Announces he has canceled his Airline Investments and thats not all. Warren buffett revealed this weekend, which was nothing like you are seeing on the screen, it was a virtual Berkshire HathawayShareholder Meeting with just buffett and one other person on the stage. Our expert buffett panel is here to read between the lines of what buffett really said. Wall street, as we look at this, it has happened. A National Store chain has succumbed to the coronavirus. J. Crew filed for bankruptcy protection, leading us to ask whos next. Major Industry Groups are now banding together by asking congress to prevent another one from going bankrupt. One of the biggest retail lobbyists is here on why the trump tariffs must be suspended if retail is to survive. And as restaurants, oh, boy, we know how tough its been for them, across the country take baby steps to reopen, weve got one of the bestknown star chefs of the world here. Celebrity chef Rocco Despirito on how to put out the massive corona fire consuming your favorite restaurants right now. Are video gaming stocks the play of the future . Let the games begin. An hour to the closing bell so lets start the claman countdown. Liz folks, we are just getting this breaking news at this hour. Senior u. S. Treasury Officials Say that the United States is borrowing more in the Second Quarter than all of last year. Lets go to Edward Lawrence. Edward, you have a breakdown of these numbers which are now just being released. Tell us. Reporter yeah, this is a huge we knew a huge amount of numbers. We are talking about huge figures here. We knew the coronavirus would be expensive. Now we know or are getting a glimpse in just how expensive it would be. In all of last year the federal government borrowed 1. 28 trillion. In this quarter, in the Second Quarter, the u. S. Treasury expects to borrow 2. 99 trillion. A swing for them in the estimate of 3. 05 trillion because they were planning this quarter on paying down the debt by 50 billion but that swing obviously, because the coronavirus spending package as well as a senior treasury official saying reduced revenue coming into the coffers. For the third quarter, the u. S. Expects to borrow 677 billion but again, this quarter, really seeing the impact of all the stimulus that has gone through. Almost 3 trillion is what the u. S. Will borrow. They will have 800 billion in cash on hand. Now again, the last record for the Second Quarter borrowing was 344 billion back in 2010. This blows away any record related to that. Back to you. Liz blows away any record. Just keep churning out the money. Edward, thank you very much. Edward lawrence. You know, what the government has done, whether thats the Federal Reserve or treasury or congress, is something that Warren Buffett said he thought was fantastic right now. The oracle of omaha owning up to some of his own investing errors during his first ever virtual annual Shareholder Meeting. Warren buffett saying if you are an investor in any Oil Production company, you will join me in having made a mistake so far in terms of where oil prices went. This was an answer to a question about his 10 billion preferred investment in Occidental Petroleum which has just been disastrous. All right. This weekend, though, was the stark contrast to what you are seeing on the screen just a year ago. Thats this video from when team fox business went to omaha, nebraska to see thousands of berkshire shareholders lining up predawn, sometimes freezing outside omahas Chi Health Center arena, waiting for their chance to see and learn from Warren Buffett himself. In years past, we take you to the inside of what happened. They have mobbed him as he walked through the Convention Center floor ahead of the long hours, long Shareholder Meeting. This time, he sat in the arena, emptied by the coronavirus fears. Also new, vice chairman and possible successor, greg abel at his side, as buffett dropped some pretty big bombshells on the investing world. Here to pull out the most important ones is our buffett panel. Larry cunningham, who has written, what, no fewer than five books on buffett and berkshire investor bill smead who says buffett revealed, in bills opinion, hes lost his mojo when it comes to investing optimism. Good to see you both. All right. I want to begin with bill, because thats a pretty dramatic statement. Whats your headline here . Because he went on and on talking about how it is best never to bet against america, it was a very patriotic speech, yet he jucst dumped all his airline stock. Whats your headline . The headline is never bet against america but dont own american airlines. What i meant was, he started his History Lesson telling you about 1929 to 1954, when his teacher amassed a great track record in Value Investing in an era where the dow jones index went from 380 in 1929 to 380 in 1954, and the irony of his talk and the reason that we think he might have lost his mojo is he did not mention that ben graham would be thrilled with the current circumstances. Because theres loads and loads of small to midcap bargains in the bargain bin, but buffetts company is too large to take advantage of that. Liz well, larry, let me get to you. During the meeting, Warren Buffett said that he didnt know, regarding the airlines, whether two to three years from now, this is a direct quote, whether people will fly as many passenger miles, commercially, as they did last year. What do you decipher here . Whats the hidden message of the Bigger Picture from the fact that he cant even see two to three years out . Does that mean that maybe one of these airlines, because they own four of them, the biggest ones, might not exist in the future . Its a pretty good signal to that effect. He made clear the reason he was sharing his views on those companies wasnt a prediction about the stock market but effectively a prediction about the industry. We have excess capacity, declining future demand, thats other than temporary, and all four airlines, borrowing significant amounts of money. Its pretty clear to see one of them is going to be in serious trouble and this is not entirely new. Warren has had an infatuation with airlines going back probably to his childhood, certainly in the 90s he made quite a bad investment with usair that led him to funny quotes from the airline industry. Another one thats getting hammered is the European Aviation company, Virgin Atlantic run by richard branson, a wealthy fellow who was once asked how do you become a millionaire and he said its easy, start as a billionaire and buy an airline. So its a tough industry. Its always been tough. It will just get tougher. Liz gordon gekko never liked it either. I have to say, too, i thought this was interesting. He brought up boeing. Of course, under berkshires umbrella, he has precision cast parts and some people questioned the value of that Gigantic Company which became one of the biggest expenses for buffett. He in essence said the likes of boeing and airbus cutting production, what does that mean for precision cast parts . He was pretty clear in saying, you know, its going to have an effect and it wont be a good one. Its going to hurt a lot and the other point he made is that berkshire is vast and sprawling. Its got arteries in every part of american industry, so some of the companies are going to be hammered, like precision. Others might not do so poorly. Net jets, for example. Private aviation. Buffett made another smelling the tea leaves, he said private aviation may be a different story. Net jets may come out of this quite well. But for commercial aviation and the manufacturers, its going to be a disaster. Liz yeah. And those stocks are getting hammered right now. Boeing is down about 2. 6 . Bill, buffett heaped lavish prays on jerome powell, head of the Federal Reserve, for inserting the feds power and muscle the minute things got ugly, and in fact, he said i salute the fed because fear is the most dangerous disease ever, it makes the virus look like a piker. We came very close to a total freeze. He then said you know, the government really financed things in a huge way to stop any kind of insolvency but if you look between the lines here, buffett did not buy any stocks, really, to speak of during this time, whereas what a difference between now and 2008 when he was scooping up just about everything in sight, because it was at such a discount. Did he miss his window . Well, i dont think he missed his window. You have to understand where we are from a historical perspective. Growth stock investing has been as popular in the last ten years as any ten years in u. S. History. Buffetts modus operandi is to buy whole companies if offered and when prices are high hes not interested in those offers and secondarily, Value Investments have been in the dumper, in the bargain bin, and are small and his massive capital base requires, for him to invest 10 billion in a company, its probably going to have at least a 100 billion market cap. So buffetts biggest problem is hes capital constrained, number one, and then the second problem hes got is, and i felt bad for him when he said this. When he talked about the airlines he says well go back to flying but in my case it might be private. Just think how arrogant that sounds. Its like bill gates said we should all [ inaudible ] for six months on the economy, then bought a 43 million mansion in san diego. How does that look to the average person . Thats furloughed and would like to have access to that 43 million . Liz well, i want to know how it looked to the average shareholder. Its pretty exciting, larry, when he shared the stage not with his longtime Business Partner and vice chair, charlie munger, who is 95 years old and it wouldnt have made sense for him to make the trip to omaha, but he shared it with greg abel, a vice chairman and also ceo and head of Berkshire Hathaway energy. There is greg on your screen with me about a year ago. I got to tell you, i thought it was very interesting, abel answered some questions but he also disagreed a little bit with buffett, when buffett defended share buybacks as a way of distributing cash but abel said you know, when you use Financial Engineering like the airlines did, he didnt say the airlines but i think that was sort of the subtext here, its a little extreme, quote, and too cute instead of using their Balance Sheet to leave a cushion, they neglected to build a cushion. Do you think, because succession did not come up, that that was the underlying meaning that had greg abel onstage, hes the one . I think geography played a role, too. He was able to drive down from des moines without needing to involve lots of other people but i do think to gregs credit, he has Berkshire Hathaway in his blood. I think the point you just made showed that. He stressed the importance of capital allocation, the commitment to berkshire culture, to buying carefully, to owning forever. I think he would be an excellent successor. He would be an excellent choice. The Silver Lining to me in that otherwise sad absence of charlie and absence of all gathering together was it gave him a chance to introduce himself to the berkshire shareholder group. Liz okay. Gentlemen, we have to run. Bill, one last question. I need it to be one word. Are you going to shed your shares of Berkshire Hathaway, yes, no, maybe . In our work, with a concentrated portfolio, we have to make what we call sophies choice. Very difficult choice among things that we like. Based on what buffett said, if our impression that we bounce back better than he seems to be assuming, we might have to do that. Liz bill smead saying he might have to sell his shares after holding them for quite some time. Good to see you both. We do appreciate it. One last point, folks. If you invested in Berkshire Hathaway back in the 80s, you would be up 91,000 . Thats why buffett has such a reputation of being the greatest investor. All right. We have the closing bell ringing in about 46 minutes. Dow jones industrials have pared even more losses. We are now down just 51 points. S p has turned positive, up three points. Nasdaq better by 71. Womens apparel chain francescas getting thrown into the return pile, the retailer warning it may not be able to go on as the Coronavirus Crisis ravages sales and cash flow. That stock, now 2, is down 17 . For j. Crew, ye of the preppy barn jackets, the situation is even more dire as it waves the white flag. Coming up, what the retail industrys biggest names are saying right now to congress to keep your Favorite Brands from falling victim to the covid19 retail apocalypse and maybe even your favorite investment. Countdown coming right back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. 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[ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz say it aint so, j. , as in j. Crew. J. Crew is now the First National retailer to fall even as we see the s p 500 jump five points at the moment. J. Crew of course, the coronavirus pandemic is just destroying them. Known for its chinos and bar jackets, the apparel chain founded in 1947 has filed for bankruptcy protection. That doesnt mean its going away forever. Its not liquidating. But bankruptcy protection doesnt necessarily mean you are saved. J. Crew may not be the last, even though its the first big national chain. Rumors have been swirling for weeks that jw pc penney, we tal about neiman marcus, they are facing perhaps their final doorbusters. Enter the cavalry. Industry lobbyist, the American Apparel and Footwear Association whose members include 3m, gap, target and under armour. We bring up these names because they have actually shifted their Assembly Lines to create personal protection equipment. Well, they have joined forces with other fashion associations in sending a letter to congress on friday filled with requests to keep the industry alive. One of the authors of that letter, steve lamar, joins us now. Steve, the recommendation in your letter that jumped out at me involved tariffs and what you said was quote, we recommend the extension of the freeze on tariffs to cover imports made during may and june, and possibly additional months if the crisis persists, and expand the program to defer the due dates for all duties and fees. How damaging are the tariffs right now . Well, they are very damaging, liz. Thank you for having me on the show. You know, we are trying to save american lives and american livelihoods and its hard to do that when we face this crushing tariff burden. Last month, we paid about 1. 5 billion of tariffs and its really hard for companies that are trying to support u. S. Jobs, companies that are trying to repurpose their factories, their supply chains, to rush desperately needed items of personal protective equipment, things like masks and gloves, to hospitals and doctors. Its hard to do that when they have to face these tariff burdens. So we have a very simple request. Its basically asking the u. S. Government to defer tariffs for another couple of months, then to also eliminate the tariffs that they are still charging on those masks, and on those gloves. We want to make sure that we can get them to the American Public as fast and as costeffectively as we possibly can. Liz im not sure, though, that its really congress who is so hot on these tariffs. Its been president trump, has it not . Can you get his ear about this . Well, we have been communicating with the president as well. We communicate with congress. You know, congress does control tariffmaking authority, article i, section viii of the constitution confers tariff making authority back to the congress. Ultimately its up to congress to decide how that authority is done. But in times of an emergency, the president does have the ability to suspend tariffs, to defer tariffs, and we are asking him to use those authorities right now to defer and extend those tariffs. While we are communicating with congress on a range of issues, where tariff relief is one of them, we are communicating directly with the administration to make sure that those tariffs are deferred or suspended, so companies have that cash so they can save those jobs so we can reduce the costs of the ppe we are trying to get to first responders. Liz i just want our viewers to understand what you just said. We are almost punishing our retailers who have converted their Assembly Lines to make personal protection equipment, because some of the materials that go into that are still being hit by tariffs. I do want to quickly ask you, what are you hearing from your members . Are they having to make a decision about whether its pay the tariffs or pay the payrolls of some of these workers and thousands and thousands of people who have been furloughed . Absolutely. Absolutely. If you are paying uncle sam the tariff costs, thats money that you cant pump back into your payroll and that means more people you have to let go through furloughs and again, its a very stark choice. We are asking the u. S. Government, help us save these jobs, help us be prepared to hire more people, let us keep that cash now so we can be in better position as america begins to recover, as we begin to, you know, reopen these stores in the safe manner that we are trying to do. Liz yeah. Yeah. Steve lamar, we would like to follow this story. Please let us know how it goes and what kind of response you get from congress. Thank you for joining us. Well do that. Thank you. Liz on thursday, we really want you guys to understand youve got to be right here on fox business because neil cavuto is going to host the next America Works together virtual town hall. His guests are two retail giants involved in the founding of home depot. Ken langone and bernie marcus. They will actually answer your business questions and you can send your video questions to us on facebook, instagram or email them to investedinyou foxbusiness. Com. Thats thursday, 1 00 p. M. Eastern on fox business. When we come back, the closing bell rings in about 36 minutes, tyson warning of a longterm game of chicken ahead of food suppliers. We are crunching the numbers. Plus, famed chef Rocco Despirito is here with a warning about the threat to the nations food supply and what about the future of food trucks . Will they be a casualty postcoronavirus . Hes coming up. Limu emu doug [ siren ] give me your hand i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz weve got breaking news. The state of california is holding a Coronavirus Press conference right now. Moments ago, governor gavin newsom announced that some Retail Businesses may begin limited reopenings as soon as thursday. This as california becomes the first state in the nation to borrow from the federal government in order to make unemployment payments. The golden state has now borrowed 348 million in funds, federal funds. That million or billion . I dont know. Well say million for now. The ceo of Meat Processing giant tyson foods calling the pandemic quote, the most significant and severe crisis of his career, as the president orders meat plants to remain open amid virus outbreaks, no surprise, tyson had to issue grim Second Quarter results. To Cheryl Casone in the fox business newsroom. Stock is down 8 right now. Cheryl it is, liz. Hey, there, yeah, first to that sales warning on production disruptions which hit profits, obviously. The Company Announced its actually secured a 1. 5 billion loan facility. Theres the stock down almost 8 , for the fiscal Second Quarter tyson posted adjusted earnings per share, 77 cents, on revenue of 10. 89 billion. Idled plants, continued slowdowns were the warning on the heels of president trump, that he invoked the defense production plant requiring American Meat packing plants to stay open. Hundreds of employees have tested positive for the coronavirus at tyson. Grocery store sales for the company have actually risen nearly 40 but Food Service Sales to restaurants have fallen nearly 30 . Pork accounts for 12 of tyson sales which rose along with beef. Big concern, though, has been the pork supply. Remember, jbs and smithfield have had to separately shut down production as well. Executives at tyson were clear, even with the president s order, there is likely going to be Food Shortages because of the pandemic. If they have virus cases, if they have worries about the facilities, they will have to idle plants. This story is not over yet. Kind of a grim reality from tyson foods. Liz so frustrating to see all the agriculture thats being discarded and thrown away. Got to get the supply chain situation fixed. Cheryl, thank you. Cheryl casone. With about 29 minutes to go before the closing bell rings, the dow now down only 14 points. Folks, we are looking at about a 345 point swing so far. Thats how far we were down. No grand slam for dennys. The diner chain tumbling for a Third Straight day after reporting same stores sales falling an average of 76 each week in april. As losses from its dinein business mount. Shares right now down nearly 11 . As restaurants big and small fight for survival, one star chef is warning of the chaos that could rain down longterm on the dining industry. Coming up, star chef and Healthy Eating guru Rocco Dispirito is here in a fox business exclusive on the carnage the closing of just one restaurant can actually leave behind and why the wounds of the coronavirus could burn for years to come. Hes coming up next as the dow turns positive. 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. Liz we now have an idea of what mcdonalds will look like postcoronavirus pandemic. There is a mcdonalds franchise in the netherlands. Take a look at the pictures. They have just revealed a postlockdown blueprint of social distancing both outside and inside their fast food chain restaurant. There will be new hand sanitizing stations and clear markings on the floor to show customers where to stand in relation to other customers. As the deadly pandemic continues to have a very Significant Impact on the future of the entire Restaurant Industry, famed Award Winning chef and fivetime New York Times bestselling author who is out with a new book, roccos keto comfort food diet is on the record saying as a restauranteur, my job is basically to control the chaos and the drama. Theres always going to be chaos in the restaurant business. But did he imagine this kind of chaos . Rocco dispirito is here with us live. Rocco, thank you for joining us. You know, do you think its my pleasure. Liz nationwide good to see you anywhere close to this kind of chaos. Had anyone anticipated it . Thats a great quote you pulled. Thats from about 20 years ago when chaos was managing the reservation book. This kind of chaos, no one could have imagined. As you know, we were all taken by surprise and restaurants will have to sort of rebuild from the ground up. The restaurant future in new york and for the rest of the country is yet to be designed. We do know there will be social distancing put in place, there will be laminated, gloves, masks, lots of ppe, there might be a waiter with a full mask on approaching the table, lots of disposables, lots of sanitizer everywhere. Thats a given. For how long it will have to be like that, thats unknown. I dont think anyone can predict that. Thats tantamount to predicting the future. But there are 500,000 independent restaurants aching to get back in the swing of things and trying to figure out how to do it. Its definitely a business that america relies on. I saw a recent survey where 66 of people polled were most looking forward to getting back to restaurants and bars, above all the other services they are missing right now. Restaurants and bars are the fabric of the country, right . We love going out, gathering, having fun and hanging out with friends. And we do that mostly in restaurants. Liz yeah. And in big cities, they are known as the third place. Theres home, work and then theres the hangout. Thats right. Yeah. Yeah. And in new york, where im from, we never entertain at home. We entertain in restaurants. Liz yeah, thats right. Thats right. You live there. You just hang out all day long. Tell me, because you have a different view of restaurants and i want you to share that with our viewers. When theres a little independent restaurant its almost like a tree with a root system that extends far beyond the front door. When those doors get shuttered, who else is affected down the line besides the employees within the restaurant . Very wonderful question, liz. Up and down the supply chain, there are farmers and fishermen and meat packers and all kinds of suppliers that rely on restaurants so the 500,000 independent restaurants i mentioned rely on about 40 Million People besides the 11 million they directly employ to supply them with all of their goods, produce, the services, and that represents about 1 trillion of the gdp. Its a very large system with a very very impactful ripple effect. So when one restaurant closes its doors, its closing its doors to hundreds of people who do business with it every day. Liz yeah. Absolutely. I want to ask you about food trucks. You have had trucks in the past that were hugely successful. These are very big in big cities. Is this the end or the beginning of a food truck . How do you view the survival of that subportion of the Restaurant Industry . I have been thinking about it a lot because i did a food truck. I think it might be a new opportunity for food trucks because its essentially an opportunity to buy food in a contactless way. Its also mobile and dynamic. So if you are allowed to drive around the city and park wherever you want, you can go to the customer and its sort of reverse delivery, if you will. People relying now on deliveries in an extraordinary way and deliveries will be a big part of the way we get fed and the way we feed the nation moving forward. I think food trucks have a new opportunity here, an opportunity to redefine what they do and how they do it. So i dont see it necessarily as a business thats going to fail. They might actually have a new Customer Base to draw from. Liz maybe. We talked to some Restaurant Owners who say they will have to eliminate anywhere from 30 to 50 of their tables. Does that mean in the future, when this is all over and we go back to the new postcovid dining, does that mean the price of a meal is going to go up in a restaurant . I think if you ask any random restaurant owner, we would all like to say we dont want to raise prices, we dont look forward to raising prices. But short of some relief funds from the government or another source, im not sure how we will be able to open up at 25 capacity, with the same basic expenses, and not look for a way to fill that void somewhere. If it doesnt come from prices, some of it will come from the ppp. Unfortunately, the ppp hasnt reached most of the 500,000 independent restaurants in the country. But it will have to come from somewhere. I dont think anybody knows where its going to come from. I would be guessing if i said i did. I think things will fall into place little by little over the next few months, but certainly when your capacity is dictated to you and your expenses remain the same, the shortfall has to be filled somewhere. Liz rocco, thank you so much. And send me a really easy recipe. I am running out of ideas. Im the worst cook. No problem. Liz the kids are like no more, mom. Pasta carbonara. There you go. Liz rocco, thank you so much. Closing bell ringing in about 17 minutes. You know what, rocco should be my next podcast guest. Speaking of podcasts, we will see whos coming up in just a second. Look at the dow, up 33 points at the moment. A nice swing. We continue to climb. We are now all green on the screen for the s p and the nasdaq. Transports still kind of lagging here. But not every automaker is stalling out due to the coronavirus. One of the worlds most wellknown names in luxury and speed closing in on the checkered flag, despite numerous covid19 pitstops. Could data sharing be the key to discovering the cure for covid19 . My latest podcast shows how Harvard BusinessSchool Leader kathy jeusty succeeded in doing exactly that for multiple myeloma. You have to hear how she did it. Its data driven and she says it could stop the virus. Download this one. Its an unbelievable story and very inspirational. Its on apple, google, fox news podcasts. Com. Everyone talks to liz. Well be right back. Its a challenging market. Edward jones is well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. Liz this may be a surprise. Ferrari is still in the race. Thats its ticker symbols. Shares are rising about 6 after better than expected shipments. Investors like that news way more than its coronavirus speed bumps which include formula one losses of more than 150 million and a cut to ferraris estimated earnings. Yes, the stock is moving higher and who knows what testarossa means. Redhead. All right. Here at home, the big three auto makers in the u. S. Feeling the heat as sales stall, skidding 48 year over year in april, according to firm auto data. April, worst month for u. S. Auto sales since the mid 1970s but ford, gm and Fiat Chrysler all fighting back, planning to reopen u. S. Factories on may 18th. Shares of all three, though, are stuck at the red light at this hour with Fiat Chrysler down about 2 , ford following by 1. 33 , gm down less than 1 . Football fans may be itching to get back into the stands, but this spectator sport may not be allowing crowds at all into their stadiums any time soon. Charlie gasparino joins us with exclusive details on the next nfl season. I said this morning to my son, i miss football season even though this isnt even the time for it. Charlie yeah, me too. Me, too. Baseball, as we reported a couple days ago, executives tell me its likely to happen. What we can say now is football is definitely going to happen. Im getting this from sources inside the league. Some owners. Heres what we know. Thursday night, at least thats the target date, the nfl is likely to post the 2020 schedule. So you will get to see what teams are playing, where theyre playing, and you will get a feel of what the season is going to look like amid the pandemic. So watch thursday night is the night that is when they are likely to release the schedule. We will see if that holds. But as of now, its thursday night. Heres the interesting thing, liz. Im getting this from my sources close to the league. The question is will there be fans. Heres how i think they are going to go about it. Im getting this from football executives, again, none of this is quite written in stone yet. Its going to be up to local jurisdictions to determine whether fans or how many fans will be allowed in stadiums. For example, texas will have a different rule than, say, new york, right. Thats kind of what theyre looking to go for, because the degree of the spread of the virus is less in texas than, say, new york, which is the epicenter of it. So from what i understand, the nfl is going to leave it up to the local jurisdictions about having fans in there, and how many fans, and it will basically be, you know, it will basically be a local jurisdictional or statewide rule. Governor cuomo will have to determine or excuse me, it will have to be i keep thinking the jets and giants play in new york. They play in new jersey. It would have to be left up to jersey officials. New jersey Governors Office will have to determine that. The governor of texas, abbott, will have to determine whether the cowboys and other teams, the texas teams, will have fans and how many. Thats what we are talking about. Again, schedule, thursday night. We should point out, liz, that football is different than baseball. I think thats part of the problem here with baseball. Baseball needs some fans. Thats how they make money. There are many more games. Football makes most of its money from the tv rights and some other, and sponsorships. I have heard this, that they are planning on if you dont have fans, there will be some sort of a fake crowd noise in the background to give it a feel of a game. Thats what ive heard. Im not saying its going to happen. Thats what ive heard. Again, the rubbers meeting the road on football. Theres definitely going to be a season. If the schedule, they are eyeing the schedule come thursday night. It will be interesting to see what details are associated when they announce the schedule. I think we will get when they announce the schedule thursday night or thursday, we will get some feel on fan attendance. I hear it will be a local jurisdictional issue. Back to you. I cant wait for football. Liz all right, charlie. Got to run. Thank you very much. The number one thing you need to do with your portfolio and we are talking about your 401 k . When we come back. Liz friday we get the april jobs report and it is going to be horrific with more than 30 million americans filing for unemployment due tote covid19 virus, retirement is probably far from the minds of many. They have bigger problems on their minds right now but these companies on your screen were about to show you are making that goal a bit harder for their employees. Amtrak, best buy, macys marriott, norwegian, trip advisors, subpoena companies that halted 401 k match programs since the pandemic hit. Does that mean you should stop putting money in your 401 k . Retirement guru, host of the chris hogan show joins us now. Chris, get right to it. A lot of people are confused what to do with their 401 k s. Companies are trying to provide cash. People are trying to preserve cash. Should they be altering what they put in their kay cases each month . Liz, you hit the nail on the head, companies are trying to preserve cash im telling people, dont panic. You have to have a clear head to understand what youre trying to accomplish. If your job is stage, your income hasnt been affected you continue to invest. If your job is cut back, you lost hours, you will have to go into conserve mode. You will pause investing now to try to make ends meet. Liz okay. When youre looking to make ends meet, some people looking to pause that they cant make ends meet. The cares act, one of the important things put in here i thought was very interesting, allow people to withdraw 100,000 penaltyfree, from the 401 k , from the retirement accounts, that includes eye as. Should people tap into their retirement fun if they need financial help . I think you have to pay it back within three years so you dont get hit by the taxes but is that the smart thing to do . It is actually not. Im advising people, despite what the cares act provided, dont touch the 401 k and 4403 b. You will steal from the future self to clean up the present situation. Only time you want to touch a 401 k or 403 b to prevent bankruptcy or foreclosure. We have a pandemic. People are having job hours and issues. Try to find an additional parttime job. Look for ways to cut back unnecessary spending. Liz, im telling people, we have to take care of the four walls. Your housing, your mortgage, or your rent. Your utilities associated with that. You got to keep food on the table, take care of your transportation. Beyond that, if you dont have money, reach out to the creditors, communicate clearly with them, where you are, what is going on, be clear. Dont make a promise to pay on money you dont have. We have to take care of first things first. Liz chris hogan is one of the best guys when it comes to advising people on what to do with their 401 k s. [closing bell rings] thank you so much for joining me. What a comeback for the markets. We were all red. Now were all green. Join me 6 00 p. M. Eastern tonight on twitter lizclaman. That is when futures trading begins. I will let you know how it goes. Connell shaking off earlier losses stocks staging quite a comeback later in the trading session as tensions rise between the u. S. And china. Well talk about it all. Im connell mcshane. Cheryl im melissa francis. This is after the bell. Blake burman from the whitehouse, Edward Lawrence from the newsroom. And lets kick it off with lauren. Lauren finishing the green. Dow had been