Barrons virtual round table, ben, weve been talking for weeks about how the market is rallying, seeming to ignore the horrible economic news. But this past week investors seemed to notice. Yeah. This was the week that we learned big tech cant hold the market up forever. For a while now, the datas been terrible, but the markets just kept going up on the backs of apple and amazon and microsoft, stocks like that. But this week began with rising tensions for china, and that should really hurt these stocks. When they started to fall, so did the rest of the market. And this week weve been getting some really, really bad data. If you look at the jobless claims, another 2. 6 million or so. Retail sales were awful. Those were released on friday. And Industrial Production is terrible. Just really terrible news thats coming out. And investors are really getting on edge over whether congress is going to be able to come together and deliver more stimulus to this market. Jack interesting crosscurrent there in the market. Bofa came out with a commentary that said they were worried about a hoover moment. You had jay powell saying congress had to do something. Even Anthony Faucis testimony suggested that, and youve been saying theres lessons we need to learn from 0809. Thats right. Its been weve done so much so quickly, and its been great. I mean, thats partially what helped power this market higher, but its only helped us for these two months, and we really need more. The fed is doing all it can, but its really going to take congress to take the next step. And so were probably going to see something, but the market would really like to see that. Especially the fed, the tools there are getting, you know, its running out of tools. This week, for instance, it does not want to use negative rates. Jack well, he said that, but im not sure the market completely believes him. Bank stocks, carlton, have really taken a hit, i think partly in fear of negative Interest Rates. Absolutely. The market was pricing in negative rates, so, i mean, thats one thing weighing on the banking sector. Banks havent recovered during this time, and the other issue is the fear of loan losses. Banks have boosted their reserves, but a lot of the smart money is saying those reserves are going to have to go up. Jack ben, i know youre going to be looking this coming week at retail stocks. Obviously, that sectors horrible, terrible news on friday. J. Crew, nordstrom filing for bankruptcy, j, j, jcpenney looks close. Any good news possible next week . I think what were just looking for is the companies reporting, Companies Like walmart, target and home depot to just tell us a little bit about whats happening in may. The numbers we just got were from april, last month. Were already halfway through may, and we want to see are shoppers returning, are they starting to spend on things other than essentials like food. Jack jack, you referred to this as the grizzlylocks economy. Yeah. It had to be good enough to keep investors happy but not so good you have inflation. Now i think it has to be bad enough that the fed keeps Interest Rates at zero but not so bad that you get some sort of system ec collapse or banking problems or stock market crash. And i think were at the right level of bad to keep rates at zero and keep stocks continuing to move higher. Jack meanwhile, seems almost like a strange thing to be talking about right now, but the Movement Continues toward 5g, not really necessary with wifi, but can be helpful in some places. Youre right. Its a strange time. I mean, weve been talking about it for so long. I think a lot of people are saying who gives a flying photograph fell about 5g right now. Im stuck in my house where im on wifi most to have the time. Its not just about phones, its about things Like Health Care and factories and new devices that are going to be online all the time. Its going to be with us for years to come, so our writer writes about how to invest in it. First of all, we dont learn some of the uses for these new platforms til after theyve been out for a while, some of the biggest beneficiaries are uber and learning those new dance moves on tic doc. Right now , tiktok. Right now you want to invest in company like erickson and nokia, think about American Tower and chip Companies Like qualcomm which could be a share gainer. Weve got a q a in the magazine this week. Jack of course, tensions with china could hamper these efforts, but carlton, i want to go to you briefly. All of this could be partially solved by reopening the economy, but that is not an easy thing to do. No, its not. And, i mean, summer entertainment this year is going to look very different. Broadway is closed through september. Baseball might come back in july, but whats it going to look like. When you look at movie theaters, that summer blockbuster season, a lot of movies are going direct to streaming. Disney has said that it wants to release mulan, its holding to that july 24th date, but what are theaters going to look like . Is it going to be sociallydistanced seating, is it going to be digital ordering beforehand for food . We dont really know whats going to be at play there. Jack and we have an interesting story in barrons, andrew berry takes a deep dive into john malones empire. Its a very complicated gone glom rate, but one of conglomerate, but one of the holdings is the Atlanta Braves are rumors that the mlb and the Players Union might be closer to an agreement. We can hope for baseball this summer, but certainly itll be a brief season if it happens at all. Coming up, when theaters might reopen and what moviegoers can expect to find at the multimention. I max ceo richard get fanned is here next. Technologies advisor. Me too. Me too. And if youre a small business, were with you. Standing by you every step of the way. Bye bye. Jack with new cases of covid19 trending down in some places, states around the country are starting to reopen, but businesses will have to operate very differently in a postpandemic world. Imax ceo Richard Gelfond joins me on how coronavirus will change the movie industry. Rich, thank you so much for joining us. In case some people dont know, imax has about 1600 theaters in 81 countries. Briefly explain what makes an imax movie different from other movies. A regular moviegoing experience is kind of a third person where youre watching people on a screen. Imax you feel like youre part of the movie, and thats enabled by either filming things with imax cameras or using algorithms to upload images to imax. What makes it work is the sewer action between the interaction between the screen and the seats and the image, and it makes you feel like youre inside the movie rather than watching. Jack and youve got those floor to ceiling screens. But even at home, its slightly different on a screen with an imax movie. You know, we developed new technology that were starting to roll out. In a movie theater, you see movies in letter box form and sometimes at home on tv you see spaces on the top and the bottom, and were developing technology to fill the screen and make the image better on large screen tvs at home. We entered a deal with sony. Theyre manufacturing those sets now and others, and were starting to roll that out. Jack so youve started to open theaters in china, and you think youre hoping, at least, that some imax screens will be open in the u. S. In july. But, obviously, its going to be a very different moviegoing experience at least until we get a vaccine for this thing. What to you expect that will look like . Masks . Spaces between seats . Well, as you said, were in 81 countries, so i think itll vary by country to country and even state to state. But the Common Elements in the early openings now, were open in hong kong and korea and taiwan. Temperatures taken on the way in, social distancing. Is so theres every other seat or every other row or some combination of that. Some of the places you cant bring food in, some of them they come in prepackaged boxes. Some of them require masks. So out hart been decided yet it hasnt been decided yet for north america, but i think likely some combination of all of that will happen. I think at least initially people want to see really how it goes, so youre going to start with diminished capacity and just kind of go from there. Jack every other seat sounds like a huge hit to your business, but its a little more nuanced, right . A good multiplex capacity is 20 , and you think even habits might change in terms of when people might go to the movies. Youre absolutely right, jack. Its not just the capacity issue, but a lot of the capacity today is focused around thursday, friday, saturday night. So even though the overall capacity is low, at those peak periods its crowded. But the conditions that will lead to the lower utilization rates, the virus, also likely allow people to live their lives differently. So one reason the weekend is so crowded is because people have to go to work the other days. But if people dont return to work or there are split shifts, theyll have different times available to go to movies. So, you know, i dont really think the Capacity Utilization is going to be a big factor in the early going, and hopefully therell be a treatment or a vaccine, progress soon and thatll expand. Jack and you think therell still be this hunger to go to the movies, well want to segal georgia doe on the big screen this summer see gale georgia doe. No, i mean social experience has been around for thousands of years. You can watch a baseball game on tv, but you want to go to a baseball game, especially imax which is in the blockbuster business, people want to experience blockbusters with their friends, they want to feel like theyre part of the movie. You know, im really not worried about that. The other key point is the the big audience for imax movies is millennials and young people. And according to science, theyre safer and subjective hi they feel safer. So i think the kinds of movies and the kinds of people who want to go to those movies, its just not going to be that different. I think for older people and people with conditions, you know, maybe itll be different, maybe itll be more streaming. But having spent so much time at home like you have and a lot of your viewers have, i mean, im dying to get off the couch. I like my streamed shows and i love my wife, but its enough already. [laughter] we need to go out and meet people. Jack indeed. Listen, id love to talk to you about your efforts in drivethroughs. We dont have time for that, but you can see imax in a few parking lots. Your Favorite Movie of all time . Chariots of fire. It won the Academy Award for best movie that year, and i just love that movie. Its inspirational. Jack it inspired me on many a run. Thank you very much, rich get 2307bd. Coming up, we handicap the race to develop a vaccine for hey, can i. Safe drivers save 40 guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. 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 so no one needs to know youve got gas. So were working 24 7 toected maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Jack more than 100 Coronavirus Vaccine candidates are being tested at record speeds. Which companies are in the race . Our colleague al root joins the panel. Ben, for all the debates over masks and bars reopening and whether jack howe can go to his favorite Tattoo Parlor in texas, this virus has killed at least the 86,000 americans. People are not going to fully engage with the economy until theres a vaccine and they feel completely safe. Barrons takes a look at where we are in this effort. Yeah, we did. We took a hook at really two types of companies. We have companies that are focusing on new technologies that could develop a vaccine even faster, Companies Like moderna, maybe could deliver a vaccine in 912 months. Then we have the oldtimers, the glaxos which make your flu vaccine and other vaccines too that are going to use the old tried and true ways to try to do that, and that could take a bit longer. Were not really looking at a vaccine for at least a year or two. And is so its going to make it a little harder for us as we try to reengage with the world. Jack j jack, why does it take so hong to develop a vaccine . Im pretty far from being a there, but just think when youre making drugs, making treatments, youre giving those to sick people. When youre making vaccines, youre giving those to people who are well. The testing takes a long time. I would just say once we have a vaccine and we know its safe, you might have noticed society is a little polarized when it comes to things like measles vaccines before. So were not at the finish line yet once we have a vaccine. We still need to get enough people to take it. Jack al, how should investors be thinking about this . Well, the funny thing with vaccines, its tremendous for our economy, so you dont necessarily need [inaudible] however, vaccine is a long way off, so one of the things we did is we took a look at a few buckets that can benefit, and when youre doing Something Like picking an investment, you know, based solely on Vaccine Development or how the world is going to change in a postcovid world, these things just have to be cherries on the top of the sundae. Theyre not the ice cream. We took a look at people that make technologies that are going to be integrated in the daily life like Contact Tracing and temperature scans. The company that can integrate these technologies into buildings and factories and then also the companies that do a lot of the cleaning, because therell be fewer e of us in buildings, and well be cleaner than we used to be. Al, i wanted to ask you about that, because theres a lot of Companies Providing us services, so what were the ones you identified that will help us get back into the office . Well, its funny, i think that people should sort of get ready for almost like a post9 11 environment when the tsa was created. You know, what is work going to look like in the future, to your point. I think that, you know, aside from the fact that therell be less people in the office because the sort of work from home environment will stay partially, oh, i might be the wednesday friday guy, jack might be the tuesday thursday guy, ben still probably comes in every day. You know, and then so theres that. And then on the technology side, you know, we did three companies, right . We did echo lab which is a cleaning giant, fleer systems which is a thermal scanning and camera maker, very big in that business. That business has already seep a bump, and my perm favorite was zebra. They do a lot of rfid tracking, and that business is doing a variety of things. Jack could you, quickly are, explain how we would use rfid tracking in the office. Yeah, its almost controversial. Businesses arent democracies. Ben tells me that ive got to have an rfid card in my bag and i need to keep it on me, im probably going to listen to him. In the nfl, right, zebra is a technology provider, so when you see those advanced statistics in the nfl, Deshaun Watson ran 47 yards, and he was going this fast, thats zebras technology on the pads. And that kind of technology can be imported into any industry so it can tell me, you know, how fast jack types, how fast im running away if ben as i see him walking down the hall toward me. Jack wow. I i think were all going to have to get used to more intrusion if we want to stay healthy. Thanks very much, al. Up next, round table members give their investment ideas for the coming week. Stay right there. 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 jack jack, weve all had to change our habits a bit, but things havent gotten so bad that youve resorted to watching knight rider reruns, apparently. Well, its all the way up on channel 1038. I havent gotten that high in my cable bundle yet. Im going to be doing some reexamining. Ive got the next week off. I need to fix my tv situation. Should i keep this bundle, should i replace it with streaming services . I know. Thats what i write about in this weeks street wise column. You can see streaming services are going through the roof right now, but youve seen a little bit of a faster decline in, you know, cord cutting for Cable Services during the shutdown. And i write about viacom cbs. I think this actually works to their advantage. Their problem was never making money in television, its the fact that investors seem not the least bit interested with traditional television, they only want to talk about streaming, and viacom cbs streaming services are showing rapid growth, better than 50 yearoveryear. The stock jumped more than 20 in two days after the Company Reported earnings. Jack still a huge valuation between them and netflix. Maybe that gap will close a bit. Carlton . It may be starting to drum some of your winners. Wayfair had a huge runup, but when the economy reopens, that made to order furniture online, im sure a lot of that was outfitting your home us as. You only need to buy so many Office Chairs for your home. Some of that demand is probably going to taper, so so people who have had huge wins, it might be time to trim it back. Jack it went from 21 in march to 170 recently. Ben, you got a much more well known brand to talk about. Thats right. I went looking for stocks that had underperformed the s p 500 but not by so much that you had to worry about whether they were going to be around in the future. And one that stood out was cocacola. Its down around 20 this year, so twice as much as the s p 500, but thats partially because of the exposure to restaurants. Now that restaurants are going to slowly start reopening, we should see that business start to come back a bit, and its still a great staple company. It still sells stuff that people want. I think its an interesting one to rook at right now. Jack great ideas. Thanks very much. To read more, check out this weeks edition at barrons. Com, and dont forget to follow us on twitter barrons online. Thats all for us, from the fox studios in new york city, this is a special edition of maria bartiromos wall street. Maria and happy weekend, everyone. Welcome to the program that analyzes the week that was and helps position you for the week ahead. Im maria bartiromo. This weekend a special broadcast. We have a great show coming up, this onehour edition of wall street. My exclusive fox Business Interview with president donald trump. This week the president invited me to the white house and gave me a wideranging interview on everything from the 2020 election, chinas culpability in the covid19 pandemic and how to get america back to work after this crisis. We began with his thoughts on coronavirus takin h
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