anything he has got to say about iran, china, north korea. I am going to show you the tweet we got from the president first thing this morning. Here it. I have instructed the United States navy to shoot down and destroy any and all iranian gunboats if they harass our ships at sea . Kt mcfarland is here. I think they are a spent force. What are they up to . I think theyre trying to do a couple of things. Remember all those conditions, you know theyre a bad economy, that the people are angry, that the people that was all before the virus. Now iran is having massive problems with the virus. They have a very Poor Public Health system. It was already strained. Now it is really strained beyond belief. I think what the mullahs are doing, theyre trying to divert attention. Theyre trying to rally people around the flag. Theyre trying to provoke a crisis with the United States. Theyre at minimum trying to look like big, tough guys, trying to put the United States back on its heels. Trump has outsmarted them. Stuart they would loaf to see us take out an iranian gunboat, than they would call us the great satan all over again, wouldnt they . Except for the fact that trump preempted them. Trump has three options. He can ignore it. That is probably bad idea, not just for iran but really for china. He can say it up front, you mess with us, were coming after you. He din do a preemptive attack. He didnt wait for an attack and then respond. Put threat them on notice. If they do something he has every right, he has given them notice. He will take them out. But i think the the real message is for china, not iran. Stuart whats the real message for china . We can walk and chew gum at the same time. In other words, were the United States, were down, were really in trouble with the coronavirus, the economic recovery, but it is a message to china, russia, everybody, dont try to take advantage of this moment of our weakness because well respond but particularly for china. Before the United States, a couple of days ago, the United States took South China Sea and maneuvered them into position, two military ships, gunboats. What they said to china effect, dont you try to take advantage of us in the South China Sea over this. We can walk and chew gum at the same time. Stuart but you know, kt, they did take advantage of the situation by arresting those prodemocracy people in hong kong which i was very sad to see. But that is making use after crisis, isnt it . Yeah. Look, i think that when this all comes out the chinese they may not have intended to make the wuhan virus a biological weapon but how they used it. Once they knew they had a problem, what did they do . They bought up a Million Masks around the world. So they controlled the stockpile. That is why there are the shortages. Closed down the city of wuhan. Wouldnt let people of wuhan to other parts of china. Guess where they let them travel . Italy, europe, spreading virus worldwide. Stuart im intrigued about reports that north Koreas Kim Jongun is unwell. Hold on a second, kt, listen to what the president had to say about it. Roll the tape please. I can only say this i wish him well. Because if he is in the kind of condition that the reports say, that the news say, that would be, a very serious condition as you know but i wish him well. Stuart i got a couple of questions. What do you think about the condition of kim jongun, and secondly, i know you want to answer this, his sister, kims sister, is next in line, keep the dynasty going . Dont laugh that is the situation. No, no, they have to keep the dynasty going. That is the whole thing to keep the kim dynasty going. The communist north korea has only been controlled by the kim dynasty. The current kim, the one we is probably quite ill, he is the grandson of the founder. Even looks like the grandson of the founder. So no way they will break up that band but what will happen if kim for some reason cant carry out his duties it will be either his sister or someone in the leadership cabal. They have got way too much invested in this to change. Stuart north korea is chinas client state. So, what are the chinese going to do . Absolutely. Stuart do they want kim as sister to take over, is that in tear interest . I guess it is because the last thing you want is a war within north korea, you dont want that. Yeah, look, the chinese always looked at north korea as a buffer. They like the fact it has been a low boil on korean peninsula, United States is preoccupied wit, south korea, nobody is threatening china. Theyre all preoccupied with north korea. They dont want the thing to boil over. That would happen with a coup, some leadership crisis. Why . There would be mass refugees flowing into northern china, right at time, northern china is presumably trying to deal with the coronavirus and some indications it has spread and spread to the north of china. Stuart kt, were waiting for the press conference from secretary of state pompeo. On the right happened side of your screen you can see them setting up. Social distance between the reporters waiting to hear from the secretary of state. Hold on a second, kt, i would like to get your comments. Sure. Stuart if we could when weve gone through the press conference. Okay, i want to take a quick break and hopefully we got secretary of state after this. Take that break, please. 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. Stuart solid gain pretty much across the board. I want to show you big tech. They are really moving those stocks right now. Lets start with apple, that is up five bucks. Facebook up another, facebook up 10. 57. Amazon is up 46. On my little screen here ive got some big names here. Amazon is up 46 bucks. Look at google up 48. Microsoft is up four at 172. The Big Tech Companies are really moving and theyre moving up this morning. I should tell you that the secretary of state has taken the podium. So far he has been talking about co2 emissions. And americas leadership in cutting though emissions. Well take him live, well go right to him when he starts talking about iran, north korea, and china. Meanwhile Oxford University going to start human trials for a virus vaccine. Oxford university, susan, is that right . Susan earlier as this thursday. Human trials could start on their candidate, vaccine candidates. As you know you heard from experts including bill gates, including administration folks we will not get back to normal until we get a coronavirus vaccine. Oxford is developing one. Theyre getting 24 million for the uk government to help the Pipeline Development which we know is very, very expensive. Imperial college is getting another 22 1 2 Million Pound for their own vaccine candidate as well. Here in the u. S. , moderna, the most advanced vaccine candidate here in the u. S. Started human trials last month. There is a push on to get some sort of a cure for covid19. Stu, half a billion dollars from the u. S. Government to help and aid in it us development. Most people say even if we get through these trials and probably late phase will be end of this year, we wont get a viable vaccine candidate maybe until the start of 2021. Stuart we need it, need it fast. We have to wait until early part of next year to get it. Susan, thank you. How about this for a statistic, tourism in europe could drop 70 of course, because of site russ. Tell me more, ashley. Ashley one of the first industry in europe will get hit and one of the last to recover, 70 . The European Market accounts for 50 of all tourism around the world. Financial losses, estimated anywhere from 300 to 450 billion. For some countries it is their biggest source of income or certainly among the biggest sources of revenue, including italy and spain, two countries hit particularly hard by the coronavirus. Stuart pompeo, he just said that, he is talking about china. Lets listen in. During this pandemic. I also note that when countries adopted these new rules in 2007 we also gave the director general of the w. H. O. Encouragement and the ability to go public when a member country wasnt following those rules and that didnt happen in this case either. That is why we continue to insist this is an ongoing requirement for transparency and openness according to the w. H. O. Rules and the w. H. O. Has responsibility to continue to enforce them today. This transparency, getting it right is critical to saving lives today and in the future. Talk for just a minute about humanitarian aid. United states is the most generous nation on the planet. Has been for the past three years. Well continue to be this year. Thanks to the american taxpayers we have dedicated more than 140 billion in Global Funding for Global Health purposes in the past two decades. Today i can confirm the United States is making an additional commitment of about 270 million to assist the most atrisk countries fighting the virus, bringing our total to more than 775 million to date. We do this in lots of way. We do this through multilateral organizations. We help partners sharing expertise today. Today the cdc has officers stationed in 5 the countries and thousands of epdeem epidemiologists throughout the world. This helps save lives in the country this is Global Pandemic and that work protects us here at home in america as well. Weeks before the first reported covid case was in we just heard the news from pompeo about china. He says they censored those who tried to warn the world and he said that china did not follow the transparency rules from the World Health Organization. Theyre still not doing it. So hes building a case against china. We will go back to the secretary of state when he starts talking about other major issues of the day. Got a big hour coming up for you. Mcdonalds getting ready to reopen some, in some states, its dining room. Thats going to be happening very slowly but they are going to do it. Ed rensi is with us, former ceo of mcdonalds. Coming up, oregon congressman greg walden will be with us. Hes on the task force to open the economy. We need to reopen it fast or its breaking the economy. Hes on the show. Riteaid launched 11 new selfswab testing sites. The ceo of riteaid is on the show. Hes in the next hour. With coronavirus spreading, people at higher risk must take extra precautions. You are at higher risk if you are over 65, or if you have an underlying medical condition. Please visit coronavirus. Gov for more information. Heres the thing about managing for your business. S when youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. 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Moments ago, we got the latest read on how much oil we have built up in storage. An extra 15 million barrels. Another huge number. Earlier on the show, treasury secretary mnuchin weighed in on when he hopes well reopen the u. S. Economy. Roll that tape, please. We are going to get back to work fairly quickly. You know, were kind of operating under the environment that we are going to open up parts of the economy and were looking forward to by the time we get later in the summer having most of the economy, if not all of the economy, open. Stuart by the way, he said the price of oil would be back to 30 a barrel by august of this year. Righthand side of the screen, secretary of state mike pompeo holding a News Conference. He has said moments ago that china censored those who tried to warn the world about the coronavirus. Any other headlines that weve got for you from that press conference, we will bring them to you. Kt mcfarland still with us. I think youre still there. Yeah, youre still there. Thank you very much indeed. The secretary of state seems to be building a case against china. Is that your impression, too . Absolutely. And the evidence is pretty overwhelming. I mean, they have used their wuhan virus, they have used this pandemic to really accelerate their plans to be the dominant global power within the next several years. They thought they could be the dominant global power by midcentury. They now think they can be the dominant global power, the biggest economy, the strongest country, the one least affected by this, within the next several years. They intend to come out of this virus like the United States came out of world war ii, in charge, rewriting the rules of international order. Stuart you think thats likely to happen . I mean, thats an extraordinary goal. Is it achievable, do you think . In their eyes, it is. Look, they made no secret about this. They really feel that once china becomes a large middle class country they will be so dominant in trade they can really dictate to other countries how to behave. They picked this off one by one. What theyre worried about i think is as a result, the backlash of this virus, if the world comes and says wait a minute, the chinese really let loose this pandemic on the world and they really have not helped us, they really are at fault, whether they financiunintentiond it, they are buying up western companies, particularly British Companies at fire sale prices and transferring the technology. The brits are really mad. The french are mad because they got stuck buying, not receiving for free but buying chinese masks that were defective. Tests that were defective. The chinese went around the world in the last couple of weeks saying to everybody we have cornered the market on stuart hold on. Im going to ask you to hold on for a second, go back to the pompeo conference. Question on north korea. Reporter what effect you think that has on a longterm relationship with the u. S. . You think it will damage it significantly . I dont have anything to add. As the president said last evening, i think it was, we are watching closely whats taking place there. But i dont have anything to add. As for china, nations that desire to be part of the Global Landscape have obligations for truthful information, obligations to share and be transparent and open. Thats our expectation for every country. I think you were referring to you called it disinformation. Seeking to transfer responsibility or to deny access to the world so that the world can figure out whats going on, you have to remember, these labs are still open inside of china. These labs that contain a complex pathogen being studied. There are multiple labs inside of china handling these things. Its important that those materials are being handled in a safe and secure way such as there isnt accidental release. We have a laboratory regime inside the United States to do that. Many countries do it as well. We have lots of regimes where i will give you an example, in the nuclear context, where the world inspects sites so that we can ensure that theres proper handling. The United States spends a lot of money training others to help them handle Nuclear Materials in an appropriate way. We have to make sure that the Chinese Government is handling those materials in an appropriate way, not only in the Wuhan Institute of virology but elsewhere. So this is an ongoing obligation that the Chinese Government has as well as an ongoing obligation of the World Health Organization that has responsibility for compliance with the rules. I hope i didnt bore you with them but its important to understand there are a set of global regulations that the Chinese Communist party signed up for. These arent american rules we applied. These are rules the Chinese Government signed up for. The World Health Organization has a continuing obligation not just one from back in december, but a continuing obligation to make sure those rules are being complied with today. In a way that protects us not only from the ongoing pandemic, but a future one as well. Stuart kt mcfarland still with us. If you can get back to kt, please. The implication i was getting there from pompeo is he wants International Inspection of these labs which are still working in china on viruses. Is that likely . Well, i dont think no. Heres why. The chinese must continue to insist against all evidence to the contrary that this did not happen in a lab. They have to say it was a wet market, it happened naturally, why . Because one cause in the u. S. china phase one trade deal says the chinese are supposed to buy a lot of our stuff, we will lift the sanctions in exchange. But they promised to buy a lot of our farm Agricultural Products and other things unless there is a Natural Disaster or other conditions, other tragedy. In other words, if its a Natural Disaster coming out of the wet lab in wuhan, the chinese arent obligated to buy all that stuff from us. If it is not a Natural Disaster, if the chinese developed it in the lab and it got loose, that is not something china needs to come in and say well, sorry, were not going to pay. Theyre stuck. The other thing, it opens them if it comes out of a lab and is proven, it opens up to myriad lawsuits, individuals and companies and countries, and finally, if the countries of the world think china has unleashed a pandemic on the world, how likely is it that [ inaudible ] in three or four years . Stuart very good question. Excellent analysis there. We always appreciate it. Kt mcfarland, thanks very much indeed. We will continue to monitor secretary of state pompeo. What has he got to say on other issues. He makes headlines, you will hear them real fast. Back to your money, the dow is still up solid, 1. 5 . 360 points, 23,381. Now, victorias secret, the Parent Company thereof, l brands, we have news on that. Lauren, what do you have . Lauren the stock has been halted and has just resumed trading moments ago after being down about 25 . L brands was looking to sell a majority stake in victorias secret to a private equity company. That deal could be in jeopardy. L brands was struggling before coronavirus. Many of their locations, whether its victorias secret or bath body works, are in malls, malls are struggling and they are certainly struggling with most of their stores being closed after coronavirus. So a lot of volatility for the stock today. It has just resumed trading. Stuart okay. Still with you, lauren, netflix. They got their Earnings Report yesterday. Can you break it down for us . The stock is down. Lauren you know, it was really good if you look at the number of new subscribers, almost 15 million and a forecast for another seven and a half million paid subscribers in this Current Quarter but look, we just got news that they are borrowing 1 billion in part to Fund Acquisitions and future content. Which makes you think that even netflix, the king of streaming, is a little worried right now. Wedbush, the analysts there, say that netflix will struggle to produce new content to keep subscribers who are bingeing right now and loving the service, to keep them entertained when the economy reopens and you are less inclined to watch tv. Stuart that is the big question, isnt it. When we all go back to work and get out of the house, will we still watch eight hours of streaming each and every day per person. Thats a good question. I dont have an answer for you. Chipotle, theres another standout stock. Its way up, nearly 9 higher. Stuv susan, tell me why. Susan Digital Sales were up some 81 for the month of march. It looks like Digital Sales more than doubled and thats because people are stuck at home. What do they want . They want their guac and rice and beans so they are ordering from chipotle. Another headline here is they had to pay a 25 million fine. Remember that e. Coli scandal twhe they went through in 2015 and 2018 where more than 1100 americans were sickened . Thats what the 25 million was for. This was found guilty in i guess federal court in los angeles. If you look at the stock, during the depths, i used to cover this company in depth, was at 289. That was the low at the end of 2017. Stuart i remember that. I remember it being way down below where it is now. I remember being astonished by its rise. Not that i dont like chipotles food, just what a rise it had. All right. Thanks very much. Moving on to the airlines. Delta, they reported a loss in the First Quarter of the year. It was a big loss, 600 million. Revenue is down 18 . That was january, february, march. How they will perform april, may and june in the fullscale lockdown and travel restrictions, i dont know. Deltas stock is at 22 a share. Expedia, they need money. Traveling is drying up so they are apparently nearing a deal to sell stakes to two private equity companies. The stock is up the best part of 10 . Then again, its been severely depressed recently. Snapchat usage up. The app, that is, usage up because people are stuck at home. It absolutely zoomed, the usage, and the stock is up 26 . Google, not going to charge businesses to sell on their shopping platform starting at the end of this month to help Small Businesses. They are up 47 bucks a share. 1,259 apiece. Facebook, way up, 11 bucks higher per share. Whats the story, susan . Susan peopcelebrating their investment in indian internet giant gio. India is the largest mobile phone carrier with 400 million subscribers and this is also owned by indias richest man. Its arguable hes the richest man in the asia pacific, compared to jack ma. Hes worth over 30 billion, close to 40 billion. When you have him on board, that means there are a lot of avenues you can take and lot of roads that open for you in india which is one of facebooks largest markets, 400 million use whatsapp, 300 million use the facebook app itself. Stuart thats why its up 6. 5 . Thats an extraordinary rally for a big company like facebook. 182, the price. More on the airlines. To grady trimble. What do you have . Reporter i want to touch on delta, because you mentioned projections. They are expecting revenue to be down 90 in this Current Quarter. Thats roughly in line with the amount of flight capacity they have had to cut in june, which is 85 . Then United Airlines is offering more than 39 million additional shares at 26. 50 per share. That will help them generate about 1 billion at a time when they desperately need it but of course, it also dilutes the value of existing shares. You can see across the board the airlines down today. United, though, down the most largely because of that. Then i also want to show you these pictures from an italian Manufacturing Firm called avio interiors. You can see this is what they think airlines and planes will look like in the future to allow for more distancing. Either the middle seat facing backwards like that or partitions between seats that are all facing in the same direction. Those are two of the options they put out. Take that with a grain of salt because this is the same company that was mocked for putting out pictures last year where people were standing on planes and of course, that hasnt come to fruition either. Stuart but you know, youve got to do something. If social distancing rules are still in place when we get back to flying around the country, that kind of separation is going to be required. I wouldnt mock them for that. Looks realistic to me. Reporter i wouldnt mind the partition but imagine facing backwards for a long haul flight or even a couple hours. That would be pretty uncomfortable i think for some people. Might even make them sick if they are facing backwards while the plane is going forwards. I dont know about that. Stuart i will remember that next time i take an 18hour flight to australia. I will remember that. Thats a promise. Grady, thank you very much indeed. Look at that market. We have been open for best part of two hours and we have been always up between 350 and 420 points. Its a rally across the board. Big gain for the nasdaq because big tech is doing so well, up 2 on the nasdaq. Thats 179 points. Big day. Some other big stories and we are watching them for you. The gronk is returning to football. No, hes not the gronk. Its gronk. Im sorry. Gronk returning to football. We will tell you why hes decided to get back into the game. Riteaid adding new selftesting sites and the ceo of riteaid joins us later in the show. The fourth rescue package being planned. Is it going to be enough . My theme of that, my take, which is next. I came across sofi and it was the best decision of my life. I feel cared about as a member. 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 or extra fees. Sofi has brought me peace of mind. Truly thank you for helping me prepare for whatever the future has in store. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart rescue package, theyre calling it 3. 5, it is on its way. Another half trillion dollars worth of relief. Add that to the previous packages plus the cash flowing out of the Federal Reserve and we are looking at, what, 6 trillion or 7 trillion thrown into the economy. Theres probably more to come. Senator schumer is already talking about a 150 billion for state and local governments. The question we keep hearing is this enough, are we done. My answer is if the shutdown keeps going much longer, no, were not done. As long as people are told no, you cant go to work, as long as businesses are told no, you cant open, we will not be able to stop the vast and dangerous printing of money. Senator rand paul says we cant continue to print out bailout cash. But thats exactly what were going to do if this shutdown continues through may and into june. The lockdown pain is absolutely excruciating economically. So open up. Open up as soon as possible. Do it using whatever safeguards are available but do it. There is the risk of more infections, yes, there is, a second wave perhaps, yes, maybe, and there will be plenty of anxiety when you unlock your front door and socialize with friends and neighbors again. But theres also high anxiety for people whose government check does not meet their rent or mortgage payments and Small Business owners whose life work is on the line. Theyre anxious. If the stayathome orders and the economy shutdown keeps going much longer, you aint seen nothing yet. Financial ruin is unhealthy in and of itself. There is some progress here. There is some good news. Some stores have reopened in South Carolina. You would be able to get a haircut in georgia. As you heard from Governor Abbott on this program earlier, texas will start the opening up process very soon. Some car factories are going to reopen next month. So will a boeing plant. Its a start. Thats good. We need to go further and faster because we are now beginning to understand the level of economic pain and the extraordinary cost of the rescue. Want to see more anxiety . Watch what happens to your money if we are locked down tight into june. Trillion dollar rescue numbers, five, six, seven, eight and on down the line. That is not sustainable. Stay closed and we are ruined. Open up soon and we can recover. Joining me, marc tepper, Strategic Wealth partners guy. Welcome to the show. Good to have your energy back with us again. Thanks for having me. Stuart heres what treasury secretary Steve Mnuchin told me earlier on this program. Roll tape, please. I hope it is enough. So theres another 310 billion in the ppp program and on top of that, theres going to be another 300 billion of eidl disaster loans. Thats in excess of 600 billion we are pumping into Small Businesses many of these Companies May also be able to access the feds main Street Lending facility as well. Stuart thats an enormous amount of money flowing into the economy and we are getting states beginning to open up. I think thats good news for the stock market. Yeah. Yeah. Thats exactly what we need. We need to reopen as soon as possible. Otherwise theres going to be more spending. All this spending really is a direct consequence of shutting our economy down in the first place. In economics theres this concept known as opportunity costs and when you make a choice, theres a cost associated with foregoing the alternative, right. So we had a decision to make and there was a cost both ways, option a, save lives by shutting down the economy, fewer people died, but you run the risk of forcing the entire population into a deep recession. Option b, we could have stayed open, very likely more people would have died. State after state chose option a and now because of that, we have a huge hole to dig ourselves out of. You know, if you go way back to adam smith or milton friedman, read about the basics of capitalism, its all about having a Free Market Society where the government merely acts as an umpire, not a participant, to prevent one party from being coerced by another and what we have seen happen here, state after state, is the government became a participant when states started to shut down. We need to get the Government Back to playing umpire so that businesses can start opening. As you mentioned, theres great businesses that were doing just fine three months ago, now they are on life support. We need to reopen, we need to reopen quickly and safely just like you said. One of the things i heard mnuchin say is we may not be full speed until the end of august. Thats a long time. I would like to get there quicker than that. Stuart what about the debt we are building up . Leader mcconnell is worried about it. He says we cant just keep on piling up this debt. Weve got to do something about it. I dont know what you are going to do about it because we are probably going to add at least 5 trillion to the 20 trillion odd we are already in debt. You worried about that . Absolutely. You know, unfortunately, some people seem to believe that money just grows on trees. It doesnt. You know, money comes from somewhere. As we have the Printing Press on, as we are piling up debt, we are going to have to pay that bill at some point in the future. Maybe it comes in the form of higher taxes. I dont think very many of us are going to like that. Stuart what would it do, though . If joe biden wins the presidency or the democrats retake congress, whatever happens, and we get more taxes, levied upon us, what does that do to the economy . Thats a depression at that point. We cant handle that, right . We are talking about 6 trillion plus in one way, shape or form being injected into this economy right now because of essentially a governmentimposed shutdown, right, so this is a debt bill we are going to have to unfortunately pay. It could come out of future Economic Growth. This is not a good situation for us to be in. Its exactly why we cant afford to continue to run this Printing Press and taking on more and more debt. We need to open. Stuart exactly. We have to open. We cant have the shutdown lasting way out there into the fall. Mark tepper, always good to see you. Thank you very much. Appreciate it. Got a headline for you. Jlo and Alex Rodriguez could soon be owners of the new york mets. Apparently at a discounted price. The full story for you. Squad member Ayanna Presley comparing the president s Coronavirus Response to war crimes. We will play the sound for you next. Announcer wash your hands. Avoid sick people. And touching your face. 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And newdays va streamline refi shortcuts the process. Veterans can refinance with no income verification, no appraisal, and no out of pocket costs. One call could save you 2000 a year. Stuart our tv viewers are seeing a lot of green, up 400 points for the dow industrials. 1. 7 . Better than 2. 25 gain for the nasdaq. Big tech doing real well. Joining me now, greg walden, congressman from the great state of oregon and a republican. Welcome back. Always good to see you. Good to see you as well. Stuart im feeling quite good, actually. Weve got to reopen the economy or we break the economy. Thats kind of a stark statement but would you agree with it . No, i think thats exactly right. The president and his team are leading the effort to do that in a safe way. They understand the science. They are listening to the doctors and scientists but they also understand that eventually, this selfinduced coma on the economy of america and frankly the world means at some point you got to pull this patient out of that coma safely, carefully, but if you dont, the organs shut down and we cant let that happen. Theres a way to do it, a regional way to do it. His cabinet is working on those ideas. Hes laid out his threepart framework for states. Stuart can i just jump in for a second . You are from oregon. I always think of the west coast as being more favored towards lockdown and restrictions. Whats the mood in oregon about opening up a little . Yeah, its a really good question. Certainly i represent twothirds of the land mass of the state, an area that would stretch from the Atlantic Ocean to ohio, so big wide open spaces. Social distancings a way of life in my district, because you are so far apart from people, we dont have the high density populations in much of the district. Certainly we have some cities that have higher densities. So in those rural areas, where you have huge counties bigger than states and no covid cases, they are pretty restless about it. Their hospitals have lost their revenue because they cant treat elective surgeries or patients, they are laying off people. So they are saying i think we can manage through this now. It will be up to our governor to make that decision ultimately but they believe in the conversations ive had that they can reopen carefully, thoughtfully. Again, we dont want to, you know, have something happen here but i think they are ready. And i think they can manage it and i have faith in the local county commissions and cities and their Health Departments to do this. And do it carefully and smartly. Stuart i would like you to just take a listen to a squad member, congresswoman Ayanna Presley. She really slammed the president s virus response. Watch this. So far as im concerned, whats happening with this administration now, its akin to war crimes. Criminal negligence, science denials, and a sluggish response and so we find ourselves in the position of playing catchup in the midst of a pandemic which is the last place that you want to be in the midst of any Public Health crisis, certainly a pandemic, is working from behind. Stuart okay. Congressman, you heard it. Your reaction, please . You know, i will be measured but some people just cant quit the hateful rhetoric toward this president. They are not listening to whats being done, theyre not listening to the challenge. Its really its unnecessary, its unfair, it lacks a certain element of truth, shall i say. They have done a really good job here under very tough circumstances. I was just on the phone for half an hour with the head of the fda walking through the partnerships he has with nih, National Institutes of health, as well as internationally and they are working around the clock to try and expedite prophylactic treatments, the testing. They have blown through any, any record in terms of getting new treatments, new testing to market quicker. I mean, its never happened this fast. Weve seen the average effort to bring supplies in from around the world that the president and Vice President s team have led on to bring supplies clear out into oregon and now to our National Guard to distribute them. Its not like you can wave a magic wand and suddenly have everything you need in a pandemic or a crisis. Im sure there are things, we are looking at them, that in the future we know we can do better, that we werent prepared for, but you cant lay that blame on this administration. I was part of the effort that wrote the pandemic all hazard preparedness act, it passed congress unanimously in the house under my chairmanship and then again eventually the senate agreed and it went into law a year ago. Thats where we laid out in a bipartisan way how to deal with a pandemic. We learned a lot since then, right. I mean, i dont know. I dont know what that rhetoric does other than play to a left wing progressive base. Stuart well, thanks for responding to it. Congressman, i didnt realize you represented such a gigantic area. I did not know that. I didnt know that. Stuart, ive got a county or two where theres one person for every nine miles of power line. So lots of wide open spaces. Stuart it sounds like my kind of place. Thats a fact. Come on out. Stuart i will if youre not careful. Greg walden, thanks very much indeed. See you soon. Now, im going to get this right. Gronk, not the gronk. No, gronk, football star, gronk, hes coming back to the nfl. Is that right, lauren . Lauren out of retirement and reuniting with his former patriots teammate tom brady but on the tampa bay buccaneers. Heres tom brady just a couple minutes ago. A little tardy but gronk reporting. Lauren thats basically rallying the troops, getting them back together. Gronk and brady spent nine years together on the patriots. Gronk caught 78 touchdown passes from brady. His agent told Maria Bartiromo this morning that he only came back because he only wanted to play with tom brady. Lets see if they can do it for the super bowl this year. By the way, he was traded by the patriots to the buccaneers for a fourth round pick. Out of retirement. Did he lose any skill . Well see. Stuart i like that video. I got a big lol out of that one. Thats a fact. Now, more sports news. I cant believe this headline. Ashley, its for you. Fans are suing Major League Baseball . Ashley in fact, two fans. One a mets fan, the other a yankees fan. They have spent money on buying tickets and they want a refund because some of those games have already been postponed. Important word, postponed. Major League Baseball says they are not canceled as yet, just postponed. They wont decide whether to give refunds until they decide how on earth they will get the Upcoming Season started and what its going to look like. But these fans say they want class action status approved so other people can jump on the lawsuit. They say they want their money back and that Major League Baseball is instructing the teams not to give the money back. There you have it. By the way, ticketmaster, stub hub, live nation all included in that lawsuit. Stuart well, they are pushing the issue, clearly. All right. Another sports story. Susan, arod, jlo buying a Baseball Team . Susan the mets. They might get it at a discount if in fact you have the baseball season cut in half. That means valuations are plummeting as well. Right now the wilpon family owns the mets and are motivated sellers. Combined, they are worth around 700 million but they need more cash so it looks like the mets even with the value down 50 , they still have to pony up 1. 5 billion for the new york mets. They are coming up with a four to five member Consortium Including billionaires in miami and also capital investing billionaires as well. But you know, we have arod skipping out on actually playing for the mets back in the year 2000 and i like the way you say, how do you say Alex Rodriguezs name . You put an extra latin spin on it, dont you . Stuart what do i do . Susan you do Alex Rodriguez or something, over the top usually when you talk about arod. Stuart sorry about that. I will try to get it right. Gronk, arod. Susan there you go. Stuart jlo. Im getting there. Ashley lol. Stuart i didnt say the other one. There you go. All right. Hey, listen to this. New york citys mayor bill deblasio says the fourth of July Fireworks will go on as planned this year. Thats pretty good news. Will you be allowed to line up in a crowd to watch them on the west side . I dont know about that. Or the east side, it actually is. They are going to do them. Fireworks are on in new york this year. Mcdonalds may be reopening some of its dining rooms. What would that look like . I dont know. We are going to ask the former ceo of mcdonalds, ed rensi. Late night talk show Host Jimmy Kimmel slamming americans protesting stayathome orders. Wait until you hear what he had to say. We will tell you next. Look, this isnt my first rodeo. And let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. 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Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. Im starting to think these characters who support trump might be suicidal. They seem to fight hardest for the things that will kill them. They want freedom to gather in large groups during an epidemic. They want guns, they want pollution. I figured it out. They want to die and theyre taking us down with them. Stuart i call that just a tad extreme, wouldnt you . Late night show Host Jimmy Kimmel, mocking those people who protest the stayathome orders. I trust mr. Kimmel has a nice mansion to stay at home in. To mcdonalds, please. I believe the stock is up on this news. They are preparing to reopen some of their dining rooms in america. Ed rensi is back with us, former mcdonalds usa chief executive. Okay. So they open up some of the dining rooms. Whats it going to look like . Because youve still got to have the social distancing. How they going to manage that . Well, i think that the executives at mcdonalds are very smart and wise and the great strength of mcdonalds is their franchisees. They will do the kind of things necessary to get that social distancing, that safety distancing. They are going to do a great job with sanitation. They are going to make sure their employees are healthy. If i were running a mcdonalds today i would recommend that they check the temperature of every employee when they come to work and the slightest fever, ask them to go home and pay them for their shift anyway. Stuart but ed its common sense. At the end of the day its common sense. Stuart wait a minute. Wait a minute. Absent that, absent taking the temperature and all the rest of it, theres going to be strict limits on how many people can sit down and eat a burger in a Mcdonalds Restaurant and that is going to cut into revenues. No way round it, is there . Well, they have a very strong drivethrough and carryout business as well. Back in the day, when you went to mcdonalds you got your food and went and sat in your car and ate it. The highest percentage of their business is carryout and drivethrough. So social distancing inside the restaurant can be managed. They can put screens up in the dining room between the tables and chairs. I think its very manageable and its time for the restaurant people and Hospitality Industry to put their thinking cap on and help get this system opened back up again for commerce. Stuart how come some of the big restaurant chains got a great deal of money and some of the little guys didnt . What happened . It is mystifying. I have no idea. I talked to probably 60 or 70 Small Business people in the last month and a half, hair salons, barber shops. They are mystified when joe and mary cant get money on main street but harvard, which has got a 60 billion trust fund, gets a huge multimillion dollar loan. Its just insane that our government cant function in a more deliberate, conscientious way to deal with Small Business. Stuart what we need, some tinkering with the process and the criteria for who gets it. But you know, that takes a lot of time. Thats not going to happen tomorrow morning. Yeah. I like what, you know, this ought to be selfdisciplined and selfadministered. I like what the guy danny meyer that owns shake shack, he said im going to give the money back. Harvard ought to do the same thing. Any Big Giant Corporation that gets money ought to give it back. Keep in mind, a company like mcdonalds and fat brands, fatburger, largely almost exclusively are owned by franchisees. They are Small Business people. They are not that multibillion dollar company. They are people that have three, four, five restaurants on main street in every city in the United States and around the world. Theyre not a big corporation. So we cant get confused between the brands and the ownership. Stuart as i see it, the problem is in some of the rules for who gets the money. As i understand it, you get the money if you keep full staffing on beyond june. Now, thats going to be awfully difficult if youve got to deal with social distancing which is going to cut your revenue and cut your desire to have workers on the spot. We need to change the rules like that, dont we . Real fast. I think we do. I think the initial thrust to get the economy back in shape and protect jobs was absolutely the right thing but as we get closer to the deadline on the payback i think its going to have to be extended because a lot of restaurants, barber shops and salons will not be able to pay that back because theyre not open and at full strength again. It will take a mending. Stuart it would do it. It would work a lot in their favor. Ed, thanks very much for being back with us again today. Always appreciate it. Ed rensi, thank you, sir. I think we have got a lawsuit against china filed by the state of missouri . Is that accurate, ash . Ashley that is exactly accurate. The first state to do this, accusing the chinese of being responsible for the severity of the coronavirus pandemic, seeking damages for the enormous loss of life, human suffering and economic turmoil. Eric schmidt, the attorney general of missouri, made his case to tucker carlson. Take a listen. We brought four claims of a public nuisance and negligence, the hoarding of ppe is certainly also one of our allegations and some folks have made issue as to the federal sovereign immunities act, but there are exceptions. There is exceptions for commercial activity and the fact that they were running the virology lab, the fact that they were running hospital systems, the fact that they were hoarding ppe, we think fits squarely into that exception which is why we brought the case. Ashley by the way, whats interesting here is there is a law in place that prevents americans from suing governments but missouri says they are actually suing the communist party of china which they believe can get around that roadblock. China has responded calling this suit absurd and frivolous. Back to you. Stuart frivolous. Not quite in my opinion but there you go. Ash, thanks very much indeed. Take a check of big tech, please, because they are really moving this market. Look at them go. Apple is up five bucks. Amazon is up 28. Google is up 42. Before we move on, i can tell you facebook is up 11. Amazon is up 28. Microsoft is up 4. 45. Look at them go. Some of those big tech stocks are part of the dow and that really is fueling the significant gain that we now have. The dow is up 450, the high of the day, close to a 2 gain. Check out the stock price of riteaid, please. They are adding new Virus Testing sites at their stores in some places. The ceo of riteaid joins me next. The stock is up 3 . 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 ] stuart were going up. Were close to the high of the day. Were up 468 points. The high was up 475. Youre real close to the high of the day. Look at that percentagewise were up over 2 . That is the dow industrials. 2 1 2 for the nasdaq. That is a rally across the board. Look at rite aid, we have the ceo of that company own our show right now. Haywood donegon. Thank you, surety. Stuart tell me what youre doing with the new testing sites. Straight at it, please. This is really exciting because this is the first time testing is really available to largely general public. We had been populating a pilot site that was really focused on future needs of the firstresponders and Health Care Professionals. But now with support from the White House Task force, we as of today, have opened up 24 testing sites across eight states, pennsylvania, new jersey, new york, michigan, ohio, delaware, idaho and virginia and it is now expanded beyond firstresponders and Health Care Professionals to anyone over the age of 18 who meets criteria. Essentially in the nutshell, that you have symptoms. Stuart 24 sites, selfswabbing in eight states. What does selfswabbing mean . A swab up your knows, Something Like that . Is it painful, is it easy, is it quick, how long does it take to get the results . It is all drivethrough, our farm sifters are doing the test. You preregister. Maybe an appointment online. You pull up to the drivethrough, really in the parking lot of our rite aid pharmacies and the pharmacist will hand you the kit, the test, it is, selfadministered. I dont know if it is painful truth if ily. I will ask the question. I cant imagine that painful. These people who have symptoms are administering test on themselves. Our pharmacists are fully protected. They hand back the kit. We send it to the lab. It takes anywhere from two to four days to get a result. Stuart is there a fee to be paid . Is part of the fee picked up by insurance . Who pays here . It is no charge for eligible individuals. Essentially the government and rite aid are working together to make this available to our communities. Stuart hayward donigan, thank you very much for joining us with great news. One thing we really need, it is more, rapid, easy testing. Youre providing it. Thank you very much indeed. Rite aid there. Stock up 3 . Welldone. I will close out the show. I have news from capitol hill. What is going on, ashley . Stuart stu, the issue is how to go about getting this next stimulus bill passed when lawmakers are not there and the call for perhaps remote voting. That has been kind of pushed back by conservatives said even in the most dire of circumstances over the last 200 plus years we have not resorted to this. It says that the republicans are saying we need more procedures in place. This sun tested. They are rejecting the cone september of remote voting. I was looking at comments of steny hoyer, democrat from maryland, who is the House Majority leader, he says we need to put procedures in place for remote voting and Remote Committee work. In other words were not in a place right now where there is truly tested and so we should hold back. At least that is the latest message from capitol hill. Stuart that means another delay, it certainly hasnt affected the market which is still going up. No. Stuart ashley, thank you very much please. Programing note, dont miss America Works together. That is virtual town hall with guest mark cuban. You can send in your questions, please do. Invested in you at foxbusiness. Com. The dow is up 400 points, better part of a 2 gain right there. Do check the price of oil, please. Thats a crisis area and we see a nice bounce today. The price of oil is up 25 , big gain. Youre now at 14 a barrel. Okay, that is still very depressed level, because if youre a driller you cant make money at 14 a barrel. If you do drill and bring it out of the ground, right now you dont have a place to store it but the price is up, 14. 50 right now. Treasury secretary mnuchin was on the program earlier this morning, about two hours ago. I said to him do you think you can see the price of Oil Getting Back to 30 a barrel by august . And he said yes, it looks that way. Theyre opening up the economy. Theyre putting a ton of money into the economy and he thinks, if you look at futures market for future delivery of oil, yes, he says, 30 bucks a barrel by late august. That would be good news indeed, because this terribly depressed price of oil has affected all sectors of the economy and our stock market. Times up for me. Neil, its yours. Neil all right, stuart, thank you very, very much. Were follow agoil development here. Wasnt too long ago we were looking at 12, 13, 14dollar oil and that is horrific. Seeing we were at negative oil price as couple days ago well take whatever we take. It is helping drillers and wildcatters, helping everybody. The devil is in the details to see if this can maintain itself. One other positive note were following is that of new york, hospitalizations fell below 16,000 from about 16,076. This is a forward indicator. Tragically you know deaths are the most lagging indicator. If fewer people g