New york City Real Estate will join us to tell us how he sees landlords managing renters who have shut down their businesses. The chairman and ceo is scott recker, he will be joining us. And judge will be here as well taken us through unique coronavirus cases going through courts. In the meantime breaking news, Drugmaker Mylan is voluntarily waving the u. S. Distribution rights for a generic version of an hiv antiviral drug so its available to patients with coronavirus. The stock is down, it allows other generic drug makers to apply for u. S. Approval as well, we will keep you uptodate with those headlines, i just wanted to bring you the breaking news. Checking in on the retail sector, walmart one of the biggest loggers on the dow, investors are pivoting away from stocks seen as recession proof and target lower despite a strong report on sales trends withdrawing earning drawings and nike, sports versus China Business has come back, it is about 50 of the revenue from china, ross stores, higher to abide. They are state who burritos seen a surge in business last week due to quarantine, order sales up 10 and signups to deliver food up 30 . J. P. Morgan chase upgrading to overweight, Piper Sandler giving her she a double upgrade. The dalles largest point gain ever, the 2 trilliondollar stimulus bill, factors that may have made a bond king and ceo except that stocks have more upside. The latenight tree he said the s p 500 may make it 2700 on the snapback. Investors may be concerned that negative Interest Rates have arrived, are they here to stay . You could see what is going on, you have the negative yield right now an unusual sight, we want to show you the three month levels as well, we will talk about whether markets are set for a snapback or not or if there are still volatility and more of that to come. Traders, teddy and scott both with us via skype usually from these floor of the New York Stock Exchange but we know trading has gone electronic to protect everybody, great to see you both. What do you make of this and what do you make of the volatility, where do we go from here . The volatility is breathtaking but weve been talking about breathtaking volatility seems for the last ten years because when we get these down, they are quick, painful and very steep, are we out of the woods, your guess is as good as mine, theres a lot of tech issues that will tell you we need to retest for lowes, my senses, the bad news in the short term will continue to come and that has to be weighed by the 2 trillion stimulus package and Everything Else they are doing to pump funds into the system. You have a tale of two cities but clearly todays rally on the back of yesterdays rally is pretty impressive. It is pretty impressive, its night enter nice to see green on the screen. They here stimulus package, is this enough to reassure investors no matter what kind of news we get in the next few weeks about the virus . It is great to see the green on the screen but just as investors, many are told by their Investment Advisors where people want to know a week ago when we sold off and hit rock bottom, do not panic, same thing on the upside after a couple of unbelievable impressive days of rallies, dont get used to it, it is trading where it is for a reason. Still in the mid 60s, the vics it is telling us that there is a lot more volatility to come. That does not mean that the market may sell off and make it the lowes again but the volatile time is here to stay for the short run. The market does not like the unknown. People do not like the unknown. I personally think there is a lot of unknown out there in terms of the virus to hit the news in the marketplace over the next couple of weeks. That being said, the last two days, at least give people a glimmer of hope. A glimmer of hope because we certainly need it, i know your say nobody has a crystal ball but with the stimulus bill, hopefully the idea that businesses can get the shortterm support that they need, and hopefully it means if they were thinking of laying off people, hopefully they can delay the decision as one example. Absolutely. That is what its all about and they are throwing everybody at the economy including the kitchen sink and i think its absolutely the right thing to do, if there ever was a black swan event, this is it, nobody quite knows how to deal with this, this is really unusual but i think most folks are doing fine, we will get through it and at the end of the day the sun will come up again, it is okay, we will get to the end. Deirdre as far as volatility, i hear youre in an agreement, it will not and but im sure everybody asked, what do i do with my money, are there people asking you that when youre talking with friends and family . All the time, nonstop aroundtheclock. Dependent on who that is, whether someone my kids age in their 20s or someone like myself or teddy, a little bit more advanced in age if you will, it is a different outlook, if youre young and still have your whole entire work life ahead of you, you should put as much money as you can into the marketplace right now. If youre a little bit up there and living off your income, you really want to just stay the course, if you do have some cash on the sideline, not a bad time to put it to work. But the fed is doing everything that they possibly can, they are doing everything including throwing the kitchen sink to make sure to make sure the next couple months at Small Businesses and our economy does not come to an absolute grinding halt. It is a one good punch, we see action that we have not seen since the financial crisis, and to your point, even between 200t was down 46 , six years or six months to come back, but your point about timeline, if youre going to retire in ten years or more, you do not have to worry about the next few months. No doubt about it, it hurts. The losses hurt but even at her low point where we were the other day and i say even and ill probably get a lot of blowback, even at her low point we were about the same place as we were in 2016. Nobody wants to give up four years of losses. We need to put this and they know us better than anybody, we need to put into a longerterm perspective, as difficult as it is in emotionally draining as that is for most investment. Deirdre thank you both, its good to have both of you with us, drink your vitamin c im glad you joined me via skype. Liz claman undersell scoring team out an abundance of caution, shes the anchor of the show, the claimant countdown, great to see you. How are you. And day three, how are you doing. I am totally fine, teddy is in beer mute up. He has been catching lobster and showing me. Deirdre im glad, thats how it should be. Everything is find reach keep switching the shots. Let me take this moment to think a couple of people, these are our technology people, adam, brad, my executive producer, my kids, my husband, everybody has been helping with the situation. Its been really nice that everybody is coming together to give you a little shot from here. Deirdre i know you have outlined some details of the package, i know you been crunching numbers while you have been there, what do you make of it . Liz the 2 trilliondollar package that congress has agreed to with the white house is definitely something that was much needed at least for the psychological part of the mark market, you can see what the market is doing right now, there were a couple of sticking points 24 hours ago and one jumped out, it was the airlines, they have been begging for 50 billion in assistance, they are getting assistance about 25 billion for the regular carriers and other carriers with cargo, et cetera. But the government is contingent upon the airlines agreeing to limitations on everything from stock buybacks with Companies Used to pump up their shares in the stock value obviously but also restrictions on executive pay and executive salary on compensation. We could talk about the airlines, in an effort to get ahead, the airline ceos have come out and said we are cutting or eliminating our salaries, they sent many employees who were furloughed or have been laid off, then noticed to make them look better and feel better. If it is the right thing to do to cut your compensation if you have the money. In jetblue, robin hayes, the ceo agreed to cut the salary by 50 , delta, we should mention delta because the ceo got ahead of this in a big way and one upped everybody, that was saying to his employees, he will take no salary for the next six months. That is for the ceo of delta. Let me tackle casino ceos, these are important, the most recent shows that when ceo was under 2 million, this may be a year or two old because how long they take to come through. They gaming and hotel giant did confirm that he will give up the remainder of his salary for the rest of the year of 2020 but in exchange for shares. So it is an away, not simply like hes getting no money at all but he is getting shares in exchange, the shares are definitely hammered lately, we know that, i was looking at when shares a few minutes ago, up about 14. 5 today. Down 45 year to date. Since january by the way when the virus began to torch its way through china, they gaming industry, the stock is dropped 45 . While conserving cash, the ceo does still get something in return which would be the shares, prompts to win because they were among the first to say they would give their workers salary, everybody from bartenders to the guys who deal the cards et cetera to the servers, they would give them them salary and their tip money which so many depend on tips, mgm is getting criticism, let me get to that, for paying its former ceo gemma and who is stepping down, 32 million in severance and incentives to accelerate his exit from the company. They said it did so in order to make way for executive to lead las vegas largest casino operator, they needed to get somebody in there, before the drama not mentioned anybody. The exact wording of the stimulus package that is coming out, does not specifically bar companies that receive federal aid from pain things like parachute pacifically. You can expect a little bit of criticism to come their way, let me just say overall, some of the dividend be strictures, after any company is getting the loan and they have to have repaid that loan. It provides that the guarantee, once its no longer standing, then they can start doing things like payout, common stock shares and get the ceo that financial incentive. Let me get to general electric, this is the Industrial Company ge which makes jet engine, this is in play when it comes to the airlines, they can benefit from the stimulus plan and the ceo has forgone his full salary. No more money. Whether that means his base salary or total compensation which sometimes that includes a stocks but we dont really know for sure. I finally end on lift, lift stock is moving higher today, let me check that, lift is up 9 , lifts cofounders are going to donate their salary for the rest of the year to drivers and employees of the company. These are all certainly good pieces of news especially when we are still very much traumatized by the coronavirus and waiting to see a vaccine or some type of help in some type of possibility of help. Deirdre it is great to see these people who are in Corporate America who are moving the needle the best that they can for the ledger effort. Great is you, keep well. Liz we will see you in a little bit. Deirdre boeing, up on the dow, senate bill spending 25 billion for the airline industry. Boeing likening at its biggest percentage increase ever. Also struggling with the coronas under coronavirus cocktail, judge andrew is here on the unique pandemic cases that are popping up, one example a new jersey man accused of terrorism for coffee and claiming he has the deadly virus, that is next o. Tada did you know Liberty Mutual customizes your Car Insurance so you only pay for what you need . I should get a quote. Do it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Sure, principal is a fibut think of us as a protect your family as it grows company. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] deirdre coronavirus and crime, link in new jersey man has been charged with making a terrorist threat after allegedly coughing on employee at the grocery store, he claims he had the coronavirus. He faces up to five and a half years in prison if he is convicted on that in a related harassment charge, the fbi reporting by abc news that races extremist groups are in turn urging members to spread the virus to bodily fluid and interaction. Fox news senior traditional analyst host of liberty file on fox nation is here, wonderful to see you. Thank you very much, i am just assuming that these people are mentally disturbed because no person would do that under ordinary circumstances but from a legal point of view, first case, the new jersey case, a person breathing on an employee saying he is the coronavirus, what happens to him next. This caused a disturbance down on the new jersey shore, it got to the attention of the governor who though not a lawyer is very concerned for these type of outbreaks and ordered the prosecutor to charge him with the strongest possible offense. He wants to send a message. You are correct when he says hes exposed to five years, if this is a simple assault, the equivalent of a sneeze or cough or slap in the face where the skin was not broken in the bones not broken, youre talking maximum of 30 days without any prior conviction, no jail time at all, its apples and oranges, the question is is this a terroristic threat and will the courts accept it. Two definitions we have to look at, one if you intentionally distribute a biological agent to the public at large and intending to harm them, that is part of the statute in the behavior that the antiterrorist statutes prohibit. The second part of the statute is this, it requires two or more acts of violence and your purpose must be to change the Foreign Policy of the United States. If some extremist groups are doing this because they do want to bring down the government and they do want to change the Foreign Policy of the United States, they would meet within the statute, this crockpot yesterday, i dont think so, i think its an overreach but in fairness to the governor, it sends a message that he wants to send, you cannot do this in public and expected normal response from your victims. Deirdre i want to ask you about something ive read about which is there are many prisoners of who are having their attorney try to get their sentences reduced or somehow work within the system to get out of prison because they say they are high risk for the coronavirus, we know prisons are crowded, have you seen anything in that context that strikes you as logical and fair . Some of it is logical and fair because we do have overcrowded prisons and there are people who are there who havent committed any Violent Crime and no harm to everyone that wants release. But not everybody is in that category because the court as we speak are not sitting, if defense counsel in the prosecutor agreed that prisoner jones, im making the name up hypothetical should be released and they said the document, the judge, he she or he may release that person and it might be a mistake, and the real world there would be a hearing to assess the danger of the person to the public once released, those hearings are not taking place so what i am saying, these are administered releases, judges are reproving them but they lack all the tools needed to make sure only those who are not in danger are being released and im fearful that those who are dangerous to the innocent people in society are now on the streets. Deirdre thank you. Glad to have you. 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Deirdre cruise line stocks are higher, the coronavirus stimulus package working its way through congress, one of the industries that is targeted to receive support, Royal Caribbean suspending its cruise operations until may, that includes all three of the companies cruise lines, Royal Caribbean, international, Celebrity Cruises and club cruises as well. You are looking right now at a shot, thats a floor of the u. S. Senate, we are talking about the landmark, 2 trillion coronavirus stimulus package, the complete boat has not happened but very early lawmakers did reach a deal with the white house and part of it is close to 370 billion for Small Business loan programs, theres also a onetime relief check of 1200 to americans who make up to 75000, there are tons of details, Hillary Vaughn has been going through all of them, she is with us now from capitol hill with more. I know in a size like this of this kind of package, there is so much to focus on what is catching your attention . What is interesting Senate Republicans were taking a victory lap, now that victory lap has hit a roadblock from an unsuspected place, for Senate Republicans flagging part of the bill that incentivizes people to be laid off because they would be making more money not working then working. If this is not a drafting error, then is the worst idea i have seen in a long time and ive seen a lot giving not in washington. The final of the bill is finally clear entered clearly and fox and they have not passed yet but we do have key details going to the money to businesses. For Midsize Companies anywhere from 500 10000 workers, they are getting access to the 500 billion pot of money that the treasury can allocate and loans for these companies that need it, those loans are given at a 2 Interest Rate but they do not have to make any payments for six months, the requirement to get the cash, they have to retain about 90 of their workforce, they als also have to make sure they dont outsource any jobs, were also getting details about the Loan Forgiveness Program and the paycheck for Small Businesses, the period in which the paycheck for Protection Program with a pay the full cost of your paycheck from february 15 to june 30 there eligible for loan forgiveness but the catch, it has to go towards things like rent, mortgage, payroll, utilities, anything they need to stay afloat but while were working through the details, the house is signaling they are not in any hurry at the moment to pass what the senate will eventually give them, we did get the statement from House Majority leaders who said this afternoon, before we can determine when the house will consider the legislation, we must have the final legislation and when the senate will vote, we are clearly waiting for guidance on the senate side of when they will actually put the bill up for a vote. Deirdre thank you. Hillary vaughn from capitol hill. A quick check on the market, the dow, s p 500 and the nasdaq green on the screen for the second day running. Starbucks offering a free cup of joe to those on the front line of the battle against the coronavirus, doctors, nurses, police, firefighters will all get a free tall brewed coffee if they identify themselves as a pandemic responder, you can see starbucks moving higher as we speak, is quite a bit higher, a good left there, real estate sector facing new challenges obviously as shutter businesses struggle to make rent payment, one of the most powerful names in new york City Real Estate is going to join us, share his views, scott, the chairman and ceo of rx are realty joins us next on the claman countdown. Deirdre breaking news on apple, ceo tim cook tweeting this, proud to share we have been able to source 10 Million Masks for the u. S. , millions more for the hardest hit regions in europe, our operation teams are helping to find and purchase masks from our supply chain in coronation with governments around the world, one more example, if you like Corporate America doing its best to fisa coronavirus. You can see apple shares better than 3. 5 right now. Speaking of money, the finances of the Transit System nationwide, they are asking residents to work from home, shelter in place, new york city, Transit Authority saints a boy has dropped 60 , that means less money goes to them, the authority asking for more than 4 billion in federal aid, ceo and chairman of multibilliondollar private Real Estate Company rx are rea rxr re this crisis, new York City Transit had a big funding issue, clear tension between the state and the city government, i am assuming try not to be pessimistic but this only gets worse or is there silver line . Thank you for having me, the new york city Transit System in the port authority, the lifeblood of our city and our region and so they are critical, obviously when you are practicing social distancing and encouraging stayathome it drops which means revenue drops, so people arent taking the subway in their commuter transit going over the bridges and going through the tunnels, all that revenue goes away but its really reflective of the whole economy, we are stopping the economy, this is never been done before, its unprecedented, theres going to be a lot of carnage to the Transit System, the municipality, the state in terms of revenue, they were gonna get in particular Small Businesses and all the communities at large are going to feel the pain of this process, hopefully things like the stimulus bill which is being passed in congress and hopefully signed by the president will start to spark and help us a safety net to get us through the process. Deirdre i want to ask you, i have a source, a friend who own some property here and was saying, he offered his three businesses, a relatively small operation, 50 off of march rent, 50 off of april rent, and he said two out of the three tenants took it, one was an antique shop, one was a small publishing company, took and happy for, a restaurant said absolutely not, were out of fear, eat the penalty and were finished. I need to your point about Small Businesses, the rent is due, landlords even when they try to be reasonable cannot always meet more than halfway. Where you see this going. I think Small Businesses cannot survive and shut down the way that were seen, if you own a restaurant and think you will survive a week, month, two months, whatever that might be, i think we need to come together for the Small Businesses in the restaurants in the retailers that really provide a sense of life and community more broadly to support them. That is what were doing, were taken it very compassionate approach to this realizing that were all in this together and this is an unprecedented, unusual and none of us will ever live through Something Like this before. Deirdre i hate seeing the boardedup storefronts. It is awful. Iwhen you walk down the street, you dont want all of the restaurants and retailers that have brought the neighborhoods to life to be closed. We have to find ways to give them a lifeline to be able to survive to the other side, hopefully some of the Small Business initiatives in the stimulus package will help that. Deirdre hold there, liz claman is on self quarantine but working from home, we will bring her in the satellite. Liz thank you for all that you are doing. We really appreciate you coming on the show and talking about the issue. What are you hearing from the companies and individuals that pay rent to you and rxr realty . Thank you from joining from quarantine. I appreciate it, do well and get through this hopefully with no issues. What we are hearing, they are struggling, i think they are struggling because immediately their businesses went from many cases thriving 20, be there is no clarity as to what the end is, that is one thing that is most challenging, the uncertainty that exist of not knowing when this is going to end, will it be april 19, we are in new york, thats where we have the work from home order, or is a bond that, most of these businesses do not have the capacity to live through that. I think even with the stimulus package, the paperwork and how fast we get these businesses, the funding to make up for the gap for having literally no revenue will be critical and so that is one thing and initiative that we are doing, were setting up a program called rx are volunteers and were matching the expertise and skills to file the paperwork for the Small Businesses and notforprofit with a small but is under businesses to help them facilitate this and execute this more quickly. Before we go, i was looking at your portfolio of companies, portfolio of not just commercial, you have a very vibrant representative told business, april 1 the rent is due, there are questions as to whether people can even pay, not just this month but next month and the month after. Are you going to evict, you cannot evict people can you, what unintended consequences do you see if this goes on and people dont pay the rent for six month or eight months. Your company or any company. I think in the short term, i think our view, these people are part of our community, we have Close Relationships with them. If theyre in need to get through this, we are supporting them up to the extent they have security deposits and relating them indians the security deposits so they can pay rent but to your point, there is only so many months that we can even do that, in our buildings we still have to pay utilities, we stopped to pay the people that are working in our buildings or frankly paying the people that were working in our buildings but now at home for safety reasons but we are still paying them, and we have mortgages. I think the key is to get the money to the people and keep itll have to be a bailout of the regarding people being stuck in their apartment and of course their homes, et cetera is working out at home, we brought you a week ago, the beach body ceo where he got the app, a lot of you responded positively, that story of peloton has had a huge uptick in subscriber ship and of course not a list which sells home equipment, it is a smallcap, we want to point that out, the gym equipment includes both flex, these are starting to see a lot of business but if you are ordering equipment, you have to see it deliver properly, now peloton, let me say this, they are still streaming live with instructors who are alone but its important to point out on any given day there about at the max for one single class about 4000 people dialing in. I checked 24 hours ago to one class and there were 21000 subscribers, you can imagine the people ordering bikes, ordering equipment, this is very much a shipping story, i want to give you an antidote, i do have a peloton and i ordered shoes because they just gave out at the last second, on the website it said it will be for 6 weeks before the shoes are delivered. Yesterday, i got the delivery of the shoes, i thought who is doing the delivery, i kept the box and it has the sticker on it, it was federal express, so you look at fedex, it is moving up about three and half today, ups is up 2. 3 and amazon, the last i checked it was down. You are looking at the delivery guys who are having a very vibrant business at the moment, i looked at the box and i thought who makes the box, it is georgiapacific. You figured the paper guys are also doing a very good business, their privately owned by the coke industry. The Koch Brothers you may have heard of them, International Paper, they make the bubblewrap in the filler. Those two companies are very much in play, i believe International Paper was up 7 , field air is up 7 , these are stories as we are evolving, not just people buying both flex or pellets on bikes, it is the extended story that is not always negative. We are happy to bring you that story, speaking of stories, fox business was first to bring you the story that the tony awards were about to be postponed, they are the broadway version, the oscars for broadway, we have 41 broadway theaters in new york city and on march 12 governors of the Governor Andrew Cuomo had to shut down, called it going dark, this is a logistic story of why they had to postpone the tony awards which were good to be broadcast on june 7, there is no due date that they have been able to put out because there is about 800 tony voters, everybody from the industry whether actors, producers, producers, playwrights, producers like myself, these people have to see the actual play before youre eligible to vote it is a sad story for every sector, you cannot save why, theres a lot of Service Industry people out of work for what happened as broadway. Deirdre the whole ecosystem has really been shaken up. We are hoping for good news from the medical, biotech, fingers and toes are crossed, thank you. Liz thank you. Deirdre we are going commercial free, mcdonalds confirming its restaurants and carry out drivethrough, delivery only through april 6, free of charge on orders of 15 or more. Orders can also be made through cooper eats, and doordash, mcdonalds was one of the first restaurants to shutter its stores in china and generally, shares down 40 year to date. You can see in the last four days it is not. Then your Stock Exchange shutter the doors and went 100 electronic, they are testing positive for the coronavirus. Charlie gasparino with sbs skype with those details. And what it means for you management. In years past it was more crowded, is a contained space and not a ton of ventilation but a lot of people moving around posted together. A lot of visitors and bring people from other countries to do the close and opening bell. Management, the chairman of that, Stacy Cunningham the president were on notice that the floor of the exchange was a potential Health Hazard and a breeding ground for the coronavirus given all the traffic that goes through there. They took some steps but those steps including cleaning and eliminating new contact between traders and the visitors was not enough. As we were first to report, two people contracted that or 1 on the floor and one person on the staff contracted or tested positive for the virus, that led to the closure of the floor this monday we are understanding now that a total of six People Associated with the newark Stock Exchange including an options trader who worked on the floor what is known as the garage, a separate part of the store that is often to decide, thats where some of the training goes, that person tested positive, this is raising theres been a lot of talk about Kelli Loughlin a senator from georgia engaging in stock sales that they occurred before after Kelli Loeffler was given a briefing on the spread of the virus in january, record stock sales of ice became a margin late fabric, you have to check the states. I think that has less to do with inside trading which is a technical function of misappropriating information that comes from companies, it does not apply to what you might know from a political briefing. The bigger pressure is going to be on them and whether the decision to close not to close exchange but keep it open done for business reason and capable in harms way, that question is bouncing around the trading community, wall street people talking about for traders, again less for traders than ever before, still 500 people, several times that amount, but that is going to be the question that Stacy Cunningham will have to answer note why didnt they close it knowing that an electronic component, because the floor is an advertising vehicle for the Stock Exchange. Also a lot of people are saying they want to somehow have the floor open for the options expiring. I think they spire at the end of this week, there is a lot of activity on that point and it makes for good visual that does not mean the Electronic Exchange cannot take it but a good visual and gives an advertising push for the New York Stock Exchange which means thats what the critics say, he contacted Stacy Cunningham and they say the floor, they need that for the quiddity, a debate going on right now. I dont believe without the floor there is a lack of liquidity in the system in particular within your Stock Exchange. Before i turn this over, you can ask me too question, six people it appears, then your Stocks Exchange is not denying that, there may be more and again, we are waiting for the New York Stock Exchange to answer a question, did they make a mistake for keeping it open. Deirdre i want to ask you about something else, right this second senator sanders and for gop senates are threatening to hold up the coronavirus stimulus bill. Im taking a look at the markets, we have eight minutes to go and you are now seeing, the nasdaq just went into the red, in the green all day, a few minutes ago heading lower in the dow and s p 500 significantly off their highs, here is a tweet, i will read on the scre screen, Bernie Sanders tweeting unless republican senators drop their objection to the coronavirus legislation i am prepared to put a hold on this bill until stronger conditions are imposed on the 500 billiondollar corporate welfare fund and we know from the left senator Elizabeth Warren echoing a similar sentiment saying basically they want to make sure that workers, the language they are using are going to benefit and not so much corporations and preaccusing but thats the word coming to mind, corporations of using the money to do corporate buybacks which we know has not been discovered by any republican leader. The worry here is that the businesses get the money and the workers do not. Let me give you historical perspective, some old in new and some of the other reporters, i covered it pretty closely, when i wrote the top story, the market went up like 500 points, when it was voted down, by a coalition of extreme left and extreme right, people thought it was a waste of money, the market corrected within minutes, 600 points, now write different market levels, electronic trading was not as pervasive as it is now, yet much more violent and quicker swings, that is what happened. George w bush, hank paulson, tim guyton are running the new york fed went to all the senators it got voted down by the house, this is why it has to pass, i think you will see Something Like that coming. I believe they will pass. Let me make my point. Deirdre quickly. The market is hanging on every bit of this legislation as it was in 2008. The dow did not hit its lows until march, months later. Remember that, theres still a lot to go. Deirdre thank you thank you, great to have you with us. A quick look at the market before the closing bell, we are back in the green on the nasdaq but ever so slightly and you can see off the highs on the dow and s p 500, senator Bernie Sanders threatening to hold up the stimulus vote in response to the gop while some concerns over this package, i want to take you right now to a look at micron, if you look at the stock it is moving a little bit lower in the company will post the Second Quarter earnings after the bell she has more on that from the newsroom, lauren this is a company that has made news lately. The expectation our decline in earningspershare of 78 from last year. It is not going to be pretty but they are the first to give guidance and report amid the coronavirus, where they will benefit, stay at home, work at home economy, there. Where theyre at risk, supply chain constraints. Of the world is shut down. China was shut down. And also demand. Demand for memory and, demand for smartphones and devices like printers might not be in demand right now. So well see what micron has to say momentarily. That stock and nasdaq down a bit heading into the close. Deirdre lauren, thank you so much. Market trying to hold on for gains for the second day in a row. Todays countdown closers have stocks to take advantage. Andrew graham with us. Icon advisors president , founder, greg callahan. Andrew, what looks good . Were, right in here were sticking with sort of a strong secular adoption, names and software. So we have docusign we own. Were still looking to accumulate ring central, avalara, zoom is a position for us as well. But, at this point were trying to wait for a little bit of a pullback before adding more. Deirdre craig, on the same page there . Were Value Investors at icon and were seeing the best bargains our system has ever seen. So the combination of good value, fiscal stimulus and eventually will happen, monetary easing that is a nice combination. Were fully invested right now. Deirdre does it make you pause at all that the stimulus bill is called into question by senator sanders and others . Would that change your view . We arent positioned specifically trying to guess what the fiscal package will look like. Just any type of package is good enough for us. What we see going on now is typical washington. Deirdre the process will work in one form or another. Andrew, would that change your view if it is a longer vote, more complicated . Does that change your stance . It would. Sort of our whole thesis is partial vshaped recovery in the second half of the year. The stimulus package is a es poof that weve been thinking something around 2 gdp. Talking about direct stimulus we think it has lasting effects and we think the recovery will probably happen sooner and recession would be much shorter. So, yeah it does. Deirdre what do you like, andrew, at this juncture. Were buying all the names i mentioned before and have over the last two days. We did that on narrowing credit spreads, specifically high yield credit spreads. Then for clients looking for dividend income, we are staying defensive. Were picking up pharma names. Relatively inelastic demand. Deirdre a lot of those companies actually stopped their dividend payments. Merck, bristolmyers, above 3 1 2 dividend yields. Theres plenty of room there. We think theyre very cheap as well. I think probably eight times 2020 earnings on bristolmeyers and merck trading 11 times. Deirdre craig, you said youre value so i assumed a vice to people, no matter what is going on with the volatility the markets will be higher 10 years from now than they are today . You have to look out a year from now, say, what will the world look like . I would expect coronavirus would be under control, perhaps even a vaccine or a cure and businesses will be open again. In that setting you have to own stocks at cheap prices. [closing bell rings] deirdre thank you both. Andrew, craig, thank you for the time. Markets had been in rally mode. Were ending mixed on the session. Melissa keeping green on the board. The dow surging even higher as the two trillion dollar stimulus deal is reached in washington. Im melissa francis. Connell im connell mcshane. Good to be with you here on after the bell. We faded at the end. These are the first backtoback gains for the dow since early february. Certainly off the session highs. Deirdre was touching on it end of the last show. This threat out from Bernie Sanders to possibly hold up the Coronavirus Relief package. Fox Business Team coverage on that and more with blake burman standing by at the white house. Hillary vaughn covering things on capitol hill. Lauren
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