Transcripts For FBC The Claman Countdown 20240713

Industrials down 114, s p down 17, nasdaq down 20. By the way, the nasdaq sixday win streak is in jeopardy but who knows what could happen in the final hour. Thats why youve got to stay with us. Health insure ors caught flatfooted by the pandemic but its particularly frustrating for the aflac duck. The supplemental coverage giant was already well into preparing last year for a crisis, just not this crisis. First on fox business, aflacs chairman and ceo dan amos is here on how the Company Plans to get the stock flying north again. They say you cant fight city hall but billionaire visionary elon musk is doing just that and even risking perhaps an arrest in order to get his tesla factory back to manufacturing his popular electric vehicles. We are live in california with up to the minute details on this lockdown showdown. Plus, the guys who gave up their big city lifestyle to start over down on the goat farm might just hold one of the keys to you safely returning to the economy. How their now world famous Goat Milk Soap has the beekman boys cleaning up in the middle of the coronavirus crisis. Couldnt get a ticket to the hit broadway show hamilton . You are about to get a chance to see it from your living room couch. The social Media Company extending its work from home policy to forever. We are less than an hour to the closing bell. Lets start the claman countdown. Liz breaking news. We are waiting for House Speaker nancy pelosi to hold a press conference after the democrats just unveiled a new 3 trillion Coronavirus Relief package. It is, as cheryl mentioned, called the heroes act. What it basically includes is what we know, funding for state and local governments, rent, mortgage relief, front line worker hazard pay and also an increasing availability for mailin voting to protect voters from standing in line and possibly catching the coronavirus. The house is expected to vote on the 1800plus page bill on friday. We are going to keep an eye on the presser. We will let you know what details emerge. Quick check of the dow, down 107 at the moment. Has she just started . Okay. We are waiting to hear any details. In the meantime, lets take a look at large cap chinese stocks. This after the Trump Administration sent a letter to the Labor Department requesting a multibillion dollar Retirement Savings fund for federal workers stop investing in chinese equities. The stocks are mixed right now. Earlier they were higher but theres no gigantic movement in these names. Even though the letter says the Chinese Companies are too risky and pose National Security issues, fox businesss d. C. Bureau learned the divestment order comes from President Trump himself and is tied to chinas mishandling of the coronavirus outbreak. Alibaba, baidu down. Same with tencent. Jd. Com up. Is uber trying to swallow grub hub . The app gaining weight at this hour on a wall street journal report that the parent of uber eats has made an offer for grub which responded by asking for 2. 15 uber shares or about 68 a share. Grub hubs at 63. 90. Uber is up about 5. 8 but look at that gain for grub hub. 36 move to the upside. The acquisition would boost uber eats which of course has been an earnings driver during this pandemic. All right. How long does work from home last . If you work at twitter, the microblogger is now the first Big Tech Company to say forever. Forever if you want to. Ceo jack dorsey says the offer applies to workers who can do their job remotely. Twitters stock is flat on the session. July is shaping up to be a very busy month for disney. First it started accepting u. S. Theme park ticket reservations to visit and that begins july 1st. On july 3rd, disney plans to fasttrack the release of the film version of smash hamiltony plus streaming service. For those of you who never landed the hottest ticket in broadway history, you might want to jump at the chance because it was announced today that new Yorks Broadway theaters will remain closed, Richard Rogers theater included, at least through labor day. That kind of news does not help the airlines. Take a look at the move, the stocks of u. S. Carriers. The move they made, particularly beginning at 10 00 a. M. Intraday charts of united airlines, American Airlines and delta airlines, all started to slip further into negative territory as nih chief dr. Anthony fauci and leaders from the cdc and fda testified Via Video Conference before the Senate Health committee. You can see these names, ual, american, delta, all started lower but then they really went off to the bottom here. During the testimony, dr. Fauci warned against reopening the economy too aggressively or too soon, saying we could then see spikes in cases which could lead to a second wave of the outbreak. He also warned that theres no guarantee that a vaccine will be available in the fall or that if there is one available, that its going to be effective. Boeings ceo dave calhoun, talk about piling it higher and deeper, called whats happening to the airlines apocolyptic and told one network, one of the major u. S. Airlines will mostly most likely, rather, go out of business this year. Remember, it was just two weekends ago we got an Early Warning sign from billionaire Warren Buffett who not only exited all his airline holdings, but went on to say quote, i dont know if three to four years from now, people will fly as many passenger miles as they even did last year. Let me take it to our floor show traders. If you look at the market in the red, not too deeply, but john, you look at the sectors and behavior of the airlines, casinos and anything that depends heavily on reopening, they are struggling at this hour. What do you think, though . Does that move at some point off the floor and in the next couple days, or will we have to wait longer to see real signs of life . I dont think these industries are going away completely. If theres going to be a new process, a new norm, of what these companies are going to look like, how do you fly on a plane, whats a Movie Theater like, a broadway play, et cetera, et cetera. I think until we get there, until we feel comfortable down that road, its going to be a very bumpy road. But people are going to want to fly, they will want to travel, whether its business or pleasure. Hotels, amusement parks, yes, they still will be there. It just will look different. We see that some of the Disney International parks are opening at a very limited capacity. I spoke to some people who flew last week. They are saying the same thing, too. Their airplane only had about 30 capacity in there. That might be the new norm. Unfortunately, these companies werent built on that model, to run at that capacity. Their numbers were much higher. We are seeing numbers get better. Tsa numbers on an average day go back to when things were quote unquote normal, over two million travelers a day. We got down into the 80,000s. Now we are back up to about 200,000 a day so we are getting back to, you know, some numbers that are looking to move in the right direction. But clearly, its going to take time. These stocks are going to have to figure out how they will have to operate moving forward. Will we see consolidation, reminds me a little bit of the 200809 financial crisis, where we talked about automotive companies. We may have to get very creative to get through that. I think we will see that, too. Liz you know, im looking at the airlines. We just cycled through some of the travel bookings but the cruise lines, phil, are just awful today. Yet carnival yesterday actually had a decent session or at least, you know, people started to believe in at least the bookings that are taking hold in august. If these stocks are still down, you look at American Airlines, down 66 year to date. Im with john here. The airlines are not going away no matter what, you know, calhoun says over at boeing. I mean, they are part of some of the problem here. But what do you think . No, i think you are absolutely right. I think thats a sign, its a testament to the human spirit. People want to get out, they want to get back on cruises. People that love cruises cannot wait to get back on one. You know, if you look at cruises, they were ground zero of this virus, okay, the people that were stuck on those ships that got ill and they were stuck on the ships. You would think people would never want to cruise again. But what happens, the minute they start to reopen the cruise lines, the phones are ringing off the hook. They cant get back fast enough. But johns right, its going to be a process. Theres going to be some ups and downs but we are definitely seeing signs that things are going to recover and they are going to recover as quickly as, you know, we can see the government open up the situation and as long as we dont have any major setbacks on the coronavirus, i think these stocks are going to look good. Airlines, you are absolutely right. People are concerned about those right now. They dont want to travel. The volumes are down. That may take a little bit longer. There could be some consolidation in the industry. There could be a good thing. Gambling casinos, i think they will come back as well but look at the online, you know, space right now. A lot of these Online Gambling sites are going through the roof. That could be an opportunity as well. Liz yep. Gaming, gambling, we have been talking about that right here. Good to see you both. We are looking at the dow down 129. I just want to let you know the low of the session is a loss of 185. Listen, we are off the lows , certainly. One thing dr. Fauci did say today, we have many shots on goal in an effort to create a coronavirus vaccine. With the closing bell ringing in 50 minutes, one of them is modernas experimental coronavirus vaccine. It just got fasttracked by the fda. Shares are hitting a new alltime high. That was earlier this morning. But it does appear we have a little bit of profit taking at this hour. They have reversed and moderna is down 5. 7 . Elon musk looking for fasttrack approvals of his own when it comes to restarting his fremont, california tesla factory. So much so that he doesnt even care if he ends up in handcuffs. We are going inside the tesla ceos battle to get back to business, live from california, next on the claman countdown. So i listen to audible almost any time that i can. Its my own thing that i can do for me. Since i dont have time to read, i mean i might as well listen. If i want to catch up on the news, or history, or learn whats going on in the world, i can download a book and listen to it. I listen to spanish lessons sometimes to and from work. Yea, it makes me want to be better. Audible reintroduced this whole world to me. It changes your perspective. It makes you a different person. See what listening to audible can do for you. It makes you a different person. Heres the thing about managing for your business. S when youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. 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. Liz breaking this hour, signs of life have begun appearing at the tesla factory in fremont, california. The companys Northern California parking lot is full of cars once again. Teslas ceo elon musk and his employees defying Alameda County shelter in place order. Musk sued the county, even challenging it to arrest him instead of his employees. The stock is up 1. 79 right now. Lets go live to california and fox newss jonathan hunt. Jonathan, elon said he would be on the Assembly Line for all day today. Is he, or has he been hauled away in handcuffs . Reporter the mercurial mr. Musk has not revealed where he is today, liz. He did obviously say yesterday when he defied the orders by Alameda County officials and ordered the reopening of the tesla factory in fremont, that he would be back on the Assembly Line with his workers. Musk, in fact, tweeting quote, i will be on the line with everyone else. If anyone is arrested, i ask that it only be me. But frankly, any sort of arrests seem unlikely, as tesla employees streamed into work this morning. The county sheriff said any arrests were up to the Fremont Police. The Fremont Police said any arrests would be up to advice from the county Health Officials. They set a deadline of 5 00 p. M. Yesterday for tesla to submit a safety plan and a county official told us just a short time ago quote, the sitespecific plan was submitted yesterday and we are in the process of reviewing it. We got an update to that graphic you have on the screen there confirming that they have indeed got that plan and are reviewing it. Now, theres been a lot of reaction on twitter, as you might expect. To those who support the quick reopening of america, musk is a quote, legend and a patriot. To others, seemingly more concerned about workers health, he is quote, another selfish billionaire. And the president weighed in, too, not surprisingly, writing quote, california should let tesla and elon musk open the plant now. It can be done fast and safely, to which musk replied thank you. County officials, by the way, say they will update us once they have indeed reviewed teslas new safety plan. Elon musk, though, isnt waiting. The Assembly Lines, as we mentioned, are up and running. The tesla ceo seemingly confident he wont be arrested and probably even more confident he can afford the potential 1,000 a day fine. Liz . Liz i get his frustration, especially because the governor, gavin newsom, has allowed manufacturing plants to open. Hps ju hes just leaving it to individual counties if they have some type of objection, right . Elon is just trying to continue business under what the state rules are now, correct . Reporter yeah. He has pointed out as you just did that the governor, gavin newsom, has said yes, these kind of manufacturing plants can open but Governor Newsom also said i want to leave it up to local county officials on a casebycase basis and in this case, Health Officials in Alameda County where that factory is based said no, we need that new plan. Well, now they have the new plan but as i say, musk clearly wasnt going to wait for them to sign off on it. He just opened up yesterday. Its been going all day today. So whatever they say about the plan, it seems that elon musk is going to keep tesla building cars for the foreseeable future. Liz . Liz quite the original, he is. All right. Thank you, jonathan. Jonathan hunt live in california. Closing bell ringing in about 42 minutes. Gadget guru logidgurulogitech, video chatting, streaming and gaming equipment heating up, shares are up 2 even as the dow hits session lows of a loss of about 180. As the country shifts to reopening mode, weve got the company, you cant miss this, that could be poised for goat status. Greatest of all time status due to hand washing edicts. Up next, the artisanal soap allstars who have goat milked it all the way to recordbreaking qvc and hsn appearances. The beekman boys are here. Stay with us. Principal is by. Were working hard to answer your questions. Like helping you understand what the recently passed economic package can mean for you. Were more than a financial company. Were a together we can get through anything company. Now, more than ever. I come face to face with a lot of behinds. So i know theres a big need for gasx maximum strength. It works fast. Relieving pressure, bloating, and discomfort before you know it. So no one needs to know youve got gas. Gasx happy birthday so, it goes. Hold up your answers. How is mickey doing today . Youre just a really hard worker. I came across sofi and it was the best decision of my life. I feel cared about as a member. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden or extra fees. Sofi has brought me peace of mind. Truly thank you for helping me prepare for whatever the future has in store. Liz talk about milking. As cities and States Reopen across the nation, what a time to be the goat of soap, which is how some might describe the beekman boys. Two new yorkers who bought a farm upstate in Sharon Springs and started making and selling soap made from goat milk. They got so good at it that last year, they set the record for the largest beauty brand launch in the combined 37year history of both Home Shopping network and qvc. Now they are right in the sweet spot of soap making during this historic pandemic. Joining me now, beekman 1802 cofounders, dr. Brent ridge and josh purcell who launched a Hand Washing Campaign in march. Tell me about the campaign and what has it done for not just your business, but your psyche, about helping people through this pandemic . My background was as a physician so i realized early on that washing hands was really critical. Way back in march, even before we were really into the virus, we launched a Twitter Campaign called time to wash hands. You could follow the twitter account time to wash hands. Every two hours, you automatically get an alert that says hey, remember to wash your hands. I would say that josh and i have not had any covid symptoms. Liz yay. Josh, what is it about Goat Milk Soap . There is a question as to whether we need these heavily chemicalfilled, you know, basically sanitizers and things like that versus just simple soap made like yours from healthy products. Yeah. I think we have been fortunate in that [ inaudible ] benefit of our soaps. You dont need to have the antibacterial soap. Any soap and water will work on this virus. But what people have found is when you are using soap you got from the grocery store, they strip their hands. Goat milk is moisturizing and hydrating, has the same ph so if you have to wash your hands 18 dozen times a day, you might as well care for your skin at the same time. Liz well, peoples hands, my own sons are raw and red and its so strange, it cuts right off at the wrist because he washes his hands, then you know, dries them and they are so cracked. You have a couple products, not to make this a commercial but whats amazing is the success that you have found with not just the soap but the hand salve and all of these other products that have sprouted from a business that began because you both lost your jobs back in the 2008 financial crisis. So what was that like . The going got very tough, you guys got going and you knew nothing about goats and Goat Milk Soap, right . Thats right. We took in a neighboring farmer who was losing his farm, worked with another neighbor to make our first bars of soap and thats really how the company began. In the midst of the last recession. We said at that time we were perfectly primed for the current circumstances because we always grew a business neighbor by neighbor by neighbor. We never overspent, we did things very practically and really focused on creating the very best products. Thats one thing that my mom always taught me and i think her grandmother taught her, was that theres lots of competition out there but theres never competition if youre the best. We only, whatever category we are in, we are the best. We can create hope for people who during this time, everybody is a little anxious and fearful but we started our company in the most rural of rural america, in a town of 547 people. That was 12 years ago. We have grown it to the point where i think we are one of the biggest Beauty Brands on qvc so it can be done. Liz yeah. And you are making money. In fact, i understand you were making money pretty much from the beginning even though you were hand wrapping soap at your dining room table in the early days. You know, just speak to that. To me, its really important for a lot of our viewers who dont know if they will have a job when this is all over or know they dont have one, because they are one of the 30 million who lost their jobs in the past seven weeks. What is your message to them . Of course, our thoughts go out to all of those people and as josh was just saying, we were in your position. We had lost everything. We had a huge mortgage on the farm. We didnt know if we were going to be able to pay it. We just really hunkered down and really stuck to three principles, work hard, never quit, and [ inaudible ] your neighbor. Those three things really enabled us to survive and thrive as a business. Even though things may seem hopeless right now, we are testaments to the fact that if you find something that youre passionate about and are really utilizing your talents, you will survive and thrive, too. Liz i love this message. The cofounders of beekman 1802. By the way, about these two guys, i want you guys to know, who says no to oprah . Oh, you have to tune in to my everyone talks to liz podcast. It drops tomorrow. Its more on the incredible journey of the beekman boys and why they said no to oprah in the beginning stages of the company. She wanted them on but they said not yet. Why . Youve got to hear it. Its available on spotify, apple, google, alexa. You are signature hotting home, it. Tweet me your thoughts on twitter. Thanks to the beekman boys. Beekman 1802 Goat Milk Soap. Wash your hands. Closing bell ringing in 31 minutes. We are now at a new session low. The dow is losing about 194 points. S p down 29. The nasdaq down 75. Aflac making moves last year to duck and cover on 2020 recession chatter that they kind of saw coming but the supplemental insurance giant never anticipated the coronavirus black swan. Coming up, ceo dan amos on what hes doing now to ensure his workers, customers and investors safety. Will your premiums be going up . We are asking that and more next on the claman countdown. Our Retirement Plan with voya gives us confidence. Yeah, they help us with achievable steps 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. Quadrupled their money by 2012 . And even now, many experts predict the next gold rush is just beginning. 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Liz even the most prudent of companies were put on their back feet by the pandemic, but the wall street journal is reporting that supplemental insuror aflac had its downturn defense toolbox ready all prior to covid19 breaking out, yet at the end of last month, aflac said it would be very difficult to predict what effects the pandemic would have on its future finances so it withdrew full guidance for the year. Here now to discuss what they are doing to make sure they can cover their clients but not lose more money is dan amos, aflac chairman and ceo, first on fox business. Wonderful to have you, dan. This has got to be really frustrating. You guys saw on the horizon last year that you know what, we have had an incredible run in the stock market, lets make sure that we sell some debt here and get a nice cash position on the balance sheet. Youve prepared for a black swan, just not this one. Well, thats correct. Thank you for having me. We did prepare and we think were well positioned going forward. We got 1. 5 billion in Additional Debt that we brought in those funds by issuing that debt, and we have been well set for this, but never to the degree that it has hit. Now, saying that, remember in the insurance business, revenues are not just new sales. They are also premiums that are collected from existing policy holders. So it takes awhile to see the impact of how the new sales will go but all in all, i would say we have been very fortunate to have made those moves early on and positioned us in a way that i think is one of the leading in the industry. Liz i am very understanding of what aflac actually does. You are not the main health insurors, you are the supplemental insurance people buy on top of their regular insurance. Let me ask what you are seeing and what you could anticipate from covidrelated payouts. Well, we got a head start in terms of looking into what covid would do because 75 of our earnings come from japan. Japan really had covid first. So they got it about three weeks before we did. So we were able to really monitor as we move along what was taking place. There is a time lag that well have to see exactly what the claims will be, but our actuaries tell us that we are well suited to follow the statistical data we need to do and right nows the time we need to be paying claims. So we are ready to pay those claims and we will just have to see how many come in and what takes place, but remember, actuarially, you do make predictions of catastrophic events that will take place at some point in the life of a policy. So we are pretty well positioned from that standpoint, i think. Liz yet i hear of other Insurance Companies who sit there and they look through each word, this has happened to me on flooding occasions and things, and they will say yeah, but the word coronavirus wasnt written in there so were not covering it. This is incredibly frustrating. Let me just make it clear. Are you guys covering hospital stays for people who are hit by coronavirus . Oh, absolutely we are. People that go into the hospital for any reason under our hospital indemnity plan, it will pay. We want to be paying. Nows the time when our policy holders are counting on us. If they cant count on us now, then when will they be able to . One of the things i tell our salespeople all the time is all we give is a promise on a piece of paper, and when youre really going to be graded is when they all of a sudden submit something. Nows the time we need to be there and we are going to be there for our policy holders. Liz dan, we are getting some cdc numbers in just a moment, but i do want to end with this. You know, youve got to be there for your clients and customers, but also for your investors. You are known as a dividend aristocrat. You continue to raise the dividend and it is a healthy dividend but will you cut it . Do you anticipate having to do that like some other companies have had to . No, i dont. In fact, during the financial crisis, we did not cut our dividend. In fact, we have had 37 straight years of dividend increases. Now, what we did do was, we cut our Share Repurchase in half. But we are still continuing with it. And believe me, if there was a problem, the first thing we would cut is the Share Repurchase. So we are comfortable with it in half. That should tell you how strong the dividend is and i consider that one of the cornerstones of our company and we will continue to do that moving forward. Unless some cataclysmic event i cant predict. Liz yeah. If thats the cornerstone, you are the foundation. 30 years as the ceo. Dan, dont be a stranger. Thank so much for coming on the show. Thank you for having me. My pleasure. Liz breaking news. As i mentioned, we have now just gotten new numbers from the cdc. As you see, the dow has fallen another hundred points. We are down 262. The cdc has just reported 1,064 new deaths from the coronavirus as of yesterday. That brings the total number of u. S. Deaths to 80,820. The cdc is also reporting 18,106 new cases of coronavirus. That brings the total to more than 1. 3 million. Stocks are also falling to session lows on some other news that we are about to bring you when we come right back. Now the nasdaq is down triple digits. A loss of 117. Dont go away. The claman countdown returns in just a moment. So i listen to audible almost any time that i can. Its my own thing that i can do for me. Since i dont have time to read, i mean i might as well listen. If i want to catch up on the news, or history, or learn whats going on in the world, i can download a book and listen to it. I listen to spanish lessons sometimes to and from work. Yea, it makes me want to be better. Audible reintroduced this whole world to me. It changes your perspective. It makes you a different person. See what listening to audible can do for you. 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. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. Learn how an aarp Medicare Supplement insurance plan, insured by United Healthcare Insurance Company might be the right choice for you. 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One if youre turning 65, you may be eligible for medicare but it only covers about 80 of your Medicare Part b costs. A Medicare Supplement plan may help pay for some of the rest. Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Liz so the dow started hitting session lows a little bit more deeply into the red after we got the brand new cdc numbers on the coronavirus deaths. Right now, the dow is down 340, as we saw an increase of more than 1,000 over the past 24 hours and we are looking at 1,064 coronavirus deaths since yesterday. Now the dow is down 349. Let us also look at stocks that may be somehow impacted if different cities start putting off the reopening. Mall stocks and shopping stocks. Cheryl casone, what are they doing . Cheryl we are looking at a few of them. Doesnt a mall kind of sound good right now to a few of us . It does. But lets start with the ticker fkt, taking a look at the stock, down almost 5. 5 . Loss on earnings per share 30 cents, revenue missed estimates coming in at 1. 63 million. Worries that lack of tourism are an issue here. Outlet shopping is not just popular with americans like me, a lot of overseas videos like to hit the outlets when they visit this country. Theres concern about that from tanger. Different story at Simon Property group. They are planning to reopen nearly half their property within this week. This is the biggest mall owner in the country. They made clear on the call it k was time to reopen. Also helps local communities because they depend on our sales taxes, says ceo simon on the call. Stock was surging earlier. I think with the broader markets getting hit its taking a little bit of a rough shot now. They own about 200 malls and outlets throughout the United States so if we look for that bright spot out there, its the fact that one day we will shop again. Liz. Somewhere. Maybe together. Liz yeah. You know what, los angeles and maybe this is why we dropped down even more with the dow, although we are off the lows, still down 318 points, is l. A. Countys Public Health director is acknowledging that the next that with all certainty, the stayathome orders will be extended for the next three months. Next three months. She has not issued an official order, apparently, but the timeline appears to indicate that another three months before the stayathome orders will be lifted. Oh, boy. All right. Dow jones industrials now below 24,000. We are at 23,897. Closing bell, we are 12 minutes away. Overstock ceo Jonathan Johnson is going to join us in a fox business exclusive on the claman countdown tomorrow. But today, our countdown closer tells us why highflying overstock should actually be part of your portfolio even as it tries to shake off major controversy from late last year. The claman countdown is coming right back. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Liz all right. Now the dow is down 403 points. If you are just tuning in, we had started the session and the hour, the final hour, down just, what, about 72 points lower. So we need to just quickly mention that we got the new numbers from the cdc and it shows an increase of more than 1,000 deaths due to the coronavirus, and of course, that over just the past 24 hours has wall street increasingly worried about it. As well as the backlash that wall street might face as news surfaces that more and more Financial Firms pocketed stimulus money earmarked for Small Businesses. Charlie gasparino, as we are watching the markets, what do you have to tell us about ppp . Charlie well, we do know theres a renewed effort on the part of the financial executives. These financial executives spoke exclusively with fox business on the matter that the executives are now calling up the white house, setting up meetings with the white house and urging them to further investigate ppp loan abuses. They are basically saying this. You hand out all this money, the stuff is going to come out at some point. Theres going to be disclosh you disclosures. They are worried of a backlash, Something Like occupy wall street, because from what they understand, and some of these Financial Professionals run banks, run wall street firms that are attached to banks, so they saw who applied for these things and so it was other Financial Professionals, small brokerage firms, law firms, architects, people that didnt need the money, that essentially had stable businesses, that were not going to lay people off. So guess what, they took the money saying it was a time of need, they needed to make ends meet. They kept the money, they didnt have to lay off people anyway so they essentially pocketed the money. Essentially, what these financial executives are saying is that you need to crack down on this, crack down on this soon, make sure these people give back the money. They do not meet the basic definition of a Small Business in need that the ppp loan program was meant for. What we also understand is white house officials in these meetings, they are vowing a renewed crackdown on these on the loan issue so you know, well have to see how this develops. Again, i know for a fact brokers, independent brokers, not affiliated with Morgan Stanley and merrill lynch, these are smallish firms, under 500, under 500 employees, they might have taken a market hit, theres a real sort of question whether they should be getting the money. I want to switch gears a little bit and get into major league baseball, because today is kind of a big day. If theres going to be a season, mlb commissioner rob manfred will have to convince the unions, the Players Union and the players themselves, to take what is essentially a massive pay cut. What hes doing is hes going there today, i understand the meetings were going on at least as of an hour ago, and hes basically saying take the plan we are offering which is we split revenues for a shortened season with no fans at first, and no concessions, we split revenues based on what we can make 50 50. Hes saying listen, the owners and in a sense rob manfred, commissioner, hes saying each team is going to lose an average of 100 million, so just take the deal and lets get the baseball season going. If you dont take the deal, if theres no baseball, the players themselves are going to lose hundreds of millions of dollars, probably a billion dollars in and of itself, the teams will lose much more than a billion dollars total. Interesting to note that the mlb plan and this is what hes pitching to them, is including hundreds of safety protocols to keep players safe and to keep people, officials safe, everything from, you know, sanitizing the stadiums to testing players, keeping them some degree of social distancing if there ever is fans. They believe their plan, if it gets through the Players Union, will be approved by the white house. It needs white house approval. The Coronavirus Task force, dr. Fauci and company. They believe they are going to get it because they worked with fauci on this plan very closely, i understand, over the last three or four weeks. So thats where we are right now. We will obviously by the end when we get a better feel whether players will go for this deal or whether owners will tweak it and come up with something else, but its in motion. Not a done deal. Players have to agree to it. Back to you. Liz you know, the white house guidelines say the number of new cases has to have been declining depending on the area that would like to reopen for about two weeks, and you heard dr. Fauci say youve got to have multiple checkpoints and not jump over them. Charlie i think fauci, from what i understand, i could be wrong, this is the way it was presented to me by senior remember, theyre going to be playing in stadiums as reported yesterday. There is going to be sanitized, i mean, there is going to be, i mean, listen even in new york city, weve reported the times is catching up just now, some people basically back at work in midjune in new york city. It will be a slow process. I cover from the banks standpoint. There are safety protocals even big banks and our own company is going to take to put people gradually back to work. I think based on what i understand, baseball would not be doing this without a wink and a nod from the white house. I understand, they worked with fauci on this plan. Liz okay. Charlie gasparino, thank you. From peak to now trough, the dow has had 500 plus point swing. Were down more than 400 points right now but look at this stock. Overstock, you know, charlie has covered this company a lot. Overstock is up on the year. Today by 152 by the way. Todays countdown closer says, boy does it have a lot of room to run. Emerald asset manager ceo, joe, we have couple minutes. Quick on overstock. I have to ask but the markets overall. All right, liz, that great philosopher Marilyn Monroe once said, sometimes good things fall apart so Better Things can fall together. That is exactly what is happening for overstock. They had a lot of things fall apart. As they put the jigsaw back together, both e tailing grown from minus 20 in one quarter, to a plus 120, i think growing. I think new management. Patrick byrne has left. He was a burn in the butt for that company. Now new management is there. Theyre performing. Theyre selling. You have this little option of the cyberbusiness which they have been able to purchase through patrick, some really good little companies in that space. We they, yeah a lot of bites at the apple. Youre talking about probably the fourth or fifth largest etailer, billion dollars plus in sales. There is a nice little turn around going here. I think it is pretty big. Liz okay. [inaudible] [inaudible]. It was highly authority, liz. Now that short is only 10 . That is still a lot for any company but the short has come down. There is a little bit of a squeeze but we think this company can grow rapidly on its own merits. Liz okay. [closing bell rings] market closing rapidly on the downside. Joe, thank you very much. Folks weve seen a turnaround on downside. New cdc numbers showing increase in bummer number of deaths over the past day. See you on twitter for futures trading at 6 00 p. M. Connell stocks extending losses in the final hour of trading. That was a reversal of gains we saw earlier in the day. As liz mentioned the cdc reported more than 1000 new deaths related to the coronavirus as of yesterday. Earlier today on capitol hill dr. Anthony fauci with a warning for lawmakers about the risk of states opening up too soon. With that a rough close for the markets. Im connell mcshane. Melissa im melissa francis. This is after the bell. Major averages closing down more