Transcripts For FBC The Claman Countdown 20240713

The new world and is stored with low economic data, wall street reversing in just the last hour, we have been down in some cases triple digits but now we have the Dow Jones Industrials just down about six points, s p down to, the nasdaq has punched into positive territory. What is this mean, market legend mohammed is about to tell you if he thinks the worst for the market has finally passed. Plus ill go oneonone with Energy Secretary, just as oil pushes back about 29 per barrel. We mentioned nascar, nascar about to drop the green flag once again this weekend, nascar president is here as engines begin to rub when nascar becomes the first major sport to get back to action since the Coronavirus Crisis began. But what will change prewe will tell you. Even the april retail spending collapse, there is one piece of clothing that saw a triple digit jump in sales, with an allstar lineup this friday on less than one hour to the closing bell, lets start the claman countdown. Liz breaking news, House Speaker nancy pelosi has just begun speaking at the house of representatives, they are beginning to debate the 3 trilliondollar heroes act that the democrats have put forth as part of six of the stimulus two, four, six, is expected to hold a vote on this bill, the Trump Administration has already issued a formal veto threat but is also sent a quieter signal same is not entirely opposed to new stimulus. We will see what happens as the cares turn in d. C. In the meantime we have major breaking news out of the conductor sector, global chipmaker stocks are slimming as President Trump moves to kick chinese huawei off the gray list and straight on to the blacklist. Taking a well beyond u. S. Chipmaker, the administration now moving to block, not just u. S. Companies from selling to huawei but to band Foreign Companies that use American Equipment and software from doing business with huawei. The news is key, the huawei conductor is a big supplier to huawei chip company, high silken but also supplies to apple and flip phones, taiwan is about down for 1. 6 , a victory for President Trump who has pressured many factors to move to the u. S. , taiwan semi has agreed to build a 12 billiondollar advanced chip factory in arizona. , what does it all mean to the Worlds Largest and most valuable semiconductor company, lets bring in the man who runs it, bob swan joining us live. Throughout to have you come in particular on a newsmaking day. These new Commerce Department rules just went into effect in the last hour, first what does it mean to intel and have you or will you apply for a waiver . Good afternoon, thank you for having me, first i would say were very Global Company and as you said in your opening comments, the largest Semi Conductor player in the world. We have a large presence around the globe in terms of customers, at the same time the lion share of our capacity is here in the u. S. , the lion share of r d is in the u. S. We will continue to meet the needs of our goebel customers while at the same time dealing with emerging changes and regulation in every market that we operated. Liz a waiver, is not in your future . Would you like to pressure the Commerce Department to grant to one, the commerce secretary told fox business this morning that most waiver request will probably be denied, have you been in contact with anybody at the federal level on this matter . We are in process and digesting the news that came out this morning and we will continue to look first and foremost how we deal with new and emerging regulations once we have a chance to understand them. But also in conjunction with that serve the needs of our customers around the globe. Liz if the president were to get his wish, there would be a massive separation between china and the u. S. While intel has multiple in arizona, big presence, covering a range of about 12000 employees there, oregon, new mexico massachusetts, parts of your supply chain and customers around the world as well, i guess i want to know with American Labor and cost of production in the u. S. Higher, what would it take for you to move more operations block from overseas or start new ones . First in terms of our global infrastructure, our fabs, as you mentioned our largest presence is here in the u. S. , oregon, arizona, new mexico, we also have fabs in ireland and israel. That is our global famine manufacturing capacity. And over the last several years, weve continued to make significant investments, and arizona in particular, we just opened a new fab, we spent 7 billion in arizona we had a 3000 additional employees over the last couple of years and we expanded our facility there, were also expanding our presence of an oregon. We have added over 15 billion in revenue to the company over the last few years and as we think about the global footprint, we are more than half of our employees here and we have more than half of our production here in the u. S. We will continue to invest to serve the needs of our customers around the world. Liz do you agree with the Trump Administration the american businesses intel included, are too reliant on china for customers and for production . In some ways, we have built a very Global Business in the way our business in the Semi Conductor industry works which is still predominantly a usbased industry, as we serve needs of customers around the globe, we make money in doing that, we bring that money back here to the u. S. , for the most part and we reinvest in r d and in our manufacturing footprint. There is a company we spent 25 o continue to stay ahead at the innovation curve with the technology that we build and to build fabrication facilities in the u. S. , that is how our motto works, the big proponent of developing technology to meet the needs of our customers around the world, that is the best vehicle for us to continue to invest and expand our capabilities and the u. S. Liz intel is just a shining star and has been sent to beginning of silicon valley. You guys just acquired tom in his vehicle company, as we look at these cars, i look at your decision to dive more deeply in the space, it leads me to the Corporate Responsibility goals and that includes doubling the numbers of women and minority and Senior Leadership roles, 0 waste to landfills, and your commitment to carbon neutral, yonder energy sipping chips which have continued to develop and get better and better, how do you achieve that. If you start our report that we released yesterday, and some ways we reflected on the accomplishments that we have made over the last ten years from a csr perspective, whether its green energy use, up to 71 with 100 here in the u. S. Secondly our company is a must 70 figure exiting the decade then we were entering the decade but despite that we use 38 less water and third from a diversity and inclusion standpoint we met our goals of full representation in our u. S. Workforce while also a global pay equity around the globe. Were very proud of the accomplishments weve made over the last decade but what report is meant to do over the decade is to take the opportunity to step back and think about the role that we play in global society, our purpose which is to create changing technology that enriches the lives of everybody on the planet and then think about our investments we make and how do we align our investments with our purpose. An autonomous driving is a perfect example of that, and in essence we acquired a company a few years ago, the acquisition that we made last week was geared towards how do we accelerate atomic striving mobility expand the role that we play into mobility as a service and in doing so address two fundamental problems that we have in the world, one, 1 Million People die every year from car accidents. We want to leverage our technology and share our responsible algorithms for safe driving with private enterprise, with Public Enterprise so that were pushing forward for safe driving which in terms can save lives, and reduce carbon emissions, and so many ways the role it plays is a unique opportunity to take this thing that looks like a computer today, and automobile, leverage our technologies and address some common issues that we face around the world. Liz i love to see that, even warm buffett has said his Car Insurance company will probably suffer because there will be fewer accidents, looking at intel and all of its moves into different businesses as well as the current global situation, it is great to have you, bob swan of intel, please visit us again. They can very much. Liz bob talked about aiming to be carbon neutral. Coming up Energy Secretary dan burnett is joining us on his Energy Future goals and the delicate balance between bolstering the oil sector and keeping prices at the pump low for you the consumer, we are coming right back, the dow was up four points, there nasdaq is up 37. vo since our beginning, our business has been people. And their financial wellbeing. Its evident in good times, with decisions focused on the longterm. And crucial when circumstances become difficult. That continued emphasis on people our advisors, associates, clients and communities gives us purpose, strength and a way forward. Today. And always. 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. Liz today marks the day of records but kinda for all the wrong reasons, retail sales plunging a record 16. 4 in april, this supports the damage from the nations coronavirus lockdown crushing everything from furniture to apparel to electronic sales which leads us to u. S. Factory output. Then it makes sense, u. S. Factory output saw a record 11 drop in april, is this the bottom and is the worst behind us, lets bring wall street most closely followed a communist, mohammed, okay mohammed, happy friday, does this get better or worse . It gets slightly better but the overall picture stays very worrisome. As you just noted, it is not often its a simultaneous collapse and production and consumption, both sides of the economy collapsed and that does not come back very quickly, it takes time. Liz okay, it takes time, i get that but you said not much better, tell me what gets worse, there have to be some areas that improve and then do you expect to see a downward trajectory in certain sectors, and which ones . We are going to continue to see big winners and big losers and is going to be more of the same, the big winners are going to be the ones that you and i have been talking about and weve been saying they will outperform in the half, companies with solid Balance Sheets, with good management, positive cash flow and on the sunny side of the covid19 shock, microsoft as an example, many others in big tech, healthcare, biotech and on the other side, the losers, travel, hospitality, retail, that distinction will remain in attempting as it is to now hope that the losers will come back quickly, unfortunately that is not a time yet. Liz you talk about the strongest sector, you have to look at electronics, we talked with the ceo intel bob swan intel stock is up 20 yearoveryear, we know that everybody has been rushing to buy electronics during the work from home situation but we also see for the longterm we now will never put the genie back in the bottle, electronics and being connected are so crucial, is that the winning sector, again i know you saved by companies within sectors have great Balance Sheets but is technology really that shining light that goes on for a distance for us . Absolutely, it is one example of a different landscape, this move from physical to virtual that weve all experienced, were not going to go back, quite a bit of the things that we do will stay in virtual space, will have forced automation when the Manufacturing Sector opens up, that is also going to benefit technology, technology has very much the tailwind of the disruption and the tailwind of what comes after this rupture disruption. Liz are you worried about the Federal Reserve leaping into the corporate debt world . We dont want the story to get lost for viewers but they are buying Corporate Bonds, some of them slightly below junk, slightly the below Investment Grade, but do you see any downside to that . I do, i welcome the first move into Corporate Bonds which was Investment Grade, that is because they reopened a market that is really important in this was mainly a liquidity issue, then they took a second step that many wonder and i have a lot of discomfort with, not only do they agree to by companies that went from Investment Grade two junk but they also agreed to by the highyield index. That exposes them to significant default risk. And that is also has tons of issues, political, institutional and financial. I worry about that and i worry that was a step too far and i worry if theyre not careful, its not going to be Zombie Companies but it could be the risk of zombie markets, that we dont want for the longterm health. Liz no, no zombie markets please. All right, thank you. It is lovely to see you, happy friday and thank you for joining us. Mohamed, closing bell, 40 minutes away in the dow has now quintupled what we started with we were up about four points, now were up or than that, 28 points. Sounds good right, ladies and gentlemen, start your engines, nascar racing back in action life on foxs sunday, up next, nascar chief, steve phelps on what they are doing to leave the corona gyrus in the dust. The corona count down is coming right back can my side be firm . And my side super soft . Yes. With the sleep number 360 smart bed, on sale now, you can both adjust your comfort 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. And now, save 1000 on the sleep number 360 special Edition Smart bed, now only 1,799. Plus, free premium delivery setup when you add an Adjustable Base ends monday. Liz that sound is going to be music to nascar fans ears around the world, viewers are getting revved up for the return of live bracing, the sunday drivers were start their engines for the First Time Since march 8, the sport is back with strict new rules and new safety measures. What will the new normal mean and look like for the business of nascar, ahead of the big day, a darlington waste were in south carolina, were joined by steve phelps, great to have you on the show, seven races over 11 days, what is the first thing the viewers will notice that is different . I think the thing you will notice first, we have no fans in the stands, in her 72 year history, we have never done that, that would be the first thing that is different, there is no practice and no qualifyi qualifying, the drivers are going to jump in their cars, put on her seatbelt, pulled them tight and get on the racetrack and start racing. When the green flag drops, the thing that will look the same is great nascar racing and thats a promise that we have turned fa fans. Liz absolutely, im looking at the team roster which will be limited to about 16 people, usually some of the bigger teams, up to 40 people, obviously you want to keep social distancing et cetera but how is that going to work from a technological standpoint in the pit crews and Everything Else . We try to limit as much as we can so really just essential personnel in the footprint of the racetrack, that was important for us, we want to try to limit that as much as we can, it will be roughly 900 people that will be there putting on the race, using that number as close to 2000, lillian protocols that we worked on with cdc and local state and federal government to make sure that we are bullet proving rocksolid what that plan is. Were excited about the plan that we have in place, we finetuned and were ready to go on sunday. Liz im interested to know what the drivers think, kyle busch is going to be running all seven races over the 11 days, that is grueling but tell me what the responses been from the drivers as they prepare for the new normal at nascar . , not just the drivers but the crew, it will be very different from them, we have them isolated in their motor coaches and when its time for them to raise, they will make their ways through the screening and get right in their vehicles, when they get out of put on masks, then go back outside the footprint, back into the play status safer than kyle busch himself, seven races and 11 days is going to be crazy, he is obviously one of the best drivers we have, that is an ironman for sure. Liz do you expect any change in revenue because they earn no fans, obviously people buy tickets but this is a huge sport for people to be watching him, needless to say you expect to have life fans back in the stadium on those tracks tonight from a revenue perspective obviously the tracks, we own a number of the tracks ourselves, so we dont have omissions in the loss of revenue, the sponsorship that is lost, hospitality suites, all about the comes with putting on a race with fans, so certainly lost revenue there but the sponsorship for the teams, the sponsorship for the leak, those are the intact the house to do about visibility of the sport, i would suggest the visibility will probably be even greater, kind of in the postponement world then it was pretty and as for when we will recent fans, a lot of that has to do with shea and local governments and also we will not go back racing with fans until we know it is safe for the fans to return to the recent. Liz i want to serve in the pit crew when that happens. [laughter] even though i have no experience. Steve, good to see a prethank you for joining us. Thank you, i appreciate it. Liz you are welcome. Dont miss nascars return to the track, the action starts sunday three 3 30 p. M. Eastern only on fox. Lets go to Jackie Deangelis for todays fox business brief. Good afternoon liz, draft kings living the dream, 30 spike in revenue, fueling chairs despite a wider than expected firstquarter loss, the fantasy also confirming it does not anticipate any longterm impact from the coronavirus outbreak. Meantime nike, not so lucky, warning of a material hit to sales due to the pandemic and its related foreclosure, the speaker giant confirming 100 of its companyowned stores have come back online, in china 95 of the north american Retail Locations remain closed, the covid19 crisis pushing jcpenney carelessly close to bankruptcy but shares rallying today after the retail chain delivered on a 17 milliondollar Monthly Interest payment given itself a small lifeline in talks with lenders. Coming up next in a fox business exclusive, Energy Secretary dan, talks about the Oil Industry Without pulling consumers strings, the claman countdown is coming right back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. 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. I came across sofi and it was the best decision of my life. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I got approved for a loan and it was a gamechanger. Truly sofi, thank you for helping me prepare for whatever the future has in store. Liz less than zero two Oil Investors hero, crude oil launch the third consecutive weekly when as china demand picks up in u. S. Inventory fall for the first time in about 15 weeks. Oil extending gains for second day in a row as the department of energy puts out a request to Seek Proposals to buy up to 1 Million Barrels of crude for the Strategic Petroleum reserve, looking particularly to source from small and midsize Oil Producers struggling to survive with oil above 29 a barrel from being negative just a few weeks ago, we bring an Energy Secretary Dan Brouillette, welcome to the show mr. Secretary, were thrilled you are here. Look at the oil contract which had been negative. What a difference a couple weeks have made, tell me exactly what the Energy Department sees, at least in the nearterm for stabilizing prices but on top of all about, making sure we dont see a gut punch to consumers when they get back in the car want to seek cheap gasoline. Thank you liz, great to be with you, its an absolute world of difference in four weeks. What were seen as the economy open up and states began to relax the lockdown standards are properly and safely of course, what were seen as an increased demand signal for gasoline refined product that comes from crude oil, your seen stabilization and oil market. We see the antidote we looking at the tv and the economies open but were also starting to see it in the futures market, just a few short weeks ago we were in super contango, still a contango market but is starting to find out a little bit. Liz again, going to gasoline, we can put up the gasoline which is the wholesale average for what people need to put in their cars, it is a delicate stance you have to strike because consumers are down for the count, we have 35 million Unemployed People and if theyre going to get the car theyd rather see the cheap gasoline prices that we have now versus something that has been in a way firmed by the Energy Department. That is absolutely true, consumers as these economies openable enjoy some really really cheap gasoline prices, which will be as the president pointed out, the same effect as a tax cut for the american economy, consumers will benefit from that, one of the great things, as we have increased our production in the United States and others have increased their production around the world, weve been able to balance the markets in a way that frankly we have not been able to do in three, four, five different decades, what were seen as a very Strong Energy market we can meet our energy needs, so shortages and production that are produce the spikes over the years, as long as we can continue to enhance our ability to produce oil and gas here in the United States as well as around the world, we will see a great, great Economic Opportunity for consumers all around the world. Liz sense, this is the first time you on the show, love our viewers to know, how you view renewable or green energy, what is the administration stance. There is the perception that they turn their noses up or do down, and we look at solar, we look at wind, we look at the fact that the United Kingdom most popular car this past month recorder was an electric vehicle, tesla which is the first time thats ever happened. Where you stand on this. Were big supporters of renewable energy, i know that the perception of the political market space if not the actual market space across the country, the bottom line is that the president has chosen to pursue and all of the above energy strategy, that includes literally all of the above. Its all forms of energy, we feel very strongly about this and the reason that we do is because it provides Consumers Choice and when they have choice, tends to push the pricing down, competition produces great pricing in the marketplace. Were very strong supporters, we spent or put in the marketplace for purposes of research and development, nearly 1 billion, billion dollars over the course of the last year, just for renewable technologies, in addition to that we announced very recently a new grid scale stores launchpad that would be at one of the National Laboratories on the west coast of the United States in washington state, the purpose of that is to develop Battery Storage can be used to provide electricity or restore electricity on a much larger scale what we seen in the past. We are very strong supporters of all forms of energy. Liz im glad you brought up your national labs, a lot of people dont know but the Energy Department runs about 17 national labs, right now quite a few of them are in this race to find a therapy or a vaccine cure, anything to the covid19 virus. We have been hearing, certainly for the wall street journal report that the chinese and the iranians have been trying to hack and interrupt the processes in these labs, where does that standing can we secure them because its pretty disgusting if a cure of a vaccine will help the entire globe, we want everybody to win on that regard, but how do you keep the process secure . We have security measures in place, we have very strong for instance authentication type processes in place. We make it very difficult for the chinese are the rain is or any adversary to gain access to the supercomputers that we have there. But if i take a step back and explain very quickly, as you pointed out the u. S. To primitive energy manages the 17 National Laboratories, within the Laboratory System whereby a security expert and competing experts, early in the covid crisis, we were able to use that Computing Technology to sit through billions of pages of literature, identify the things that were most relevant, provide them to the task force, provide them to medical professionals, and through that process we were able to not only find the most Relevant Research but also identified drug compounds have very positive impacts on this virus, its been fantastical government approach, im so proud of the scientists within the department of energy and in the laboratories. Liz there are some real heroes, they are in science and in hospitals, our first responders, it is unbelievable. Frontline heroes, secretary Dan Brouillette of the Energy Department, please come back. Were very happy to have you on the show. Thank you liz peek to be with you. Liz closing bell ringing in 18 minutes, i told you that we were up and then weve been down an hour up again, 53 points to the downside for the dow, we are watching every tick of this friday, trade, charlie breaks on the New York Stock Exchange comeback plan, who will be first to walk to the doors of the famed exchange when it reopens, will tell you when the claman countdown comes right back. Usaa was made for right now. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus 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. Liz it has been just under two months since a coronavirus outbreak forced the doors to the New York Stock Exchange closed, now as they reopen, Charlie Gasparino has been covering it to the pandemic, what will oppose coronavirus Stock Exchange and who gets to go through first. I have some news on kellyanne her trading investigation, which is related to the New York Stock Exchange because her husband runs the Stock Exchange and the chairman to the company in the trade involved him as well, ill get to the New York Stock Exchange reopening limited reopening in a minute. I want to make a couple points regarding kelli, from what we understand inside the campaign, its being consumed by these charges, the number one thing that Kelli Leclair has to do according to people inside the campaign is get these charges behind them. What we understand as we reported earlier in the week she would reach out to the ftc to try to get them to get her cleaned telehealth, the first up in that process occurred yesterday where she conceded and she had given voluntary documents to the sec and other regulators relating to the trades that occurred after she got a private repeat after the coronavirus, there was a ton of stock she sold on behalf of her and her husband and shes bringing that to the sec there hoping to get some sort of vacation or word from regulators that she did nothing wrong, thats a very high bar, it usually does not happen but that is what theyre hoping for. Again the trades involved her and her husband, we reached out to the Stock Exchange to ask if jeff has somehow been contacted by the fcc, they will not say. And Kelly Loeffler will not say that she heard the sec will ask for the documents thats why she gave it up. Theres a lot of gray area and want to see what happens. In terms of New York Stock Exchange opening, i raised the question with senior officials in york state government, how can the New York Stock Exchange door open when other businesses that are nonessential cant open in your city, new york city is largest on the lockdown, Governor Cuomo said sometime in june he can lift a lot of the nonessential businesses from being locked down, i always hope the floor of the Stock Exchange is a nonessential business, New York Stock Exchange is essential business because we need trading. The floor has been down and there still trading because they have an electronic aspect to it. But when i got back from the new york state governors office, the New York Stock Exchange as a whole including the floor is essentially considered essential, the New York Stock Exchange floor can reopen, that is how theyre getting through this thing and as you know from the oped that was in the wall street journal then announced from Stacy Cunningham to the president will be a very limited reopening, designated Market Makers which are some there the newer equivalent of a specialist that runs a stock on the Stock Exchange floor, they will keep doing it remotely, there will be some independent brokers ludden, very few, it will be done based on the size of the firm and how much they handle, it will be done with social distancing and masks, itll be an interesting to see how this goes on, if you want to know why the Stock Exchange has been able to put it off, open the floor and remember close the floor because it was for time, there were people coming down with covid on the floor of the Stock Exchange and they were worried about the proximity of everybody leading to more infection so they closed it, the reason why the floor is able to open is because its essentially part of the New York Stock Exchange which is part of an essential business, like other banks. If i get more, ill give it to, back to you. Liz okay, all right, i was going to say keep on talking for once. All three have turned green in this hour. Thank you charlie. See, dont worry, we muzzled him right then. Closing bell is ringing in nine minutes, the key ingredient to countdown closers formula for picking market winners in the middle of a pandemic. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Find a stock basedtech. 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 we want to let you know that President Trump is scheduled to speak in the rose garden at the top of the hour and a president ial recognition ceremony for some of the heroes of the coronavirus outbreak, we will take you live to the white house as soon as the event begins. The closing bell, were just about two, three minutes away in the markets right now, they dont ass actually they do, four minutes away, nice move to the upside but despite the gutsy move yesterday and today, for the week, thats what i really meant, not going to make an upside move for the main three, dow, s p and nasdaq look to close out the week down with the dow leading the most with 2. 7 , the s p will have lost 2. 3 , the nasdaq getting cut by 1. 3 . Lets do this positive note, netflix stock, in the last few seconds, netflix touched an alltime high, never before seen level of 453. 85. We are still just about there. , any day today wouldve been the second straight record, but this is an alltime intraday close, you name it, not a bad move. But the markets on page for the ugliest week in two months, those surprised we have the horrific retail Sales Numbers in the jobless number still up, my next guest has an interesting formula, he wants to pass on for how he finds stocks to buy, lets bring in craig hodges, what i understand is a behavior look at what the shortsellers are doing, you put it through that and outcomes some name, couple of names, hi craig, tell us how you do it. Great to be on, great to be on. We have identified where post covert, what will be some of the big Behavioral Changes in crowds will be different, theyll be increase savings by households, Retirement Homes will struggle because people dont want to go there as quickly, travel, fitness centers, all transportation will be more screening, housing will be different, retail will be different, restaurants will be different, vacations will be more domestic and international, were trying to figure out how to play the post covert world and we feel like if you have companies and Balance Sheets that can get through the hard times even if its a lot longer than we think its going to be, the Balance Sheets are very important and if they have a strategy, an adaptive strategy to get to the other side, we think a lot of the stocks can do very well. Liz what is it about how shortsellers behave in particular that helps you choose a name i stitch fix. , you seen in a lot of these companies, real increasing shortage, especially if their consumer related, with the thought being for the next year end a half, its going to be a difficult environment, but the companies that can adapt the have a very Short Interest, high Short Interest that has good Balance Sheets, and then a company like stich fix which doesnt have brickandmortar, they very adaptive style, its a trend that is becoming and growing about 25 30 a year, things like that and you have a lot of movement out of things that have very high shortage and if you can find the Good Companies with a high Short Interest, we think that is something that can be taken advantage of. Liz Taylor Morrison home, it does it scare you, 8 of the shares are sorted of the float, you have a lot of homeowners that are expected to miss mortgage payments and some that may foreclose, why this one . It. There is a chance, but what we think happens, longterm is that this actually drives people more to homes, listen to the high density apartment type living and we only have about a month and half or two months of supply in the United States in the home business. So stocks have been cut in half, we think it actually has there is real exposure to the entrylevel which the largest Generational Group out there is a millennials. They are just getting to the stage where their buying homes. Liz thanks to see you, we have to run because theres the bow, i know you heard it, many saints friday, markets closed higher and what a week it has been, that will be up for the claman countdown. Melissa a turnaround on wall street, stocks drug enough earlier, losses optimism them about reopening that Economy Economic data on consumer spending, but all the major averages are down, where the 1 for the week, Melissa Francis and welcome to after the bell. Connell hey there melissa, im Connell Mcshane reporting live from new york, were coming to you from a region of the state known as the southern tier, one of five regions of hardhit new