Transcripts For FBC The Claman Countdown 20240713

Up about 11 points, now down 79. However, as the world inches closer and closer to reopening, the cruise industry may be more eager than any other. It is still weathering rough seas since the first covid19 cases showed up on its ships. In a fox business exclusive, Carnival Corporations Ceo Arnold Donald is here on how new bookings are coming in, when travel can restart, and how the cruise industry will forever be changed after it bids bon voyage to this awful pandemic. Dunkin brands hoping to get cooking once again as it reports a major sales dip. Ceo dave hoffman joins us live on why dunkin might bounce back more quickly than other food and coffee chains. And we are about to find out how amazon and apple performed in the middle of the coronavirus as we head into earnings after the bell. We are going to ask Consumer Technology associations ceo gary shapiro what lies ahead for tech titans. Plus, we have former barclays ceo bob diamond here to react to private equity getting cut out of the ppp Small Business loan program. Plus of course, charlie breaks it. Less than an hour to the closing bell. Lets start the claman countdown. Liz this just hitting the tape. Breaking news. Nasa has selected elon musks spacex and jeff bezoss blue origin space firm and another firm called dynetics to build Lunar Landing systems that will carry astronauts to the moon by 2024. The three privately run Space Companies will share a kitty of about 967 million from nasa. Boeing, we should mention, did not make the cut. It is not hurting the aerospace giant, though, which got brand new orders for some planes. Boeing is among the dow leaders today. It is up 1. 5 . This also just hitting the tape. Georgia Governor Brian Kemp further relaxing the peach states shelter in place order. Here it is. He will now allow all businesses, all of them, to reopen starting tomorrow. All right . Starting tomorrow. We are watching the dow right now. Still down 368 points. This as earnings reveal that the impact of stayathome orders has been large, either to the upside or to the downside. Facebook benefiting from increased user engagement. Remote working had Microsoft Teams in high demand. But even after reporting its strongest ever user growth, twitter suffered its first loss in two years. We do have facebook and microsoft moving higher, twitter is down 9 . Teams rival zoom is getting hit hard today after admitting that it mistakenly announced its Popular Video conferencing app had 300 million daily active users. Wasnt actually a valid number. Why. Well, zoom clarified that it had 300 million meeting participants. Thats a different thing. That means the same user was counted each time he or she participated in a single meeting. So one user hitting five meetings, that person was counted five times. Slightly different. We do have zoom Video Communications down 7. 75 . Oil and gas stocks, among the gainers on the s p 500 at this hour. It appears the crude glut is not growing as rapidly as expected. Demand for fuel is starting to pick up steam, but we should mention that we do have chesapeake energy, not faring very well. Neither is apache corp, which is actually pretty much flat at the moment. Chesapeake was halted in early trade after the Stock Plunged on reports the oil and gas company is preparing for a potential bankruptcy. It is trading again, down 31 to 18. 30. But even chesapeake is off its 12 low. However, if you want to talk about buying low and making some profit selling high, if you bought Carnival Corp at the close of trading back on april 2nd, when it was trading at a three decade low of 7. 97, well, then you have nearly doubled your money as you see, it is trading at 15. 80. Even with that gain, the cruise operator shares are still down nearly 70 year to date. What does the future of the industry look like after getting swamped on the high seas due to the fastmoving deadly coronavirus . Arnold donald is the ceo of carnivals parent, Carnival Corporation, the largest cruise operator in the world. Arnold, it is good to see you. Thank you for joining us. All right. As of the last 24 hours, let me ask you, what do your future bookings look like . Good afternoon, liz. As you know, we cant report between quarters of a publicly traded company but what i can share with you is what we shared in our memorandum and all the public documents and that was that we were still getting bookings for 2020 and clearly, we are getting really good bookings for 2021. But right now, we stand with everyone in trying to do everything we can which is why we and the industry volunteer to temporarily pause our operations before everything kind of shut down. We stand with everyone to try to mitigate the spread of the virus. Liz good. You know, im interested to know which destinations that you are taking bookings for appear to be popular and when might that first ship take off . Is there a month where youre pretty confident that you can take a reservation and honor it . Well, at this point, we are taking the reservations but clearly, we have no idea what the rest of the world, when we will be in position to sail again. Our highest responsibility and our Top Priorities are compliance, Environmental Protection and the health, safety and wellbeing of our guests, of those in the places we touch, the locals in the places we touch and of course, our people. Thats our crew, shipboard and shoreside employees. We just have to wait and see when the world is ready for social gathering. Its not about cruise. Its about social gathering. Right now we are all staying home, shelter in place, et cetera. Until social gathering is viewed as something that society feels is a risk worth taking, then we are going to be on pause. However, when social gathering is happening again and people feel that this threat has been mitigated to the point that its a reasonable level of risk for people to join again and celebrate, enjoy each others company, then when that happens, we will be ready to cruise. We know that day is coming. We just dont know exactly when. Liz you submitted, as i understand it, your reopening plan about a week ago to the cdc. What does that plan look like . I know that you cant get into too many details because they have not approved it, but when do you expect a reply . You know, actually its not a reopening plan. Its a plan to cover the ships we have now. While our ships are paused, were not like airplanes so our ships are still functioning. The engines are running, the hvac systems are working, we still have environmental practices that we have to execute, and we still have crew aboard. In fact, we have well over 50,000 crew that were still looking to repatriate back to their home countries because of the difficulty in moving people around today with borders being closed and limited travel options. So that plan was really for how are you operating given the crew on the existing fleet. It wasnt for restart of cruising with guests. That day is yet to come. Liz arnold, what as the ceo of this company which was very hard hit, obviously, by the virus and subsequently criticized by some for continuing to launch ships, perhaps too long after they might not should not have, perhaps, can you say what might be forever different on a carnival cruise, whether its, you know, you will take the temperature of travelers, you will be giving out masks, new cleaning protocols . First of all, its important, people who cruise a lot know this, there are highly thought through for a long time protocols that already existed on cruise ships. Much differently and much more stringent than you see in normal venues of social gathering. So we already had medical records screening, we already had temperature scanning, we already had hand sanitizers throughout the ship, we already had signs everywhere about washing your hands. We have a medical facility on board. Those things existed previously because we sail around the world. We have 100 something ships in just our company and we go to 700 ports around the world, seven continents, so theres always disease issues. Theres ebola, zika, mers, sars, all those things. We have a lot of propertocols i place. Its also important to note we were always in full compliance and following whatever the knowledge at the time was in terms of how to manage this particular virus, and the issue of course with covid19 as evidenced from everything everybody sees, broadcast and reading, et cetera, epidemiology is still being determined. Testing, what testing works, doesnt work, when it works, should you use a shield, thats being determined. On and on and on. Theres different protocols around the world for mitigation. Some people are staying home, some are staying home for protection only for those that are at high risk, some are everybody stays at home, social distancing things vary around the world. So for us, in the world, we believe that as more information comes through, that the medical experts and the scientists will align in the coming weeks around what protocols are really the best to mitigate the threat of covid19. And whatever those protocols are, of course we are going to be in compliance and we will employ them and of course, we will try to go beyond that as we do in most cases around the world when we do anything, but those will determine. So its not so much about cruise, its about societys, you know, impetus to get back to social gathering, the risks theyre willing to take and what knowledge the world develops around covid19. Liz well, we are learning moment by moment. I would be remiss if i didnt ask you about the fact that your financials are, you know, in the crosshairs in some way. Your u. S. Headquarters are in miami but because you are incorporated in panama, and do not pay federal tax, you pay other taxes but federal tax, carnival as i understand it is ineligible for federal loans or grants. Would you ever rethink the panama decision and reincorporate here in the United States . As you know, liz, we are a global company. Most of our income actually comes from outside the u. S. We are actually dual listed in the London Stock Exchange as well as new york stock exchange. We are one of the few companies in the world that are dual listed. The reality for us is our home base, our incorporated state is where we are, which is panama, and as we look forward, all things are possible but the reality is we dont see any reason to change that and we certainly wouldnt do it to be able to participate in a stimulus package or Something Like that. So for us, we see the world is what we are. A lot of our guests are not from the u. S. , most of the incoming is not from the u. S. Of course, we love being in the u. S. Ourselves and we do pay taxes, as you point out. The maritime industry many many years ago had a different tax regimen than the rest of commerce because of the nature of the maritime industry, where ships are sailing around the world. So the world ended up with a different tax regimen for maritime so we do pay hundreds of millions of dollars of taxes a year in the United States, as we access the ports here in the u. S. Liz i hope you will come back and join us again when you are ready to launch that first ship once again. We will be watching it very closely. Thanks for joining us, arnold. Good to see you. Thank you so much. Were looking forward to sailing again. We know that people are anxious for that experience and cruise is still the best vacation experience and the best vacation value there is. Thank you very much. We look forward to sailing soon. Stay safe yourself, everybody wash your hands, practice appropriate social distancing, listen to your medical advice and we will all get through this together. Thank you. Liz okay. Tell my kids that, okay . Arnold, thank you very much. Arnold donald. We are coming right back, with the former ceo of barclays. Bob diamond, who now runs atlas capital, on the rules of engagement for the ppp loan program. Robinhood believes now is the time to do money. Without the commission fees. So, you can start investing today wherever you are even hanging with your dog. So, what are you waiting for . Download now and get your first stock on us. Robinhood. Daddy, 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. Liz all right. Jpmorgan putting a number on it. The bank is saying the second round of Small Business or ppp rescue money has processed, they have processed 18 billion worth of loan applications, but you will not see any hedge funds or private equity firms in that pile of applications. They are banned from getting the money. Even after intense lobbying, a new rule issued by the Small Business administration ahead of the second tranche, this current tranche of government money, states neither hedge funds nor private equity can access the rescue loans because quote, they are primarily engaged in investment or speculation. Sba does not loan to Companies Like that. Is that fair or is it myopic . Bob diamond now runs Atlas Merchant Capital which this week is launching a new distressed Corporate Credit fund and has multiple Portfolio Companies, by the way, none of which requested loans. Welcome, bob. Good to see you. All right. Not for lack of trying, private equity had the door pretty much slammed in its face. What do you make of that . Listen, our focus is on a couple things. One is we are investors in Financial Services and as you said, we are about to launch a distressed credit fund as well. We are very focused on investing and our Portfolio Companies and new opportunities but what i would say about the sba is this. Their focus should be on Small Businesses and it has been on Small Businesses. Over 60 of the Small Businesses in our country have laid people off, notwithstanding this program and all the things that the fed and treasury have been doing. And in many european countries, up to 70 or 80 of the employment in those countries comes from Small Companies with less than 500 employees. So that should be the sba focus. I think that has been the sba focus. Liz you know, your company is slightly different from private equity. Your profile is under merchant capital. Thats slightly different because you match clients looking for capital wealth infusions with investors who would like to find somewhere to park their money. But you closed investments representing on our screen about 3. 4 billion in eight Different Companies ranging from broker dealers to fintech. Would any of the american ones have been eligible for loans and i know you didnt i know they didnt, but would they have been eligible and should they be . Well, it depends. Some of them are not Small Businesses with less than 500 employees and those that are Small Businesses with less than 500 employees, of course they would be eligible to apply. And you know, i think if they have a minority investment, any company, any Small Business that has a minority investment from any kind of investor, we want to encourage private investment in Small Businesses and i dont know why those investments in Small Businesses preclude them from taking part in the program. Liz which i guess would include some businesses private equity has a stake in. You know, for people who arent familiar, you are somebody who really faced the fire back during the last crisis, 2008. You ran the uk based bank barclays. You bought Lehman Brothers when it was severely distressed. Why are smaller banks, i have to ask you, having an easier time, managing to process and deliver loans way more quickly than the bigger ones . So im no longer in a large bank so im probably not the right one to answer, but you know, one of the things that we are seeing is that the large incumbent banks not just here in the u. S. , probably even more in europe, in many ways, are being used as agents of government policy and implementing loan guarantees and implementing many of these fed liquidity programs. Thats very appropriate now. I think in some areas, particularly in europe, we are going to see a closer and closer relationship develop. This isnt just going to go away. The very large banks will become more and more [ inaudible ]. We are seeing it in france, we are seeing it in germany. They are becoming much more utilities and closer to the government. That creates tremendous sorry, go ahead. Liz i would imagine. I was just going to say, i hear from Small Businesses, i just talked to a woman today who runs a Beauty Supply place in new jersey. She had to file with chase, right away on the first day of the last tranche of money, still hasnt gotten it. I just think they need to work on that client relationship even if the client isnt somebody famous. I just want to end on this. You are launching, you are pretty bold here. You are launching the Credit Opportunity Fund this week, focusing on the stress leverage corporates. How much do low Interest Rates play into your thesis about launching this type of fund and you know, i would really be interested to hear what you see for Interest Rates as we move ahead. So we are hoping to launch it either next week or the week after. You are very close. Apologies if i misstated that. But low Interest Rates have a lot to do with it, liz. Its been 11 years in this cycle of zero Interest Rates, qe1, qe2, qe3, fewer and fewer covenants on leveraged lending, and a significant increase in the amount of distressed Leveraged Companies and we do think not necessarily today, because we think the equity markets are probably performing better than the economy, and certainly better than distressed Leveraged Companies. We think the opportunities for investment here over the next six to 12 months is going to be once in a decade opportunity. Liz yeah. At rates for the foreseeable future remaining low. Bob, great to see you. Thank you very much for joining us. Thank you, liz. Liz bob diamond. Any time. Merchant capital. Atlas merchant capital. We have 36 minutes left to see stocks trade for this final day of april. You just saw it, charlie will break a big story next. Before we go to the break, its really important for me to bring up to you guys the coronavirus has hit very close to the claman countdown team. The father of our associate producer, stu oppenheim, his name is marvin, we lost him. He succumbed to the covid19 virus. His dad was a 30year veteran of the new York City School system who taught math and woodworking. Upon his retirement, he started his own maintenance business working tirelessly for his local community. Im getting emotional. By fixing emergencies in peoples homes day and night. He was a celebrated member of his synagogue. Marvin is survived by his wife of 56 years, ruth, and his three sons, stu, michael and mark. And six grandchildren. Stu, we love you. Our thoughts and prayers are with you. Well be right back. So i listen to audible almost any time that i can. Its my own thing that i can do for me. Since i dont have time to read, i mean i might as well listen. If i want to catch up on the news, or history, or learn whats going on in the world, i can download a book and listen to it. I listen to spanish lessons sometimes to and from work. Yea, it makes me want to be better. Audible reintroduced this whole world to me. It changes your perspective. It makes you a different person. See what listening to audible can do for you. It makes you a different person. Music their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement plan helps pay for some of what medicare doesnt. That could help cut down on those outofyourpocket medical costs. Call Unitedhealthcare Insurance Company today. To request this free, and very helpful, decision guide. And learn about the only Medicare Supplement plans endorsed by aarp. Selected for meeting their high standards of quality and service. This type of plan lets you say yes to any doctor or hospital that accepts medicare patients. There are no networks or referrals to worry about. Do you accept medicare patients . I sure do see . Youre able to stick with him. Like to travel . This kind of plan goes with you anywhere you travel in the country. So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Liz all right. Welcome back. We are looking at the dow which has gotten a little bit closer to the flat line. It is still down 261. Bankers are gearing up for the inevitable congressional grillings they know will come following the rocky rollout of the Small Business loan plan that we have been talking about. Yes, the paycheck protection program. Now Charlie Gasparino says theyve got Something Else to fret about. What is it, charlie . Charlie congressional hearings, liz, they are almost a definite. Investigations, and they are actually worried the government is going to somehow involve them and its interesting coming after what you just spoke about with mr. Diamond, bob diamond, who said banks are essentially utilities being used by the federal government, they were used for the ppp program by the federal government and now they are going to be used possibly by the federal government in terms of loan forgiveness, helping the feds figure out who gets the ppp loans forgiven, if they dont lay off people, and how the Due Diligence is done. Im going to tell you this. I know what you said before about why are small independent banks, Small Community banks, giving the money out faster than the big banks. If you are a client of the small independent bank, generally you are a Small Business. If you are a Small Business and you do business with jpmorgan, you have a line ahead of you. If jpmorgan is mandated to throw money at consumers that are applying for it, its going to throw the money at its best customers and the uft can mecust it knows. Why is that . Because of antimoney laundering rules. These are things treasury secretary mnuchin, marco rubio, the senator from florida who introduced the legislation involving the ppp and other bailout programs, did not think through. Im not saying theyre wrong. It was a slapdash effort, an effort to get money fast, but this monday morning quarterbacking is absurd. Heres what we do know from the bank level, and i will tell you this, when im talking to bank executives, they dont mind going in front of the kleig lights to explain their side of the story because they think they have good information and we will see if and when it happens. They are facing numerous investigations. They believe they are going to be called before numerous panels to describe why some businesses got it and some businesses didnt, why big guys got it, why hedge funds got it, why brokerages got it and why the mom and pop coffee shop didnt get it, and this is going to happen in the coming weeks and months, and they are going to say to them heres why, mr. Congressman rubio, mr. Senator rubio, heres why treasury secretary mnuchin, its because the rules you wrote were absurd, they were broadbased, they forced us to do what we normally do which is take care of our best customers first. So thats where the showdown is going to be. Its not over yet. I dont believe there will be another ppp Small Business loan, Forgivable Loan Program in the second tranche. Remember excuse me, in the next stimulus package. We are talking 1 trillion being negotiated between nancy pelosi and Mitch Mcconnell and theres tradeoffs going on whether states get aid, whether theres Liability Protection for businesses that allow back workers and you know, who may get sick. I think thats a big thing on the republican agenda, that they want to give businesses some Liability Protection in that to that end. Nancy pelosi wants some aid to states. The republicans also want some aid to certain businesses, public companies, small public companies, in the oil industry who are going to be hammered by the aftermath hammered by the recession caused by the pandemic which is going to linger for awhile. I know the markets are propped up but you know, main street economies are still hurting. But we are looking at some sort of at least thats what the bank feels, some sort of show trials that will go on. They will have guns to their heads, they will have the kleig lights on and they believe they have very good information to share with the American People on why big businesses who qualified for ppp as it was written, why hedge funds who qualified for ppp as it was written, while Brokerage Firms and all these other players got money ahead of needy Small Businesses, and it was because the bureaucrats wrote a lousy legislation. Its just the way it is. Ill tell you, again, im no big defender of banks here but im telling you, they have some good they have good ammo on this one. This is not greed, this is not them looking to make a quick buck. This is them being forced to be part of a program, this is them getting no guidance or little guidance from the treasury and the government, and this is them doing stuff to protect themselves from not getting sued which is, they know their customer, thus give it to the best customer. Back to you. Liz thanks, charlie. Thank you very much. Charlie gasparino. Dunkin brands ceo on how they are going to get america back up and running, next. Life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, ive always loved and im still going for my best, even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin, ill go for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Sharing my roots. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis, the number one cardiologistprescribed blood thinner. Ask your doctor if eliquis is whats next for you. And people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a Small Business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Liz Royal Dutch Shell is cutting its dividend for shareholders for the First Time Since world war ii. Thats how bad this coronavirus situation is hitting companies. Right now, royal dutch getting hit hard, down 12. 5 , but the oil giant is not alone in cutting its dividend. We talked about this on the show. Dunkin brands, making the tough decision to put its dividend on ice, completely suspending the investor premium due to the coronavirus pandemic. We thought lets bring in Dunkin Brands ceo, dave hoffmann. Great to have you here. Im just interested to know, its a very tough decision for any company to cut its dividend but dhohow does a company and i board come to this dividend cutting decision . Take us inside the boardroom and what those conversations are like. Yeah, its a good question. Great to see you. You know what, this is just unprecedented times and i think for us, the headline would be, you know, this is the time that you do the right thing, be good stewards of our business. Look, we know we are being overly cautious right now. Weve got a tremendous Balance Sheet and we just felt like this was the prudent and responsible thing to do at this time. It was a difficult decision for us but we felt like it was the right thing to do. I would say, you know, just broadly speaking, our Capital Allocation philosophy hasnt changed through all this, but with everything thats going on, the idea that cash is king right now and theres uncertainty in the future, we just felt like this was the right thing to do for the business and for our entire system and our franchisees at this point. Liz what do you think you will need to see before you can bring that dividend back . You know, we will evaluate that but i think whatever the new reality looks like, liz, i think theres two forces that we are obviously preparing for. One is around safety, obviously, and the other one is around brand accessibility. You know on the safety side, we dont look at it as a cost. We accelerated into this crisis very early. I have got a lot of experience overseas, i often say ive been in every Crisis Management foxhole possible, so we applied a lot of our learnings with my Strong Management Team and look, we have made a standard in our restaurants, gloves, masks and plexiglas guards as well as this past week, we have shipped infrared thermometers to every restaurant in the u. S. Then in terms of brand accessibility, you know, again, before this crisis, 90 of our transactions went out the door in some form or takeaway so it was easier for us to flex into that and 70 of our locations have a drivethrough. We have added 1,000 curbsides during this crisis. Our digital acceleration is on fire right now. And even through a channel, we do about 1 billion of retail sales through grocery and thats up 20 to 30 . I think those two things, whatever the new normal looks like, we like the green shoots were seeing right now. We are hovering around minus 20 sales. That doesnt work in anybodys book, but its certainly better than what it was in march. We are pleased that we are starting to see whether thats stimulus checks or whether thats some of the markets opened up a little bit more, we are starting to see a bit of optimism out there. Again, we will just keep fluid and stay close to the conditions and see what happens. Liz yeah, thats a headline. Im really glad to hear that you are able to see this and obviously, being franchised, every single one of these is franchised, you are hearing from people on the ground who are running your stores. Im very interested to know, have a lot of them been able to access these ppp loans or are they still waiting . Yeah. You know, liz, as you know, theres a lot of noise around ppp right now. Especially in the restaurant industry. I would say as a Dunkin Brands, a publicly traded company, we have not applied for nor will we take any ppp money. Our focus and what we thought, we believe our obligation has been is to keep america working. So we are focused on we have done no furloughs, we are focused on people over profits at this time and just doing the right thing. That said, our franchisees are small independent business owners, on average they employ about 150 employees and thats who that program was built for. So many of them have taken advantage. We are very grateful and appreciative of the federal government and the governors and everybody else that was involved in putting this program together to keep america working. So thats what we have been focused on very heavily with our franchisees but i can tell you, they are very appreciative of this. Liz well, you beat on your earnings and we are really rooting for you. I know i am, because of munchkins are my thing and then large iced with extra almond milk, thats my order. Get right on that. Youre melting my heart. Liz stay safe. Thanks so much, liz. Liz any time. Dave hoffmann, come see us in new york. Dunkin brands ceo, seeing some green shoots. That to me is extremely important. All right. Closing bell ringing in about 16 minutes and we are down 308 points for the dow. Tesla electrifying investors with its latest Quarterly Report that came out after the bell, as ceo elon musk went unplugged. You know, weeks ago he called the pandemic panic quote, dumb, and now we are going to play you what he said about the coronavirus lockdowns on his Conference Call last night. We will play you the audio in case you missed it next. The race to find a cure for covid19 continues. Youve got to hear my everyone talks to liz podcast. The newest episode, the incredible story of multiple Myeloma Research Foundation Founder and Harvard Business school giant was diagnosed with cancer, given three years to live, but 20 plus years later shes written 12fda approved treatments for multiple myeloma patients by sharing data. How she says that could solve the coronavirus drama. Its available on apple, google, alexa, you name it. Download it, listen to it. Everyone talks to liz. Well be right back. announcer in this world where people are staying at home, many of lifes moments are being put on hold. At carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Liz well, this is a little bit of a surprise. Tesla is reversing course at this hour. Shares have now turned negative which is weird, because they had been at the very top of the nasdaq this morning, after surprising investors with a 16 million profit in the quarter. That would be its third consecutive profitable quarter. Stock is down 1. 6 right now. Positive news, not enough to impress teslas short David Einhorn who unleashed his concerns on twitter earlier today. But billionaire ceo elon musk beat him to unleashing an expletiveladen rant during his Earnings Call after the bell yesterday. He blasted stayathome orders. It is still the talk of the town. Cheryl casone is in the fox business newsroom. I know some of our viewers missed this. Lets hear it. Cheryl oh, it was something, liz. Yeah. Elon musk continuing his twitter rant in yesterdays postEarnings Call and yes, the expletivelaced tirade. Listen for yourself. Forcibly having people in their homes against all their constitutional rights, thats my opinion, and breaking peoples freedoms in ways that are horrible and wrong and not why people came to america. [ bleep ] to say they cannot leave their house, this is fascist. This is not democratic. This is not freedom. Give people back their [ expletive ] freedom. Cheryl tesla surprised the street with its First Quarter profit amid the coronavirus pandemic. The sole u. S. Automobile producing factory has been closed since late march. The results have been called quite impressive given the difficulties incurred towards the end of the quarter with covid19. They did say they pushed deliveries of their semitruck out to 2021 and to your point, the stock has actually reversed course. Back to you. Liz yep. Yep. We did see that. Its down about 11 bucks right now. Elon never disappoints, thats for sure. Cheryl, thank you very much. Cheryl casone. Closing bell, we are nine minutes away. We are still down about 256 points for the dow, s p is losing 28. On this last trading day of april. Speaking of a, as in april, the ateam, amazon and apple, both set to tell all on the coronavirus quarter. Their earnings are coming up after the bell. Up next, Consumer Technology association ceo gary shapiro on the essential role tech is playing in all our lives and who not only will be standing but standing tall when the pan ddem dust settles. Dont go away. Announcer wash your hands. Avoid sick people. And touching your face. There are everyday actions to help prevent the spread of respiratory diseases. Visit cdc. Gov covid19. Brought to you by the National Association of broadcasters and this station. Every Financial Plan needs a cfp® professional confident Financial Plans, calming Financial Plans, complete Financial Plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Liz less than five minutes away from the close of the session. And the month and look at this. Okay, markets are set to close at least, the session on the downside but i want to flip it over to show the month performance. It is actually looking pretty darn good. The s p will close up 12. 8 for the month. Now youre hitting yourself, you missed buying low. Nasdaq up 15 , the dow up 11 1 3 . By the way, the s p and the dow having the best month since 1987. Nasdaq best since 2001. Besides food there is nothing more important than technology. Were minutes away from two of the heaviest hitters apple and amazon. Amazon approaching another record close. Were joined by one of the best tech minds in the industry. Gary shapiro. Am i right about that . Were desperate for technology. That has certainly been evident with this pandemic virus but what does that mean for winners going ahead . You are so right about that. 25 ago today the internet shifted from the government to private industry. It has been explosive. Imagine this pandemic without the internet, without all these great things were able to do at home, stay connected and communicate and its, changed our lives in so many different ways. This whole experience will change our lives further in the future. The big ones though, which i know liz amazon. Amazon and apple, right . Yeah. Go ahead. Yeah that is today. I think they will all do very well especially in the long term. Short term there are ups and downs, i dont know. What all the companies are very wellpositioned. If you think about it, a lot of them are not reliant. Vast manufacturing. Apple is. Amazon is relying on the distribution chain. When you talk about all the big once, facebook and others, that are google. You see they will do well. They do well because in the long term people like what theyre providing. The u. S. Is a world lead in Amazing Companies a lot of companies are related and dependent on them. That is a good thing. Liz what are you expecting to hear . What will you be listening for the most closely when it comes to apple which warned that its iphones, the 5g ones specifically would be delayed . Well, i h a new apple producted landed at our house today. It is a very strong company. It provides a great service, it is easy to use and there will certainly be growth in apple in the future. This is one company youre talking about a momentary hiccup because of covid19. Because of the distribution challenges. They were exempted at the very end a long with a lot of other companies that produce products that consumers like like lap toms and telephones. At this point Going Forward i think consumers are looking to replace those products. We are projecting that there will be some softness in certainly the market for phones and laptops but not compared to the vast majority of other products. It is still a very strong category. What were seeing in our own research this past week, about one out of four American Homes are using a streaming service. One out of four are calling for a restaurant delivery. Liz okay. Others are creating home office and of course the video game world and streaming is producing a lot of sales at categories that apple and others are in. Liz okay. Gary, were watching it. Youre in the think of it. [closing bell rings] exciting time for technology. Gary shapiro. There goes the closing bell even on a day 3. 8 million new jobless claims filed for the week. We see a loss for the day but a gain for the month. Connell all right. Get ready everybody, we have the results from the biggest heavyweights in the tech world. Theyre coming up any minute now, both apple, amazon will be reporting their quarterly numbers. Amazon, right ahead of that report is just closing at a record high. So we have those numbers any minute now. Good to be with you. Im connell mcshane. Melissa im melissa francis. This is after the bell. Stocks falling today amid a rise in jobless claims but it is the best month for the dow and the s p in more than 30 years. We will take that. Plus, at the white house President Trump is about to make remarks about