Transcripts For FBC After The Bell 20240713

Coverage. Blake burman with the latest from the white house, Lauren Simonetti is watching the markets and Edward Lawrence is in washington. Lets kick it off with edward. Reporter exactly. Chairman Jerome Powell, Federal Reserve keeping Interest Rates where they are foreseeable future. Federal reserve chairman Jerome Powell said the coronavirus had Significant Impact on Economic Activity, employment and inflation, further lowering expectations. The Federal Reserve chairman believes well see doubledigit unemployment when the next Unemployment Rate comes out. He backed off saying there would be a robust Third Quarter going farther, saying some uncertainty around when the crone cron treatment will be available is when in fact the economy will start to pick up again. But he would not say if the announcement after treatment or a vaccine changes anything that the fed is doing. Also Federal Reserve open Market Committee statement saying that the fed will keep rates where they are until they are confident the economy has weathered recent events. The Federal Reserve chairman saying a main Street Lending facility designed to help Small Businesses but also medium businesses too. The companies will be up and running, it will be up and running soon. Federal reserve chairman say it will thereby to help them. The treasury secretary told me it could be expanded actually, and the Treasury Department would backstop more money for the main Street Lending facility to help those businesses if the Federal Reserve decides to expand it. Finally the Federal Reserve chairman tells me there will be more need for monetary and fiscal stimulus Going Forward. He pointed to programs like keeping workers on the payroll, as the ppp, payroll protection program, main Street Lending facility, those programs might need to be expanded or added on to Going Forward to have a robust rebound. Back to you. Melissa edward, thank you for all of that. Lauren simonetti has Market Reaction to the fed and other big headlines of the day. Lauren . Lauren melissa, stocks maintained their rally and finished firmly in positive territory. You can see the dow gaining 532 points. The high was 663. It was a phenomenal day. Nasdaq was the best performer, up 3 1 2 . We saw drug trials, Gilead Sciences remdesivir, not a vaccine, just a treatment, it had promising results helping patients recover faster. Now, melissa the fda is talking to the drugmaker making it available asap. It would make people feel more comfortable going out in public as the economy starts to reopen, following a contraction in the first three months of the year. But the white house Economic Advisor larry kudlow is looking for a second half bounce back of between 17 to 20 . Take a look here melissa lauren, so sorry to do this i have to jump in and send it over to connell. He has microsoft earnings. Sorry for that. Connell, go ahead. Connell we are sorry, lauren. Fox business alert on mike is, better than expected, 1. 40 a share in the most recent quarter. Street only looking for 1. 26. We made a lot this week it is tough in this environment, whether you should look at comps what they mean this is good news for microsoft, 35 billion in revenue even in this environment. 33. 66 was the estimate for last quarter. I was looking through some business components on the revenue side. Cloud business, intelligent cloud. 12. 28 billion in revenue there, that too topped expectations. A lot of people look at the Cloud Business. One of the things, we knew that microsoft was disrupted certainly like every company by coronavirus by just about every company, saying there were supply disruptions in china, weakened shipments much pc and some surface products. They came out said that before all of this, they pulled their original guidance, again before all of this. The numbers were seeing right now, seemed to be pretty strong for microsoft. The company saying that covid19 had, and im quoting now from the release, a minimal impact on the the on Third Quarter total company revenue. We havent heard that from Many Companies but heard it from microsoft. There you go, melissa. Microsoft better than expected figure, up 2 . Melissa wow, connell. Jonathan hoenig from capitalist pig hedge fund, a fox news contributor. We have jack hough, barrons streetwise podcast host. Thank you both for being here. What do you make of that . It sounds quick good. It was always going to be a mixed picture for microsoft. There will be companies out there pulling back on spending but long term, right, microsoft has bet it all on the cloud and of course with everyone working from home, this is going to accelerate the shift of applications to the cloud. So it sets up nicely for microsoft. I think with this number kind of shows in the near term, it is seeing plenty of positives to keep the negatives in check. Melissa yeah. Jonathan, i think that is the most surprising part. We all realize were more equipped than we ever been before obviously from a Technology View to work from home. There will be people that will never go back to the office as a result of this, and work very production activitily, that is for sure microsofts benefit key to the infrastructure. For them toe same it didnt even have a huge impact on the quarter just ended, that in of itself is pretty surprising. What is your thoughts . You see the stock react high as 180 in aftermarket. Microsoft benefiting coming into this number the stock was up 30 year to it today. As jack is alluding the company is benefiting it is diversified unlike facebook well here in little while. Microsoft has personal computing, the search, Cloud Business which jack mentioned is growing like gang busters. Melissa, has collaboration software, the teams effort. Put it all together, along with four other big tech stocks, they comprise 40 of the entire market right now. Apple, facebook, microsoft, as these names go, so goes the rest of the market. Betterthanexpected earnings is moving the stock higher afterhours. Melissa jack what does it tell you how much room there is in these industries . Because you know there was that race to the cloud, amazon was up there so early on and you know a lot of fight over this territory but turns out, i mean like the memory in your computer, cant possibly ever be enough because we kind of absorb all of it and there is so much demand . I just had a phone call with the chief of, ill call it a midsized Cloud Company and we talked about, what is the longterm vision of the company, how big can you get . What he is saying is, look the shift to the cloud, it has been going on for a long time. It has been going fon or a decade but dont let that fool you. We only just begun. He was talking about melissa just begun. Sorry to interrupt you. Go ahead. Melissa on top pick we have the facebook earnings as well. Lets go to connell for that. Connell yeah, the revenue figure, melissa, looks better than expected. Earnings might be a little light, 1. 71 a share. The street was looking for more than that. Assuming that the figure is comparable, we think it is that is a little bit light but the earning, sales i should say of 17. 74 billion. That is better than wall street was expecting and in afterhours trading facebook already up almost 12 bucks. That is 6 gain in afterhours for the stock. It said in the commentary it is not providing guidance. Monthly active user numbers are strong here. 2. 6 billion for facebook. The estimate was a little under, or a little over 2 1 2 billion. It stopped expectations on monthly active users. The company said back in late march, that it, it had a surge in usage with people being disconnected and on their computers so much using facebook more. The questions on the company is revenue side, particularly advertising revenue. But overall sales, well get back to you, as we dig numbers a little bit more, overall sales, melissa are better than expected. Look at that, the stock up 7 . Very good. Melissa thank you, jonathan. Everybody is watching more television, streaming more movies, on their computers, on their phones, on facebook, all the things more. The thing we really dont know is, a lot of Companies Said oh, the advertises are fleeing. They dont have any money because they dont have any customers but those of us who go on anything who watch television are bombarded with ads. Im always sort of like, how can you say the advertisers have fled if im still watching ads all over the place . Is there advertising has suffered, doesnt seem to be slowing facebook down one bit, melissa. Facebook is a little more difficult than microsoft. Less diversified. It has a advertising model and because of the more difficult economy it is having to spend more to maintain those advertisers. So were going to keep a close eye on their margins. Also as connell alluded to, the subscriber growth here, they have what, 2. 5 billion users at facebook. It is imperative that they keep growing the number worldwide, not to mention here in the states. Once agains the fact that these big cap tech stocks continue to move up in afterhours here, theyre the major part of the market right now. Facebook itself is 5 of the nasdaq 100. These are names that are moving market. Typically after hours. Melissa amazing. Jack, whats your take . Well advertising is one of the easiest levers for companies to pull when they have to save money so we know Global Advertising will take a hit now but if youre a facebook investor, right, who cares . I dont want to make too light of it, but you know advertising is going to come back at some point. You also know that facebook is not going to face a cash crunch. If anything it has the ability to continue to gain market share, even though that advertising pie might shrink, facebook can continue to gain market share within that pie and wait out the day when the pie comes back. I think the outlook for facebook, like google, being dependent on advertising it does have more vulnerability in the near term than these other tech giants but i think it is certainly a company that can weather the storm nicely. Melissa you made me want pie. Guys, thank you. Connell . Connell i think we all do. Let me just add two or three points on facebook before we move on here, just looking through the release while you guys were talking. I mentioned earlier, no guidance, Second Quarter, full year but they did say a few interesting things about the future, saying number one theyre facing a period of unprecedented uncertainty in their business outlook. That is how facebook worded it. And they say significant reduction in the demand for tieing moving forward. The other thing that facebook said, they expect to lose at least some of the engagement that they have seen. They have seen so much more engagement with everybody stuck in their homes. They expect to lose at least some of that when the economy opens up more broadly and some shelter in place restrictions are taken away. Overall, strong number from facebook. Stock up 7 afterhours. Well keep covering it. Meantime as our coverage of the pandemic continues were nearly 3. 2 million cases worldwide. More than a million in the u. S. Some states talking about plans to reopen. Well talk about that, including new jersey. One of the areas along with new york that was hit so hard. Health care professionals racing for a vaccine. A lot of news today, well have the latest on it after a quick break. The president set to meet with Industry Leaders this hour at the white house. Industries across the country fighting to stay afloat. Well talk to a company from texas set to reopen for business as the week rolls on. I believe on friday. So stick around. And more coming up. This is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Why accept it frompt an incompyour allergy pills . E else. Shes confident, protected, her strength respected. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief me too. Me too. And if youre a small business, were with you. Standing by you every step of the way. Bye bye. Melissa fox business alert, President Trump expected to meet with industry executives any moment now. Blake burman is in washington with the latest. Blake . Reporter hi, there, melissa. We expect to see President Trump on camera here momentarily at some point later this hour as he will be sitting down in the state dining room alongside leaders of wynn resorts, hilton, waffle house, and toyota. This comes on a day we learned exactly how big the economy contracted in the First Quarter of this year. The president today though is trying to look past that. Instead he is looking at the back end of this year and toward the beginning of next year. And i can guarranty you as more people, more companies, more investigators get involved it will get better and better. I will stop there, be happy to answer any questions. Why dont you go first and then you go. Reporter timeline of development of i think next year, all of the fruits of what weve all done together between the doctors and the business people, but all of the work from the task force, all of the people that have worked so hard, were going to have a tremendous year next year and you are going to start to see that i think in the fourth quarter. Maybe even in pieces of the Third Quarter. Reporter all right. So you saw the president s comments there in the oval office from earlier today on the back end talking about you who he is looking towards q3, q4, even beginning parts of next year. In the beginning you heard from dr. Anthony fauci. The market popped on a promising trial conducted by gilead. As you probably heard from fauci there, he said the effects of remdesivir on covid19 patients being treated in hospitals is quote, unquote, highly significant. He says it is a very important proof of concept that show as drug can block the virus. Melissa, connell, fauci did stress earlier today what is looked at right now by gilead and what the National Institutes of health commented on this afternoon, is not a vaccine but rather than a trial but something they believe is a Building Block Going Forward that other companies can potentially latch on to, and work time prove upon down the line. It sort of reminded him of the very first efforts 34 years ago trying to tackle hiv and aids a promising day as it relates to gilead. The market popped off that. That brought Anthony Fauci into the oval office earlier today. Back to you. Melissa it is tremendous when he was talking about it. It is a therapeutic help them quicker not get to a sick place where they end up in the hospital and end up on respirators. He said is created a new standard of care, the benchmark which we judge things against. It was worth raising the red flag. It was worth bringing to us. Thank you, connell. Connell a lot of news this hour, melissa, the most recent fox business alert came from tesla. That is the other result were waiting for. Its First Quarter results are out. Lauren simonetti joins us with those numbers which are sometimes complicated for tesla but what do we see this quarter . Surprise profit, adjusted 1. 24 a share. Revenue just shy of six billion, 5. 99 in the quarter. Take a look at investor reaction to all this. The stock at 831. That is up almost 4 in the premarket. The company said the First Quarter was very good for them despite global operational challenges. They were able to achieve our best First Quarter for both production and deliveries, the model y, the crossover suv, it contributed profits, get this, the first time in our history that a new product has been profitable in its furs First Quarter. Well continue to look through the report for cash burn. Any change in deliveries they expect from the coronavirus shutdowns. They previously said half a million cars to be delivered. We have to see if they tweak that. Right now investors are liking what they see. 1. 24 on the bottom line. 5. 99 billion on the top. Back to you guys. Connell on relative basis at least were thee for three on earnings all kind of tech related in shape or form. Yeah. Connell good point. Calling for transparency secretary of state mike pompeo demand being access to the wuhan labs at the outbreak. One Research Platform is seeing a surge in sales as millions of americans are staying home. Well talk to the company as ceo later this hour. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Melissa secretary of state mike pompeo slamming china troubling down on u. S. Concerns over chinese labs. Take a listen. I can tell you there are, were real concerns about the labs inside of china. I have to say im still concerned that the Chinese Communist party is not telling us what is taking place in all of the labs across china today. Melissa here is now retired fourstar general jack keane, fox news senior strategic analyst. Hard to know where to start with this one. Do you believe anything the chinese are saying now . No, the only thing i do believe they have a major Disinformation Campaign out there, to kind of convince people theyre no the International Pariah that they have become. I totally agree with secretary pompeo. At this late date the chinese are actually closing the door on anyone coming into china to help them discover what is the true origin of this coronavirus which has absolutely gone around the entire world. That in of itself, there was no other adverse behavior would be absolutely unacceptable behavior but the fact that they contributed to the spread of this by permitting International Flights all over the world, well after they knew they had an epidemic, that is criminal behavior because we have people dying as a result of that pandemic that, whose lives could have been preserved obviously. I think at some point, when this dies down to a certain degree, you will see the United States and International Community try to stitch together at least an International Investigative body to try to determine the facts of the case and what happened. So you understand, melissa, the public image of the Chinese Communist party means everything to me, means everything to them. Their international image, even more important is their domestic image. They do not want the people in china to lose confidence in this Chinese Communist party and its ability to deliver to them as right now they have a Huge Campaign thats identifying president xi as a Great National hero for keeping them alive and explaining all the measures that they took. Then they look at europe and they look at United States as examples of how not to do it. These democracies are incompetent governments, theyre dysfunctional. Look what is happening to the people. We protected our people. Melissa they control the message . Oh, yeah, they use stateowned media. Melissa they control the message. There is nothing we can do about that. We cant battle what the message is internally on the outside. Yes we can, i disagree with you. Melissa okay. I disagree with you, yes we can, yes we can. They get access to pieces of information. There is people moving in and out of china all the time. Chinese coming back from visits all over the world. They get plenty of information from that. There is other kinds of visitors that will be there, not certainly now while the epidemic is on. All that will return. They will have access to information. Why what were doing internationally is very important because it does impact on the knowledge level, appreciation what is happening inside of china. Melissa okay. Thats good to know. New questions surrounding kim jonguns health. What do you think is going on with that one . It feels like were no closer to knowing what is really going on than we were a week ago as we continue to speculate why were not seeing him. What do you think is going on and what does it mean . Well, it is problem we have with this closed regime, certainly, and its been this way, you know for the six plus decades they have been in power. Ebauches like his father and his grandfather. Also this is another regime absolutely paranoid in showing any weakness, not so much to the world but their own population. Even having a littleness in their mind is a weakness. Kim jongun is portrayed as a deity in hess country, that is all powerful. Any kind of a visible sign things are not right to his population, they will try to protect. Clearly Administration Knows more, melissa than they want to talk to us about. I think we can draw a couple conclusions. It seems apparent he is likely alive because the administration, the president and secretary pompeo, weve not seen him. The president is wishing him well. I dont think he would be doing that if he felt he had died. So obviously kim jongun an his handlers, they dont want him to be seen by their domestic audience and also by an International Audience and there is a reason for that and it is likely something fundamentally wrong. I doubt that he is just hiding from the coronavirus because he could still be seen doing that, they could, they could manufacture something very powerful in terms of his image while he is doing that. So i think it is much more than that, but were left to speculation when youre dealing with a regime like this. Melissa yeah. But your speculation is so much more educated than the rest of ours. A pleasure to listen to. General keane, thank you so much. Yeah. Always good talking to you. Connell we have a fox business alert, now, melissa, as we go back to Lauren Simonetti who he believe has more reporting on tesla for us after the breaking headlines from that company. Lauren . Lauren connell, i want to make three points here. Look at the shares. Theyre really rocketing right now. Tesla reported its third consecutive quarter of profitability. Adjusted earnings of 1. 24. Now if the company is profitable four quarters in a row, plus some other requirements that tesla actually meets, it could be added to the s p 500. Imagine what that would do to ownership of the stock which is up 53 as i speak. The second point, this quarter was also the first full quarter that shanghai china factory was open. It had a twoweek shutdown but it is open. As we await the call with investors, listen to what the executives have to say about their china production as well as getting fremont, california, back online. Will they make any change to their deliveries expected for the year which in january was set at 500,000 . The company did say in its press release they will revisit their 2020 guidance in the Second Quarter. They havent done that just yet. Finally the market cap of tesla, 147 billion and growing with this afterhours move. If the sixmonth average, average, is 100 billion, elon musk, the ceo can trigger the vesting of options to buy the stock at 350 and then sell it at 800 and change. He could make 750 plus Million Dollars profit. That is something weve never seen from an executive in Corporate America ever before, connell. Connell jeez, what a story from a stock perspective. What would he do with that . Connell given speculation, that is something we should stay away from given mr. Musk. Lauren simonetti. Melissa . Melissa a troubling new sign for the economy. Were breaking down the numbers and how to get things back on track. Thats next. Plus preparing for major changes. Well talk to two small texas Business Owners about the steps being taken to reopen. And toy giant mattel is honoring workers on the front line by releasing the thank you heroes collection, featuring Action Figures of doctors and nurses, emts, delivery drivers, Grocery Store workers, all the proceeds will go to a fund dedicated to providing essential items to Health Care Workers and their families. How cool. Susan and im 52 and i live in san francisco, california. I have been a sales and Sales Management professional my whole career. Typical day during a work week is im working but first always going for a run or going to the gym. I love reading. I love cooking healthy. Its super important to me. I was noticing that i was just having some memory loss. It was really bothering me. So i tried prevagen and it started to work for me. I wish i had taken prevagen five or ten years ago. Prevagen. Healthier brain. Better life. Lets be honest. Quitting smoking is hard. Like, quitting every monday hard. Quitting feels so big. So try making it smaller, and youll be surprised at how easily starting small can lead to something big. Start stopping with nicorette. Connell so we know the stock market is doing well. The economy however is not. We had the sharpest decline in Economic Activity since the 08 financial crisis. With a 4. 8 contraction in gdp on an annualized basis since the First Quarter of this year. This is of course the coronavirus pandemic. It is going to get worse or already is worse in this quarter. Douglas holtzeakin joins us, president of the American Action forum. Doug, we hope it gets better after that, right . Any sense how brutal in terms of gdp the Second Quarter will be from where you sit . You think todays numbers give you a big hint on that. This was all driven about it last two weeks of march. January and february were by and large untouched. We got to the middle of march. The pandemic became obvious and we saw extraordinary drops in household confidence and if you look inside of these numbers, it is households that really gave up the ghost. Consumer spending fell over 7 and inside of that there were surprising declines in services. It wasnt big picket items. Transportation services, airlines, lodging services, hotels. Amazingly about half the decline in health care services. People literally stopped going to the doctor for any elective procedure. That drove a big decline in Household Spending t drove gdp down at annual rate of nearly 5 . Roll the clock forward into the Second Quarter. Everyone is guessing way, way bigger. Connell it will be, like i said at the top, there will be some sort of a bounceback we hope, right, after that . What i think it is interesting, because the time of day were on, we lead with the stock market. We come on at 4 00. Today another big rally. More and more people are saying this. I know youre not a market guy necessarily, but what do you say, that seems like a disconnect or investor getting in line with the forwardlooking optimism . That is what markets are supposed to do. Supposed to look forward, ask the question, yeah, things are bad now, but is this good place for my money a year from now, two years from now, five years from now . Every reason to believe, five years past the pandemic, resumption ever growth. Most forecasters see that in the Third Quarter. They disagree on the pace of that growth and sort of the character. There is no question, this quarter, the Second Quarter will be the worst in recorded u. S. Economic history. It is an extraordinary downdraft. It put 26 Million People in the unemployment lines. We know the damage has been extreme but it is damage that can be repaired if we get the economy rolling again. Connell should we start thinking now about, this is in your wheelhouse by the way, how much money were spending to try to make sure that things dont get worse, right . Because we know there is another stimulus if you want to call it, that most likely on the way, are you going to be the guy, lets look at this budget, look how much we adding to the debt long term or get it out of our head for now and think about it down the line . Whats your view . Well i think, it is going to require a large response. As i started to say, the Second Quarter likely somewhere between 30, 40 down. That is annual rate. 10 loss in Economic Activity in three months alone. Thats, you know, requires a big response. The response is not quite 10 of ggdp but comparable. That were in the right neighborhood. Be disciplined that were only spending money on things related to the pandemic. It is a big, big negative impact. It will require a response, but lets not fix things not related to that. Be disciplined what you are spending money on. Make sure you spend it adequately. When you do it, life will be harder from a budgetary point of view in 25, 26, 27. In is no free lunch. You will have to make up a big addition to the national debt. That hard work is coming. Connell that is just a fact. Your point dont make it worse than it already is. Always good to talk to you, douglas holes eakin. Melissa . Melissa dodging a hit from the economic shut down, retail fighting to stay afloat. One company is pulling in record sales though. Well tell you how. I was born in 37. It was a very struggling period of time. Up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. 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And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Melissa while most of the Retail Industry is facing pressure from shutdowns, one business just had its best nonsales day in its history. Joining us is fashion file ceo ben henninger. Congratulations first of all on that. Tell me a little bit about that because your site sells bags. You buy very highend designer bags from people no longer using them. You put them up on your website. You resell them to other folks. Youre saying people are going in buying very expensive handbags during this shutdown and theyre buying them preloved as you say. Why do you think that is . Well, i mean i think it is an indicator there is general confidence in the long term economy coming back. I think people are in, you know, were ecommerce business. They still have the ability to buy from fashion file online. We might see a little bit of the eat phengite of continuing optimism in the future economy coming back but were great place to be recipients of that, we felt like we are on line. A lot of stores are closed down, brickandmortar at the time. Some of those sales convert online. Were here to serve them. Melissa you know, when the pandemic started you had launched a very fascinating business where you were inside of my favorite store, Neiman Marcus, shout out to lloyd, my favorite salesperson, so you were inside of that store, people could come in drop off the very highend designer bag they werent using anymore, go shop around, whatever, have lunch, you would have a price for them. It is not consignment. You would actually give them money at the period of time, and a 10 bonus if they spent it inside of Neiman Marcus. How is that working out for you and, has it hurt you that Neiman Marcuss storefronts are closed right now obviously . Yes. That is an Exciting Development that came online last year and we have our selling studios we call them where you can come in, sell a bag, get cash on the spot inside of though locations. As the Stores Closed down with everybody else, we closed down across the world, really, of course our selling studios are closed until they reopen in the next couple of months probably. So that is definitely affect ad little, that aspect of our partnership with Neiman Marcus, however, overall it has not impacted fashionfhiles business very much because weve been around almost 20 years, we were born out after Ecommerce Company with everything online. So our primary channels to receive inventory from our customers, from their closets to the website where you shop has always been online, and it is still 85 of what we do comes in directly to us online. The Neiman Marcus selling studios provided an additional boost to that. We have four locations now in Neiman Marcuss. Theyre currently closed. But we are still planning open up another up to 40 locations. Doesnt at affect the business too much right now because were still predominantly online and still open for business on the web. One of the things that you do is that, because your bags are so highend, a lot of them are rare. There are only some made or somebody really wanted it, they didnt get it. You buy later at a discount but still really expensive. I wonder, which one, how do the economics work with Neiman Marcus . Do you do better on the bags that you know, you get through them and then resell . Do they share some of the profit with you . How is that compare to the rest of your business . Whats the plus . Well the plus with the Neiman Marcus partnership in general is that they have an amazing clientele and amazing Customer Base as you know because youre one of them but those customers that they have are accustomed to buying great items, channel, rolex, whatever. They have a great Customer Base. So the benefit and the synergy if you will between Neiman Marcus and fashionphile, for people man market it mark Neiman Marcus, they offer the customers way to trade in last years chanel, for this years chanel. Sell the last years chanel for few thousand dollars. You have money in your hand as youre coming down the escalator, more apt to buy a new chanel. That is benefit to Neiman Marcus and customers. Gives them opportunity to trade up and be a little more responsible by putting that leather bag back into, you know, the economy so we can sell it to somebody else. So benefits us because we have a great supply channel, the Newman Marcus Customer Base becomes part of our Customer Base. The supply i can get from Neiman Marcus stores are, have a little stronger average sale value on the other side. A little bit higher ticket item. Melissa interesting. A little higher ticket item. Very interesting, ben. Thank you so much. Fascinating business. Congratulations to you. Somebody doing well in this economy. Good for you. Connell . Connell very good, fox business alert now as we look back on facebook one more time for you. The stock remains higher by just about 10 now in afterhours trading. Revenue was better than expected. Even though there was a slight miss on the Quarterly Earnings per share that has not been the focus certainly for investors. This steep decrease reported in advertising revenue for the month of march but everybody knew that would happen because of the pandemic. There are signs though, face back says, of stability in the advertising and its revenue related to advertising and thats reflected, it says first three weeks of april. Had nice surge in daily active users. Nice afterhours performance from face book. Well be right back. On the network, we can have teachers facetoface with a student in livetime. They can raise their hand and ask questions. They can type questions. We just need to make sure that the education is continuing. vo at verizon, were here and were ready to keep students and teachers connected to the world. Thats why verizon and the New York Times are offering 14 Million Students free Digital Access to times journalism. Connell texas one of the states getting back to business this week, in fact, Retail Stores and restaurants can reopen on friday. And theyre doing so with certain restrictions, were joined by sisters lindsay and sarah, coowners of a food store in the dallas area. Thank you to both of you coming on. Let me start present day and maybe well flash back over the past month or so. Im sure youre excited, right, for friday. What are the plans, and how will the store be different than it was in the past . Absolutely, connell, were really excited. Essentially, up until this point customers havent within able to havent been able to enter our store at all. Starting friday well be able to open our doors to customers. Were doing the best that we possibly can to make it as clean and comfortable as possible, Customer Service [inaudible] its important to be [inaudible] [audio difficulty] in hopes that itll have have [inaudible] connell yeah, take it piece by piece, i guess. Sarah, you know, im sure you live in the area as well as work there, so one of the questions, you know, the 2000 can say the governor can say, all right, were open for business and local businesses start to open. Whats your sense from people you speak to about how confident people are are to go back and, you know with, come into a store and just do some regular old shopping . Not a necessity, the boots look terrific, but its not like they have to go out and get groceries. They have to want to do it. Whats your sense . Yeah, you know, weve been closed for close to seven weeks weeks [audio difficulty] everyones been affected, and we just kind of feel like theres a real Energy Around thats to rally around businesses and restaurants ask if Small Businesses in mar. And Small Businesses in particular. I think texas is such a massive like starting again is [inaudible] on the United States in general. Connell howd you get through these . We have maybe 20 seconds, lindsay, so just real quick, howd you get through the last few weeks . Take a loan off . I may have to cut you off were really thankful to our government for trying to spearhead [inaudible] right. Connell right. All right, well, we wish you the best. Well be watching that state and others, lindsay and sarah selling boots in texas. Thanks for joining us, melissa and i will see you same time tomorrow. Lou dobbs tonight starts right now. Lou good evening, everybody. President trump and his cabinet today taking steps to ramp up the pressure against china and the world health organization. The white house reportedly ordering intelligence agencies to look into whether the two groups colluded to lie and to cover up information about the origin of the wuhan virus pandemic and, of course, its spread around the world. The president is also considering whether to permanently withdraw funding for the world health organization, pointing out the United States is its biggest contributor by far and charging the w. H. O. With acting as a mouthpiece for