Transcripts For FBC Cavuto Coast To Coast 20240713

Bedeviled the world and this could be a sign they had been long waiting for. Hope springs eternal here and you obviously need something beyond just phase two trials that look promise. Well get into that with a top doctor. Meantime look what is going on in wall street here and why everything is looking green thus far. Jackie deangelis on that. Hey, jackie. Reporter good afternoon, neil. Everything is green as you said. Moderna seeing a huge pop on this news today and the dow is up more than 800 points and the point here is weve been talking about therapies, weve been talking about treatments but there is Nothing Better in terms of reopening the American Economy than a vaccine that would prevent people from getting the coronavirus. That is why you have this kind of optimism today. Now this was data from a phase one trial as you mentioned. So it is still very early here but it does mean, that the company can move forward. It is saying the goal to get to phase three in july. If everything were to progress on the right path the Company Actually thinks that early fall it would be possible to get emergency approval from the fda for this vaccine. In a press release modernas chief medical officer said this, quote, this interim phase one data, while early, demonstrate vaccination with mrna 173 elicits immune response caused by natural infection starting with a dose as low as 25 ug. We believe mrna1273 has the ability to prevent covid19 disease. That those are the emergency jibbing words, prevent the disease all together. The study successfully tested three doses as the doctor mentioned in the statement, low, medium, high. The low dose, medium dose, only ones had slight adverse effect with some redness and soreness in a patients arm where the shot was given. With the highest dose, three patients had a little fever, muscle headaches but the symptoms went away after a day. Now the concern in reopening the economy with just regular means of social distancing and Wearing Masks and telling people to wash that are hands, et cetera, thats going to take longer for to us get up and running this vaccine could potentially really be a gamechanger, especially if we do see the numbers maybe spike because people hit the street as little bit more, or maybe numbers spike again in the fall when temperatures drop back below the summer temperatures. That is also a possibility. So wall street is looking at this and saying if you can just shoot this in somebodys arm and make sure they dont get covid19, they will be out to roam freely it would be a really, really positive thing. 800 points on the dow, neil. Neil amazing, just amazing. All right. And to your point i would take the chance of a rash if i could cure this. That is a big deal. Well watch it very closely. 45 were involved in this test, ongoing test to her point notwithstanding. A doctor joining us right now, cardiologist by training a good read on pretty much everything were seeing on this from mount sinai. Doctor, always good to have you, the significance of this early on, you like to remind me lets not get ahead of sort of our skis on this but what do you make of this . That is definitely promising. Like you i would take the rash no matter what. Great results coming out, only first eight cases reported, rejoining what was said before it is just two doses two weeks apart, with the immune response. We notice in people with low dose they actually had an immune response similar to people who got the disease but those who got a higher dose they had more antibodies which means actually stronger protection. Lets put this in perspective like we said. This is phase one trials. Theyre starting phase free in july and just trying to be cautious here. Many studies dont even end up or finish up to phase three trials. So lets be optimistic to see what happens. That is why there is a staged approach. We have to prove safety, we have to prove efficacy. We can speak on logistics and manufacturing but cannot speak up when it comes to safety, waiting to see how people respond to that. Neil so, doctor, the significance of these it builds these antibodies that provide some protection getting covid19. Now, how is that going to help those who might already have covid19 . Well, there are people who develop a lower immune system. I know also it will be relevant for those who in the community will look down. We dont know how long Natural Immunity will occur. The significant part if the people receive a booster down the road to ramp up the memory immune response. Neil then there is an issue of, yet, if this is as promising as you say, others are saying as well, doctor, you have to get a lot of doses out to the world. How is Something Like that organized and handled . The next step, say you have a promising vaccine, a promising treatment, even if you want to get emergency approval for those who desperately need it or could be beneficiaries of it, how does that all come into play . The good news, neil, that moderna already teams up with the u. S. Government and with the Distribution Network and manufacturing. So if this indeed turns out to be as accurate and efficient as it seems like, they will be able to deploy doses quickly. However, if you look at the time frame, as i said, you cannot compress timelines when it comes to human studies, especially in phase three but we are looking still as early as next year being scalable and available to population. Neil while i have you, doctor, americans are going back to work right now, actually theyre going back across the world. Youre a cardiologist by training. Professor of cardiology as well. That is vulnerable subset of population. Those with diabetes are as well, a host of other ailments, how would you recommend that group, those vulnerable groups organize their return to work . Definitely, neil, it has to be a staged approach and the fragile population and those with kronk chronic medical conditions should be the last to go out and abought. It will be a hybrid what you do online and versus social engagement and social distancing. As we dot pilot reopening. This will be the stress test. In two weeks well know how effective these are, and consequences if any well have. Neil all right. Doctor, always good catching up with you. I always learn a lot. Dr. Luiza petre. Monitoring moderna and vaccine how it could change the landscape of the virus Going Forward, maybe an out right treatment and outright vaccine that is the hope anyway. So many states are continuing reopening, maine with more restaurants, South Carolina with more gyms. I could go on and on what is happening in minnesota with malls. Our steve share harrigan is keeping track of these reopenings. It is like full throttle time, isnt it . Reporter yes, neil, when you look at some of the state has were the most earliest and aggressive reopenings. There is mixed bag. When it comes to texas theyre seeing spike in new cases of the coronavirus. More than 1800 reported on saturday alone. That is the single highest total since the pandemic began for texas of new cases. Texas Officials Say they are doing more testing. They say there have been outbreak among meat plant processing workers. Here in georgia there has been an aggressive reopening three weeks ago but we havent seen a similar spike here in georgia. Meantime casinos are reopening both in louisiana and arizona. They will look a little bit different with plexiglass barriers in between the slot machines and blackjack tables which normally seat six will now be seating just three. Took safety measures. The normal practices and escalated those. Went above and beyond what the minimum standards were. Reporter gyms also reopening here in georgia. L. A. Fitness opening many of the branches in atlanta. They will have a new hygiene protocol. Much of the staff will mayor masks. They will limit number of people who can go inside at one time. Neil, back to you. Neil steve, are there metrics various states are using in case there is unusual spike in cases or those testing positive for the virus, goes beyond, usually 3 that would give them pause, where they say, all right, were going to slow this down . Reporter thats right. Some states really taking a finetooth comb approach like mississippi. Theyre letting some stricts reopen and some districts they have problems theyre closing. Within the state were seeing very different rules depending how the region of that state is doing, neil. Neil thank you my friend, very much. Steve Steve Harrigan with the latest on states reopening by end of this week. Saying one way, shape or form, 80, 85 of the country will reopen in stages or hopefully a couple states hope have it fully done at that time. Well monitor that. Also monitoring the significance of what Jerome Powell was saying on 60 minutes last night, saying this will drag on for a while. That he is optimistic the American Economy will rebound but not as much as some hope. He sees late 2021 development. The fed has a lot more ammunition at its disposal to take on the fight to counter the viruss economic impact, which has been substantial to put it mildly. Dani hughes is here. Good to have you back. What do you make of what chairman powell was saying about this dragging on a little longer than some had hoped . I read into it, not a shock here but he is saying dont get your hopes up, for early vshaped recovery. What do you make that . I thought it was funny he went into what kind of letter it would be, what kind of recovery, a v, a u, a l. A couple things he said that was very interesting. He fears 3 trillion of stimulus will not enough. The covid threatens lasting damage to the American Economy which, you know, obviously were seeing it for Second Quarter the states will have to go state by state how they open up as you were describing in the previous segment, how he is talking over the last few weeks at least. Another thing i thought he said, neil, was so interesting and so true, people will have to be fully confident, not just investors be fully confident, people, going out into the world and really that may have to await the arrival of a vaccine. I think todays headlines really show that in full force. A lot of optimism today, obviously with the stock market and elsewhere. Were really not there yet. He wanted to make sure that everybody understands both investors and all humans alike, we have to wait promptly into this next era what were calling new normal. Neil i think youre right. Before many you were talking about all the economic stimulus around this, hasten to add, you know what we really would be the charm, you got a cure for this. That puts all the other stuff to bed. That is proving to be the case. I guess im curious what you make of what chairman powell meant when he said we have other, you know, proverbial arrows in our quiver, what did he mean . What else could he do beyond guying back a lot of municipal bonds, junk bonds, corporate bonds, you name it, providing a lot of cash for the system, what else could he do . Well, actually, neil they have been backing off a bit on, they have been tapering as we like to say over the past couple of weeks with respect to their repurchases in the market both from the mortgage standpoint and other developments but i think that, you know, one thing that we have always said is that they dont have anymore bullets. That the fed doesnt have anything else to do, this is couple years ago. Most assuredly they do so will they have the pull force if they need to after we see Second Quarter results and if we have a new Newell Development of more cases or more start to come back i think the fed will act. People said maybe they acted too quickly which i disagree with although maybe we overstepped our bounds. I think that the fed will absolutely and so will the government, not just america but all over the world will make sure that some Economic Perspective this does not take us down. Neil all right. Well watch it closely, dani. Always good catching up with you. Dani hughes what we might see from the Federal Reserve and other factors moving this market. Almost all of them hinged on that promising vaccine talk were getting out of moderna pharmaceuticals. Slowly you might notice across states, maybe one youre watching me now reopening of restaurants. Starts out with very limited capacity. What is the future of the Restaurant Industry . Are you eager to go to a restaurant, what do you get from a restaurant . One of the biggest restaurateurs in all the world is coming up. I love audible because its a lot of stress relief, its a great escape. So many Great Stories from amazing people. It makes me want to be better. It changes your perspective. It makes you a different person. See what listening to audible can do for you. Neil all right. The president is meeting with a lot of ceos of late. Actually throughout this entire coronavirus crisis. He is meeting with a number of restaurant ceos later today at the white house. Among them the heads of panera bread, landrys, 11 madison park, some hoitytoity and big names as well. Paul joins us, legendary restaurant brand, chairman bennigans, chairman and ceo. He is busy running hi little restaurant empire to hop over to the white house but paul, let me ask you how that is going. Some of your restaurants, depending on the state of course will open up in limited capacity. How are you dealing, preparing, handling that . Well, first of all, absolutely phenomenal to be back with you, just to show you that we go above and beyond the call of duty not only do we have our facemasks but we have our bennigans green facemasks too. Not only comply but go above and beyond the call of duty all the time to make sure there are couple things going on. I would love to talk with the president right now, but i think the safety of our guests both internal guests, our employees and external guests is paramount with job one. Were taking all the precautions that you heard over and over and over again over the last few weeks and then we take it to the next level because we have an Online Training program called, Legendary Restaurant Brands university where we even created a covid specific training module to make sure before our internal guests, our employees come back to work theyre already pretrained on all the different protocols and safety procedures from the front of the house to the back of the house, in terms of what we need to do we convey the trust and confidence in our fests to come back. So where we have already seen some of our limited openings, their response has been phenomenal. Maybe not the whole world will have a vshaped recovery but im telling you at bennigans were having a vshaped recovery right now. The pentup demand were seeing and comments were getting from our guests in terms much the coming back for your favorite, monte cristo and weve been making from scratch 44 years, people are coming in for that. They are buying gift certificates. We have a bengi nance bearer bond. Using that and overcoming the three main pieces of the cradle is right from the United States marine corps. Neil im sure. Dont get me going on my baby back ribs impression, but that is separate issue. How do the workers, how do the workers deal with this . Obviously they have to wear masks, right . Yes. Neil when patrons come in, obviously they cant wear masks when theyre eating and all, but what are some of the things that might surprise them when they enter your doors . Well, from a guest standpoint, they will feel confidences they always felt. You and i talked about this before. Weve been around for 44 years. People expect a higher level of execution from us so we continue in that vein but making sure the entreeaway, the guest reception, the people at the host stand, our servers, our bar tenders in some cases and our back of the house not only Wearing Masks but protective gloves. The frequency of cleaning, sanitation, we have a guest coordinator position where we make sure, insure on a sequence of every 15 minutes, the environment, is safe for our guests, and the response has been phenomenal. The other part of this, neil, is that you know, were looking at this through a microscope as well as a telescope. Because i think clearly, not everybody is going to make it to the other side. There will be a 25 fallout. Let me put that in perspective. If there is over a million restaurants today in the United States, clearly 250 to 300,000 will no longer exist. Now some of them will be bigger brands, smaller brands, some of the independents we talked about in times past as well and thats a shame but there will be entrepreneurs for coming into franchising. I hope the executives on the hill are talking to President Trump not only you know, giving stimulus and recovery piece that is necessary but also providing incentive for people to invest back into Small Business, a an entrepreneur, as a franchisee whether it be bennigans or anybody else. Neil well watch it closely, paul. Please gain some weight. If youre going to be a big restaurant cheese you have to look like me, not like you. Thank you very much, my friend. Be well. Good luck with all of this. We have a lot more coming up including monitoring Governor Cuomo in new york, by the way he tested negative for the coronavirus. They had the swab test yesterday for him in new york. Now indicating you know what . He wants sports coming back. The question is, when . After this. Neil as the dow continues to soar now in and out of session highs, up 866 points. A lot of talk about this potential vaccine moderna is working on. A lot of people are paying attention to dismissing concerns at least today we had last week that ourselves and chinese are going into a new trade war, if not worse because of our accusations theyre not doing enough on the coronavirus. To date china may be trying to put that to rest by pledging two Million Dollars to help fight the virus across the globe. A little bit more nuanced than that. Edward lawrence with more on that. Hey, edward. Reporter a little more nuanced. Chinese president , chinese leader, president xi xinping says the world should investigate the origins where the coronavirus came but only after the effects of the coronavirus have passed. 120 countries support that investigation including russia and turkey. In the the opening address of te World Health Organization annual Assembly President xi says china acted openly, transparently and with responsibility. He says that Global Supply chains must be kept open. Critics of china are saying this morning were seeing a china not feeling any pressure for its actions related to the virus. What were seeing, maria, chinese confidence, kind of chinese boasting because no pressure is brought to bear on them, or decoupling and the president has not increased tariffs. Theyre basically laughing off this at the w. H. O. Reporter the administration has made moves last week adding new regulations banning any design or manufacturing of chips using u. S. Technology with knowledge going to huawei. Those companies would need a license for products to go to huawei this is trying to close a loophole huawei has been using to get chips through third party companies. Today huawei is responding. It will also Impact Communications services for more than 3 billion people around the world who use huawei products and services, mostly on a daily basis. To attack a company, a leading company from another company the u. S. Government has intentionally turned this back on the interests of huaweis customers and consumers. Reporter President Trump says that he is also considering having Chinese Companies listed on u. S. Markets follow the same accounting rules and guidelines as u. S. Companies. Now in the speech president xi says that any vaccine that has come up with in china will be shared with the world. As you said, neil, they offered to have two billion dollars to the United Nations to fight the coronavirus. They also offered to set up hospitals and Health Infrastructure in african countries. Back to you. Neil edward lawrence, thank you very much, my friend. So we go after Chinese Companies. The chinese go after our Companies Like qualcomm, cisco, apple and boeing. Dont think it can happen . Fear is right now maybe it already is happening. Dean chang joins us, Heritage Foundation Senior Research fellow. Dean, we live in a world where it is titfortat, i get that but how damaging could this be if the chinese start warning Companies Like qualcomm, cisco, you know what, we might just rein things in. Well it certainly wouldnt be the first time that the chinese have issued this kind of warning. When the u. S. Has conducted arms sales to taiwan for example, the chinese warned companies such as boeing, old united technologies, et cetera, that hey, if you participate in this well come after you. Obviously not just in terms of military sales but back when it was all one company, carrier air conditioners and otis elevators. So the chinese are very aware that they have a huge market, theyre willing to use that as leverage. Neil are they, are they already kind of letting it be known though, whatever we agreed to on the trade deal, thats off now . Maybe down the road cooler heads prevail and all, but just seems to me, dean, in this environment they see that, chinese, very little reason, incentive, impetus to honor that especially when we call them liars and Everything Else on the early days of the virus, what they knew, maybe perfectly so, rationally, you know, technically truthful but in this environment what would compel them to do business . Well, first off, china continues to be a major exporter. So if they want to cut exports to the United States, still one of the, the largest market and the largest economy, that is not going to help them get their economy back off the ground. Second of all is particularly with regards to the phase one trade deal, a lot of that was agricultural goods. Amidst all the coronavirus weve forgotten number of other diseases running through china right now, such as african swine fever which has done a number on chinas pork market. They are going to have to import a lot of pork. They are still a net importer of other feed grains, soybeans, corn, wheat. So if you want to cut off your dealings with the United States, good luck on figuring out where youre going to find somebody to replace all of those food imports as well. Neil i was talking to one negotiator, american negotiator some weeks ago, dean, who said something to the effect china needs us more than we do china and that is always been sort of the prevailing view in washington. Is that view still accurate in your eyes . I think that its the least helpful approach to say who is more dependent on who. The reality we are both very dependent on each other. Huawei is dependent on our microchips but a lot of our electronics depend on their parts of the Information Communications Technology Supply chain. You know everything from auto parts to agriculture to aircraft, i think that if we really tried to just break those links there would be an enormous amount of economic dislocation, on both sides. Im not sure anyone is going to come out of that a winner. Neil all right. Thank you very, very much, my friend. I appreciate it. Again were monitoring these developments, dean cheng and others trying to get a how the chinese are planning or responding so well take a look at that. Weve been telling you about some reopenings going on or new openings or continued reopenings. Florida first and foremost on that. The latest what theyre doing today they werent doing just yesterday, after this. On 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. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. 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People ask us what is happening here and maybe what happens to tmobile, all the shares that it once had, might sell . It gets to be very convoluted. Charlie gasparino is good explaining this in english step by back. What happened here, charlie . Jack ma is the ceo of alibaba. As you know left the board. He was not part of the company but softbank is in trouble now. Softbank is in trouble. Listen they were in bad shape before the pandemic recession hit. The pandemic recession threw a Monkey Wrench into all of its plans including one to start a Second Vision Fund. Softbank is a Technology Investor t has one major fund. It is called the vision fund. It is trying to start another one which essentially incubates or provides finance, seed financing to many Tech Companies, companies they call unicorns, Companies Like uber and wework was one. Even before the pandemic recession hit softbank was in deep trouble. Shares of uber have been slipping over the past half year. Wework is a debacle. They couldnt ipo. They have lot of stuff on the Balance Sheet. You can listen to what Masayoshi Son said announcing the call. That is one side of the story. I will give you the side of the story that know people at the firm that deal with sovereign wealth funds that invest in some of its funds and here is what theyre saying. Theyre essentially fighting for survival. Theyre unicorn investing, stuff that brought you wework which wasnt quite the unicorn it was touted to be and uber which has issues, that type of investing has all but vanished. They are not doing any of that. Theyre looking to preserve capital and raise capital as i was told. How do you do that . Well, youre going to slash the dividend. Masayoshi son mentioned that today on his, on his conference call. He raises the issue. Im hearing it is almost a done deal. Whether they sell their stake in tmobile, remember they own a stake in tmobile to Deutch Telecom remains to be seen i hear theyre selling anything they can because this is a survival time for this fund. Neil, again they were in bad shape before we went into this. Theyre obviously in worse shape now and when youre in that type of a position, i will give you the analogy, neil, during the financial crisis i knew Merrill Lynch was in desperate, desperate stake when it had to tell its stake in bloomberg lp, the information data and news organization. Very Profitable Organization owned by mike bloomberg, who recently tried to run for president but long time businessman. No reason to sell that. It was profitable stake because they needed money, they really needed the money. That is what i tell you about this. If they sell out of tmobile, they really need the money and it is a sign they dont have a lot going for themselves and theyre worried about their future. We should point out sovereign relate investors relling it us they doubt a Second Vision Fund will ever happen. It was doubtful before because of the lack of performance in the first vision fund over wework and other issues, and it is more doubtful now that a second one will happen that people will just give them money. What does that mean for tech investing . Remember, neil, to bring this home to average people, softbank was the reason why a lot of new Tech Companies got money and survived and grew and uber is one of those. If it is out of that market, tech investing at that level is going to be, is going to grow at a much more tepid pace. It will be a drag on the economy as well. Anyway, sobering news. Back to you, neil. Neil so when jack ma announced he was leaving the board was it because he had differences with the way the company was Going Forward or planned to go forward or was this deeper than that . You know its hard to tell. Ive been speaking with people about it. No one really knows. My guess is that this is a company thats retrenching. Usually companies that retrench, you dont want to be part of that if youre on the board. You have some degree of liability on to investors. My guess it is, as far as he was concerned now is the best time just to get the hell out of dodge because, this company could be very messy. Again, you know, im not there. I dont see their Balance Sheet but i can only tell you as a reporter when i saw Merrill Lynch sell their stake in bloomberg, i was covering merrills travails up to that, i knew they were bad but once that happened, they had a firesale on something they could really keep i knew it was a problem. When it was clear Lehman Brothers were trying to unload the Asset Management division that made them money you knew they were toast. The fact theyre even think about selling an asset like shares in a Decent Company like tmobile, you know has the wind at their back a little bit since 5g will be a big thing for the future it will be a big business you would think they want to stay in that business, and others that are profitable are all on the table that means they have some problems there im not saying theyre not going to survive, neil, but it is something to watch. This is a troubled company. Back to you. Neil you were on it early, my friend, thank you very, very much. Charlie gasparino, there is simply no Better Business reporter in the world. You keep looking you will not find him. Im not saying that simply because he is italianamerican, im saying it because he is italianamerican but we have a lot more coming up including oil prices. They continue to surge here. Look at it this way, if the vaccine comes, the economy begins to light up, all the states, countries reopening, a nice backdrop to have, keep in mind the particular contract would be expiring. Remember what happened last time we went through this doesnt look like this will happen this time. You never know. There is a story of the new jersey gym that reopened. That is still a nono, Governor Phil Murphy says you cant do that, but this had a dramatic crescendo when Police Showed up to force the issue or not. After this. 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. Lets be honest. Quitting smoking is hard. Like, quitting every monday hard. Quitting feels so big. So try making it smaller, and youll be surprised at how easily starting small can lead to something big. Start stopping with nicorette. 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. Month three, no help, watching the middle class struggle, not just Small Businesses but individuals all over the country in these states that are staying locked down beyond the curve being flattened. And were sick and tired of having our rights trampled on. Issue of the executive order. What executive order . On that note, have a good day. Everybody be safe. [cheering] neil all right. This drama unfolding today in new jersey, the garden state where new jersey gym owner said the heck with the rules that i cant open up, i got to open up. It is my livelihood. It is my business. Everyone works for me, it is their lifeblood, im going to open up, fully expecting local police would be paying him a visit. Indeed they did. Reminding him of the executive order in place, leaving it at that, arresting no one, summon summonsing no one. That is one drama played out today. How is this playing out with number of states, municipalities, cities dealing with very concerned retailers and independent retailers trying to make a go of it but technically cannot . John holloway joins us, new Jersey Retail Association president. John, good to have you. What did you make of the way this was handled with this gym owner . Well i think as far as compliance there is a lot of frustration out there and i think it is encouraging they have been soft pedaling a little bit, not coming down ruling with a iron fist and hammer forcing people to close. That is the right way to handle it. We want to encourage people to comply. We need to slow roll into this reopening. We proposed several multiphase reopening blueprint. Hopefully most people will comply that way. Neil you know, you could look at it the other way, however sympathetic you might feel toward this is individual gym owner, so many like him, others are going to be emboldened to do exactly what he did, feel to the local authorities, police and otherwise, you didnt arrest him, summons him, didnt arrest me or summons me, it could get out of control, right . Possibly. I mean the frustration is understandable. Weve been two months here where were, a large number of almost all retailers mostly have been closed. The frustration is understandable but i think were getting to a point where we see a light at the end of the tunnel. I would encourage people to do this in the proper way. Dont necessarily dont outright defy. If you will open, do it responsibly. I think there is a plan, i think the governor has a plan in place to do that. Neil one of the plans he has is to allow you know, nonessential Retail Stores in new jersey to reopen for Curbside Pickup. What has been the response there . Obviously the hope it advances to the next stage, come on in, shop away, but where do you see this going . Absolutely. The Curbside Pickup is the first step. That is one weve encouraged. We recommended actually for several weeks. We wished we entered into this phase a few weeks ago. We think retailers were fully capable to do that. Restaurants as you know have been doing this throughout whole last two months, we thought it was easy for retailers to provide that service as well. Very important first step were doing. One we encouraged, it is, the next step is a broader opening but again when we do open, it is going to be probably at limited capacity. Obviously social distancing has to be in place. Well strongly encourage people to continue to wear masks. There is multiple steps in this process and the curbside is very percent is the very first important step. Neil john holub, new Jersey Retail Association president. Good luck to your many, many members. Were following that as well pass corner of wall and broad where stocks are opening, the reopening doesnt hurt. The Financial Community wants to see what much of the main Street Community does, the economy coming back and getting off the floor here but this moderna news coming up with potential vaccine that builds up antibodies to fight this virus. It isnt seen right away as a cure or outright vaccine but it is certainly acting that way, that has done the buying and the markets a lot of good. Stay with us. You are watching fox business. Neil all right. More and more states are reopening their restaurants right now. A lot of that has to do with moderna coming up with a potential vaccine that produces the antibodies to fight off the virus itself. That and the fact so many states are reopening and restaurants are reopening and nonessential businesses are reopening, albeit with Curbside Pickup, its sort of like a confluence of wonderful events that at least traders are hoping continue. Lets get the read on all of this with blake burman because part of that restaurant surge is built on the idea that you start slow, maybe 25 , 50 capacity, but you build from there. Timing is everything because the president will be gathering with some of the nations biggest restaurateurs later today. I think in about an hour, right, blake . Reporter yeah, coming up here in the next hour at the white house, President Trump will be sitting down with some of the biggest celebrity chefs, restaurant owners, the Restaurant Association as well, from the white house perspective in speaking with them this morning, this will give the president an idea of how the restaurants might want to go about reopening state by state, in what capacity, how all of that unfolds. The president will be able to have that conversation with some of the chefs there that you see onscreen. I can also tell you in speaking to an industry source earlier today that some of the premier chefs in the meeting with the president will also push for this idea of a Restaurant Stabilization Fund to the tune of some 120 billion is what they are calling for. That is a number that has been floated by the independent Restaurant Coalition which believes the Paycheck Protection Program is a shortterm bridge that doesnt do nearly enough for the restaurants so they want 120 billion set aside for restaurants. President trump, though, in the past has had his own ideas, mentioning several times that he wants to bring back entertainment deductions which would make business meals deductible. There is a real worry, though, as you know, that covid19 will permanently cripple the Restaurant Industry but one of the white houses top economic advisers sounded a bit more optimistic earlier this morning. Listen here. Definitely this is going to have a long effect on the economy and how we do things but i dont think that we are going to stop going to restaurants, especially like you saw theres some potentially promising news about a vaccine. Reporter elsewhere, i am told by a Senior Administration official today that the white house is still continuing to look at one facet of the heroes act which would be extending Unemployment Insurance benefits. The white house, though, is concerned that could keep many out of the work force because they are making more money on the sidelines. A Senior Administration official telling me the following saying quote, the Trump Administration supports policies to get people back to work. Our concerns with ui have not changed as it incentivizes people to stay home, raising the Unemployment Rate will work with congress to sort out the details. This is one of those things, neil, that there are some who are worried that if you are getting the Unemployment Insurance plus the extra 600 on top of that, maybe it pays more not to go back into work than it does to go back to work and one of the potential fallouts there could be with the Restaurant Industry itself as many of these restaurants start to reopen and need a lot of those employees to come back in when they do. Neil . Neil blake burman, thank you very very much. Blake burman following all those fastmoving developments as he indicated. Less that an hour, the president will be meeting with restaurant chieftains. In the meantime, this reopening getting a lot of attention in florida where some of the more populated counties are joining in the fun. Phil keating on all of that. Reporter this is a big day for the state of florida as south florida, Miamidade County and broward county, are in an expanded phase one. That means nonessential retail and restaurants can now open to customers to come inside as well as barber shops and salons like this one. As you can see, people have waited two months to get their hair snipped and they are flooding the place right now. So also, it was a very busy weekend for south florida as businesses were really getting prepared for this big opening. Made for a lot of preparations after two long months of locked doors and limited sales. All customers in stores and offices will have to wear masks at all times. They will only be allowed to have 50 of their capacity inside and spacing must be enforced. Around the state, outdoor seating with tables six feet apart will be encouraged. Those customers are encouraged to wear masks but obviously, you cant eat and drink while wearing a mask. Miami beach is waiting to reopen dining in its restaurants until after memorial day, on the 27th. But restaurants like potbelly sushi are preparing, adding tall plastic barriers between booths and tables and the ability for patrons to order online to reduce interaction with servers. Floridas governor also is green lighting pro sports in the state to resume. Any sport that wants to come into the state and play to likely an empty stadium is more than welcome for the governor. Clearly, many people in the public are very very ready to get back to how things were in january. Here is the scene northeast of orlando over the weekend. Hundreds and hundreds of people basically created a block party and when police came to disperse the crowd for safety, they actually barraged the cops with objects. Also, gyms can now reopen and thats happening around the state today as well. And when phase two kicks in in florida, no timetable set on that, the governor indicates that will likely include when summer camps for kids can reopen, it will probably set in stone schools reopening in the fall as well. Neil . Neil phil, thank you very very much. Phil keating in florida. Speaking of florida and he did touch on it, disney is starting this Disney Springs Entertainment Complex reopening, but with a warning to those going there that guests will assume all the risk for the coronavirus in the process, by visiting Walt Disney World resort, you voluntarily assume all risks related to exposure to covid19. Judge Andrew Napolitano on the significance of such a warning. What do you think, judge . Neil, good afternoon. The significance of such a warning is it really doesnt apply in the state of florida, so the warning is called at law assumption of the risk, and it basically means that if you are injured and you sue, in this case disney world, and disney world is found negligent and they can show that you were also negligent because you undertook facing a known danger, then that will reduce your award, your jury award, from them, except that assumption of the risk does not apply in florida. It only applies in sport contests where if you go to a baseball game and are hit by a foul ball, you assume the risk. So the reason disney has that up there is i guess just to sort of say to people be careful, but it cant change the law and under the law, disney, like any workplace or any public accommodation, has the legal obligation to provide a safe place for its customers and its employees. Neil when you think about what Mitch Mcconnell was saying when he was going to consider aid to states, he wanted it to come with a liability waiver of protection for businesses whose employees might return and one or several get the virus, that they be shielded from that. Can you do Something Like that, and is it worth the paper its printed on . Well, its nearly impossible for congress to enact a liability shield that applies in state courts and most litigation over employees being injured in the workplace, lets say they come back to work and they get the virus, or kucustomers being injured at a store or supermarket or stadium, say they go there and get the virus, these are litigations that occur in state court based on state law, and state courts cant be told by congress what cases they can hear and what cases they cant hear. However, federal courts often take on these cases when we have whats called diversity of jurisdiction. The plaintiff is in one state, the defendant is in another, that can be regulated by congress. However, i think the conversation is largely moot, because the republicans in the senate want to limit liability for businesses, the democrats in the house would probably prefer that a jury resolve this as opposed to politicians. Neil you know, judge, you always remind me theres a big difference between a Large Company or conglomerate or institution like disney, you know, laying down, you know, warnings and Something Like this versus say a local pizza parlor where someone visits, gets the virus and all of a sudden, could be, you know, legally put out of business. How realistic a threat do you think that is for some of these smaller businesses, operations, trying to get back, ever getting back . Well, look, if a pizza parlor puts up a sign saying you eat our pizza at your own risk, if theres broken glass in there, we are warning you in advance, nobody is going to buy the pizza. Nobody is going to go there. I would think that pizza parlors probably have insurance, the insurance carrier may say covid19 is an act of god, its an exception under the insurance and again, its going to be up to some judge to decide what was contemplated when the insurance policy was purchased, even though at the time it was purchased, no one probably heard of covid19. The large entities like disney world have great assets and great resources for which they can shift liability back and forth, but a mom and pop place, youre right, could go out of business if somebody got sick and demonstrated to a jury that it was the inefficient maintenance, the unsanitary maintenance of the business that caused them to get sick. Thats not easy to prove, but they would have to prove it before they can get a judgment. Neil all right. Thank you, always good catching up with you, judge Andrew Napolitano, fox news senior digital analyst. To john lonski now. John, as we look at the dow racing up 851 points, in and out of session highs we have maintained all day, a lot of it has to do with the promise of a vaccine here out of moderna. But it also is getting some wind at its back from so many states reopening, for the most part without serious hitches or concerns, but where do you think we stand on this . Is this a justified response . You know, i think its going to be justified longterm. We could of course have a second wave of the virus that would be very disruptive to business opportunity, drive share prices down, but over time, we are going to find that the equity market will set new record highs. Then the question is, is this the most attractive entry point. At this juncture, i would still be cautious about getting into the equity market and perhaps i would wait for more convincing signs of a drop in covid19 related risks. Neil we are not going to likely see a drop. I mean, we likely will see a spike in cases. This is unavoidable. This is coming from a lot of medical experts with whom i have talked to, say thats inevitable here and we are even seeing that, you know, worldwide, cross the globe, you still see 2,000 to 3,000 cases per day. So wondering about that, or deaths, i should say, i apologize. Is that a reminder, say it goes up 50 from those levels, still lower than where we were at our height, when does it get people nervous . I think it gets people nervous when we rediscover that the ability of hospitals to take in new patients because of covid19 becomes tested. That was one of the primary reasons why we had these restrictions on Economic Activity put in place in the first place. I focus intently on whether or not the Hospital Systems in the United States can handle the next wave of infections resulting from this virus. Neil let me get your take on how businesses adapt to this new reality. Obviously, a few restaurants and retail establishments that are going to be dealing with smaller capacity, but i think as we have said in the past, its better to go to a 25 capacity versus 0 capacity, but many are holding off on this and i just had a restaurateur on last hour, the guy runs the bennigans chain, who says hes still envisions one out of four restaurants eventually going out of business because they wont have the muscle and resources to weather that adjustment phase. What are we really looking at . Of course, the longer this lasts, the more you will have in terms of business closures, in terms of mortgage foreclosures, as well as business bankruptcies. Theres no question about that. What the fed is attempting to do is supply more than enough liquidity to flatten this forthcoming rise by bankruptcies and foreclosures. On the business side, half a loaf is better than none. If you can get some customers in, thats going to be pretty good. Thats going to be welcome news. The important point to realize is the impossibility of having a vshaped recovery as long as we have nothing more than a partial reopening of business activity. This is why a vaccine is so very important to financial markets. If we could get a vaccine approved, have that start taking effect, then we are opening the way for very rapid economic growth, at least over the near term, and we make normalization look all the more possible. Neil john lonski, thank you very much, my friend. Good catching up with you. By the way, we have been monitoring new jersey Governor Phil Murphy to a lot of the points john was mentioning here. So far, no response to this gym owner who opened up despite the governors orders but he did say that is governor murphy, public gatherings large or small wont be happening any time soon. Again, even though beaches will soon reopen around memorial day, the large gathering part of that, not so soon. After this. To everyone navigating these uncertain times. Whether youre caring for your family at home or those at work, principal is by your side. 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. Well, the comments regarding cdc are inaccurate and inappropriate. The cdc had one error which was in scaling up the manufacturing of the test that they had developed. There was a contamination that didnt affect the accuracy of the test, just led to inconclusive results. They fixed that within weeks and got it out. Take was never going to be the backlone of testi backbone of testing in the u. S. What we need is the private sector to develop a test. Neil thats not what Peter Navarro said. So someone there has to get on the same page when it comes to the cdc because lately, between Peter Navarro saying its screwed up and even the president of the United States concerned about figures and estimated death counts and all that, you are beginning to wonder whether the cdc is kind of turning into the w. H. O. Right here and whether its going to become a whipping boy for all of this. Reed wilson on all these developments. Reed, this has been sort of a festering kind of an issue at the white house, where the cdc gets a lot of, you know, complaints where what it knew and when it knew it, but im wondering whether its escalating or maybe secretary azars comments is a way to deflate it a little bit. Your thoughts . Well, the cdc has been a more Political Organization in just the last few months than i think its been in its entire history. It is being politicized, look, every pandemic becomes politicized in some extent or another, but this is being politicized in the sense that the president is reluctant to listen to his chief scientists and those are the people who we typically rely on at moments like this. We have not seen a lot of dr. Redfield, director of the cdc, and you will remember back when in february, at the real beginning of this outbreak, it was comments from nancy messonni messonnier, one of the top researchers down there, warning of significant disruptions to come that really set President Trump off the day he was returning from his trip to india. So for a long time now, cdc has been in this really tough position where they are trying to get out accurate information, but of course, they botched that testing so early in february so their credibility has been a little bit challenged. Neil all right. Reed, thank you very much. We are having some audio issues with you. Hope to resolve them. In the meantime, thank you very much. The hill correspondent on all of this. We are also looking at the reopening today of a lot of u. S. Manufacturing plants, particularly auto plants. Chrysler, ford, gm, all doing so today but you wont recognize a lot of those plants and a lot of the, wou the workers returning wont recognize them either. We will explore that after this. vo our communities need help like never before and wells fargo employees are assisting millions of customers across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage Payment Relief efforts and donating 175 Million Dollars to help hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Neil we have been following this market rally. I didnt want to leave out the nasdaq right now because it is trading in and out of the threemonth high certainly on an intraday basis. We have the dow and s p moving up very very smartly. I think you have heard some of the reasons for that. Obviously many states and municipalities reopening. So far, without a major hitch. Thats always the hope that there arent a huge uptick in cases. So far, we have not seen that thats anything out of what the expected range would be. Then of course, this news around moderna that it might have come up with a vaccine that builds up antibodies against the virus itself. Its still early on in this process but a lot of optimism on that. Keep in mind, there are a host of other biotech and other drug giants that are coming up with remedies of their own, Gilead Sciences and remdesivir and a host of other players from roche and also other countries all over the world, at least a dozen different potential remedies, if not outright vaccines that could be in the making. Its also reopening day across america but the one thats getting notoriety is whats happening in the Auto Industry, where right now, ford and gm and Fiat Chrysler are all opening up their american facilities. Grady trimble has been following all of that. Grady . Reporter tens of thousands of auto workers will return to the Assembly Line today in a process that will take several weeks, if not a month, to ramp back up to prepandemic production levels. There are several new safeguards in place to protect these auto workersment as soon workers. As soon as they arrive, their temperatures will be taken, in some cases by thermal cameras. They will have to wear face masks and face shields at all times and they will engage in social distancing whenever possible. There will also be fewer shifts and more time between shifts, at least to start. Just for perspective, to show you the impact of this shutdown, in the month of april, in all of north america, across the detroit three auto makers, Automotive News estimates they produced fewer than 5,000 vehicles and to compare that to april of 2019, they produced almost a million and a half vehicles, so these auto makers have lost billions of dollars because of this shutdown. But they are confident today they can reopen safely for a couple of reasons. One, they think they can restart safely because they have already gone through this process in asia and in europe and some of the factories in north america remained open where they made ppe and ventilators and they didnt have any coronavirus flareups with these similar safeguards in place. In terms of testing, they all have different processes for testing. General motors has onsite testing but for all the detroit three auto makers, they will only test symptomatic employees and the United Auto Workers responded to that and the reopening in general with this statement. We will continue to be vigilant in protecting the health and safety of our members and we will continue to advocate for as much testing as possible. Two Big Questions remain, though. Just because the auto makers are ready, that doesnt mean the supply chain is ready. Remember these factories rely on a vast and complex supply chain for parts. The other question is will there be demand for new cars at a time when so Many Americans are without a job or are nervous about the economy. We will see. But at least its a start as we reopen these auto factories today. Neil . Neil important start, at that. Grady, thank you very very much, Grady Trimble on all of that. Also, we told you a little about how some Major Companies are doing, what the Auto Industry guys are doing. Apple was really the first to try to reopen a lot of its stores, by the latest count, better than a couple dozen across the country, even abroad in places like canada, even italy. The significance of that with greg valliere, brilliant guy in his own right. You are looking at apple, looking at the auto guys, seeing them slowly but surely, a lot of them getting back online, and its going to be a different world in all these facilities. But they will be opening up. What do you make of that and the impact this is going to have . Well, like grady just said, its a start. Its going to be different. The thing that impressed me the most from the chairman, from chairman powell last night, was even he is saying we will have some growth in the second half, and hes a cautious guy. He was pretty cautious last week in his testimony. So if Jerome Powell thinks we will see growth in the second half, thats also a very positive sign. Neil he also sort of telegraphed that hold your horses a little bit, we might get this growth but it might drag on a little longer than maybe some had hoped, late 20, 21. He also, though, did hold out hope that theres a lot more the Federal Reserve can do. What do you think it can still do . It can lend more, it can go to mnuchin and get more money from treasury, it can ask congress to give treasury more money as a backstop. I do think despite all the controversy over the Small Business assistance not working very well, i think theres almost certainly another big stimulus bill out of congress. Mitch mcconnell has as much as said that. He doesnt want the knownancy pi bill, i understand that, but there will be another bill and i think the president will go along. Neil we talk about apple and its already indicated that maybe the latest iphone might be pushed back, i think they typically come out in the september period. It might get a little further pushed back here. We kind of expect that out of corporations. The airlines are getting rescued, you know, a substantial change in numbers and passenger bookings and all could be a ways off here. For the recovery, i know its always a crazy game, we make reference to letters, if its going to be vshaped or ushaped or whatever. How do you see it factoring out . I think theres a lot of pentup demand for products like the apple products and i do think as we get into the second half, you will see the demand picking up. I think unemployment will probably peak at maybe 20 in that first friday of june, but i think after that, the Unemployment Rate comes down significantly. I think the momentum is turning. We might look back on today as the turning point of the entire episode, maybe the most optimistic day of the entire spring, and i think almost weekly now we are going to hear more stories about fabulous new vaccine opportunities. Neil i agree with you on that. I have always said that a lot of the economic stimulus that we have been looking to rarely moves the markets like the possibility of a vaccine, like the possibility of a cure, and again, thats what we see in this moderna drug, right . That is a game changer. It wipes out anything else because you are concerned about this thing festering, it stops in its tracks. Thats right. Also, there was a tremendous story last week in the Washington Post about whats happening in emergency rooms, through trial and error, doctors, emergency room doctors have a toolkit now, its a cocktail. They are having Better Success keeping people alive. Almost daily, we see advances medically and i agree, the medical advances are more important than somebody buying a new iphone. Neil play it out. I never like to get necessarily into the political impact of all this but we know this entire Election Year is going to be decided on the president s response and whether he measured up enough. I dont necessarily buy polls and you always reminded me they are fleeting glimpses anyway and they are probably more important when you look at industrial states and key states because we elect our president via the electoral vote. How do you see this factoring out . Because there are some polls that suggest popular vote might go one way but the electoral vote might go the president s way. What do you think . I thought the president did not do a very good job in february, march into april, but if we open up the country and the economy starts to look better, i got to like his chances. I must say, i havent seen a lot from joe biden. Whats joe bidens plan other than to say trump did a bad job . So i think everywhere you look, if this is starting to turn here in midmay, things are starting to look better, it really is a big plus for trump. Neil we will watch closely. Greg valliere, always good catching up with you, my friend. We already know the Airline Industry is going to be hurting but when it sends out a warning to its pilots that its going to be hurting and that a lot of you might want to do some reassessing, that kind of changes things, doesnt it . After this. 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. Why accept it frompt an incompyour allergy pills . E else. It makes you a different person. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief well, see this handsome man, his name was william. And william fell in love with rose and they had a kid. His name was charles and charles met martha. Isnt she pretty . Yeah. Many of lifes moments in thare being put on hold. Are staying at home, isnt she pretty . At carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Neil all right. We are still in and out of session highs. The nasdaq sprinting ahead right now, intraday, the highest its been in three months, and oil, oil is sprinting ahead here on the belief here that the economy opens up and promising talk of a potential vaccine, all will be right with the world. This could easily get reversed and i always posit to say every moment, every day is a snapshot that once snapped, is shot but having said that, with oil moving up smartly and talks that, you know, controlling the production combined with more export demand, that thats sort of been the wind at the markets back. We are keeping a very very close eye on all of this and how it all pans out in the feks tnext d a half hours of trading before we wrap up the day. Lets go to hillary vaughn. We told you a little about how the fbi has found a link between the gunman in the pensacola shooting and a key al qaeda operative and even apple in this mix here. Hillary has it all for us. Reporter well, the fbi says they were finally able to unlock two iphones belonging to the terrorist mohammed al shamrani, the terrorist behind the attack on the air base in pensacola that wounded eight americans and killed several. The fbi says it took their team months to hack into the devices because apple refused to cooperate. We received effectively no help from apple. We canvassed every partner out there and every company that might have had a solution to access these phones. None did, despite what some claimed in the media. So we did it ourselves. Unfortunately, the technique that we developed is not a fix for our broader apple problem. Reporter the fbi says the iphones had key evidence on it that they needed months ago but did not get until now, including a final will that al shamrani typed out on the notes of his iphone and also evidence that proved he was talking with al qaeda before he even came here to the United States. The fbi says apples refusal to help Law Enforcement and protect the privacy of a terrorist cost them critical time, it gave the terrorists associates additional time to destroy evidence and evade Law Enforcement. Attorney general bill barr says apple has a double standard. He says they made privacy concessions to operate in other countries like china and russia, but will not violate a users privacy here in the United States even when that user is a terrorist that has killed americans. Barr says it is time for american tech leaders to work with them. There is no reason why Companies Like apple cannot design their Consumer Products and apps to allow for courtauthorized access by Law Enforcement while maintaining very high standards of data security. Striking this balance should not be left to corporate boardrooms. Reporter neil, now the attorney general is calling for legislative action to make sure that Companies Like apple do not design their devices in a way that works against Law Enforcement, that its trying to protect national security. Apple is not commenting on the comments made by the fbi and the attorney general today but they did respond to similar accusations back in january when they would not unlock these iphones. They say that the characterization that they have not been helpful with the fbi is wrong, they say they have given them as much information as they could throughout the investigation, and so really, what we are looking at now is what the next step of action is from the attorney general that he wants to see that could have an impact on not just apple but other Tech Companies as they try to find a balance between protecting user privacy and cooperating with Law Enforcement. Neil . Neil hillary vaughn, thank you very much. Lets go to jeff flock. We were telling you about all the troubles in the Airline Industry. No one has explored the Airline Industry as closely and relentlessly as jeff. I guess the issue now for pilots, it seems to be a wakeup call that what they feared could be becoming a reality, right . Reporter push coming to shove. Absolutely right. This is something you dont typically see. Passengers dont see the back lots of ohare airport, for example. This is where they are now parking aircraft, american is doing it, united planes are down the way a little bit. They are just stacked up because nobodys flying. They are not flying the aircraft and consequently, they dont need the pilots. Its bad for all the big three u. S. Carriers. Take a look at the numbers from delta. They got 14,500 pilots at delta. They estimate they will need 7500 this fall. That means an excess of 7,000 pilots. The estimation is many of them will be laid off. United similar, maybe even worse. Theyve got more pilots than theyve got passengers on a daily basis. Over 12,000 pilots and they only fly about 10,000 passengers a day. That is not a recipe to make money. Consequently, layoffs expected the there, excess of about 4500 pilots to be laid off. That could get even worse. Forbes obtained an internal memo in which the top united pilots said, quoting now, even though the volume of displacement, thats what they call layoffs, is enormous, none should believe that it solves our problems. Why . That is because this round of layoffs presupposes a schedule reduction of about 30 . Actually in june, the schedule reduction is going to be 90 . The only positive news i can leave you with is layoffs wouldnt come until october because of course, the airlines have taken government help and agreed not to lay anybody off until then. But it could not be pretty. We may be running out of places to put aircraft here some day. We ran out of places for oil, now we will run out of places for airplanes if we dont get them going soon. Neil when you think about it, its probably you are hoping by october, business has picked up enough or could pick up enough to stave off likely layoffs. No way of knowing. Reporter fingers crossed. Neil i hear you. I hear you. Great report, jeff flock following the Airline Industry. Again, as jeff has been reporting for quite some time right now, those problems even with billions of federal rescue dough, is not being changed substantively here. Again, fingers crossed for how things go later in the year. The hope is slowly but surely, traffic does return. In the meantime, just want to let you know that we are hearing from Connecticut Governor ned lamont. We told you about a lot of states that are pausing reopenings or pushing back some developments. If youre looking for a haircut, hair salons, barber shops that were to open later this month wont be open until early june. 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It allows you to choose any doctor, who accepts medicare patients. And these are the only plans of their kind endorsed by aarp. Whew call unitedhealthcare today and ask for this free decision guide. Neil all right. They had a big wedding coming up and they had to put it off, obviously, with the coronavirus. So they could just sort of stew in their own tears. No, no, no, not this particular couple. They decided to do some good with it and with the wedding postponed, they collected donations to help an area food bank. That was just the start of it. Congratulations, guys. Thank you so much. Neil this was such a nice story. You dont hear a lot of them. You actually hear a good many these days of people making good things of bad news. What got you into doing this . You know, we were really upset at first when we heard that we had to cancel our postpone our wedding, but we decided that instead of, you know, dwell on the negative, we might as well help others and make it into a positive. Im a first grade teacher so i run the food bank at my school and since we had remote learning, i wasnt able to do that lately, and we also partnered with fulfill and his partner helped to end hunger. We decided to partner with meals on wheels and fulfill in new york and host a drive to end hunger campaign. That really inspired us to use our day for good as well and raise some money and food donations as well. Neil looking at this, you raised quite the commotion and interest in crowds. Did you ever think this would be bigger than a wedding itself . Not at all. We were completely overwhelmed by the amount of support we received. We kind of thought it would be closest friends and family driving by because we launched it on saturday which would have been our wedding date, and there were almost 75 cars full of families and our friends and some of my students surprised me and they brought donations, food donations and some monetary donations as well. It was an amazing launch to the campaign. Neil you had to put the wedding off a little, right . You had to put the wedding off a little bit. Have you rescheduled it . What are your plans . We have. We got lucky that we were supposed to have it at the venetian in garfield, new jersey. When they told us that we actually had to make the call to postpone it because they are kind of trying to play it day by day but we were able to get a new date in october, october 10th. But now we will be having it at their other venue, the shadowbrook in shrewsbury. Neil those are two very nice places. She said yes to you to begin with, sebastian. Youve got to hope this delay isnt going to have her change her mind, right . I hope not. Definitely not. I definitely hope not. Neil you are a great couple. What a great thing to do. Its a reminder whats possible even when you get disappointed there. I wish you both luck. Thanks for inspiring a lot of folks. We all needed to hear that. Sebastian, keep an eye on her. She could change her mind. Be careful. Isnt that a great story . No, no, im joking. Do move fast. More after this. Americas oldest lighthouse has weathered many storms. Seeing the break in the clouds before anyone else. Together, well weather this storm. Pier. Neil you know all these new establishments opening up, in a limited capacity, any capacity, all about trying to keep it as contactless as possible, even when it comes to getting goods delivered, contactless, delivery, big, big. People dont necessarily do. That sometimes a lot of robots do that. Kristina partsinevelos has been following that. Kristina. Reporter which is why you have somewhat of a labor shortage across certain industries. That is forcing businesses to adapt to new technologies. We know robots dont require necessarily humantohuman contact this moment in the pandemic, it is a moment for robot makers to prove their worth. You have got delivery robots paving the way, popping up on sidewalks. Starship robots look like microwaves on wheels. Move a little slower than a jogger but already delivering food from restaurants in virginia. Once covid hits, people saw need for contactless delivery. Reporter once this robot shows up at the door, you a. I. , theyre also capitalizing on our stay at home mentality. These three wheeled conditions are categorized as e bikes so they can to in the bike lanes and testing for grocery deliveries. As coronavirus puts pressure on workforce were seeing automation accelerating at moment. Another example, this coffee shop in portland, oregon, theyre using robots to serve customers. If they need specialty things they have barista. You have boston die knack i cans doglike robot, spot, being used in singapore to encourage social distancing during the pandemic. Robots are having their moment. Unfortunately these examples do demonstrate in a time of crisis, pain, you do have room for innovation by forward thinking entrepreneurs. Back to you. Neil or it is bad 2001, open the pod bay door, hal. There you go. Reporter hear you laughing. Neil she is too young, she is too young. Thank you very much, kristina partsinevelos. By the way were still trying to find out the fate of that belmawr, new jersey gym owner who insisted he would open up his gym today. Police stopped by. They left him not summons him or arresting him. Governor phil murphy asked about this what will happen to the officers who left the scene. Im not aware of the request to fire anybody. Obviously referring to those involved in the belmawr gym incident which seems to be a signal from the governor that he is not going to do anything about it. And the gym is open and the gym customers are there and they live to fight another day. We shall see. I leave you with the dow at session highs. Youre welcome, america. 904 points. Well see if Charles Payne dan could better than that . Charles i love a challenge, neil. President trump is set to host a roundtable with restaurant executives from around the country. It will happen at any moment. Drugmaker moderna says a Coronavirus Vaccine is having promising results. That added rev octane to the market that started earlier this morning. Nations are reopening their economies and more businesses are looking for customers to come back to the stores. Last weeks gains have been recouped. Last weeks losses have been recouped. The question is, should you be buying this move. I have a lot of experts about that. It is Mental Health toll,