Transcripts For FBC Varney Company 20240713

A virus lockdown winner has emerged. Its walmart. They have had the advantage of remaining open and they finetuned their delivery and pickup services. They have done very well. Look at this. Same store sales, up 10 . Huge. Sams club sales up 12 , even bigger. Ecommerce, now, this is a big one, up 74 , online sales. That is remarkable. The stock, we are quoting premarket now, the stock is up nearly five bucks, 3. 8 . Okay. This is going to be a live action day. Two top money guys head to capitol hill. Speaker mnuchin, jay powell, they will be discussing what they think still needs to be done for the economy. You want my opinion, please give us Liability Protection. The president addresses the nations farmers. What do they need and whats with the Food Supply Chain. We will carry his speech live. Thats in our 11 00 hour this morning. Then theres the market. After yesterdays 900point gain. That rally followed encouraging news on a vaccine from moderna and the rapid reopening of the economy. Investors seem to believe we are looking at a strong economic expansion. This morning, the dow is going to show a minor loss at the opening bell, maybe 10, 14 points down. It was up 900 yesterday. The s p, same story, down a fraction. The nasdaq may eke out a fractional gain. Flat, basically, across the board. Seconds from now, joe biden and the honking geese. Varney company is about to begin. Youre going to hear, theres a pond on the other side of my property here. Lot of canadian geese. If you hear them honking away, theyre cheering. Thats what theyre about. I dont know whose phone that is. The scale of the loss is staggering. Its been two months since Congress Gave them that money. Stuart all right. We are being kind but those were the honking geese you heard interrupting joe biden during a virtual speech, plus the telephone call. Just one of many problems facing the Biden Campaign during this pandemic. In our next hour, more on what i am going to call the floundering Biden Campaign. Thats later. First, though, story of the morning. Walmart, they are a virus winner. Come in, lauren. They have really adjusted when the virus hit. Tell me about Curbside Pickup and delivery, please. Lauren walmart invested in Curbside Pickup and other things that they are using now back in 2013, so they were ahead of the game and it certainly paid off. If you look at their online sales which include buy online, pick up in store, pick up curbside, up 74 in the quarter from a year earlier. That is amazing growth. Another thing that they noticed, this reflects the change in shoppers behavior. Obviously we were going to the store less but when we go, we are buying a lot more. If you look at average ticket sales, they rose 16. 5 in the quarter. Stuart thats a fine performance and the stock is up. I got that. Actually, now its up 4. 32, 3. 3 . That does indeed help the dow. Show me, walmart, yeah, walmart is a dow stock and it is helping the overall average a little bit, although we are still down about 40 points for the dow. Mike murphy is with us. You are predicting new highs for the market this year. Does that mean above 29,000 on the dow . Its at 24 now. You think its going above 29 this calendar year . I do, stuart. I think we had a major selloff in the market, obviously. We rallied roughly 35 off those lows. But i think with the economic backdrop we have coming out of the coronavirus, with the stimulus that the Trump Administration has given us, i think you will see new highs on the market this calendar year. Stuart now, we have opened up some stores, restaurants, nail salons, hairdressers, et cetera, et cetera. Have you any news on how well those reopened businesses are doing . Because thats the key to coming out on the other side with rapid economic expansion. It is for sure. On the Small Business front, i think its a lot harder. Remember, we invest in Venture Capital so we are in early stage businesses and we are seeing a lot of positives. The ppp really has helped these smaller businesses and the ones that do survive and make it through this, i think are going to be able to thrive in q3 and q4. But i think to make the new highs im talking about, stu, you are going to need to see the new highs coming from the growth names that have driven us. You will need to see big tech leading us to new highs and i think you will see that. Stuart okay. Stay there, please. Ive got more for you later but thats a nice prediction. New highs this year. Home depot on your screens right now, down three bucks. Thats 1. 4 . Ash, they spent a fortune, we just got their earnings report, they spent a fortune on their employees during the virus, didnt they . Ashley they did. The covid19 accounting for an extra 850 million, that through expanded bonuses, expanded time off, Double Overtime rates. A lot of this to encourage employees or at least provide incentives for employees to come in during the height of the pandemic. Home depot considered an essential store so they didnt really close down. They havent closed down, of course, with severe restrictions and limiting the number of customers and the rest of it, ironically, same store sales up 6. 4 . Revenue is up 7 . But theres massive extra costs to deal with the coronavirus, really hurting the bottom line for home depot, as you can see. 850 million extra in costs. They have also suspended their guidance. No big surprise there. Stuart i would actually call them another virus winner, along with walmart. If your same store sales are up over 6 in this environment, i think thats pretty good. Ive got to say. Even though the stock is down. All right. How about kohls . I think weve got that for you. Sales plunged almost 44 in their First Quarter. The virus forced them to close their doors, although about half of their stores have reopened. The stock is down just seven cents. Thats it. Listen to this one. Amazon reportedly in talks with the now bankrupt jc penney. Details very slim on this one. But a buyout of some sort may be, may be being talked about. The stock of amazon is up five bucks, 2431. A lot more on that later this hour. Have a look at uber. We reported they are cutting 3,000 more jobs. Mike murphy is still with us. You are an original investor in uber. You are holding on to your stock there or buying some more . We bought some more when it came down. We missed it in the teens. Our cost basis is around 26. I think uber is a business that you are going to be looking at as one of the Technology Leaders over the next couple of years. I still think theres a lot of upside in uber. I love the grub hub deal if they get that done. If not, they will end up buying one of the other competitors like postmates, but uber is a company thats here to stay, in my opinion. We own it, its our largest position and i think it keeps going higher. Stuart have you abandoned big tech . Which did so well for us for the past five years . No, not at all. We bought some apple, we bought some microsoft, we discussed live on the air when the stocks came down in midmarch. Right now, im riding those out. I dont see any reason to try to trade a name like apple because they just keep chugging out solid quarter after solid quarter. I expect new highs on apple, new highs on microsoft, throw amazon in there as well. Facebook, i sold. We are out of facebook. But big tech is where the growth is. They keep buying the smaller companies, they keep buying growth, but the growth is still there, as long as you are getting growth i want to own those names. Stuart a bullish mike murphy on a Tuesday Morning. Thanks very much, mike. See you again real soon. Next case, the Trump Administration pushing to make crucial drugs here, make them here in america. This is interesting, susan, because its not a big name drug company thats getting the money, is it . Susan its Plough Corporation in virginia. There are questions about why you are building this new supply chain and investing so much money into one corporation when theres an entire generic drug industry that already exists in the u. S. But this is one of the largest contracts in u. S. Health and Human Services history, 400 million initially over four years, that could be expanded to 800 million over the next ten years. What the Trump Administration is trying to do here is trying to onshore pharmaceutical Production Supply chains, protect vital drugs, especially antibiotics that we know has really been called into question as this covid19 outbreak as china supplies about 90 of the antibiotics that are taken in this country and that could also be squeezed in a tit for tat sovereign battle. Stuart thank you very much indeed. Completely different subject for a moment. I want to show our viewers something that set off a media firestorm. Heres President Trump and his use of hydroxy chloroquine. Roll tape. I happen to be taking it. Reporter hydroxy chloroquine . Hydroxy chloroquine. Right now. Yeah. Couple of weeks ago, i started taking it. Reporter why, sir . Because i think its good. Ive hard a lot of good stories. If its not good, i will tell you i take a pill every day. At some point ill stop. What id like to do is id like to have the cure and or the vaccine and that will happen i think very soon. Stuart dr. Marc siegel, righthand side of the screen, what is wrong with asking your doctor if its okay to take hydrochloroquine, he or she says yes and you take it. Whats wrong with that . Theres nothing wrong with that. Actually, you hit right at the heart of it as usual. Hydroxy chloroquine is being studied right now by the nih for people over 60 for mild cases. The answers not in yet. Its also being studied in detroit for 3,000 Health Workers who were just exposed to it, like President Trump, had somebody near them that had it. That answers not in yet. In the meantime, if the president wants to confer with his physician, who knows his medical history, who knows his risks of side effects, who knows his risks of having a severe case of covid19, and they come together, dr. Conley and President Trump come together and make that decision, the media should stay out of it. They have nowhere to be in between the doctor and the patient. This is a typical politicizing of a medical issue. Stuart i think we will leave it at that. Im sorry to cut this short, but you know, i think you said all that has to be said. Well said, too. Dr. Marc siegel, come back soon. Okay. Check futures. Flat to slightly lower day, pretty much across the board this morning. No Major Movement in stocks as of right now. Weve got, what, about eight minutes to go before we open the market. All right. Quick programming note. How about this one. Next thursday, may 28th, we are hosting our very own America Works together virtual town hall here on varney company. I will be joined by dave ramzi, ken coleman, chris hogan of the Ramsay Solutions team. Send video questions to ininvestedinyou foxbusiness. Com. Alibaba did well during the lock down. American buyers joined alibaba in droves. We discuss it moments from now. Stocks up. New york city mayor bill deblasio is now threatening new yorkers. You will be pulled out of the water if they catch you swimming at the beaches. Wouldnt that be interesting . We are definitely on that story for you. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. Staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. So the fencing will be in position and ready but it wont be put up initially. If it did have to be put up, we hope everyone listens to the rules, follows the rules, no swimming, no sports, no gatherings, no parties. Just common sense, observe social distancing. Anyone tries to get in the water, they will be taken right out of the water. Stuart what a barrel of fun new york city is. That was the mayor, bill deblasio, fencing off the beaches, take swimmers out of the water. How dare you, all for social distancing. I think we need the sound voice of congressman dan crenshaw, texas republican, who joins me now. Youre in texas, sir. I dont know actually where you are but you are from texas. What do you think of the mayor of new york threatening to take people out of the water if they dare to go for a swim . You know, you are seeing this kind of socalled leadership throughout the country where they start with guidelines which i think are perfectly fine, but then they say we are going to physically remove you from the water, this activity that was perfectly legal and normal just a few minutes ago is now is now something that we are going to sic Law Enforcement on you and pull you out of the water. First of all, theres no science at all to indicate that its even dangerous to be outdoors on the beach in hotter weather, but the fact that they are going to use draconian measures to actually enforce these guidelines is blatantly unconstitutional and i think violates the contract between the government and the consent of the governed. Stuart why are we doing this . Why is it predominantly democratrun states that are insisting on the lockdown, continuing the lockdown, and republican states really want to open up and do some business . Why this difference . Yeah. I analyzed this in a piece i wrote today for the wall street journal and its part political, part psychology. On the political side, one might argue that anything trump says, they want to do the opposite. That might explain a little bit of it. The jobs we take might explain some of it, where we live might explain some of it. But ultimately, i think liberals and conservatives are wired very differently. We view risk differently. Our brains actually light up in experiments, they light up differently when confronted with a type of risk. Conservatives are much more likely to take riskier jobs like Law Enforcement or military or construction, dangerous jobs, and confront risk differently. We also view liberty differently. You will often hear from democrats that you cant be free unless you have this service, free health care, free education, they actually equate freedom with Getting Services. Thats a strange thing for a conservative to hear. Now, we believe freedom is personal responsibility and the ability to pursue our own happiness and confront risk accordingly. Lastly, we actually view morality differently. Liberals will put an overemphasis on moral foundation of compassion and caring, and this is why they overemphasize the line hey, if it just saves one life. They ignore all other factors as a result and thats why you see the sort of singular view of morality when assessing what is actually a complex situation, where you need to actually look at all the factors, holistically. Stuart in texas, you are really making moves to open up very quickly. I understand that you can now open a restaurant in texas and have it 50 capacity which means that you are pretty close to being able to make a profit on a restaurant in texas. Yeah. Its the wild west out here. Guess what, theres no apocalypse coming. What else we have noticed is hospitalizations are going down, you know, testing has gone up rapidly and yes, there are still new cases every day but hospitalizations are down, our death rate has been very low. Texans are ready to be trusted to get back into the economy. We know what to do. We know how to mitigate risk and look, if you want a test here, you can get a test. That remains true in a place like texas. Theres actually more tests available than people than people demanding those tests. So thats actually the next challenge is we need to get people to go take the test just to maintain some kind of surveillance on the outbreak. Stuart congressman dan crenshaw, the voice of reason from texas. Always appreciate it. Come back soon. Thanks very much indeed. Great to be with you. Stuart now President Trump has taken another shot and a big shot at the world health organization. What did he say, susan . Susan revoke u. S. Funding and remove u. S. Membership in the w. H. O. If the w. H. O. Doesnt change its prochina bias he says and reversing their alarming lack of independence from beijing. This weekend trump threatened to reduce funding to 10 , now its to zero. Dont forget the u. S. Contributed around 450 million last year to the world health organization. China contributed just 85 million in comparison but yesterday, we heard from chinese president xi jinping saying hes going to contribute 2 billion over two years on top of an extra 50 million but is money enough at this point. Stuart okay. We hear it. I would like to see some more of these multilateral institutions called out when they keep the taiwans of this world out or the israels of this world out. Call them out. Come on. Susan thats a longterm problem to solve, though. Not overnight. Stuart it sure is. No, not overnight. Got that right. Lets tackle the problem. Thank you, susan. Big stuff happening in washington. 10 00 eastern, treasury secretary mnuchin, fed chair powell, they will be on capitol hill testifying on what else needs to be done to help the economy. By the way, their testimony, we will bring you the headlines, that could move the market. 11 00 this morning, we will hear from the president. Hes making a speech on farmers, the Food Supply Chain. We will bring it to you live when it happens. Coming up in just a few minutes, we will be joined by alibaba. Coms president. The can sto stock is up this mo. Overall, futures are flat to slightly lower. Pretty much across the board. Remember, that follows a huge rally yesterday. Well be right back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. And wells fargo employees are assisting millions of customers never before 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. Stuart as we showed you moments ago, alibabas stock is up this morning. Not much, 1. 62. Susan, alibaba is doing well here in america during the pandemic, right . Susan we know u. S. Small business is suffering, of course, the u. S. Census, 75 attached Financial Aid in the Stimulus Program so they are looking to sell elsewhere with the u. S. Shut down in the month of april. Alibaba. Com says they are doing it on their platform. For instance, the transactions involving u. S. Businesses are up 120 in the month of april. The number of active buyers from the u. S. Were up 76 in the month as well. From february to march, a lot of demand for a lot of different categories as well. Yoga wear was up 120 . Casual shoes, outdoor furniture, education toys. Lets bring in john caplan, alibaba. Com president of north america and europe, to discuss more. These are very surprisingly strong numbers, wouldnt you say, john . Im surprised because you know, we know alibaba. Com and alibaba is one of the Largest Chinese Companies in the world, given the rhetoric over covid stemming from china, were you surprised by the interest from u. S. Companies . You know, its good to be with you this morning. I can say covid has had an incredible disruption to Small Businesses here in the United States and around the world. The impact has been substantial. What weve seen is u. S. Small businesses and frankly, those around the world, need to get digital and go global, and our platform, alibaba. Com platform, is a pure market play so that enables folks who want to sell their goods to the world in bulk to be able to do that. I think thats the reason why american Small Businesses are the most innovative in the world and they are really recognizing that now is the time to pivot to digital and move to the next decade of american Small Business. Stuart can i just come into this real fast . I see from your report youve got a 76 increase in active u. S. Buyers. Is that individual americans buying on the alibaba platform . Its actually business buyers. Alibaba. Com platform is one of the largest b2b marketplaces for manufacturers and wholesalers to sell their goods in bulk to other businesses, so were not selling to families or direct to peoples homes. Its actually businesses who are using the platform to sell their goods to the world, and i do know Small Businesses in the United States are the heartbeat, really the Unsung Heroes of the American Economy, and nobody is scrappier, more innovative or harder working, and those folks are Going Digital on the alibaba. Com platform. Stuart we are very glad to hear it. John caplan, alibaba. Com president , thank you very much for joining us. It is very much appreciated. Thank you very much, sir. All right. You can hear the bell ringing. In three seconds, trading will begin this Tuesday Morning. Remember, please, we are coming off a huge gain for all the indicators yesterday. We were, what, 900 plus on the dow industrials, nice percentage gain all around. Well, we have now opened for business. I can only see six or seven of dow 30 in the green, on the upside, but the downside move is quite limited. You are off about 80, 90 points as we speak, as the market is opening up. Thats a fractional loss percentagewise. A similar fractional loss for the s p. Thats down seven points, about a quarter of 1 . The nasdaq composite, that is down a tiny, tiny fraction fraction,. 03 . That implies the techs are doing okay. We will see about that. Walmart, nice gain, up nearly 3 . Online sales up 74 in the First Quarter. They spent about 1 billion on virus precautions. Investors dont mind that. The stock is up 3 at 131. Its a dow stock, remember. Home depot, they also spent a small fortune on the virus. Most of it going to their employees. The market didnt take that very kindly. They spent 850 million. The stock is down four bucks at 241. They did record, though, a six increase in same store sales. Interesting story here. Amazon reportedly in talks with the now bankrupt jc penney. No details at this point. A buyout of some sort could be out there. We dont really know. We will ask our top retail guy, Gerald Storch. Hes coming up shortly. Amazon is up seven bucks. Now, delta airlines, Interesting Development there. Lauren, what are they doing about social distancing on planes . Lauren okay. So the ceo is making a bet. He says that to feel safe, passengers will pay more. They will pay a premium. What they are doing on their planes at least through july, maybe longer, is that no plane will have more than 60 capacity. The recommendation is for a little bit more than that, but delta is saying look, we got to get people to fly, they will pay for it if they feel safe. They are using coronavirus as an opportunity to really serve their customers. We will see if it works because as you know, very few people are flying right now and that trend is not expected to reverse soon. Stuart its a gamble. Very interesting. Not sure which way i would go on that one but well see when i fly. All right. Nike trying to reopen. The stocks up a tiny fraction. What are they up to, ashley . Ashley yeah, trying, as of may 14th, just 5 of nikes stores in north america had reopened. Nike says its going to take a very cautious approach, a sixstep approach they say, each store has to meet those six requirements before they can open and when they do, you can expect social distancing, you can see limits on store traffic, also all the employees will wear masks, there will be frequent sanitizing. But they have seen a surge in Digital Sales to offset some of these store closures and they also say encouragingly that the stores they have reopened in china and south korea have shown strong recoveries. They are optimistic that once they can get going again here in north america, they believe they can start to pick up that revenue again in store. Stuart all right, how about disney . Theres a shakeup there. One of their top streaming people is leaving. Lauren, going to tik tok, is that it . Lauren yep. His name is kevin mayer. He was instrumental in disney plus and the content deals of the past few years, marvel, pixar, you name it. He will be the ceo of tik tok and c. O. O. Of the companys chinese owner. Why is that important . Well, its important because hes the link between beijing, who owns this company that has nearly two billion users worldwide, many of them in america. He has two big tasks at hand. Number one, give this company legitimacy. Many u. S. Government agencies have banned it. Number two, look, they have the eyeballs. They have the users but do they have the revenue. Will he boost ad sales, music, gaming and the like. He was a key player so disney stock down on this news. Stuart down 1. 60 but they are back up to 115. I seem to remember them bottoming at about 90 or even lower. Overall, mixed picture for the market. Down 100 on the dow, up a fraction on the nasdaq. Look at tesla. They just turned into the red, negative. They are raising the price for their full selfdriving feature. Not sure i know anything about this. Susan, how much more will people have to pay . Susan 1,000. It will be 8,000 on july 1st. Elon musk says you can get it at a bargain for 8,000 because its worth 100,000 some day. This is full selfdriving capability, meaning its not exactly entirely autonomous because the software has to keep up with the hardware which its not doing right now at this point. In the future, he has a lot of ideas as to how to use this. For instance, instead of having your car parked when you are not using it, you can maybe rent it out for ride hailing in the future and then he says also, he says in the future you could also possibly pay a subscription fee for this instead of paying the outright 8,000 as well. But he says get it at a bargain, its 8,000, could be worth 100,000 in just a few years. Stuart okay. I listened to that one. Now we have a real mixed picture on the market at the moment. The dow industrials down 170 points. That puts them back at 24,429. Ive got to tell you, the technology stocks, microsoft, for example, amazon, facebook, they are all on the upside and thats helping the nasdaq. The tenyear home depot is a dow stock. Its down. That accounts for 47 down points on the dow industrials. Got that one. The tenyear treasury yield is. 72 . Not much change. The price of gold, still around 1742 an ounce. The price of oil holding up, i believe. Now its at 33 a barrel. Southwest airlines, they say their revenue in may down 90 from this time last year. They are now seeing a nice gain in bookings as it says here the virus fizzles out. I dont know about that. Theyve got a gain in bookings and southwest is now up 1. 3 . Luckin coffee, Chinese Company listed on the nasdaq, they just received a delisting notice, right, susan . Susan they ipoed just about a year ago so Luckin Coffee is that Chinese Company that was supposed to be a starbucks killer. It turned out the c. O. O. Fabricated around 300 million worth of sales last year and you are seeing a multitude of executives stepping down as well as a lot of Big Fund Managers taking their money out of this company. The ceo has stepped down and now the nasdaq says its time to delist. In fact, it hasnt been traded since the start of april. I guess this is just a black mark for corporate china. Stuart they claimed they got a lot of revenue, they didnt have it. Is that accurate . Susan well, they didnt have 300 million of revenue but thats a lot of money, isnt it . Especially for a country like china thats still relatively new to coffee drinking. Stuart youre right, its a black mark for Chinese Companies if they dont get the books straightened out properly. Susan, thank you. Check that, what have we got . Oh, the big board. We are still down about 150 points. Home depot is a dow stock. That accounts for some of that loss. At the white house, President Trump will address the nations farmers, ranchers and Food Supply Chain. Its a Virtual Meeting. He will conduct it starting around 11 00 this morning and you will see it. Did you see this . Crowds cheering as a new jersey cop allows a gym to stay open despite the lockdown. Hours later, the gym was fined but the owner says thats not going to stop him. I believe he opened up again this morning. Governor phil murphy, he now says the state will not fully reopen quote, until theres a vaccine. What . How longs that going to take . More on that in the next hour. Check hotels. They have been hit hard since very few people are traveling. Now they are trying to get people back with higher clenly n ness standards. That report is next. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. 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 stuart a mixed picture on the markets. The dow is down 130 but the nasdaq composite is up 24 points. Heres why the nasdaq is up. Look at big tech. Largely on the upside. Amazon is up, facebooks up. 214 on facebook. Apple has gone to 316. I dont know whether weve got it on the screen or not, but weve got microsoft moving up. Pretty close to the alltime high across the board, big tech is doing very well. Look at the hotel companies, please. Believe it or not, they are now seeing an uptick in occupancy rates. Jeff flocks with us. Hes going to tell us how they are getting people back into their rooms. Tell us, jeff. Reporter we thought we would check into a hotel, give you some sense of it. Remember that line, no food, no pool, no pets. Now its no food, no pool, no spa, no mini bar, dont look in the mini bar for anything because you look in there, as you can see, they have cleaned that out. Lot of things are going away in hotels. You know, i guess thats just the way its going to go. This is a marriott property. They say they are going to employ a lot of new sanitizing. In fact, one of the things they are going to do is use electrostatic sprayers. What is that, you say . Well, maybe take a look here. This is the way that works. This is one of the companies that employs these things. It sprays all of the surfaces in the hotel, particularly the bathroom here. Of course, these were in use before coronavirus came along. You know, when you do that, these are charged particles that kind of find their way on surfaces and disinfect a little better. Maybe i will show you the rest of the hotel room. Looks pretty normal, as we tell you it is hell for hoteliers. Occupancy rates down 58 , revenues down 76 . But according to the folks that know, that is materially better than it had been. In fact, they say, you know, things are picking up in terms of bookings. The problem is, though, its mainly the low end. Take a look at a quote, i cant see it because its dark in here, but the fellow who is the senior vp for a company that keeps track of all these statistics says its the lower end of the spectrum that is actually doing better right now, luxury, not so much. Theyve got fewer declines on the lower end. Luxury still now down about 90 . People just not traveling to places like europe, fancy hotels, folks are not there. Go to the motel 6, perhaps. Stuart well, i like that spray kind of thing. Its not really a spray. The Electronic Device that cleans things. Of course, they will have to go through that room now and respray everything because youre not wearing gloves, youre not wearing a mask. Get out of there. All right. Reporter but im taking hydroxychloroquine. Stuart very good. Very good. Spur of the moment remark. That was very good, jeff flock. On the ball as usual. Thank you very much. Couple of stocks, want to check them for you. First off, walmart. I want to concentrate on walmart. They just come out with their earnings report. I want to bring in Gerald Storch for this, because hes the retail guy. Gerald, they seem to be doing this pickup, delivery, just right. They are really tuned into that and thats really giving them a great report. Is that right . They are firing on all cylinders. Ecommerce business is up 74 . Their store business did well. What they did uniquely and better than home depot, is not only did they grow their sales but they grew their profits. They actually leveraged their expenses, their expense rate fell despite the major investment in coronavirus related expenses. Stuart is that the difference between them and home depot . Totally. Home depot also had a big sales increase. They were up 6 , 7 on the top line, but they werent able to get expense leverage. Both of them spent a lot of money on the coronavirus but walmart was a 10 increase, plus the machine that they built, both instore and online, was actually to see their expense rate decline, whereas home depots expense rate went up by 190 basis points. Stuart take a bow, gerald. You called this. You said that walmart, along with amazon, would be one of the biggest winners from the virus. Would you agree with my characterization, walmart is a virus winner . Absolutely. They are one of the giants out there. These are the killers, these are the tvelociraptor of retailing, going all guns blazing. Stuart what do you make of all this talk about amazon and jc penney getting together . Talking about getting together . Is there anything to it . Well, there could be. There is business logic to it. Amazon was a little late to the apparel game. Its one of the biggest markets in all of retailing and amazon is selling everything, as we know. They have a huge focus on apparel and this is the way of getting big gain with one single chunk and jc penney is really cheap right now. After all, they are in bankruptcy. Amazon has bought companies before. They bought whole foods, strengthened their food business, so this would be analogous to that in the apparel business. They are reportedly looking at amc as well. Stuart 30 seconds. Can you tell me another big virus winner in retail . Costco or dollar general. Stuart leave it at that. You know, gerald, theres a technique to television. Short, sharp, to the point. You got it down so well. But dont, please, leave me with oneword answers to a question because that leaves people like me really in the dark about what comes next. It just does. All right. Great. Stuart thanks. See you soon. Netflix has hit another alltime high. Fourth day in a row. Netflix up to 455. Thats the price right now. Theres a virus winner. Live look at capitol hill. 30 minutes from now, fed chair powell, treasury secretary mnuchin going to testify, they are going to do this Via Teleconference before the senate. That should be interesting. Then theres fox. Com website where you can buy things like groceries, cleaning supplies, in bulk. Have they seen a boom in business during the virus. The ceo, frequent guest on the program, joins me next. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. 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. Stuart you know, we really like talking about virus winners on this program and there are several we mentioned, including boxed. This is a company that sells bulk items online. Boxed. Coms ceo is a frequent guest on the program and hes back now. Hes a favorite guest, i might add. All right, lets get serious here. In the last ten weeks of the lockdown, how much has your business gone up . We have seen millions of customers shop with us over that period and we have seen traffic more than double. We have seen a rise in our business all throughout, especially our consumer business. Stuart wait a minute. Do i have to give the number . Because look, ive got it on the screen now. Your business has gone up 81 in the last ten weeks. That is accurate, is it not . That is more than accurate. If you include the latest set of numbers, you will see its actually probably gaining, that number. What you found is overall, [ inaudible ] and we have done a great job of keeping things like hand sanitizer, toilet paper, high demand items in stock. I think the customers are rewarding us with their loyalty. Stuart what kind of customers are you seeing . Because you and i used to talk before the virus and i think you were selling to a lot of millenials. How about now . I think its totally changed. We went from 3 to 4 of americans buying essentials and groceries online to in the middle of covid, you saw that number go up to 33 of americans buying essentials and groceries online. That spans all walks of life. So for us, thats not only millenials but now the immunocompromised who dont want to venture into a store and are actually trying it for the first time and think its pretty easy, why dont i keep doing it. We have already seen those customers come back even though they just first shopped with us not so long ago. Stuart what are you doing, what kind of money are you spending on your employees . Because they are front line employees. Thats right. So weve done a lot of things to not only keep them safe, you know, that will actually impact our bottom line so things like hiring 4x the amount of janitors to help keep the facility clean, additional ppe, even having 30 minutes of downtime between each shift to make sure we do a deep clean in the facility and no one really interacts with each other, and they walk in and out of a shift. So all those things are affecting the bottom line but are the right thing to do. We also provide Free Health Insurance and Stock Options and those are things we will continue to do even postcovid. Stuart you have to be worth a couple hundred Million Dollars by now. When are you either going public or cashing out . Which is it . So its a really interesting thing for us, because at least now, [ inaudible ]. Stuart how convenient. How convenient. I ask him when hes going to cash out, when hes going to go public, and the shot goes down. We lose him. He will be back, thats a promise. Okay. Moving on. We are going to bring you a president ial speech around 11 00 eastern this morning. Its likely to be another positive from the president. Hes changing the conversation to wheres this economy going, on the upside. We will bring you that speech when it happens. First, though, more problems for joe biden. He cant hold a Virtual Meeting without a major hiccup. Im calling this, maybe im being harsh here, but im calling it the floundering Biden Campaign. 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Use it to Cover Health Care costs, or to pay off large bills. Or just have the money on hand when you need it. Call now to receive your free information kit. Youve probably been investing in your home for years. Making monthly mortgage payments. Doing the right thing. And its become your familys heart and soul. Well, that investment can give you taxfree cash just when you need it. If youre over 62, a reverse Mortgage Loan can be a source of retirement security. Act now while home values are high and Interest Rates are low. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better stuart the at tommic clock says in five seconds it is 10 eastern time. Well hear from secretary Steve Mnuchin and. Edward lawrence is following it, do you know what they will say. Reporter inoafing statements from both men. Fed chairman jay powell will tell senators federal tools put into place will remain there until Economic Conditions improve. He will say the federal funds rate will stay near zero until theyre confident the economy has weathered this shock that we go back to full employment. The fed chairman says he believes they will get back there. Treasury secretary Steve Mnuchin will tell senators that the irs has given 240 billion to 140 million americans. Those in the direct stimulus payments. Also treasury has given out 150 billion to state, local, and tribal governments. Mnuchin said they listened or will say they listened to medical officials and working with governments to reopen states in a way where it minimizes the risk of getting the coronavirus. Now about an hour ago treasury secretary Steve Mnuchin was in a meeting with the Vice President , Senate Majority leader Mitch Mcconnell and representative kevin mccarthy. A Senior Administration officials tells me that was about the phase four stimulus, what should be in the package and how to go forward with that. Mnuchin just about a few minutes ago actually coming out of that meeting said there was fairly helpful. Back to you, stu. Stuart i want to hear more about the next rescue package because thats a key i think. Do they get or dont they get it or do they want it or dont they want it. Edward, thank you very much. Since the headlines, not seeing any movement on the market. Still down 100 points for the dow industrials. Scott shellady is with us. Lets go at it here, do you want to see, i dont know why youre laughing, do you want to see a lot more money printing from the Federal Reserve . I think, stuart, i know there are a lot of Small Businesses that are hurting. I think we have to wait to see how much weve spent and see whether 3 trillion is spent. To give everybody idea, million seconds is 11 1 2 days. A bill seconds is almost 32 years. A trillion seconds is almost 32,000 years. Okay. So that is with were talking about is the size of these packages. Why dont we give what we already apportion ad chance to work its way through the system before we start panicking and throwing more money at it before we know how well the first round is done . Stuart okay. You know what i would think would be the best help for the economy . Liability protection for our employers bringing people back. It is not printing money, not a new rescue plan, it is liability. I agree with that 100 . Stuart you cannot expect me to pay 100 of my over heads or left me to have 15, 25 of my revenues. Let the economy go wide open. Along with liability, that is better than any stimulus package we could ever bring up. Stuart what are you expecting today . Give us a hint, not what you want to see, but what you think we are going to see . Any idea . I think they give words to the situation they will be there no matter what. I think they will have to slowly but surely start to address the fact well probably not see this vshaped recovery, is slow rolling open is a slow rolling recovery. They have to make sure the American People will be some sort of backstop, well be there for you. And they have to reinforce that message. Stuart thanks, scott. Well see what happens. Scott, thank you very much, sir. All right. Check that market. Were still down over 100 points, 24,400 is where we are. A couple stocks worth watching today. Home depot, they reported earlier, sales up, revenue up, but they spent over 800 million on their employees because of the virus. Investors not taking kindly to that. The stock is down nearly 2 . It is a dow stock, so that is hurting the dow industrials. Walmart, that is another dow stock. That is nicely higher today. It had been higher than this, up 1. 24 as we speak. Walmart had been above 130. Now it is at 129. Look at apple. I have a bone to pick with apple. I want you to come into this, susan. They refused the to open the iphone used by the pensacola shooter. For four months, took the fbi four months to get into the phone, found out the terrorist, that is what he was, was in contact with al qaeda. I dont think apple should be doing, that i think she should open the phone, what do you say. Susan you open the phone for one government, you also open the phone for a lot of different bad actors and governments. Think of north korea, china, russia. The Justice Department, fbi scathing in their criticism yesterday because they say the phones contained information that linked this saudi pilot studented, he linked back to al qaeda. It led to arrest of one of his associates they say in yemen but from apples perspective, the Justice Department only contacted us a month after the shooting. If it was so important why did it take a month for them to do that . Plus weve been responding to all their requests. Here is a statement they sent out yesterday after the press conference, scathing remarks we heard from bill barr, the false claims made about our company they say are a excuse to weaken encryption. Security protections protect millions of users and national securities. So much is done on your phone, so much important high security stuff. Nuclear reactors are run on apps. Imagine if bad actors get into this type of information and operation and what kind of threat that poses to the world . Stuart okay. Point taken. It is interesting discussion. The debate will never end. Susan yes. Stuart it will continue, probably on this program. Susan, thank you very much. Stuart susan, thanks very much indeed. All right, everyone, now this. Another difficult virtual appearance from joe biden. Surely democrats are getting more and more nervous about their apparent president ial candidate. Watch this. Youre going to hear, there is a pond on the other side of my property here, a lot of canadian geese. If you hear them honking away, theyre cheering. That is what theyre about. Scale, scale i dont know whose phone that is but the scale of the the loss is staggering. It is two months since Congress Gave them that money. Stuart a few honking geese in the background do not destroy a candidacy, but they make his campaign look incompetent. As he tries to make up for all of this, he goes to extremes. In the goose honking appearance he accused the president of racist messages, verbal physical attacks, im not sure what verbal physical attacks, other acts of hate. He was addressing a group of asianamericans. He is coming very close to Hillary Clintons deplorables fiasco. Then he tried to go toetotoe with the president with nicknames, calling mr. Trump, president tweetty. When that fell totally flat, Speaker Pelosi tried to pick up at home, called the president morbidly obese. Top democrats see their candidate floundering. Former president obama tried to come to bidens rescue in a high school commenceman address. Said the president screwed up, implying biden would do better there is no enthusiasm for his former Vice President. None was there in the obama presentation. The media is trying to rescue him by not mentioning his gaffs, not reporting honking geese and not asking him serious questions. Joe biden is being protected. Democrats, they want him to stay locked down so he can stay on prompter. They will support him, rather reluctantly because biden is a loose cannon when he leaves the basement but they cant protect him forever. At some point he has to emerge. Democrats are not looking forward to that day. If he continues to make a mess of things, the calls to replace him with anyone, someone, anybody will just get louder. Bill mcgurn is with us. He used to be a speechwriter. May still be a speechwriter but he is on the program with us this morning from the wall street journal. Do you think as a speechwriter could you craft a compelling speech to be delivered by joe biden . You put your finger on it. There are two aspects, for a speech to work it has to be confident with the man but it is about the man. There is no clever words that can paper over problems that you have. So many people would come to me, can you write a speech to overcome this problem . And thats not usually their problem. I think mr. Biden looks increasingly like he is past his prime date. Kind of looks like, reminds me of bob dole or joan mccain. By the time they get the nomination it was a little past their prime. Stuart one last, before we close this out, i want to talk to you, do you think in the end joe biden will be the president ial candidate for the democrats . Yes, i do. Because im not sure they have an alternative. It is funny, the parties have switched. The Republican Party used to be the party, be like the elks, so the oldest guy gets it. He has been waiting patiently for 20 years. That is how we got bob dole and john mccain. Now the democrats increasingly look like it. Some much their leaders so old. They cant do better than joe biden . I think theyre stuck with him now. I think if they get rid of him they have got huge problems within their party. Stuart oak. One last one for you, talk to me about liberty university, Jerry Falwells operation. He opened it up in a nutshell, during spring break, Jerry Falwell, jr. Is the president announced that people would return to campus, the kids if they wanted to. And then he had to switch to online classes because Governor Northam banned gatherings of 10 or more. They did. All the press went bonkers, predicting this would be a petri dish of coronavirus. One guy said it if liberty reopens people will die. They just finished out the school year and it turns out no one living on campus, meaning these kids in the dorm or working on campus got, tested positive for coronavirus. There were a few cases but they were traced largely to the community. One kid living at home who hadnt been on campus since some staffers working either from home or off site but you would have thought, it is kind of like Governor Desantis in florida, just pilloried for this. It turns out they may have done something right. Stuart Jerry Falwell, Jerry Falwell, jr. , he is covid denier. I think he blamed it on north korea, didnt he . He brought he was on fox friends and he said a couple things, might be north korean plot. He thought people were overreacting but again, i think if youre a newspaper man, if youre analyzing this, you have to tune out the noise. Like with President Trump, everyone gets so distracted by the noise, that fox friends appearance no one look what he did. They took a lot of steps. Two surprise state inspections they passed. Too often, like with President Trump, the people covering them just allow themselves to be distracted from the main question by the noise. In this case Jerry Falwell was more right than his critics. No one has admitted that. Stuart all right. Bill mcgurn, always a pleasure. Thanks for joining us, sir. Thank you. Stuart the New York Primary has been reinstated. Okay, what is the latest on this one, ashley . Ashley basically a federal court upheld the ruling of a lower court saying that yes, the democratic president ial primary should go ahead on june 23rd. Oh, by the way, it should be reinstated with the candidates Bernie Sanders and andrew yang, should be on that ballot. Again that primary set for june 23rd. Stuart well that will be quite an interesting primary. With all those people. Ashley yes. Stuart really. All right. Thanks, ash. Less than an hour from now President Trump gives what is expected to be an upbeat speech. Fox news reports that the president will announce a billion dollars in aid for Food Distribution companies to help them deliver food to charities. Thats important. And youre going to hear it. The new streaming platform quibi. North korea planning to spend 3 billion do keep north dakota planning to spend three million to keep their drillers on the job s that enough . This. Across many devices. Plus, you want the security trusted by some of the Largest Companies in the world. And thats why you trust us. The most Reliable Network in america. Stuart Opening Statements and testimony has begun. Lefthand side of the screen that is treasury secretary Steve Mnuchin testifying virtually before congress. Main point he said so far, the economy when he emerges will be stronger than ever, no impact on the market at this point. As of now were down 80 points on the Dow Jones Industrial average. Were down a fraction, i mean a tiny fraction on the s p but the nasdaq doing well, thank you very much, up nearly half a percent. Look at target. It has extended its 2dollar an hour pay raises for employees through july the fourth. No impact on the stock. Royal caribbean, you could see this coming a mile off, they may eliminate buffets when cruises resume. The stock down a buck 40. Netflix, there is a virus winner. Another new high, 457 per share on netflix. More on streaming. Disneys streaming chief left to run tiktok. B, qiby. Dont they put out a lot of 10 minute videos. Susan held by Jeffrey Katzenburg and meg whitman failed to spark much interest. Only roughly 3 million downloads so farther since the release in early aint. That is despite a 90day free trial. Jeffrey Jeffrey Katzenberg and meg whitman on on varney and. Listen. Even though we are all right now sheltered in place in our homes and probably watching more television, were watching a lot more on our telephones. When covid hits we made a decision, we originally thought we would have a free two week trial. We said given the economic circumstances lets do 90 days for people. It will give them a long time not to pay for the service. In three months well know in industry, rolls to pay, how many people decide to stay with us. Susan katzenberg blames the lack of interest in quick by on the coronavirus. Short form videos are made for when youre waiting in line at the post office or at the Doctors Office or if youre on your long commutes that hasnt happened because of coronavirus because people are stuck at home. Analysts say the content isnt that compelling and release strategy is not exactly the way to do it. How they release it is episode by episode. Not a full series that is being dropped so you can binge watch it. Stuart im a binge watcher. I have discovered Binge Watching as opposed to binge drinking. Susan wow. Stuart that is me, by the way. Thanks, susan. This is for ashley and i. Premier League Soccer in britain, england that would be, has begun training sessions again. This is part of the restart operation. The players can train but they got to maintain social distance, no contact allowed but it is on the way back. Ash and i feel good about that. Kevin harvick won nascars first race since the lockdown. That was the real heroes 400 race. That same race garnered 6. 23 Million People watching from home. That was on fox i believe. Governors of california, new york, texas, encouraging pro sports to reopen. Ash forget about premier league soaker soccer, tell me about sports coming back to the states. Ashley hard not to talk about the epl but i will move on. Governor andrew cuomo says he wants sports to open, yes, without fans but games could be televised. He said this quote, hockey, baseball, football, whoever can reopen we are ready and willing and able partner. He says it is in the best interests of the state of new york to get back, even if it is an abbreviated form. Meanwhile out in california on the other coast, governor gavin newsom says professional sports could return to california bit first week of june, yes, without fans and modifications of course and safety procedures. That is certainly good news for three nfl teams in california are hoping to start the season on time in Early September but its encouraging that these governors are encouraging all pro sports to get back and get back in the action. Stuart ashley i think there is momentum here to get those sports back out there. Ashley yes. Stuart somehow or other they got to do this. All right, thanks, ash. Ashley yeah. Stuart go to north cac. Officials will spend 33 million. Theyre taking the money from the states virus response money and theyre going to spend it on ways to keep several hundred Oil Field Workers on the job. North dakota senator kevin cramer with us now. That seems like an awful lot of money, another, 33 million bucks to keep a few hundred guys on the job . It is really important, stuart, that those guys stay on the job. It will be 500 oil workers be employed, plugging wells for the timebeing. When i say plugging, wells right now are not being productive or we have had to shut in. But what it does, it preserves the well for the comeback and it preserves the skilled worker for the comeback which is very important to restarting the bach compensate when we get bakken when we get demand and price back. It is a very good use of 33 million. Stuart senator, we have jay powell and treasury secretary Steve Mnuchin testifying on capitol hill this morning. They will talk about another rescue package, printing money, spending money, i got all that. Forgive me for injecting my opinion. I think the most important thing that congress and the fed, anybody else can do for the economy is Liability Protection for employers. You with me on this . I am with you on that, stuart, frankly what will you invest in if no one dares to reopen their business because they might get sued . Not might, almost certain to get sued, there is lineup of lawyers waiting to pounce on this opportunity. So i would agree that has to be part of the next package. Even with the existing package. Im on the banking committee, i will go to the hearing from here, i would like to see more efforts, more detail how we help Midsized Companies that fall through the cracks between the really big guys and ppp folks if you will, they were credit worthy prior to the pandemic. They may not be investment grade. You know they cant get a grant but they need some liquidity. There are some important issues we need to talk about in terms of getting economy going. One more thing, stuart, to on the premier League Soccer, in bismarck, the magic Soccer League starts this as well. My 13yearold son is looking forward to putting on cleats to get out there. Stuart bring him to new york, well watch a game together. Well watch liverpool. He would love that. Stuart mr. Senator, thanks for joining us. My pleasure, thanks. Stuart Speaker Pelosi resorting to a little name calling in response to the president , announcing that he is taking hydrocolor quinn. Especially in his age group and shall we say weight group, morbidly obese they say. Stuart morbidly obese, is that the way the speaker describes the president of the United States . How about that . Brian kilmeade is fired up about it. He is on the show shortly. We showed you this as it happened yesterday. Crowds cheering as a new Jersey Police officer allowed the gym to stay open despite the lockdown rules. Hours later that gym was fined but owners are not backing down. They have opened up again today. A full report for you coming up. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Stuart remember that gym in new jersey that reopened despite the states lockdown orders . The owners were fined as i recall. They were given a fine, Disorderly Conduct summons what it was. Members protested outside of the gym early in the morning on monday. It then reopened. They got a fine and they fined the owners. Im told they reopened again this morning in defiance again. Well have an update on that later on. The owners say they will continue to stay open. Staying on this topic other businesses joining in the revolt in new jersey reopening. I have with me kelly. She is the owner of a nail salon, the raspberry hair and nail salon in new jersey. Kelly, welcome to the program. I believe you are suing the governor of new jersey patrick murphy. What are you suing about . I believe that my Constitutional Rights are being trampled upon and im not comfortable with that at all and stuart are you prepared to reopen with all kinds of sanitary conditions, gloves, masks, all of that . I have had the last two months to prepare based on other guidelines in other states because our state has not provide us anything as of yet. Yes, we purchased any sanitation, disinfection we already have had that anyway as part of our everyday practice. Stuart okay. We just stepped up our game up with that. I mean we had two months to prepare. I belong to a new Jersey Salon Coalition that was formed by three salon owners in new jersey and there is over 664 salon owners that we are all in. Stuart so a big suit here. Well, were stuart have you gone to court yet . No. Not yet. Stuart if you do not reopen, if they keep you closed, what kind, what is your financial situation . I mean, i have been closed foreover two months already. My girls are collecting unemployment. My financial situation, i mean it is not going to last for another two months or another month for closing, thats for sure. It is not fair. I mean we did receive the ppp but the guidelines have to be moved. Theyre not, 33 were only allowed to use for rent. I had to pay march, april, mays rent. Going into june. Kind of not fair the way it is set up. Stuart we understand your position entirely, kelly. Thank you very much for being on the show, explaining what is going on here. Im not going to say i necessarily support but i understand exactly where youre coming from. Kelly, thank you. Another situation is, people are Getting Services done anyway. All over social media. Theyre getting their hair done, getting their nails done. Salon owners are sitting here watching that happen, paying rent. Not fair. Stuart i understand, kelly, got it. Lets bring in, we have got a student from toms river who want as public Graduation Ceremony. Cant get it. The lady joining us now is jeannie from toms river high school. Jena you are suing the state, governor of new jersey. Tell me more about that, please. Yes. I joined this lawsuits in hopes to get a inperson Graduation Ceremony on behalf of myself and my classmates. We feel it is unfair to allow our jersey shore beaches to open and the hotels and businesses but it is automatic no for the Graduation Ceremony. We have proof that we can socially distance at these ceremonies f we can do that at the beach, hotels, whatever it is we can do it at a graduation and i think my classmates and i all deserve a proper goodbye to the last 12 years we put into this. Stuart have you filed the suit yet . Im really looking to see if you got any kind of answer . Yes, we filed the suit. There has been no answer, yes. Stuart okay. What about your classmates, they all want to do this, facetoface graduation . Yes, i definitely would assume all of the people in my class would want to do this. There is a couple other seniors on the lawsuit. I just think we should be given something that you know, is a milestone in other life. If other things like the beach can open and they can be deemed safe, i think a Graduation Ceremony could also be deemed safe. Stuart jeanie, thank you very much for joining us this morning. We do appreciate it and we can see exactly where youre coming from. Thank you, maam. Appreciate it. Thank you. Stuart im staying on the revolt theme, and that is what weve got going here. Wisconsins governor says he will not pursue statewide virus restrictions after the state Supreme Court struck it down last week. By the way, oregons restrictions will be kept in place. Lets bring in judge Andrew Napolitano on this one. Look, im interested in the wisconsin situation here. The governor has had to back down because as you said on this program, judge, you cant make the law. You can only the governor cant make the law with this. Well that, good morning, stuart. That is exactly what the wisconsin Supreme Court said and not all state Supreme Courts have gone the same way. These are decisions based upon the state constitution and state statutes and they are unique to each state. Pennsylvanias went 43 Supreme Court upholding the governor. Wisconsin went 43 against the governor, basically saying the constitution doesnt give you this authority and laws dont give you this authority. You cant create the authority yourself. As you just said, stuart, you cant write your own laws. Only the legislature can do this. After hemming and hawing for a week he did the right thing yesterday, which is give up the ghost. The Supreme Court has the final say on meaning of laws and constitution. They say his executive orders are invalid. Therefore wisconsin is open without any restrictions. Stuart what do you make of our state, new jersey . Lawsuits nail salons want to open, High School Graduates want facetoface ceremony, are they going to win . You and i talked about two weeks ago on this topic, we both predicted that the lawsuits would soon come. I dont know if theyre going to win but those who are doing this in my view, particularly the gym owner in belmawr, new jersey named ian smith, they are american heroes for challenging the unlawful, unconstitutional, if i may, dictatorial edicts of governor murphy. Only with resistance can Civil Liberties be enshrined, stuart. People are sheep and theyre willing to accept the trampling of their liberties about t take as determined minority to resist the government, and thats what were watching. Stuart in new jersey too. Judge napolitano, thank you very much, sir. See you again real soon. All the best. Stuart californias governor newsom, he is warning if his state doesnt get federal aid, firstresponders could be among the first ones laid off on the budget cuts. What . The first person you lay off are firstresponders, Police Officers and fire people . Good lord. Well discuss that. First though, dozens of Meat Processing plants across america remain closed. That is putting pressure on the Food Supply Chain. What are we doing about it . Well be back. 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. Stuart market has been open one hour 11 minutes. Whatever jay powell and treasury secretary Steve Mnuchin has to say has not moved this market. Were still down about 170 on the dow, slightly though on the s p. Nasdaq continues with its gains. That is the state of play in the markets. Restaurants getting health for charging customers a virus surcharge. Grady trimble joins us. What is this all about, grady . Reporter well, depends on the restaurant. Some restaurants are doing it, some arent. Theyre also charging different amounts but the reason theyre doing this because their costs have gone up just like you and i are paying at Grocery Store for things like meat and eggs well they are too. In some cases they are passing that cost along to the customer. We have one example that went viral in missouri. A 2. 19 charge for a 50dollar order. The person who paid that was not very happy. Then another example here in chicago, over the weekend, a restaurant added 26 charge to all orders and, then they got so much backlash they actually announced that they were doing away with that charge. But restaurants have added costs right now, stuart. You have to remember that theyre providing ppe for workers and theyre also operating at limited capacity where dinein is available, so theyre spending more money, making less. Not to mention they have been closed for two months in most states. Stuart 26 surcharge seems a tad excessive to me. That is adding on a quarter. Reporter the court of Public Opinion agrees with you too. Stuart thank you. On on food industry, im staying there. Stu leonard is with us. It is a chain of Grocery Stores in the northeast, a fine stores. I went into stu leonards in 1972, that was my First American supermarket anywhere. Stu leonard joins us now. How are you today, stuart . Stuart im in great shape. I want to ask you about the meat shorage, have you had trouble getting meat supplies to your chain . No, we havent. We have, we have not. Were smaller, i think what youre hearing about is the big National Chains that are buying maybe like 100 trailer loads of beef from these big meatpacking plants in the midwest. They are down to 70 capacity right now but theyre building to 80 , 90 , people who are quarantined are coming back to work again. Temporary shortage. It should go through labor day. We havent experienced it at stew leonards. We buy from smaller suppliers. Stuart i remember going into the stew leonards, this is way back when. I remember aisles are very, very wide. You have a lot of space between the food here around the food there, a lot of space. That would seem to be really good for you guys to increase the number of people in the stores. Are you restricted at the moment . Well, no, we actually do our 50 occupancy. That is what we promised the governors. Governor murphy, cuomo, lamont of connecticut. 50 . As you can see people have plenty of space to shop. We do have wide aisles. Guess what . We only have one aisle. It is a big snake throughout the store. That has helped us. These businesses that will reopen, stuart, one of the most important things they can do is make the customer feel comfortable when they come in and make sure you practice that social distancing. Stuart do you expect that 50 capacity to be raised anytime soon . I hope so. You know what the key is . As these businesses reopen today, they got to do it right. And i just heard the fellow before him saying that cost of going up, they have gone up for us too. You have to clean extra now. You have to give masks out to all the team members that work there. Gloves have to be given out. San wipes, sanitizer. Those are expensive. Guess what . We used to get 25 cash at stew leonards before the virus hit. Now were only getting 8 . That dumped over to credit cards which a lot of Small Businesses have to pay two to 3 sometimes for. Stuart well, stew leonard, jr. , soldier on please because you run a fine chain of food stores. If youre not careful i will be back there again. I will spend money on that. Hey, stuart, i i want to ask you a question, okay . I was asking martha stewart, i said what do you want . Fish. So i bought her beautiful fish over. Guess what i have for you . That is a ranchers favorite, ribeye steak right there. You cant get any better. Im driving around to all the stores. Stuart come on my way. Come on my way. Thank you, stew. Have a great memorial day. There will be more varney after this. That is ati fact. 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. 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. Stuart we still got a loss on the dow of just over 100 points. That is about half a percent. We still got a loss on the s p which is tiny and fractional. We still got a very nice gain, thank you very much, on the nasdaq composite. I see all, almost all of the big techs up all over again. Amazons up. Microsoft is up. Big day for technology. As you can see. Nasdaq now up 52 points. That is a rally. Big rally yesterday as well. It is that time on this Tuesday Morning when we go direct to Brian Kilmeade, host of the Brian Kilmeade show on the radio. Hey, brian, before we get started i want you and our viewers to listen to what californias governor gavin newsom said about firstresponders possibly losing their jobs. Roll that tape please. They say, folks it is dead on arrival. I hope they consider this, next time they want to salute our Police Officers, firefighters, our officers responders consider the facts that they are the first ones laid off by cities and counties. Stuart i dont get it, brian, why should firstresponders be the first to get laid off . They shouldnt be but how do you win over republicans or people who are not sensitive to the budget deficit of california and what theyre up against because they insist on spending so much and taxing so much . Firefighters and cops. You think to yourself, wow, what are you supposed to do. No, how about looking at your budget, make tough decisions like florida has done in the past, texas has done in the past. What about the bullet train supposed to go inland to collect San Francisco panned los angeles, does nothing but bleed money. It is stopped. They wont release money or stop spending on it. Nothing is being done on it. What about seizing that, taking that revenue putting it toward Something Else. How about finding a way to cut 75 million that youre giving to undocumented, excuse me, illegal immigrants. They are getting grant money. Before you make the government make hard decisions about what state deserves what, why dont you show them discipline on your side first . Stuart they will always make it painful. They always make it painful. You have to cut anything, they make it as painful as possible so you dont want to cut. Just give them the money. That is what it is all about, all the time. Weve seen this before. Stuart, i have Something Else to add to this equation. How about this . If you know youre getting bailed out by the government what is the rush, the urgency to open up your state . What is the urgency to make budget cuts and tough fiscal decisions . Zero. If you make it clear it will be like pulling teeth. That you will not get 900 billion that you wanted, i mean, you had gavin newsom get together with the washington governor and Oregon Governor say we would like the western states just to get one trillion. Well divide it up like we want. Where are we getting this money . Stuart im with all the way, brian, all the way. Before we run out of time, i want you and your viewers listen to what nancy pelosi said about the president. Roll tape please. Our president i would rather he not be taking something that has not been approved by the scientists especially in his age group and in his, shall we say, weight group. Morbidly obese they say. Stuart did you hear that, morbidly obese . The speaker of the house describes the president of the United States as morbidly obese. Good lord. Go ahead. Hey, stuart, can we get video of her going right from the shot of Anderson Cooper play praying for the president , or maybe we dont. Maybe she isnt praying for president. Or maybe that kind person everyone displays that is looking for something greater than herself. That was a personal shot you expect on a sixth grade playground. It is unacceptable to talking about peoples looks, weight, height, anything like that especially at this point in her life. Is she vulnerable at all to people mocking her looks . Are people going to talk about her age . 2 would be totally inappropriate if it was. She takes a shot at the president. I mean, just juvenile. You would expect more from the speaker. I dont think paul ryan would do that. Stuart so much is personal animosity directed at the p. They never got over their loss. They truly detest this president. It surfaces on every single issue, personal animosity. Never going away. Final, final thought. Joe biden, if he is president , that is the real president. That speaker of the house will have all the power, writing legislation, telling joe biden what to do. Doesnt matter who the Vice President is. She will be the pseudo president of the United States. That is who people think about who she is voting for. That might be great. Maybe that means he will run away with the election. So people should be clear, she is the one pushed obamacare through. Barack obama given up on it. She said i can figure out a way to do it. And she did it. If sheave finds somebody like joe biden, who wrestling with canadian geese, having problems shutting off his phone in his basement yesterday, that is who the president will be. Stuart i think were being perhaps a little unkind with the honking geese. We ran it several times. Brian youre all right, cheer up, brian, it is not that bad, lad. Cheer up. Cheer up. On your screens a promo for what were doing next thursday, may 28th. Were hosting a America Works together virtual town hall here on varney. Im joined by dave ramsey, ken coleman, chris hogan of the Ramsey Solutions team. Send your video questions to invested in investedinyou foxbusiness. Com. Shortly you will see another president ial speech all about billions of dollars to help deliver food to charities. That is a big deal and its next when we started our business we were paying an arm and a leg for postage. I remember setting up shipstation. One or two clicks and everything was up and running. 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Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better stuart precisely 11 00 here on the east coast and the markets Still Holding with a very small loss for the dow industrials. We are down just 80 points. Thats it. The s p has moved into the green and the nasdaq, doing very well, thank you. The nasdaq is up about. 66 , so technology is doing well. We are waiting for that News Conference at the white house. Its really a sort of speech from the president. Fox news says the president will announce billions, plural, billions of dollars in aid for Food Distribution companies to help them deliver food to charities. That is a big deal. We will bring you that speech live as soon as it is on your screens. All right, everyone. Now this. The National Virus dialogue has done almost a 180. Weve gone from the negative to the positive, from death tolls, caseloads and lockdowns to vaccines and opening up the economy. It is President Trump who has led the way. Hes the optimist here. Hes looking to the other side of the virus shutdown and he sees recovery, growth and return to prosperity. Isnt that what a leader should be doing and saying . The crisis comes on suddenly, the president cuts travel from china, its source, he forms a task force, lets governors lock down their states if they so choose, he marshals hospital beds, ventilators, and orders billions devoted to treatments and vaccine research. That phase lasted about five weeks. Then as a leader should, he recognized the need to come through the lockdown. It was obvious you couldnt shut down the economy forever so he offered guidelines for reopening. He enkorncouraged us all to getk to work, to look to the other side. Its a remarkable transition from despair to hope. The democrats response is to criticize everything, especially the current wave of relaxing the rules. What do they want, really, what do they want . Dont go to work, dont get out of your house until the virus is gone completely, no risk . Thats absolutely impossible and they know it. Truth is, they are not offering leadership, just partisan politics at a time of national crisis. In a few minutes we will hear from the president when he addresses the nations farmers. I dont know exactly what hes going to say but i doubt it will be doom and gloom. It will not be. I doubt he will whine and moan about how awful things are. One last point, if i may. A new gallup poll asked this. Did you experience worry yesterday, very simple question. This week, 47 yes, felt some worry yesterday. A month ago, 59 said yes, we have been worried. 47, 59. How about that. As we open up, we worry less, from the negative to the positive in the last month. Led by president donald j. Trump. As he likes to say, the transition to greatness is underway. Frankly, im with him. Pete hegseth is with us now, fox Friends Weekend cohost. You heard what ive got to say. Give me an update on this revolt which i think is part of looking to the other side and getting through this mess. Very much so. I called it the revolt of the hairdressers and gym owners and Restaurant Owners who say we can responsibly reopen. Every business is essential for the people who own them and work at them, especially in the private sector, stuart, where there is no taxpayer money ultimately to fall back on. So the president is precisely correct, hes tapping into the psyche of the American People, hes encouraging them to go out and be responsible, to apply common sense. The opposite of the one size fits all draconian measures you have seen from democrat governors in a lot of these states and stuart, i was with you yesterday at a gym in new jersey and these guys set the bar as high as you can for the protocol of safety with their members in their gym. A level that Big Box Stores could never, ever meet, where people are crowded in to get items that are not just essential. So mental and Emotional Wellbeing is critical right now. The president understands that. Hes cheerleading for that. And i think hes going to keep talking about reopening because we absolutely have to. You can respect the virus while respecting people enough to be responsible and provide for their livelihoods and ultimately, stuart, at the end of the day, we all have a choice. If your fear or anxiety is too high to go out, then dont go out. But the rest of us have to start reopening. Stuart so why do you think it is that governors, almost all democrat governors, they are saying no, keep these lockdowns going, stay in your house a bit longer, keep the lockdown going . Why are they saying that . Probably a little bit of politics but a lot of power. This idea that weve told the people what to do, now the people must follow even if it doesnt make any sense. In the case of this gym owner, update, i just heard from his lawyer, they received a summons again today, him and his owner, they are threatening as governor murphy has said, because this gym thats doing it responsibly, we are not just going to fine you, we will fine your staff and anyone, any patron that goes to the gym even if you are respecting all the sanitation protocols. I think they are digging their heels in and again, its the view of the left, the collective view that we are going to tell everyone what to do and if you see it through the lens as they often do of government workers and the belief that its okay to be on unemployment, im not dismissing being on unemployment but people want to be back to work and its a problem if unemployment pays more than the job you had and the incentive is to not work. For the left, they are not as concerned about that. For freedom lovers, for capitalists, we recognize the backbone of this amazing economy the president has built is the private sector, is Small Business, those people want to open up and theres no bailout for them except their business opening again. Stuart i hope thats in your book. I happen to know that your book is out today and im looking at the cover and i see the 101st airborne buoyantly holding the flag there. Give me the preview. Whats the message . You know, stuart, thank you. The book is american crusade but the bottom tag line is more important right now. It is our fight to stay free. You dont stay free unless you fight for it. Donald trump is our crusader in chief right now. He exposed the poisons of political correctness, the media and how in the tank they are and hes taught a lot of us how to fight, how to win and so i didnt understand this before his election. This book is meant to be a road map, how do we channel that and win not just in politics, but its our education, our culture, our media, our universities, our churches, which the left has tried to turn against the idea of freedom. So a friend of mine called it the decoder key for leftism which i took as very much a compliment. You have to understand how deep their rock is in our institutions in order to learn how to fight back against it. I hope the book gives a pathway to that. Stuart its out today, but i can get it free if i join fox nation, is that accurate . You join fox nation for a year, you get a free special fox nation edition, signed by yours truly. I know you got your personal copy. But everyone else can get it through and you get to watch all the amazing freedomloving patriotic capitalist content on fox nation. Why not a combo for fathers day and for the summer. Stuart when you sent me the book, i looked at the return address and its in big letters, the United States of america. Well done. You Better Believe it. You Better Believe it. Stuart we think youre all right. Thanks, pete. See you soon, thank you, sir. Got to check some big stock movers for you. First off, home depot. Big drag on the dow because it is a dow stock, down 1. 5 . Sales up, revenue up but they spent a ton of money on their employees getting past the virus. The stock is down 1. 5 . That hurts the dow. Other side of the coin, walmart. They adapted very well to the virus. They are a big winner from the virus, actually, online sales up, what, 74 thanks to Curbside Pickup. That did very well for them. The stock was up more, back above 130. Now its up just 80 cents at 128. Next up, disney. Their top streaming guy, out. Hes headed over to tik tok. Thats a mobile video app. He will become their ceo. Disney is down a couple of bucks, not necessarily just on that news. Southwest airlines, their may revenue down 90 from last year. They are now seeing a nice gain in bookings and the stock is up 2. 7 . Small increase in bookings for southwest. Carnival, the cruise line no, sorry, carvana, i misread that, online car retailers, down big. They are putting another five million shares up for sale, around 95 a share but that dilutes, therefore down comes the stock. Next case, President Trump. Hes made quite a rosy prediction for our economic recovery. Watch this. The markets up very big. I think youre going to have a v. I think its going to be terrific. I think were going to have a transition in the Third Quarter and transitions going to lead the a really good Fourth Quarter and i think were going to have a year next year because of all the stimulus and Everything Else and the pentup demand like you havent seen in a long time. Stuart we need to bring mark tepper into this, frequent guest on the program. It seems to me that the faster we open up, the faster we get some serious economic growth, and youre cheering this on, i think. Yeah. Thats the key. I mean, this vshaped recovery the president is talking about is definitely possible, but only if we are firing on all cylinders and time is of the essence. Right now, we are reopening at a snails pace. Thats really going to make that vshaped recovery more and more elusive the longer it takes. Heres really my concern about the slow reopening. When did the first round of ppp money begin hitting Small Business accounts . Probably somewhere around april 15th. Now, that moneys designed to make payroll for about eight weeks. That takes us out to june 15th. If these Small Businesses arent operating at 100 capacity, maybe they are operating at 60 , 70 , now their employee head count is too high for the amount of business theyre doing and they will have to rightsize their companies. N my concern is that could lead to another round of layoffs. We really need to make sure that we open the economy and we get business flowing to these Small Businesses, because like pete said, they really are the backbone of this country and our economy. Stuart let me throw this out. The best way to get people to go back to work and employers to open up again is to offer them some Liability Protection. Isnt that a very important thing here . Because youre not going to open up if youre going to be sued by your customer or one of your employees for something that you did. You are certainly not going to want to open up and take on an additional layer of risk that has nothing to do with you really operating your business. Look, people without a doubt want to resume their lives. In cleveland this past weekend, people were allowed to eat on patios at restaurants and the patios were packed. So packed, governor de wine threatened to revoke liquor licenses. Were not just talking about relieving these companies of liability, but now they are threatening to revoke liquor licenses if these restaurants dont properly enforce social distancing. The issue here is the narrative keeps changing. Its gone from all we have to do is flatten that curve and we reopen, now you got to cure this thing so yeah, we need to reduce any liability risk thats out there. Stuart but i like the rally weve got going right now, mark tepper. You have been cheering this thing on and we appreciate that. Im out of time but thanks for joining us again. Always appreciate it. See you soon. We are moments away from hearing directly from the president. Hes speaking about the Food Supply Chain. Ashley, first of all, tell us about these Meat Processing plants that are being affected by the virus. Ashley yeah. Its been a struggle to keep major meat suppliers across the country open and therefore, we have seen that supply chain break. Lets take a look. This shows you the processing plants and the red dots on this map show the plants that are closed and the numbers under those red dots, the orange dots are limited operations, the blue dots are ones that are reopened. You are seeing a lot more red on that map, indicating that those meat plants have been closed. By the way, amarillo, texas has become a hot spot for the virus because tyson meat plant in amarillo decided to test all 3500 employees and as a result of that, 700 employees tested positive. That gives you an idea of the problems these plants are facing. Stuart you can say that again. Thanks, ash. What are you doing next thursday, may 28th . Im holding a virtual town hall with dave ramsey, chris hogan, ken coleman. You got questions . Take a video and send it to investedinyou foxbusiness. Com. 11 00 next thursday. Jobless numbers soaring. 36 million lost their jobs in eight weeks. Now a new fed study says unemployment could remain high through next year. Can reopening change that forecast . We will discuss. We are still awaiting the president. Going to make remarks on the Food Supply Chain. While we wait, we will go to the governor of nebraska. Nebraska is one of the biggest farming states in the country. We will hear from him in just a moment. Limu emu doug and now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart in a moment, we are going to hear directly from the president , who will pledge billions of dollars to food distributors to bring food to charities. Lets bring in the governor of nebraska, pete ricketts. Governor, you are a farm state. You are a foodproducing state. I take it you like the sound of billions of dollars to get your food to charities. Certainly its going to be important for those charities because i know that many of our food banks are going through ten times the amount of money they normally would during this emergency. Its also going to be important for our farmers and ranchers who are looking for markets to be able to sell their products and especially when Commodity Prices are so low. Stuart what else do you want to hear from the president . His support for farmers . Yeah, absolutely. I would love to hear the president talk about his support for our farmers and ranchers and really, would like to hear about additional programs on top of the 16 billion that has already been talked about in direct aid for farmers and ranchers. They are really really struggling right now. The farm economy has really been hurt by a combination of things with regard to this emergency, low Commodity Prices, impacts on the Food Processing industry, impacts on our ethanol industry, all those things are contributing to a very tough time in agriculture. Stuart its a real dreadful storm thats hit you. I believe in 2018, Farm Products gave nebraska 21 billion worth of revenue. 2018, got 21 billion. Could you tell us roughly what you think you might bring in this year, 2020 . Well, its a little bit early for us to know but im guessing its going to be below that by quite a bit because Commodity Prices are down. And it is certainly going to have a Ripple Effect through our entire economy because thats our largest single industry is agriculture. So were going to be looking at what we can do to be able to promote our products around the world, as the economies start opening up, but we certainly appreciate any help from the federal government to be able to make sure our farmers and ranchers can stay in operation, continue to feed the people of this great nation. Stuart weve got a fight going on with china about all kinds of things. I take it do you think that that fight might spill over into the trade deal where china has agreed to buy a couple hundred billion dollars worth of Farm Products, some from the state of nebraska . Well, certainly we are always keeping an eye on that, but in my conversations with the administration, so far, the agreements china has made with regard to purchasing our Agricultural Products is something they intend to live up to and thats of course what we want to see. In the past, china has been a very inconsistent trade partner for nebraska, and so we would like to see more consistency out of them with regard to them buying our products. Stuart have you seen any bankruptcies yet among farmers in nebraska . We really, its probably too early to see if there have been additional bankruptcies with regard to this particular emergency. One of the things we are keeping an eye on, though, is because of the low Commodity Prices and the fact this has been going onn ef several years now is watching to see if those bankruptcy rates are going to increase. I think this is going to really, if there is going to be a problem, i think this is going to accelerate that bankruptcy. Stuart i hate to put it like this, but if you had your druthers, how much money would nebraska farmers get from the federal government . We havent actually done any calculation of what it would be but i can tell you where Commodity Prices are, farmers and ranchers are really really taking a hard hit and its not like this is a new thing, either. This is on top of the low Commodity Prices weve had for the last several years. The challenges weve had with regard to trade, especially with china, as i said, they have been an inconsistent trade partner. This really comes at what should be a really terrible time and of course, last year, we had the most widespread flooding we have ever seen in our states history, which also impacted our farm economy. So it really has been a tough past several years for our farmers and ranchers in the state of nebraska. Stuart well, sir, we feel for you. You are the backbone of the country. We respect that. Governor pete ricketts, nebraska, thanks for joining us today. Appreciate it, sir. Great. Thank you very much. Stuart sure thing. Check a couple of movers for you. Stock price, that is. Advance auto parts, modest gain, 5 . Not bad. Profit was down in the First Quarter but they gave a rosy forecast for the second quarter. People like that. Investors like that. If they see people are getting out of their houses and Companies Like that are saying business will improve in the future, good for the overall market. They are up 5 . Tesla raising the price of their full selfdriving option on their cars by 1,000. Starts july 1st. It will now set you back 8,000 if you want your tesla to drive itself. Isnt that the down payment you have to put on these things . Thats not the cost of a selfdriving car, surely. I will figure it out. Bad news from the world of football. Yes, that would be soccer, english football. Ash, some players testing positive. Tell me. Ashley well, we dont know that, stu. The premier league in the uk tested 748 people at just three p premier league clubs. Of those tests, six people tested positive. What we dont know was that a player, was it a member of the staff . These teams have tremendously large number of people working for them. The players are just the 11 on the pitch. The rest, of course, all working in the background. But six positive tests from those first 700 or so tests, with just three teams. Those that tested positive will now be selfisolated for seven days. Meanwhile, they push ahead. The clubs today allowed noncontact training. Five players at a time having to maintain social distancing and can only train for 75 minutes. Now, the premier league itself had hoped to start the season again on june 12th. Its widely expected now that that day will be pushed back further into june, maybe mid to late june. These tests highlighting how difficult it is to move forward when people are still testing positive for the virus. Stuart yeah. We live in hope. Dont we . Ashley we do. Stuart all right. Look at the white house, please. There you have it. We are waiting a News Conference from President Trump. Hes expected to comment on americas farmers, ranchers, et cetera, et cetera. We will bring it to you live as soon as we can. Federal reserve chair powell, treasury secretary mnuchin doing a Virtual Conference with the Senate Banking committee. Any highlights, we will send them to you. So far, nothing big and no real impact on the market. Joe bidens latest Campaign Event looking more like a blooper reel. Got to watch this. [ phone ringing ] i dont know whose phone that is. The scale of the loss is staggering. Now more than ever, you need technology you can rely on. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a Small Business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Stuart you are looking at the roosevelt room in the white house. When the president starts to speak from that room, we will take you there. You will hear it live. On the markets, weve had a turnaround. We were down well over 100 points, 150 points on the dow. Now were down just 30. The s ps up five. Look at that nasdaq go. Techs doing well this morning, folks. That is up 66 points right there. Okay. You want me to right. Okay. Okay. Amazon is up 50 bucks. I want to show you some of the big movers here and im showing you one right now. Amazon is up 50 bucks. That is 2 up on amazon. We had news earlier this morning that the walmart had done very well during the lockdown, and amazon of course has done extremely well as well. We are showing you some grocers. Costco has done well, walmarts done well, kroger actually, thats up just a fraction. Now ive got news of a Big Tech Task force led by californias governor, asking congress for more money. Tell me more about this. Susan 1 trillion in pandemic relief is what this Governors Task force, governor newsoms task force in california. There are some big names on this of course take force, bob iger of disney, netflixs chief content officer, and they sent a letter to the house and senate saying lets approve a trillion dollars more to help combat the pandemic and to give relief to Small Businesses and families. People find this audacious because california is the sixth largest economy in the world, just behind the uk, just ahead of india, so do they need a trillion dollars . Its not just for california, its for a lot of states but they are hoping california will get a piece of it. Governor newsom, i should point out to you, says they are experiencing, they will see a 54. 3 billion state deficit because of the money they spent to combat it. 54. 3 billion. Stuart yeah. Look, i think most people are in agreement that states should get some kind of money from the fed to deal with the virus, but we dont want to be dealing with their overhanging Retirement Program for their retired government workers or anything else, any other problems. Susan unfunded liabilities which makes up the bulk of the deficit california is experiencing. But if you look at it, california is rich, i mean, sixth largest economy on its own, yet do they need to ask the government and d. C for handouts . Stuart what about apple . Arent they based in california . Theyve got 200 billion in cash. Susan google has 100 billion. Microsoft has 100 billion in cash. A lot of big tech firms have a lot of cash on the balance sheet. However, thats reserved for private enterprise, isnt it . Stuart yes, it is. Be nice to see mr. Newsom go after some of that money as opposed to our money in other states. But there you have it. All right, susan. Im moving on. 36 million jobs lost in the last eight weeks and a new fed study says that high Unemployment Rate stays through the end of next year. Former world bank chief economist paul romer is with us. What do you say about that . We will have double digit unemployment way into the end of next year . That sounds kind of extreme. Unfortunately, i think thats a pretty realistic estimate right now. Stuart does that mean that the recovery of our economy will not be as fast as President Trump wants . I think its not going to be as fast as any of us want. We are all on the same page stuart im sorry, paul, i have to interrupt you. The president just went to the podium and is now speaking. Weve got to listen. Were here this morning to announce dramatic action to support our nations farmers, ranchers and growers as we work to safely reopen america and its happening very fast, much faster and with much better numbers than anybody would have thought. I want to begin by expressing our profound gratitude to everyone here today and the farmers and producers across the country who have kept our nation fed and nourished as we have battled the invisible enemy. It is an invisible enemy. Its tough. But we are going to win and we are going to win very big. But we can never forget all of the people that have been left behind, that have died for some reason that should have never happened, should have never happened, you know that, i know that and the people that caused the problem, they know that, too. Its too bad. You remind us once again that the American Farmer is the backbone of our country and they are really a great friend of mine and i appreciate all the support and i know they appreciate our support. Were glad to be joined by secretary sonny perdue along with ivanka, who has been working closely with sonny to deliver this vital assistance for farmers and needy families. Im also grateful to the president of the American Farm bureau federation, zippy duval, thank you very much. Thank you, and thank you. The president of the National Cattlemens beef association, marty smith. Marty, thank you. Marty. Several of our great agricultural producers, nice to meet all of you. Its really good to meet you. Zippy, you doing okay . You got my condolences, i hope, right . Okay. Zippy was married to a great woman and for purposes of the record, you still are. You always will be, right . She was a great person. She was a great person. From day one, my administration has been determined to protect our nations incredible farmers. We enacted historic tax cuts and helped family farms stay in the family. What we the did is we passed, au know, in the tax cuts, the death tax, the inheritance tax, small farms and ranchers and even businesses, you dont have to pay it. Its a big deal. Instead of losing your farm, you keep your farm. I think that was a big deal. What do you think . Maybe your farm is so big it doesnt qualify. But we eliminated that horrible death tax and most of the kids, many of the kids lost the farm. They would go borrow too pay the tax and then they ended up losing the farm, right . You dont have to pay that tax anymore. I think thats one of the reasons the farmers like me, i guess. Hopefully thats not the only reason. We eliminated crushing washington regulations, kept our promise on ethanol and replaced and negotiated our badly broken trade deals to finally give you a fair and level Playing Field when china unfairly targeted our farmers, we provided 28 million in direct assistance and it came from china, not from our government, and you know that happened and they paid for it. We didnt pay. You know they have this misconception, they like to say this as much as possible. China devalued their currency in order to pay it. We didnt pay it. And what we did is we helped, i went to sonny, we had 12 billion two years ago, we had 16 billion last year and this year, you will be hearing about what were doing because its very substantial. Through the paycheck protection program, we have approved billions of dollars in relief to farmers as part of our unprecedented Coronavirus Relief efforts, so the paycheck has been a fantastic success, as you know. Now were standing strong with our farmers and ranchers once again. In normal times, roughly 40 of fresh vegetables and about 40 of beef grown and raised in the United States is distributed to restaurants and other commercial food establishments, but as you know, the virus has forced many of our nations restaurants to temporarily close and this has taken a major toll on our farmers and growers, some of whom were dealing directly with restaurants. I didnt realize that until yesterday. We were with the Big Restaurants and they sometimes will deal directly with your farmer, no middlemen, no nothing, just directly. Its a big its a big business. For this reason, my administration is launching a sweeping new initiative, the coronavirus Food Assistance program. Through this effort, we are providing 19 billion to support our nations agricultural producers, maintain the health of our critical Food Supply Chains and provide Food Assistance to american families. 19 billion. No other president s done this, zippy. I tell you, you can go back to abraham lincoln, theres no president thats treated the farmers like trump. I dont know. I hear were doing well with the farmers but i cant imagine i want to find out who wouldnt be, who wouldnt be with trump, right . But its an honor to do it, actually. Its an honor. Theyre great people. These are great, great people. As part of this program today, we are announcing 16 billion direct payments to farmers and ranchers. So 16 billion is going directly to the farmers and ranchers. Its authorized by the cares act and the Commodity Credit Corporation charter act. We fought hard for this. These payments will compensate farmers for losses related to the global pandemic. Caused by china. We will be providing billions of dollars for corn, cotton, soybean and specialty crop farmers, cattle farmers. I think we have just about every category. If we forgot some, we will add them. Dairy producers, pork producers and more. I read yesterday where we take some cattle in from other countries because we have trade deals. I think you should look at terminating those deals. All right . We have trade deals where we actually take in cattle and we have a lot of cattle in this country and i think you should look at the possibility of terminating those trade deals. Now, if a country has been a great country and a great ally and a great friend, you know, you have to do that but there are some countries that are sending us cattle for many years and i think we should look at terminating. Were very selfsufficient and we are becoming more and more selfsufficient, probably one of the reasons i got elected. Signups will begin on may 26th through your local Farm Service Agency offices. You got to go sign up to pick it up, to get the money. Well start issuing payments within one week of receiving your application. So thats a lot of money. Youre talking about a total of 16 billion plus 3 billion and you know, we bought last week and its already in distribution, 3 billion worth of products for the food lines and this is already in distribution. I see that they are handing it out. I see where they couldnt get food. They are having a hard time. We have these incredible ranchers and farmers that have so much food and i said lets spend that money and give it to our farmers, our ranchers and its worked out really well. And theyve already got it in supply. Thats already on the lines. I saw them handing it out today. Couple of days ago, actually. Its fantastic how quickly it worked. In addition, this Important Initiative also includes a new farmers to Families Food Box Program which ivanka and secretary perdue helped officially launch on friday. Through this effort, the department of agriculture will work with local Food Distribution companies and we have a lot of great distribution companies. Ive gotten to meet some of them. Which have also been hit very hard to purchase 3 billion of food and products from the American Farmer which i just mentioned and to deliver it to the food banks and charities that serve needy families. Already, we have allocated 1. 2 billion to farmers, to families, funding through 198 contracts with distribution companies, many of which are Small Businesses, adversely impacted also by this horrible plague. Its a plague. Here today are a few of the American Farmers and ranchers who can tell us why this program has been so essential and successful. Scott sink is a cattle producer whose business has been badly impacted by the virus. He says this initiative will provide a bridge to help them move forward and we have been helping them and a lot of other ways, too, but this was a great help and scott, please come forward. Thank you, scott. Thank you, sir. My name is scott sink. Im a producer in southwest virginia. Blacksburg. We have a catering business, we do farm to table along with raising livestock, produce and custom hay. We were able to benefit stuart if we dont stay with back again. Talking to farmers all across the country. Farming is something thats always unexpected. We deal with that. We have to pivot at any time. Something like this that impacted the supply chain, producers as well as consumers, thats why having a program like this is very beneficial to all of us. So we thank you all for your work. You love that business, you wouldnt trade businesses for anything, right . What is it with farmers . They dont want to do anything else. They have some bad years but weve helped them have very good years, actually, but they have some bad years but they wouldnt trade it for anything, would they . [ inaudible ]. Yeah, thats true. Then they start making money and go out and buy bigger tractors. Maybe they will slow it up a little bit next time. You guys are great. Robert mills raises both crops and livestock and he believes this program will help countless farm families get by and more than by, as we begin to reopen our economy and its opening up really fast. Robert, please come up. Robert. Thank you. Thank you, mr. President. Im robert mills jr. Im a first generation farmer from south side of virginia. We raise tobacco, beef cattle, poultry, hay, small grain and Industrial Hemp for cbd. We are pretty diverse operation and we are diverse because we always expect the unexpected and we want to make sure we can stay in business. We didnt expect this. I will tell the American People that your farmers and ranchers are right here working each and every day to make sure that those Grocery Store shelves stay full and its administrations like President Trumps administration and the forethought hes had with the programs thats been put in place and the one that were talking about today, its not a rescue program. Its going to help these farm families be able to make good, wise Financial Decisions in the months and weeks and years ahead, and its also there to let them know that this country is there supporting them because this country relies on what these farmers and ranchers do every day. So i want to personally thank President Trump, the administration and all those who worked hard to make sure that these farm families stay there, that they stay whole, and that the American People will never have to worry about running out of food. Thank you, mr. President. Thank you very much. I love his accent. I love that accent. Is that originally from virginia . Yes, sir. About 20 miles north of north carolina. They like trump, that area. They like trump. Great area. Thank you very much. Great job. You know, the farmers were targeted by china, when we started negotiating tough with china, and what i did is we have taken in tens of billions of dollars of tariffs. Sonny was very aware of this, because he had to distribute the money to the farmers. I said sonny, we have taken in a lot of money. How much did the farmers lose . This is two years ago. They were targeted for an amount, what do you think the impact, he said 12 billion. So i said thats okay, we will take 12 billion out of our tariff money which was many billions more than that, that china paid, never paid us ten cents, by the way, before that. Before trump, they never paid anything. I said well take 12 billion out of the tens of billions of dollars that we took in and we are going to give it to the farmers and you distributed that money, and zippy, i think you were in shock because you have never seen anything like it. Otherwise these farmers wouldnt have been in business. So we took 12 million, we gave it to the farmers, we said thank you very much to china, thank you very much, china. And then the next year, i said sonny, whats the number. We called zippy, we called some of the other people, we determined it was 16 billion that the farmers were targeted, 16 billion by china. So i took 16 billion out of the tariffs which were many, many billions of, tens of billions more than that, we gave it to the remain fa efarmers. This year, the same thing. Its been pretty amazing. The remafarmers are doing fine. One of them said i do better this way but you know what, they dont want to do better that way. They just want a level Playing Field. But we took care of our farmers and ranchers. Thank you, robert. That was great. Appreciate it. David hickman is a vegetable grower who runs dublin farms in virginia, his potatoes will be among the produce distributed to local food banks through the farmers to families program, and david, please come up and say a few words. Thank you, mr. President. Im David Hickman with dublin farms in virginia. We are fifth generation operation, produce fresh market potatoes, redskins, yellows, whit whites. This program is going to help tremendously with the movement of potatoes this summer. For us, we have six distributors who are our current customers that are doing the Food Box Program, so our potatoes will be in some of these food boxes. We submitted bids for fivepound bags to go directly to the food banks of yellow and white potatoes. Certainly going to impact the virginia potato business. You have fivepound bags. What other size bags do you have . We have a packing operation, we pack fivepound bags, tenpound bags, 50pound bags and then 2,000pound bags that go to other packers. But a lot of our business goes into terminal markets, also, thats dependent on Restaurant Business so we are anxious to see our restaurants get back up, certain sizes of potatoes are used primarily for food service. Is potato a big business in virginia . Its a regionally big business. In an area called the Eastern Shore how does that compare with idaho . Oh, we are very, very small compared to the idaho production. But we fit a niche between florida and north carolinas spring production is it a very similar product, would you say, or is it different . No, the idaho potatoes are like the russet long potato. We grow red skin potatoes and round yellow potatoes could you grow an idaho . We do, but we fill a different market. Thats very good. Just interesting to me. Yeah. Our potatoes are shipped right from the field to the store. Thats great. Where idaho, they store them through the winter. We also grow green beans for fresh market which is largely dependent on Restaurant Business. On my home farm, there has been potatoes planted there since 1887 which is unusual in this country. Its a beautiful way to live. We appreciate what youre doing for us. Thank you very much. I appreciate it. Great job. Gave me a little education in potatoes. I wonder if the media enjoyed that. I dont think so but thats okay. [ inaudible ]. Be careful, i might. We are going after virginia, with your crazy governor. We are going after virginia. They want to take your Second Amendment away. You know that, right . Youll have nobody guarding your potatoes. As each of you demonstrate a healthy economy is vital to maintaining a Healthy Society and by working together, we can restore our economy, shield the vulnerable, care for the needy, deliver World Class Health care and vanquish the virus. I have to say this, the job you do is so powerful and so important. The American Farmers, very critical to the success of that mission and what i would like to do is just before i finish, i would like to ask zippy to come up and say a couple of words because he really is at the forefront of so much of that wh do. Zippy duval, come on up. Thank you, mr. President. I remember four years and several months ago, i won the election to be president of the American Farm bureau and candidate trump called me, and he says im going to be a friend to the farmer. Mr. President , im here to tell you today, thank you. Youve lived up to those words that you made to me that day. I represent all farmers across the country. I also farm, my son and i, im third generation, my son is fourth generation, we run a 400 beef cattle operation and we grow chickens for pilgrim pride, about a million and a half chickens a year, and the farmers across america are very appreciative, mr. President , of what youve done. Youve stood behind us during the trade war, you stood behind us during all the difficulties we went through and now with the pandemic, you stood behind us again. You know, and you have made the comment, we are the only group comes to the white house without our hands we dont come with our hands out. Thats true. We want that level Playing Field, we want that trade, we want to be able to make our money from the markets. But we appreciate when we are going through difficult times that you stand behind us. This pandemics made us realize one thing. We live in the land of plenty but theres a food chain that is just as important to us as our military is. We have to be able to feed our own people. We cant afford to be fed by other countries. That makes us a National Security issue and we know that you realize that, and i think the American People, unfortunately, have had to go to the store and see some empty shelves. We all now realize how important that chain, that food chain, is and the farm is that very first link. Without that support, we wouldnt be there to produce that food. Our farmers are still farming, hash tag still farming, you will hear some great stories. We touched over 50 Million People with that hash tag. Talking about what farmers are doing, still farming. But we want to thank you, we want to thank secretary perdue for his hard work and his staffs done an excellent job putting this program together. We want to thank congress for thinking about agriculture, too, and delivering it to your desk for you to sign. So many thanks for helping the people that feed the American People. We look forward to continuing to work with you, mr. Trump. We appreciate it. Thank you very much. Thanks, zippy. Thats true. Four and a half years ago i called zippy, never spoke to him, and he liked me, i liked him and i dont know, i got good support right from the beginning but weve come through. Thank you for your tribute to my wife. Shes a great woman. Great woman. Thank you very much, zippy. So just to conclude, American Farmers, ranchers and growers feed, fuel and sustain our nation. They are proud defenders of the american way of life and im proud to stand right by their side in this hour of need and the food chains are now back to almost working perfectly again. They had some interruptions which you knew about, and we were able to take a very bold action. You saw that. And that action caused them to do what they had to do, and they are in good shape and very shortly, they will be in absolutely perfect shape. But people were worried about that. The action we took was a very important action, larry kudlow, wasnt it . We did a good job. Now i would like to ask secretary perdue to say a few words, followed by ivanka and marty smith, if i could. Okay . Please. Mr. President , i remember very clearly you calling me just a few weeks ago when you read about the effects of the pandemic on american agriculture, and once again, you directed me, sonny, wed like to help our farmers, bring me a program, whats it going to take. I want you to use all the available resources at your disposal, just as youve done before when china retaliated against our farmers there. I dont know how, mr. President , but you instinctively know that american agriculture, farmers and ranchers, have been the bedrock of our American Economy since the founding of our nation and still are, and we talked about the Food Supply Chain. N you know that instinctively but i want to tell you, i have never in my lifetime seen another president recognize that value among the folks standing here representing farmers and ranchers all across the country. So we are very appreciative of usda that we dont have to push the rock up the hill, usually when it comes to President Trump, the rocks coming down the hill. I have to much ka it. I have to catch it. So we appreciate that. We dont have to sell you on the value of agriculture. But the program we are announcing today will be a benefit, the 16 million of direct payments to farmers of all sizes and really all production there will be very helpful. A real lifeline, but certainly, the program that ivanka and i were privileged to go out last friday, the coastal produce you see here is also a lifeline not only to those specialty crop producers, both Dairy Producers and meat producers, but also to the families who need this food. You can see this is high quality food here thats being distributed all across the country that are food banks and really, a lifeline for them as well. The Food Supply Chain that begins with these producers representing farmers and ranchers all across the country ending up in the families tables that need this food is a real noble profession. Im honored to be part of it and im really particularly honored President Trump, that you understand just in your heart how valuable our thank you very much. Thank you, secretary. This is an incredibly exciting day as this very large relief package is announced and you can hear today and you can hear through the course of the campaign in the last three years the special place all of you have in the heart of this president. Farmers and ranchers feed america and thats never been more true than weve all realized over the course of the last several months. In addition to the muchneeded relief, the 16 billion that will go to farmers and ranchers to help support them through this difficult time, this farmers to family Food Box Program is just an amazing initiative. As the secretary mentioned the president saw that there were those in need, those vulnerable, long lines at food banks trying to get food. Yet there was this unbelievable, beautiful, american Fresh Produce going to waste. So thinking about that supply chain and insuring with 3 billion those who are vulnerable, those in need get access to boxes like these, 20 to 25pounds of meat, milk, all forms of dairy and of course great Fresh Produce is incredibly virtuous. It is a great cycle. It helps small distributors and farmers prioritized in the bids t helps those in need. Were very excited about this program. These boxes themselves will also be going to a mission here in d. C. , along with several others we have at the white house and we hope these boxes will play a big role in feeding those who need it across the country. So thank you and thank you, secretary, for the hard work of your team and in standing up this program so rapidly. We think it will be extraordinarily successful for our Small Farmers and of course those in need. Thank you. Okay. Marti, please. Thank you, mr. President. You have provided unprecedented leadership in to the United States and to the world throughout this crisis and with that, you have shown so much concern and so much support for american agriculture and on behalf of the National Cattlemans Beef Association and the rest of agriculture i want to say thank you. Im marty smith. Im a rancher from florida this year, serving as president of the National Cattlemans Beef Association. Your executive order a few weeks ago directed towards the packers. Were starting to see impact of that. Were getting beef and pork back online, getting products back on the shelf. Americas farmers, ranchers continue to work around the clock to feed the public, to feed all of our nation, feed a large part of the world which you have done with that, what were doing with this current program, enables us to stay in business and continue to do that. Again we thank you for that. We thank your Administration Working with secretary perdue has just been a great way for us to all move forward. But even more importantly than that, i want to thank you and your family. With us it is all about our families and our family operation. Your family is just as dedicated to this and ivanka, we thank you for your support youve shown to us. It is so meaningful and together we get through this and we beat this and we keep the highest quality, safest, most sustainable Protein Sources for americans all through this we thank you. Thank you very much. Any questions, real quick . Im going to capitol hill. Reporter mr. President with any of this aid directed towards cattle and chicken farmers and pork producers who had to euthanize their flocks already because of the pandemic . You want to answer that question . Were gathering that data now. This particular direct payment is not directly for that. There will be help coming through an rcs over the euthanasia and disposal coming that way. There will be certainly directed there soon