Transcripts For FBC Mornings With Maria Bartiromo 20240713

Have the numbers as soon as they hit the tape and show you the impact. Coronavirus keeping the c task force going indefinitely focusing on Vaccine Development and reopening the economy. Meanwhile some lawmakers looking to expand the Paycheck Protection Program and add more stimulus but others raising concerns about growing debt and deficit. Markets this morning pointing to higher opening. Take a look at futures, indicating market wills open higher in triple digits, dow up 3020 points, s p is up 41 and nasdaq higher by 138, one and a third percent, this after concerns of new china relations to china. Scope memo is out. Outlining authority to former special counsel Robert Mueller, it reveals probe went beyond and completely openended. The fallout coming out. People are working out and playing video games, pelaton surging 66 , the company boosting Sales Outlook and the stock flexing muscle as well. Stock up 17 in premarket. Fortnite becoming one of the most Popular Video games ever surpassing 350 million players, mornings with maria is live right now. Maria Global Markets taking a cue from wall street. Firmer tone this morning, take a look at european indices, the cac quarante up 34 and dax index in germany up 99. Bank of england toad Holding Rates Steady warning that the economy should shrink 14 this year, but they are expecting growth by 15 in 2021. In asia overnight markets were mostly lower with japan able to close out with slight gains, take a look at the numbers here. In china exports rebounded in april rising 3 and a half percent year over year. Expectations for steep decline, import fell over 14 according to Chinese Communist government. Some of the stories that we are watching this morning meanwhile President Trump reversing his plan to phase out Coronavirus Task force now saying that it will stay around indefinitely and focus on the development of vaccine, treatment and reopening of america. The president tweeting that the panel has done a fantastic job bringing resources together for others to follow in the future. Health experts expressing concern that it was too early for the task force to wind down. Meanwhile handful of states are easing virus restrictions today. They include hawaii, maryland, mississippi, montana, vermont and michigan. This as georgia, one of the first states to start reopening the economy is now seeing uptick in virus cases. The city of gainesville now considered a hot spot there. Governor brian kemp that the city will open temporary hospital in the city and hope they will not need it. More than 1. 2 million cases of coronavirus reported in the United States right now. Meanwhile the covid19 pandemic taking a real toll on gaming industry with casinos forced to close doors. Wynn net loss of 400 million. Revenue down 40 from a year earlier. Also suspending quarterly dividend. Mgm resorts report lid working workers of possible layoffs in august. Company acting ceo in a letter to furloughed cited sharp decline of travel for the rest of the year, possibly 2021. U. S. Casinos have been shut down since midmarch and as you can see wynn share this is morning are down 1 . Frontier airlines has changed mind apparently. It will not charge passengers extra to seat to empty middle seat. Congressional democrats accused company of taking advantage to customers concerned of contracting covid19. Frontier had plans to charge 39 under the plan which would to start tomorrow. Thats being rolled back now. The Boston Red Sox honoring heros of frontline of the pandemic. In national of National Nurses week, the goal to show appreciation for all nurses especially now. We agree. Markets are higher ahead of the initial jobless claims report this morning. They are due out the numbers in 2 and a half hours, the expectations call for 3 million americans to have filed Unemployment Benefits in the last week and investors anxiously waiting tomorrow jobs report. Lose unprecedented 21. 8 million jobs in the month of april with Unemployment Rate hitting 16 . Thats the highest on record. Tomorrows report will capture full impact of coronavirus lockdown beginning in midmarch and joining me to talk about that editor and publisher denise and also this morning is fox business Dagen Mcdowell Kings College Manhattan Program and business and finance chairman professor Brian Brendberg and Strategic Wealth partners president and ceo mark tepper. Thank you for being here. Denise, let me kick it off with you, incredible to see inner workings of the market while we have lots of moves broadly speaking for averages, some sectors that continue to do very well Like Technology and biotech. How do you want to trade this market, invest in this market ahead of the jobs numbers out tomorrow and today at 8 30 . Well, i actually trade from my own account and so what i talk about is what i do and im short stock last tuesday via the various derivatives and im preparing for what should be egregious nonfarm payroll tomorrow or jobless claims later this morning. Im a little obviously today i wish i werent short of stocks. I think the economy is in terrible condition. Its better than it was. We are Getting Better news probably on the coronavirus circumstance and there are evidences of a vaccine that will be available to us quicker than we had thought earlier but still i think the economy is in dire straits, very difficult position and i think that anybody who has who is long, should probably do well to lighten up positions. Like i said, i trade only from my own account, short of stocks, short of bond market, long on goal and short of the euro and im feeling quite comfortable from last thursday. Maria well, we may have a horrible jobs report mark tepper but as far as markets are concerned is what is priced in already, are the markets and investors expecting this tough report that we are going to get tomorrow, mark tepper weigh in. Mark you know whats interesting the stock market has gotten cocky and you get bad news the market says so what and continues to grind higher. I agree with denise, huge disconnect with vshape recovery in the market and whats going on in economy. I believe that unemployment is going to be high for longer consensus actually believes. When you look at small and mediumsize businesses make up 50 of jobs. Small businesses provide 25 of our jobs yet they are responsible for 30 of the unemployment numbers right now so they are really getting hurt. I think thats an issue and i think the market is a little overvalued right now. Maria should point out that yesterday the Treasury Department announcing new 20year bond to help finance the governments debt through the pandemic. Dagen, you know, it is increasingly becoming a concern among republicans when you understand the debt and deficits that are happening here as a result of all of this stimulus. Dagen indeed, dennis can jump in here because we were looking at the 10year yield and well below 10 and the offering was for initially 20 billion and much larger than people were expecting and in the Second Quarter the u. S. Is going to borrow 2. 99 trillion for the year, 4 and a half trillion in the fiscal year. When do investors start worrying, ringing their hands about the level of debt this country is taking on because right now they are whistling past any problems. One has to ask one self do you want to put basis points. Theres a period of stress that the stock market would have stumbled dramatically, but anybody in their right mind will put money to work for 10 years or 124 basis points for 30 years. When i first got in the business in early 1970s and when i got my seat on the chicago board of trade in early 1980s, the long bond had 14 and a quarter percent coupon. Maria youre bearish on the longend of the stock market. Youre bearish everywhere. Yes, i am bearish maria youre selling equities. To me was a very serious technical signal of the curve. Maria are you in cash, have you raised cash, is there any place that you can hide for fixed income . Cash seems to be a wonderful place to be. I trade only from my own account so i have onethird of what i have is short of stock market and short of the bond market and the other third is long in gold and the rest is in cash and im comfortable being there. Maria all right, we will leave it there. Denise, great to talk to you, thank you so much. Thank you. Maria big show coming up. Coming up in the next hour Atlas Organization Jonathan Ward is here on a potential coronavirus probe for china and then texas congressman house ways and Means Committee member kevin brady on next round of stimulus, next hour global head tom on the oil market and the ceo of quick loans is here on Weekly Mortgage applications plus in 8 00 a. M. Hour former federal prosecutor Andrew Mccarthy on muellers marching order and scope memo web bush securitys manager on lyft and uber earnings and economic adviser mohamed reacting to jobless claims and how to invest around it. The ceo of gravity payments dan price to talk about avoiding layoffs since the start of the pandemic, hear how he did it dont miss that. All that coming up this morning but first the online content debate goes on. How facebooks new board is raising questions of what can be allowed on the site. Getting back to work, we are talking to Small Business owner in georgia how the business is fairing in the pandemic. Stay with us. Fidelity. I do motivational speakingld. In addition to the substitute teaching. I honestly feel that thats my calling to give back to younger people. I think most adults will start realizing that they dont recall things as quickly as they used to or they dont remember things as vividly as they once did. Ive been taking prevagen for about three years now. People say to me periodically, man, youve got a memory like an elephant. Its really, really helped me tremendously. Prevagen. Healthier brain. Better life. Maria welcome back, Holding China accountable. The Chinese Ambassador to the un is saying that china would not allow an investigation into the origin of covid19 until theres a final victory against the virus. Secretary of state mike pompeo speaking out yesterday about this slamming china for covering up Vital Information that could have been used to combat the coronavirus early on. China could have prevented the deaths of hundreds of thousands of people worldwide. China could have spread global and decent and economic malaise. They had a choice, they covered up the outbreak in wuhan and virus samples destroyed on january 3rd, china disappeared brave chinese citizens who raised alarms, deployed propaganda organs to denounce those who politely called for simple transparency, china still refusing to share the information we need to keep people safe. Maria joining me right now the founder of Atlas Organization, hes the author of chinas vision of victory author dr. Jonathan d. T. Ward. Jonathan, good to see you this morning. Thank you so much for joining us. I thought it was interesting when the president was talking in the press conference, he called the coronavirus an attack. He said this is an attack, worst than september 11th. How should we read that . Jonathan good morning, maria, great to be back. When you think about over 50,000 americans have died over the coronavirus, Global Pandemic which found its way out of china. You know, china has a longterm vision that weve all been familiar with of becoming to dominant power in the world in 2049 but i think what we will learn now that all of their intentions are going to accelerate. Pretty much everything that they are trying to do towards this end state where they become the dominant power is going to accelerate now, so, you know, the idea that china is in this long war with the United States to me is somewhat convincing. I mean, you think about fentanyl flows, theft of intellectual property and building up military thats designed for combat in the United States in the pacific, using trade with america, reinvesting into Civil Military fusion which means that all of the innovation in the private sector, rather in civilian sector goes to military. All of this is a way of them ultimately surpassing and defeating the United States. For them to use a crisis like coronavirus, i mean, this is deep in their strategic thinking, the idea of turning crisis and opportunity, you know, we shouldnt be surprised by any more aggressive news that they might make and, yes, we are now looking at many people who died at this maria so i want to talk about the military and you first introduced the issue of Civil Military fusion on this program on sunday morning futures with me which people really need to understand. First i want to ask you about the intellectual property theft because what ive been hearing just recently, this last couple of weeks, not only have they stolen intellectual property for decades we know that but the Chinese Communist government right now has sent engineers into our science labs across america, issue at md anderson cancer institute, one of the leading cancer institutes and what theyre doing is stealing science data, medical data because they want to beat the United States to come up with a vaccine for covid19 and cancer. They believe that a vaccine coming out of china first will mean china has superiority in terms of the economy. Your reaction to what theyre doing right now . Jonathan the whole concept of them getting out of the game faster than we are is very important. They are throwing more money into industrial policy, ramping up industrial espionage, sure, all of this is going on and the whole idea is to beat america to become the largest and most dynamic economy because once theyve done that they put in the foundation that would give them global power and thats what they see. They are taking every advantage they can. They have been doing this clearly for years, at least a decade to try and take everything we can that they can from us, crown jewels, reinvesting military power. All of this is, you know, its how they operate especially if our eye is off the ball. We have right to focus on china, the source of the virus as creators of Global Economic crisis into which we, you know, we have been pull intoed this. We will have to add trillions in debt to our economy and this will create great troubles for the United States and gives china opening to move faster against america. Most people thought that china would only surpass the u. S. Economically around 20 30, and what they can do now while they are pouring money and more resources into their Industrial Programs and advanced Technology Program while we are suffering from the crisis. This is a very urgent situation, so the longterm maria general jack keane this week told me that normally the ccp communist party, the military action is very active in the region, the South China Sea but since covid19 theyve stepped up military action to japan to malaysia to weekend ally resolve in the region and hammer home that china is the dominant force and the u. S. Does not have the status it once had is trying to get the message throughout the South China Sea. Real quick, jonathan, we only have a couple seconds left. How do you think u. S. React to china and how do you move forward knowing what their goals are and that they come in complete conflict with what the president is trying to do with America First strategy . Jonathan this is not a partnership with china. They killed 50 Million People in 20th century. We will have to start cutting off capital. Maria okay. Jonathan, great to have you, great insight as always from you. We will see you soon, thank you. Jonathan ward, stay with us, big show coming up right here. Markets are higher. Ing. Your work is essential. Kubotas 1,100 dealers are behind you. Together we will get through this. Call or email your kubota dealer about 0 financing. No payments for 90 days offer expires 5 31. Together we do more. Can it help keep me asleep . Day sale on the sleep number 360 smart bed. Absolutely, it senses your movements and automatically adjusts to keep you both comfortable. And now, save 1,000 on the sleep number 360 special Edition Smart bed, now only 1,799. Only for a limited time. Staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Maria welcome back muellers scope a previously redacted memo released by the Justice Department yesterday outlines the original scope of Robert Muellers probe into russian interference in the 2016 election. August 2017 document calls on the special counsel to investigate whether carter page, Paul Manafort or George Papadopoulos or Michael Flynn acted as foreign agents. It was incredible openended and what this scope memo shows which devin nunes has been calling for a long time was that it was completely openended. Dagen mcdowell, jump in here, because this basically tells us that in may of 2017 when Robert Mueller was named as special council even then, may of 17, they had no evidence, none whatsoever of any russia collusion with the Trump Campaign and still named him special counsel and spent tens of millions of dollars and the entire country was up in arms about collusion and its absolutely outrageous. The American People should be outraged by this. Dagen indeed, senator Lindsey Graham said on fox news channel, if you look at the timeline and you have always focused on the timeline of what we knew and when, look at the timeline this investigation was, quote, illegitimate to begin with and let me explain, so there are four people involved here that are named in the memo, look at carter page, Michael Flynn, georgia politifacts george , the source disavowed christopher dossier, without the dossier theres no warrant. We knew that the whole carter page investigation was unnecessary to use senator grahams word a fraud. That was january 2017. This memo is august 2017. We are talking about 8 months prior to that. Then if you look at if you go through all of the individuals in january so carter page thats out, they wanted to drop it. Didnt happen and then, of course, George Papadopoulos as well. He was on the record in, what, 2016 saying that he that there was nothing there and why were four individuals outlined in mueller memo . Maria because they were easy lowhanging fruit, they just we wanted to get a window into the Trump Campaign to try to get somebody on something, so they had a completely openended investigation that they wanted robert mule the other lead hoping he found something rand he did not. By the way, adam schiff and john brennan, they really need to be looked at, john brennan led the office of net assessments and that was the office paying all of the informants like stefan who got millions of dollars writing report and paying to run into informants and like what happened with George Papadopoulos where someone told him russia has Hillary Clintons emails hoping that he would pass that on. Adam schiff went on television for 2 years, 2 years and told the world that theres, quote, collusion in plain sight, there needs to be accountability. Adam schiff and john brennan. Short break, when we come back, house and Ways Means Committee Ranking Member kevin brady and we will talk about the next round of stimulus, relief, whatever you want to call it, what is the president asking for to get the economy moving, chairman kevin brady coming up. Maria welcome back, good thursday morning, thank you so much for joining us. Im Maria Bartiromo, thursday may seventh, 6 30 a. M. On the east coast. We are looking at impact the coronavirus is having on jobs in america. We will get the initial jobless claims report in 2hours time. 8 30 a. M. Eastern. Economists expecting 3 Million People filing for unemployment last week. Take a look at futures and we are expecting a tripledigit gain. Highs to have morning right here. Dow futures up 309 points. The s p is up 41 and the nasdaq higher by 136 points right now. This after concerns over the u. S. China relations led to the dow and s p 50 snapping twoway winning streak yesterday. Take a look at the dow, down 218 points yesterday and the s p was down 20. Global market this is morning are firmer, take a look at european indices this morning, green across the board. The bank of England Holding Interest Rates steady this morning and also warning that the economy in the uk could shrink 14 this year, but they are expecting growth by 15 in 2021. European markets higher by a fraction, ftse 100 up, markets mostly lower. Japan able to close with slight gain, news out of chinaen importexports, Chinese Communist parties lame that exports rebounded rising 3. 5 year over year, expectation with steep decline there. Well, at least one thousand people evacuated after wild fires tear through fridays floridas panhandle. Floridas details, cheryl. Hundreds of people were forced to flee overnight as massive swamp fire burned through 2,000 acres northeast of pensacola. Strong winds caused it to grow ten times its size in less 24 hours. Crews believe it started on private property earlier this week and another fired charred 600 acres in walton county. Well, one of two americans detained in venezuela is speaking out on state tv, luke denman shown describing alleged role in attempted coup on disputed president maduro. It wasnt clear if he was speaking under duress. Venezuela is calling it a confession. Denman detained with aaron berry, u. S. Special forces and will be tried in venezuelan civilian court. The United States has denied any involvement. And finally here is a look at what is trending this morning on foxbusiness. Com, cosco sales fall for the first time in more than decade. Jetblue saluting our health heros by giving away free round trip flights to 100,000 healthcare workers during the pandemic and the u. S. Space force launching its first recording video. The troops in space giving us a quick glimpse of a new secretive spacecrafts and those are your headlines and your trends, maria, back over to you. Maria thank you so much. We are potential new tax cuts. How do you get the economy moving again . President trump proposing proposals for businesses and Coronavirus Response bill. Some Lawmakers Press to go revisit a decision to give Unprofitable Companies more than 150 billion in tax breaks. Democrats are arguing that congress was too generous when it gave tax breaks before the outbreak and that some of the new rules disproportionately benefit highincome investors and business owners. Lets talk more about this and what we could see from a plan, texas congressman and Ranking Member of House Ways Means Committee kevin brady is here. Congressman, always a pleasure to see you. No, maria, thanks for having me. Maria when your team was writing tax legislation, we talked about what your goals were in terms of initial package which did move the needle on Economic Growth. So we want to better understand whether or not youre going to use similar themes to get this economy going once again, once we are out of this pandemic. Youve already seen 7 trillion in stimulus thrown at this economy, 7 trillion plus, so tell us what your goals are in terms of getting the economy back up and running again, congressman . Kevin maria, we had the strongest economy on the planet because we had a tax code that was built for growth, literally designed to grow jobs, paychecks, the u. S. Economy, we did that by incentivizing businesses investing and companies and their workers, we did it by making work pay off for workers allowing people to keep more of what they earned and staying competitive actually leapfrogging our competitors worldwide to be the place to make new investments and to bring the new manufacturing plants so we need to follow that same approach. Today as you said, we will see the jobless numbers for the week, tomorrow the jobs numbers for april, we ought to be prepared for perhaps the worst economic month in the nations history. The key here is to make sure the temporary job losses done turn into permanent ones. Thats what congress ought to be focused on and while i follow same elements that created the trump economic boom, keeping taxes low, incentivizing businesses, making sure that work pays off for workers and in one way we can do this is help businesses rebuild workforce quickly. Right now the federal unemployment benefit that came out of cares as we now know was too generous in some regions and some states in the sense that it paid more to not work than to go back to work. We are already seeing businesses struggling to bring their workers back as states reopen. That if we dont solve that problem it will lead to an extended recession, certainly slow down our recovery. Maria well, this is a really important point that youre making and actually we have been talking about this for a couple of weeks now. It was South Carolina senator Lindsey Graham who first brought this up to me on sunday morning futures back in march, he had a problem with the 600dollar payment, he says it was a loophole regarding Unemployment Benefits. Watch what he said. You had issue with the loophole around unemployment basically giving money to people to stay at home, explain that for us, senator. What we did in the package is we plucked up Unemployment Benefits so you get 926 a week if you live in South Carolina. We increased your pay by 50 , thats going to make it harder to get people back into the workforce, how did this happen . They tell us at the state level it would take 6 to 8 months to create a Computer Program to pay the difference between the stateUnemployment Benefits. We put 600 on top of it. We need to fix that. Maria congressman, tell us your plans to fix that. This is what you want to see in the next stimulus or relief package. Go for it. I think theres a way to actually incentivize people to return to work to accept those job offers from their former employers. You know, democrats want to expand and extend those benefits. We think that that those Unemployment Benefits can be turned into a return to work bonus where when an unemployed worker gets the job offer that they are allowed to keep up two weeks of unemployment, that would be 1,200 to return to that workforce to help get that business up on its feet to help this u. S. Economy recover. We also know that it is unhealthy for workers to stay unemployed for a long time both for themselves, their family and for our economy as well. We also think we ought to unlock the the earnings test on our seniors. We have a number of people who have seen their Retirement Savings depleted and would like to be back in the workforce and we think that there are smart ways to incentivize people to get back into the workforce. Thats going to drive a lot of our economic recovery. Maria thats by allowing seniors to get the same benefits that people under 65 get in terms of their 401 k s and ira plans, we talked about that. Real quick. Its removing the earnings test but even that not as important making sure that you get paid more at work than you do in unemployment. That is thats the recipe for an extended recession. Its not frankly i think what most americans support and truthfully we are seeing in texas as we are reopening, we are going to need the workers to grow this economy. Maria yeah, its a good point because the state of texas, your state getting ready to open. You have some businesses like hair salons, barbershops opening tomorrow. I want to ask you about that, but let me bring Brian Brendberg in, brian, theres also conversation that the president would like to mull or is mulling tax cuts for Small Business or certainly some kind of business in this next stimulus package, go ahead, brian. Brian yeah, i want to talk to the congressman about that. We are talking about paying people not to work and we should be talking about things that can get Companies Investing again. I would love to see the immediate capital expense, congressman, is there even a shot at that or are democrats going to stonewall any talk of that tax reform . Kevin yeah, so we begun those conversations. I dont know how democrats will respond to that except that it makes good sense both for and we support it, we propose that in working with the president as well, one, we think thats crucial for businesses as they reopen safely, reconfigure their workplaces to make sure its reality for workers and their customers, those capitol property structure expenses could be offset. Secondly, we now know too much of our medical supply is rooted in china and under unreliable partners. We believe you could accelerate the return of production lines to u. S. And to our allies by both expanding expense to those property and structures and making a permanent so we see reliable resilience supply chains here in the u. S. So i think it could work to the and for our health care in two ways. Maria yeah, and im told that gop leader Kevin Mccarthy is coming up with a committee and that committee is going to address all things china and hes going to be talking about that i think in his press conference later today. So we will get more details on that, but i did hear i understand from my own sources that he is planning a committee. Dagen mcdowell, jump in here. Dagen people making more on unemployment than they would if they return to work, the Treasury Department on this Paycheck Protection Program has cleared up a few things in the last few days. An employer will not get hit on the amount of the loan forgiven if they laid off employer who declined his job. Employees risk losing their Unemployment Benefits if they decline an offer of returning to work. The employer could report them to the Unemployment Office of the state, that individual could lose their benefits and i think, you know what, people want to get back to work. They know its their duty and thats what we heard from employer who is are bringing back furlough individuals. Maria which is what youre addressing, kevin. Kevin yeah, it is. Return work incentive, we think is pretty critical to rebuild workforce. Quickly, what we know is that keeping business as live amid workers attached to them, our rebound will be quicker and stronger. Maria all right, we will leave it there. Congressman, good to see you this morning, thank you, sir, kevin brady, we will be right back. Stay with us. Maria welcome back, policing social media. Facebook is announcing that the members of its new Oversight Board will police. They announced this yesterday. The group is tasked with the essentially monitoring content on the companys platforms including instagram, the boards cochairs writing an oped for the New York Times titled this, we are a new board at facebook, here is what we will decide and in it they write the Oversight Board cannot address every concern that people may have with facebook. We also know that we will not be able to please everyone. Joining me right now is the media reporter for the hill, joe concha. Joe, what do you make of this . New board on instagram and facebook . Joe i would compare to bureau because this is anything but a fair to borrow the term type of Oversight Committee. First lets make people understand at home how people get news exactly these days. According to peer research, 55 of u. S. Adults get news from social media often or sometimes including 52 from facebook, 17 of adults from twitter. More than half of americans are getting their news there. This is important, the Oversight Committee but i look at some names on there and it really sticks out alan, for instance, hes a former editor of the guardian newspaper, 2017, 2 years before impeachment he wrote here is how obstruction justice of case may be shaping up against trump and adds emoji with a prayer and fingers crossed. Another member of the board pamela im sorry, maria, pamela carolyn, she worked in president obamas Justice Department, widespread criticism, we can certainly count on her to be objective and finally theres nicholas law professor in australia, compared President Trump to adolf hitler. You know where im going with this. Facebook has plenty of money and resources to vet candidates better but i see in balance and it should scare every american that this is the Oversight Committee to where they get their news. Maria unbelievable. Do they not understand that people are onto their politics and how it dictates what they are doing at work . Twitter is also making some changes. The Company Announced that it is going to be testing a new feature that would warn users before warning of potentially replies. Dagen mcdowell, these groups, these oversight groups are begging for more regulation, they are begging for more oversight. Dagen and they are going to get it too and i think they will get it regardless of who is in the white house in the next couple of years. The hammer is going to come down on some of the social Media Companies and the more they again, the more they try to be just, the more that they are basically alienating a large percentage of the population. Maria well, i mean, joe, they say they are being just, i dont even though. Are they being just . I guess thats what they are saying. Joe yeah, its such a slippery slope. Many conservatives will tell you that twitter particularly censors their accounts and while many on the left get free pass for language. You have Silicon Valley deeming what is offenses and what isnt, we are going into territory now and thats something that again should concern every American Call your congressman, more hearings on this because this is getting ridiculous. Maria what a joke, joe, great segment, thanks very much for your insight. Joe concha there. Stay with us, getting back to work, we are talking to one Small Business owner in georgia on reopening during the pandemic. Stay with us. 49. 50 daddy, i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. 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. Maria welcome back, georgia, one of the first states to begin reopening economy amid the coronavirus outbreak. Owners surveying financial damage as businesses large and small welcome customers back this week. Joining me authentic ceo allison, congratulations on reopening, tell us about your atlanta salon and how you plan on reopening safely. Yes, hi. So we, you know, have safety guidelines and im lucky to be part of large Salon Community that has come together to, you know, evaluate safety concerns and so very little direction and weve all kind of come together to evaluate, you know, how to opening and doing that safely and i take extra time on may 19th, where we have implemented some pretty serious safety guidelines and we are looking forward to getting our doors open as quickly as we can, of course. Maria so tell me how tough this has been explain. Explain to our audience impact of your business. You know, theres those people who say, well, maybe we should keep the economy shut down, tell me what its meant for you. Well, we shut our doors unexpectedly on march 16th, you know, there was no planning for this. This is just no business. Maria right, whats the impact . Impact . Weve had going from a business that has been 40,000 a month. Maria yeah. We wish you the best. Thank you so much. Allison joining us there in georgia. We will be right back there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im Maria Bartiromo. Itit is thursday, may 7th. Tensions are rising between the United States and china over the coronavirus among other things. The white house says the severity of the virus was hidden by the Chinese Communist government. China continues to challenge the claims, now the communist party is saying we want proof. This morning, we get another look at the impact the virus is having on american jobs, initial jobless claims are due out this morning in an hour andahalf, 8 30 a. M. Eastern. Economists are expecting another 3 Million People have filed for Unemployment Benefits in the last week. President trump is keeping the Coronavirus Task force going indefinitely, they will focus on Vaccine Development and reopening the economy. Some lawmakers are looking to expand the Paycheck Protection Program and add more stimulus, others are raising concerns about growing debt and deficits. Markets are higher. Take a look at futures, a triple dig et gain at the start of trading this morning. The dow futures up better than 1 , after concerns over the u. S. China relations led the market lower yesterday, the dow and s p 500 snapping a two day winning streak. There was worry the priority is keeping china accountable versus doing that trade deal and getting that completed. The department of justice released a memo outlining the Authority Given to former special counsel Robert Mueller revealing his probe went way beyond what was previously known and expected. The fallout coming up. And working people are working out and playing video games while staying at home. Peloton sales 36 theres the Third Quarter, the company is boosting the Sales Outlook for the year. The stock is flecking its muscle flexing its muscle, up 16 . Fortnite becoming the most Popular Video game ever. Mornings with maria is live right now. And Global Markets this morning are higher, take a look at europe, green across the board with the fq100 up 37 points. The bank of england Holding Rates Steady after their meeting, warning the economy in the u. K. Could shrink 14 this year, but theyre expecting growth by 15 in 2021. Japan was able to close out the session with slight gains. The worst performer was hong kong, down twothirds of 1 . China is claiming that exports rebounded in the month of april, rising 3. 5 year over year. Imports were down over 14 . Joining the conversation this morning, Dagen Mcdowell, mark tepper and Brian Brenberg. Great to see everybody this morning. Lots to talk about. Good morning. Dagen great to see you. Maria apple aiding the fight against coronavirus, the company is investing in coronavirus testing, aiming to make a million test kits a week by july. Susan lee is right now with a fox business exclusive. She spoke with apples chief operating officer, jeff williams. Reporter apple is teaming up with a test kit maker, wanting to fill some of the gap when it comes to testing in order to get the u. S. Economy reopened. As you probably know, theres dramatic shortage of specimen kits and when we spoke to kopan, its funny, we asked how they could help. They said they needed a macbook pro. And instead im really proud to say that were awarding them 10 million from our advanced Manufacturing Fund and probably more important than the money, were bringing in operational and automation expertise and well try to get their capacity up from basically 100,000 a day right now in the u. S. To about 100,000 a week, up to a million a week. Its so exciting. Because they are not only wishing to invest in us, but theyre investing all their skillsets, all their innovation, all their design, and i think only with apples help could we even imagine to fast track this ambitious project and be able to deliver product in july. Reporter they say America Needs to conduct between 500,000 to 700,000 tests each and every day to safely reopen the economy. The latest figures from the end of april suggest that less than 200,000 are currently being done across the country, far short of whats needed. Besides testing, apple has also donated 30 million masks, shipped 10 million face shields and as for apples business itself, we know production is back up to full capacity in china at the end of march, according to tim cook who i spoke to last week on earnings and theyre selling more iphones and Apple Services than anticipated in the first few months of the year so i also took the opportunity to ask the chief operating officer, jeff williams, about apples current outlook on china in this debate over covid19. Getting back to china and i have to ask this because the white house has accused china of being late in alerting the world about covid. Im just wondering if apple has any concerns about some of the opaqueness in the chinese economy. Right now, were focused on the things we know to do to make great products and services for our customers. Were focused on how we can help in the battle against covid and thats where were putting our energy and spending our time. Reporter if you look at the stock price, investors have pushed it back above 300 apiece, very close to those record highs once again and still the most widely held stock on the planet, one of three trillion Dollar Companies here in the u. S. Maria susan, thank you. Great interview, susan leon apple this morning of. We are talking about reopening the economy. Smithfield foods set to reopen its pork Processing Plant in south dakota after being closed for more than three weeks after hundreds there contracted covid19. Concerns over the meat supply chain have been mounting as coronavirus cases hit Processing Plants across the country. The number of covid19 linked to meat plants exceeded 10,000 for the first time this year. Joining us right now is south dakota senator, mike round. Senator, good to see you this morning. Thanks very much for joining us. Good morning. Maria your reaction to whats taking place in these meat Processing Plants and i understand that the Chinese Communist government is also an angle here because theyre taking advantage of this and buying all of this meat at rock bottom prices. Well, first of all, you cant have a decrease in production of meat, both beef and pork, and not have it impact the shelves at some point. There was some in storage but we will feel it. Weve got to get these plants open and do it safely. Workers have got to be assured that weve got the correct type of equipment in place and then second of all the American Public has got to be assured that were going to be able to provide the appropriate amount of meat so they dont see bare shelves. Youve got to be able to do both. Maria do you think we are going to be able to see a fix here . How do you do both . Go first of all, we had asked the president if he would invoke the defense production act. He did it within 48 hours of the time that we made the request. And that allows these companies to get access to the appropriate types of personal Protection Equipment that these workers will need, very similar to what somebody in a hospital would have to wear. Second of all, theyll have to make physical changes in a lot of the plants. Theyre doing that now. Smithfield in a short period of time has opened up part of their facilities, theyll be producing ground pork, about 250 of those 3700 employees will go back to work now and by the end of may we hope to have them back in full production again. Thats a really good sign. There will be other facilities across the United States that will be doing the same thing. Beef production, hopefully well having along a similar line happening as well. But youve got to focus on the fact that they need the same type of equipment as other people do. You cant simply say you know what, weve got an unsafe Work Environment, were going to shut things down. You have to go back in and make sure the working environment is safe but youve got to go back to work. We have to be able to do both and we can. Maria senator, let me switch gears here because as we start to see much of the country reopening, the level of worry around budget deficits and debt is rising. Certainly within the republican ranks, i understand. Senate republicans speaking out on more coronavirus aid spending, over fears of a budget deficit, many are calling on prioritizing the creation of a liability shield for companies instead. How do you see debt and deficits now that we understand that the debt that this country faces is actually now bigger than the size of the economy at 22 trillion . Well, to begin with, you have to understand where we were last year before we had this pa pandc come in. We were paying almost 400 billion a on interest on our debt already and by the year 2025, cdo is estimating that we will pay more in interest than what we will for defense in this country. So thats where we started from. But now we find ourselves in the middle of a war in itself on this pandemic. Have you to win the war first, which means you spend the money you need to survive, to be able to beat this pandemic and then second of all, you get back to building this economy again as quickly as possible. Thats what the president is now focused on. Its what the senate is focused on. You want to rebuild gdp so you can afford to finance that debt. And the sooner we get on with it the better. In the senate right now weve had a lot of discussions, Mitch Mcconnell has brought us all back in. Weve been doing facetoface meetings, appropriately separated i might add but nonetheless facetoface to talk about how we move forward to rebuild the economy and talk about what we can do to try to limit the amount of debt that were taking on. Mitch has suggested very strongly that weve got to be able to provide liability protects protections for businesses that are trying to open up. We agree. Its more than businesses. Dont you want to make sure if your kids go back to school that the teachers that are there arent involved in a Class Action Lawsuit because theyre teaching kids and somebody comes home and might have that virus . I mean, those are the types of things were talking about. And the bottom line, its not anybody in this country thats to blame for the pandemic. We ought to focus on china which is where this started. The irresponsible way in which it very well may have escaped from the lab. I dont think it was intentional but china has a lot to absentee on this and we should answer on this and we should be talking about where the blame really lies. Maria whether it was intentional or not, your colleague, senator tom cotton told me that once the Chinese Communist party figured out how severe this virus would be and the impact on the economy, they made a decision to allow the virus to escape its borders. Because they did not want chinas economy contracting by 20 , the rest of the world contracting by 2 so they made a decision to allow it to escape its borders rather than keeping it contained in the hubei province. Now the Chinese Ambassador to the un is pushing back, saying china will not allow any investigation intuse th theinvestigations into the orallorigins of the disease untl there is a solution to the virus. We know that theyve been talking about this for some time. I dont think youre ever going to get china to admit how this started. In most cases, even if this was an accident that it escaped and its entirely possible that it was an accident, the coverup is damning. In this particular case, i think its criminal in nature. This isnt just negligence. This is not just gross negligence. This is criminal in nature, when you allow it to happen and you dont share the information with the rest of the world for weeks on end and you allow inside the country, you stop your travel but your allow those same individuals to travel internationally and you dont share what youre finding out. This is absolutely wrong and as i say, this is criminal in nature and thats the way weve got to be treating it. Maria senator, real quick before you go, the president said he will let us know in the coming week whether or not china is going to reneg on the 25 of billion dollars worth of stuff theyre supposed to buy. Do you think theyre going to keep their promise . I dont know. Look, i think theyre in disarray as well. Bottom line is, we have to recognize that while we would like to have them as a trading partner, theyre going to have to change their behavior and thats going to be difficult for them to do. At this point, its not the chinese people. Its the regime which has decided from day one that we are not only a competitor but we are an adversary. Theyve been treating us that way. Theyve been stealing our intellectual property. Theyve been challenging us in the pacific rim region. They made it clear its us or them on economics. That has not changed. Maria yep. All right. We will leave it there. Senator, good to see you this morning. Thank you so much. Senator mike rounds joining us. Stay with us, quick break, well be right back. Our retirement pa gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Your tractor can change with it. Anges. When its hot. Stay cool. When its cold. Stay warm. When youre hungry. Plant a vegetable garden. When theres a lot to do. Do it all. And do it right. With power. With versatile performance matched attachments. Without breaking a sweat. Comfortable. Ready for anything. The new kubota lx series. Maria welcome back. Pressure in americas oil patch, oil prices snapping their fiveday winning streak yesterday, this morning we are looking at another gain this morning. Crude oil up 9 at 26, 20. The excess in supply has sent crude oil tumbling recently. My next guess says despite the surplus, supply and demand are starting to rebalance and prices are up once again this morning. Joining us now is energy analyst, global head, tom cloza. Good to see you. Whats your take on the massive volatility in the oil market and look at the rally from the lows were looking at. Lows having we never expected where we went to a negative number of 40 a barrel. I suspect well never see that again. But it makes it interesting to sort of talk about how much prices have increased because theyve increased exponentially. Were about 26 this morning for u. S. Crude and about 30 and change for overseas and my bet is well see much higher prices by the end of the year. The question is what happens in the next 40 days. Theres a lot of oil on the water and its pressuring prices to some extent. Maria i see. Mark tepper, jump in. Yes. So tom, i dont remember the exact numbers but i want to say that roughly 50 of Energy Companies cant make money under 50 bucks a barrel. What do you make of that . Well, you know, thats an abstract concept as well. If youre an Energy Company like an exxon or a chevron and you dont have debt, you can probably have some fields in west texas where you make money at 30, 35 a barrel. So the numbers are all over the place. But if youre leveraged to high heaven and youre getting 45 or 50 a barrel, youre probably losing money and you have no cash flow. So its all over the place. The one thing i would stress is that this price collapse that we saw, it knocked out a lot of oil shale. It will be going down in the next seven or eight months. Knocked out a lot of Oil Sands Production from canada and knocked out a lot of the deep water projects that may not get funded now. Maria Brian Brenberg. Hey, tom, real quick question. Theres been a ton of damage in north dakota. Were seeing projects offline in texas, north dakota. How long does that last . Are we talking several years . More than that . Or is this a monthlong thing . We think it comes back next winter. We think it will take that long to sort of rebalance supplies. We had demand disruption worldwide because of covid of about 25 to 30 Million Barrels a day of demand that was lost. We had an opec war between the saudis and then the russians that put a lot of oil on the market. So it will recover. We think it recovers next year and maybe well see 40 for brent and if youre really ambitious like Goldman Sachs youre predicting 65 next year. So cheap oil isnt here to last. Its not going to stay forever. And were not ready yet to move to electrons and electric vehicles to sort of substitute for fossil fuels. Maria well leave it there. Well be watching, tom. Goldman, 65 target, i foregot about that. Good to see you about that. Well take a break. When we come back, getting cozy with netflix stock, why its a good investment in the age of coronavirus. Were back after this short break. I dont want to think about it. I dont want to talk about it. When i kiss your lips i want to sink down to the bottom of the sea. I want to love you madly. Maria welcome back. Well, there are some companies that are getting a real boost as americans stay home because of the coronavirus. They include Companies Like dominoes, netflix and activision and teen drama outer banks taking the top spot, hollywood and arctic dogs rounding out the top three in terms of what americans are streaming. Mark tepper, your reaction. They say its always darkest before the dawn so our dawn strategy, dawn, consists of dominoes, activision, walmart and netflix. When consumers are at home, theyre hunkering down, these are the things that theyre really going to rely on. Dominoes pizza, obviously people love pizza in good and bad times. The delivery makes them puts them in very, very high demand and theyre the pioneers of mobile ordering. Activision for video games. Right. So a lot of kids, a lot of millennials are stuck at home, theyre playing video games right now. The w is for walmart and thats really for your bare essentials, they are the biggest Grocery Store in the world. For those that dont like video games, youve got netflix. Netflix is for binge watching. Ozark season three was down right amazing. Fantastic. Dagen what do have you to maria dagen, what do you have to say about that. Dagen i think a lot of it is behind us. You have to think about how people are going to go banana outdoors, not bananas, but where they might spend their time and money in the coming weeks and months, because by the way, like i watch a lot of netflix but i havent even begun to hit some of these shows. Outer banks, i know its got its about treasure hunting on the outer banks but it brings back bad memories for me. I lived at the beach, worked at nags head one summer, i lived in a mow of bill home. That was really not it was like a old, smelly, moldy mobile home. Im not watching that. I have been watching Great British bakeoff for the 18th time. Again, it doesnt make me feel as guilty about eating the Copious Amounts of food ive been consuming. [ laughter ] maria i like that. Brian brenberg. Yes, speaking of Copious Amounts of food, im as big a fan of ordered pizza, dominoes, as anybody. Im sure dagen will be cringing at that. I agree, its backward looking. How overbought are some of these stocks based on what people have been doing over the past several weeks. I dont think summertime is going to be the time to sit inside and eat pizza. Theyre going to want to get out. I would like to see those names, how they perform, the outdoor gear manufacturers, i think there will be a surge there. The pizza days are good but i hope the pizza days are almost over. Dagen im not going to pizza shame you but Maria Bartiromo will because Maria Bartiromo, again, please dont bring up pizza that isnt new york style, thin crust, and in a wood or coal fired oven, okay. Maria because thats how i grew up with my dads restaurant in the coal ovens. Dagen please. Please. Maria yeah. So but, look, dominoes does a great job and its definitely a beneficiary for them. Coming up, we look at the housing market, low Mortgage Rates and rising home prices, is now the time to buy . Were looking is it a buyers or sellers market right now. Robert deniro, ready to take on the role of the pandemic to the big screen. Who he wants to play is making a buzz. Wait until you hear this. Let my love open the door. To your heart. Let my love open the door. Let my love open the door. Let my love open the door. Ive always loved seeing whats next. And im still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin, ill go for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Sharing my roots. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis, the number one cardiologistprescribed blood thinner. Ask your doctor if eliquis is whats next for you. Can it help keep me asleep . Day sale on the sleep number 360 smart bed. Absolutely, it senses your movements and automatically adjusts to keep you both comfortable. And now, save 1,000 on the sleep number 360 special Edition Smart bed, now only 1,799. Only for a limited time. Maria welcome back. Good thursday morning, everybody, thanks so much for joining us. Im Maria Bartiromo. It is thursday, may 7th. Your top stories right now, this morning we get another look at the impact coronavirus is having on jobs in america, we get the initial jobless claims report in about an hour from now, economists are expecting an additional 3 Million People have filed for Unemployment Benefits in the last week. Ahead of the numbers, markets are pointing to a higher opening this morning. We are up about 276 points right here, better than 1 . This after concerns over u. S. China relations yesterday sent the markets lower. The dow and s p 500 snapped a twoday winning streak. The nasdaq managed to finish in the green. The dow was down 218 points. Global markets this morning are higher. Taking a cue from wall street, european indices higher across the board. The bank of england is Holding Interest rates steady. It is warning the economy in the u. K. Could shrink 14 this year, but they are expecting growth in 2021 of some 15 . There are reports that the European Central bank may reject a german courts request for more information on the Quantitative Easing Program in germany. In asia overnight, markets were mostly lower with japan able to close out the session with a slight gain as you can see there. China claiming that exports rebounded in the month of april, rising 3 andahalf percent year over year, expectations were for a steep decline. Imports fell by over 14 . A family calling for justice following the deadly shooting of an unarmed black man in georgia. Cheryl casone with the details. Cheryl. Cheryl yeah, thats right, maria. The family is demanding arrests two months after the 25yearold was shot and killed by two white men. He was jogging when he was shot. The men say they thought he was a robber. No charges have been filed but a prosecutor is recommending a grand jury review video of that incident posted online has gone viral recently. Well, probably no surprise, more people turn to peloton bikes to stay in shape while locked in at home. Sales of peloton soared 66 from a year ago in the companys latest quarter. The momentum expected to keep on rolling. Peloton also raised the full year revenue guidance. Stock is up about 19 right now. And by the way, 1. 1 Million People downloaded their app in just a sixweek period. Supposedly theres other cit stf on the app. Heres a look at whats trending on foxbusiness. Com. The nfl will release the 2020 schedule tonight. Opening day set for september 10th. The league is setting safety guidelines for teams to reopen facilities. Next one, bars and restaurants want coronavirus inspired Alcohol Delivery to be permanent. Wallet hub has released the report on the best and worst states for working moms. Mass chew at the time topping the liss massachusetts topping the list. Thats the list of whats trending. Maria we are looking at homeowners, home buyers heading back into the market. Weekly Mortgage Applications to buy a new home are up 7 from a week earlier. Thats led by strong growth in texas, arizona and california. Buyers are taking advantage of course of record low Interest Rates and virtual house hunting. Total mortgage volume still down 19 from last year. Joining me right now to talk about that is the ceo of quicken loans, jay farner. Great to see you. Thanks so much for being here. Characterize the market for us. Are you surprised to see so Many Americans jumping back into the market here, given the Interest Rate levels . No, were not, actually. Weve been expecting this. As you kind of do research over the last 60 days, theres a lot of pentup demand for purchasing new homes. Right now, we need more inventory. I think as we see states come back online, that will grow. Maria okay. So were actually seeing home prices rising during this pandemic. Explain that to us. Yeah, well thats just a function of supply and demand. I think what were seeing is a lot of people have been sheltering in place for 30, 60 days now and theyre recognizing that homes are pretty important and theyre hopeful to maybe move, find a new one. Our Mortgage Applications rat rocketmortgage. Com are increasing for home purchases. The feedback were receiving from prospective buyers is theyre waiting for additional inventory. In michigan were expecting to see that come online in middle to late may. Imagine, june and july will be great months for home purchasing. Maria so what do you think then . Should people then start looking for good opportunities in housing . What would you say the opportunities are when you look at the country right now in terms of markets . Yeah. Well, markets are strong in most places. I think most important thing right now is getting fully approved. When weve got Interest Rates this low, and weve got a situation where supply is pretty low, theres going to be some substantial bidding wars occurring between pro prospectie buyers. Were encouraging people to become fully approved. So you can let the seller know, we imagine there will be multiple bids on each property. Most lenders are incredibly busy, almost full capacity, dealing with refinancing. In a lot of cases youre waiting in line. Weve got capacity, weve had record months in the last two or three months in a row but thats also slowing down application times which you dont want when supply is so low. Maria so jay, i dont understand. Were looking at a recession right now. We are talking about a very severe contraction for the Second Quarter, could be up to 30 . Were talking about 30 million americans having filed for Unemployment Benefits. We know the backdrop. Are you not worried about people paying their mortgage, keeping up with the payments and you think the housing markets going to get better even if we are in fact in a recession right now . I would have expected the opposite. Well, i think were going to see a pop here in june and july like i mentioned. One of the things we tracked at one of the largest servicers in the country is the percent of forbearances. Although as you referenced were certainly heading towards a recession and unfortunately unemployment is growing, when you look at the servicing books youll see that the forbearance or people requesting to pause on their mortgage payments is a smaller percent versus the Unemployment Rate over the general population and so, yeah, i imagine that well see a slowdown as we get into later part of 2020 but initially we believe were going to see a pop because nobodys been able to purchase a home, walk through a home, see a home here in 60 days. Maria how long do you think that pop lasts . You think the next couple of months will be strong because people are finally able to go do what they want to do and theres a lot on the shelf if you will but later on in the year things slow down again . I imagine thats probably right. From a purchase perspective, later summer and fall well see a slowdown but from a mortgage perspective we wont see that because the refinance rates with rates here in the 3 andahalf percent range, refinancing is very strong and to your other point, its important that all the underwriting criteria is honored and were doing things properly to make sure the right people are getting mortgages but saving money, hundreds of dollars a month on a mortgage, really important for a lot of americans right now. Maria really important. These rates are incredible, actually. Jay, its great to talk with you this morning. Thank you so much. You bet. Thanks for having me. Maria coming up, manufacturing in the year of coronavirus, we are talking to a ceo of one of the top military Ship Builders in the world, dont business that. Thats next. A little song about holding her hand. Everybody wants to die a happy man. Life changes. You wake up, aint nothing the same. And life up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. Maria welcome back. Manufacturers across the world are racing to adapt to changes due to covid19 and the outbreak including Huntington Ingals industries. Joining us right now is the ceo, mike petters. Good to see you this morning. Thanks very much no for joining. Assess where we are right now. What has been your companys response to the coronavirus . Thanks for having us, maria. Its great to be with you all again. I think from the very beginning, we knew we were Critical Infrastructure designated by the government, the navy, department of homeland security. We were going to have to operate in an environment where people would be testing positive and there would be positive tests in our community. And so we had to right at the very beginning decide that we had to protect our asset and our most valuable asset is our employees. And in doing that, we created a safe Work Environment and we gave our employees lots of flexibility in terms of policies and procedures and benefits to make sure that they had the flexibility to choose how best to protect themselves. And thats worked pretty well for us. Maria and the Company Reported earnings early this hour. Assess the quarter. Profit missing expectations but your take on when business can start to come back . Well, i mean, the quarter was certainly a lot of our a lot of key milestones were met. The big story of the quarter was really the covid impact and where were going to go from here and how we can plan to continue to go forward. I think that since weve been operating continuously throughout, i think we have a lot to offer relative to how do you start to recover. And id say our key observation is that recovery is going to be voluntary. Businesses are going to have to decide to open and customers are going to have to decide to show up, just like our employees have to decide whether or not they wanted to come to work. And so whatever the policies are out there for recovery, its not going to be a light switch. Its going to be a voluntary kind of operation. Maria sure. Brian brenberg. Mike, undoubtedly a lot of your key suppliers are Small Businesses and thats true for a lot of large manufacturers. What are you doing to make sure those Small Businesses can continue to operate and provide what you need to do the manufacturing work that youre doing . Well, youre exactly right. Our supply chain is a critical partner with us Going Forward and we have over 400,000 people in our supply chain supporting us every day across virtually every state in the union. One of the things we worked with the navy came forward, the navy basically changed some of their thinking around how do they do progress payments on work in process and weve been able to accelerate more than 50 million this quarter to our small and disadvantaged businesses and that and what that does is that is in some ways its not Just National security but its really Economic Security for all of those communities out there where were putting cash in their hands for work that theyre doing but its actually a bit of a stimulus, if you will. And were not the largest defense contractor and all the defense contractors are doing that. So if were at 50 million, other Larger Companies have been north of a couple of hundred Million Dollars across the country. Maria mike, what can you tell us about readiness right now . We spoke with general jack keane yesterday and the general told us that china has stepped up military activities in the South China Sea which is obviously very concerning, intimidating taiwan, a u. S. Ally, state media issuing extraordinary Public Comments about secretary of state mike pompeo. Whats your take on the relations and where we are in terms of readiness on the u. S. s side . Well, we work the backside of the readiness equation, supporting the navy around the world. Basically, wherever the navy is, were right there with them to help them go forward. I guess what i would say is i have a lot of confidence the navy can perform all the missions that it gets called upon to do. At the same time, our experience has been the navy has been working really hard, basically working overtime here and so i think the futures going to argue for a larger fleet, a more dynamic fleet. There have been talks about that. Theres been plans for that over the past couple years. Frankly, it has led to our record backlog now in shipbuilding is 45 billion, trying to expand the fleet to support that. So thats i think thats a reaction to what youre seeing and its going to continue to play out over the next several years. Maria yeah, i think youre right. Mike, great to have you this morning. Thanks so much. Please come back soon. You bet. Thanks for having me this morning. Maria mike petters joining us there. Be sure to tune in to fox Business Today at 1 00 p. M. Eastern for our special town hall, America Works together, hear Business Advice from home depot cofounders, today live at 1 00 p. M. Eastern on fox business. Well slip in a break and then Robert Deniro ready to take the pandemic to the big screen, who he wants to play making the buzz this morning. Thats next. Stay with us. His face lost all expression. That if youre going to play the game, boy, youve got to learn to play it right. Youve got to know when to hold them 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. Maria welcome back. It is time for the morning buzz. First up, keep calm and eat cheese. France is urging people to eat more Dairy Products like cheese and milk. The country says citizens should fulfill their patriotic duty and help the dairy industry amid a massive surplus due to the pandemic. Brian brenberg, what do you think . Maria, frances new slogan is make them eat cheese. Theyve got apparently 1,500 tons of cheese they have to consume by may 11th or its going to go bad. Look, im the kind of guy that should sign up for that, give me crackers, send me over there, i could eat all day long. Belgium made a patriotic appeal to eat more potatoes. I dont think this strategy is sustainable. But for a guy who likes cheese, its interesting. Maria oh, god. Cheese, potatoes, what are we doing here . How about this one, dagen. Robert deniro eyeing a new l role, the actor told Stephen Colbert in an interview last night he would consider playing new York Governor Andrew Cuomo in a pandemic themed movie one day. Your take, dagen. I dont think hes tall enough, first of all. Dagen oh, yeah, i cant wait to see deniro play andrew cuomo. Im so excited. Like i cant contain how giddy i am about awful. Actually, according to wikpedia, theyre almost the same height, deniro is only an inch shorter than andy cuomo. Dont buy it. Age is a problem. Maybe they can use the digital deaging technology that worked so horribly, if th in the irish. I think people are sick of Governor Cuomo or will be by the time this is over. No one is going to watch a movie about that. They would have to include the information about how the most atrisk, the most vulnerable seniors who were in Nursing Homes were actually put in harms way by the states order in late march and how the death toll is rising there which andrew cuomo has said i dont know, i dont know, at least a couple of times. So maybe that would be a good role for maria theres also the deniro angle. Are people sick of Robert Deniro. I think he lost half of his fan base when he started going nuts over donald trump. Dagen he had choice words for the president in that colbert interview. Cant you just like ride off into the sunset . You know, cant he just like rest on his laurels. He played Bernie Madoff horribly. Let us remember bikle and lamata and ace russteen, not this version of deniro. Maria fortnite hitting a new record. The game developer announcing it has more than 350 million registered players, making it the most popular game ever made. It said players logged 3. 2 billion hours for the month of april alone. Is this because more kids are staying indoors . Absolutely. My 8yearold son hasnt seen his friends in 56 days. That is terrible for kids since theyre in these formative years right now. The only way he can actually socialize with his friends right now is through fortnite. So fortnite gives these kids that muchneeded social time that theyre really lacking. So its not surprising that players logged 3. 2 billion hours in april. Its not surprising theres more than 350 million regular users right now. Fortnite, if you look back, it was really one of the first video games to embrace this free to play where you dont have to pay for the game, Battle Royale format that has taken off over the course of the last few years. Now everyones out there trying to copy that. Its been a winner for a while. Its a good game. Maria all right. Thats good. By the way, that was my jake lamatta imitation. I know dagen got that. Im not sure anybody else did. Dagen i got it. If i could stand up i would do my jimmy conway imitation from good fellas. I can do it from the waist up. There you go. Anybody who loves good fellas as much as i do will get that. Maria still ahead, Andrew Mccarthy joining me next to talk revisiting the Mueller Probe and the new transcripts that affirm officials came up empty on russian collusion but they still spent tens of millions on a special counsel, next hour, mornings with maria, stay with us. And the eagle fly with the dove. And if you cant be with the one you love, honey. Love the one youre with. You got to love get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Your tractor can change with it. Anges. When its hot. Stay cool. When its cold. Stay warm. When youre hungry. Plant a vegetable garden. When theres a lot to do. Do it all. And do it right. With power. With versatile performance matched attachments. Without breaking a sweat. Comfortable. Ready for anything. The new kubota lx series. Soon, people will be walking back through your door. Soon, life will move forward. Well welcome back old colleagues, get to know new ones some things may change, but well still be here, right here, so you can work on the business of getting your business back. At paycom, our focus will always be you and well see you soon. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Back. Good thursday morning. Thanks for joining us. Im Maria Bartiromo. Thursday, may 7 top stories right now just before 8 00 a. M. East coast tens between United States and china over coronavirus, and Chinese Communist government behavior white house saying severity was hidden by chinese they are calling for more transparency from the communist government this as attention remains on that wuhan lab as possible source of the pandemic, china now challenging that claim calling for proof that it is from the lab this morning we get a look at impact the virus is having on jobs in america the initial job claims due out 30 minutes time economists expecting another 3 Million People filed for Unemployment Benefits last week, we will have numbers as soon as they hit the tape and we will show you, the impact. President trump keeping the Coronavirus Task force going, indefinitely, says that they will focus on Vaccine Development and reopening the economy. Meanwhile, some lawmakers are looking to expand Paycheck Protection Program more stimulus others raise concerns about debt within the Republican Party to markets futures higher take a look expecting triple digit again start of trading dow industrials at high of the morning up 337 points that is 1 1 2 higher s p 45u7 nasdaq higher by 137, 1 1 2 after concerns over. S china relations led to dow s p 500 snap two day winning streak yesterday nasdaq fractionally higher others down, as you can see. Department of justice, has released a o memo outlining Authority Given to former special council Robert Mueller it was wideopen reveals probe beyond what was previously known fallout coming up, then people working out staying at home, peloton sales surged 66 Third Quarter boosting outlook flexing muscle up 18 mornings with maria is live right now. Maria Global Markets this morning firmer ton european indices green across the board ft 100 up 64 bank of england study also warning, that the uk economy could shrink 14 this year. But they are expecting growth in 2021 to tune 15 , in asia overnight, market mostly lower japan able to close session with slight gains, china is now claiming that exports rebounded in april rising 3. 5 yearoveryear, expectations for a steep decline, imports down over 14 , there are reports that European Central bank may reject germ court request for information on Quantitative Easing Program joining the conversation Dagen Mcdowell mark tepper Brian Brenberg great show. Dagen indeed yesterday axl rose sparring with treasury secretary mnuchin object twitter mnuchin had good comeback what have you done for the country lately he asked axl rose. Maria i love that we will get into it some top stories we are watching this morning, President Trump, reversing plans to phase out Coronavirus Task force, now saying that it will now stay around indefinitely focus on development of a vaccine. Treatments reopening of the country, president tweeted the panel has done a fantastic job, bringing resources together for others to follow in the future. Experts with preface concern too early for the task force to wind down states easing virus restrictions hawaii maryland mississippi montana vermont michigan as georgia became one of the first states to start reopening economy it is now seeing uptick in virus cases city gainesville considered a lot spot for coronavirus brian he kemp says state will open a temporary medical facility hope they will not need it gainesville northwest of atlanta more than 1. 2 million cases coronavirus reported in the United States currently. California to receive a 247milliondollar refund after Chinese Company missed u. S. Deadline to certificate 500 million protective masks part of nearly onebilliondollar contract california has with byd makes electric cars gavin newsom facing criticism for not being transparent about this deal and chinas input, irs says stimulus payments send to dead americans must be returned, yep dead the irs used tax returns from past two years to hand out payments, some recipients died between filing taxes and receiving that money, irs says surviving family members must send money back to the Treasury Department. A backtrack Frontier Airlines changed mind will no longer charge passengers extra money to sit next to empty middle seated criminal democrats accused of company taking advantage of passengers concerned about covid19 planned to charge at least 39 under the plan to start tomorrow. Some hollywoods biggest names joining forces to raise money for children at risk during the coronavirus pandemic. Meryl streep, dolly parton will perform in a live virtual concert may 18 all proceeds to housing food and Health Care Costs for children, facing homelessness. Mueller scope previously redacted memo released by department outlines original scope of russian interference in 2016 in election august 2017 document calls on specific counsel to investigate whether page, Manafort Papadopoulos flynn committed crimes via collusion with russia or acting as foreign agents in Trump Campaign or transition but much wider than anyone thought joining me former federal are prosecutor fox news contribute Andrew Mccarthy great to have you thanks for joining us devin nunes has been calling for scope memo he calls it a long time when we see a details of the some memo it was just get him on anything whatever you can do to take down the Trump Campaign person, do it. And even when they put Robert Mueller in place in may of 2017, it was clear they still had no evidence of any russia inclusion with Trump Campaign. Reaction. That is right it is important to remember that this august scope memo from 2017 was necessary because the original appointment of mueller in may 2017 did not comply with the regulations to appointing a special council require you outline the factual basis for a criminal investigation. They never had a factual basis for a criminal investigation, and as we suspected, when when rosenstein authored this 10 uniques later to try to flush out what he failed to put together back in may, there is no basis for criminal investigation, some of it clearly rise on steele dossier. We are waiting on John Durham John Durham is doing a criminal investigation here into what went wrong but lets not forget, what happened during that 2 1 2year period, the president s first three years in office, the entire country up in arms, that he colluded with russia largely people like adam schiff all over tv saying there is collusion in plain sight remember that quote now adam schiff apparently in panic mode that is what a Senior Administration official told fox news, following news that transcripts from House Intel Committee interviews have been cleared for releases by acting director National Intelligence rick grenell they reportedly show top Law Enforcement intelligence officials affirmed conclusion there was no collusion between 2016 Trump Campaign and russian about officials schiff apparently pushed back on release of documents asking subcommittee staff director to reach out to Intel Community to ask about grenells role in redaction process he doesnt want these he does not want these documents out. When will schiff be compelled to release these difficulties . When are schiff going to today is accountability for lying to the public over and over again do you think . Well, i think it will depends on how much Public Interest there is in this, lets remember when this investigation was being done by the house committee, schiff was then in the minority, answered did everything he could to suppress subvert that investigation. So it is no surprise that he doesnt want the transcripts to come out, and we know that the transcripts have to bear out including that there was no collusion with russia because otherwise the Mueller Report would have come out much differently, so clearly he doesnt want this stuff out there, now i guess what they are the position he is taking is that rick grenell the director of National Intelligence didnt just say release all the transcripts he said release them with these redactions that the Intelligence Community wants gives schiff opportunity to say well now we have to review these redactions to make sure grenell is not politicizing the process you know built in as always been built in footdragging on this from the beginning i think unless public gets up in arms over it we are going to have to wait. Maria well, i mean, look 37 we are in a situation waiting on john durham criminal investigation. And we know what has tan place here i have known for a couple of years. That the cabal leadership fbi talking about Jim Comey Andrew Mccabe Peter Strzok Lisa page as well as leadership at cia including john brennan informants wiretapped what do you think durham is zeroing in on now . Well, i think it will be a couple things, one is we now know on the basis of just from information that has been released about general flynn in the last couple weeks, that there was significant manipulation that went on in connection with the documents that supported flynns prosecution. So i think that goes along with what we know about what happened at fisa court, so i imagine what durham is looking at are false statements fraud committed on court so see if that is prosecutable and otherwise looking at civil rights very hard to do a case against police because you have to be careful the theory you want to proceed with doesnt sweep in a lot of legitimate things police do we dont want our police to be paralyzed civil rights statutes specifically deal with situation Law Enforcement officials government officials misused Public Authority in order to violate peoples rights that seems to me more conflict of interest with what the fact pattern is here, it is a tough case but i think that is probably what he is looking at. Maria sounds exactly right, because they wanted to wiretap and get a window into the Trump Campaign so unlawfully wiretapped carter page and dropped comments, and from informants in latch journal papadopoulos this weekend on sunday is on my guests zeroing in on Christopher Wray and Mueller Investigation want Mueller Investigation relooked at we know there was no basis for it there was no predicate, and Christopher Wray came into guy as new director two years ago first thing said testifying being sleep at night dont worry we are going to do everything we can to clean this up you can about sleep well at night meanwhile, what has he done andy . You know, i i think maria until we see what durham comes up with i think with durham because he is investigating, interim misconduct at Justice Department and fbi we will get a report even if we dont get indictment, so some point he o going to know what happened here then we will know if if wray was a villain of the peace orred go guy pushing against stuff that was going on back there but i think, you know there is evidence for both sides of that, until we really see the final product not able to make a judgment about that. Maria andy thank you so much for insight, quick wreak then ridesharing earnings have uber and lyft fairing as less people take rides during shutdown the rv industry boom how mobile homes are switching gears in the era of coronavirus. Back in a moment. Ed i will ride it all nightlong. Welcome back focused on uber this moring ridesharing giant expected to report firstquarter results after the bell tonight, estimates point to loss of 88 cents a share for uber company face low ridership in coronavirus pandemic, it announced nearly 4,000 layoffs yesterday. And lyft reporting small less than expected after last nights close stock this morning is up 15 , Company Posted 3 increase ridership compared to year earlier to talk more about that Securities Equity Research managing director dan, your reaction to ridesharing space . Dark days right now in terms of ridesharing the gig economy you are seeing numbers down 70, 80 , nightmare scenario for these Companies Cutting costs to get to the other ide of the dark valley what you saw from lyft last night, also saw from uber, that is the key. No doubt it is a new Business Model for companies on the other side. Maria and where are you investing this today in the mil of this pandemic i know that you are looking at growth where are you finding growth right now. Growth i continue to apples, even though haters will hate to me that is one on the other side of this a stock that continues to stick out also cloud names microsoft, parts amazon growth areas in terms of gig economy going to be obviouslrough seas ahead fine right now trying times for uber and lyft. Maria Brian Brenberg. Brian you have the problem and slowing economy, in business stalling for these companies but you also have the lawsuit in california, california going after uber and lyft how they categorized their workers. That is sort of a double whammy could have biggering implications for those companies talk about how you read that. Yeah you go back precovid biggest risk, the employer contractor issue for the gig economy especially uber, lyft still has not gone away could adds significant cost to companies why they are fighting it really the onetwo punch the covid dark storm look at uber this is a test, how they can navigate also get street more confidence, in this continued sort of tsunami. Hmm. Mark. You mentioned apple, what is your take on apple . I have heard some people say that there is no demand destruction i call in camp where tlibl has been demand destruction what is your thoughts on apple. Based on all work there is about 10 to 15 demand destruction i think factory into stock, 25, or 30 to put numbers around it, 925 million iphones worldwide 350 million of these have not upgraded phone in 42 months, there is a pentedup demand there also why you look at Services Business bedrock for apple here in terms of valuation why stock continues to hold in there, even though you know march, june ripped a bandaid off type quarters, we leave it there great to get your insights on all of this thank you, sir. Quick break lot to come Unemployment Benefits coming out 10 minutes waiting on latest reading to see how many actual filed for Unemployment Benefits numbers as soon as they hit the tape and impact on markets one ceo able to avoid layoffs during this pandemic approximately he will explain how. Stay with us. The. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need saving you up to 400 a year. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. We are awaiting initial job claims out in just about 6 minutes from now 3 million americans are expected to have filed for Unemployment Benefits last week, that would be taking the number just in the last six or seven weeks, up to above 30 Million People having filed for Unemployment Benefits just in the last six hand of weeks Dagen Mcdowell expectations what are you looking at in this report. Dagen expectations are all over the place they go up as high as nine million job claims most recent week but we know, that it will likely be above 33 million individuals in seven weeks who filed for Unemployment Benefits, that would be roughly 20 of the workforce. There could be some good news in this we know in places like michigan, that the jobless claims have really fallen dramatically they are way high but down about 79 from the peak in early april youve got in the wall street journal, was reporting on this that a chain like famous daves 2700 people furloughed in march they have been recalling some workers as they rampup, say takeout, service. And people at famous daves said people are interested willing to come back to work which is really great news people just want to be part of the recovery that means getting back to work. Maria right which is why that 600 dollars makes it you know, better to work be at home, and not work, and getting paid more money is an issue there. I am reading Cornerstone Macro report nancy lazar talking about tomorrows april jobs report u. S. Economy is projected to lose unprecedented 21. 8 million jobs getting that report tomorrow on friday, Unemployment Rate expected to hit 16 , that would be highest on record nancy writes that she is expecting tomorrows moiment report to confirm while leisure sector imminent suffers owe side job losses nearterm will remain weak looking at Technology Health care, that were probably hiring, that will strengthen in the months ahead she says that will likely drive job growing longer term, brian your reaction there . And what you are expecting from tomorrow . She itself, by the way, saying she expects manufacturing construction employment to also show are longterm growth brian. Brian what i am looking at tomorrow you know numbers going to be bad what i want to see is how many people though have actually dropped out of the labor force remember unemployment number counts you if looking for work one of the potential bad news stories that you see a lot of people leaving labor force because they dont think there are opportunities right now i do agree with dagen do i see businesses wanting to come back that a could be positive news months ahead to recall is weve got to jump want to get to commercial so Numbers Alliance chief Economic Advisory elerian will weigh in sorry about that brian, the number on jobless claims. Ps along the way. So we can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Oooh, well. Im good at my condo. Oh. I love her condo. Nana throws the best parties. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Maria welcome back. I am Maria Bartiromo thanks for joining us thursday, may 7, 8 30 a. M. On the east coast we are awaiting breaking news right now on impact of the coronavirus pandemic is having on jobs in america. Initial jobless claims due out any second. Xhichts expecting another three Million People filed for Unemployment Benefits in the last week, we will have cheryl has numbers right now lets go right to it. Cheryl we do, we do, 3. 169 million is the number 3. 169 initial jobless claims filed in week ending may 2 that is just slightly above the estimate we had for three million take into consideration the range, dagen mentioned that we had 1. 5 million to nine million initial claims loss seeing estimates from economists all over the board we are looking as well as continuing claims story to see if that had meaningful change estimate for continuing cliaims, came in 22. 65 million, so the continuing claims coming in above estimates initial claims coming in above estimates maria one thing i will say, as we look ahead to recall you and panel talking about it potentially 16 Unemployment Rate estimate for tomorrow mornings report 22 million jobs loss week ending may 2 before any states really began to meaningfully reopen adp hospitality, hiring grocery delivery online not enough to offset Bigger Picture again another rough week for initial jobless claims coming in 3. 169 million. Back to you. Maria would productivity down 2 1 2 getting those numbers as well coming out right now cheryl, thank you so much, joining me right now to react look at markets and the economy, is allianz chief economic adviser mom elerian always a pleasure thanks for being here your reaction to job claims numbers this morning. Good morning, maria. Thanks for having me, as expected, a very gloomy about what happened to labor force. Good news i think we have to also look for good news, is that the rate of decline in employment is stabilizing that poses three questions one how quickly will employment come back. Secondly, as you just flared dagen how many will drop out of labor force thirdly what happened to Hourly Earnings still employed data next few weeks but very hard to deny this is a horrible picture for our labor force. Maria let me ask you o mohammed, we are looking at tomorrows jobs report also expected to be, a tough report u. S. Economy projected to loss unprecedented 22 million jobs, in the month of april we are expecting Unemployment Rate to hit 16 would be, of course, the highest on record from tomorrows report it will also capture the full impact of the coronavirus lockdown beginning in midmarch because this is month of april for this jobs report, how soon do you expect things to start coming back . I know that we are probably not going to see a snapback but youve got administration and others expecting growth Third Quarter and certainly growth in the Fourth Quarter. That is key question. Tomorrows numbers going to be between 15 to 18 but that is a lag number. The current number if you spatton employment is over 20 so that is horrible. Key is as you say how will do we reopen . And when we reopen how quickly does the Unemployment Rate come down . We are running a National Experiment certain states ahead of the federal guidelines others running behind we have some in line so we are going to get a lot of data not only on health issues, about which i are important but Consumer Behavior how quickly do you and i reengage in Economy Companies how quickly do they reopen . How many people do they hire . My hope my hope that is we get a quick snapback but i really worry we are having a bit of a w, first rather than u, everybody is hoping for a bit of a w, then upside will come really in third and Fourth Quarter more like Fourth Quarter. Maria the Fourth Quarter is really when you are expecting the real comeback. Dagen mcdowell. Dagen mohamed what are you looking at to judge peoples behavior . Again gets into Behavioral Finance and economics, is there anything that you can lean on or look at, that would at least give us a window and to whether people will go back to at least in a small way to their regular way of life . Yes dagen you raised issue of behavioral science it is critical we have been taken out of comfort zone in a sudden violent manner that we know a few things about how we behave we behave with caution, so this expectation that everybody is going to rush back, is inconsistent with what behavioral scientists tell us i look at engagement in the economy remember not just about people it is about companies too how cautious will companies be . How worried will they be they have to reset . What i am most worried about to tell the truth i am starting to laer the word weve got to right size our company when people say weve got to right size our company they mean unfortunately contracted to live in lower gdp world are that has to resist otherwise, a self feeding process. Meanwhile, this market is up mohamed looking at rally 300 points on dow industrials, as easing economic restrictions happen, markets reacting positively to certain states reopening i want your expectation for the reopen what it might look like let me bring mark in rallying even in face of these numbers. That is what it has been doing brushing off bad newsday after day continues to grind higher, just like mohamed said about the whole right sizing theory, my concern right now is obviously, we had a pretty ugly number today what happens in 8 weeks when businesses that received ppp money, use that money to keep people employed for 8 weeks, then suddenly that well runs dry, now they are businesses reopened but running only 70 to 80 capacity what happens to those extra employees at that sometime . What happens to Unemployment Rate what happens to Economic Growth i am concerned about what is going to happen few months down the road. Mohamed. Mark is so right. I keep on saying this this is not just about winning the battle against the depression. This is about securing the peace. And this is really important. Because in 2008, 2009 we won war that the point against depression but we did not secure a peace of high inclusive he sustainable growth, this round weve got to both win war and win peace. When you look forward that is absolutely critical, the markets are assuming two things. One that we will both win the war and secure the peace. And the second thing that is if we dont it doesnt matter Central Banks will backstop the reason why we higher today not only because rate of deterioration is slowing down consistent with first win, but there was also indication from bank of england that they will do more consistent with second, so the markets in winwin my view as you know i have said over and over again, it is is playing out in markets every day what is really driving the market a few stocks those few stocks make sense rather than pick a bet on other companies that may or may not come back quickly, look at the ones with strong Balance Sheet, strong management team, cash flow generation on sunnyside what comes after this horrible shock. Maria and would you be buying equities at any point going into this reopening going into the other side of this . At this stage no. I think we have come back long way i think he evaluations quite elevated would i be happy sitting where i am right now as long as i stress this it is about Balance Sheets, make sure about that you are invested in companies with strong Balance Sheets. We dont know how long this is going to last we may have a bit of a w, if you have a bit of a w, cash burn becomes biggest enemy of your company so Balance Sheet is critical maria for navigateing the adjourn and making sure you can also do well at the destination. Maria good point Brian Brenberg. Brian mohamed quick answer to tough question how important is a liability shield to give businesses the confidence they need to bring workers back . I think looking around every corner at potential lawsuit how badly do they need this . Brian, brilliant question. And quick answer is it is very important. S. Maria okay, loaf there it mohamed great to see you this morning. Thanks so much for insights. Thank you, maria. Maria Mohamed Elerian joining us take a break when we come back rv industry new boom how mobile homes are switching gears in the era of coronavirus. Dont miss it. That is next. Ancial strength, stability, and online tools you need. And now its no different. Because helping you through this crisis is what were made for. Rv sales ramping up many shifting gears amid pandemic investing in mobile homes jeff flock in indiana with details good morning jeff. Reporter good morning to you i gs i should have saw this coming. You know. The perfect way to social distancing and get out see the world this is camp land rv trying socially appropriate here a long pole on it there you go. You just are inundated with calls from people want rv some dont want to travel they want in it their yard to he sequester. That is true waiting for rv parks should be opening in this about two and a half weeks may 24th preparing for that, and great way for families to be together vacation still distance. You dont have to go to a hotel you can have your hotel room you know nobody else has been in correct. Correct. Only you slept in that bed only you used that bathroom it is your oasis. Funny not just regular folks miranda lap bert Country Singer bought an airstream going to take around, and you know again, if you got to be on the road, that is the great way to do it. Yeah, it is i am sure she is regular folks too as she would say, but absolutely. The other thing about this is the manufacturing have been shut down for a while have you got enough stock out here. All most dealers gearing up for the season which is which started last month so we did have stock the manufacturers started opening up last week, typically takes 8 to 10 weeks to get a unit we have had them on order still coming we havent cut back on orders at all. Reporter doing a lot of social distancing, you know a lot of Contact Delivery of of these things that kind of thing, it is you know feel free to come and do your thing you are funny maria i tried to what i do for a living is talk to people right in their face but we try to do it appropriately now we have a long microphone. Maria there you go. What am i talking about . We do social distancing here, it is a whole new way doing business we are open, but paperwork different way drop off different way curbside parks making it work getting our customers taken care of. Reporter all making it work out here. Maria Brian Brenberg with a bad a camper i think dagen said she at one point lived in a mobile home i dont think it looked like wovrnz. Dagen i needed to explain these are recreational vehicles have wheels on them i lived in a was like a shack that was once a mobile home, did not have wheels you did not have to put brake on at night. It was in college at the beach so it was fun. Looked like a house but it wasnt a house. It was fun, mobile homes, marguerite lived in a mobile home i thought coolest thing came furnished. I loved hanging out with greataunt i digress people accuse me of driefbing margaritas this morning i am not drinking margaritas, when we come back ceo able to avoid layoffs he will explain how when we come right back give me whatever ouds before anyone else. Together, well weather this storm. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Theyre all possible with a cfp® professional. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Maria welcome back, tens of millions americans filing for Unemployment Benefits due to coronavirus now at 33 million past seven weeks one company however is advoiding layoffs gravity made headlines for 70,000 dollar minimum wage for employees says that is exactly why it is able to keep its team intact and not announce layoffs joining us right now founder ceo of gravity payments author of worth it a milliondollar pay cut 70,000 dollar minimum wage veiled better way of doing business, dan your business loufg roughly 30,000 a day due to covid19 how have you avoided not cutting any jobs. I think you said very correctly employees took care of us we process payments for Small Businesses, they pay way too much money to accept a credit card that allows to us connect finances to Small Business finances what we make as percentage what have they make. What were seeing across the board is a 55 decline so we lost over half business. We were losing 1. 5 Million Dollars a month our employees got together said they did not want layoffs didnt want any kind of increases to Small Business customers because they needed us more than ever right now, they decided to set up a program of anonymous volunteer individual decisions pay kus 10 people wanted to cutted pay completely to zero dozens wanted 50 percent or more pay cut on anonymous voluntary basis ironic company known for Good Employer our employees had to bail us jut that is terrific incredible, actually you are expanding now 70,000 dollar minimum wage from seattle to idaho. How are you able to make that happen . Well, it is really wen a lot of hard work. Since we announced the minimum wage program, and since i took Million Dollar pay cut to make 70,000 dollar minimum wage happen past five years we have had a lot of success a couple things on personal side we went from having zero to two babies born per year across employees of the company last five years had 50 and just 15 just last year, saw a 70 of employees say they paid down debt we saw between double and triple savings for retirement amongst our employees and new Home Ownership skyrocketed the business tripled what is true is Small Businesses need us now more than ever so we are installing all different apps installing all different programs with Small Businesses to help them improve their economics, for example, with restaurants, we are trying to cuts out uber eats charges 20, 30 or even 40 restaurants revenue just to get paid to get that order so we are setting up restaurants with only ordering we are seeing our restaurants actually double their instore volume by having only ordering Consumers Want to support them we also have an application called joe coffee that we give to coffee shops people can buy their coffee ahead and we have waived all commissions during that coronavirus, and also have a very reduced commission forever, with that what weve seen coffee shops have been able to keep one hundred percent of their normal revenue that they had precovid, using this application you order ahead make it ahead pay ahead we have work cut out for us it is true we are loving money every day so days are numbers but we think if we can help Small Businesses come back we will deserve to survive as well. Maria quite strategy, by the way, many people dont realize, the added cost that you have to swallow when you in fact order things like uber eats, delivery services, Dagen Mcdowell what a strategy jump in. Dagen an acquaintance naifsh mining texted a tweet trying to get paycheck protection did not help for her at least First Tranche how many will get help from this program less than 10 isnt. It numbers indicate about 6 , really shame if you look at the overall package cares package as you know was multitrilliondollar package especially which you were fed action vast majority has gone to Large Businesses as previous guest mentioned, ceos investors are talking to look at Balance Sheet first, means cutting employees big competitor raised four hundred Million Dollars off 5milliondollar valuation chose to lay off 50 employees to protect Balance Sheet, so it is really Small Businesses are are hurt by the fact the larger businesses are getting the the benefits, and they are not seeing it. Great to have you this morning thanks so much congrats on strategy we will be watching, we wish you the best dan price joining tell us quick break more mornings with maria right after this. With your sleep number setting. Can it help me fall asleep faster . Yes. By gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So, you can really promise better sleep . Not promise. Prove. During the memorial day sale, save 1,000 on the sleep number 360 special Edition Smart bed, now only 1,799. Only for a limited time. To learn more, go to sleepnumber. Com maria welcome back. Final thoughts from this allstar panel. All eyes on the reopening of the economy. We need to get back to 100 as soon as possible if we want to start bringing that Unemployment Rate down. Until that happens, we are going to continue to see more and more ugly data. Maria brian . Adam schiff in the hot seat on the transcripts i want to see those, america wants to see them. Well see what he does about it. Maria dagen . Im a little giddy today only because i slept seven hours, and brad pitt was in my dreams. There you go. Maria wow. In what way . Lets talk tomorrow. Dagen, mark, brian, great to see you. Have a great day, everybody. On that note, lets toss it to stuart. Varney Company Begins right now. Stu, take it away. Stuart i have no idea how to follow that. That was really pretty good. Maria i dont know. Im sorry. Stuart good morning, dagen. Good morning, maria. Good morning, everyone. Look, the most important indicator on the state of the economy is clearly jobs and the latest numbers show the economy is in very bad shape right now. 3. 1 Million People filed for Unemployment Benefits in the latest week. A very big number. Now, if theres any silver lining, it is that there has been a down trend in claims, five million to four million, 3. 8 last week, 3. 1 this week. We