Transcripts For FBC Varney Company 20240713

President. His support among independents gone straight up despite the intense opposition of the media and the democrats. More positives. At the president ial town hall, mr. Trump suggested a vaccine is possible by december. Dr. Fauci says january, if everything goes well. That would be a major step towards a fullscale return to work. However, the president also said he could impose fresh tariffs on china. He called that the ultimate punishment. We should point out that there is a new report this morning suggesting china deliberately manipulated the virus for its own advantage. Lets get to the market. It will be opening lower this morning. In part because of the threat of tariffs. Look at the dow, down maybe 200 points. Nasdaq down about 55. S p down about 20. And then theres Warren Buffett. Big news there. He has sold all his Airline Stocks, all of them. He no longer has any money in that industry. However, he did lay out a big positive. He said this economy will come back, quote, nothing can stop American Magic. That man turns 90 in august of this year. Its monday, may 4th. In this amazing year, 2020, Varney Company is about to begin. Theres more help coming. We have really no choice because incredible people like this, you know, its not your fault. I mean, just remember that its not your fault. There is more help coming. There has to be. We are very confident we are going to have a vaccine at the end of the year, by the end of the year, have a vaccine. But are you considering new tariffs on china as sort of a punishment for their handling of the virus . Well, its the ultimate punishment. I will tell you that. Tariffs at a minimum are the greatest negotiating tool that we have ever devised that were never used for negotiations. Stuart the president on the Positive Side talking about possible tariffs on china as a punishment for what theyre up to. Keith fitz is with us this monday morning. Keith, is that possible new imposition of tariffs on china, is that why the markets lower . Am i missing Something Else . No, youre not missing anything at all. Theres two things working. One is the threat of more tariffs, by which the president is absolutely correct, china operates in terms of strategic deception. But the other thing is psychology of buffett bailing on airlines. That was a sector everybody viewed as sacrosanct. Stuart hes got well over 100 billion, this is buffett, well over 100 billion in cash, well over that, and he hasnt found a place to invest it. Is that a negative as well . If youve got all that money and you make your name by looking for good value, and stock prices are way down and depressed but he doesnt see good value, is that another negative . Is that what it is . You know, i tell you what, stuart, normally im a huge buffett fan. I learned a lot from the man over the years. But i think hes struggling just like regular investors, trying to figure out if you have 100 or 100 billion, you have to find some place to put it. The fact hes struggling suggests maybe that mr. Buffett is out of touch with current Market Conditions, dare i say it. Stuart you dare say it, i guess. Out of touch with current Market Conditions . What are you saying . Thats tough stuff there, lad. Well, stuart, he missed apple, he missed a lot of key pivots. Nothing against the man. He is the best at finding value. But right now i submit extraordinarily respectfully that perhaps you have to assess value differently. Stuart all right. Stay there, please. More for you in a second. Lets turn to ashley. Tell us about this report that reportedly describes chinas coverup. Go. Ashley yeah, a dossier put together by the intelligence alliance, the u. S. , canada, uk, australia and new zealand. Pretty scathing of the way china handled the coronavirus outbreak, essentially this was a 15page report saying china did everything it could to hide facts about the virus, either hiding it or intentionally destroying evidence that the country denied it could be passed from human to human all the way up until january 20th. In fact, on january 10th, the report says a Chinese Health expert said the outbreak was under control and the conditions were only mild. In fact, early in january, the Wuhan Health Commission stopped giving daily updates on the number of new cases. All in all, this report says china did everything it could to hide and lie, if you like, about the extent of the outbreak and its ability to spread. Stuart well, ashley, didnt china also allegedly hoard medical supplies with a view to making a much bigger profit down the road, if it got all the supplies in its possession it could charge more later on . Ashley there is that. Its not contained in this report. This is a report that basically says how did china let the rest of the world know that this virus had there was an outbreak of this virus and the danger it posed. This report, bottom line, said china did everything it could to basically pretend it was under control, not a big deal. Stuart got it. We are back to you in a second. Thanks very much. Now, we showed you the airlines. All of them, down real big. Look at that on your screens right now. You are talking in percentage terms, 10 , 11 on the down side. Thats because of Warren Buffett. Hes taken all of his money out of the airline industry. Now, susan li listened through all of this is presentation over the weekend. Six hours of it . Look, we know what he said on the airlines. We could see the result. Tell me more about what he said about American Magic pulling us through. Susan it was a very good feelgood message Warren Buffett was saying to investors and the world, the american miracle, the American Magic has always prevailed and it will do so once again and he said never bet against america. Then he doubled down a little later on saying never, ever bet against america. But look, it was a tough First Quarter for Berkshire Hathaway. They lost about 15 billion and also, they sold a lot of stock as well. You mentioned 6. 5 billion of Airline Stocks in april alone. They only bought 1. 5 billion and berkshire, by the way, continuing to say the spread of coronavirus began to significantly affect their operating businesses in march and they will likely affect their businesses going into the Second Quarter. Warren buffett is so positive on the u. S. Economy in that it will regain, rebound and prevail, why is he holding 137 billion worth, Record Number amount of cash on the balance sheets, right . If he only bought 1. 5 billion in stock, that makes you wonder if things are going to get worse, he expects at least in the Second Quarter and i should mention Berkshire Hathaway saw its worst First Quarter in ten years and he still didnt go in. What does that say . Stuart that tells you a lot. It suggests that he sees a further down side move in the value of stocks so that hes waiting, keeping his powder dry with his 100 billion. But over the longer term hes positive American Magic pulls us through. In the short term, i agree, thats one of the negatives on the market this morning. Susan he did say look, not a lot of people were calling him like 2008 when he had around nine or ten deals because the Federal Reserve stepped in early. Stuart you got it. Thanks very much. Ive got individual stocks making news. First of all, roche, a swiss drug maker. Lauren, the fdas approved their Antibody Test . What does that mean . Lauren emergency use approval. They have an Antibody Test that is considered highly accurate. This is why. Other Antibody Tests, you prick the finger to get the results. This one draws blood intravenously so as a result, they say the accuracy rate is near 100 . They aim to produce next month, and by the end of the year have 100 million tests produced. Very good sign in terms of figuring out if people had the virus and now have developed some sort of immunity to it. Stuart got it. Thats roche for you. The stock is up. Thanks, lauren. Check oil. Where are we this morning on oil . We are at 19 per barrel. Again, this is the june contract. 19 a barrel. Keith fitz, come back in for a second. I dont think thats a negative for the market this morning. 19 bucks a barrel. Then again, i dont see how you can have a huge rebound for the price until demand picks up. Well, im with you on that, stuart. I just dont think you can put it anywhere else. There are tankers stuck at sea, Storage Capacity is full, pipelines are full. They are being very creative in the industry. This is ultimately good for the economy when it reopens but for now, its really nothing more than a headline, the average investor doesnt care. Stuart i usually look up the price of gasoline. I do it every single day. I didnt do it today but i just looked at up. We have gone back up to 1. 78. Thats the national average. I was hoping we would get down to 1. 50 but we stalled. Back up to 1. 78. Sorry about that. Keith, thanks for joining us on this monday morning. See you again soon. Tyson foods, they reported earlier this morning. Not pretty, you might expect that. Net income down 15 from this time last year. Obviously because of all the plant closures. The stock is down 6 . Tyson foods. Shake shack, their earnings come out later this afternoon. Remember, they gave back the 10 million they got in a Small Business loan. Some backlash from various people. In advance of their official numbers, they are down a buck, 1. 9 . Another big week for earnings ahead. Disney, beyond meat, lyft, jetblue, roku, they are all on deck to report this week. We have full coverage for you, of course, on the fox business network. Futures moving a little further south, not much. We are down 270 points for the dow, just over 1 on the down side. Big numbers. Here it is. 12 billion. Thats how much the virus is expected to cost sports. Down 12 billion in revenue. Full details on that one. Look at this. Shoppers at a costco in westchester, new york got rowdy. The police were called. Whats that all about . We will tell you. Waffle house reopening. I want to know how they are serving dinein customers with social distancing and hows business . They have opened up. Did customers come . Ive got the ceo and president on the show after this. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief 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 canopy growth, a cannabis company, up 7 , why . Because constellation brands, a Liquor Company, raised its stake in the cannabis company, what is it, the Liquor Company says it sees longterm opportunity. Okay. Look at comcast. The wall street journal says its weighing cost cutting implementations across its media and entertainment departments. Virtually month reactino reacti stock. 15 states easing restrictions as of today. Most of them are opening up a little bit to retail operations, restaurants, bars in various locations. Look at the map. That was where theyre opening up. Now, this is the protest. This is i want to get outside, i want to go to the beach. Protests in california, this is from huntington beach. Governor newsom closed the beaches. That was in california. However, ashley, i think didnt some mayors or local authorities, didnt they open some beaches, defying the governor . Ashley they certainly did. Its very strange because san diego, which is just south here of Orange County, opened their beaches saying that the message from gavin newsom, the governor, was very confusing. He said he was going to close all the beaches and then just changed his mind and said no, im just going to close Orange County. Its a big county, three Million People. L. A. , by the way, county has already closed their beaches. San diego said why, why should we have to close. So the beaches there are open. This is laguna beach. What a beautiful part of the country. No need to protest. Its beautiful down there. Anyway, the california governor Kevin Falconer went on the attack, putting out this tweet. Listen to this. Its very interesting. He said they have been following the rules set by their Public Health officials and lifeguards since beaches reopened this week. A sudden state ban on every single beach regardless of the facts on the ground sends the wrong message to regions where people are acting responsibly and by the way, the mayor himself will be appearing on varney in the 11 00 hour today. We will get into that issue more. Hes Standing Firm saying we are playing by the rules, you cant deny people the ability to go to the beach. Stuart i hear him. We will hear more of him later on this program, thank you, ash. Waffle house reopening their restaurants. Who is with us but the president and ceo of waffle house. Welcome to the program. Very good to have you today. My first question is this. Look, you have opened up. Okay. How is business . If you open up, how many people came . Well, thank you, stuart, for having me on your show. We were very fortunate this past week to open up restaurants in georgia, texas, oklahoma and parts of tennessee, and we just finished our first weekend with Dinein Service in a limited way and you know, it went about as well as we could have planned and hoped for. We had a slow return stuart what does that mean . Im looking for some numbers, im looking for an indication, because this is a key fact. When you open up, whatever you do with social distancing, how many people showed up . Can you give me some hard numbers . If you think about our normal business was down about 70 , so we had about 30 of our revenues in the stores where we were just doing togo, that number probably got down to about half this past week. So we tare still at a reduced capacity to where we normally are, but it was a very orderly flow of some additional people into our restaurants. We were very pleased with the return of the customers and stuart they wanted to come in . Thats what im getting at. Yeah, they did. Stuart you open up and people want to come in. Youre telling me they did. They did. Stuart what about social distancing . How did you handle that . We set our restaurants up where we eliminate every other table, if you will, and most of the seats at the counters. So that everybody has an opportunity to sit in a booth thats at a distance from other people. And what i have observed over these last several weeks, especially this week, is that people are behaving themselves. They are following the guidelines, they are staying clear of one another, and they are respecting each others space. I was pleased to see that continue this week. Stuart any expectation ofault altering the rules so you can get a few more people in . We are looking towards the governors and the administration to help lead us down that path in terms of when would be the safe time to introduce more seating into our restaurants. I know a lot of people in the Restaurant Industry are really concerned about half capacity. What we are hoping for and what we are glad to see, we at least got to take a step in the direction of recovery. For that, we were happy. Stuart great to see waffle house back. You are always the first back after a disaster of various kinds. Walt, well done. We appreciate you being with us. Telling us the numbers on people who came in. Good stuff. Thank you, walt ehmer of waffle house. All right. All right. Now look at this. Im going to call this deep unhappiness at a costco in new york this weekend. Lauren, i dont see exactly deep unhappiness but im told the police were called. What happened . Lauren thats new rochelle, thats saturday morning. The police were called because that crowd of 1,000 got really rowdy. Why did they get rowdy. Because the store took an extra 30 minutes to open. They got annoyed. This is something that we are all starting to feel, right. You go out to get something, you want it, you want to get it fast and leave because maybe you are nervous, and if someone is not letting you do that, you get annoyed. Then again, why would anybody in the first place get on a line that long in the age of coronavirus . I do not know but the police were called in for crowd control and if you look on social media, a lot of people have a lot of opinions about what happened on saturday there. Stuart but frustration on the part of the public when costco opened a little late. I understand that. Lauren, thank you very much indeed. We are still going to be down at the opening bell this monday morning, down 200 for the dow, 40 or 50 on the nasdaq and about 20 for the s p. Its a down day on wall street. We will take you there after this. 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. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. Stuart we dont know the exact number but ill tell you this. There are an awful lot of people who arent paying their rent because of the lockdown. They dont have a job or paycheck. Theyre not paying. Jeff sica is with us. He owns several properties and is developing 3,000 apartments. Jeff, you are a wealthy guy. You have got a heart. What are you doing in a situation like this where your tenants dont pay . Well, i mean, its an issue. 30 Million People unemployed, they are having trouble paying rent, and they need solutions. I think when you look at the average renter, the average renter doesnt really have a lot of excess capital in order to sustain times like this so the landlords, myself included, we have to be sympathetic. But we also have to be very diligent in terms of knowing that there are certain people who cant pay and then theres certain people who wont pay. When you have this big contingent of thousands of people. Stuart but what does it do to your business if youve got a significant proportion of people not paying the rent . What does that do to you as a developer . Well, thankfully, last month i was surprised, we had a lot of people pay their rent but overall, we are very concerned about the future if this continues, it hurts the industry, it hurts the jobs. I mean, in new jersey alone, the multifamily, the apartment industry creates about 50,000, theres 50,000 people who work within that industry in various different capacities and when people dont pay their rent, we have loans, we have debt to pay, we have employees to pay, it puts that in jeopardy. Stuart okay. Puts it in jeopardy. Are you going to walk away from those investments . And not develop multifamily Apartment Units . No. I mean, because heres what i think. In a recession, in a slowing economy, food and shelter are the most important things. So many people live in apartments, we provide that food and shelter for people, we make homes for people. I think the apartment industry is going to sustain this very well, come out well, as we did in 2008. Stuart where are you going to get the money from . You are depending on this cash flow. Where do you get it from if theyre not paying . First of all, we have to be understanding to them. We have to make terms with those investors, with those renters who cant pay, and we have to assume that with their resilience, what i find about renters in general is a lot of them, especially in the tristate new york area, they are very resilient. They are survivors. We believe that they will come back, they will endure, and they will return to the financial position that they were in prior to this and thats when they will start paying again. Its always happened. Its been a very reliable indicator. People are resilient, they dont give up, they will get through this. Its a terrible thing to go through. Stuart look, ive got a few seconds before the market opens. I have to ask you this. If theyre not paying and youve still got outgoing money, you need a bridge loan either from the government or the banks. Is that right . I mean, the banks have to be understanding. I mean, the banks loan us a lot of money to build these apartments. They have to be understanding and if the government comes through with something, great. If not, we have to work with our tenants and assume that this will pass at some point and things will get better, and people will need apartments. Not a lot of people will be buying houses now. Stuart okay. We understand. Jeff, stay there for a second. I have more stuff for you in a moment. The markets about to open. Couple of negatives here. The president threatening tariffs on china as the ultimate punishment and Warren Buffett getting out of airlines, not using his 120 billion capital. Thats another negative. We will open on the down side and yes, we have. We are now just seconds into the market this monday morning and we are off about, what,. 85 . Thats 190, call that 200 points down at the opening bell for the dow. 23,500 is your level. The s p 500, where is that . It is down. 7 . Not as big a loss as on the dow. The nasdaq composite, i know thats down in percentage terms. Rather mild, down. 5 . I infer from that that the techs are doing okay. Take a look at the airlines, because the losses there are astronomical. Look at southwest, down 8 . All of them down. In percentage, when you start quoting percentage terms, you know youve got a major selloff on your hands. Jetblue, united, delta, american is under 10 a share. Look at that. All of this because Warren Buffetts Berkshire Hathaway has announced they sold all of their Airline Stocks, everything, all gone. No longer got any money in that industry. Down go the airlines. Ive got news on apple. Susan, the mac book . Tell me more. Susan mac book pro, their top of the line laptop and they Just Announced a new 13inch availability this morning so it will be available for those to buy and they fixed the keyboard so its now a magic keyboard. Thats been added to the ipad pros that were launched recently and also the mac book airs as well. Entry level starts at 1299, get twice the storage. You are using an older generation chip for the cheaper model, eighth generation from intel, and the high end tenth generation for the more expensive models. Stuart can i buy them in stores yet . Are they sufficiently open for me to walk in and get one . Susan most people buy them online, stu. If you do want to buy it in a store, they will slowly reopen in the u. S. , as tim cook mentioned last week during earnings, in the middle of may, city by city, state by state, depending on when its safe to do so. Stuart but you got to go into a store to have them set the thing up for you. Susan you should do that yourself. I know that you need some of the expertise. I do want to mention, stu, what do you think of the fact that apple has been able to launch a lot of new devices despite the fact they had factories shut in the First Quarter this year . Mac book pro, i book pro, even a cheaper iphone. Stuart another indicator apple is a good company when it comes to executing policy. They are just good all round. Thats my conclusion. How about you . Susan yeah. But maybe things in china are ramping up a lot faster than we anticipated as well. Stuart very true. 288 is your price on apple as of now. Now, mcdonalds is testing out what social distancing might look like in their dinein restaurants. Ash, we have an example of what theyre up to. Go ahead. Ashley we do. They are testing this out at a restaurant in the netherlands. Why there, i dont know. Check out this image. You are assigned where you can wait, social distancing and all of that. What strikes you about this, if you look at it, they are standing in the middle of the road. Thats going to go down well with motorists. They have these hand washing and sanitizing stations near the entrance. Some of the images also show clear plastic barriers between tables, food delivered by a food trolley. Could this be the restaurant of the future in this world we live in postcoronavirus . Maybe. They are trying it out. They dont say whether this is what they are going to do in the United States. They are just giving it a go. Its interesting to see, especially that spacing that goes out of the restaurant, down the sidewalk, and across the road. Stuart that, i dont understand. Why on earth you would have people standing in the road, i dont get that. Okay. Theres no traffic. I got that. But in the future there will be. Disney, they report after the bell tomorrow, i think it is. Lauren, their big problem is surely the theme parks, isnt it . Lauren and the cruises, and the movie theaters being closed, and the ad revenue affecting abc and espn and the no sports. Disney is in the eye of the storm here. The question is, how forgiving will investors be and if you look at disney plus, definitely a bright spot. Five months, 50 million plus subscribers but is that enough to offset all the other damage going on. Mainly the theme parks but Everything Else i named, too. Stuart 50 million plus on disney plus. Lets get back to jeff sica. Jeff, real fast, that is enough, their streaming service . Is that going to balance out their problems with theme parks and movies and cruises . I dont think so. You tell me. Well, i think disney is one of the most Resilient Companies in the world and as much as they are suffering with theme parks and espn, i honestly believe that their streaming is going to be a dominant force, just proved their dominance, people planting their kids in front of Disney Streaming has become a trend thats not going to end. I think disney is an opportunity now to buy this significantly off, its going to come back. Stuart jeff sica, thanks very much for being with us. All good stuff. Take a look at amazon. Oh, please. Weve got another of these headline seekers. Thats how i will describe it. One analyst, deal with this, susan, one analyst says amazon gets to 4900 in four years . Go ahead. Susan by the year 2024. This is based on calculations of what they call Free Cash Flow in the investing world, how much actual money does the company generate. Most of that comes from Amazon Web Services. We know theres growth of close to 30 . Amazon web services has been really the biggest contributor when it comes to operating income and also when it comes to actual profits that amazon has reported over the last few years. Dont forget, Amazon Web Services is dominant. They had a sixyear head start. They oversee close to 35 of the Global Markets in Cloud Computing and if you can imagine that Cloud Infrastructure is going to be spending big over the next two years, amazons going to be a lot of that. Stuart okay. I heard it. Dow is down 328. 333 as we speak. Headed south a little bit further as the market opens up this monday morning. 1. 3 down. Wheres the tenyear treasury yield . I will tell you right now, it is. 62 . When the yield goes up, that means that money is the price is going down, which means money is coming out of treasuries. All right. Gold hovering around 1700 bucks still. You are at 1714 as we speak. As for bitcoin, we dont check that very much these days, maybe we should, 8800 per coin. Oil still around 19 a barrel. 19. 37 to be precise. I want to get to tesla. Remember elon musk tweeted friday, oh, the stock is just too high. That sent shares lower. They are back up eight bucks. Jeff sica, come back in. Youve got a beef with elon musk. What is it . Listen, if i was friends with elon musk, i think i would have did an intervention at his house over the weekend. The fact that he had this twitter storm of these random things last week, it was concerning to me. I mean, i look at the way, listen, hes a brilliant guy, an innovator, hes done a lot of things right. But i dont agree with the way he runs tesla. Hes far too impulsive. The fact that he undermined his own shareholders by saying that the stock was too high. I see no rationale to that. I cant figure that out. I think he needs to get first of all, he needs to think before he tweets and second, he really needs to put some people around him that are going to guide him in the right direction, because i dont think tesla deserves to be at the price it is now. I think it should be much lower. I think that theres going to be people are going to look back on the way he handled coronavirus and they are going to really question whether or not he can run tesla, whether he is the future of tesla. Stuart okay. I hear you, jeff, but that stock just holds right in there. 700, 800 a share. Just keeps staying up there. Tyson foods, look at that, please, they have indefinitely closed a few of their meat plants across the country. What does that tell you about the food supply chain, susan . Susan its not good, because they said 50 of the hog Processing Capacity has been cut in the u. S. As well because of the closures so they are set to report earnings this morning. They are down about 7 right now, yeah, there you go, in the session thats because earnings show that quarterly sales, profit missed estimates as expected. Disappointing first few months of the year and the Meat Processing giant says coronavirus has impacted its productivity and raised its costs as well. Will it come back online . I think panic buying according to Grocery Stores has subsided. Stuart tyson foods is down 4. 5 . Got that. Remember the rallies at michigans State Capitol last week in lansing demanding the governor reopen businesses . Look, some of them were armed. We will see what the chair of the Michigan Republican party has to say about that. I personally think that was a complete distraction from what they are trying to say. Lets see what the gop chief in michigan has to say about it. Thats coppiming up in our 11 0 hour. Simon Property Group will open dozens of malls across america this week. Will customers show up . And are they keeping everybody distant . We are taking you live to one of those malls as it reopens. It will be on the show today. Codiagnostics virus test is showing positive results. Question, how many tests will be available and how fast does it take to get the results . The ceo on the show, next. As someone with hearing loss i know what a confusing and frustrating experience getting hearing aids can be. Thats why i founded lively. Affordable, highquality hearing aids with all of the features you need, and none of the hassle. I use lively hearing aids and its been wonderful. Its so light and so small but its a fraction of the cost of the other devices. They cost thousands less. Its insanely user friendly. You take the hearing test online, the doctor programs in the settings. You dont even need to go into an office. Theyre delivered to your door in a few days and youre up and running in no time. It connects via bluetooth to my phone. You can stream music and you can answer phone calls. The audiologist was so incredible shes full of all kinds of little helpful hints i love it. Theyre a game changer for me. I feel like i can take on anything. It feels great to be in control of my hearing. Better hearing has never been this easy. Try lively riskfree for 100 days. Visit listenlively. Com stuart Gilead Sciences makes the drug remdesivir. Its just been approved for emergency use by the fda. Lauren, are they giving it away . I heard that. Lauren yes, they are donating it. They donated it to the government, 1. 5 million v ishgv so far. Remember the government did help them and paid for a lot of the studies going on and its also considered a good look right now if you donate what you have to help in this pandemic. We dont know what they will charge beyond june or in the next round of production, if you will, but because its been donated the government now has remdesivir and the government will start shipping it to the states and the places that they think its needed most starting this week. So the government is in charge of distribution. Stuart so this week, it starts getting out there on a major basis. Thanks very much indeed. We are big on following the Testing Industry on this program. Im going to bring in codiagnostics, their virus test is showing promising results in independent trials. Dwight egan is a frequent guest on the program. Hes the ceo of codiagnostics. Tell me more about these independent tests with good results . I see your stock is up 11 . Tell me more about the tests youve got going here. Good morning, stuart. You know, we are producing tests at large scale and in america, you know, we dont respond to covid19 like a frightened turtle. We attack it like a pit bull. I like to call it t t, testing and tracing. Thats what were seeing going on around the United States and throughout the world. And the countries that are having Great Success in getting this under control are testing and tracing in a very aggressive way. Stuart so your test, let me refresh everybodys memory, you are a frequent guest on the program, i know you have described this before, but your test is the swish and gargle test, not poking stuff down your nose. Our test is used both in nasal swabs and also in a swish and gargle in connection with a light swab of the front part of the nose. A Company Called oral dna labs is the company that does the collection of the salivabased test. Stuart how long to get the results . After the patient has been swabbed or swished and gargled or combination of the two, its about 45 minutes to an hour for the actual test to get the results. Stuart okay. How many of these tests can you get out there in the immediate future . We are producing, like i said, a large scale test. We have 76 Million Students we have got to get back into school, we have 157 americans we need to get back on the job, so testing and tracing is the way that we are going to do that in order to make a covidsafe workplace and covidsafe schools and covidsafe country. If the states and the local communities continue to harness all of our vast Health Care Infrastructure which includes dental offices and Doctors Offices and even businesses and public and private labs, stuart, we can keep them in adequate supply of tests. We are sending them out in vast quantities. Stuart so i mean, we can get to a position in what length of time where vast numbers of people have been tested before they go back to the classroom or to the workplace . Whats your time frame here for really testing millions of people . Well, we are seeing it being picked up one state after another. You know, we started the test Utah Initiative which has been extremely successful in doubling the testing of the state of utah. That same program has been adopted by iowa, nebraska, georgia. One state after another is picking up the ball here and running with it. I think by the time we get to the fall, and our students are ready to go back to school, the governors and the local School Districts and local communities will have figured out how to have every parent take their child to the dental office, to the Doctors Office and get a test. We are going to be able to solve that problem in terms of getting people back to work. I visited with you several times and i can tell you every time i come in on into the city its getting busier and busier on the freeway and we are tackling this. Stuart good. Sir, its always a pleasure having you on the show. Thanks very much for being here again today, sir. We appreciate it. See you again. My pleasure. Stuart sure thing. Lets turn to the cruise lines, specifically carnival. They are planning to resume some service in north america. Tell me more about that, lauren. Lauren august 1st, eight ships will sail out of galveston, miami and port canaveral, obviously taking many precautions to make passengers feel safe. I dont know who is going to book a cruise come august but i will tell you this. There is extreme loyalty. People who like cruising tend to be repeat sailors. So this is great news. Carnival opening back up august 1st, will start some sailings again. Stuart i would imagine that they will offer a real bargain to get on a cruise ship in august. Am i right . Lauren i think you are more than right. A lot of people are going to be so cooped up and say the price is right, lets go. Lets go anywhere. Go on the high seas. Stuart interesting. The stock is down but thats an interesting way back for the cruise lines at a relatively early date, august. Thanks very much, lauren. How about this. A barbershop owner in california defying orders, reopening three locations. Hes here to tell his story. Thats in our next hour. He got a visit from the authorities. I want to know what happened when they checked him out. Check the price of gold. We have a gold mining Refining Company up next. Ramping up production of kilo bars. Thats important. Lot of money being put into gold these days and some wealthy investors are buying kilo bars. We will tell you all about that one in a moment. Meet jim. For jim, comfort is king. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. Stuart president ial tweet. Here it is. Youll like this. Mexico is sadly experiencing a very big virus problem and now california, get this, doesnt want people coming over the southern border. A classic. The therso lucky that im their president. Border is very tight and the wall is rapidly being built. That from the president just moments ago. How about the price of gold this morning, around 1714, 1715 an ounce. Lot of people buying gold these days and miners, producers, are upping their production to meet this demand. Special guest with us now, the ceo of Fosterville South Exploration which is a giant mining operation, i think in western australia. Its western australia, right . Stuart, we have 600 square kilometers, just over 200 square miles, directly south of Kirkland Lake golds fosterville operation, which is the worlds highest grade and worlds lowest cost producer. We are in australia and weve got the wheels turning. Stuart is it correct to say you are producing or turning it into a lot of kilo bars these days because wealthy investors dont want to buy the little coins, they are interested in a kilo which is 35. 2 ounces . Am i right in saying that . We are in the exploration stage, stuart, but we have a land package tied up, its really second to none, in the worlds most important high grade gold mining camp, and what we are seeing around the world right now, the central banks, the treasury departments, National Governments are running the Printing Presses of Paper Currency around the clock and people are starting to realize that the fed cant print more gold so the demand for gold has been exceptional. Gold has been a store of value, a hedge against uncertainty and a currency for thousands of years. Paper money comes and goes, as we have seen over thousands of years. Gold has stood the test of time. Stuart bryan, you made a good pitch there. Gold, solid investment. Thanks for joining us. Appreciate it. All right. Thanks, stuart. Stuart sure thing. A new gallup poll, more optimistic about the economy and the market and that is helping the president s poll numbers. We will make that the subject of my take. 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Stuart its 10 00 here in new york city. The market is open for half an hour. The dow is down 250. In part because boeing and disney, two dow stocks are, sharply lower. That has affected the overall dow. Received latest on factory orders. It has got to be bad, ash. How bad . Ashley i wish i could tell you. Were still waiting for them. Were expecting a slump of 9. f that is true that would be the steepest slide since august of 2014 f it is more than that it would be the biggest drop ever. Down 10. 3 . So that is the biggest, that is the biggest drop ever in the history. For factory orders. Which i guess is no big surprise given the period were in. But that is another really bad piece of economic data. Stuart ash, that was a fine piece of tap dancing you did there. Ashley thank you very much. Stuart youre the fred astaire of television tap dancing. Pretty good. The market, no response to the factory orders numbers. We knew it was going to be bad and it was. Now were down 270 for the dow industrials and now this. In the face of disasterous economic numbers, tragic loss of life, a national lockdown, and very harsh media criticism, you may have thought that america would turn on the president. After all, if youre stuck at home an all you see is the negative side of things, it is tough to be positive. Taking out your frustration on the president is perhaps understandable. Well look at this. According to a gallup poll conducted in late april, the president gets 49 approval. That is up six points in just a couple weeks. That is his best level ever in that gallup poll. It is independents who are giving him the boost. They give him 47 approval. That is up from 39 earlier in the month of april. I suspect the media has hurt itself again. The insulting behavior they showed at the president s nightly briefings, it turns people off. The desperate attempts to make him look bad, actually, make him look good. Joe biden, critizing from his basement. Speaker pelosi delaying help for Small Business. Aoc happy at mass unemployment. They painted a negative picture of america in crisis, negative. What, that we would buckle under. That is what they thought, that we would buckle under the strain, see things the way the media and coastal elites want us to see our country and our president. That was a misreading of america. People poured out of their homes this weekend to edge joy the spring weather. We want to get out and about. You couldnt miss the optimism. Back to works same thing, more and more states opening up. People see the other side and they want to get to it fast. The negatives hold us back. Optimism pushes us forward. Who better to express this than Warren Buffett. Over the weekend he hosted a virtual Shareholder Meeting and said this, we faced tougher problems and the american miracle, the American Magic has always prevailed. He is going to turn 90 in august. He has been around the block a few times and is right about the virus. Pessimism, the endless search for negatives for political reasons, that holds us back. The American Magic as buffett puts it, carries us through to the other side. President trump and his top Economic Advisor larry kudlow are both very optimistic that the economy will bounce back. So just listen to this, please. We want to move towards longrun growth incentives. You know President Trump cut taxes and regulations for middle income folks, better trade deals, boosting the energy system. That worked. We could have one of the greatest Economic Growth rates in American History in 2021 next year. That is a possibility. The main thing i have to do is bring your country back and i want to get it back it was or where beyond where it was. We built the greatest economy in the world. I want to get it back open safely but quickly as possible. Stuart you heard it, larry kudlow and the president talking about get the economy back open again. Positive growth. Andy puzder, on the phone, you heard my editorial, you heard the president , you know what youre talking about here. Youre saying that this Paycheck Protection Program actually works. It has got a tone of criticism. There is a lot of nitpicking. Youre telling me the rescue operations really worked. Number one that was a great editorial, stuart, really one of your best. The payroll Protection Plan is working. Im in communication with a lot of Small Businesses particularly in the restaurant sector and all sectors. They were very nervous what they were going to do. They would be very concerned they would be closing their doors. This payroll Protection Plan came along. When they got the banks, Community Banks stepped up to make the loans, they kept their doors open. They have been able to keep employees employed. Just had another 176 billion go out in phase two. Average size of the loan was 76,000. So it is hitting Small Businesses. 99 of them were less than a million dollars. This is a plan, no government plan is perfect. People will take advantage of it. Some could get help wont get it n general this plan is working much better than any other government plan i can recall seeing helping the economy and Small Businesses. Stuart andy, could it be too generous . He hesitate to say that. Think of it think way. Some people are receiving more in unemployment and support by not working than if they went back to work. So the success of the rescue operations and the support programs, that success could actually slow down the recovery, slow down the rate at which people actually want to go to work, what do you say to that . Okay. Youre absolutely right. Of course the Unemployment Insurance benefits are separate from the payroll Protection Plan. They are separate from the loan but they were overly generous. Now they were overly generous at a Time Congress was in a panic. People were concerned we would lose 2. 2 Million People to this virus. They wanted to make sure people stayed home, they didnt suffer economically. Luckily the Unemployment Insurance benefit this, extra 600 from the federal government is temporary. Lasts four months. It will be gone by august. We got to get to august. Meantime it will stall growth. Keep in mind pelosi wants to extend that. She wants to add universal care. Joe biden wants to use the crisis to address climate change. Alexandria ocasiocortez wants to bring up the Green New Deal in this context. Theyre trying to take advantage of this economic shut down, of the pandemic to implement progressive policies that will stop growth. What we need is what larry kudlow said. Larry kudlow got it. We need to do a payroll tax holiday through the end of the year. We need to allow 100 expensing of Capital Investments to encourage investments t would be great if we could provide some certainty to businesses that they will not be sued for the coronavirus cases. Stuart andy puzder, voice of optimism and expansion and some growth, andy puzder. Dennis gartman is with us. I dont think youre quite so positive. I read your stuff, you say it takes months, even years for a full blooded recovery. You make your case, please. First of all economics is study of peoples propensity to take action. No matter what happens, despite the huge benefits accruing from ppp, despite the Infrastructure Spending going on, despite the tax cuts, despite the fact we probably shall have a withholding tax as my good friend larry kudlow intimated and suggested, despite all these things we are still in a recession. Propensity for people to take action, go into restaurants, buy plant and Capital Equipment to add to employment i think is greatly reduced. Let us hope, hope is a wonderful thing to have, but it is a terrible trading partner, hope with the ad vent of internet, substantive as it is and sharing of economic and medical information around the world that well have a vaccine by the end of this year as the president intimated last night but until that happens i think peoples propensity to spend money, go into restaurants, get into elevators, fly airplanes, will be greatly reduced. I trade for my own account. What i say i talk about is what i do. Im short the market marginally at this point and short the bond market marginally. I am not as optimistic. I think america will prevail in the end. Yearandahalf, 2 1 2 years from now well be in much better circumstances than we are now. Will we see the levels prevail in october, december, last year, within the next year or two . I highly doubt that. Stuart you made your case succinctly and to the point in 90 seconds. We like that dennis gartman. You come see us soon. Dennis gartman, thank you very much. Thank you, my friend. Stuart how about southwest airlines, the ceo says it is safe to travel again. What is he saying, lauren . Lauren gary kelly said three things to travel again. It is just as dangerous to get on an airplane as do anything else essentially. Number two, our planes are clean and there is social distancing. Each week in april has been better than the week before. You would think that positivity would increase the stock price today, but no, maybe southwest is doing better than the rest of the Airline Sector because Warren Buffett sold his entire stake in southwest and three other airlines. Stuart look, on a personal note, as soon as i am able, i will get on a plane. I will travel. I want to see friends and family and i will do it, as soon as i, as soon as it is legitimate to do that. As soon as rules of my state allow me to do it. I think im allowed to do it now. I will be back on the plane. Lauren, will you . Yes. I will. Do you remember the video we showed last week. An older video from purdue university, shows if someone coughs on an airplane how the droplets can go to every single corner of the plane and infected 10 people around that coughing person. People on social media saying look, this is scare tactics. This is not really the case. Gary kelly kind of said the same thing without really saying. He said look, we do everything that we can. Not everybody will get infected on a plane because one person coughs. Stuart Airline Stocks are down, because of Warren Buffett. He sold all of his Airline Stocks. Not because airlines are still operating and trying to get people back on board. Thank you very much, lauren. More on that later. Look at uber. I guess this was inevitable, susan. You got to wear a mask if youre the driver or passenger, both of them have got to wear masks. Susan new policy rolls out over the next few weeks. Drivers and riders alike will have to wear facemasks. Uber has shipped around 10 million facemasks for active drivers, those particularlyhit states but currently drivers in major cities, the ones hit the hardest will get access to the masks first. Were talking about new york, los angeles, new jersey, washington. Just headlines crossing this morning, stu, and we are getting earnings from uber on thursday. Looks likes they will have a tough First Quarter. The middleeastern components, subbed is airy called kareem, laid off 31 percent of staffing. Business has been hit 80 . We heard pretty much ridehailing is down 80 in a lot of these cities. Stuart that is a big hit and nobody could have seen it coming. Thank you very much, susan. How about macys, planning to make a comeback . Theyre opening 68 locations where the virus restrictions are being lifted. We have a live report on malls. Some businesses defying lockdowns to survive the pandemic. Well talk to a barbershop in california who did reopen despite the lockdown. What has he got to say . How is business . We want to know. Jacksonville beaches opened. How many people turned out . You open it up, how many people come . The citys mayor on that next. By helping people stay in their homes, through mortgage Payment Relief efforts. Helping local businesses in their vital role in the american economy. And helping hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief 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. A single hub for a consistent operating experience across all your clouds. That should clear things up. Unlike ordinary wmemory supplementsr . Neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. Memory, focus, accuracy, learning, and concentration. Try neuriva for 30 days and see the difference. Stuart im going to call this a modest comeback. We were down over 300. Now were down 150. Were still taking heat from boeing, disney, dow stocks which are down. Big tech turned around. That has helped the dow. How about kroger, costco, walmart . There is class action filed against them in california saying that they grossly inflated the price of eggs during the pandemic. Kroger is up. Costco, walmart are down, not much. Ties tyson foods says attempts to automate Meat Processing jobs will likely accelerate. No surprise there. The stock is down 7 . Axe at this vision, Credit Suisse raising its target price t see as rise in videogame downloads. Why am i not surprised in that . Of course they have got an increase. Activision up two bucks, 3 . 15 states easing restrictions starting to reopen one way or another today. Ash is looking at, with which stays are you looking at ash . Ashley will pick three. Lets begin with arizona there in the southwest desert. In arizona goods can be sold now through delivery, curbside, walkup, Window Service or drivethrough service so a little, you know, a little of opening the door. Look at colorado noncritical businesses may allow up to 50 of employees to do inperson work. Get them out of the house. Lets take a look at florida if we can. Indoor retailers there can now reopen at 25 capacity. Restaurants can reopen the outdoor seating. That is great news. Restaurants in door seating can reopen but again at 25 capacity. This is just the start of trying to get back to work, get this economy rolling, stu. Stuart got to tell you, ash, for the life of me i cant see why an openair restaurant anywhere in the country cant reopen with some rules. Whats wrong with that . I dont see whats wrong. Ashley i totally agree. Stuart i want to get out and eat. The mayor of jacksonville, florida joins now. His name is lenny curry. Your honor, good to see you. You reopened beaches and hotels, when you reopened, how did it go . Did people come . We reopened beaches two weeks ago with restricted hours and restricted activities t did really well. They got out and practiced social distancing. Effective today we released restrictions on hours. In accordance with the governor we are opening restaurants and retail at 25 capacity, following the blueprint of President Trumps plan to work through the phases. Stuart are people obeying the rules . We know we are supposed to stay six feet apart, social distancing. Did people went to the beaches and elsewhere in jacksonville respect the rules . The people of jacksonville row opened the beaches with no sitting, sunbathing, walking, hike, swim, absolutely by and large obeyed the rules. There is always an outlyer. We had police and fire on microphones reminding people to be socially distant, separate. And so yeah, our people have adhered to safe practices. Stuart at what point will you allow people to put a towel down and do some sunbathing or congregating in groups around the cooler, at what point will you let them do that . Were getting close. Our beaches, we have three beaches in the city, in our county, which fall in the city of jacksonville. They have each with their own mayors as well. I was on a phone call with them last night and this morning. In the foreseeable future were working towards more beaching a activity. Were not there but were close. Stuart are you getting pressure from Small Businesses, let me open up. Under the phase one reopening the governor worked through, barbers, hair salons and gyms are not open at this point. Look, those folks need to get back to work and back to business. I spoke with Governor Desantis over the weekend. He actually met with a number of barbers in the orlando area. He is working with health care professionals, experts and Industry Experts to get those businesses open as quickly as possible in a way that is safe and effective. Stuart so youre on board with all of that . You want to open up as soon as possible but its got to be reasonably you have got to convince the public that it is safe to go get your haircut or eat a burger in a restaurant . Public Health Experts told us when it started the goal was to flatten the curve. That the virus will be with us for a while. That we werent going to have a vaccine for a while. Flatten the curve so we dont overwhelm health care systems. The virus is not going away anytime soon they tell us. A lockdown that never stops is not sustainable. The Health Impacts from other things, from people being locked up in their homes, Economic Disaster that people are experiencing, hospitals under financial strain and furloughing people because they werent doing elective surgeries. The virus doesnt spread itself. People spread it. We need to get back to work. We need to be responsible and manage it and mitigate it. Stuart can i ask you quickly, are you allowed to do elective surgery in jacksonville . That is starting this week i believe. The governor lifted elective surgeries, effective this week, yes. Stuart your honor, i think that is the correct term of address, your honor, lenny curry,. Thank you. Stuart thanks for being on the show. We appreciate it always, sir, thank you very much. Same, thank you. Stuart what have we got . A dow industrials down 160 points. That is not bad, it has come become a bit. The virus has shut down sport the almost completely. That has cost the industries a ton of money. I got it at the bottom of the screen, ash, it is a big number, huge number. Ashley it is, yes as you can see on the banner, 12 billion. This was estimated by espn that did analysis. Basically said the sports world came to an end, stopped on march 12th. The ncaa tournament canceled. In ba, nhl, mls, pga all suspended. Major League Baseball pushing back opening day. They have not yet decided when that will be. All of this, believe the analysts, cost 12 billion. It would double that by the way if the college and nfl seasons are canceled. Were not to that point yet. This does not include golf, tennis, nascar, sports gambling and all the other Minor Leagues of these sports included. So, they say about three million jobs are reliant on sports in the United States and as you can imagine the complete halting of all of these different leagues and sports has had a tremendous impact not forgetting, youre losing tv revenue, youre losing all the money fans would spend. Stuart it doesnt come back. The cancellation of one sporting event, you cant make it up. I mean you cant have two seasons packed it one. Once it is gone, it is gone, doesnt comeback. Like an airline seat left empty. You cant get a ticket on it again. Ash, thank you, dow down 200 points as we speak. President trump says the World Health Organization was wrong about the pandemic every step of the way he says. So whats next for china . We have a guest who says we are going to screw china when this crisis is over. What does me mean by that . How will we do that . He will report. Restaurants desperate to make a return. Well talk to the owner of a very upscale new york city restaurant, a white table cloth, high service restaurant. How he is planning to handle social distancing when he reopens . Well ask him when he is on the show. 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. Find a stock basedtech. On your interests shes confident, protected, her strength respected. Or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Stuart we are down on the Dow Jones Industrial average average look at roche. Fda approved the Antibody Test to see if they had the virus. The market likes that. Swish drugmaker, roche holdings. Quite a move. Tyson close ad number of meat plants. They will switch to automating plant as fast as possible because of the virus. The stock is down 8 . Mcdonalds in the netherlands. They want to open up again their dining rooms. Theyre testing out social distancing policies for customers as they wait in line for their orders. Mcdonaldsing moved to reopen doors here at this point. Lets move to kristina partsinevelos. This is upscale restaurant. Nothing to do with mcdonalds. This is very upscale restaurant in new york city, right around the corner from us, oceana. How are they planning to reopen . Reporter much like everyone across the country theyre taking cautious steps in terms of reopening. I spoke to the managing partner here at this restaurant oceana, like you mentioned, what postcovid will mean for their business. Listen in. Were concerned about the next several months and that learning curve that it presents to all of the restaurants, pretty much, 2020, were writing off to be honest. We really dont see it as being a, an economic, viable concern over the next several months, and were hoping for a better next year, 2021. Reporter two major factors why 2020 would be a write i dont have. You have to not have full capacity that means revenues will be down. Secondly, fear of a lot of people going to restaurants. What are some of the changes that could happen at this restaurant . First gone, possibly the days of leather bound menus. Theyre implementing one use menus that can be discarded after you touch it. All the utensils are cleaned in High Temperature washing machines. Only handled by one person wrapped in a napkin as well. Obviously the tables around me will not remain like this. They will be separated so you can maintain social distancing. Theyre renovating this entire restaurant to adhere to the new restrictions. There will be right now at possible moment, no option for private parties or private rooms. Slowly they will slowly go back into what used to be the norm. Of course this is all a big question, what is the norm . Are we ever going back to that. The major concern for a lot of restaurants owners from across the country, how will we do it in baby steps, in terms of putting it out there safely to get customers back to the locations and begin to operate in normal circumstances which we know are not the same anymore. So i will throw it back to you, stu. This is one example of a restaurant trying their best to adhere to the new protocols going forward. Stuart a tough task ahead. They have got to do something. Thank you very much indeed, kristina. Next case, the Trump Administration looking at ways to hold the World Health Organization accountable because of their response to the virus. That includes creating a whole new organization. That is a big deal. What have we got on this, ash . Ashley it is, stu. Fox news has been reported on this apparently the last couple weeks, the mantra from the Trump Administration is looking for other Health Organizations we can divert money meant for the w. H. O. , we can now divert that to other Health Organizations but the next big step, failing that, would be to create a whole new global Health Organization, one with more u. S. Influence, not the chinacentric one. The one that the Trump Administration says that the w. H. O. , the Health Organization basically towed the line for the chinese government. That is unacceptable. A whole new Health Organization is starting to gain a little bit of traction. Stuart we hear you, ashley, thank you very much. Christian whiton is with us. Christian is the guy that said were going to screw china once this is all over. That is not my word, white ton, that is your word. That is dramatic stuff. You say well screw them. Go through that. That is pretty harsh stuff. It is. I think we come to that, some people including at state department will say things. Stuart we want china to be reliable partner. Were past that. Secretary pompeo doesnt say that he is much tougher. If you look at sentiment building on capitol hill, starting with baby steps. People are still focused on this crisis but youre seeing more and more legislation, on supply chains as pertains to pharmaceuticals and medical equipment out of china. That is not just brewing on capitol hill. The administration is thinking of it. Really hold them to account on the phase one trade deal. Doesnt look like they will make the agricultural purchases they promised. They will break that. Theyre not complying with the intellectual property language they were supposed to put into law. Also there is, you know, you see the president saying we really did think this came from the lab in wuhan. This morning you had the Deputy National security advisor, matt pottinger. Give a remarkable speech in mandarin speaking directly to the Chinese People talking about democracy, freedom and accountability. A combined, economic, social, political move. Then you also have people like senator tom cotton up on capitol hill talking about an indopacific surge a plusup in the military, especially the navy and the space force, that we really need to also have the institutional presence to deter china in the specific. Stuart one thing in my opinion we should not do is repudiate our debt. We owe china over a trillion dollars, because they bought our treasury bonds. We owe them over a trillion. I heard some senators say were not going to pay them. I think that would be the worst possible thing. What say you . Yeah, i agree with you. The white house, larry kudlow specifically said were not going to do that. If you talk about smart power, soft power, the biggest arrow in our quiver is the u. S. Dollar. The fact we have reserve currency. That is how were able in a crisis like this to spend trillions and trillions of dollars without causing inflation because the dollar float is so big, because it is the reserve currency. It enables us to have financial sanctions on countries like iran to make them really hurt. If you start to weaken the dollar as reserve currency, that would be a ching can chink in the armor. It is a truism in the previous deck caught that china owed a tremendous amount of our debt. This he really cut down on that, we have, 18, 19 in actual debt that is less than total public debt which includes worthless ious to the Social Security administration. There is actual public debt, the chinese own 1 20, 1 18 of that. That it is not big as people think. Stuart at the end of the day you think we will make china pay, but also at the end of the day i dont think they will ever admit to their faults, last word to you . It is a communist system at the end of the day. The soviet union went down without ever admitting it. They will keep lying, that is what they do. They are duplicitous. Not only American People know the reality but the Chinese People know the reality too. Stuart but you say we will screw them. Highly technical phrase. Stuart thank you for joining us. Thank you, stu. Stuart joe biden still hasnt announced his vicepresident ial pick, the question im raising is this, how far to the left will that veep pick go . I will tackle that in my take at the top. Hour. 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Recognizing that each operator faces incredibly difficult decisions on the path ahead we affirm the fact that Public Safety is the top priority as we navigate this challenge, these uncommon times call for uncommon leadership. We stand united to emerge resolved, more safer and than ever before. They took it out in the atlanta journalconstitution. More than 120 restaurants are impacted here. Essentially what theyre saying, is this, we dont mean political, were not ready to reopen. When we do reopen it is going to come at an added cost. Kristina showed us oceana in new york city. What if they have to install plexiglass between each much the tables . That is expensive. What about serverless. It will be expensive. Stuart okay. Just cost them some money as well. Lower revenue, costs go up. I understand the dilemma here. That is a big one. Now this, our next guest is the owner of three barbershops in northern california. He is defying the lockdown. He has reopened. Juan is the owner of primos barbershops. He visits us now. Welcome back to the show. Good to see you again, sir, good to have you on fox. Now you reopened. I guess youre not supposed to reopen given the lockdown. Did you get a visit from the authorities . I did. I received a visit from Vacaville Police department on friday in the afternoon. Stuart what did they say . They didnt say too much. They handed me a envelope from the city attorneys office. It was a cease and desist order from the city to stop working. Stuart are you going to obey that cease and desist . Absolutely not. I will continue to work whether they come back with citations i anticipate they will. Were staying open. Stuart what happens . Could they fine you or, what could they do . Arrest you for heavens sake, i dont think so but could they find you . California has no bail schedule thanks to Governor Newsom. No one is going to jail for anything pretty much. However is there penalties attached to the citations. 50 up to 1,000 a day up to 90 days in jail. Stuart tell me how much business you actually did. Were fully booked barbershop. We have seven barbers. Were probably the busiest shop in town. So we cut hundreds of people a day. Stuart well, youre doing that as you reopened. I take it you guys, your barbers are Wearing Masks . Right. Stuart youre keeping distance and all that, obeying all the rules. Exactly. We have gone above and beyond the state board rules. Were Wearing Masks and gloves. All of the barbers working over time. There are a lot of people wanting a haircut. Just in general there is lot of support wants to see our city, our state, our country to reopen. Stuart seems to me, that this almost a revolt in california, not universally but there is a revolt in some parts about some of these restrictions. I think youre part of the the revolt. Im not sure we call it revolt. I would say were standing up for our constitutional rights. I think the governor is acting in revolt. I think mayors and supervisors and counties are acting in revolt. Were standing up for other godgiven right. Were standing up to this power grab that the governor seems to think is okay to impose on its citizens. Stuart do you think that you may be helping to spread the virus . I, the data doesnt add up to anyone in this county spreading the virus. I think the pandemic is running fear and i do think that, it is about that is why weve been taking huge steps to mitigate those fears. Stuart juan, i tell you i have not had a haircut in 10 weeks. I could really use one. You know what . I totally believe our President Donald Trump can bring the economy back to where it was. Were the most prosperous country in the world. We need to be allowed, states need to be allowed to open up and get us back on track. We need to be americans again. Stuart theyre lining up at the door to get in. Let them in. Juan, thank you for joining us, sir, primos barbershops. Thank you. Deborah birx, dr. Deborah birx calling out protesters in michigan. They are devastatingly worrisome. She is referring to lack of social distance and lack of Wearing Masks with the demonstrators. Nothing to do with the guns some are carrying. We have the states gop chair joining me next hour on those michigan protests. Next well take you to a mall in indiana which is reopening. How many people are going to show up . That is not a very good picture of it, but well take you to the outside, see who will show up this morning when it reopens. Sad, sad, news from sports legendary nfl coach don shula has died. Shula coached the 1972 Miami Dolphins to the only undefeated season in nfl history. Don shula has passed. He was 90. Meet jim. For jim, comfort is king. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. 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Stuart you know a couple minutes ago i was telling that barber in california i need a haircut. My barber in new jersey just texted me, yes, you really do. Hes right. Check that market. Were down 200 on the dow. That is. 8 . But look at the nasdaq, it is on the upside because Technology Stocks are doing well this monday. A number of states reopening today. By the way the simon Property Group which operates more malls than anybody else, they are opening up in certain states. Grady trimble is live outside one of those malls in indiana. They open, what, in about ten minutes, is it Something Like that, grady . Ah, i believe it is frozen. That is what happens with Live Television sometimes. The shot just freezes right up. He wants to speak, he cant. Have we got him back . , no we havent. The big board shows a gain, im sorry a loss of 228 loss from the dow industrials. That is down almost 1 now. We had been down more than 300 earlier. I have a quick let me check zoom, please. I believe it is up today. 141 a share. Whats the news, susan, if any . Susan i think it is oversold. Remember the end of last week the stock took a hit because of multiple factors. The fact it is up 100 so far this year, probably people were taking money off the table on friday. They had to walk back that 300 million daily active users. Instead of 300 meeting participants. Meeting participants get counted each time you join a call. A lot of big silicon valleyfy ants combing after their lunch. We talked to google meat which is free for everybody. We also have of course microsoft and teams, bet you wish you still had the stock. Microsoft has skype as well which they bought in 2011 for 8 1 2 billion. Microsoft has 200 million daily meeting participants. Zoom as 300 million. Google says we have 100 million. Stuart i want to update my barber situation. As you know in california the barber said, i said look, i have not had a haircut in 10 weeks. My barber in new jersey says, yes it shows. He added to the insult, the virus turned you gray. I think that is true. What do you think, susan, as you look at me on television now, i have makeup on my face, nothing on my hair. I have gone gray, have i not . Susan yeah, sure, i will say that. Looks a little more gray. A little more white i would say, why dont you cut it yourself. Stuart silver, please. Not gray. Silver. Susan grab a pair of scissors and do it. Youre a talented man. Come on. Stuart thank you, susan. Thank you very much indeed. I have to look at starbucks please. Theyre opening up some stores today. Lauren what are workers saying about this . Well, the catastrophe pay has expired. So essentially if you worked at starbucks and you didnt feel comfortable going in you got paid that ends today. If you dont go in, that is not a good situation. You also considered employed and you cant get unemployment. So as starbucks starts to reopen almost all of their stores today, some of the workers are saying, okay, this isnt fair. We dont feel comfortable, but it is not like the dining areas are open. It will be order online. Pick up at the store or the drivethroughs. Stuart you cannot pressure employees to go back. You get a lawsuit on your hands if you did Something Like that. I think employers are in a tricky position here. You want people to come back to work. You want customers to use the store but you got to be very careful how you meet that perfect balance there of confidence that everything is going to be fine. Let me give you a quick programing note. This thursday, thursday of this week, 1 00 p. M. Eastern, my colleague neil cavuto hosts another America Works together town hall. His guests, ken langone, bernie marcus, they are the founders of home depot. Send your questions to invested in you at foxbusiness. Com. Now this, did you hear about this . Tiger king star, carol baskin responding to trick terse who tricked her into thinking she was being interviewed by late night host jimmy fallon. Who is joe bidens running mate . How far left will that take joe . That is my take coming up next. Stuart what is coming up at 11 00 eastern time here on the east coast . The market is coming back a bit but not much. The dow industrials are down 247 but again, i will draw your attention to the nasdaq which at the moment is on the upside. Ive got to tell you, big tech is doing quite well today. The airlines, however, ouch, really taking it on the chin bigtime. Warren buffett has sold all of his stake in all airlines. Hes completely out of the industry and all those stocks are way, way down again. They must be historic lows for Airline Stocks. In our last hour, we learned of a record drop in factory orders, down just over 10 . It was expected. We knew it was going to be bad, and bad it was. Theres some sign of hope, though, for the reopening of america. 15 states ease those lockdown restrictions as of today, and more than half of all the states are now at least partially reopened. Good news. Now this. Who will joe biden choose to be his running mate . Its an extremely important decision. His choice dictates the course of democrat politics for the next decade. Whether he wins or loses, his choice will still rattle through politics for a long time to come. His choice is complicated by the Sexual Assault allegation levied against him by tara reade. He says its not true. Hold on. Think about that for a second. He has said his Vice President must be a woman so his choice will have to say she believes joe and does not believe tara. Thats a problem. Because most democrat women chose to support the woman in principle who accused Justice Brett kavanaugh. How do you square that circle . Very difficult. Next problem. How far to the left will his Vice President ial candidate go . Joe is already out there with major tax increases and a version of the radical Green New Deal. If his choice goes even further out there, it will be a socialist ticket and thats a problem, surely. There is talk and i believe it is just that, just talk, about hillary. Thats a long shot. She would have to answer for what she did and said about bills sex accusers. Finally, theres the difficult subject of joe bidens age and his ability to focus. He will be 78 just two weeks after the election in november. And if elected, he would spend most of his term in his 80s. Shall we say that his Vice President will be more important to veep than most. I think thats true. I have seen firsthand every president ial election since 1976. I cannot remember a time when Vice President ial candidates played such a role in selecting a winner. That includes 2008 and 2012, when joe biden himself was on the ticket with barack obama. But now its really different on the democrat side. The democrats are going with joe at the top of the ticket. If anything, hes the candidate of the democrats past. His Vice President ial pick, however, win or lose, will represent the democrats political view of the future. Look whos here. Mercedes schlapp, trump 2020 senior adviser. Mercedes, welcome back. Always good to see you. Now great to see you. Stuart im very much aware of these polls in swing states which say that joe biden beats donald trump in the november election. What do you say about that . Look, were not worried about the polls right now. If we would have been worried about the polls in 2016, then they would have said Hillary Clinton would have been president , right . So what we are focused on is ensuring that we continue as a campaign to invest in these critical states, to ensure that we are getting the president s message out about promises made, promises kept. I think last night, the president clearly showed his strong leadership in this virtual town hall where Everyday Americans could ask him these questions and about their concerns with what they have experienced with coronavirus, and the president focused on reopening the economy as well as ensuring that we still protect the health of the American People, finding that balance and saying the great work that hes been able to do to get our private sector involved with innovative solutions, to ensure that we work with our federal government so that theyre providing the necessary resources to support our states and local governments and again, being able to implement these federal guidelines so that governors could start reopening up america and ensuring that American Workers can get back to work. Stuart im sure you saw that gallup poll, 49 approval for the president , the highest ever in gallup polls. Im sure you dont want to ignore that poll entirely, either. Look, i think at the end of the day, obviously the election still, weve got six months to go. The president is focused right now to ensure we are able to flatten the curve which we have successfully done as well as ensure that we are able to get the economy going again. He gave a very bold prediction which is that we will see the economy roaring again beginning of next year, 2021. It has been because the federal government has injected the 3 trillion into our economy, ensuring that first of all, that americans receive immediate relief and at the same time, that Small Businesses are able to survive during this difficult time by allowing for these Small Business loans through the Paycheck Protection Program. All very proactive actions that the president has taken to ensure that the American People and our companies and our Small Businesses are able to get back on their feet quickly while we deal with this artificial interruption of the coronavirus on our economy. Stuart let me back up about the economys future. Listen to what white house economist larry kudlow said about the economy. Roll tape. We want to move towards long run growth incentives, you know, President Trump cut taxes and regulations for middle income folks. Better trade deals, boosting the energy system, that worked. We could have one of the greatest Economic Growth rates in American History in 2021, next year. That is a possibility. Stuart however, mercedes, that rosy prediction is based on trump winning reelection, isnt it . Oh, theres no question. I think that the American People need to understand what a joe biden presidency would mean to our economy. It would mean an increase in taxes. Just think about it. Joe biden said that one of the first actions that he would do would be to get rid of President Trumps tax cuts. That highly impacts our middle class. We cannot afford at this point in time to increase our taxes. The other thing is that joe biden has been forced to pivot to the left to appease the how can i say socialist Bernie Sanders aoc crowd and so he wants hes a proponent of the Green New Deal. That as we know would cause the destruction of our energy industry, it would lead to millions of jobs being cut, eliminated, because of the Green New Deal. That is not what we need in america right now. We do not we cannot afford to go back to the obama Biden Economic policies of more regulation, increased taxes as well as pushing these how can i say rainbow and unicorn deals like the Green New Deal that we know would be destructive to our energy industry. Stuart okay. Mercedes, thanks very much for joining us. I see you are still homebound there. I hope everything is going well with you. Is it . Well, matt needs a haircut but im too scared to get the scissors and cut his hair right now. Its getting bigger and bigger by the second. What can i tell you . Stuart i dont like to do a profile on the side because i really do have long hair these days. Its killing me. Ive got to do something about it. Its just the new look. What can we do . Stuart a new look i dont like. Thanks for joining us. Appreciate it. See you again soon. Check amazon. Weve got one of these headlinegrabbing statements here. One analyst is saying that amazons workspaces Cloud Service which is a big deal, that could send amazons stock to 4900 a share in four years. Its currently at 2300. By the way, its turned around, up 33 bucks this morning. It had opened lower. Same with apple, i believe. They have announced a new 13inch mac book pro that fixes what had been a keyboard problem. The stock is now up, reaching 290 a share. It had opened lower earlier. All the big techs have turned around. Lowes Home Improvement people are giving all fulltime workers 300 and 150 goes to seasonal and parttime workers this month. The stock is up to 105. Nissan, scaling back their business in europe. I cant imagine why, ashley. You are going to tell us. Ashley in fact, they are pulling back from europe and elsewhere to focus on three markets, stu. The u. S. , china and japan. Under the guidance of carlos ghosn, nissan was very aggressively expanding. They offered very steep discounts which some said cheapened the brand. They will be announcing a new plan may 28th and they are going to bring a whole new refreshed lineup, more expensive, greater profitability, greater pricing power, and they are going to try to turn around with more alliances, too. They will get together with mitsubishi on a project, with renault in france on another project. Bottom line is the focus is on the u. S. , china and japan and they will put their saved resources from elsewhere into those three markets. Stuart the stock is at 6 a share. My, how times change. Ash, thank you. Microsoft, the stock is up this morning. Got a gain of 3 a share right there. By the way, windows 10 is finished. Whats the story there . The full story, susan . Susan i wouldnt say finished. Its updating but its coming with a lot of flaws. A lot of people dont want to use it. Windows 10 says that look, they fixed the zero day vulnerabilities which was Access Points for hackers to get in. And to make things worse, they admitted some parts of it wont be working and that includes the augmented Virtual Reality experiences, it wont work correctly for some users according to some of these reviewers. Also, its been losing files. You cant work Google Chrome with it. There are a lot of factors to i guess hinder the usage of it. Look, microsoft has said in its recent earnings that they are not going to meet its target when it comes to selling software for personal computers because we are in these covid times, people dont want to upgrade and so windows 10 isnt igniting a lot of enthusiasm. Stuart by the way, i have another text coming in about the length of my hair. This says you look ten years younger with your hair longer. Susan is that from the wife . Is that probably the generous charitable person this morning . Stuart we will discuss that at some point. If i look ten years younger, the long hair stays. I might even get a manbun. Unlikely. Lets get serious. J. Crew, the first major retailer to file for bankruptcy during the virus pandemic. We have more on that story. Protests this weekend demand californias governor reopen the beaches. We talk to a state senator who says yes, the beaches should reopen and he wants them to. And we will look at the protesters in michigan who want that states restrictions eased. They showed up at the State Capitol armed. The head of the Michigan Republican party is joining us. Is that person, the head of the gop in michigan, okay with the guys with rifles . We will ask her, next. 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Now any room can be a tv room. Stream live tv, on demand shows and movies, even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Devastatingly worrisome to me personally because if they go home and infect their grandmother or their grandfather who has a comorbid condition and they have a serious or an unfortunate outcome, they will feel guilty for the rest of our lives. Stuart thats dr. Deborah birx referring to the protesters in michigan. She was commenting on those reopen rallies, commenting about the demonstrators who were not Wearing Masks and did not keep their distance. I want to bring in Michigan Republican party chair laura cox. Laura, welcome to the program. Good to see you. First of all, lets deal with those protesters who were carrying guns. I personally do not approve of that. I think its a complete distraction from the subject. What do you make of it . Well, listen, the bottom line is that hundreds of thousands of folks across michigan are frustrated, theyre worried, theyve lost loved ones to this virus, theyve lost their job. Over 200,000 people stuart okay, forgive me for breaking in here but ive got to. Look, what do you say to those demonstrators who showed up with a rifle . You know what, its a distraction. Like you said, its a distraction from the fact that so many people are frustrated. They have the right to open carry in the State Capitol but it is absolutely a distraction. We need to focus on whats really happening which is hundreds of thousands of people stuart okay. Now, what do you make of those demonstrators who showed up in force, not Wearing Masks, and getting very close to each other . What do you say to them . I say that they didnt handle it the right way. They need to make sure that they stay safe and also, they need to make sure that they respect Law Enforcement so that they can do their job safely as well. But the bottom line is, folks across michigan are frustrated. Theyve lost their benefits. They have to pay their rent, they have to buy groceries and they feel that the governor is focusing more time on trying to audition to be the candidate for Vice President for joe biden instead of leading the state through this economic and medical crisis. Stuart i believe the governor has extended the almost draconian rules. Im not sure when shes extended them to. Is it the middle of may . Is that it . No, the end of may. And shes not working with 148 elected representatives across the state. You know, folks are frustrated and sometimes democracy isnt perfect. But people need to recognize that we need a leader, instead of going on political shows and talking about making complaints, we need her to guide us, to be a strong leader, for michigan to get us through these economic and medical crisis and shes just not delivering for the people of michigan. Stuart i just want to make the point that all over america, people are demanding their rights. They want to go back to work and they want to use the beaches and parks. But i think youve got to do it, youve got to make your demands in the right way. If you show people that youre not obeying the rules, not wearing a mask, getting too close together, it sets a bad example for people who want to protest and demonstrate elsewhere in the country. You with me on this . Absolutely. Like i said, that small group of folks is a distraction from whats really happening which is over 200,000 people in michigan cannot get through to get their Unemployment Insurance. That is frustrating to people. People want to go back to work and work safely and the governor is not providing guidance. Shes focusing on auditioning to be joe bidens Vice President ial candidate and thats frustrating to people. Stuart i can understand that. Point very well taken. We appreciate you being with us, laura cox, chair of the michigan gop. Thanks for being here. Appreciate it. Thank you. Stuart i got to put two stocks up on the screen for you. Ive got Dunkin Brands and uber. The two are teaming up with uber eats. Around uber eats, to expand dunkin deliveries. Both stocks are down, especially uber, down 3. 7 . Canada will not sell adjacent seats on economy flights until june 30th. They are trying to prevent the spread of the coronavirus. The stock is down to 12 a share. Air canada. Now look at ge. They are planning to cut 25 of their aviation work force because of the virus, of course. Part of their effort to save 3 billion. Ge is down another 4. 4 . The fallout from the virus really hurting all sectors of the aviation industry. I would say all sectors of the travel industry, with serious repercussions. Then weve got gold. Listen to this. Ubs says gold could break above 1800 an ounce. Its currently at 1711. Whats their reasoning, susan . Susan well, it looks like coronavirus is driving people into the safety of gold and thats really the only real store of value, according to a lot of analysts. In fact, the gold etf saw the highest quarterly inflows in four years because of the global uncertainty, whether or not we will get any growth this year and also Financial Market volatility. But 1800 an ounce. We have bank of america predicting 3,000 an ounce possibly in the next 18 months or so. It looks like 2,000 seems to be consensus, especially with all the 4 trillion in Federal Reserve money and then other Central Bank Action around the world as well. Back in 2011 is when we saw that record high above 1900 an ounce but for the younger folks, you know, a lot of people dont think that gold is a safety play anymore. If you want diversity away from any government policy, what do you get into . Bitcoin. Stuart yes, thats right. Thats right. You youngsters, you go for Something Else when you are looking for safety. Extraordinary stuff. Susan diversification, not safety. We call it diversification. You know how volatile bitcoin is. Stuart diversification is the word of the day. Thank you. Take a look at Royal Caribbean cruise line, of course. I believe theyve got crew members stranded all over the world. What are they doing about that, lauren . Lauren 100,000 of them, stuart. The miami herald is reporting the standoff between Royal Caribbean and the cdc is over. Royal caribbean is now saying to their crew members stuck at sea, we will pay for your private transportation so you can go to your home country. The cdc guidelines say that the cruise line has to approve of the cost and pay for their transportation home. They cant come in contact with any other person as they are transported home and if they do so, then theres criminal penalty. Thats why Royal Caribbean and some of the other cruise lines were balking at that. But this standoff seems to be over for now. Stuart what a mess. I do believe we have news from carnival. They have got a new start, restart date. What is it . Lauren august 1st. They plan to have eight ships sail from three ports, north american cruises, and start to embrace social distancing and other coronavirus prevention measures, and start sailing once again. August 1st. Lot of people who canceled their cruises or had the cruises canceled on them, have these vouchers. There could be pentup demand to take a cruise. Stuart you know, you made the point last hour that cruise passengers tend to be very loyal. You take one cruise, you take another cruise, you take a lot of cruises, and that might be very worthwhile market for them. The Traditional Market of heavy duty cruising people. Carnival, though, look at that, 13 a share. Ouch. One of the stars of Netflixs Tiger King gets pranked on youtube. Watch this. Big cat rescue. Carol is the mother theresa of cats. Stuart okay. Im not seeing much of that series but im told its popular. We will tell you how the tiger queen was fooled. Well have that for you. And he gets Financial Advice to pro athletes and celebrities, amongst others. Today, ubs managing director jason katz will tell you what to do with your money. He joins us right after this. Stuart its a monday morning, march 4th. We have been down all day on the dow industrials but a limited loss, limited to about 1 at the moment. Look at the nasdaq, though, on the upside. Technology doing well. Jason katz is back with us, ubs managing director. Now, jason, you give Financial Advice to wealthy people all round the world, athletes, entertainers, wealthy people. I want to know what advice you are giving them and how that applies to Everyday Americans who watch this show. Good morning, stuart. Theres a distinction between giving advice to people in the world of entertainment, sports and everyday civilians like myself. I would say this. A lot of the people in that industry have a great deal of volatility with respect to their income, unpredictability with respect to how much they make and when they make it, and their career time span is generally a lot shorter. So for them, not unlike everybody else, we do Financial Planning but we hope for the best but plan for the worst so in many ways, they were better positioned to deal with this crisis than others in that they have a disproportionate amount of money based on our counsel and advice in cash for expenses, plus not as much in risk assets, even though they are young and can afford to do so, they cant predicate it on the longevity or lack thereof of their career. Stuart what would you say to someone who is approaching retirement, 60, 65 years old, for example, who has made decent money throughout their lives and have saved it and invested it well and they are sitting on a nice chunk of capital . What would your advice to that relatively wealthy person in america who is in their 60s be . I would say this. Im sure you fall into that category. Look, it all depends on not only your age but your fortitude and your liquidity needs. I would say that if in the midst of this crisis you did what you should have done and thats reposition, perhaps take tax losses, upgrade the quality of your portfolio and make sure the amount of money that you had in equities is enough where you can hold on to for a market cycle, five to seven years, that at a minimum, you should do nothing, or if you have a boatload of cash, you want to consider easing in here, even though we have had this big rise up. You look for dislocations over the course of the next few months while we are in this wait and see mode to look at easing into certain sectors. Stuart so far, the stock market looks like a v. Thats my interpretation. Straight down in march, nicely back up again in april. I dont know how mays going to turn out but essentially, you are saying if youve got some cash, put it into stocks because in the long term, we will get back to where we were in january and february. Is that what youre saying . I wouldnt quite articulate it that way. What i would say is the market has certainly discounted that on the other side of this, late q3, q4, we are going to have an earnings recovery and an economic recovery. So this 30 rise up discounts a lot of good things happening. So the market is now telling us based on last weeks good news resulting in consolidation and a selloff, namely good earnings, relatively speaking out of amazon and apple, good news in terms of therapies out of gilead and still consolidating, it suggests that now its a wait and see. How does the economy reopen, how do consumers and businesses adapt. So i would say that if you are sitting on cash, you want to selectively, thoughtfully and slowly deploy capital as we enter this period of consolidation and volatility. Stuart give me 30 seconds on whether or not its a good idea to buy some florida real estate. Well, look, i think that people are clearly migrating out of cities but im not so sure that will be a longterm phenomenon. I do see a lot of people based on whats happening from a tax situation here in new york, looking at places like florida, but kudlow on your show not too long ago talked about how perhaps the salt deduction will be back on the table. If thats the case, then staying in new york could be more appealing. If its not the case, then far less appealing. Stuart bring back salt is a whole different ball game for so many people. Your people, i know that for a fact. Jason, thanks very much indeed. We still like that living room of yours. It still looks real good. Very comfortable. I will make sure my decorator knows you gave her a shoutout. Stuart thank you, sir. Appreciate it. Now then, no surprises here. March was a huge month for video game sales. How big a month was it . Susan it was huge. The biggest march since 2008. 1. 6 billion in hardware, software, consoles and accessories being sold in the month. Nintendo switch more than doubled its staff, they couldnt keep it on the shelf. Hard to find with it being the bestseller on any of the devices but its not just hardware or consoles. Look at Activision Blizzard which will report earnings this week, also getting an upgrade this morning. Michael packter saying its worth 76 bucks, because a lot of people are playing games whether its online, on a console, twitch saw usage up 31 in the past two weeks and usage is up 75 online according to verizon. When you are stuck at home, you have no movies to go watch and nothing else better to do, you play your games. Stuart all those stocks are up nicely today. Ive got to say that. Thank you. Now, the story that you have all been waiting for. Carol baskin, one of the Major Players in tiger king tricked into an interview on youtube. Lauren, come in. Take me through this. Lauren okay. Stuart, this likely would not have happened if we didnt have coronavirus. She got a phone call from what she thought were producers from jimmy fallon, the tonight show asking her to do her first posttiger king interview. She said sure, as long as i can discuss how the pandemic has affected my animals in my zoo. She said yes, lets do it by zoom. This is what happened. We have 55 exotic cats, about 19 bobcats, 10 tigers, a lion, jaguar, leopards, cougar. Oh, my goodness wow, wow, wow lauren so what the pranksters did was use recordings of jimmy fallon in old interviews and they tricked her, because you couldnt see him, into thinking it was really jimmy fallon doing the interview but it was prankster kids on youtube. So can any of them sue . Can jimmy fallon sue . Thats the question right now. It matters how lighthearted they want to take this. Carol baskin says shes fine doing the interview, ha, ha, i was pranked but thats one of the consequences of coronavirus, right . Stuart its also one of the consequences of having a show thats a major league success, with enormous ratings. Thats what happens. You get a lot of scrutiny and sometimes youre tricked. Thats what happened right there. Thanks, lauren. By the way, we are now down just 190 points for the dow industrials. Im going to put somewhat they call alcohol stocks on the screen. Anheuser busch, the big one is constellation brands, one of the Biggest Liquor Companies in the world. Nielsen says, they measure these things, that alcohol sales are way up. Lets bring in ashley. Ashley, what liquor, what kind of alcohol is selling really, really well . Ashley cue the music. Tequila. Tequila sales up 54 year over year. The number one spirit out there. Look at that. 54. 2 from march 21st to april 18th. Total alcohol sales, by the way, from march 7th to april 18th, up 24. 4 . When you are in lockdown, you might as well have a drink, i guess. By the way, on the spirits side, the second selling spirit was irish whiskey, saw a 40 jump in sales, followed by american whiskey, tied with gin at number three. By the way, 70 of online buys, frank with me here in the studio, says he was probably one of them, was wine. 70 of people ordering online ordered wine. There you go. Stuart okay. We are drinking. Put it like that. Were drinking. Ashley bottom line. Stuart bottom line, youre drinking. Got it. Some malls and Department Stores will start to reopen pretty much across the country. Some of them start to reopen today. Shoppers will have a much different experience than theyre used to, of course. We will look at those changes coming up. And beaches, yep, they have reopened in san diego. 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I got all the coastal mayors together, all the different cities in San Diego County and i think most importantly, it was a plan developed by lifeguards and the good news is, it worked. San diegans followed the rules. You can swim, you can surf, walk and jog on the beach, no sitting down. We had a great weekend. Everybody complied and i think it just goes to show you what you can do with thoughtful planning, good Public Education and encouraging people to do the right thing. Stuart did you get a lot of people coming out . Im very familiar with san diego, the beaches stretch for miles and miles and miles. I mean, did you get a lot of people out there . We had a really we had good families, good crowds. I was out there myself. You know what you can tell, stuart, is everybody wanted to do the right thing. They were talking to each other, making sure the social distancing was up, our lifeguards were out there, our police officers. But it really was a lot of great spirit because it was good to be back out enjoying the beach. It was a nice sunny day here. San diegans were doing the right thing. It goes to show when you have a plan and put it in place with all the different phases, people will do the right thing. Stuart there has to be a movement to open up more and more and more because americans are showing themselves to be wellbehaved, doing the right thing. Even in extreme circumstances, they want to do this and of course, the weather compels you get out there and enjoy gods glory, for heavens sake. Thats right. As we opened up neighborhood parks, you know, people need that release and to do it in the right way, to have that social distancing. Later on today, ill be talking about all of the requirements that were putting in in terms of the policies to have san diego ready to get back to work for business. Stuart as i said, i know san diego really well. I know theres lots of terrific outdoor restaurants. Can they reopen . Not at this point. Restaurants can open for togo service and a lot of them are. Again, folks have been doing the right thing and thats one of the things that i really wanted to show with our beach policy here, stuart, which is you know, we took some time putting it together. We did it with lifeguards, did it with our Public Health officials and guess what . When you clearly communicate the rules and people buy into it, they are going to do the right thing. San diegans did a remarkable job this weekend and im proud of them. Stuart california is a sanctuary state. Now Governor Newsom is saying to mexico hey, mexicans, dont come across that border, dont do it because theres more virus cases in mexico, dont come here. Thats a real turnaround, isnt it . Yeah, well, ill tell you, we are right here on the border. We work very closely with our neighbors in mexico. They are battling the virus just like we are. We are all in this together, particularly as one border region. So anything that we can do to make sure we have the same rules of the road on both sides of the border, thats how we are going to keep us all safe. Thats something i have been pushing very, very strongly on for the last couple weeks. Stuart your honor, Kevin Faulconer, i think thats the correct form of address, thanks for being with us on the show. Thank you, sir. Good to be back with you. Thanks, stuart. Stuart still on the beach, Orange County beaches, closed this weekend. They were forced to close by Governor Newsoms orders. California state senator is with us. You were indeed, this is your area, i think you represent these beaches, you were forced to close. It seems to me theres a revolt brewing here. What do you say . Well, im glad that we have a happy mayor in san diego and that his beaches are open. Unfortunately, they are to the south of us. You have to drive quite a ways to get to their beaches because Camp Pendleton is between our county and San Diego County. But north of us is l. A. County, which has had coronavirus, covid19 cases that are seven times that of Orange County. We kept our beaches open, they kept their beaches closed. So the residents of l. A. Have come down and you know, came on our beaches in the last weekend and so the governor sees a photo and decides to make a decision, doesnt consult with anyone local, doesnt consult with me, doesnt consult with our board of supervisors, doesnt consult with the mayor of Newport Beach, the police chief of Newport Beach said everybody conducted themselves in an appropriate fashion. So all we can determine, that theres no facts to close our beaches, that we have a governor thats throwing a hissy fit and hes kind of maybe losing control and he incited these demonstrations. They were unnecessary. Just as the mayor of san diego mentioned, you know, you treat people with respect, trust your constituents and they will do the right thing and everyone did a week ago and for the governor to shut Orange County is unnecessary and immature act of someone whos in charge. Stuart ive got 30 seconds left before a hard break. Assess the mood. Is it close to revolt in Orange County, your area . Stuart, we know our economy is very fragile. Lot of people are one paycheck away. And to quarantine everyone instead of those that are really vulnerable is an inappropriate, i think mismanagement decision that we need to review. We didnt do this with h3n2 in 1968 and we are having high numbers in our Nursing Homes and maybe thats where we should have focused but to tell people that are going broke that you cant even go to the beach when the governor says you got 200 parks you can go to and you can go kite surfing . I think hes confused and insensitive so he has incited some real frustrations and they are being manifested by these demonstrations. Stuart john moorlach, california state senator, republican, thanks for joining us. We appreciate it. Thank you very much. Macys reopened 68 stores today but with dressing rooms closed, reduced hours and a notouch rule in the beauty department. Are people going to show up for that . We will take you there in a moment and discuss it. Well be right back. Tell me, what did verizon build their network for . People. And when peoples every day is being challenged. Thats when a Network Shows what its made of. Verizon customers are making an average of over 600 million calls and sending nearly 8 billion texts a day, every day. Businesses are using verizons added capacity to keep them connected with customers. And when people are depending on you for those connections. What do you do . Whatever it takes. 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 you know, we really are opening up dozens of simon Property Group malls opening today or reopening, i should say, and macys is opening 68 stores. Now, our own Grady Trimble is at a mall in lafayette, indiana. I think its been open for about an hour. Are they doing any business . Reporter we did actually see a steady stream of people going into the mall, but its interesting, stuart, because the malls are letting the retailers decide if they want to open so theres only one entrance at this mall that you can go through. This macys is not one of the 68 reopening so you cant even get in at this entrance here. You cant get in at the kohls or other Department Stores. You have to go through the main entrance and the food court of the mall, we are told, is also closed. So a lot of the things that are appealing about a mall arent really an option today. Simon has put some changes into place to make sure everybody stays safe, they are asking employees to take their temperatures before showing up for work, they are Wearing Masks, they are limiting the number of customers allowed into the mall, and they are asking people who come into the mall to wear masks as well, and they are also cleaning regularly at the mall here, but i would sum it up by saying that the mall is open here in indiana and some other locations, especially in the south where states are reopening. The mall is open, kind of. Stuart right. I think youre right. Barely. Its open, kind of, barely. All right. We will take it. Grady trimble right there, thank you, sir. Clothing retailer j. Crew officially files for bankruptcy. Tell me more about this, lauren. Lauren first major retailer to file for bankruptcy during coronavirus. Wont be the last. But it happened over the weekend. J. Crew swapped debt about 1. 7 billion for equity. They have 400 million now where they can remain open, where they do decide to open in some states, and their online operations, and they have to get through bankruptcy by september 11th so in the fall, what is it going to look like when you look at the retail environment, with the pictures that grady just showed us . How much of the economy is going to open up and how comfortable are people going to be to shop . J. Crew had problems before coronavirus exacerbated during the virus. Stuart they have taken on a ton of debt, which didnt help when the economy just seizes right up. Lets quickly check tyson foods. We are really concerned here about a meat shortage around the country. Tyson says some of their meat plants are not operating at full capacity. Worker shortages because of the virus. The stock is down 7 . Tyson is back to 55 right now. All right. We will have more varney after this. On your computer the doctor programs it, it shows up at your house a few days later. You can stream calls or music through it, its got multiple settings, audio adjustments, so you can raise and lower the levels. But its a fraction of the cost of the other devices. Its instilled some confidence i didnt have before. Try lively risk free for 100 days. Visit listenlively. Com 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. 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 thursday this network, my colleague, neil cavuto, hosts America Works together virtual town hall. Special guests ken langone, bernie marcus. You have questions, send a video to investedinyou foxbusiness. Com. Town hall ask one p. M. Eastern. I have a few seconds left. All three of our company members. First of all, ash, getting to week seven of the lockdown. How are you doing . Ashley doing fine. Ready to get back, but same time hair. Im working on a beehive. I saw a couple of squirrels back there this morning. Time to cut. Stuart at least you got hair. Susan . Susan learning to cut hair, do my nails. Itching to travel. Stuart arent we all. Lauren, you . Lauren i let my kids pick out whatever they want to wear, they can wear it. I am nervous when they have to start dressing appropriately, it will be a real challenge. Stuart you have deep trouble. My time ask done. Neil, its yours. Neil thank you very much, stuart. Were continuing to follow the selloff youve been outlining the last three hours. The senate is back in session today, my friends, the house is not. Well monitor what they come up in terms of relief. Well explore that in next few hours. Governor andrew cuomo is he can. Ing to the press right now and says hospitalizations in the state have continued to show steady improvement. 9700 such hospitalizations as of may 3rd. That is down from 9786 the day before. It is not been a steady, uninterrupted 14day decline. Th i