Web cam shortage . The nations hottest supplier going gangbusters after its computer equipment outfitted so many home offices during the work from Home Movement. The ceo of logitech is here in a fox business exclusive. I will ask him can we speed up the manufacturing of the web cam . And Actress Lori Loughlin faced a web cam and a judge via zoom for trying to sneak her kids into college. Now one Major University system says applicants no longer need to take the sat or the act. They are moving on because it can be gamed and so many more reasons. The khan academy has been invented so any student can learn from free, from Kinder Garden to those studying kindergarten to those studying for college, he is here. As more kids turn to him from home. Less than an hour of the closing bell on this friday, so glad you are with me. Lets start the claman countdown. Breaking news, more headlines coming out right now, following the all out effort to push for a vaccine by the end of the year. Reuters has reported some previously secretive news. Top u. S. Health Officials Say according to reuters that the oxford groups vaccine may be tested along with modernas vaccine starting this july. So really just a month and change away. Vaccines from j j, sanofi, and merck may also be added this summer as soon as they finish phase one safety studies. Investors are undecided on the news. We have red on the screen except for moderna moving higher by 2 1 2 . The other names mentioned, johnson johnson, merck, sanofi moving slightly lower to flat. Oppenheimer has given a communications reit an upgrade to outperform saying it is poised to cash in on the 5g boom as wireless carriers spend money to build out new networks, which theyve promised, by this fall. Who even knows if thats going to happen . Look at american tower, up 5 3 4 percent at the moment. Lets get to footwear maker crocs. B. Riley initiated coverage at equal weight saying the stock is fairly valued. It is up 58 quart to date quarter to date, down about 2 1 2 today. With summer to come, upside ahead for crocs . We shall see. But about what teva, their deckers outdoors up 6 1 2 . Maybe if you are lucky, later on the show, i will show you my pair of crocs. Reality superstar Kylie Jenners skin care brand in europe, cody better by 13 . Elf jumping 16 nice move there. Crocs and flipflops this weekend marks the unofficial start of summer but considering both the dow and the s p have gained 31 a piece since the march 23rd covid low, what catalysts will possibly move the markets from june and beyond and not necessarily up or down . So wall street began the day looking abroad. Were used to seeing hong kong street protests over the past year, right, but scuffles broke out in of all places hong kongs parliament this week. Thats the scene on the left hand side of the screen here. Parliament members shoving each other around. What was the trigger of this argument . Beijing is expected to introduce a National Security law. Last year months of violent demonstrations against chinas move to undermine the territorys Judicial Independence rocked hong kong and crushed the economy. President trump warning that the u. S. Will react strongly against china if it tries to clamp down on freedoms in hong kong. What kind of catalyst in the u. S. . Aside from the story we just told you, biotech Lab Scientists are working day and night to find a vaccine for the covid19 pandemic that still plagues much of the world and of course global economies. To the floor show on this friday ahead of the holiday weekend, tom, i wouldnt ignore the hong kong situation. This afternoon, the u. K. , australia and canada issued a joint statement. I have it right here, saying that china will be in violation of the joint declaration that had been signed years ago by china and the u. K. That had granted hong kong some really strong autonomy. Will that turn up the heat on these markets, if China Presses its very hard thumb down . What do you think, tom . Well, very well it could, liz. You know, youve got the rhetoric really elevating between the Trump Administration and china, with regard to coronavirus culpability, now the power grab in hong kong, and issues like that. I think moving forward as we look at u. S. Markets in order for us to sustain levels and push higher with the wall of worry, we will see a rotation into cyclicals. This is very very common after two quarters of negative gdp growth, historically we see a rotation into these types of stocks. Right now the top five stocks of the s p 500 make up 25 of that weight. We need to see a broadening participation. I think we will see that in banks. Liz very true. I think we will see that in defense stocks. Thats why what you brought up, liz, is so appropriate right now. I think just the increasing rhetoric between the Trump Administration and china, although i dont see it going into another trade war or into a cold war, i think its enough to bring attention to the valuation of these stocks. You know, this sector was down 60 during the great financial crisis. This cycle it was down 55 . With the market up so much off the lows, theres still some really embedded value in this sector, banks, homebuilders, and energy, which i will let phil talk about that. Liz we just showed what some of the biggest names in the sector have done, phil, up 33 or so percent for lockheed martin, some of these other names, but what do you think will be the catalyst and there could be a good catalyst and then a bad catalyst; right, phil . It is, you know, were getting mixed signals out of everything. Take china, for example, overnight, you know, on one hand, we get signs from china that hey were on track. We will meet our obligations when it comes to the u. S. Trade agreement. That should have been a big positive for the market, but then on the other hand, you have the situation in hong kong that is a big issue, right . This has been boiling for some time, and its interesting enough, though, you know, why would people say this is a u. S. Trump situation with hong kong, but it is not. As you mentioned in the beginning, this is a worldwide concern, you know, and if china of course really cracks down on hong kong, i think the entire world is going to have issues with china. Having said that, i mean, i think the stock market is recovering because of what . Were seeing a great recovery in the economy. Its starting to open up a little bit. You know, we have stimulus coming from, you know, the fed. We have stimulus coming from congress, potential another deal down the road, probably not the one on the table, i hope not anyway, but another deal coming, listen, they have got the back of companies. Theyre reducing regulations. Every time thats happened, liz, its been very bullish for stocks. You cant underestimate this. Are there going to be head winds, problems . Probably. But any hard break, i would be a buyer. Liz Warren Buffett said two weekends ago dont count out america. Dont bet against america. Phil, tom tim, rather wait, sorry. Thank you very much. Liz great to have you both. It is friday. Okay, were all heading into a long holiday weekend, but remember, it is memorial day, and we remember those who gave the ultimate sacrifice. I really feel strongly about that. Closing bell ringing in 51 minutes. Look at the dow. Dow had been down 180. Were down just 26 right now. Stay with me. You may see a pop into the green. Palo Alto Networks blowing past the pandemics firewall beating on both the top and bottom line in the lockdown quarter. The cybersecurity giant saying booming demand for online protection only just beginning, as the work from Home Movement actually becomes the norm for many companies. Facebook says 50 of their workers may end up staying at home forever. Palo Alto Networks up 3 . Americans dining tables, oh, boy, you should see mine, turning into desks and work spaces for both parents and students, but could the news last night that a top University System here in the states has now officially turned its back on standardized testing be about to up end the entire Education System and the College Admissions process . Khan academy ceo live here on what students can do right now to stand out, with or without the sat or the act. 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 staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Liz breaking news, pleading guilty by zoom for somebody who spent years playing to the cameras full house Actress Lori Loughlin barely said a word as she and her husband admitted to pay 5g 00,000 500,000 in bribes and lying on their applications for their daughters in order to get their kids into usc. She and her husband who also entered a guilty plea himself via virtual zoom, seriously zoom, will be sentenced august 21st. They had been ensnared in operation varsity blues, a much larger College Admissions scandal where wealthy parents across the nation paid bribes to a College Counselor turned government witness who cheated to get their kids sat scores hiked, hence landing them coveted spots at yale, stanford and other top universities. Talk about timing, late last night, the university of california, that includes ucla, u. C. Berkeley, uc santa cruz, san diego, irvine announced it will suspend the use of sat and act scores in the admissions process by 2024. The ucs join a legion of prestigious universities that have already either made testing optional or dumped it entirely. Joining us now sal khan, founder and ceo of khan academy, the education website that offers world class instructional tests and videos for free. Sal, great to have you on the show again. Its been too long. What was your gut reaction to the news that the uc system which represents some 280,000 students basically said no more, were done, not using act or sat anymore after the next couple of years to judge the readiness of applicants for college . Yeah, you know, it is one of those situations where i actually have competing conflicted feelings about it. On one side, standardized assessments have a place. They can be a useful signal. They do correlate with how well students are ready for college. On the other hand, they can be anxiety inducing, maybe people index a little too heavily on them, maybe theres unequal access to it. We have partnered with the College Board. We are the official sat practice for the country, to help solve some of that inequity. So i completely get where the regents, why they thought about making this decision but now they will have to think about what other signals, what other ways can they figure out whether students are College Ready or not. Liz yeah, you actually do have some test prep on your website, which by the way is philanthropic. It is free so that people can use it for free. Everyone make your donations. I think thats really important because this is world class opportunity on your website, but what as we look forward do you really feel both operation varsity blues and this covid crisis have done to Online Education, as so many people were locked down . Yeah, well, you are seeing i guess you could say a renaissance in Online Education and people in very fast order are adopting it. We have seen our traffic go up by a factor of three. We were serving 20 Million Students a month before the crisis. Now our registrations are past 100 million learners. We have approaching 100 million minutes of usage per day. You are seeing that across the board. When you think about college, i think it is going to be really interesting this coming back to school, this is obviously in the u. K. , but Cambridge University has said they are going to be online all of next year, and a lot of universities will be online for the first semester. Thats making a lot of students and families wonder well, maybe there are lower cost alternatives to instead of getting 10, 20, 30,000 dollars in debt, i can at least spend the first year of my freshman, maybe my first two years doing some type of online courses start getting those credits then once schools open i can benefit from the quad and throwing frisbees and the late night dorm conversations when they exist. Liz yeah, i get it. But every industry is disrupted, and who knows whatever that catalyst may be. Give me a sense of how you feel k through 12 education will forever perhaps be disrupted by what weve all learned from educating our kids at home. I have two who have been doing homework and zoom classes. I know you have got three much younger kids. What now . I have been looking and noticing advertisements for accredited k through 12 schools. Thats become some kind of industry. What do you think about that development . Yeah, you know, i think there is a class of families and children for whom pure virtual might work. But i think especially if you have young children, you know, i have been trying to cope with my 5yearold the last several weeks. [laughter] theres much more than just the academic learning which in theory you could get a lot of that virtually. You need the socialization. You need the support. Theres even a child care aspect to it. I think for most families they will need some form of physical experience. Thats good for students. Now with that said, when we talk to the superintendents around the country, they realize that this coming back to school might set a new normal, where some kids come part of the time. Some kids dont. They might have an elderly relative. They might be immuno compromised themselves or a Family Member is so they will have to experience the School Virtually for sometime. Thats going to create this world where i think even post covid, you are going to have this hybrid approach. Theres going to be experiences that you can have in the classroom, but online is always an option, and essentially learning wont be bound by time and space. Liz i know that i turn to khan academy for my kids. I want to say seven years ago. You were founded in the 2000s, by you, to help your little cousins who needed some help. What are your most popular courses online and your test preps online . Yeah. You know, we started my little cousin is now 30 years old. So time goes by. [laughter] as you mentioned, i started tutoring Family Members back in 2004. Word spread around my family that the tutoring was going on. We set it up for not for profit in 2009. Became a Real Organization in 2010. We are most known for math, also associated with the videos. Most of what we invest in are the interactive exercises where kids can get as much practice they need, learn at their own pace, teacher tools, science, biology, chemistry, physics. We launched khan academy kids, math, reading and writing for younger kids. We have some of the strongest efficacy studies behind it. Better than anything you might be tempted to pay money for. Also official practice border with the College Board around sat. 70 of all American Kids use that to prepare for the sat. Liz im glad you mentioned the College Board. We did reach out to the College Board. They just came out with a statement, sal, and in essence what they are saying, and i asked them, what do you think about the uc system dropping the sat and act . And they said, quote, regardless of what happens with such policies, our Mission Remains the same, to give all students and especially low income and first generation students opportunities to show their strength. I know they give deals, but this is a 1 billion dollars industry with tutoring and test prep and im not so sure its the worst thing in the world that schools like wesleyan are now test optional, union college, test optional, theres an entire list of these. In the end, can we end with a final thought about that . Yeah, you know, i think theres a reality that throughout the world, if the affluent feels theres a way that resources can be used to better give their child preparation, you saw with the varsity blues scandal where it bordered or went into the illegal, they will try. I think you can shift the rules. You can shift whats used, but there will always be these Cottage Industries around College Admissions and prep. I think the solution is actually to make more equitable tools so that students can get College Ready. I applaud the College Board for working with us. They give us resources so we can give free sat practice to the world. Thats the type of thing that will allow more students to become College Ready. Liz okay. Sal khan, and sal, as a uc kid, graduate, i wish they hadnt had the sats when i was there, but i did promise i would show my crocs, and it all goes into the fact that i bleed blue and gold for u. C. Berkeley, yes, crocs sent me i mean is this amazing or what . These are cal crocs. Good to see you, sal. It is great. Thank you for everything you have done. [laughter] thanks for having me, liz. Liz sal khan of khan academy. Yeah, closing bell, 37 minutes. Were still struggling a little bit here. Dow jones industrials down 80, but the russell is now positive. The s p is positive. Big moves here, from the bottom, in just a single session. All right. When we come back, where does he get the wonderful toys . Logi tech, in a fox business exclusive, they are here on what their gadget gurus are doing to keep up with the skyrocketing demand for web cams. Theres gouging, pricegouging for web cams. And as lockdown orders lift, will gamers exit their basements for the beach . Will they even be welcome . Fun in the sun . Or a beach blanket bust . Were taking you live to the beach next when the claman countdown comes right back. Dont go away. Liz memorial day weekend is almost upon us. The unofficial start of summer season, right . Well, you wouldnt know it from the streets of new york city. Take a look at a live shot of 6th avenue. Right there, rockefeller center, radio city, magnolia bakery, priorities, people, right, banana pudding. [laughter] i count five cars, five cars on 6th avenue. So maybe times square is a little busier. Broadway and 7th avenue, lets see, around 46th street, well, pretty empty as well. More cars, but no foot traffic. See that sort of the right quadrant there, a lot of Police Officers saying move along, people, nothing to see here. Officials have announced not all new yorkers will be welcome at state beaches. You figure they are not in the city. Will they go to the beach . Some beaches have very strict rules as to what you can and cannot do. Now, new york citys coney island orchard and other beaches have banned swimming and limited access while state beaches like jones and robert moses are allowing swimming and will have life guards on hand, but capacity will be restricted to about 50 , if you want to just sunbathe. What is this new normal going to look and feel like . And do you have to be a resident of a particular beach or county . We sent Kristina Partsinevelos out. What is this going to be like . Like a bar in cleveland, let me see your id . Yeah, it reminds me of that. I got to sneak into the line because im a new yorker technically not allow on this beach. Anybody who comes here needs to provide a drivers license or a utility bill. They are restricting it to only local residents, social distancing, 50 capacity. I spoke to one woman who brought her husband and kids here, and she told me it was so important to bring some normalcy back into her life. Listen in. This time on the bay is not so crowded so it is good to bring them out and then because they get stressed inside the house. They do get stressed. Theres a lot of changes for them, not being able to see their friends, not being able to play at the parks, so at least we bring some normal, a little bit of normal for them. Its not normal for local businesses here given the fact that many of them are still closed or cant open to full capacity. For example, you see the barley beach house right behind me here, normally this place would be packed. You would have the patio filled. People would be enjoying the beautiful sun, not the case. Listen to the coowner about what this is doing to his business. The entire restaurant operation is shut down. 300 seats are all sitting empty. This time of year it is normally packed here. Were just watching every penny. Were doing all the work ourselves. Were, you know, were pitching in where we can and trying to keep expenses low and just get as much sales as we can. Liz, i know youve been talking about it on your show with many Small Business owners. The one commonality with the co owner of this bar and many others is resilience and the fact they have had to re just plan so quickly. He ordered and rented a pizza oven, set up a small booth on the outside so you could get drinks to go. It is an example of how so many businesses are having to adapt in these changing times. And i know he wants everything to go back to normal. For now, i think were all going to be getting those new tan lines around our face. I took mine off. I had mine on before. I know my camera guy has one red big line on the side of his face. [laughter] liz are you wearing flipflops . I mean this is the first great day to do that. It is amazing. No, im barefoot, liz. I went into the water. Liz all right. I dont know why im showing my feet on tv. [laughter] big faux pas. Im sorry for everybody who just saw that. Liz no. Listen, no, no, its all good because i just showed my u. C. Berkeley cal crocs. I mean were showing shoes on this friday because were going into a holiday weekend. Kind of a weird theme. It is friday, exactly. Have a great weekend, liz. Liz were weird. Our Kristina Partsinevelos, thank you very much. Have fun at the beach. Dow jones industrials are down. Lets get the fox business brief. Zoom is taking a major steps in its efforts to snuff out zoom bombing. They announced a draft design of an end to end encryption offered at offering aimed at blocking hackers from entering users chats. Zoom facing major backlash amid the stay at Home Movement after a rash of uninvited chat intrusion. The covid19 crisis also creating storm clouds for hewlettpackard enterprises. The provider unveiling a 1 billion dollars costcutting plan after missing both Quarterly Earnings and revenue estimates due to pandemic disruptions. On the flip side of this, lulu lemon is having a sweet day looking to move past the outbreak, more than 150 of the popular ath leisure brands store fronts opened worldwide with another 200 set to back online in the next few weeks. Up next, toilet paper not the only thing flying off the shelves during a lockdown. After the break, logitech ceo tells liz exclusively when soldout web cams will be back in stock. The claman countdown is coming back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a Small Business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Liz one of perhaps the most bizarre things i think all of us will remember about the pandemic was the hoarding of toilet paper. Guess what everybody else was hoarding . So much so that the supply is still unbelievably tight. Now you can find toilet paper everywhere. Web cams, web cams became the new it product for hoarders. We tried to find logitech c 270, the companys most basic web cam, and here is what we found, amazon, currently unavailable. Cant get them. And amazon says they do not know when these logitech web cams will be back in stock. So okay, lets go to best buy. It is not available within 250 miles of midtown manhattan, where our studios are. So we decided lets get to the source himself, logitech ceo, not only is logitech out of stock, but there was a two limit per household restriction on the web cams. When will the shortage end . Weve got the president and ceo of logitech right here in a fox business exclusive, bracken darrell. Bracken, hilarious, but serious, i mean, listen, every ceo wants their product to be in this much demand, but what was behind the fact that people were hoarding web cams and then you couldnt find them . Well, i never dreamed that id be listening to you compare one of my products to toilet paper, but the real driver there are two steps of things that happened. The first was back when the pandemic really started in china, our factory and suppliers were shut down for three weeks. That put us offline. Then we came back and we were on track to be in full supply by the end of march, and then wham, shelter at home came. When shelter at home came, so many people needed web cams that we had our orders spike, and we were completely sold out. What we did in the meantime, which is probably frustrating some of the people listening to me now, but maybe when you hear it, you wont be as frustrated. We allocated everything we had to hospitals, doctors, nurses, and to teachers and students. We had visibility to that. Many of them we gave away for free. We should be back in good supply by the time we get to the end of this quarter, by the end of june, were making them like crazy. Liz okay, that is breaking news. You have been able to get your suppliers back in gear. These are small suppliers, correct . And many as you just mentioned are in china. Has this experience made you rethink your supply chain . Not really. You know, we feel really good about our supply chain. I dont think anybody could predict a spike quite like that one in those three weeks of march. We were already we were already having a Strong Performance for the quarter and then in march it just took off, especially in web cams. I think we have great suppliers and our supply chain is really stable and strong. We just have to up our capacity, and we are. Liz do you have, bracken, any control over pricegouging because some of the Third Party Distributors of the web cams were hiking prices by anywhere from 50 to 100 plus percent . No, and im infuriated by this. We havent touched our msrps. I consider it unethical. And if we could control it, we certainly would. We dont control pricing in the marketplace, but we certainly dont condone it. Liz okay. Thats im glad to hear that. I really like that you guys prioritized teachers and hospitals for the web cams. Okay, so everyone calm down by the end of june, he says the supply will be back. I want to talk about another one of your hot sellers was anything and everything for gaming, egaming, so talk to me about what kind of spike you saw in those sales. Well, you know, again, we saw the same kind of very strong double digit spikes in most of our gaming categories. Now the truth about both the gaming categories and our video business is they have been on this longterm secular trend anyway. You know, i think gaming will be i wouldnt be surprised if gaming is an olympic sport or an experimental sport in the los angeles games. You know, gaming is just on a long secular ride. When everybody is at home and needs a way to escape a little bit, gaming has become very very popular, all kinds of gaming, by the way, but the kind we play especially, so our business has done well as weve gone through march and into april and may. Liz you know, you make a great sort of partner for equipment when it comes to all apple products. Keyboards for an ipad, smart pens, have you seen any kind of change in sales there . Because that gives us an interesting indication or at least a way to triangulate how apple sales are doing. Well, we had a very strong finish, Strong Quarter in our ipad key boards. Our education business continues to be really really good. And, you know, as students are trying to, you know, right now in k to 12 especially, every student really needs a computing device. In the past you could share them at the school. Now they cant. So, you know, i think weve certainly seen some demand strength there. Liz bracken, thank you. I like the story very much, and well be watching it. I have about 2,000 logitech products all over my house. I trip over them like they are lego bricks. Bracken darrell of logitech. We are coming right back. The Dow Jones Industrials are still struggling, down 65. The s ps turned negative by 1 point. So i listen to audible almost any time that i can. Its my own thing that i can do for me. Since i dont have time to read, i mean i might as well listen. If i want to catch up on the news, or history, or learn whats going on in the world, i can download a book and listen to it. I listen to spanish lessons sometimes to and from work. Yea, it makes me want to be better. Audible reintroduced this whole world to me. It changes your perspective. It makes you a different person. See what listening to audible can do for you. We were paying an arm and a leg for postage. I remember setting up shipstation. One or two clicks and everything was up and running. I was printing out labels and saving money. Shipstation saves us so much time. It makes it really easy and seamless. Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. Shipstation. The 1 choice of online sellers. Go to shipstation. Com tv and get 2 months free. And now for their service to the community, shipstation. The 1 choice of online sellers. We present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz breaking news, we are getting some details on the Insider Trading investigation into several senators accused of selling stocks after hearing proprietary information about the coronavirus crisis. To Charlie Gasparino with the news. Charlie . Liz, we reported some of this earlier, but this is new information updating my earlier report on cavuto. Heres what we know right now, the government probe of congressional Insider Trading on briefings, private briefings before on the covid epidemic and how it might impact the markets, is mostly focused on senator burr, richard burr of north carolina. The other two senators who are involved this, but we understand the senator of georgia and senator feinstein of california, those cases are from what we understand, were getting this from people close to investigation, much more difficult to bring, as a matter of fact, what weve heard is that they are treating feinstein with kid gloves because they dont think they really have a case there. Its much more difficult case. What makes burr different, liz, and i will be real quick with this its essentially this, he did his own trading. He clearly made trades that were that were right before, right after he got some preprivate briefings. We should also point out that burr is essentially said hes got his information from public sources. Hes innocent. And this will take month months to play out, but again, this thing is mainly focused based on from what i understand subpoena activity, sec interest, interviews on burr. Back to you. Liz charlie stay with me because this story is close i think to your and my heart. I want people to take a look at what were about to show you as we head into memorial day weekend. Keep the chest compressions going. Youve got this. Just like i taught you. Keep the chest compressions going. Im right here. Dont quit. Keep working. Liz that is a scene from a new play called last out, of a green beret, written by a former green beret and veteran of the afghanistan war, Lieutenant Colonel scott mann. It details the struggles and experiences of american servicemembers and the immense sacrifices made by military families. With us now is greg parson. He served as a captain in the u. S. Marine corps. Hes the ceo of a company. Hes got 2 billion in assets under management. Charlie gasparino is with us. You found the story for us. Give me a sense, greg, thank you for joining us and for all you are doing, why this project meant so much to you. Well, you know, ive been accused of many things, but subtle is not one, and obviously i run a firm which harkens back to my marine corps days, and especially in todays world, right, you know, its been a fairly painful environment, a challenging environment, and as we think through what has pushed semper through and pushed myself through, it really is the experience and training and dealing with crisis and chaos in the marine corps thats helped us navigate. We have a belief that the veteran community, right, these are the folks that are going to lead us through these challenging times. And memorial day is a great example, right . We have been a sponsor of the heros journey which is the nonprofit that wrote and has produced the play. We have taken the play on a tour across the country, over 40 cities in the last since 2019. Even in this era of social distancing, finding time to remember the sacrifice of those that have fallen and honor the gold star families we think is a critical step in ensuring that the veteran community continues to be empowered. Greg, it is Charlie Gasparino here. I want to say that i love the name of your firm. I will give you a little example of how i grew up. I didnt serve in the marines. My dad was a marine in the 50s, was a scout sniper. He was also generally discharged, so you can imagine what my childhood was like. Generally discharged. [laughter] but in any event, how did you make it through the last couple of weeks . I mean, my brother is an icu doctor. He described the situation in the hospitals as a battle zone. I mean, he was dealing with life and death. You were dealing with a lot of money. I mean, was this some of the more difficult markets you have seen since at least 2008 . Without a doubt, heart stopping. This was, you know, this was the most challenging period of my post military career, period, both at the firm level, i think semper along with its peers, the violence and velocity of the dislocation that happened in the markets, march and april, was extreme. You know, we kind of survived through, you know, how do you operate with chaos and frankly on a personal level, this has been the most personally challenging four to eight weeks of my life; right . As stewards of capital capital, you know those are some tough conversations when your job is a fiduciary of peoples lives and dreams. I think the team did an excellent job in terms of preserving capital and keeping focused on the task at hand, and as we emerge through it and look forward to opportunities that have been created, were quite confident that, you know, well all emerge better and stronger. Just real quick because were running out of time here, what made it different than 2008 . Thats what a lot of people are asking. Because that was pretty nasty too. Yeah, i think the velocity; right . You know, theres some metrics, the value or disruption that you saw occurred over 18 months between 07 and 08, really occurred over lets call it ten business days. Right the speed and velocity. Thank you very much. Liz all right. Greg, thank you for your service. Really, thank you so much and thanks for this amazing story. You can see that play on fox nation. We are coming right back. Business has been people. And their financial wellbeing. Its evident in good times, with decisions focused on the longterm. And crucial when circumstances become difficult. That continued emphasis on people. And my side super soft . Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So you can really promise better sleep . Not promise. Prove. 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. Liz closing bell we are ring ing in three minutes, three minutes to go before that bell rings and for the week here is how weve been able to turn out the dow lets call it flat, for the actual im sorry, up 3. 5 and then we see the s p gaining 3. 5 , so kind of a dramatic week but in the end we ended up nasdac up 4 . Billionaire Hedge Fund Manager ray dalios said yesterday theres a great deal of economic damage which will remain and require a lot of repairing after this. When you have a lot of debt he says and a wide wealth gap you have an economic downturn and thats a toxic combination because its a lot to fight over our countdown closer is a little less pessimistic. Lets bring in fort pit Capital Group portfolio specialist Carter Henderson. Why are you more optimistic and what do you love in that case . Yes, so currently we believe the market to be fairly valued. The risk reward writeoff is not as attractive as it was say a month ago but the swift action by the Federal Reserve kind of stopped the worse Case Scenario for the market so for us we believe the bottom is in but volatility will remain in the markets. Liz okay, in that case, if you are optimistic, theres a name you love which a lot of people would say really doesnt have a lot of transparency when it comes to the future landscape and that is disney. You like disney but theyve got cruise line exposure, the hollywood exposure, obviously, the theme park exposure they are supposed to hopefully open soon but tell me why you feel so positively about disney. I knew this question was coming. Its been a perfect storm for disney, right . The airlines are closed, the Carnival Cruise lines are closed, everything has been a perfect storm for them so we think right now, the shares are pretty much under valued but if you look at who disney is, they are the best at monetizing their brand and right now, would not bet against their management team. [bell ringing] liz great to hear and Carter Henderson great to have you. All right as we head into this weekend, we thank everyone who served in our military, thank you for everything. Markets closed flat to slightly higher. Melissa optimism about an economic recovery pushing stocks into winning territory for the week, for the day, stock s closing near the highs in the session, amid renewed tensions between washington and beijing. Major averages all up more than 3 on the week although we do see the dow settling in negative territory down about nine points im Melissa Francis welcome to after the bell. Connell im Connell Mcshane reporting live today from bay ville, new york. Now as you can see were right here on the beach and as they get set for what promises to be a different kind of memorial day weekend. Later on in the hour well head