Transcripts For FBC Varney Company 20240712

Donors he would get rid of most of trumps tax cuts. That wouldnt be good for stock prices or your 401 k . Right now we see the dow losing maybe 90 points at the opening bell, 25,400. The s p will be down and the nasdaq is off about 20 points. No serious selloff at this point. But we do have dramatic stories breaking this morning. Overnight, a young black man, 16 years old, shot and killed in the seattle chop zone. Its the fourth shooting there in nine days. Democrat mayor durkin said the zone would be removed. It is still there. In new york city, the city votes on taking a billion dollars out of the budget the police budgets. Mayor deblasio calls it real redistribution. This follows a devastating blow, the citys 15 billion theater industry will stay closed until next year. The democrats trash the president and mt. Rushmore. A tweet from the dnc says the president will be quote, glorifying White Supremacy when he attends a fireworks display there on july fourth. But its okay. They took the tweet down. When will joe biden address the trashing of our history, the defunding of Police Departments or chop zones . Dont hold your breath. Its on the show today. Varney company about to begin. Overwhelming evidence that were in vshaped recovery and were looking at it very closely. Youve got a lot of flareups, granted. Theres also some good things. I mean, new york is opening up and connecticut is opening up. Stuart Top White House adviser right there, signs of light, a vshaped recovery. Lets get back to some states which are indeed reclosing. That may hurt the recovery. Ashley, who is doing what . Start in arizona. Ashley all sorts of things. In arizona, the governor there has shut down bars, gyms, theaters, water parks. He says this is going to be mandatory at least for another month. This is definitely a step back for arizona which has been one of the hot spots for the resurgence of virus cases. You can see total covid cases, over 2. 5 million in the United States. Lets move on to jacksonville, if we can, florida. This is where the gop will have its convention august 27th. At least the main parts of the gop convention. Residents and visitors in jacksonville must now wear masks indoors and in public places. That took effect at 5 00 p. M. Yesterday until further notice. L. A. County beaches are closed for the fourth of july weekend. Also, any fireworks displays have been banned. All public beaches, piers, Public Parking lots, beach bike paths, all closed until monday at 5 00 a. M. Thats l. A. County beaches. In new york, Governor Cuomo says hes rethinking the reopening phase which would be phase three, especially Indoor Dining. Indoor dining, restaurants that were scheduled to open on july 6th. New jersey has already postponed indefinitely Indoor Dining which was set to start on thursday, and new york city mayor bill deblasio says hes also reconsidering allowing Indoor Dining. He will release details, he says, in the coming days. By the way, in new york, all malls will remain closed and by the way, malls will have to install air filter systems that can filter out the virus before being allowed to reopen. So certainly in these places, including new york and new jersey, perhaps either postponing or in the case of arizona, and elsewhere, going backwards a little bit as well as texas, as we know, because of this resurgence. Stuart my goodness. Thats quite a list youve got there. Extensive list, i would say. Let me stay on this reclosing and bring in market watcher mike murphy. Look, mike, thats an extensive list of reclosings we just heard. I find it hard to believe that this will not slow down the recovery and stop a vshaped recovery. What do you say on this . I would say not so fast, stuart. Good morning. So when we went through this in march, there was so much uncertainty. We had no idea what we were dealing with. We were shutting down the u. S. Economy and we didnt know when it was going to reopen. This time is different. There are clusters that seem to be controlled where the local governments are slowing the reopening. Thats not going to have a major impact on the markets. The market will look right past that to earnings season, so this time, i think its going to be a lot less of a drag on the markets. I think the markets are going to continue what we saw yesterday which is a move higher. Stuart stay there, mike. I will get back to you in a second. Thats a nice piece of hand holding as the market sells off just a little bit this morning. Want to check a couple Market Movers for you. First up, boeing. That stock has been on a tear recently but Norwegian Air has just canceled their order for 92 max jets. They are suing boeing as well over losses from the grounding of the max jet. The stock is down 2. 8 . That will hurt the dow industrials. Lululemon, they make athleisure wear. They Just Announced they are buying out the home Fitness Company, mirror. The deal is worth 500 million. The stock, that will be lululemon, up 3. 3 . Nice gain. Nearly ten bucks. Micron, chip maker, reported after the bell. Strong revenue, even with the pandemic in the background, up more than 13 from last year. The stock is doing very well. 5. 6 higher for micron. Mike, come back in again, please. I want to talk about facebook. We are seeing ford and microsoft now pulling their ads from the facebook site. Now, this is quite a boycott. I think, what, 160, 170 companies doing this. Is that going to hurt the stock . It most certainly will, stuart. I think it will be very interesting to see how this plays out. Facebook really generates the bulk of their revenue from advertising and these large corporations that are really staging a boycott based on what they want to see facebook do, Mark Zuckerberg has held his ground so far, but i cant see him holding out that much longer. This will be a shortterm hit on the stock and i talked with you, we sold our Facebook Stock many points ago, after doing really well with it, but i think if you are an owner of facebook, you have to question what the Company Looks like after this boycott. Is it a company that gives in to the left, that gives in to demand from their advertisers, because if thats the case, they are going to alienate a lot of people on the right. This is trouble for facebook and zuckerberg has to be very careful how he handles it. Stuart okay. Got it. Mike murphy, thank you very much indeed. I want to move on to uber, because they are looking to shake up the food delivery battle again, tried it before, they are doing it again. What are they up to . Susan they are in talks to buy postmates for a reported 2. 6 billion after failing to buy up grub hub, a deal between uber and postmates could be announced according to these reports as soon as next week, if not before then. Like last time, there are no guarantees. Postmates apparently had been fielding buyers for over a year now, also simultaneously filing for an ipo that was set for this summer. They badly need cash. Now, an uber deal would of course cancel that ipo offering. Postmates is the smallest of the big four including door dash and the like and many experts have said there are too many food delivery players out there and no one is making money in the process. In fact, some are subsidizing so much they are losing money on each and every delivery. Uber wants to get bigger in food delivery in order to make up for the failing, some would say falling of ride hailing business which has plummeted during covid19, whereas food delivery has actually surged, so there are accelerated Consumer Trends that are changing. Grub hub as i mentioned to you, that deal fell apart and eventually bought by a european player for around 7 billion. But isnt it encouraging that in these covid times, we still have these billion dollar deals that are ongoing. Stuart i think everybody wants market share in the food delivery business. Its always going to be with us, virus or no. I think they want to build market share susan size matters. Stuart just get that market share. I think thats what theyre doing. The stock, look at uber, 30 bucks a share. My goodness me. All right, susan, back to you in a second. Ive got breaking news on the home prices. Lauren, i have not seen this. What do we have . Lauren no impact from covid19. April home prices rose 4 on an annual basis, even though most of the country was shut down in april. It saw the fastest growth, in fact, in 16 months and get this. Phoenix, seattle and minneapolis saw the biggest price gains annually. That was for april. I am very curious to see what happens to the Housing Market in those cities with all the political unrest. Nonetheless, housing has been relatively immune to the coronavirus. Stuart minneapolis and seattle, the jump in prices was before the impact of the unrest and the zone. Okay. All right. Bear that in mind. Lets get a live look at capitol hill because, this is important, next hour we hear from dr. Anthony fauci and other top health officials. They are testifying on exactly how we are going to go back to work and i think more importantly, getting back to school. Obviously key to getting the economy going again, especially school reopening. Headlines when and if they come our way. Futures still show not a huge decline but modest down side move for the dow industrials, off about 120 points at the opening bell. Now, did you see this. The iconic Washington Square park here in new york city, protesters defaced a statue of George Washington and the famous arch, defaced it all with red paint. The latest victim of the lefts attempt to erase history. Why arent leaders speaking up about this . And joe biden, hes been nearly silent on the entire issue. We are going to follow up on that. New york city mayor bill deblasio planning to literally defund the police by slashing the departments budget by 1 billion. This city is in major trouble. I will tell you why in our 11 00 hour. Arizona, reclosing bars, gyms, theaters, big blow to the state. Arizona congressman andy biggs coming up for you. This is Varney Company. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Stuart as we always like to do, keep you in touch with those big tech stocks. Mixed picture this morning. Amazon, up. Netflix, up. The rest of them, slightly lower. Susan, whats this i hear about more censorship of conservative ideas . Susan well, some wouldpresiden. So twitch, the amazonowned livestreaming site, famous for gamers, suspended President Trumps channel and in a statement to fox, twitch telling us that hateful conduct is not allowed on twitch, in line with our policies, President Trumps channel has been issued a temporary suspension from twitch. They said that two recent streams on mr. Trumps channel violated its rules, including a 2015 Campaign Event which President Trump made comments about mexico sending drugs, crime and rapists over the border. The other was from the recent rally in tulsa, oklahoma where trump used words very tough hombre in describing a breakin in a womans house. Its not the first time the social media site has suspended a trump account. In fact, it is the first time that a social media site has suspended a trump account because the likes of twitter and facebook either just labeled, shielded or factchecked trumps posts instead. Reddit, the message board site, has actually banned now its Biggest Community thats been devoted to President Trump, saying they are overhauling hate speech policies in the community which is called the donald, according to reddit, has consistently broken rules by allowing people to target and harass others with hate speech. Just going back to the twitch suspension of the stream going back to 2015, why didnt they do that earlier . Its been five years. If it was so offensive it broke the rules, they should have done it closer to 2015, dont you think . Stuart they are all under pressure to censor President Trump and get rid of him, get him out of the public square. Thats what they want to do. Its a very simple thing. They are under pressure to do that. They have done it. I think its a disgrace. Disgrace. Next, amc, the Movie Theater people, were set to open their locations in just a couple of weeks. Lauren, are they pushing that off . Lauren they certainly are, because they want something new to show after the expected blockbu blockbusters mulan and tenet were pushed back until the end of august. They moved back to july 30th and the remaining will open august 6. Cinemark shares are up because they plan a phased reopening earlier than amc on july 24th. Stuart its all about reopening. Thanks, lauren. Lets get to arizona where their governor just ordered bars, gyms, Movie Theaters to reclose for 30 days. Heres the numbers. 74,000 active cases of the virus in that state. 6,000 new cases within the past week alone. That is arizona. Lets bring in congressman andy biggs, republican from the state of arizona. Congressman, are you on board with what the governor is doing here, reclosing . No, i do not support the reclosing. Assi stuart what would you do instead . I would continue the road were on. Heres the way to look at it, stuart. You can take the increase in the number of cases but you need to look at hospitalizations. We are down by 50 over the last two weeks in hospitalizations. Our fatality rate is down by 50 over the last few weeks. The highest hospitalizations we have ever had in a day is about 85. The last few days, we have been discharging over 200 patients a day. You have four hot spots in arizona, two of them at the largest ports of entry in the state, santa cruz and yuma counties. Those counties on a per capita basis have two and a half to three and a half times positive rate as Maricopa County which has almost five Million People in it. Im just telling you if you take a raw number and say yes, we are way up in numbers, we have been up in cases, positive detected but you know what, those 22 to 44yearolds, they are the ones that recover the fastest. We still have the issue 65 9,000 total cases since we have started this and yet they have almost 70 of the fatality rate. I think hes attacking the wrong places. Where i would be going is try to protect the most vulnerable. Thats where i would go. Stuart all right, thats a straightforward answer to a straightforward question. We appreciate direct answers. Let me move on to this. I want your thoughts on november, because former new Jersey Governor Chris Christie says mr. Trump should change course or face a loss. The polls are against him. Chris christie is saying that. What do you think . Should the president change course in any way, shape or form . No, i think he needs to be who he is. I think he got elected, i think they have been trying to actually soften him up, the never trump crowd, the folks like Chris Christie and others who are trying to push him to be a kinder, gentler, maybe george w. Bush clone. Thats not why he got elected. He got elected to fight the establishment wing and i think if he gets out there and continues to fight that battle whether its on the economy, bring the economy back, whether hes fighting to restore peace and order, i think thats who it is. I think you let trump be trump. Stuart real fast, congressman, why do you think the president is so far behind in so many polls . Well, i think you have to look at who they are asking. They are asking registered voters as opposed to likely voters. You have to see how they structure the polling and i do think hes holding his own. Dont forget, in 2016, they always showed him way behind as well. Stuart youre not worried . Im always worried, stuart. Thats what these wrinkles on my forehead are about. I think hes going to pull it out. I think its going to be a convincing victory and i hope hopefully we can actually take the house back as well. Stuart thanks very much for being with us today. We always appreciate it. Thank you, sir. Thank you, stuart. Stuart got a new tweet just coming at us from the president. Im going to read it for you. We are tracking down the two anarchists who threw paint on the magnificent George Washington statue in manhattan. We have them on tape. They will be prosecuted and face ten years in prison based on the monuments and statues act. Turn yourselves in now. Dramatic stuff from the president about what happened last night, attacking the George Washington statue here in new york city. Those futures still pointing lower. Not that much, down 100 for the dow, maybe 20 points down for the nasdaq composite. Back in a moment. Liberty mutual customizes your car insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Yeah yyeah yeah hey, hey thats why ive got the power of 1,2,3 medicines with trelegy. The only fdaapproved, oncedaily 3 in 1 copd treatment. With trelegy and the power of 1, 2, 3, im breathing better. 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Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. 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 looks like well be down at the opening bell this Tuesday Morning. Down triple digits for the dow industrials, down about 100. Quickly check the big tech names. Thats where all the money goes. Thats why we quote them all the time. By the way, these are the crown jewels of american enterprise, so to speak. Facebooks down, amazons up, apples down, netflix up, Alphabet Google down. Mixed bag this morning. I will show you boeing real fast because that is hurting the dow industrials. It is a dow stock. Its down five bucks. Down 2. 8 . All right. Lets get to the airlines. All of them down. Lauren, what have we got here, another grim prediction for the industry . Tell me. Lauren yeah. Its a little bit worse and its coming from Goldman Sachs. They say airlines wont return to prepandemic demand until 2023 so that is one year later than first estimated. Goldman isnt entirely gloomy, though. They still see pentup demand and they like the fact that many of the airlines are burning through less cash. Gold m goldman this makes sense for the carriers that are least exposed to international travel, southwest got an upgrade yesterday, the stock was up 9 . Giving some of that back today. Remember, you were just talking about boeing. Southwest owns 34 737 max jets. Boeing operated the test flights yesterday. Thats a good sign for southwest, particularly if that jet gets back in the air. Stuart what we are really talking about here is the travel industry getting back to anything like normal. Obviously the cruise lines are affected. Obviously the airlines, the hotel industry, all affected. What i see is an continuing pushing back of when we get back to normal. Your report, lauren, on the airlines confirms that. They are now saying 2023. I dont know what the cruise lines are saying. I dont know what the hotels are saying. But im sure they are inching it backwards as we speak. What do you think . Lauren everything is going back but if its domestic travel, you can benefit the most. Hotels are seeing an increase in bookings because people are hopping in a rented rv or buying a new suv and taking a road trip. The hotels might fare a little better. When you think of the big city centers, tourist hot spots, whether its times square or right around the eiffel tower, i think those places, the traditional past places and the hotels there might fare the worst here because people arent going to put themselves in that sort of position where you could be surrounded by people. Stuart one of the points we have got to make on todays show is that new york city is in dire shape. When they ever get back to normal is a real subject for debate. When i say back to normal, i mean back to the way things were in, say, january and february of this year. Honestly, i think it will be many, many years before they come back to that degree. Im talking now about new york city. Maybe thats a special case but they are a dire case. A special case, to boot. There you go. The bells ringing. Off we go. We have about three seconds, then we will start trading this Tuesday Morning. We will be in the red. Modestly so, at least in the early going. Lets have a look. Here we go. We have not got all of the dow 30 open at this point but what is open is pushing the dow down 100 points. There you have it. Thats about. 33 on a 25,500 index. The s p 500, also to the downside. Not a huge loss. Fractional loss, actually. 11 . Not much down side action there. The nasdaq composite is dead flat. Down. 94. Okay. We will show you boeing again. Because that has an influence on the dow. Now its down six bucks. Norwegian air has canceled an order for 92 max jets. Boeing is a dow stock and thats i dont know how many points its taken off the dow but quite a few points are lost because of boeings move lower. All right. Any moment now, we are going to be talking directly with sandra smith on the fox news channel. We will do a simulcast between fox business and fox news. Here we go. Sandra lets bring in stuart varney, anchor of Varney Company on the fox business network. Stuart varney, good morning to you. Thanks for being here. I love these moments where i join your show, you join ours. Talk us through what were seeing in the markets here as investors are trying to weigh what happens next with coronavirus, the reopenings, how is it all going . Stuart i think the point this morning is the reclosings, not so much the reopening, but the reclosing. What weve got today is los angeles closing the beaches for the july fourth weekend. New jersey, not reopening july 2nd for Indoor Dining. Arizona, reclosing bars, gyms and water parks for 30 days. So what youve got is the beginnings of a reclosing, a retreat from the opening up. I think that may well affect the overall performance of the economy, because if you reclose as opposed to opening up, you are going to tamp down on Economic Activity and i think at some point, if this continues, if you really do have a serious reclosing operation going on, i think that will eventually translate into slower Economic Growth and probably into the stock market as well. Thats my answer to that question. What else you got . Sandra as always, stuart, great answer to that question, but its complicated, right, because then if you do get a situation that is worsening as far as the pandemic is concerned, you also have investors looking at the possibility of more stimulus coming from the federal government and that would be a plus when youre looking at the stock market. I always like to get in some good news because theres a brand new economic number out on the u. S. Economy, stuart. Home prices up 4 annually in april. The fastest pace since december of 2018. Surely thats a good sign. Stuart oh, i think the Real Estate Market is a very good sign for the overall economy. Because we do have the beginnings of a real sharp, im not going to say a boom, thats an exaggeration, but a sharp uptick in the Real Estate Market and im talking here about Single Family homes. Not commercial real estate. Thats in trouble. But Single Family homes are looking pretty good. For a start youve got ultralow 30year fixed Rate Mortgage rates. You are down to just over 3 for the national average. Thats extremely low historically. That puts a lot more people in line to buy a house, specifically millenials, youngsters, buying their first home. Not all of them are at, you know, desperate for money. Some have a great deal, a reasonable amount of money put aside, and im looking forward towards a nice boom in real estate. I think its on the way very very soon. I want to get one more point in, if i may, sandra. Sandra sure. Stuart thats new york city. I think new york city is in terrible shape. The news came yesterday that the entire theater industry is going to be shut down entirely until next year, next january. Thats a loss of at least 15 billion for the citys economy. Added to which youve got the mayor taking a billion dollars out of the police budget. Thats going to make people very very nervous about their safety coming back to work and live in new york city. When you ask the question will we ever return to normal, i will say this. New york city will not be returning to anything like normal for years to come. Thats where i will end that one. Sandra wow. Thats quite a forecast from you. To your point about the theater, you dont just think about theater sales and ticket sales for that. You think about those people who come in from all over the country, all over the world, to buy the hotel rooms, to book their dinner out around that theater ticket and that is a significant hit to the local economy there. Want to end with this headline on fox business. Com this morning, stuart. Top u. S. Ceos see coronavirus economic effects enduring. Most businesses when asked do not expect to recover to prepandemic levels until the end of next year. While you and i have been reporting on some good news as we try to emerge from this and try to recover and businesses get back to work, now many businesses say we dont expect to be back to any sort of normal until the end of next year . Stuart i think that is a negative but frankly, i think its to be expected. The virus has caused such disruption to so many industries, to so many people, that the idea of just springing right back to normal, so to speak, its just not going to be like that, is it. I mean, we can all look at ourselves, our lifestyles, the way we work, the way we spend money, all of us have made some changes and all of us, many of us will stick with some of those changes. In other words, no back to complete normality for some time to come. Its unfortunate to say it but i think thats reality. Sandra youve got this reasonable, pleasant way of delivering the news. Look at that. The dow climbed back during our conversation here and is almost positive. There it is. Dow at 25,590. It just turned positive. Stuart varney. Stuart youre welcome, america. Sandra yes. Yes. Stuart, thank you. Stuart great to be with you. Thanks very much indeed. So lets check the big board, why dont we. We did just turn positive, only just. We are up. 03 . 25,600. Thats what we have on the dow industrials right now. Look at some other indicators. The tenyear treasury yield, always like to look at that. 62 . Its up. That tends to be good news for stocks. The price of gold still below 1800 an ounce. 1781 to be precise. The price of oil, i think thats around 37, 38 a barrel. No. He tells a lie. 39 a barrel as we speak. All right. Check that big board again. I do want to reiterate to you, we opened lower and now we have just turned fractionally higher. Now this. Seattle residents calling for occupiers of the zone, the chop zone, to leave after a second deadly shooting. Watch this. Violence is being brought to this place and we as a community are concerned. They got to shut this down. This is not i dont know what this is now. This has turned into Something Else now. Stuart its been a week since the mayor said it was time to restore order in the area but clearly that is not happening. More on that throughout the next hour. New Jersey Governor Phil Murphy is stopping Indoor Dining indefinitely. It was supposed to reopen on july 2nd. He says no, were not going to do that. But can businesses get by with only outdoor seating . Ive got a local Business Owner who will join me to answer that question. First, though, lululemon snagging a deal that will make it easier for you to work out from home. Thorough explanation after this. Youre first. First to respond. First to put others lives before your own. And in an emergency, you need a network that puts you first. That connects you to technology to each other and to other agencies. Built with and for first responders. Firstnet. The only officially authorized Wireless Network for first responders. 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Call today for a free guide. Stuart im going to put tesla up on your screens. Why is he doing that . Well, its 1,022 a share. Its up 14 bucks as we speak. 1. 4 . No specific reason at this point but we like to show you tesla, over 1,000. Next, show me lululemon, please. Look at that one go. Its up 21. Lauren, what is lululemon doing to get a 21 stock hike . Lauren they made their first acquisition. They dropped 500 million for the athome Fitness Company called mirror which is exactly that. Its a mirror, you turn it on, you work out in front of it. They are seizing on the trend of more americans working out from home. The cost of the mirror is 1500. It streams workout classes for 40 a month and you can get personal training as well. Its hardware and it puts lululemon in direct competition with peloton. It also gives the company a network, a social network, interactive classes, trainers wearing their clothing so this is a win win for the company. This is a trend and they are seizing on it. They expect to be profitable, i should add this, because we are always talking about these startups which mirror is, profitability is expected next year, 100 million in sales this year. Stuart expected for next year. Okay. How are you not supposed to close the story, only time will tell. Thats true. There you go. Thanks, lauren. Speaking of staying at home, the work from home trend i think is here to stay. Wall street is figuring this one out. Todd rosenbluth is with us. His firm launched a workfromhome etf. Welcome to the program. Good to see you, sir. Good to see you. I head up research at etfs and we are covering etfs like this workfromhome etf from direxion. Stuart now, an etf is a basket of stocks geared in one direction. In this case, workfromhome stocks. Which kind of companies have you got in your that etf . So its a combination. You have established Growth Companies and Technology Companies like microsoft and amazon and alphabet are within here but some more up and coming companies that are more directly tied to document management, Cloud Computing, communications, so zoom, thats an example of companies more targeted within. You got a nice basket of growth oriented stocks covering a number of different themes. Stuart growth oriented stocks on the assumption that when the lockdown is over and the virus is fading dramatically, the workfromhome idea will continue strong. Thats the premise of the etf, really, isnt it . Thats the premise. You would have to believe and i think its reasonable to believe that even if we go back and have the opportunity to go back, that more businesses are going to allow employees to work from home to be able to balance their Work Life Balance and get things taken care of. So you will need companies, zoom is going to happen regardless. Im in touch with people that i havent been in touch with this years because of zoom. Thats likely to continue. Youve got companies that are more established that are going to benefit from this etf once you look inside it. Stuart would you care to just hazard a guess, i know it would be a guess, of all of those people who now work from home and they are working from home because of the virus or the lockdown, how many, what proportion of those people, what percentage of those people, will keep on working from home for at least another year . So i dont want to hazard that guess. What we will guess is what is inside this etf is likely to drive the etf higher. Youve got these growth Oriented Companies both upstarts as well as the established ones, and thats going to give investors interest into this. We have seen some growing interest in Cloud Computing etfs like clou and sky. We have seen others that are thematic. This combines four Different Things together. Thats what makes it unique to us. Stuart thanks for joining us. Very interesting etf. Thank you, todd. Appreciate it. Next one, this is an industry we have been watching closely. Makeup, cosmetics, basically. People are just not going out as much so they arent getting dressed up as much. Kristina partsinevelos, ideally suited for this story, how do these Companies Make up for virus losses . Reporter oh, you had a pun in there. Yes, like you mentioned, the fact we are working from home or half our faces are covered with masks so we dont really want to get glamed up in the morning and that is definitely putting a damper on the Beauty Industry. Mckenzie put out a report predicting that 2020 will be the worst year for the Beauty Industry as a whole so that includes hair, makeup, as well as skin care. They are stating potential losses of about 30 around the globe. Im standing right now in front of sephora, a brick and mortar store. Thats because it is so crucial for the Beauty Industry. Brick and mortar. Why . Because people like to go into stores and test out the products. They put on a little red lipstick, put on some foundation, then they buy. According to mckenzie, all of these instore purchases account for 85 of the total purchase pot. The fact that people are going into stores right now, that means inventorys up so theres a lot of good deals online. Nonetheless, the online sales are still not offsetting the drop in sales in the stores like the sephora behind me. That doesnt mean there arent some big deals going on in the Beauty Industry. Theres a conglomerate called coty that Just Announced they are buying onefifth of Kim Kardashian wests makeup company, kkw. She started this company only three years ago and with this new purchase, its valued at over roughly 1 billion. This is the same company, coty, if it sounds familiar, they bought a majority stake in Kylie Jenners Beauty Company as well, Kim Kardashians half sister. Definitely a lot going on there. But not all is lost even though everybody is working from home. Cvs, the nations largest drugstore chain, is making mainstream mens makeup. Mens makeup, mainstream. They announced they are going to be putting a mens makeup line in 2,000 Stores Across the country. The company is called strix and it will be happening very soon so women like myself, you said i was perfect for this story but actually, i hate makeup, cvs says Mens Grooming has seen incredible growth during the lockdown. So you know, men like to look beautiful, too. Stuart wait a minute. Im not surprised. I have glammed up every morning throughout the lockdown, throughout the virus. I glam up as a matter of course every single day. Every single day. Reporter well, you are an anchor. You are a wellknown successful anchor. Some other people are like ive got a pimple and i have to cover it. Stuart thats flattery. I like it. Dont go anywhere. See you again later. Thats a promise. Lets get serious because seattles chief of police, fed up with the citys chop zone. Watch this. Enough is enough here. It is absolutely irresponsible for this to continue. Stuart well, here in new york, protesters are outside city hall demanding a no police zone. You see the similarities. I will go at that in my take in the 11 00 hour. Look at the auto makers. The virus may be bringing online car shopping into the mainstream. All right. We will explain it after this break. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Stuart the europeans have put out a list of good countries from which they will accept travelers. America is not on that list. In other words, americans at this point may not travel to europe, to the European Union, i should say. Theres 14 countries on the list. They include china. Chinese travelers are allowed to go to europe if european travelers are allowed to go to china. But america is not on that list. We are off the good list. I presume its because we have an outbreak of new cases in america. They dont like that. They dont want us traveling over there to infect them, so to speak. But we are not on the list of good countries. No response on the market. Nasdaq still up, s p still up, the dow is about 90 points lower. Move on. The online car buying business shifting into high gear, excuse the pun, after the virus forced many traditional car dealers around the country just to simply close down. Toby russell is with us, the coceo of shift. You, sir, let me get this absolutely right, you are an online used car seller, correct . That right . Thats right. Thats right. You go online to find the car youd like at shift. Com and you can buy a car online or push a button and we will bring it to you. Stuart i push the button, you bring it to me but i dont haggle on the price, is that correct . None of that . Thats right. The price you see online is a nohaggle price. The idea is a no pressure sales experience. Stuart sure. Now, your competitors, i think, your main competitors are carvana and vroom. Are you better than them . If so, how . Well, we definitely think shift is a great, great experience. If you think about the competitive side, its really traditional retailers, because carvana, vroom and shift together, the ecommerce players, those that sell cars online, represent less than 1 of the marketplace. 840 billion industry and less than 1 of the sales are done online. So we just see tremendous growth there. Stuart i think youre on to something. Toby, im sorry its such a short time here, but we thank you very much for being on the show. Shift is a most interesting company. We will follow it. Thank you, sir. Good stuff. More varney after this. Stuart 30 minutes into the trading session this Tuesday Morning i see a little red for the dow industrials but i see green for the nasdaq and the s p. It was Just Announced that the European Union will not allow u. S. Travelers to get in. 14 countries are on a good list. That means countries which are allowed to have travelers go to the European Union. We are not on that list. China is on it. They can go to europe if europeans can go to china but we are not on that list. I think it is big news but it had no impact on the market whatsoever. Lets look forward. Consumer confidence we got a number just out. Ashley, what do we have . Ashley were still waiting, stu, it is the cricket moment where you come to me and i say we dont have it yet. We are expecting there we go, 98. 1. That was terrible tap dancing. Came in at 98. 1. We were expecting 91. 7. All these numbers better than expected. Lets put it that way. We were close to 100. To give you some points 6 reference the read wag 130. 7. At lowest it was 86. 6 in may. So were heading back up for sure on Consumer Confidence. Again 98. 1, better than expected. Stuart that is a positive because it looks to the future. Thank you, ashley. Ashley sure. Stuart on capitol hill or very soon, right now, dr. Fauci testifies about getting back to work and in my opinion more importantly getting back to school. Whatever he says could move the market. Well jump all over it when we get a headline from him. Lets go to arizona. That state is reclosing bars, gyms and theaters because of a surge in virus cases in arizona. Scott shellady, he is a market guy. He has been in arizona for some time. What do you make of this reclosing in that state where you are . Because i think it is going to slow that state, your states economy . It will definitely slow the states economy. Once again it is indiscriminate, stuart. We cant have the bars open and gyms open, gyms everybody is at least six feet apart but you go to the restaurant. Here we go with rules that dont make a lot of sense. As much as i like governor ducey, i think he is pandering to the media. Negative, drip, drip of negative news. That is the problem. What we have is a problem with the american psyche right . We cant only have mitigation or elimination, or not going out. People are still afraid. Until we have full stadiums, full restaurants, full bars, Everything Else back to normal, we see the markets get back to normal. Im thinking this will be with us a lot longer i initially thought because how bad the american psyche has been beaten up. Were taking measures to make people feel better, not necessarily more safe. Stuart on related note, dr. Fauci testifying on capitol hill getting back to work, more importantly, getting back to school. That is the absolutely key opening up this economy fully. If kids are not going to school, you have got to stay home with them. You cant go to work. Where am i going wrong on this one . I think it is absolutely vital. I think the American Academy of pediatrics agree with you. Here is the deal. Kids generally dont get it. They unlikely to get it and unlikely to spread. Lets talk about the teachers. Woe is me the teachers. Half are under the age of 41, another very low risk group. Doesnt make sense to keep them at home. They have more trouble going wrong with the family with alcoholism or child abuse. That is more of a danger than going to school. We have to take a commonsense approach. You know me. Weve been off of that trail a long time here ever since this thing came out. Stuart it is ageold problem in america, you can sue. You put anybody at the slightest risk, you have got a lawsuit. That is exactly what is going to happen from all parties if the kids do go back to school, lawsuit city. It is a terrible i think its a terrible thing frankly. Those kids are deprived of an education for one full year. I think that is lousy. I put this in my article, i read an article, oped on sunday in the midwest. You know what . To go back on trading floors in chicago you will have to sign a waiver. Whats wrong with that . Everybody that wants to work gladly will do that. Give parents a choice. You know, ohio state, stuart, the football team, every player and their families signed a waiver. What is wrong with doing that . We should do that everywhere. That will take care of 80 of problem. Stuart i tell you the problem. The lawyers will find a way around it. Im sorry, that is the way i see it. I think its a real negative for america at this point. Ive had my fill. I said my thing. Scott, thank you very much for joining us. Im glad you agree by the way. I do. I do. Stuart youre a good man. I will say it again. Good man. I will turn to planet fitness, some of the members in West Virginia asked to selfquarantine. How important is this story, lauren . Lauren more than 200 plan net fitness members were asked to selfquarantine after one person tested positive for the virus. That person worked out on june 24. Plan net fitness closed down. They plan to reopen after deep cleaning. The quarantine for potentially infected members lasted until july 8th. You work out, you are in the same environment as somebody else, one person gets infected, everybody else cant work out. That business has to close. You were talking about risks with scott. Well, yes, here is some of that, having to open up and reclose and open up again, scaring people off in the process. Stuart that is profound risk. It is a real risk to your business in the future because it is totally unpredictable. Quick check of the dow. Were minus 54 as we speak. 25,000p 539. And now this. President trump plans to attend a fire work display at Mount Rushmore july 4th. The Democrat National Committee Says by doing that is the president , is quote, glorifying White Supremacy. They put those words into a tweet. Okay. They took it down later but their first thought was to somehow slime the president. Weve come to this. Virtually any statue from the past can be attacked, vandalized and torn down. That includes George Washington. New york times columnist says, yes, even George Washington statues must come down, end quote. The far left is in charge here. When only the far lefts opinion on race, culture and history, that is the only opinion that is now allowed. You know the country has a problem. So does joe biden. What does he think about trashing the Founding Fathers . I dont know. He is not saying. He told politico he support as commission to decide on renaming military bases. That is about it. He hasnt held a News Conference in months. I can understand his campaigns reluctance to let him loose but the country is watching. Dont tell me americans are happy to see our history canceled and spraypainted. Dont tell me we are prepared to see a president ial candidate ignore what members of his own party are doing. I want to know if the president ial visit to Mount Rushmore on july 4th glorifies White Supremacy. Joe biden is the democrat candidate. Is he okay with that . Players of most cities defunding the police are democrats. What does joe biden think about that . A young black man 16 years old was shot to death in the seattle chop zone last night. Will joe biden address that or the democrat mayor who allowed the zone in the first place . So far silence has been golden, he has gone up in the polls without saying a word. It is time he faced some real questions. Then well be able to make an informed decision in november. Bill mcgurn is with us, wall street journal kind of guy. Youve written about this today. Im indebted to you for part of my editorial there but i want to know, when are we going to see joe biden . Ever . I dont think for a while. It is working for him. The less we see of joe biden the better he does in the polls. I think he is betting on this issue. It is not just the statue, mayhem in the cities. Fundamentally antidemocratic for a group of people to abrogate to themselves which public monuments stand which dont, just tear them down this is fundamentally antidemocratic. It disenfranchises majority of people. No coincidence we have all associated mayhem from seattle to minneapolis because of it. So i dont think we are going to see joe biden. He is betting the same press corps didnt press him on the charge of Sexual Assault by a former staffer for weeks isnt going to ask too many hard questions about the statues. He will like to confine it to the confederacy. No one defends the confederacy save a few old historians. He liked that. That was easy for him. In the confederacy he could tar trump with the confederacy and White Supremacy. Now that were moving to Ulysses Grant and father serra. I think he lost. He is afraid of condemning the progressive wing, militant wing. Cant even say we should do this in a lawful manner. Stuart he attended a fundraiser last night, one of the things he said, main point he said, nothing to do with the statues or the mayhem as you call it. He is going to get rid of, i think that was his expression get rid of trumps tax cuts. That is all we know about his policy. Get rid of trumps tax cuts. I dont think thats a winner. Look, i dont think a lot of these things are a winner. You know the press considers donald trump a congenital liar when he says this chaos is in mostly democratic cities, tim scott made the same point. When they criticized this crime bill, come on, you guys have been running these cities for years. You could have, rewritten policeman always and done this and you didnt. That is going to be harder to ignore the chaos continues and lawlessness continues. But right now, since theyre not asking mr. Biden, i dont think he is going to feel the need to answer. Again he would like to think of it just in the terms of confederates but moved way beyond that. The vandals have attack ad monument to the massachusetts 54th reg gent. Africanamericans who fought on the union side. It is mindless. Stuart it is. Bill, thanks very much for the help you gave me in writing my editorial at the top of the hour. Always trying to make you look good, stuart. Stuart ammonationed to do it. Its a remarkable. Thank you, bill. Have a good day. Stuart lets bring back scott shellady, and ask you about this biden holds a fundraiser, he says i want to get rid of trumps tax cuts. What do you think would happen if we did that . You put that in with the fact well see Unemployment Benefits go away, a lot of people lost jobs. 19 million jobs are gone. How do you think that will play out . It will play out very poorly. Especially americans need most money they possibly can. Their jobs are being let go. They dont have, businesses are not open. It is just the year of going against what common sense would tell you to do. I almost cant believe what im hearing. Poor old joe biden, if he took his record for the last 40 years, put up a statue of him how quickly do you think they would take thing down . Were at the point in america where only Perfect People can have a statue. They have gone after one of them, that would be jesus christ. The only other perfect person is my wife. She doesnt have a statue yet. You have to be careful about slippery slope taking away what people need the most, tearing down things indiscrimminantly with no process. Stuart joe biden has to be careful about the slippery slope. At some point he has has to talk about it. Youre all right. See ya, im putting tesla on the screen for one simple reason, that is an alltime high for the stock. 1035 as we speak, up 2 1 2 , in otherwise down market. Some more stocks i want to show you. Start with boeing, down 11. That had quite an impact on the dow because boeing is a dow stock. Norwegian airlines is canceling the order for 92 max jets. That hurts the stock. It is down 6 . Wells fargo, that bank is cutting its dividend to weather the pandemic. The stock is down 17 cents. Back to lululemon, it is a sports wear retailer, it purchased athome Fitness Company, the mirror. The stock is up 16 bucks. Lululemon, 315 a share. Listen to this, a guillotine has been set up outside the home of jeff bezos in washington, d. C. Well tell you what that is all about. Texas emerging as new virus epicenter in america. Nearly 6,000 new positives reported yesterday. What will they do to stop the spread. Vegas hospitality workers suing the casino operators for the handling of the virus. 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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. And now, during the lowest prices of the season, the queen sleep number 360 c4 smart bed is only 1,299, save 400. Only for a limited time. To learn more, go to sleepnumber. Com. Stuart all right. Were still down ever so slightly for the dow, 40 points lower. That is not much on a 25,000 index. Nasdaq, s p still on the upside. Weve got news from Goldman Sachs about masks. All right, lauren, what are they saying . Lauren yeah, their chief Economist Says if you federally mandate that people must wear a mask when they cannot social distance, you will cut back on the number of virus infections. That is a substitute for a second set of lockdowns as were seeing right now. In the end that increases number of people Wearing Masks and helps the economy, as you know. The economy contracted 5 in the first quarter. It is supposed to be much worse Going Forward before it gets better. So nationally, should there be a federal mask mandate . There are four states, iowa, montana, wisconsin, south dakota , no mandate whatsoever. The rules are different in other states depending where you are and how they enforce it. Stuart exactly, enforcement. Thats the problem. You can tell people you got to wear a mask, you got to wear a mask but up and down in the street and on the beach you have a problem on your hands with enforcement i would say. Interesting move from Goldman Sachs. Lets move on to this. I find it shocking frankly. In d. C. A guillotine has been set up outside of jeff bezos home. Susan, i find that inflammatory around provocative in the extreme. But number two, what are they protesting . Susan protesting against the bourgeois, similar to the french revolution, let them eat cake. There is sign outside of jeff bezos washington, d. C. , home, support the poor communities and not the wealthy man. Income gap and offering Surveillance Technology through ring and facial recognition. You want to throw in some worker condition complaints as well. The richest man on the planet, jeff bezos, worth hundred billion dollars. He has several homes around the world, and his primary residence is listed in Washington State where amazon is headquartered. There is no word whether bezos was in d. C. To see the protest. Bezos suspended work with police forces. When it comes to facial recognition, he went on instagram to support black lives matter. Telling a customer he was happy to lose them. It is not just bezos. We have protesters turning up at wealthy communities across several states. You saw the video of the missouri couple defending their home. Here in manhattan, Jennifer Lopez reportedly lives in the upscale neighborhood which attracts protesters as well. Not just bezos. A lot of people with a lot of money are getting a lot of attention. Stuart they want income inequality to be a major theme of the upcoming election. They will protest people who are rich. The use after guillotine is really disgusting. That is where im combing from. Susan you would think that would go against bodily harm which goes against statues and laws. Stuart i wonder if they would be banned from facebook and twitter putting that kind of thing on . Probably not. Moving on. Im showing tesla again. Because they have hit another alltime high, 1042. Theyre supposedly suppose close to a deal to build the new cyber truck gigafactory in austin in texas. Republican roger williams, republican from texas and represents Travis County. I think that is where tesla wants to go. Why dont you tell us, congressman, how much are you offering to move to Travis County . Were excited they may be coming into travis. I wrote the chairman suggested he do that. When you have Something Like this, stu, as you know, you will have giveandtake. Tesla will ask for abatements and discounts and city and the county have to sit down and negotiate. Were talking about 5000. Talking about 47,000 average salary. Talking about jobs that dont require a college education. That is huge. Same thing i had undersecretary of state under governor perry. We brought toyota there in the san antonio area. Jobs and tear one, tier two suppliers are great. We hope they sit down to make a deal. Stuart the tax breaks will run into the billions, wont they . They will run into the billions but at the same time there is a way to give the abatement and pay it back after a period of time. This is done all the time. The problem is if communities dont want to get in there to offer certain incentives to create more jobs it will not happen because others will. Especially at a time like this. Stuart congressman, the big story this morning or one of them, the reclosing of various states or some operations in various states. Texas has 4288 new virus cases just on june 29th. 5930 new hospitalizations on monday. Now, the governor has started to reclose bars i believe in texas. You think thats thats going to slow down the texas economy, isnt it . We have more than bars in our economy but youre exactly right. People do congregate in those areas. That is one of the things we need to remember, social distancing does work. Masks do work. That is one of the reasons we did so well in texas, driving numbers down. We have to address it. He is doing a good job. The whole bottom line goes on the people of texas we have to do what were told to do. I think we will. I think the governor is making hard decisions. He has to keep the economy going. Well not shut the economy down in texas but we have to bring these viruses down too. Stuart congressman roger williams, thanks for joining us on an important subject, an important date. Sure thing, stuart. Stuart a california restaurant has been forced to close its doors after employees were harassed by patrons who didnt want to wear a mask. Yeah, we got the story. The facebook exodus continues. 160 companies have now pulled ads from the platform. Can Mark Zuckerberg weather this storm . I will ask the question. Social media site reddit ban ad President Trump platform from the forum. I say they are censoring the people and censoring the president of the United States. More varney after this. How they gonna pay for this . They will, but with accident forgiveness allstate wont raise your rates just because of an accident. Cut is that good . No you were talking about allstate and. I just. When i. Accident forgiveness from allstate. Click or call for a quote today. I was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Stuart just a little red there on the screen, down 39 for the dow but green for the s p, up nine, green for the nasdaq up a nice 58 points. Lets have a look at big tech stokes. People say you do this too much. That is not my point of view. I think we do a lot of big tech stocks. That is where the money has been flowing and serious money is made. Apple up, amazon up, facebook down a little. Google down. Microsoft up 199. 90 on microsoft. Look at micron, a big chipmaker. It reported strong growth in revenue, because of . Increasing demand with more people working from home. The stock is up more than 13 from last year. It is up 6 this morning. Micron at 52. 160 Companies Including starbucks, cocacola, unilever, verizon, microsoft, ben and jerries, theyre boycotting facebook over the unwillingness to censor speech. They want censorship. Jim anderson with us, the ceo of social flow. First of all look at facebook and finances of facebook. This is a real advertising storm for them. Are they going to weather intact . Well, stuart, so far they seem to be. Right . Facebook makes 98 of its revenue which is on track for about 70 billion this year from advertising. So it is certainly a concern to them but you listed a 160 advertisers. They have 7 million advertisers on the platform. And you said it with the stock price as well. With the stock price they took a little bit of a hit but they seem to be weathering the storm. Stuart lets change things. Social media site reddit has ban ad protrump group from the platform. Amazon owned twitch, temporarily bans trump for hateful conduct. I say the people are censoring free speech and censoring the United States and i think it is flatout wrong. What do you say . Im not sure it is censorship, stuart. We talked about this before usually in the context of twitter, i made the point, donald trump has made 53,000 tweets, had four affected one way, shape or form. The other side these are private companies, theyre making decisions on the private platform. I dont think its a coincidence, you saw reddit and twitch make the changes sort of as ad boycott rose for facebook. Advertising dollars matter to companies. They have been struggling for the issues. One persons hate speech is another persons free speech. Were seeing separation of private companies in terms of differentiate how they react to these issues. Stuart it cuts down the debate four months before an election. I dont you should do that. I understand what youre saying. What they would say that. There is plenty of places for debate. Youre not constitutionally required to have your debate on facebook, twitter or twitch or reddit. Those kind of things. I understand from Civic Responsibility standpoint, promoting free and fair exchanges of idea is interest of democracy. That is what facebook would say, Mark Zuckerberg says we dont want to be the arbiter of truth that is another way effectively agreeing with your position, wow, especially in Election Year we would really not be in the position to do. That the question whether they will be in the position to sustain that. Stuart exactly. Do you think at some point soon Mark Zuckerberg and cave, accept the verdict of censors of these companies . Knife to say he is paying a lot of attention, right . You make 98 of your revenue from advertising, you face an advertiser boycott. The big question not what will happen with the top ad spenders, unilever, starbucks, verizons of the world, whether it will my great down to 7 million small advertisers that make up the bulk of facebooks revenue. If that at some point shifts, if those type of advertisers start to advertise leses on facebook, he has a real business problem he will have to confront. To the degree anything will move his position, Something Like at that would at least have the chance of doing it. Stuart what about the shift on part of many conservatives and republicans to parler . That is a new social media platform. We had the ceo on the show yesterday. Listen to what he had to say . Roll tape, please. Our main focus is free speech. The idea there is no political censorship. Its a town square for people to get together and have conversations, whether it is about politics, about their hobbies or whatever it might be but, you know without the idea that there is somebody looking over your shoulder saying, is that politically correct view or not . Is that the one youre supposed to have . We really want to do that while retaining peoples right to privacy. We dont sell data. Stuart jim, i got to sell you, i would love to see parler become a serious competent for for the facebooks of this world. I encourage any new innovation in social networking. I think it is wonderful to have different people with different ideas and different approaches. I was reading things over the weekend. Parler started to take down accounts. Free speech sounds great in the abstract. Especially if youre an american. I said before one persons free speech and another persons hate speech. Parler has Community Standards you can violate. The devil is in the details. If youre frustrated or upset about the type of content been removed. It is less of a free speech issue, more of a speech i disagree with issue. I think parler will struggle with that. Stuart jim, we hear you. Jim anderson, social flow. I will show you netflixs stock. They will shift some cash to africanamerican owned businesses. Give me the full story, susan. Susan this might be corporate trendsetting for netflix. They will move 100 million to lenders they say serve the black community. Going forward, the company will 2 of cash on hand. They have five billion dollars cash on hand and they will move 2 to vendors that directly support the africanamerican community. Netflix founder Reed Hastings and his wife donating 120 million to historically black colleges and universities. Other Tech Companies apple and google, they will donate 100 million to racial quality groups. Compared to netflix, apple and google has a lot more cash. Apple has 100 billion on the balance sheet. Microsoft and google have 100 billion on the cash on hand. It cant be apples to apples. It is 4 billion. 2 of 100 billion is around two billion dollars. Maybe it wont be 2 are. I think netflix is saying to the rest of the tech peers, this is a trend. This is something that were doing. Do you want to follow us and setting an example . Stuart certainly a lot of money. I didnt do the math by the way, susan. You did that for me. Its a lot of money. The stock is up three bucks. 450 a share on netflix as we speak. Thank you, susan. Florida recording over 18,000 new virus case this is past weekend. Number is unsettling. What is the Sunshine State going to do about it. Im asking senator rick scott on this program later. Never a dull moment at the White House Press briefing. Oh, no, watch this. Your first question is absolutely absurd. He is proud of the United States of america. Stuart youll hear, i promise you, you will hear that absolutely absurd question that was asked of her later this hour. First Chesapeake Energy filing for bankruptcy. These frackers are american heroes. That is my point of view. They made us energy dominant. So should we bail them out, no matter what . Because some of them are going bankrupt. Im asking senator kevin cramer that. He is next. Stuart modest loss for the dow industrials. Nice gain for the nasdaq up 78. The rice of oil right now i believe it is at ill tell you 39 per barrel. Now yesterday, we reported that chesapeake is bankrupt. That is what im going to call a bad omen for our frackers. Senator kevin cramer is with us from the fracking state of north dakota. Welcome back, mr. Senator, it is always good to see you. My pleasure as always. Stuart you and i said many times on the program, Fracking Community are really american heroes. They are the people who made us Energy Independent and energy dominant. I think you have to keep them in the business no matter what. Are you prepared to keep your frackers in business no matter what . Well, stuart, i think you make a very important point because they are american heroes n addition to growing our economy, keeping us independent, that means that were safer and more secure. It is a National Security issue. National security is the highest priority of the federal government and highest priority we have. I think from a National Security standpoint we have to do all we can to make sure we maintain this incredible network of diverse oil and Energy Companies doing business throughout the continent and the states, rather than depending on Foreign Countries for our energy. Stuart if you subsidize them, bail them out or give them serious help, the greens earns the environmentalists will be very angry and you will have very significant opposition from the democrats to doing that. Im sure you have seen this opposition already, havent you . No question about it. Joe biden wants to turn his Climate Policies to aoc for crying out loud. There is no question that americas economic and energy and National Security are at stake if a democrat takes the white house and democrats take control of the United States senate. It is very important, but in the short run right now, we have this crisis where we stand to see massive consolidation. Consolidation while it has some value in terms of bringing capital to the game, it also Means Investment will follow the cheapest route for the best investment return that would mean saudi arabia or russia. Our national and Energy Security depend on American Companies remaining intact. I dont think you have to have a bailout. We can do things with credit that allow companies that were credit worthy and Strong Companies before the pandemic and will be after the pandemic to build a bridge to that future. Stuart i will put a map up on that screen, senator, shows four counties in north dakota have yet to report a single virus case. How is that possible . I know north dakota, there are just not that many people there, is that it . First of all we need to get you out there so there is one more. Need to do that this fall. There are 10 people per square mile in the entire state of north dakota. What i think is the most important and contributing factor to all of this, you have common sense, intelligent people who can make good decisions and given guidance and those good decisions will protect themselves and protect the people around them. Why you see in the dakotas largely really very little of the disease, other than a major break out than a plant in sioux falls or or a minor breakout in a plant in grand forks. You see the people stuart senator i have been to north dakota several times. The one state that i have not been to is montana. I got to do it. I have not been there yet. The bakken was discovered, the shale revolution was started in montana but it blossomed in north dakota because we have a better leadership and better state policy. Dont tell montana. Stuart whoa, be careful there, senator. I can see a fight starting right there. Kevin cramer, the senator from north dakota, republican. Thank you, my pleasure. Stuart scientists warning a new strain of flu in china has pandemic potential. We have details for you in a moment. At least four Major League Baseball players will not be playing this season because theyre concerned about the virus. They probably wont be the last. Baseball is in real trouble. First the liberal media asked the Trump Administration some truly ridiculous questions. Watch this. Has the president at anytime thought about stepping down before or now. No. I think that is absolutely ridiculous question. Mr. President , are you a racist . Are you a racist . Stuart we have a new one. We have a new ridiculous question to add to the list. You will hear what that question is when we return. The best tv experience just got better because now you can watch all your favorite hulu shows and movies on xfinity. Youre only a voice command away from Award Winning shows like the handmaids tale, to new hits like little fires everywhere. And fx originals you can only watch on hulu. Thats just the beginning of what you can experience with hulu on xfinity. Tv made simple, easy, awesome. Stuart take a look at tesla. It is 1049 a share. That is another alltime high. I dont know any specific news on tesla to propel it to a new high. It is up 40 bucks. That is 4 . Boeing, had a big cancellation for plaque jets. Norwegian air canceled their previous order for 92 max jets. That takes bowing down 10 bucks. That is 5 . Boeing is a dow stock. That is hurting the dow, eastern though the dow industrials are own the side to the tune of 15 points. In three seconds, 10 51. That means were joined by Brian Kilmeade, cohost of fox friends, cohost of the Brian Kilmeade show. Lets talk about baseball, brian. Four players announced they will not take part in the season. Ryan zimmerman, joe ross, mike lee, ian desmond. If theyre not going to play this season, the concerned about the virus, it cannot be much of a season for baseball, can them . Well see how many join them. If it is 20s or dozen dozen it is a problem. A lot of people want to make money. They havent got paid. Basketball got paid. They are two thirds through the season. Hockey got paid. Football is plans on launching. If you have a multimilliondollar lifestyle the checks stop coming in, i was reading about ian desmond. He is biracial, im upset about the whole george floyd thing. I want to spend my time with me wife who, we have a young family. I am worried about bringing it home. Number two i want to work with my sarasota baseball club. Ryan zimmerman is 35 years old. Im not retiring. I dont want to play a shortened season. There is too much of a chance of an injury. In the ian desmond situation he was supposed to make 17 million. He is making five million. He says keep it. Interesting. Going may to june, calling it a season. They usually go from may to october. Stuart i understand their concerns. And i understand the money side of things but dont they know what theyre doing to baseball . It is already under a great deal of pressure. This kind of thing is really going to hurt badly. I just cannot see baseball coming back, to being americas pastime, a major sport. I think you have an obligation for the fans to go back. I absolutely do, if you dont have underlying condition, youre not going through cancer treatment. There are a lot a lot of great athletes that have conditions we dont know about. If you dont have that, you have to take care of parents, youre only one, you usually have money to be able to do that you have to be with people with underlying conditions. If there is extraordinary circumstances. If i have to sacrifice three months, go to orlando, like the nba does, i will miss my family. There is whole bunch of families missing people in afghanistan and iraq, and theyre not making 25 million. Theyre sitting there, making 3,000, combat pay, it goes right to the family at home. Theyre not spending it at the walmart in kabul. Stuart wellsaid. Let me move on to Something Else. Weve been talking about ridiculous questions asked at press conferences to the president of the United States. Ive got another utterly ridiculous and demeaning question from a politico reporter who asked Kayleigh Mcenany a ridiculous question. Roll tail, well see what it was. A lot of people are trying to understand what his view of memorializing the confederacy is and proper place of the confederate flag. Does President Trump believe it was a good thing that the south lost the civil war . Your question is absolutely third. He is proud of the United States of america. Stuart can you believe that, brian . Is the president happy the south lost the war or word to that effect. Might be referring to the question i asked him last monday, what do you say to africanamericans who see some confederate statues they fought to keep us, to keep us enslaved, what he says is, you should know about your history or youre going to repeat it. Know how far you have come, if i paraphrase what he said. If him to take out of context or any other statement, what he is trying to say, confederate soldiers are a part of our history. I walked with Lindsey Graham right in front ever fort sumter, the South Carolina senator, you look to the right, a confederate statue, and huge plaques for the 54th infantry all black infantry for massachusetts. They were right. They were wrong. And im so glad they were right. The 54th infantry. Doesnt mean theyre terrible people. It means their people of their times. I thought that was an exact definition. Im not going to judge every generation. They were dead wrong fighting for to keep a slave culture. The constitution, excuse me, the Supreme Court was wrong with the dred scott decision. Doesnt mean should disband the Supreme Court. It is a product of our times, how much progress we made. We look back at the 60s, how people possibly could have colored water fountain and colored bathroom and white bathroom. We dont run from it. We make sure we improve it. Stuart got it, brian. Go get em stuart. Stuart Indoor Dining delayed indefinitely in new jersey, thanks to scenes like this. People are not practicing social distancing, certainly not there. How are restaurants going to survive if you cant eat indoors . Well ask one Restaurant Owner . New york city in deep trouble in my opinion. I dont think they will ever come back the way they were four months ago. That is saying something. The mass exodus has started. I think it goes on from here. That is my take when we return. 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. 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. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. 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Call now so you can. Retire better stuart well, well, well. We have a nice turnaround. The dow is up 72. The nasdaq, look at that thing go, up 101. The s p is up a very strong 21 points. Weve got this in the news background. I dont think this is hurting or helping the market. The European Union announcing it will ban travelers from the United States. Thats not exactly positive, but thats what theyre going to do. We do have positive news, it broke last hour. The Consumer Confidence index number, i know that doesnt mean very much, 98. 1, but it is 12 points higher than last month. Thats a positive. Its a forwardlooking thing. I think it probably helped the market. Now this. News breaking from the Federal Reserve. Theres the man, edward lawrence. What have you got . I think what you report might have helped the market. Go. Reporter yeah. You know, new york fed president John Williams who is a Voting Member of the fomc, federal open market committee, is saying he is seeing we are on the road to recovery, seeing signs the economy is starting to recover. Hes also seeing the worst economic distress may be behind us. Hes saying what he sees is a sizeable increase in Consumer Spending thats boosting all this. Now, he does acknowledge that theres a rise in cases but at the moment, that is not really worrying him. He believes that there will be a strong recovery and that strong recovery does depend upon containment of the coronavirus. Now, williams says the fed will continue to use all of the tools in their toolbox for a robust recovery. He does believe a full recovery could take years but he says we are on the path now. Back to you. Stuart i would definitely call this a positive. I think it has something to do with the markets turnaround, especially the nasdaq which i now see up 100 points. Edward, thank you very much indeed. Good stuff. The nasdaq is up 100 points and first, the mayor cut the Police Department budget by 1 billion. Now, hes a far left guy. He calls this real redistribution. The rest of us worry about safety. Shootings have more than doubled this year compared to 2019. Doubled. And a no police zone right outside city hall is growing. Its like seattle, where last night, a black 16yearold youngster was shot to death. Why come back to work in this city . Why live here . The mayor has lost control. Then theres the news from the theater industry, because of the need to keep social distance, that industry, theaters, will stay shut down all the way through until next january. Thats a 15 billion industry that will not be coming back. Musicians, actors, ushers, stage hands, they will not be working. Tourists from all over the world, theyre not coming. Hotel rooms, not occupied. It is an economic disaster. All cities have to deal with the virus, the lockdown and varying degrees of urban unrest. All have to deal with getting people back to the office. That is not easy. All have to ensure safety. Thats not easy, especially if you defund the police. Every metropolitan area in the land has to figure out how to make a comeback. I dont think new york will come back to the way it was four months ago, maybe in a few years, but in the immediate future, its not going to happen. In fact, new york will go into reverse. Remove Police Authority and we will go back to the years of rampant crime. People will live somewhere else. Businesses are going to close. People will be reluctant to commute. This city is a virus victim which lacked solid leadership just when it needed it most. The exodus is about to begin, if not already started. Its sure to help that exodus, crime in new york city. Yes, as we mentioned briefly, it is soaring. Lauren, give me more numbers, please. Lauren all right. Here you go. We will put numbers on what you just mentioned. Last week there were 63 shootings in new york city. That was 142 jump from the year before. The New York Post says 272 Police Officers retired between may 25th and june 23rd. 49 more than 2019. The bottom line is manpower is being lessened through budget cuts and retirement at a time when officers are needed the most. The mayor is turning his back. There are also limits on the policing that you can do. No more plainclothes Police Officers that went into communities, stopped and frisked and also changes in bail law. Its harder to keep criminals in jail right now as they await their trial so they are letting them out on the streets. Stuart do you agree with me, im saying its going to be years before new york city returns to anything like what we saw back in january and february this year . Im talking years. What do you say . Lauren stuart, this story touches home for me because im a new yorker, born and raised. I remember how dangerous new york was in the late 80s and early 90s. I distinctly remember. I remember living in new york city for years and we say to ourselves all the time oh, wouldnt it be nice to not have that commute anymore, return to manhattan. We dont say that anymore. Stuart no, we dont. Lauren it will take a long time. It is fundamentally different. Stuart years. Thank you very much, lauren. We appreciate that. Thank you. Show me tesla again, please. Hitting an alltime high. Still right there at alltime high levels. Elon musk issued this warning in an email to employees. Im quoting now. Breaking even is looking super tight. Really makes a difference for every car you build and deliver. Please go all out to ensure victory. Dan ives is a tesla watcher, frequent guest on the program. Dan, did that email, super tight on breaking even, is that why tesla is at a new high . Thats a super bullish email. If you think the street was really factoring in a massive loss here. The fact they are even in an area to break even, this is something much better than expected in some of the toughest conditions ever seen in covid19 backdrop. I think this is definitely viewed as a clear positive. Even though mars is the number one achievement for musk, i put this in the top five, for him to break even in this environment. Stuart do you think he will hit breakeven in this environment . Yeah, i think its very likely that they could hit breakeven, just given what we are seeing, demand out of europe but especially in china. China is starting to thats why it continues, 1500 is the bull case here. [ inaudible ] with a million mile battery that i think will be another catalyst for the stock. Stuart full credit to dan ives. Hes been right on so many things and wrong so infrequently. In fact, i cant remember when he has been wrong. We listen to your opinion very carefully. Heres another one. There are reports that apples next iphone will not include a charger or headphones. How can you possibly have an iphone with no charging portal or headphone portal . How can you do that . Yeah. So we talked about that a few weeks ago, especially the no wire earpods. I think this will be another catalyst for airpods. On the charging, they might have a low sort of basic charger but not the block charger thats included today. It just speaks to the cupertino ethos. Its about the ability to crosssell. It will give them a lower price on the iphone in terms of whats coming out in september. Stuart what kind of numbers do you expect to be sold, the new iphone, september . I think what we are feeling this next batch could be 60 or 70 million but i think overall, we are probably looking at going into next year, it will be over 200 Million Units for iphone. Thats why i continue to think this is a 400 plus stock and we think bull case, you could start to get to 500 as we talked about. Stuart lot of people praying you are right again. Now, we asked you to break away from the teslas and apples of this world and give us some workfromhome stocks you like. You came up with two. The first is docusign. Make your case, please. Yeah. Thats been our favorite workfromhome because thats really esignature. What you are starting to see in the virtual environment, docusign, no competitive environment. They sort of own that market. More and more enterprise is moving to esignature and virtual contract management. I think this is a stock that could double in the next three yea years, because it comes up, is this a nearterm phenomenon or a game changer. The game changes where docusign sits. Stuart i think youre right. The other is z scaler. I never heard of it. What do they do . Why are they so good . Many of the workfromhome names you focus on applications, slack, zoom. Z scaler protects those workloads. This is a cybersecurity name thats really getting major fuel because they are protecting the workloads. I think z scaler, i almost equate it to the salesforce. Com of cybersecurity. This continues to be our favorite workfromhome cybersecurity name. Stuart dan, you continue to surprise us with your predictions which have generally been right. Thanks for coming back on the show. You made a lot of people happy today. Thank you very much. Appreciate it. Okay. All right. Lets turn to Something Else completely different. Reclosing. At least 15 states are pausing or rolling back their reopening plans. Monica crowley joins us now. Monica, welcome back. Always good to see you. Nice to see you, too. Stuart look, these reclosings, i know they are not on a mass scale but surely that is going to hurt the economic rebound and maybe stop the rebound from becoming a straight v. What do you say . Well, the virus has proven to be resilient and in the areas where we have seen the virus raise its head, governors have taken certain measures and certainly those measures could impact the economic recovery. But lets remember that President Trumps progrowth economic policies that delivered a booming economy the first time remain in place. Tax cuts, regulatory reform, unleashing the Energy Sector, fairer and more reciprocal trade deals. In fact, the usmca goes into full force tomorrow. The president delivered a huge win with that deal for american workers, farmers, ranchers and businesses. So as we safely reopen this economy, those policies are kicking back in and thats why you are seeing a lot of strength in this economy, you are seeing a lot of positive signs from businesses reopening to booming retail sales, gasoline demand, credit card transactions. So the heroic American Consumer is back and he is driving a lot of this economic recovery forward. Stuart he or she is driving this economic recovery. Get things right here, monica. All right. Got the big jobs report. It comes up on thursday, because we are celebrating july fourth on friday so the jobs report is out on thursday. What do you see, what do you expect to see . We had a very strong jobs report in may. We are optimistic about the june one as well. If you take a look, stuart, at continuing unemployment claims, they have been steadily declining and new claims have also been coming down. So we are seeing a rebound. We will continue to see a rebound. And i think thats a function of the unprecedented fiscal and monetary response this administration and Federal Reserve have delivered throughout this crisis and also as you are seeing the safe reopening of the economy. People are coming back to work. So we think we are in a very strong position for a very robust recovery, particularly in the job market. Stuart monica crowley, we will be waiting for those numbers, 8 30 eastern Time Thursday morning. Im sure you will be, too. Monica, thanks for joining us. See you soon. Always a pleasure. Thanks. Stuart thank you. Now this. Hotel occupancy rates plunging 21 during the pandemic. Despite that, a new hotel is preparing to open tomorrow. We are going to take you there as well. Take a look at this. Long lines for Virus Testing in florida. Cases surging there. More than 5,000 on monday alone. More cities are requiring masks in public. We will tell you which cities. First, though, a popular restaurant forced to shut down as guests refuse to wear masks. The owner says his staff was harassed, tried to enforce the mask rules i want to know, why have masks become political . More varney after this. Massmutual healthbridge is a free Life Insurance program just for healthcare workers fighting covid19. Apply today at massmutual. Com healthbridge iredefined the wordng thschool this year. Apply today at massmutual. Com healthbridge its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Stuart inovio pharmaceuticals, down 9 . Now, the Company Reports positive early stage data for its experimental vaccine candidate, but it did not provide the key details that investors were looking for about those tests and trials. Therefore, its down 10 . Gilead, gilead sciences, they say that remdesivir, their treatment for the virus, will cost over 3,000 per treatment. That seems like an awful lot of money to me. Lets see what indiana senator mike braun says about that. Youve got a lot of experience in health care. Over 3,000 for a treatment of the virus seems like a lot of money to me, senator. Sadly, stu, for the price of some drugs, thats a simple molecule drug, wait until you get into the biologics. Humera is one of the more expensive ones. They advertise it for as little as 5 a month on tv. It costs, give or take, in the range of 75,000 per year. I think its the most used drug across the spectrum. Good news is at least we got something that may work as a therapeutic. Sadly, i think that drugs been around for awhile and you would think by now it would be at the generic stage. So when you get a generic on Something Like that, it can be anywhere from 10 to 20 less down to as much as 70 , 80 , 90 less. Thats the problem with health care in general. No transparency. The whole operation kind of runs behind the scenes. This will be a good indicator to see if they can get a generic to the market quickly and it should have been there already because thats a lot of money if you are calling 3,000 bucks for a treatment a bargain. Thats not the case. Stuart thats very true. Mr. Senator, forgive me but im going to change the subject completely to something thats very much in the news. Theres a restaurant in california, it was forced to close because customers adamantly refused to wear masks, and some incidents got violent with the staff. That case. Then we also have senator mitch mcconnell, hes making a big push to wear the mask. Watch this, senator. We must have no stigma, none, about Wearing Masks when we leave our homes and come near other people. Wearing simple face coverings is not about protecting ourselves. It is about protecting everyone we encounter. Stuart following up on that, Goldman Sachs, of all people, says there should be a federal rule making masks mandatory. Now, this is a very serious political issue for a lot of people. Where do you stand on it, senator . First of all, i think thats great advice because the two things that work the most, six feet of distancing and masks. I think thats a simple price to pay, especially in the places where you need to do it to be responsible in your own backyard, of course, you dont need to, but if you are around people, thats not asking too much. Weve got such a robust economy thats wanting to get back into the swing of things and i think if we dont follow those two basic rules, you know, we are going to have stutter steps forward and i think in this case, it makes a lot of sense and i think people do create that kind of lack of consideration when theyre not wearing one around other people and i think its in the best interests of all of us to get back to what we knew more as normal. It wont be an old normal, it will be a new normal but masks and distancing are part of it. I think we can do two things at once. Stuart its going to be awfully difficult to get youngsters, by youngsters i mean anybody under the age of 25, its going to be awfully difficult to get them to obey the social distance and mask rules. How do you do that . That is tough but i think we at least need to be responsible when were around people that are vulnerable. Elderly with comorbidities and the nursing homes, elderly Living Centers seem to have really found their rhythm on how to protect their most vulnerable and i think all of this has got to work together, and thats the way we get this economy to gallop back but its going to be doing a few things different from what we had to do before until we get a vaccine and that herd immunity which as it does get through younger people, if they are responsible, i think that we can maybe have two things converging towards the vaccine, herd immunity, keep a mask on when youre around people, distance and just use common sense. Stuart yeah. A mask is a small price to pay for getting back to normality, i would say. Senator braun, always a pleasure. Come see us again soon, please, sir. Thank you. Thank you. Stuart yes, sir. Im going to show you cinemark. The company is pushing the reopening of its theaters back to july 24th. Okay. Other theater groups have said they are pushing it back indefinitely. Cinemark saying pushing it back until that date. That helps the stock. Lululemon, earlier that stock was way up. Its now up 4 . Excuse me. They are going to buy the home fitness startup mirror for 500 million. This marks lululemons first move into fitness equipment. Investors seem to like it. Lululemon back to 307 a share. Look at google. They are removing what are called misleading ads. Whats going on with this, ash . Ashley yeah. Its searches done by users and voting related searches. Apparently according to a Watchdog Group called tech transparency project, in close to a third of the 600 searches that they looked at, were sent to sites that tried to charge you to do certain things. Now, the triggering of those ads were terms like this. Register to vote, vote by mail, where is my polling place, and what happened was those users were sent to sites that tried to charge large fees or even, you know, tried to harvest your personal data. We know that in the United States, you cannot be charged to register to vote so these are deceptive. This is what google said in response. Google said look, we have strict policies in place to protect users from false information about voting procedures and when we find ads that violate our policies and present harm to users, we remove them and block advertisers from running similar ads in the future. But its quite remarkable that close to 200 of the 600 ads they looked at were trying to actually charge people who were looking to, you know, register to vote. Stuart interesting. That move has nothing to do with censorship. Its just ashley no, not at all. Stuart good stuff. Thanks, ash. Now, china has indeed passed that sweeping National Security law which really threatens hong kongs political freedoms. We will tell you how we, that is america, is responding. Take a look at this. Crowds of people hanging out at a bar in new jersey. Obviously not social distancing. Because of that, and other scenes like it, the governor is suspending Indoor Dining indefinitely. How much longer can restaurants survive like that . Thats next. First, a live look at seaside heights, new jersey. Courtesy of earthcam. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Stuart i see a fair amount of green out there. Up 58 for the dow, up 26 for the s p, and up 118 for the nasdaq. Big techs doing well. Amazon, a new survey reveals just how valuable it is. We know its a big number. Susan, how big is it . Susan 400 billion, just for the brand alone. We know the Company Amazon is worth around 1. 3 trillion but amazons brand is benefiting from the covid19 with households depending on their amazon deliveries. That added a third more to amazons brand value. Number two on this list is apple, Biggest Company in america, now worth 1. 6 trillion. The brand alone apparently worth 350 billion. Number three is microsoft, overtaking google into the bronze position and thats thanks to more use of Microsoft Teams which is a Video Conferencing service that connects employees, yes, but also family and friends during the covid lockdowns. And this annual survey done by the group cantar, they combine market capitalization, how much a company is worth with Consumer Research of over 3. 8 million. What they found suggests that brands that help make life easier in the covid19 pandemic has increased or outperformed other brands in that category so that all makes sense. Stuart yes, it does. Make life easier for people and the value of your brand goes up. I think thats a Pretty Simple susan also think about trends Going Forward as well and the companies that will dominate with these new accelerated trends that we live in. Stuart oh, yeah. Big techs got it sewn up, i think. They will do very well, i think. Indoor dining in new jersey, delayed indefinitely. By governor murphy. Lot of new virus cases. No, there are concerns that virus cases could surge in new jersey because of scenes like this on the lefthand side of the screen. Crowds at bars over the weekend doing anything but social distancing. Amy russo is with us. She owns toast city diner and two other toast locations, three all together, in new jersey. Now, you have had a hard time during this lockdown. Now you are being asked to survive entirely on Outdoor Dining. Can you survive . Two of my locations have ample outdoor space, at least to get us through unless it rains, obviously. So we are weatherdependent right now. My one location in montclair has next to no outdoor space. We were banking on the 25 capacity indoor happening. I brought back employees, brought back a manager, ordered food, now its gone with 48 hours notice. Stuart that really hurts, obviously. Now, do you think its the right move . Because of those scenes of youngsters doing no social distancing, do you think its right for Indoor Dining to be postponed indefinitely . No, actually, i think its ridiculous. I think that the bars that were breaking the rules, the enforcement should be put upon them instead of clobbering an entire industry. I was at a loss these last 10, 14 days since Outdoor Dining was open. Everybody, everywhere i went was following the rules. They are following the rules. Everyone is keeping their social distancing and its been great. If you have a few people, a few bad apples, i dont understand why its spoiling it for everybody. Scenes like happened at those bars could literally not happen at my place. We dont even have a liquor license. They will lump us all in together for what . Stuart well, i mean, i know you cant really get inside the governors head here but why do you think he would nor do i want to. I have no idea. I guess my only guess is this data determines the date. I dont know what data hes looking at. It used to be we are not going to look at what other states are doing. Now we are seeing spikes in other states so we may see spikes here. I think it was a kneejerk reaction. Quite frankly, i dont know even if it wasnt disingenuous that we were ever going to see inside dining or if this was like, you know, a preemptive strike and oh, now its your fault. Stuart so blame your friends and neighbors for not being allowed to reopen. Stuart what are you going to do . Hold tight as long as we can. I can assure you that im in a very different position than most and this is going to clobber a lot of restaurants out there. You just cant continue on Outdoor Dining alone. Stuart but you can well, i think you have got another weather problem. Its not just rain. Its heat. Heat. Right. Stuart i ate outside in a restaurant in new jersey outside a couple days ago, and i had to get under an umbrella and even then, it was just too hot, too hot and humid. You dont want to be sitting there eating anything in 95 degrees. You just dont want it. Thats working against you as well. Right. And we are in new jersey. Lets face it, the northeast is hot and humid. We dont have the dry heat that some states, you know, are lucky enough to have. I was working outside all day on sunday and i can tell you that i was sweating. As were the customers. Then you are spending more money for umbrellas and shade and you know, getting very creative. It all costs money that we dont have right now. Stuart amy, we feel for you. We hope you can pull through this successfully. Amy russo. Thanks for joining us. We appreciate it. Thank you. Stuart sure thing. Let me turn to hotels now. They are taking a major hit because people are staying at home. We understand that. However, jeff flock is in a Brand New Hotel in chicago which opens tomorrow. Why would you open a Brand New Hotel during a pandemic . Tell me, jeff. Reporter im walking the halls and i want to take you inside a room. I will ask that very question to the man who is the regional director of nobu hotels. Maybe you have known nobu. It is the hotel that is the brain child of the famous chef as well as robert deniro, the actor. You are the regional director, opening a hotel in the middle of a pandemic. What are you thinking . We are thinking we are expecting influx of travelers now. We are being very cautious with state and local regulations and looking at travel and we want to provide that escape for them. Reporter its a different experience, though. It is. Reporter stuart, maybe you see, nobu is a high end hotel. This is a luxury hotel. Beautiful view of downtown chicago. Beautiful rooms. What looks different now for the hotel guests that didnt look like it before . One of the first things is going to be a welcome amenity. Before the welcome amenity was a thing such as a bottle of wine. Nowadays you will see masks, Hand Sanitizer and we are providing a touchless key that they can use to touch elevators, open some doors, and just provide a less touch points. Reporter this is the mini bar. Typically in a hotel like this, this mini bar is stocked full of all sorts of stuff, booze and Everything Else. Not so much. Glassware and products, we want to make sure the products are there from guest to guest. We will offer the same products. We will personally deliver it to you upon request. Reporter got you. I want to ask michael, stuart, as im sure you will ask, can you be profitable in this environment . I think if you manage your expenses and we market to a new segmentation, we can definitely become profitable. It just needs to be managed appropriately. Its a new way of operating. Reporter okay. Optimism in chicago. Stuart eventually you will make a profit. Eventually. Thats the key word. Jeff flock, right there, thanks very much. Now, im going to show you ford motor companys stock. Still holding right there at 6 a share. They have launched a new program for people who lost their job. We will tell you all about it, how they are trying to help people make ends meet. Thats ford for you. First, the governor of florida blames young people for spreading the virus. Watch this. You cant control this. They are younger people. They are going to do what theyre going to do. Stuart yeah. Controlling youngsters awfully difficult. We will ask senator rick scott about that. The Florida Republican senator after this. Stuart i call it narrowly mixed. The dow is down a tiny fraction. The nasdaq is up a whopping 150. S p up 21. Well take it. Now this. Jacksonville, florida, where President Trump plans to give his rnc acceptance speech, now requires people to wear masks in public. It comes as florida records more than 5,000 new virus cases in just the last day. Look whos here. The senator, the republican senator from florida, rick scott. Mr. Senator, this goes back to what the governor is saying here. Its very difficult to control the actions of young people. How do you control the youngsters and police them as well . Stuart, i think the government ought to give us more information. When i was governor, we had four hurricanes. I cant mandate people evacuate. I said heres the facts, heres a checklist, heres what i believe you ought to do and they did it. Our federal government needs to give us more information on therapeutics, whats working, whats not working, more information on the vaccines. At the local and state level, why dont they just tell us this business, they have employees or customers with coronavirus. Guess what . We wont go there. Instead of shutting down every business, why dont they give us, assume we are smart, logical, have common sense. Give us more information. We will all make better decisions. We will wear masks, we will social distance, we will avoid the bad places. People want to stay alive. Give us more information. Thats what they ought to do. Dont mandate. Quit telling us what to do with our lives. We want to be in business. We want to get our jobs back. We want to make a living. We want our kids in school. So let us make our own decisions. Stuart sir, if i drive my car with florida plates into new york or new jersey, the police can pull me over and say you ought to be in quarantine. In fact, the list of states which you can drive into new york or new jersey from is now 16 and they will pull you over and ask you questions. How do you feel about that . Look, every governor gets to make the decision on what they think is good for their state but i think if you want to actually get your citizens to do the things that are actually going to work, i would spend my time giving people information. What they do is, the easiest thing is to say you cant do this, you cant do this, you cant do that instead of saying these are the facts. You know, i assume you are smart. If i give you logical facts, you will make logical decisions. If you are sick, go quarantine yourself. You have been around somebody that has coronavirus, quarantine yourself. Why do we have to have all these rules and all these laws . People are pretty smart. They will do things to stay alive. Stuart you want us to be able to assume the risk ourselves, risk that we are comfortable with. Thats what we want, isnt it . We are. We are all in this together. They cant mandate everything. And we are telling our Law Enforcement to spend all your time doing things that they cant actually enforce. So why dont we spend our time every day saying you know what, let me give you a little more information on why you should wear your mask, why you should avoid that restaurant or bar, why you should avoid that gym. You know what, over here, they are actually doing a really good job. Thats a place, you know, that we havent seen any coronavirus. Why cant i go there. Instead of what they want to do is treat everybody the same, the easiest thing is just, you know, you know what it is, stuart . They are all worried about the press saying theyre not doing a good job. Why dont you stop worrying about what the press thinks and take care of your citizens by giving them good information and letting them make good decisions which they will. By the way, the people that are going to these bars and getting sick, they are being selfish. Thats wrong. They should be, you know, what we ought to do is call them wrong. We should say you are being selfish to yourself, you are being selfish to your family, to your coworkers, to rebuilding our economy. Quit doing it. Guess what, people will do it. They are smart. They will do it. Immediately they might not do it but longterm, when are you going to reopen this economy . Weve got to reopen this economy. We dont have a vaccine. We wont have it for another four, five, six, seven months. In the meantime we just going to open and close, open and close . We cant do that. Open our economy, let people make their decisions. Stuart clearcut straight at it. Senator rick scott from the state of florida, thanks for joining us, sir. Always appreciate it. Thanks a lot. Okay. Now, we know that Oil Companies have been hit hard by the pandemic. I believe shell, huge conglomerate, royal dutch shell, how much are they writing off, ash . Is it billions . Ashley it is billions. 22 billion, to be exact. Of course, the pandemic has hit oil and gas demand and killed energy prices. Their sales were down 40 in the Second Quarter year over year. They were also forced to cut their dividend for the First Time Since world war ii. Bp also cut 17. 5 billion from its assets. That is just an indication of how the Energy Sector has been hit. The real big conglomerates get hit like that, its been rough. Stuart 22 billion. Yes, sir. That is rough. Case closed. All right. Lets move on to no laughing matter. Lets move to ford motor company. The stock just up a little bit. They have launched a new program for people who lose their jobs. What are they doing, lauren . Lauren if you lose your job within a year of buying a new ford vehicle, they will give you your money back. So you would get the average tradein value of the car at the time you return it up to 15,000. Yes, there is so much fine print but the point is, so Many Americans want to buy a new car for personal safety, they are not taking public transportation, they are taking road trips, they want space. They are just holding out for fear of job loss and ford is easing those fears. I love this deal. It goes until the end of september. Stuart you dont have a new ford car but you are thinking of losing your job. No, i know. Okay. All right, all right. Sorry. Lauren you thinking of firing me, stuart . Stuart no, no, i dont do that kind of thing. Certainly not. Good lord, no. Thank you, lauren. I will never touch that subject again. Thats a fact. Look at your screen. Aditx therapeutics, they are going public on the nasdaq today. We will speak to the ceo about this company, i got an oriole here. Eh. Common bird. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Stuart we are going to take a look at a company that focuses on immune System Technology which is going public today. We have with us the ceo of aditx, aditx. The gentleman on the righthand side of the screen is amro albanna who i believe is the ceo of this company which is going public today. Amro, welcome to the program. Let me see if ive got this right. You work to reprogram immune systems so you would reprogram my immune system so i can take care of future viruses. Is that what you do . Thanks for having us on, stuart. Thats actually what we are working on. Thats one of the Business Segments that we have in aditx. The first segment is reprogramming the immune system to potentially address organ rejection, autoimmune diseases as well as allergeys. The immune system overreacts to external substances such as peanuts and other allergens. Stuart you are priced at 9 a share but have not opened yet. Are you profitable at this point . We are prerevenue. We are in preclinical stage biotech company. Stuart so are you profitable yet . Were not. Stuart okay. When do you expect profitability . Our goal right now is to focus on getting into Clinical Trials by mid next year, and overall, our Business Strategy is to secure codevelopment as well as licensing deals as we start showing safety and efficacy data from our Clinical Trials. So thats our goal in the next, you know, in the next 18 to 24 months. Stuart okay. Amro, look, thank you very much for joining us this morning. I like these kind of stories. To me, they are gee, whiz science stories, looking to the future, the way we will be doing these things in the future. We appreciate you being with us today. Good luck with the stock. Thanks for joining us. Thank you for having us. Stuart sure thing. We will have more news and more varney after this. Dont know y when this crisis is going to be over and we dont know exactly when the stock market will reach its bottom, weve got to be prepared for this to last a long time. If you assume that youre out of work for nine months but you end up only being out of work for. Stuart july the fourth this year comes on a saturday, okay . Saturday july the fourth. Were going to celebrate as a nation on july the 3rd, on friday. That will be day off. There will be traditional fireworks. Macys is doing a series of fireworks displays. Only announced at the last moment, so they dont have crowds assembling to watch. The first one was last night. I also see confrontation coming. I regret to say this, i think confrontation coming july 3rd, 4th, whole weekend y . Miami closing beaches there. Los angeles closing the beaches for the july 4th holiday weekend. That is difficult thing to do. This is Americas National day and you will stop people going on the beach in florida and in los angeles . All i see is confrontation. When you start closing bars as they have done in texas, arizona, i think you have got a real problem coming up. I hate to say it, that will be july 4th this year. Times up for me. Neil cavuto. Its yours. Neil thank you, stuart varney. I appreciate that my friend. We are following the same things that stuart was just telling you about beginning with this hearing that is going on with dr. Fauci and other top health officials. Faucis remarks, depending what youre hearing here, sort of rattled market as little bit, more and more were looking at virus complications and issues directly affecting and being affected by young people. Well go to explore that with top doctors meantime. Our concern separately about a separate flu a another virus developing in china, even dr. Fauci warns paying attention to. It is unusual strain to put it mildly. And could be maybe a problematic