Transcripts For FBC Varney Company 20240713

Significance, that infection rates fall after lockdown orders are lifted. Repeat, thats jpmorgan saying that. Big deal. All right. Now listen to this. Scuffles between probeijing and prodemocracy hong kong legislators. Why are hethey doing that . Thats the wrong tape. Show me the legislators scuffling, please. China just moved to take control. Those freedoms promised to hong kong when the british left are being wiped out. U. S. china relations turning very sour. Initially, that didnt go down well on the market. Futures turned south but then substantially recovered. Right now, were up about 20 points for the dow, modest gain for the s p, tiny, actually, fractional loss for the subpo p. This is a very important day. You will see the president at the white house saluting veterans. You will hear from officials and businesses across the nation about the great opening up. And we will tell you what you are allowed to do this weekend, and where you are allowed to do it. Varney company is about to begin. The Global Pandemic has proven once and for all that to be a strong nation, america must be a manufacturing nation. We are bringing it back. Previous administrations said manufacturing, were not doing that, its gone from this country. They were wrong. 600,000 jobs until we had to turn it off. And now were going to turn it back on like never before. The United States will be the worlds premier pharmacy, drugstore and medical manufacturer. We are bringing our medicines back. Stuart you heard it. The president says hes going to bring jobs from china and other countries back to the United States and he said that while he was touring the ford plant in michigan. That was thursday. Lets get to the big reopening. Its the friday of memorial day weekend and people want to get outside. On your screens, the states that are easing more restrictions. I will go through some of the big ones for you. Indiana, increased capacity at malls and retailers. Movie theaters can open back up, but at half capacity. The theaters will be open. Same for gyms and outdoor recreation. That is indiana. Kansas, all the fun stuff open. Casinos, arcades, bowling alleys, Trampoline Parks and movie theaters. Restrictions on capacity but theyre opening. Last one, texas. Restaurants up to 50 capacity, bars and bowling alleys can be a quarter full. The reopening of america. There you have it. Staying on that theme, check those florida theme parks. Disney, universal, sea world, all of them working to reopen as soon as possible. Universal unveiling their plan first. Jerry dennings is with us, the mayor of Orange County, florida which uncovers the orlando tourist area. Your honor, can you confirm reports you have approved universals plan to reopen . What i can confirm to you is that this morning, i will be submitting a letter of recommendation for approval to Governor Desantis here in florida to reopen universal studios. Last evening, i transmitted approvals for 12 smaller theme parks, amusement parks, within our area to reopen. We are waiting on the governor to respond back to that now. Stuart pretty sure hell say yes and is the reopening, the partial reopening date june 5th . For universal studios, what they are doing is a gradual reopening up to capacity. So what they will initially do on or about june 1st is open to just cast members, that would be team members that would be in the park, kind of doing a dress rehearsal for their reopening. Then they will gradually move to their annual pass holders, and then by the 5th, they will generally reopen to the public at that time. Stuart okay. You, sir, are sitting right in the center of i think its probably the biggest Tourist Destination in the entire United States. What about the businesses near the theme parks in orlando . The restaurants, the bars, the many malls . Are they open fully . We are excited about the reopening of our theme parks primarily because they do support many of the other businesses here in the area. What we should see are the hotels and resorts around the theme parks begin to bustle. In terms of whether or not they will open to full capacity at this point, the governor has directed that they be reopened if you are a restaurant or Retail Outlet to 50 of your capacity. We are at what we call full phase one here within the state of florida and at some point, our governor will announce that we had go to phase two. Phase two will allow additional businesses to reopen but we are excited about what we are doing at this point. Stuart your honor, thank you very much for joining us. We really do hope business sizzles in that major tourist area. Thank you for being with us. We appreciate it. Thank you. Now we get to the revolt which is continuing all across the country. Im going to get an update on that gym in new jersey. They reopened this morning. No word on any issues so far. We will keep you updated on it. Its certainly a flashpoint certainly in new jersey. Lauren simonetti, come in. What else have you got . Lauren good morning. Remember the operation haircut protests in michigan . The 77yearold barber who said im not closing down despite the cease and desist order, well, a judge in michigan has ruled that he can stay open. That judge said the state Health Department failed to show that the shop was a threat to public health. The attorney general in the state is trying to appeal the judges decision. Heres the barber himself on fox friends. So im encouraging others now to stand up, to open up and to show up. You know, we are down, in michigan, we have a 21 unemployment problem right now and we need to get back to work. She acts as though shes our mother and shes not my mother. All of us dont want a handout. We want to work. Lauren defending his right to work, stuart. Stuart have we got any kind of statement from the governor of pennsylvania . Lauren we sure do. The governor of pennsylvania and some other governors, including gavin newsom in california are saying that you cant return to normal unless there is a vaccine. Heres governor wolf. I think that what its going to take to really get our economy back to normal, i personally am not sure that can happen fully 100 until we get a vaccine that is foolproof. Thats my own stance. Well, well be lucky if we have a vaccine this year. Stuart yeah, okay. Lets move on to the jpmorgan story. That report, i think its a blockbuster. The way i read that report is they say its safe to reopen. Tell me more about this. Lauren they are saying its safe to reopen, it might be more damaging to the economy and to our health if we remain closed. To quote some of this report, it says unlike rigorous testing of new drugs, lockdowns were administered with little consideration that they might not only cause economic devastation, but potentially more deaths than covid19 itself. As we start to reopen and question the way we reopen and do it very slowly, you need to remember the longer you wait, you risk permanent damage. 39 million americans out of work. Can they all be rehired and how fast, and also change Consumer Behavior because you get used to something. Two months of lockdown, you do something a certain way, are you going to revert to your old behaviors . We sure hope so but i can tell you, i havent. Stuart yep, yep. I just want to make something very clear. What about all the damage to our health from two months of being locked up in the house . Thats a damage to your health in the first place. Thats not been mentioned very much. I think we should really talk about that a lot more. Lauren, i will get back to it shortly. I want to move on to hong kong. A scuffle broke out, there, thats the right video, thats a scuffle between prodemocracy and procommunist, probeijing legislators in hong kong. The bottom line here is that china is taking over hong kong. All right. Heres how the president responded to that. Roll tape. Reporter the Chinese Parliament is poised to pass a National Security law cracking down on hong kong. Are you aware of this . I dont know what it is because nobody knows yet. If it happens, well address that issue very strongly. Stuart okay. Very strongly. What does that do to the u. S. China Economic relationship . Susan what does very strongly mean . Lets first of all talk about whats happening in hong kong because as you see, a lot of people are upset about this new National Security law. Some people see this as a knockout punch for the prodemocracy movement and the ongoing hong kong protests in the city. Its called a National Security law, but many people see this as basically china muscling in. You will see chinese agents literally on the streets of hong kong, something thats never been done because they have been hiding out in their covert garriso garrisons. You saw chinese stocks, hong kong stocks in particular, plummeting from 5 , the worst single day selloff in five years, because people understand that with this National Security law which means beijing can now govern hong kong, they Institute Laws they pass independently of what hong kong thinks, that means the free capitalist Market Investors have grown to know and love is gone. Stuart to me, this is personal. I got my start in the media in hong kong. I lived there for a couple years. My heart goes out to those brave people who stood up to the communist regime and are going to continue to stand up to it. I think the light of freedom is flickering in hong kong right now. I think you used to live there as well . Susan i did. Its very sad, speaking to my friends who are obviously very concerned about whats happening there and whether or not their freedoms that they enjoyed under british rule will still be kept, because it looks like indications are with these ongoing new rules and laws and the encroachment of beijing that things are definitely not the same anymore. Now, they are also wondering what the u. S. Response will be because we heard President Trump say there will be a strong reaction but also, we have senators saying they are proposing bills sanctioning chinese officials that passed this law. Stuart talk real fast about alibaba. I know they reported this morning. Okay. Okay. All right. Alibaba is down five bucks at 206 as we speak. I will get more on that in just a second. Moving on, we now have another virus winner, nvidia, chip maker, of course. Revenue up almost 40 from last year. Hit more than 1 billion in a quarter, first time thats happened. They are benefiting from video games and from the cloud and of course, the lockdown. What else do you do . On the other side of the coin, ibm. The virus forcing them to cut thousands of jobs. The exact number has not been revealed. It will be the first round of layoffs under their new ceo. The stock, though, up a fraction. All the way down to 119. Overall, friday morning, modest gain for the dow, modest gain for the s p, a fractional loss for the nasdaq when we open up. Yeah, its a friday before memorial day. A weekend trip to the beach has been a staple for decades. This year, there will be restrictions. Takes the fun right out of it, doesnt it . A live report on that for you. As people get back to work, here comes the lawsuits. Americas top Business Group begging congress for Liability Protection. You want my opinion . You want to get america back to work, then stop the lawyers. Weve got the story next. In my line of work, 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 i think a lot of people are going to be fed up with being cooped up inside this memorial day weekend. A lot of them will be flocking on the beach. Well, thats the open beaches, that is, as in texas. Renters in gavlveston have seena surge in demand and hope for big crowds this weekend. Hope they get them. Kristina partsinevelos is with us in rye, new york. Thats one of the few beaches open in the state. What are the restrictions . Kristina the restrictions here at this beach, its only open to local residents. You were talking about people flocking here. Theres already a massive line for people to renew their beach permits, but the beach is open. Now its the first time they can actually start swimming but its open to only locals. You have to show i. D. , you have to bring your drivers license, a utility bill. Theres some guards at the front here. Theres going to be police officers. This beach is for local residents. Right nearby is parkland beach, only open to county residents. Overall, the northeast region of the United States is one of the last regions to open up a lot of their beaches. In new york its a little bit of a predicament because the governor is saying that only the state beaches can open up and new york city mayor is saying none of the new york city beaches can open up. I did speak with the town supervisor and he told me about what this means for the Tourism Industry. Listen in. We get an influx of people, obviously, from all over coming here. Not only to the beach but while theyre here, we have lots of stores, we have stores in the city of rye that are not doing business. Right up the road, we have porchester, also a bustling hub, especially for restaurants. Its a very very big hit on the economy of the area, whats going on now. Kristina normally, you have these beach towns where theres roughly say 7,000 people during the winter but during these busy summer weekends, were not necessarily in summer just yet, you can expect an influx of nearly 300,000 additional visitors. So when you have the situation unfortunately where the beach is closed off to local new york city or area people, it really does hurt the economy as well as shortterm rentals. I will throw it back to you. You are seeing this, the beaches, there are a lot of restrictions and face masks. Im not wearing one right now just to report but everyone has to wear a face mask and social distance and the beach will only be at 50 capacity. Back to you. Stuart that is absolutely hopeless. If outsiders cant go to the beach and they cant go to the beach properly, that really deters local businesses from doing well. Im sorry, but that is pathetic. Thanks very much indeed. Look, theres another story. The company that owns tj maxx are about to reopen a lot of stores. Tell me about that, lauren. I want something positive here. Lauren very positive. 1600 home goods, marshall, tj max maxx and the ones that are open are same sales compared to same time last year. Good news. People are eager to get back to doing something. In tjxs case, thats bargain hunt. Treasure hunt. On the prowl more than ever now for a discount. Secondly, some of the online orders have turned back on but the company says everyone else is relying on online right now. Were not. Online will be complementary to our physical store presence. Stuart we like the sound of that. Thanks very much. Now, one of the big problems about reopening is Liability Protection. Businesses at this moment dont have it. Suzanne clark is with us, president of the u. S. Chamber of commerce. Suzanne, this is an absolute must. If you want to reopen this economy, youve got to protect the Business Owners from the lawyers. Can you do it . I know you want to do it but can you do it . Absolutely. I think first of all, thanks for having me on. Thanks for shining a spotlight on this important issue. I think that the government leaders are really starting to understand how important this is to jumpstarting the economy and theres precedent for it. We saw it after y2k, after 9 11, where congress came together in a bipartisan way to provide Liability Protection and they can do it again. Stuart im hearing from democrats they dont want anything to do with this. Senator schumer dismisses Liability Protection as just something that a ceo would want. Well, lets hope that when they get down to work, they will feel differently and take the examples of governors, we have seen republican and democratic governors in states like michigan, north carolina, pennsylvania, massachusetts, put Liability Protection in place in a way thats really helped those states get moving. Stuart what do we do about those lawsuits that have already been filed . Mcdonalds faces several lawsuits and there are lawsuits filed elsewhere. Can you retroactively kick those lawsuits out . You make a really important point and its why the u. S. Chamber wants to see Liability Protection enacted quickly. Once these cases are in the morass of the court system, it gets even more complicated. I have to say, we are hearing from Small Businesses and big businesses every day about this issue. The South Carolina chamber did a survey that said 64 of Small Businesses see Liability Protection as the biggest obstacle to reopening. Stuart yeah. You got to pound the table on this. But look, thanks very much for coming on the show and doing that. We really appreciate it. I want to keep up to speed so we would like to see you come back again. Thanks very much. Look at the futures. A modest gain for the dow, modest gain for the s p and i see that the nasdaq has turned positive. This is friday, a long weekend. We take you to wall street after this. I was born in 37. It was a very struggling period of time. Up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. And my side super soft . Stick with it. Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So you can really promise better sleep . Not promise. Prove. Save 1,000 on the sleep number 360® special Edition Smart bed. Plus 0 interest for 36 months free premium delivery when you add a base. Ends monday. Stuart we would love for you to send in your video questions to us for the America Works together town hall next thursday, 11 00 next thursday, may 28th. That is invested in you. Send in your questions, investedinyou foxbusiness. Com. We would lover to field as man as we can. Lets talk apple, please. There are reports that they lag chinese giants huawei in terms of 5g phones. Dan ives is with us. Hes an apple watcher. Is there a lag, apple lagging in 5g with the chinese competition . No doubt. They are behind on 5g which is why theres more and more invest or focus for them for november and december. If you look at china, remember that 20 of demand for apple definitely losing competition. Thats why theres pressure on cook to get that 5g phone out by year end despite obviously some of the dark clouds with the pandemic. Stuart are you Still Holding to 350 on apples stock price . Firmly. I continue, as we talked about, its all about the install date. Thats why the stock continues to move higher. 350 million of 925 million phones worldwide have not upgraded in terms of [ inaudible ] 42 months. Pentup demand, some of the parts, thats why you continue to own this. The stock goes up especially on the other side of this dark valley as we get through it. Stuart weve got a tense situation with china going on at the moment. Hong kong taken over by china. All kinds of problems in the relationship. Could that have a detrimental effect on apple which is very closely tied into china . No doubt. Thats a worry. Apples really the poster child in terms of some of the u. S. china tension. We saw that last year with the trade war. Iphone production comes out of [ inaudible ] city. I think at this point, the risks are contained but if this becomes a broader negative situation, you are going to see that as an overhang on apples stock Going Forward, especially just given how much they bet the farm on china from a production standpoint. Stuart but youre still firm at 350 a share for apple. I got that. Dan, thanks as always for joining us. We will be checking that stock frequently. Thats a fact. Thank you. We are running up close to the opening bell on wall street. Got about 30 seconds to go this friday. Do remember, it is a friday before a long holiday weekend. Now, that may affect trading a little. Some investors dont like holding stock, they dont like to be long stock, as the expression goes, right before a threeday weekend because you never know whats going to happen on a threeday weekend. Nonetheless, we are expecting a very modest gain at the opening bell, which is now ringing and in three seconds, we will start trading. Lets see if we do indeed open ever so slightly higher. Here we go, friday morning. Were off and running and yes, we have opened slightly higher. No, we havent. We have opened slightly lower. Got ahead of myself right there. We are down a fraction only for the dow industrials, down 20 as we speak. Its an even split, about half and half winners and losers amongst the dow 30. The s p 500, that has opened with a fractional tiny los loss,. 01 . I would call that dead flat. The nasdaq composite is a hint about big tech. The nasdaq is up no, its not. Its dead, dead flat. Up. 09. That would be. 09. Now its down a fraction. We dont have a clear trend at the opening bell. Im going to show you some china stocks. The country is basically china is taking over hong kong, dimming the lights of freedom in hong kong. That to me is an absolute tragedy. China stocks on your screen. They are not being helped either by this statement that we are cutting back on the federal Workers Pension fund, allowing ownership of china stocks. Look at alibaba. They are down at 203, down eight bucks and falling. Now, they reported their earnings earlier. They made some big gains in the cloud but susan, they cant escape the u. S. china relationship problem, can they . Susan no, but we did see profits drop some 88 , sales climbed some 22 . They sold about a trillion dollars worth of goods in the year for the very first time. Thats a lot of money. They say they have already told the market that they would be impacted by the coronavirus at least in the first part of the year in china. Then that spilled over to the rest of the world but they did mention the stayathome, the new stayathome work life would actually benefit their business but there has been some concern about u. S. Listed chinese firms and baidu is one of them that said we might reconsider listing here in the u. S. And move back closer to home. Stuart good report from alibaba but down because of u. S. china tension, all the rest of it. I want to move on to ibm. They announced a new round of layoffs. The stock is down a fraction. What more do we know, lauren . Lauren yeah. Well, we dont know exactly how many jobs but the first job cuts under their new ceo, we are being told its in the thousands, so workers will be able to keep their health care until next summer. Nonetheless, this is a company where the stock price has done nothing for about a decade. They have invested in cloud technology, redhat, Artificial Intelligence but we are hearing these job cuts are pretty widespread and they are in the thousands. Even tech, not immune today. Stuart got that. Lets move on to nvidia. Big chip maker. They are a lockdown winner, bigtime, up six bucks. Susan, they are doing well. We are all locked down and playing video games, obviously. Susan and doing Cloud Computing as well. Those are two big growth areas. Nvidia has doubled, up 100 since the depths of march. Nothing seems to be stopping this company because they also provided guidance which is very rare in this earnings season and even guidance for the next quarter exceeded what analysts have penciled in. So we did see a big jump when it comes to computing, when it comes to games, computing since they make the chips that go into the nintendo switch, the bestselling console on the planet, at least in the first three months of this year, and they are making those data centers chips for Cloud Computing. We know that a lot more of the work is being done on the cloud. That trend will probably accelerate because of coronavirus. Those are two big factors that go into nvidia. By the way, they are also making chips that go into Bitcoin Cryptocurrency mining so they have really chosen all the right areas to proliferate in. Thats why they are being rewarded by their stock price. Stuart nice gain, eight bucks higher. 359 on nvidia. I want to move to facebook. Huge news announcements from them. First they came out and said they got this facebook shops which i think competes with amazon, now zuckerberg is saying a lot of you can work from home permanently. Is there a catch to that, lauren . Lauren you wouldnt make as much money. Just if you look at the sea change thats going on right now, if the head of facebook is saying in a decade he can see half of facebook employees working from home, what happens to silicon valley, seattle, new york, that built these huge buildings and offered free food, free shuttle buses, day care, free dry cleaning, just to get workers to go there and stay there if youre working remotely, you are going to live in a different area with a cheaper cost of living and you dont need to make as much money. So there is a massive sea change going on right now and soon, if not already, companies are going to be making technology that really makes working from home much easier. Because its a challenge right now. As we all know. Thats going to change. This has been paralleled to the iphone in 2007, how that changed work. This is happening again. Stuart fascinating. But you know, i wouldnt like it if anybody said to me you dont need to make so much money. Dont want that, do we . Wouldnt be very popular. No. Lauren might be coming. Stuart look at that. Now we are down 100. Down exactly 100 points on the dow. That would be 102, down at 24,370. The tenyear treasury as of right now yields. 66 . The price of gold right now is 1734 an ounce. The price of oil is, what, 33, 34 . 32 per barrel. How about john deere . I drive one of them tractors. They just reported earnings. Revenue down sharply because of the virus. It wasnt as bad as the analysts thought so we are actually up 1. 34. Next one, another this is a lockdown loser. Hewlettpackard. They just reported. Revenue down 16 from last year. They are now about, what, 800 million in the hole. That was their loss. Hp is down to 9 a share. 8 lower right now. Love these retail winners. One of them is berberry. Tell me more. Susan recovery in china, hong kong and the mainland, believe it or not. Because of the slowdown in the chinese economy and the ongoing hong kong protests, we actually saw a dip when it comes to luxury sales. We know the Chinese Consumer has powered about 90 of the growth in luxury sales over the past decade. Also, there is a bit of distortion effect because we have seen sales go up in south korea, also china, mainland china, because people arent traveling. They usually go to europe, where they get the tax break and tax rebates to buy their luxury goods but because of the being stuck at home and the travel bans, they are staying instead to buy at home. So burberry might indicate for Luxury Brands there might be a resurgence in sales in those particular markets. Stuart they are doing well today. Thats all good news. All right. The gain has been cut to 30 cents. Thats all it is. 17 a share. How about lululemon . They have reopened 150 stores. They are planning to reopen 200 more in the next couple of weeks. What about foot locker . They are the same team, i think. What are they doing . Lauren foot locker did report a very wide loss. They are making moves to conserve cash. The stock is down 6 today. Foot locker sells a lot of nike items, nike sneakers so when nike reports, we might then know more about how foot locker is really doing. Right now, they are trying to save cash. Stuart i just wonder what do shoe people do when we open up the economy again . Do we go right back and buy shoes and stuff . I dont know about that. Lauren i think people are buying now. Athleisure and sneakers because you are working out at home. Stuart you are . Lauren im not, but people are. Some people. Stuart oh, that was a good one there. We are down 92 points on the dow after eight minutes worth of business. We are back to 24,300. How about the auto makers . Dealers across the nation ramping up the bargains now that many stayathome orders have been lifted, hoping to sell a lot of cars this memorial day weekend. Are people going to buy . Weve got some deals for you. We will tell you about it. Did you see this . New fox poll shows people trust President Trump to do a better job on the economy compared to joe biden. That will be a huge Sticking Point in the november election. More on that later in the show. Speaking of the president , he says hes likely its likely we will see another stimulus. I say any relief package needs to have Liability Protection, no cash handouts and no state bailouts. We are on it, next. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief many of lifes moments in thare being put on hold. Are staying at home, at carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. 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Retire better the treasury stands, there was strong likelihood we will need another fiscal stimulus. I think we will. I think were going to be helping people out. Were going to be getting some money for them during the artificial because it really is, its an artificial closure. Now were going to be able to open it up. This isnt like for longterm problems and it takes years and years to have it come back. The depression took 12 years. Stuart all right. There you have it. The president says yes, we need another stimulus bill. Come on in, Kevin Hassett, white house economic adviser. Kevin, forgive me, but im going to give you my opinion on what the stimulus bill should look like for a start. You have heard it before. Youve got to have Liability Protection for employers. You cant bail out the states for preexisting problems. And no more 600 a week emergency unemployment pay. That keeps people at home. Will we get all three in the next stimulus package . Well, i think youve got some really good sound economics behind what youre talking about. The president i think shares each of your opinions on that so yeah, i would guess you nailed it, that thats going to be a characteristic of the final bill will be that those features are where they are. Again, we just had a lengthy meeting with the president last week where he went over all the options and i think theres a very good plan for basically entering the next stage of liftoff and you know, the president will i dont want to get in front of him but he will roll that stuff out shortly. Mitch mcconnell says he doesnt want the bill to be more than a trillion. I have not heard the president state a number yet. I think theres still work to do. There are about 40 Million People on Unemployment Insurance right now. We are kind of on the other side in the sense that businesses are opening up but weve got to make sure they open up with vigor. Stuart this week has been dominated by news about employment, 38 Million People chucked out of a job. Whens the turning point on employment . When do the statistics start to look a little bit better and jobs come back . When do we start . Well, whats going to happen is were going to get another bad may number that will probably be an Unemployment Rate in the 20 range, maybe a little bit more, and then we already know from where the survey week was and whats happening with claims that the june number will be a little bit worse than that. Right now, i expect, along with wall street economists, june will be the trough and we start heading back up. You can see that in the Realtime Data we watch, the percentage of businesses opening, things like that. Stuart will it be a really strong recovery . If the turning point in the numbers is june, whats it going to look like come october, november, december . Really strong numbers . What do you think . Give me a prediction. Well, if you look at the congressional budget office, they are calling for the Third Quarter to be the biggest growth quarter in american history. I think that weve had a few numbers in the 15 or 16 range and they are calling for something in the 20 range. I think that they are doing that for a good reason. The turning point, by the way, i just want to correct one thing, for jobs is going to lag a little bit, the turning point for Business Activity. The Business Activity turning point, i think we have already hit, but as the people sort of roll back in, i think to get jobs moving in the right direction, its going to take just a little bit longer. You know, if you go to a business, you will see they are still working at a pretty low capacity, and its going to take a little while for capacity to ramp up and for people to roll back into the workplace. Stuart kevin, i think this memorial day weekend is a test, a test of our willingness to go out and go to the beach and go shopping and go and eat out. Its a test of our personal responsibility. Are we going to keep distance and do it right. But this weekend is a test. This will show us how fast we are going to go back to work and get the economy rolling. You with me on this . Yeah, i think youre right. I think one of the things that we have been seeing all month and we watch this closely every day, i get an email update, is that the places that have started to open their businesses have not seen spikes in disease accompanying that. What that means is that people have learned how to social distance, to wear masks and things like that, so that they are getting back to work but doing so safely, because i think really, if the guidelines and leadership the white house put out at the beginning of this process. Stuart do you support the revolt . We do have people opening their businesses in defiance of state authorities. Do you support them . You know, i think everybody wants to get back to work and the president mentioned last night that you are starting to see a very clear blue red divide, that red states are opening up and blue states are doing so much more slowly. So i could absolutely imagine that if i were a person in a state like michigan or pennsylvania, where the governors were kind of holding me back, that i would be extremely frustrated. I wouldnt advise someone to break the law but i would be very frustrated myself if i were trying to operate a business in those places. Stuart you are a diplomat, kevin. Thats a fact. I know where youre coming from. I really do. Now, one last one here. The story of the day is china taking control of hong kong. Just taking over and trampling on the freedoms of the people there. Its clearly exacerbated the u. S. china relationship. Is that exacerbation, if i can use that word, is it going to hurt our recovery . Right. Well, i think that right now, were you know, very carefully studying whats been going on with china. Its a very complicated thing. The hong kong, secretary pompeo mentioned the hong kong move is very unacceptable to the u. S. Government, and i think frankly, that the chinese, whether or not we act, im sure we will take more actions, they are going to see a lot of economic harm from what theyre doing because if i had capital to invest would you really want to invest it in a place where they are basically, you know, sneering at the rule of law the way they are right now. I wouldnt. So i would expect they are going to have serious capital play problems in hong kong if they follow through, this will no longer be the Financial Center of asia and that they themselves will bear very very heavy costs. Stuart Kevin Hassett, we want to thank you very much for making your way to the umbrella there. I can tell its just pouring. Its like the scene in caddyshack. Stuart good scene. Kevin, thank you, sir. Appreciate you being with us. Thanks very much. All right. Separately now, new jerseys governor phil murphy, he says the states cant fully reopen until theres a vaccine. Hes talking about the new normal. People want to open up now. Coming up in our next hour, i have a defiant pastor who plans to reopen his church in new jersey regardless. Coming out of the lockdown, in my opinion, online is going to do really well. Take over from the bricks and mortar. That is my opinion. We will discuss it after this. These days, its anything but business as usual. Thats why working together is more important than ever. At t is committed to keeping you connected. So you can keep your patients cared for. Your customers served. Your students inspired. And your employees closer than ever. Our network is resilient. Our people are strong. Our job is to keep your business connected. Its what weve always done. Its what well always do. U. S. Small businesses and frankly those around the world need to get digital, and go global beings and our platform the alliebaba platform is a marketplace that enables those who want to sell their goods to the world in bulk. Stuart all right, that was john caplan on the show earlier this week talking about how alib aba is helping Small Businesses and today they reported strong growth since the month of march, and the stock is down for other reasons, but they did talk about strong growth since march. Michael zacore is with us now. Michael ignore whats going on with u. S. China relations here and just look at the company itself. Is it a winner . Hi, stuart, good morning, yeah, you and i have been talking about baba together for over a year and what we saw coming and what weve discussed in the past is that this is a company that was perfectly positioned in every conceivable way for the moment we live in today. Certainly precovid but now, in the postcovid world. Theyve built the new retail echosystem. Stuart okay, michael, im going to jump right in here. Lets get on with this. Look, alibaba is at 202 per share as we speak. Would you buy it bearing in mind all thats going on with u. S. China problems . Yeah, id still have a heavy buy on alibaba right now. A lot has to do with geopolitics not so much the companies performance. The bottom line is china is the Worlds Largest ecommerce market and thats only going to grow. Stuart my opinion is that post pandemic, post the lockdown , i think online selling is the huge winner, and well take over, am i going too far . No, i think youre spot on but its not just the online selling. Its the complete integration of online and offline, and so when we look at some of the Big Companies who are doing well now , who have weathered this storm, target, walmart, alibaba and jd, the one thing they all have in common is they are equally as strong in Digital Commerce as they are in physical retail and have blended the two perfectly. Stuart okay, so you got to bring in the online stuff, the brickandmortar wants to do well. Michael, thank you for joining us we appreciate it. Now, today, 21 states are set to relax, further relax restriction s ahead of the memorial day weekend of course and President Trump, hes calling out blue state governors for keeping their states relatively closed. Well have more after this. President trump democrat governors i think they think its good politics to keep it closed, but what are they doing . I think they are being forced to open frankly. The people want to get out and break the country if you dont. 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. Me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. The story where the chances are low, and the cost is high. The sacrifice is real. Its all around us. But this isnt a story about how tougher times beat us. This is our comeback story. The time when we rally and come from behind. The time when we defy the odds and get back to work while the whole world watches. Yeah, this is your comeback story. And when its time to come back, well be ready. Stuart all right, 10 00 here in new york city look at the markets, were down on the dow, were down on the s p, not very much, a fractional gain for the nasdac up about a quarter of 1 . Im going to show you the dow losers, on the screen right now, we have, i hope we do, there we go weve got, no theyre the winners, proctor and gamble up 1, walgreens is up 0. 19, microsoft is up 0. 85 at 1. 84 lets slip to the s p laggards, thats the losers on the s p correct the biggest loser is Hewlett Packard down 8 , andwynn resort the vegan Gaming Company theyre down 5 and tech fmc, theyre down, dont know what they do. All right, alibaba is taking a beating not because of their Financial Report but because of the u. S. China tensing up of relations theyre down 4 big drop for a big company. The energy sector, losing today, thats because of oil down 1. 46 at 32 a share, and the president is watching developments out of china, watch this. They are tracking down on our costs, are you aware of this President Trump i dont know what it is because nobody knows yet, if it happens, well address that issue very strongly stuart well, it is likely to happen, and therefore, take a look at this. Youre looking at the hong kong legislature, probeijing versus prodemocracy. China is taking over hong kong, whatever freedoms the people of hong kong enjoyed theyre going away. This is what the president says he will react strongly to. This is more than a hong kong issue though. This is u. S. Vs. China, and that makes it very important for all of us. In short, were looking at a new cold war. Americas pushing back hard against chinas supply chain pushing back hard on chinas truthfulness over the virus and now, pushing back hard on china s takeover of hong kong. The president says he will react very strongly to that. Look this goes to the heart of who we are. We cannot bow to chinas destruction of hong kong, even if we cant do much about it in the midterm. We cant accept their blatant stealing and spying and lying. The cold war, in fact, has already begun. The senate has passed a measure that makes it hard for Chinese Companies to list their shares on americas stock exchanges in the world of money that opens up a huge financial chasm. Several senators have suggested china be made to pay for its dub ious handling of the virus another financial chasm opening up as well and senator rick scott wants us to avoid chinese products and as for the democrats weve not heard much although senator Kamala Harris says calling it the wuhan virus is xenophobic. America needs a stronger line of support from the democrats. We need to hear more from the left on china. Theres a real danger here. Were trying to come out of an Economic Disaster but a knock down fight with china has been thrust upon us. The takeover of hong kong is the writing on the wall. And a personal note this is a terrible thing. I lived in hong kong for two years, i got my start in the media there. My heart goes out to those brave people, who have force in the streets for their right to speak freely. Im with them 100 . Edward lawrence is with us following the developments here. Youve got the latest for us from hong kong, edward, go. Reporter yeah, stu this is just the first day of the National Peoples congress where they offered to change the security laws. I could tell you within the last hour, kerry lam, the chief executive of hong kong supports the measure. She says the full support for establishing and improving the legal system and Enforcement Mechanisms for the Hong Kong Special Administrative Region to safeguard National Security. Now the new laws will criminal ize action against the government in hong kong that also allows Chinese Security agencies to work within hong kong and this comes as chinas actually opening the market to certain u. S. Agricultural products specifically blueberr ies and other farm and Dairy Products offering billions of dollars potentially to our farmers. The u. S. Senate as you mentioned passed the bill requiring that chinese firms on u. S. Stock exchanges would have to follow the same accounting rules. The u. S. State department is condemning the action going on in china right now saying that they need to honor the hong kong sort of one system or one country, twosystem parties as they go forward. Stu, if this does pass, it puts into question that system of the fairness and openness as you know, thats going on in hong kong right now back to you. Stuart i think those freedoms are gone, but i think its a new cold war, edward thank you very much indeed. Now im going to switch gears and bring it back home and look at the revolt. First up, that gym in new jersey theyre reopening today thats what the owners told us on this program yesterday. No incidents to report as of now in new york city, a coalition of 300 businesses saying they plan to reopen by next thursday, despite mayor mayor deblasio saying the city will not start reopening until the first half of june. Sounds like defiance to me. In pennsylvania, democrat Governor Tom Wolf says there cannot be a return to normal without a vaccine. Thats a long way away. Look at this headline from our next guest. Georgia vs. The virus. Those principles of democracy made all the difference. The writer of that headline joins us now, david avella is with us good to see you again sir. Now what were talking about here is the great opening up. Tell us about georgia, because they were the first to open up. Whats happened there . Well lets keep in mind that american columnists rebelled against the king of england for less than what Gretchen Whit mer has done in the state of michigan and you contrast that with what has happened in the state of georgia where Governor Kemp put in a state of emergency action, but the great separation of powers that our Founding Fathers put in our starting documents and are in the georgia constitution dont allow the governor to just have unilateral power. The state Legislature Must still be brought in after 30 days to keep shutdowns in place, or to keep the emergency actions in place, and hence, you see now, georgia has had its success, having success, with companies opening back up, with men and women being able to make a living and restore the retirement accounts and getting back to what we knew of life before february. Stuart look, i think this weekend is a test, it a test of the great opening up, are we willing, prepared and able to get out there and join ourselves, eat out and shop . I think this weekend is a test, but i want to point your attention to the latest fox poll 46 say they trust joe biden to do a better job on the virus than President Trump. Now, what do you make of that . Every day, we learn something new about the coronavirus and what voters think today about how the president has handled versus what they think in a week versus what they think in four weeks and four months from now. As the economy as americans start getting back out, as the bans continue to get lifted and people continue to get comfortable with being out and having the social distancing and the masks and all of that still in place, confidence is going to get higher. The economy is as you were talking to Kevin Hassett a bit ago we are about to be in a phase of good Economic Growth, positive Economic Growth. Those are all good numbers for donald trump who still we have many months until the election and heaven knows theres a reason why the democrats are keeping joe biden in the basement of his house, because you never know what gaf hes going to say if hes left out. Every time he does an interview theres a new gaf, or every time he does a town hall meeting , theyre keeping him in a basement. We havent seen joe biden in a live setting since this all started, and as americans start thinking about their choice, is that the type of president they want . Those are all check marks in the good column for donald trump stuart all right well see how that turns out and well see how the test works out on this weekend. David avella, thank you very much, sir. Thank you. Stuart Orange County, florida that is reopening, by the way thats the center of the Tourism Industry in the United States, certainly the center in florida. Last hour, the mayor of Orange County joins us. What did he say . Take me through it, lauren . Lauren the mayor said fun . The real fun in florida is beginning in june. Listen. What i can confirm to you is that this morning, i will be submitting a letter of recommendation for approval to Governor Desantis here in florida to reopen universal studios. Lauren june 1, universal studio s is open for employees, june 3 for passholders, june 5 for the general public, leg a land and smaller parks have approval to open in june as well it will look different. They wont be at full capacity but finally, you can take a vacation and if youre a local, just have a day of fun. Stuart all right all right i hope a lot of people do just that. All right, lauren thank you. Lauren i was watching video by the way. Stuart keep going. Lauren i was watching this video where they are testing rollercoasters and they are having people wear face mask s and im thinking yes its fun but can you imagine wearing a face mask on a rollercoaster . Stuart it means people cant see you scream. Youre not on camera screaming thats a big deal for me. Dont want that getting out. Lauren one of those automatic pictures that they snap. Stuart yeah, right. It is in fact a big day for reopenings. Im going to put states on your screen that are easing further restrictions today. Susan, tell me about alaska, because i think alaska is completely open back to normal isnt it . Thats right at 8 00 a. M. This morning all businesses were allowed to operate at 100 capacity. This is the phase iii of the reopening of alaska that was outlined by the governor, so all businesses can open, all houses of worship and religious gatherings, libraries, museums, recreational activities, even sports activities may open as well. Alaska had some of the smallest and if not the smallest number of cases of any state across the u. S. , only 400 covid cases but they still stress for social distancing and i guess you can do that at 100 capacity if youre in alaska with a lot of land and maybe less people. Stuart have you ever been to alaska . I havent but i heard its a beautiful cruise although im not getting on a cruise after this. Stuart let me tell you this alaska is absolutely vast. It is gigantic. Social distancing is built into the entire state believe me. Have you been . Stuart yes, four times. Wow. Stuart its scenically beautiful. But watch out for the mosquitoes in june, because theyre big enough to carry you away. Im impressed. I just want to mention also some of the casino openings as well, because we do have hard rock reopening them in tampa and sacramento and were talking about 2,000 jobs in tampa so thats good for people to be able to get a paycheck once again, 800 in sacramento and safety precautions included in these reopenings so talking about 50 guest capacity, temperature check, mask wearing, more cleaning, hard rock has 260 locations across the u. S. And yesterday, we talked about Atlantic City, it looks like Atlantic City hard rock wont be reopening until maybe the middle of june and las vegas is stagger ed right now not open this memorial day weekend so that means 330,000 visitors will not be going to vegas, but i guess a lot of these big casino players are penciling in maybe june 1 for a reopening hopefully stuart okay hopefully well see about that susan thank you very much. Check the overall market, were down, the dow is up 130, the s p down 9 and the nasdac composite fractional loss just down 12 points. Look at moderna, that stock is still below 70 a share, last night dr. Fauci said phase i results produced antibodies that exceed thresholds and they are cautiously optimistic on the vaccine. Got that. Ibm, they are planning to cut thousands of jobs. Dont know exactly how many. Stocks down 1 at 117. Nvidia, that stock is up revenue up 39 , Strong Performance from video games and Cloud Computing, and of course, because of the lockdown. 2. 5 up there on nvidia. Churches now joining the revolt to reopen. Listen to this. Theres two things that get me pretty passionate and one is the American Flag and the other is the word of god and those two things have been jeopardized here in the last few months and just kind of reached a boiling point for me last night, and i decided we just couldnt take it any more and its time to pushback, make some noise and see if we cant get our churches open again, laura. Stuart by the way later this hour were talking to a new jersey pastor who wants to reopen his church this weekend despite the governors orders. He says dont do it. Hes going to do it. Plus memorial day weekend, newly reopened Car Dealerships offering serious deals to get you to buy. Yeah, were all over that one, but next, joe biden trying to appeal to African American voter s wait until you hear what he said to a black radio host. Well play it for you. Hour two of varney just getting started. Its a thirteenhour flight, thats not a weekend trip. Fifteen minutes until we board. Oh yeah, we gotta take off. You downloaded the Td Ameritrade mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. Stuart not a great deal of movement on the markets this morning we are down 100 on the dow, down 10 on the s p down 24 on the nasdac composite. Not major losses. But look at tesla for a moment look at the stock. The stock is down 7 but at 820, and you see that statue thats a huge statue on the right hand side of your screen. Thats a statue of elon musk, and i want susan li to tell me what this thing is doing. Whats it all about . Isnt elon musk a true giant of industry stu so this is in tulsa, oklahoma and originally it was a 75foot tall golden driller statue but now transformed into the likeness of tesla founder and ceo elon musk. Why . Well, it looks like its between either tulsa, oklahoma or austin, texas that elon musk will choose as the second u. S. Manufacturing facility for tesla to build the upcoming cyber truck and also the model y crossover, and this comes with a lot of jobs. We know that freemont california is the only car production plant and he says contributes around 5 billion to the california economy, so i wonder what kind of tax breaks these plants are offering, these states are offer ing, because we know that the battery factory he operates in nevada came with 1. 5 billion in tax incentives, and some say in order to get one of these possible tesla factories, thats kind of the realm that youre looking at in order to attract elon musk. Im not sure if the statue is going to do it. Stuart i dont know. It doesnt even look like him. I didnt think elon musk when i saw that. Stuart but its a different approach. It made a headline and were reporting it, you know . It works. I be a little insulted id think is that what you think i look like . Is that it . Stuart [laughter] i dont think elon musk could care less what he looks like. Moving on, susan, moving on its the friday before memorial day weekend Car Dealerships ramping up the bargains come in grady trimbul, show me bargains please at the car dealers. Reporter well yeah here is a jeep compass on the list of one of the best deals that you can get this memorial day and you might actually be able to get better deals this memorial day than previous years. Im with the sales manager, Corey Spooner at this dealership so how much would it cost me to drive this off the lot today . You could get a pretty big discount on it. Huge discounts this vehicle you could have 7,000 dollars off or take 0 for 72 months along with 120 days the first payment. Its fantastic. Reporter and we have a list of others including the nissan mura no and gmc acadia , but inventory is down you have run out of grand cherokees and a few other more popular cars so if youre willing to compromise you might be able to get something at a good price. If youre willing to compromise on one or two items were willing to get you exactly what youre looking for and the price you want. Reporter there you go stu so happy memorial day and happy shopping. Stuart what i like is 0 financing for 72 months now thats a deal and a half. Grady thank you very much indeed now the next hour, the ceo of carvana is with us. He sells used cars, hows business . I will certainly ask, and lets get to South Carolina. The governor there, henry mc master announced earlier this week that starting today, more attractions in the state. Arcades, museums, water parks, zoos, they will be allowed to reopen, South Carolina senator tim scott with us now. Mr. Senator, do you think youve got in South Carolina something to teach Governor Cuomo of new york and governor murphy of new jersey . You going to teach them a lesson absolutely, one thing we know is that people are flooding our beaches, so the governor opens up more attractions it takes pressure off the beaches which is really good news, and frankly, our caseload in South Carolina has been significantly better even as a percentage compared to speaking to Governor Cuomo because we started were looking at our Nursing Homes earlier on, and now, between now and the end of june, well have tested every single nursing home resident, and the employees, and thats the fastest way to bend the curve but from an economic perspective, our Hospital Capacity is better now than pre covid19, and that is key because the shutdown was all about Hospital Capacity. We knew we could not stop the spread of the virus but we could mitigate it enough to have the Hospital Capacity so that when you get there, it is time to rev the engines and get this economy kicking again. Stuart oh, yes, sir, youve been watching this program, i guarantee it i know you have. I do stu i watch your program. Stuart im really flattered honestly, senator i really am. Now hold on a second serious stuff here. I want to play for you something that joe biden told a National Radio show which is aimed at African American audiences. Roll tape, please. You got more than if you have a problem figuring out whether youre for me or trump then you aint black. It dont have nothing to do with trump but the fact that i want something for my community. Take a look at my record, man. Stuart you aint black, response to that, senator . Wow. That is the most arrogant condescending comment ive heard in a very long time, and thats saying something. The man who sponsored and led the charge of a 1990s crime bill that locked up more African American males than any other piece of legislation and President Trump comes along and through his criminal Justice Reform corrects the absolute mistakes made by joe biden for him to make such an arrogant , ridiculous comment, if you think about the numbers, 1. 3 million African Americans voted for trump. Hes saying the 1. 3 African Americans that youre not black . Who in the heck does he think he is. That is the most arrogant, outrageous comment ive heard in a very long time. And i take offense to that. Stuart senator tim scott we admire your restraint and admire the success of South Carolina and thank you very much for being on the show again today sir, you can come back any time. Thank you very much. Stuart appreciate it. Now, its called a promo. This is p haing next thursday on this program, in the 11 00 hour. Its a virtual town hall. It is my point, i want you to send in questions, video questions. You send them to invested in you foxbusiness. Com. I want as many questions as possible. Keep them short, sharp, under 20 seconds, please and well answer as many of them as we possibly can. How about this . Patriots robert kraft auctioning off his super bowl li ring to help the fight against covid19. Wait until you hear how much it brought in . A lot. And pastors joining the revolt to reopen. Meet a pastor who says hes opening his doors back up again. Watch this. I want to normalize, one of the other things i want to do is get the churches open. The churches are not being treated with respect by a lot of the democrat governors. I want to get our churches open. Where will you go first . Will it be familiar streets . Or perhaps unknown roads. Wherever you may go lexus will welcome you back with exceptional offers. Find a lexus for every road at lexus. Com. Get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. Experience amazing at your lexus dealer. And i recently had a heart attack. It changed my life. But im a survivor. After my heart attack, my doctor prescribed brilinta. Its for people who have been hospitalized for a heart attack. Brilinta is taken with a lowdose aspirin. No more than 100 milligrams as it affects how well brilinta works. Brilinta helps keep platelets from sticking together and forming a clot. In a clinical study, brilinta worked better than plavix. Brilinta reduced the chance of having another heart attack. Or dying from one. Dont stop taking brilinta without talking to your doctor, since stopping it too soon increases your risk of clots in your stent, heart attack, stroke, and even death. Brilinta may cause bruising or bleeding more easily, or serious, sometimes fatal bleeding. Dont take brilinta if you have bleeding, like stomach ulcers, a history of bleeding in the brain, or severe liver problems. Slow heart rhythm has been reported. Tell your doctor about bleeding new or unexpected shortness of breath any planned surgery, and all medicines you take. If you recently had a heart attack, ask your doctor if brilinta is right for you. My heart is worth brilinta. If you cant afford your medication, astrazeneca may be able to help. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Stuart before the break, we told you about robert kraft, auctioning off his super bowl ring, and it brought in more than 1 million. It was part of the allin challenge, virtual auction, and the winner who remained anonymous also gets a personal visit with kraft at the patriots stadium and by the way the challenge raised more than 45 million for virus relief so far. To the markets, were pairing a loss a little bit dow industrial is now down 90 points s p down 5 nasdac down 5. Amazon hit a record high earlier this week, its retreated a little, were at 2,451 a share. Same story with facebook record high yesterday, all kinds of announcements there, they were above 230. The news this morning is that some of their workers may get a pay cut if they move to cheaper areas to work from home. Facebook is still at 229, very close to the high. Apple look at that stock, i think that its down slightly, no its up slightly. 0. 55 whats the news susan . We just heard from dan ives last hour and he said apple could actually be a casualty in a dispute of the ongoing u. S. China trade dispute with the u. S. Take a listen. Not to worry. Apple is really the poster child in terms of some of the u. S. China tensions, we saw that last year with the trade war, and amidst all of that production and that comes out of foxconn, and that continues to be an issue for apple not just from a production respect but both demand. Now im not sure thats necessarily true because the latest statistics that we just got from china overnight from Government Research shows theres been 160 increase in iphone sales in the month of april, so they sold about 3. 9 million iphones, dont forget that china is their second largest market with 20 of their sales in the country, yes they assemble 50 of their iphones there as well but we have seen this before where wear ables were actually tariffed in that latest round of u. S. China trade stats and by the way that didnt really hurt their wearable sales, because it is now a fortune 140 company on its own, if you judge it by the number of sales and if you look at apple stock recently as well were just about 8 away , 9 away from record highs crossing 326 once again but people still expect a 5g phone to be released at some point later on this year just before the allimportant holiday period , so people see a lot of shall we say Collateral Damage from the u. S. China ongoing trade dispute. Stuart okay so that works out but dan ives is still for 350 per share on apple so we still got that going for us. Can we put netflix on the screen please . A lot of popular programs will see their final seasons next month. Lauren does that mean theyre running out of fresh content tell me it aint so. Lauren im going to say no, because if you look at fuller house and 13 reasons why, very popular shows, last year before coronavirus netflix said the final season was the end of the series, so those two series off the site next month, but let me tell you what its coming to netflix i dont know how they are doing all of this. Everybody is talking about the five bloods. Its spike lees first directto streaming movie and theres also the will farrell and Rachel Mcadams comedy, and dating around, theres a lot of content on netflix, they have certainly been a stayathome winner although giving back 3 today. Stuart they are a winner in the lockdown thats for sure. Now this the stimulus bill, the last one i think, included 5. 5 billion to help expand home , internet access. Jonathan smalter is with us, u. S. Telecom president and ceo, u. S. Telecom represents the big carriers like at t and verizon. Jonathan welcome to the program its good to see you. Well thank you very much stu its great to be with you. Stuart 5. 5 billion is an awful lot of money to connect the internet into rural and poorer areas. Is this a new entitlement . You know, what we do know is theres a number of americans that have been hit hard, a number of americans, Small Enterprises that have been hit hard by this pandemic and i know both sides of congress have been rolling up their sleeves to figure out whether there are ways to support those communities and those individuals. Our broadband companies, not only are large numbers but are small, heartland providers around the country have really stood tall and dumped Everything Possible going above and beyond to support their customers to keep their customers beyond this pandemic and make sure that they stay connected during this pandemic. Stuart well who does the money go to . Does it go to at t . Does it go to the verizons of this world . Who does it go to . Well its designed to be able to support the consumers that have been hit hard by this pandemic. Stuart would their internet hook ups be subsidized with this 5. 5 billion . Were looking at that proposal. Were evaluating what are the best mechanisms to keep americans connected. I will tell you that what we need more than subsidies, what we need more than these mandates are incentives for our broadband enterprises, large and small, to be able to continue to do their work of keeping our country connected, and its a great story. Think about the unbelievable engineering that went into the massive investment that went into insuring that while the world has been closing down our internet has stayed open and thats a testament to the incentives that have gone for decades to create, regulatory approaches to allow our companies to continue to invest and innovate so that at this moment of crisis, where so many things have been challenged , our internet is performing. More and more americans are going home. Stuart im just trying to figure out who gets the money . Is it individuals . Is it tiny businesses or is it Communications Companies . Who actually gets the money . Well under the proposal that this bill would advance it be a combination of consumers who have been hit hard by this low income consumers that have been hit hard by the pandemic, and also some of the companies that are supporting them. Our perspective is what we really need to do is to insure that we can have look forward and have a longer term fix so that theres no american ever again thats going to be not connected to the internet as we look forward to the future we have the resources and the Publicprivate Partnership in place, that well be able to allow us to connect all americans Going Forward and were ready to work with government to make sure that we know what the capacity requirements are going to be but the actual resources that are going to need and the timeline, and you want to do that work. Stuart we hear you jonathan and we thank you very much for being on the show today, jonathan spal ter, u. S. Telecom thank you, sir. Its great to be with you thank you very much. Stuart now the revolt against the lockdown rules has reached churches. Watch this. The more church we ought to be having not less church. Now thats gods parameters. So im tearing up this ceaseand desist order and im telling you were going to do it gods way. Stuart a little drama right there and by the way that pastor is not alone. Next well talk to a pastor who wants to reopen his church this week, in new jersey, against the governors orders. Well be back. announcer in this world where people are staying at home, many of lifes moments are being put on hold. At carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. President trump well open our churches again, i think cdc will put something out very soon. Weve got to open our churches, people want to go in and ive seen today where people are trying to break into a church to go into the church, not to break in and steal something they want to be in their church and i said you better put it on and theyre doing it and they are going to be issuing something today or tomorrow. One of the other things i want to do is get the churches open. The churches are not being treated with respect by a lot of the democrat governors. I want to get our churches open. Stuart all right the president clearly wants the churches to open. In new jersey, a number of pastors are planning to reopen their churches, despite governor murphys stayathome order. Phillip rizzo, City Baptist Church pastor is planning i believe youre planning on reopening on sunday. Pastor, let me put it to you like this. Theres a gym at the jersey shore which opened early in defiance of the governor. They shut him down. What are you going to do if you do your service, i guess its on sunday, and i know theres a knock on the door and its the representatives of governor murphy shutting you down. What will you do . Well good morning, thank you for having me. By way of clarification there are a number of churches that are opening this weekend coming up. Our church in Hudson County weve never closed. We believe that originally the executive order completely overstepped the First Amendment right that we have as a church, and so weve never officially closed, now some churches, some larger churches were a Smaller Church in Hudson County and there are churches that are coming back live inhouse this weekend and for our church, were planning on having church. We expect now with some press conferences and with other larger ministries making a stand to reopen. Were expecting that now, probably this sunday, everybody is going to be on the radar of governor murphy and if they come to our church, were not going to be rebelious and resist arrest and get violent. Were going to comply with what they ask us to do in the moment, but after that well continue to have church, midweek Service Wednesday night, and also sunday morning, and sunday night. Stuart now what like social distancing are you observing those rules . What about taking communion . What are the rules there . What will your Church Look Like . Most churches established churches, the church that were meeting in in north bergen, new jersey. We only started it, its a brand future. , we only started it in october its a small storefront, so social distancing for us is going to be very difficult. I have a family of six. My wife and four children and so in a little storefront startup Church Social distancing is going to be very difficult. We do have families that have been attending regularly from the initial shutdown from governor murphy. Weve also added Live Streaming so for the people that are afraid to come, church is totally voluntary right . People can come if they want. We cant force people to attend church. Stuart the argument though is in your Storefront Church the new one the argument is that you really cant keep social distance therefore you may be spreading the disease, the virus by simply holding that service. Whats your counter to that . My counter to that be i also have a secular contracting business, i was at home depot first thing this morning. There is zero social distancing going on in the Big Box Stores. Home depot, walmart, people are on top of each other there, and so theres no social distancing and thats a new phrase and theres conflicting reports six feet, eight feet, 10 feet whatever it is. Our church has been sterilized. We run a air scrubber, a hepa filter 24 7. The only time we shut it off is right before preaching time, and so for those that say that social distancing is going to spread the virus, theyve not been to a Big Box Store over the last couple of weeks. Stuart last one, what should i expect this sunday . How many churches are going to reopen or open up, whatever your term of expression, how many churches are going to reopen against the orders of the governor this sunday . I believe theres probably going to be around a dozen. Our church, were independent baptists which means we dont have a higher archy telling us what to do. Every pastor leads the church, as he sees fit as he follows the lord and thats what were doing. I just felt that the lord not to close our church. Its a small church its a start up Hurricane Florence if we closed bringing young leavers back into a church is going to be very difficult so id say probably about a dozen but theres going to be more coming pretty rapidly now. The weather is changing. Weve obeyed. People have not gone to the parks, people havent played golf, people have not gone shopping, theres a ton of online shopping, for the most part, weve behaved ourselves, and now people are ready to get back into their church house stuart you get to see what the episcopals do, so pastor riz zo, thank you very much for joining us. Thank you for having me. Stuart thank you, sir appreciate it. Business owners pushing for protections against liability lawsuits. Thats what they want, foxs todd piro is fired up about it and hes going to report on that in a moment. President trump set to speak to our nations veterans shortly. Well bring you that, live. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Thats it. Im calling kohler about their walkin bath. [ sigh ] whinot gonna happen. t. My name is ken. How may i help you . 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I think that the government is really starting to understand how important this is to jump starting the economy and we saw it after y2k, after 9 11 the congress was together in a bipartisan way, and they can do it again. Stuart yeah, Liability Protection, thats what the u. S. Commerce president Suzanne Clark was saying on this program earlier. I want to come in with todd piro todd this is not an accusation this is a statement. Youre a lawyer, a recovering lawyer. Whats so big a deal about Liability Protection . Todd stuart, guilty as charged but like you mentioned i am fired up about this and the reason is, if you get sued, you lose. You may not lose the case, you may win the underlying case, but just getting sued means you lose because were not in the english system where the loser pays the fees and the cross and by and large that does not happen here in america so think about this from the perspective of Small Business. I get sued i need to defend myself and even if i win the suit, those costs could bankrupt me in light of the fact that i havent made a single dime in the last two and a half months. Stuart yeah look im with you all the way on this. I think the best thing that we could do to get america back to work, get businesses open again is Liability Protection. Let me put it like this , todd. I think we need the english rule what do you say . Well you just mentioned the english rule. I dont know if that really works with the system and how in grained it is so far. Im not willing to go that far but when i am willing to go and say we need something specifically with regard to covid some form of standard protection requirement that if those are violated then lawsuits can attach, but if we dont have that standard system, the fact of traying to prove a tort, duty , breach, causation damages is going to be virtually impossible because say i go to work and a restaurant and i get sick. Well which one caused the sickness . And so its problems. Stuart and what about your employer encourages you to come back to work, we really need you, you go to work, and then you go to hr and say youre putting me under emotional distress. Youre putting me under duress youre pushing me to go back to work in an unsafe environment, give me 1 million but you really offended me. I can see it coming a mile off cant you . Well stuart youre not going to get the million bucks whats going to happen is especially if its a larger employer its going to become a Class Action Lawsuit and at the end of the days all of the employees who made these claims get a week vacation at the most, maybe like a couple days here and there and the lawyers going to walk away with a check for 35 million. Thats how it works in class actions. Stuart yes i noticed that todd one more for you. New york pushing to legalize marijuana and Sports Betting, as a way to fillet tax gap from the virus. What do you make of that . Todd ill take Sports Betting first. Look im a sports guy. I know youre a sports guy. I read the blogs. There is a hunger out there for anything and when theres a hunger for anything sport, people want to bet on it and so theres an opportunity here to fill the coffers. I know not everybody has lost a job during this , there is some disposable income, and these individuals, those younger males are just ready to spend money on something, be it beer, be it sports gambling. Theres an opportunity to take advantage of that, lets get that money. When it comes to obviously marijuana, theres a moral element to that. I would just say if you want to smoke pot youre going to smoke pot. Its happening throughout the nation, and at some point, we might as well fill the coffers by taxing it because i know as soon as were done here today, im going to grab a beer. I dont need that beer. I enjoy that beer, i like that beer but i dont need it. Tax that, help fill the coffers because there are big segments of our society that need help right now, and lets make the tax dollars go to that, not in some other way like raising it on the homeowner whose then goes to have a tax bill from 15 to 20,000. Stuart got it. Todd piro you would have made an excellent lawyer. Good. I like your style. Thanks. So 30 minutes from now we expect to see President Trump, hes going to honor the veterans to kickoff memorial day weekend, youll see it when it happens. And as the threeday weekend gets started, i say we need this economy open. My take on that, and more on the growing revolt against the lockdown, after this. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. 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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 its 11 00 and the markets have been open for 90 minutes. Were on the down side. Its not huge, but a fairsized selloff. Youre down, what, 166 on the dow, 30 on the nasdaq, 13 on the s p. Live look at the white house. Later this hour, actually about 30 minutes away from it, the president will participate in an event to remember our veterans on this, the first day of the memorial day weekend. We will bring it to you live. Thats a promise. Also happening today, a total of 15 states are further easing the restrictions placed upon them. Arcades, theaters, bowling alleys, reopening in alabama. People can now hit the beach in several states like new york and new jersey and connecticut, but there are severe restrictions. Now this. Yes, its friday, the start of the threeday memorial day weekend. This is going to be a test. How many of us will use the break to get out and about . How many will support the stores and restaurants that are allowed to open . In short, will we as a nation bring this economy back to life starting this weekend . I think it is imperative that we do. Shutting the economy down has put us in a huge economic hole. 38 million suddenly unemployed. Stayathome rules have produced a Mental Health crisis as well. Bankrupt businesses, bankrupt states, and a treasury thats bleeding by the trillions. It really is time to open up bigtime. Will infections rise if we open up . No, says jpmorgan. Quoting from their report, here i go, data show that with a greater than 99 significance, infection rates fall after lockdown orders are lifted, end quote. We werent expecting that. Thats not what the media has been telling us. Florida opened up early and infections and deaths actually declined. They got it right. And the revolt against the lockdown, well, the revolt continues to grow. Across the country, businesses are in defiance. s t its either open up or go bankrupt. Which would you choose . Here you go, the long weekend starts. What we do in the next three days will have a lot to do with how quickly we recover from this economic and human disaster. Its a test of our ability to come back strong. Speaking of that, check out this new poll from fox news. It shows the country trusts President Trump with the economy over joe biden 45 to 42 . Thats not exactly a huge margin. Stephen moore joins us now, economist supremo. Stephen, i say this coming election depends upon President Trumps reelection really depends upon us coming out of this recession quickly. Are we going to come out of it quickly . Hi, stuart. Good to be with you. I dont think were going to come out of this recession quickly. No, i dont. I think we have done Severe Damage. Your commentary was precisely right. So i think a lot of americans think two or three weeks from now when they come out of hiding, everything will be like it was and it wont be. We have seen too many business failures too Many Industries hobbled. It will be a slow recovery. Art laffer, your favorite economist and mine, did a study a week or two ago that predicted its going to take probably three or four months before the economy really starts to show some new life. The fall, we should start to see improvement. But i agree entirely, stuart, with your premise that the election in november is going to be primarily about one issue, that issue that you asked in your fox poll, who is better able to create an economic recovery in this country. Im surprised actually by that poll number by fox news because i have been looking at that number in other polls and trump has a much bigger lead over biden than in the fox poll. In fact, there was a poll that came out i forget who did it but a credible poll that showed trump had about a 12 percentage point lead in that regard. Thats not surprising. The guys a businessman. Joe biden is a lifetime politician. And by the way, one other quick thing, stuart. Trump, his strongest argument for reelection is i rebuilt the economy before i can do it again. Stuart you know, its a very important number thats going to come out. It will be the first read on Third Quarter gdp, that july, august, september. How did the economy do. We get that number, five days before the election. Its a key number. Its right before the election. This bolsters our joint point of view here that the recovery of the economy is absolutely key to the election. But you are telling me that those Third Quarter numbers, july, august, september, not going to be that great. Theyre not going to be great. I hope im wrong. I love prosperity, i love jobs, i love getting people back to work but we just did Severe Damage to our economy. You cant shut down an American Economic engine 20 trillion and expect to just fire it right back up again. Its going to take a long time for these industries to get back going. Here is the problem that the democrats have, in my opinion, stuart. I just wrote a commentary on fox Business News now that basically says the democrats have defined themselves as the party of lockdown. Look, you showed that map of where the states are open and which states arent. Gee, isnt it surprising the blue states are shut down. That is going to be i think a crippling fact for them when they start arguing for Economic Growth when those states like new york and california and new jersey and my home state of illinois are still kind of crippled, they are going to see red states growing and blue states not growing. By the way, im going to be in chicago this weekend, stuart, at a big rally in Downtown Chicago telling Governor Pritzker open up the economy. Stuart this threeday weekend is so important. The weather is going to be good. Its the unofficial start of the summer. Weve got relaxation of the rules partially in 50 states. This weekend, weve got to get out there and show that we are ready, willing and able to get this economy going again. Key weekend. Im sure you are with me on this. Its a big deal. Stuart, the most by the way, just from a health standpoint, the most healthy thing you can do for your kids and your family, get outside. What sense does it make to be shutting down playgrounds and Tennis Courts and basketball courts and parks . It just is the most idiotic thing. Every study shows right now we need people to get sunshine and be outside and be active, not you know, keeping people isolated for two months is a very unhealthy thing to do. Stuart what happens if theres a second wave of infection . The president says were not shutting back down again. You with him on that . We cannot shut down this economy again. I hope and pray that does not happen, but you know, sometimes theres episodes of these kinds of viruses. We have learned a lot of lessons. The most important thing we do if we have a second recurrence of this is we got to keep the Nursing Homes safe. We got to keep elderly people safe. We have to keep people with preexisting conditions safe. But for younger people, you know, we now know that they are not so susceptible to this. Life has to go on. You dont have a Society Without an economy. Look, im confident we are going to come out of this because we do have a progrowth president and cut taxes, cut regulations, one last thing, i know we are running out of time here, no more spending. The federal spending that pelosi wants to do is not good for the economy. It will retard the Economic Growth. We cannot allow that to happen. We already spent 3 trillion. Im with arthur laffer. Lets cut the payroll tax for every worker and Small Business in america. Stuart im with you all the way. By the way, stephen moore, good luck in chicago this weekend. Okay. Im not being facetious. Good luck in chicago. Have a great memorial day weekend, my friend. Stuart you, too. Stock of the day. Alibaba. Well, it is down bigtime, 11, 5 . Thats because of renewed tension with china. But they did come out with some strong numbers from their Cloud Business in particular in the last quarter. But its weighed down by the u. S. china tension. Listen to what President Trump said about chinas treatment of the protesters in hong kong. Roll tape. Reporter cracking down on hong kong. Are you aware of this . I dont know what it is because nobody knows yet. If it happens, well address that issue very strongly. Stuart in short, the news of the day is this. China wants to retake full control of hong kong. Lets get an update on that. Susan, what susan power grab. Its a power grab. Also infringes by the way on a lot of freedoms that were promised in 1997 when hong kong was handed back to china from british rule. We did just hear from carrie lam, chief executive of hong kong, hugely unpopular and also chosen by beijing. She of course agrees with this new Hong Kong Security bill. If we can bring up the quote for you. So she says the decision she says only targets acts of secession, subverting state power and organizing, carrying out these terrorist activities in her words as well as activities interfering with hong kongs internal affairs by foreign or external forces. You have to read between the lines here because i think it sounds like shes hinting that maybe its the u. S. Thats part of this foreign interference. Now, of course, secretary of state pompeo has responded this morning to this as well socalled power grab by china over hong kong and pompeo says the decision to bypass hong kongs wellestablished legislative processes ignores the will of the people of hong kong would be a death knell for the high degree of autonomy beijing promised for hong kong under that 1997 handover. This bill allows beijing to essentially pass laws without hong kongs consent in the future. You will also see Chinese Security forces on the streets of hong kong, something you havent seen for over a century. But also, people are reading the tea leaves here, stu, and thinking this might be a dare from beijing to trump and the u. S. To say what are you going to do about it. Stuart look, bottom line, for both you and i, breaks my heart. Absolutely breaks my heart to see those freedomloving people trampled like this by a communist regime. It just breaks my heart. It really does. Used to live there and so did you. Thank you. Moving on. Check hertz, the car rental people, obviously. Down big today, 6 . Back to 286 a share. Theyve got serious problems. Tell me about that, lauren. Lauren they are on bankruptcy watch but it gets worse. There are reports that there could be a partial liquidation of hertz. Today there is a deadline with their bond holders and debt holders. They agree on how they are going to pay their bills because right now, they cant, and they are looking for cash. They are selling some of their 100 anniversary yellow corvette z06s, with the black stripe on the side, selling them at a discount, 68,000. 650 horsepower. Hertz is saying look, no ones going anywhere. Theyre not renting our cars. The pandemic is truly hurting us. In terms of the liquidation, people familiar with the matter say it could be worth more, the bond holders could get more if they sell the assets, the real estate, the cars, et cetera. Stuart bottom line is that hertz was done in, a, by the ubers of this world to start with and b, by the lockdown when nobody was traveling. I think thats what really hurt them badly. Lauren, thank you. Let me go to susan and lets check some of the lockdown winners that we have been seeing recently. Start with say nvidia. Susan look at the rally. We are up 100 from the depths of march. Nvidia is doing a lot of things right. Including building chips for the Gaming Division which we have seen of course surge because people are stuck at home during these covid19 times and they make the chips that go into the bestselling nintendo switch, the bestselling game console on the planet right now. Also, they are making chips for Data Processing and Cloud Computing and we know the coronavirus has really accelerated this process of moving off physical data centers into the cloud. They are also building chips for cryptocurrency miners. They are doing a lot of things right, in fact, giving us guidance as well. Very rare in these earnings periods. And they are saying they have exceeded expectations and are seeking of reinstituting that buyback program. Got all that positive . Stuart yes. I hear you. Heres something else. Whats this about a cheaper peloton bike . Susan we know that peloton bikes cost around 2,000 a bike, or you can go on a Monthly Program which costs around 58 a month for three years, only for the bike. Then you have to pay 40 bucks for the subscription or lessons on top of that. John foley, the ceo of peloton, given that we have seen sales increase 66 in these covid times in the First Quarter of this year, he says in the next few years we will introduce a cheaper bike so more people can get into the action as well. Think of it as more of a Planet Fitness type of subscription. You want to go for the mass market instead of just the high end. Now, another piece of equipment, have you heard the mirror which costs 1500 . That has spiked five times in sales because people are stuck at home, they cant go to gyms so they just exercise instead in front of a mirror or on a bike. Stuart i will have to remember that. Its vital stuff. Susan because its so you. Stuart stop it this minute. We will get emails. All right, susan. Look at the white house. Few moments from now, President Trump will honor our veterans from there. Hes kicking off the memorial day weekend. We will bring it to you live, thats a promise. The average price of gas, still under 2 nationwide. But only just. That would typically be great news for people hitting the road for the holiday weekend. Most of us, though, not going to be traveling that much. The surprising aaa travel forecast coming up. We have shown you this video. Thousands of new cars sitting at a port as demand plunges around the country. Now we know. People arent buying used cars, either. Will those sales ever bounce back . We will discuss, next. In my line of work, 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 yes, we are indeed beginning to get out and about. Ive got a big number on your screen. More than 300,000 people passed through airports just yesterday alone. Those are tsa numbers. The low was in march, when we were down to about 90,000 a day. Now were up to 300,000 plus. We are traveling again. Big deal. Its memorial day weekend. Thats a big travel weekend, obviously. The price of gas is all the way down to 1. 94. Lowest in years. Susan, tell me why travel is expected to hit a low this year. Susan because people are still afraid to travel because of coronavirus. We are at 1. 94 and that is the lowest in 20 years for gas prices and i looked across the country. The lowest right now is in mississippi where its 1. 55 a gallon and its a buck cheaper this year on average than it was last year. But thats not spurring a lot of travel because according to aaa, looks like this year could be a record low, the worst we have seen so far going back to 2009 was 31 million after the financial crisis, when people didnt want to travel because they wanted to save money instead. Last year, we are coming oafff record high from last year when f 42 million took to the roads. This year its something less than that. What a difference a year makes. Stuart whats the point of driving to the beach if you cant swim, you cant put your towel down, you cant take your cooler with you. All those restrictions, whats the point of driving . Look, im saying please, america, get up and go. Get up and use those businesses which are now open. Travel if you have to but go do it. Susan what about camping or boating . Because thats probably going to be the most popular this year. Or you stay at home. I would probably recommend you go enjoy the sunshine instead. Get some of that vitamin d. Stuart get out and about, spend some money. Bring us back to life. Thats where im coming from. You, too, im sure. Staying with this, used cars down, used car sales down 34 in april. That is dramatic. Look whos here. Earnest garcia, the ceo of carvana, an online used car retailer. Thanks for coppiming on the sho. I got to tell you, i dont see used car sales coming back strongly. Its so much easier for me to go out and buy a new car with a great deal. What do you say . Well, we are certainly in a new world. As you pointed out, car sales across the industry, new and used, are both down pretty significantly. But they are coming back. So you point to this number in april, used car sales being down about 34 . Industrywide, they are probably down more like 15 , give or take so far in may, and our business where we sell cars online, then deliver them to customers as soon as the next day, give them sevenday return policy, we are actually up 20 to 30 year over year. So i think consumers are changing behavior a little bit and there are great options out there if theyre looking. Stuart can you give me a deal . We went to a new car dealership earlier on the show and we saw deals on various vehicles where you could put a limited amount of money down and 0 interest for six years. I mean, can you match that kind of deal with lower prices for used cars . Sure. I would say two things. One, i think whenever there are heavy incentives in new cars, we tend to see used car prices also drop. So while it may not be the flashy no payments for several years, what you will get instead is a much lower price on a car. So that does happen and actually flows into used and give customers great options there as well. Then we have also been running an opportunity for customers to not make payments for 90 days which is pretty unique in used cars. Thats something we have been doing recently as well. Stuart it occurs to me that you have these vending machines, i have seen them all across the country. You should have come on strong with this, because that is Contactless Service and sales, isnt it . I dont see or touch anybody. Yes. I think we have two ways customers can get the car. One is we deliver to your door. We do that in a totally touchless way. We sanitize the car, you know, the advocate is a carvana employee who delivers it to you, he wears a mask and gloves and calls you when the car has been offloaded from the flatbed truck and then you can come out and take receipt of that car. You have seven days to return it. Or you can go to the vending machines you point to which is also a really fun experience for customers, they get to go and see the car come down from several levels above and rotate as its coming, it gets delivered into a private bay so they show up for their appointment, take their car that way and thats a great way to get the car as well. Stuart we thank you very much for being on the show, and we wish you the best of luck. Tough times for everybody. Lets hope you can spring back nicely. Ernest garcia with carvana. Come back and see us soon. We have been following jeff flock. Hes been traveling around the midwest getting ready for the summer. Yesterday he was talking about rv rentals. Today, hes talking, by the looks of it, swimming pools. People are going crazy for them, jeff, aint that right . Reporter ill tell you whats springing back, stuart. That is pools, back in a big way. Im surrounded by pools. You know whats big is the aboveground pools because you can get them quickly and theres a huge run on it. Chris boswell with a Company Called american sail. We normally have masks on but for the broadcast we are taking them off and are distanced. Its crazy here. Its been absolutely insane. For the last eight weeks, just people investing in their backyards, you know, since they are going to be home using products that they can i dont with the family. Reporter show me. We have aboveground pools. What am i looking at . How big is that, how much does it cost . This is a 24 foot round pool, the most popular size on the market. Installed, you are anywhere from five to 6500. Reporter if i install it myself . Saves about a thousand bucks. Definitely doable with some friends and just an afternoon. Reporter got you. A lot of people have got some afternoons to deal with. Theres a bigger one there. How much is that . This is the largest size oval on the market, 18 by 33. You will be about 9,000 to 10,000 for that. Reporter real quick, joe, come over here if you can. I dont want you to walk through the flowers there. I want to show you one last thing. I think you might like this. This is big, too, because its whats called an endless pool. Lot of people are grabbing this. Go ahead up the stairs there, joe. This is the one that kind of blows water back at you when you can, what do you do there . Its basically a swimming place, treadmill more or less. Its a fitness system. You can run, you can jog, you can swim in there. Theres also therapy seating. You will run between like 30,000 to 60,000 for that. Reporter appreciate it very much. We will have the ceo of this company in the next hour. Pools, big time. Stuart yeah. Spend the money, jeff. Dont install it yourself. Give them a thousand bucks and have them do it right. Come on. Reporter im cheap. Ill do it. Ill do it myself. Im cheap. Im like you. Stuart yeah. Im cheap but i would never do that by myself, ever, ever, ever. Hey, jeff, see you again soon. Reporter thats why youre the anchor. Stuart lets get straight here. The lockdown revolt, its on. Not just businesses demanding that they can be able to reopen. Watch what this pastor did to a cease and desist letter. Roll tape. So im tearing up this cease and desist order right here and im telling you right now, were going to do it gods way. Were going to do it gods way. God tells us how to worship him. Nobody else gets to do that. Stuart look, you know, this could be the weekend of revolt. More on that coming up after this. And a live look at the white house. Moments away from the president speaking at an event to honor the veterans. We will bring it to you live. Thats a promise. More after this. 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A lot of people are in open revolt. Couple examples. Okay. In baltimore, a pastor rips up a cease and desist letter in the middle of his sermon. Hes ready for the lockdowns to end bigtime. In texas, weve got a water park thats defying orders. It is opening for memorial day weekend. Tammy bruce joins us, a fox news contributor. Look, i have said frequently on the program today, this weekend is a test. Its a test of how we want to get back to work, want to get out and about, want to encourage businesses to reopen. Its a test of how fast we can reopen this economy. Are you with me on this . I am, but whats also interesting is that its a test in a certain way regarding the american citizen and weve got this balance. We obviously want to follow guidance, we know the importance of taking care of ourselves and of our community. But we also now are seeing evidence, stuart, that some of the things the government was saying and cdc was saying is wrong and not even evidence, but reversal of certain points like well, it can spread easily on surfaces. The cdc is now reversing that. We are seeing, you know, other reports and we have seen georgia, tennessee, we were told it was going to be an experiment in human sacrifice if they opened up. In fact, the reverse has happened. Cases have declined by double digits as those states opened up. So americans are listening to guidance, but they are also seeing evidence that in fact, wait, if our goal is to slow this down, we have already flattened the curve for our health care system, but for the community in general, you know, we arent going to become, you know, super men and women overcoming a virus or germs. That is impossible in the sense of the organic world. But what we can do is fight against it and so theyre looking at other evidence that indicates hey, being out in the open, being out with the sun, fresh air, is in fact perhaps helpful and so thats what the balance is. Its the individual making a determination, what is safe for us, what is safe for our economy and how do we as the sovereign make sure this nation moves forward in a healthy way cross the board. Stuart fair point. President trump is saying the lockdowns have become political. Hold on a second. Just watch this for a moment. Roll the tape, please. You have a lot of unfortunately in this case democrat governors, i think they think its good politics to keep it closed but what are they doing. Theyre hurting themselves. People are i think theyre being forced to open, frankly. The people want to get out. Youll break the country if you dont. Stuart i think the president s right. There is a political divide between those who want to continue the lockdown, the restrictions, and those who just want to especially on open it u. It is left versus right on this. Yes, and thats not just rhetoric. We see it in the polls as well. We see democrats who watch a particular news or are hearing one single kind of point of view about the armageddon of this versus republicans who are getting a variety of inputs of information and saying well, this could be safer and we are seeing evidence that its safer if we open. We also see the difference with the governors. We see california and new york really strangely resisting the idea of being able to open up those economies and that clearly, the individuals in those states, democrats and republicans, are realizing that something is wrong in the sense of the view regarding the economy and what we should be allowed to do, because you cant keep information away from people. People are noticing whats happened in states like florida and georgia and tennessee and are thinking now wait a minute, maybe this isnt a little bit too extreme. So the american sensibility and what has made this country the greatest country on earth frankly has not been her politicians. Its been the individual who is working with their community and especially with the audio from the pastors, i would suggest its not just gods way, but its the founders way of telling people and the admonishment in the bill of rights against the government going after especially people of faith and why is that, stuart . Because people of faith are looking to something otherworldly for instruction, moral point of view and how to proceed and thats a huge threat to sitting government. Stuart its we the people exercising our individual liberty, our rights to our freedom. I think theres going to be confrontations coming this weekend, especially in those democrat states, democratrun states, i should say, which are keeping the lockdown going a long, long way into the future. I see confrontations coming this weekend and frankly, i am in favor of it. Because if i run a business and if i cant reopen, i go bankrupt, im going to reopen and im in that guys corner. Are you . Well, i am and at the same time, we have seen places where the police refuse to engage with individuals who are doing effectively civil disobedience so its going to be up to local Law Enforcement to make a determination about whether or not beating up or arresting someone trying to make a living is worth it. Those local Law Enforcement agencies can make a determination about risk and about what is right for their communities so maybe we dont have to have confrontation. Obviously that would be preferable. I hope to see communities across the board working together, Business Owners, those taxes that fund Law Enforcement and those same Law Enforcement who live in that community will understand, i think, whats important and how to proceed no matter what state youre in. Stuart you got it right, tammy bruce. Thank you very much for joining us. We hope you have a great memorial day weekend. Thank you. You too, sir. Stuart thanks. Check the markets. We have been open for two hours and seven minutes and we are down. Not badly. We are off 120 on the dow, eight on the s p, 13 on the nasdaq. Take a look at ibm. They now confirm they are cutting jobs in the u. S. No word on how many people will be laid off just yet. The stock is down a fraction. We are still waiting for the president. Hes going to speak any moment now to our nations veterans. We will take you there moments from now. As soon as it happens. Look at this. A florida casino reopens with plexiglass barriers and hand sanitizing stations. They are betting, excuse the pun, the safety steps will draw people in. So was there a full house at the opening . We will let you know. Joe biden makes a bold claim on an urban radio show. If you vote for trump, youre not black. Thats what he said. Weve got it for you. Weve got how senator tim scott responded. Thats next. Stuart the memorial day weekend is about to start and President Trump is about to address the nations veterans. He will be approaching that podium. You can see it there up on the balcony there at the white house, looking out over the south lawn. All kinds of people from the veterans associations, veterans themselves, are there. They are actually playing eye of the tiger right now. Not sure of the significance of that. But you often do hear that at the rallies that the president used to perform in before the virus got us all stuck down. Pete hegseth, i believe you are with us. You are the most tattooed veteran that i know but were not going to get into that, pete. What do you want to hear from the president when he addresses guys like you today . Well, stuart, you can meet a lot more tattooed guys than me in the military. I want to hear the same love of the country and military and vets. Vets love President Trump because he delivered on his promises for vets, not just unleashing them on the battlefield to defeat our enemies but when they come home, treating them with enough respect and dignity to give them a choice where they get their health care at the va and to hold people accountable who arent providing the topnotch care for them. So he has said he would deliver for vets and he has. It does not surprise me he will be speaking to this group. My guess is he will be fired up and they will, too, because our military has been rebuilt by this president and he continues to honor them. He understands what memorial weekend is. He takes it very seriously. Stuart i do want to thank you for your service. Any man who served in the 101st airborne as successfully as you do, i dont know what rank you left with. Were you an officer . Major. Yeah. Stuart excuse me. Im very sorry. Whoa. Thank heavens i did not say the 82nd airborne. But thats another story entirely. You are 101st kind of guy and youre all right. Thank you for your service, pete. You are quite a guy. We appreciate it. Yes, sir. Thanks very much. We are waiting for the president to appear on the balcony right there. Im not sure who is assembled in front of him but hes going to address the veterans. We are going to listen to what he has to say. The threeday memorial weekend begins. Some people its starting right now and i hope its a very active threeday memorial day weekend. I really hope we get out there, out and about in the sunshine, go to the beaches despite all the restrictions that are upon you, go and use those businesses which have, in fact, opened, eat out if you possibly can, support america coming back after this dreadful crisis we have been through on the economy. Tammy bruce, you got anything to add to this . Well, look, this is whats an amazing reminder is this weekend and its symbolism. Normally, of course, and it remains this weekend to be an embrace and recognition of those who gave their lives to save this country so that we could live lives that best suit us and here we are in an artificial lockdown that is now destroying the things that those individuals fought and died to preserve so its a reminder about our responsibility as the sovereign, its a reminder that we have a president who not just loves the country, but understands kind of crossing over the class divide, if you will, understands and in politics, President Trump would be known as a class trader, as was roosevelt. This is an individual coming from an environment that is very different than the one that he has fallen in love with and that is what we see when it comes to his understanding of what this weekend means but what every single day means and what we fight for for the veterans who have given their lives, for our veterans who continue to serve, their families, that this is about living lives that best suit us, that we can be trusted, we are not infants. We are the ones who make the lives of politicians possible and thats what we honor this weekend. Stuart what a contrast between those veterans who served our country, who really took risk, who literally risked their lives on a daily basis. What a contrast between them and some of us who are cowering in our homes, afraid to go out because of the virus. I dont mean to be pejorative and im not casting judgment on anybody who stays at home and who is nervous and worried. Im not being pejorative like that. But what a contrast. What an extraordinary contrast. Hold on a second. I believe the president is about to appear. I hear that music. That means hes about to appear and there he is. Sweet child of mine by guns n roses. In front of the president , motorcycle guys all lined up. They have been riding around for fallen heroes. Heres the president. Youre my friends. You have been supporting me right from the beginning. I appreciate that youre here. We are here for you and i told you when you want to come back with your 600,000, we are ready to take you but you are going to give us a little display on those beautiful bikes and youre going to be ive never seen anyone do that, actually. You must have special privileges. I have never seen anybody ride through here. I want to welcome you and i want to welcome my friends. Youre the rolling to remember and thats what it is, rolling to remember and we will be commemorating memorial dayment its a big thing. Together, our nation pays immortal tribute to the extraordinary courage, unflinching loyalty and unselfish love and supreme devotion of the american heroes who made the ultimate sacrifice, and thats what youre here for, the ultimate sacrifice, and it is indeed. They laid down their lives to ensure the survival of american freedom. Their names are etched forever into the hearts of our people and the memory of our nation and some of you, its been very close, very very close. Its very close to your heart. Well cherish them and our gold star families for all time. Take good care of them. Theyre very special to us. Just as well always remember the nearly 82,000 americans missing in action. We are joined today by secretary of Veterans Affairs, robert wilke. Where is robert . Hi, robert. Great job youre doing, robert. You know we got the veterans choice and accountability, choice is when they wait for two months to see a doctor before they have to wait like a few hours, they go outside, they get themselves a good doctor, we pay the bill and they get taken care of. So you know the stories were legendary. You dont hear bad things about the va anymore. Used to turn on every night, you would see a horror show. So i want to thank you. Youve done a fantastic job. What a great job. Accountability also. We have va accountability. Sounds easy but when you have Civil Service and you have unions and you have all of this for 40, 50 years they have been trying to get rid of it. They dont take care of our vets, we fire them. Before, you couldnt. They were sadists, they were thieves. I think you let go of more than 8,000 people who were terrible. They have been trying to fire them for years. They didnt take care of our vets. Just the opposite. They were horrible. Now they are gone. We got them out. So thats a big thing. So its robert wilke, thank you very much. National commander of m vets, jan brown. Thank you very much. Good job. Good job youve done here. You got this very special group, they are going to be doing a very special ride. Im going to get to watch you, i hope, right . Because i dont know, sometimes i look at those bikes, i dont know. Theyre pretty tough, right . Actor robert patrick, who has been in many films and television shows. I know that well. Most notably as t1,000 in terminator 2. Thats not too bad, huh . Youre looking good. Youre looking good, robert. I want to especially recognize a legendary mvets riders who made the rolling to remember possible for 32 years, Rolling Thunder, my friends carried out a ride of remembrance and now were going to continue that onward, and the Rolling Thunder people were terrific, artie and everybody, they really were. We had a Good Relationship with them. You know that, right . You are going to say hello to my artie. I heard they were giving him a hard time a couple years ago, and i said nope, no hard time. But people do get older, right . They get a little bit he said im getting a little older. But arties terrific. The whole group is terrific. Thank you for keeping this noble tradition alive and for preserving the memory of those who are missing but never forgotten. Never forgotten. My administration will spare no effort or resource to support the men and the women who defend our nation. We have secured over 2. 1 trillion in funding to completely rebuild American Military with and think of that, 2. 1 trillion. 2. 1. Not billion. You know, it used to be million. Then about ten years ago, you started hearing billion. Now you are starting to hear trillion, right . I dont know if thats a good thing or a bad thing but its good when were spending 2. 1 trillion in funding on our military. Completely rebuild the military. Our American Military now has the greatest equipment, the finest equipment its ever had. Its been entirely rebuilt. Some of the equipment is still coming, all made in america, everything, and when i came here, you people knew it better than anybody, our military was depleted, just like the shelves were empty from medical equipment. We didnt have ventilators. We didnt have testing. We didnt have anything. Now we have great testing, the best in the world. We have great ventilators, we are making thousands and thousands of them, and we are actually now so loaded with ventilators that we are helping other countries and therefore, saving lives also. But our American Military with 281, thats a lot of planes, f35 fighter jets, best in the world, 453 abrams tanks, 14,400 Tactical Combat vehicles, two aircraft carriers, 36 additional battle ships and much more. All made in the usa, so importantly. We are giving our Service Members the resources, tools and equipment they need. We are even getting brand new beautiful uniforms. Doesnt sound like much, if i told you what it cost its a lot for the army. The army has new uniforms and they are gorgeous. We passed the largest reform of the department of Veterans Affairs i think in the history of the department, including va accountability and i said va choice. We removed 8500va workers who werent doing their job, who were taking advantage of our country and hurting our vets. The percentage of veterans reporting, they trust services. Think of that, they trust services so they report and they say they trust services, has reached the highest in the history of the va, secretary. Thats a big statement. So the percentage of veterans reporting that they trust the va and the va services is now the highest in the history of the service. Satisfaction with the va Outpatient Care has reached 89 and were not going to rest until we have it at 100 , robert. I also formed the prevents, its called prevents task force you guys, how many of you, how many are vets here . Big difference between now and the way it used to be, right . Big difference. I also formed the prevents, i got to be careful when i ask that question. Sometimes somebody could say we used to like it better. That would not be good, right . You know that would go in the fake news immediately, right . Thats all they would cover so i have to be careful but thank you. I also formed the prevents task force to fight the tragedy of veteran suicide which is an unbelievable tragedy. We actually have medications that were working on. They have one from Johnson Johnson which is an inhaler, and its been very effective. We have ordered i think thousands of units of that. Thousands and thousands and we are using it. When the invisible enemy struck our country, my administration quickly secured va medical facilities, we are keeping the sacred covenant, we are protecting those who sacrificed so much to protect us. I was very early, in fact, out of many, many people, i was the only one that wanted to do it. I guess i was the only one that mattered but i kept china out of the United States. I put a ban on china in january and i took a lot of heat. Joe biden said oh, hes xenophobic. Thats right, yeah. About a month later he said i was right. As you know, dr. Fauci, a good guy, said you dont need to do that, then later on when he saw that i did it and when we kept thousands, tens of thousands of people out, he said donald trump saved thousands of lives, tens of thousands of lives. And we did. So we did it very early. That was a very important the ban on chinese people, people from china coming in, because i was seeing how badly infected the one area wuhan was, so i put a ban on and everybody thought, nancy pelosi a month later was in chinatown in san francisco, shes dancing in the streets of chinatown, trying to say its okay to come to the United States, its fine, its wonderful, come on in, bring your infection with you. And then she said you should have done it earlier. And shes dancing. These people are sick. Anyway. Last year i signed the national powmia flag act which requires that all federal buildings fly the powmia flag in addition to the American Flag. Right . You sthe see them all over the flag. They could be in a separate place. You can put it under the flag. The months since that righteous flag has proudly flown over the white house, you probably noticed it today, but that reminder is the work left and we have work left, but we have to get it. We have to win the white house. Otherwise a lot of the great things that weve todone, were going to do great with our economy. You already see it starting to happen. We are trying to get some governors are not opening up but theyll be opening up pretty quickly. Today i just spoke to cdc, we want our churches and our places of faith and worship, we want them to open and cdc is going to be, i believe today they are going to be issuing a very strong recommendation and im going to be talking about that in a little while. But they are going to be opening up very soon. We want our churches open, we want our places of faith, synagogues, we want them open and thats going to start happening. I consider them essential. Thats one of the things were saying. We are going to make that essential. You know they have places essential, that arent essential, and they opened and yet the churches arent allowed to open and synagogues. Places of faith. So thats going to see that and youre going to see that. I just want to say youve been tremendous supporters of mine. The bikers i call them the biker s for whatever reason you liked me from the beginning i liked you from the beginning and i remember i went through hilton head and i went to other places and there be thousands of bikes outside and they were all in support and they actually said that we dont have to because there was no room. Its always weve never had an empty seat from the time i came down the escalator with our future first lady. Who would have thought, right . Remember they were saying whats he doing but there were a lot of people that we won pretty easily too. 306223 thats pretty easy, and we went through a primary that was tough and you were there with me. We went through an election and i was tough and you were there with me. Always there, the bikers. What do i have 98 , 95 were trying to find who are the 3 or the 2 , were looking for them, right . Were all looking for them but ill never forget i made a speech in a place that was packed. You couldnt get in. I said fellows, ill do a second one and they said no, no, we dont have to hear. We know what youre about. We know where youre coming from , sir. Were here to protect you. Were not here to listen were here to protect you i never forgot it and i never felt so safe and there were a lot of rough guys in that little group of about 1,000 bikes by the way maybe more than that. A lot of rough people but i tell you to me, they were beautiful people, but i never forgot that. Were not here t hear your speech, were here to protect you and i thought it was an incredible thing. So youve been my friends i want to thank you very much, get those engines started i want to see you guys drive around and drive as fast as you can, but dont get hurt. [laughter] [engines revving] stuart the president s presentation brought to a rather untimely end because it suddenly started to pour with rain, and you could see the motorcycle guys right out there getting on their mount because theyre getting soaked. But it was a fine performance, a fine presentation and that wraps it up for the memorial day kick off there with President Trump, and the bike riders there on the south lawn. Its pouring and theyre getting soaked sorry about that. Neil, its yours. Neil all right, i guess ill try to motor on. [laughter] thank you very much, my friend. I know, i know, look, i try, but i cant. As the president honors veterans on the south lawn of the white house, a wet lawn at that, a wet ride for bikers the fact of the matter is, were in a bit of a wet environment for stocks on on the corner of wall and broad as we wrap up this week but its been tested ever every which way you can think. By the way youll see by the end of today all 50 states well but in one way, shape, or form, reopening. Alaska leads the states that is fully open. In other words back to what