Transcripts For FBC Varney Company 20240713

That. A modest down trend. Tomorrow, though, thats the big jobs report. Almost certainly the worst in history. Okay. But look at this. A rotten economy and a Big Stock Market rally. We get a lot of inquiries as to why is this happening and the short answer is well, the market looks to the future and its clearly seeing an economic recovery, and the trillions pumped into the economy are very much appreciated. Put it like that. The dow is going to be up over 300 points at the opening bell. Thats better than 1. 3 . A similar gain, 1. 5 for the s p. Look at the nasdaq go, up 1. 5 . Thats because of this. Big tech. Again, leading the market. Just look at this. Apple is at 303. Amazon up 21 bucks premarket. Nice gain for microsoft. Nice gain for netflix as well. Thats whats happening. Big tech again dominating the market, plowing higher. Bombshell news in politics. Mr. Impeachment, congressman adam schiff, he is not looking good. There are dmumennew documents o russia, russia, russia probe. Mr. Schiff is reportedly in panic mode. Big show coming for you. Eugene scalia joins us at 9 45 this morning. I have to tell you now, larry kudlow tomorrow, following the likely to be worst ever jobs report. Thats tomorrow for kudlow. Today for scalia. Varney company is about to begin. We cant keep our country closed down for years and we have to do something. People want to go back. Youre going to have a problem if you dont do it. If you dont do it, youve got a very big problem. Reporter how close are we to a permanent problem if we dont reopen the country . I think people wont stand for it. Actually, i dont think our people will stand for it. Stuart hes right. We wont stand for it. We want to open up. Thats what the president thinks and thats exactly i believe what Stephen Moore thinks. Hes with us now. Hes a member of the Trump Economic Recovery Task force. Stephen, the point to be made is surely that we are opening up anyway. Theres a mood of defiance in the air. There are people opening against the rules. They are doing it. I mean, this is really marching forward here. It is. You cant keep a great country down, stuart. I think thats the lesson here. You are starting to see governors open up their economies, especially in the red states, states like georgia and florida and tennessee and texas and some of those mountain states like utah and montana, and even some in the midwest, like nebraska and iowa. The problem you still have is youve got states like new york and california and my home state of illinois and a few others of these blue states that are staying shuttered. You are seeing a bifurcated system where i predict you will see in the Southern Region of the country and some of the mountain and midwestern states doing well, coming out of the recovery, not so much the northeastern states and some of those more industrial midwestern states like pennsylvania and michigan. But youre so right, youre starting to see, despite those lousy numbers that we were just reporting half an hour ago, stuart, the good news thats not documented in those numbers is you are actually starting to see some americans, there was a report out last night that some three to four million americans have actually started to go back to work. Thats the thing that we got to keep an eye on. Not the job losses but how Many Americans are returning to work. Stuart but we have to say, stephen, that not all of the jobs that have been lost, 20 odd whatever million it is, not all of them are going to come back. There are some industries, travel, the vast travel and entertainment industry, not all the jobs are going to come back there. Theres going to be a shift in employment, surely. Theres no doubt about it. You know, stuart, its so hard to make to kind of figure out all these conflicting data thats coming in every hour of every day these days. For example, i just gave you some good news that we are starting to see americans get back on the jobs and employment is starting to maybe rise a little bit. The bad news is there was a report that came out yesterday that almost half of Small Business men and women think that their businesses are now in peril of failing so you know, think about the impact that would have. Hopefully people are just being a little dire right now because were just starting to get the cliff where some people are starting to see light at the end of the tunnel but its hard for investors to make heads or tails where the economy is headed because we never lived through anything like this before. Stuart yeah, but if half of Small Business people think they are going to go out because of this, that will increase the pressure to open up, come on, lets get going, theres no rationale for keeping me locked down. The dow is up 300 points. I think that makes the point as well. I have always said, i know you have my buddy art laffer on the show often, he and i basically came out with a report last week that basically said it matters a lot when the economy opens. A state that opens say may 1st versus a state that opens up june 1st or june 15th, theres going to be huge difference there because those job losses and those business losses that hopefully dont occur, but if they do, they are much more likely to happen in those states that stay shuttered for another four or six weeks because you know this, this is what your show is all about, the mothers milk of a business is revenues and customers. How can these businesses stay in business if they dont have customers and revenue . So you are going to start to see, i predict, over the course of the next few weeks stuart ive got to go. Because youre seeing, even here where i am in the d. C. Area, you are starting to see businesses open. Stuart im sorry, ive got to go. Im coming up on a hard break. See you again soon. Now, ive got a lockdown winner for you. There are some. How about peloton, up big this morning. Lauren, how many people did they sign up during the lockdown . Lauren 1. 1 million subscribers during that free trial from the middle of march until the end of april. The stock will open at a record high. The Company Raised their outlook for the year. When do you hear that right now, a company raising their outlook for the year. Sales increased by 66 to 524 million and the ceo says look, were confident because people will be slow to return to the gym. So business should be good for a little bit longer. Stuart virus winner, actually. Put it like that. How about lyft. That stock is way up today. They had a tough quarter, i understand. Susan, tell me why the stock is up so much. Susan they didnt pull their profitability guidance which they still anticipate at the end of next year outside of expenses, nor did they confirm it, i should say. We know that business is tough. April rides are down some 75 as the ceos acknowledge, but they actually made more sales than some had expected in the first three months of this year, up some 20 . Ridership was up 3 and what does this mean for uber . I think its hard to distinguish because look, we know that both companies are trying to cut costs right now in these covid times. Uber, though, is more of a global player, more expansive, whereas lyft is more of a pure play type, only operating in the u. S. And only in ride hailing, whereas uber has food delivery, they operate in International Markets like the middle east and asia pacific which went through covid19 first. Some are anticipating that maybe uber is going to have a tougher time in the First Quarter of this year. Uber, unlike lyft, has already pulled their profitability guidance. Earlier they said they would get to profitability outside expenses by the end of this year. Looks like thats not going to happen so far. Stuart thanks, susan. Ive got another lockdown winner. That would be grub hub. Obviously, they are food delivery guys. The stock is actually down this morning. Ash, have you got numbers on how many people started to use the food delivery on grub hub . Ashley yeah, absolutely. Sales up 12 year over year. By the way, just delivery in march alone was up 30 . So you know, you end the lockdown, you will use a service like grub hub. Also, the number of active diners up 24 to 24 million, but that comes with a caveat. Its down just a little from the previous quarter. Where grub hub took a big hit was new york city. Restaurants closed, residents leaving the city and no more of those big corporate clients orders. On the other side, the average cost of an order was 40 in this quarter. That is up from 32 last year during the same period. So generally pretty good news for grub hub. Stuart the stock is down but otherwise good news. All right. I have individual stocks. I will run through them for you. They are moving today. First, costco. For the first time in more than a decade, Monthly Sales fell because people are not driving. They couldnt get there. A lot of their sales are also from gas and thats why they didnt do that well but the Stock Holding at 309 a share. Etsy, online marketplace for homemade stuff, the stock has been on a tear. All about people ordering face masks, custom made face masks. They just reported that active buyers on the site jumped 16 . They have now got 48 million active buyers on the site. But the stock is down 5 . Wynn, the casino guys, rough news there. Revenue cut in half because of the virus. Nevertheless, they are planning to staff to keep going with staff i dont know what this is. They are going to keep going, they are planning to keep staff salaries in place and benefits through the end of the month. The stock is up 25 cents at 79 bucks. Heres a big one. Moderna, big news on their virus vaccine or their attempts to get one. The fda approving it for a phase two study. Up it goes, nearly 17 . Moderna. Over all, we are Still Holding on to a very solid rally this thursday morning. Up 300 for the dow, 130 for the nasdaq. Then we have apple. They are giving a Diagnostics Company 10 million to help them get their virus test made and out there more quickly. Susan li has the exclusive interview with apples c. O. O. And also with the Diagnostics Company ceo. She has a live demo to show us and she will. Top of the hour we reported the weekly jobless claims number, 3. 1 million. Tomorrows jobs report will be one of the worst ever. Dont have the number yet but today, weve got labor secretary Eugene Scalia on those jobless numbers. Tomorrow, weve got larry kudlow on the jobless numbers for tomorrow. Then we have President Trump. He says next week, hes going to give an update on where our trade deal stands with china. Tennessee senator Marsha Blackburn has a lot to say about this. Is she okay with maybe upsetting the whole trade deal with china to hold them accountable . She joins me next. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. So were working 24 7 toected maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Stuart all right. Progress at smithfield. They are starting to reopen their plant in sioux falls, south dakota today. It was shut down three weeks ago because of the spread of the virus amongst workers. Smithfield says it hopes to have the plant fully operational by the end of the month. Good news. Edward lawrence is with us. Edward, now, whats this about us, america, still sending pork to china even though weve got a shortage in our supermarkets . Reporter yeah, pork and other meats, actually, exporting from the United States. Meat is sort of becoming the toilet paper of the coronavirus. I walked through the safeway here or the giant in my local neighborhood, and you see that the shelves are just bare in those Grocery Stores at the moment here. This is because in part, exports have increased from the United States of Meat Products going out. Take a look at this. Heres one aspect of it. You mentioned pork going to mainland china. In fact, the pork exports jumped in 2019. We are talking about a big increase here. The swine fever among pork products in china may have caused that, also china trying to build good will for the u. S. Phase one trade deal but look at the last number there. 96 tons of pork was sent to china last march. The same with beef going to japan. In fact, 86,000 pounds of beef was exported from the United States to japan. That is a 23 increase from january of this year. So january to march, huge increases as the production has slowed down because processing plants went offline because of the coronavirus and the social distancing now. However, agriculture secretary sonny perdue says now that ten days from now we should see capacity get back to normal as plants start to reopen. You mentioned smithfield there. President donald trump saying these Meat Processing plants are a vital part of the u. S. Economy and need to start opening up again. Back to you. Stuart and they are. Edward lawrence, thank you very much, sir. Speaking of china, im going to show you what the president had to say about the status of the china phase one trade deal. Roll tape, please. I will be able to report on that the end of next week. They are buying a lot of farm product but are they buying to the level that they were supposed to . Were watching closely and you know, they understand, they have a deal, hopefully they are going to keep the deal. Well see. They may, they may not. Well find out. Well know soon. Stuart a report next week on whether they are living up to the terms of the deal. The lady on the righthand side of the screen is Marsha Blackburn, senator from the great state of tennessee. Senator, would you be okay with the possibility of the china trade deal falling apart because we want to punish china for their role in the virus . Well, stuart, there is no doubt we need to hold china accountable for what they have done, and indeed, as we move forward, we need to look at supply chains for manufacturing coming back to the United States. Im like most other people, im waiting to see what the report is going to be with trade. When we talk about this, when it comes out next week, then lets see where we stand and have a discussion on how we deal with china or how we isolate china. Stuart now, were borrowing an awful lot of money because we are spending on the virus, we are spending trillions of dollars. That adds to our debt. We need china to lend us the money to finance our debt. And you talked about us not paying back the money that we owe china, abrogating our debt. You still thinking about that . I am still thinking about it. I think other people are thinking about it also. China has to be held to account. Stuart but maam, senator, why would they lend us the money that we desperately need if you wont pay them back the money that we owe them . Why would they have carried out what they carried out with covid19 knowing they had an outbreak, then an epidemic, then a pandemic, and pushing it to the point of saying nothing. This has cost our country already about 6 trillion. By the end of the year we will have borrowed 4. 5 trillion. Last year we borrowed 1. 28 trillion. So we may end up seeing another 5 trillion hit to our economy. We have over 30 million americans who have filed for unemploymeun employme employment. We have to look at this realistically. Stuart we have never done this before. America has never abrogated its debt. It has never said we owe you money, were not paying. We have never, ever said that. Are you prepared actually to is this just a threat . Is this a bargaining chip or is it something you would really do . I think its a great point of discussion that we leave on the table, and if we want to go negotiate with china, they hold over a trillion dollars of our debt. Stuart, the bottom line is there are different avenues that we can walk through to hold china to account for this. Both in the present and in the future. And it is imperative that we do this. What they have done to the United States, the loss of life, the loss of livelihood, what they have done to the world with loss of life and livelihood is completely unacceptable. This is the Chinese Communist party. They knew what they were doing. Some of these actions were intentional because they knew they had a pandemic on their hands, and the actions that they took and ones they chose not to take made the pandemic worse. Stuart point taken, senator. Point taken. Just anybody in the financial world gets real worried when you are talking about abrogating our debt. They just get real nervous about that kind of thing. They also get really worried when they see the u. S. Borrowing this amount of money. Stuart yes. Because of what china chose to do. Stuart okay. Understood. We will work our way through it. Stuart we will indeed. Senator, always great to have you on the show. Good to be with you. Thank you, stuart. Stay safe. Stuart we are Still Holding on to that rally. Its thursday morning, a couple minutes to go, and we will be up over 300 on the dow. We will take you there after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. 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One of the things weve done during this period is weve continued to pay our retail store employees, we pay our hourly workers. Even the contractors that are supporting us, because as i said, im bullish on where things are going in the long haul and we need those skills. Were going to invest through these challenging times. Were not going to attack this problem by cutting. Were not going to save our way to prosperity. Stuart theres a big hitter from apple. That was the chief operating officer there. As you can see, our own susan li sat down with him about spending some big money to get testing kits across the country. Over to you, susan. Susan investing 10 million in copan diagnostics based in california, a test kit maker looking to make about a million tests a week hopefully by july. Apple being one of the Biggest Companies in america, in the world, and they want the economy reopened but in order to do that, you have to battle and fight coronavirus. Thats why theyre investing in testing. Also, they have been sourcing masks. We know they sourced 30 million face masks and also shipping ten million face shields for front line workers as well. I have a face shield with me. I call it the eye shield because look, its made by apple, of course. But if you are going to have a face shield made by anybody, why not have it made by one of and if not the most successful hardware device maker in history. But look, this is part of the 5 billion u. S. Manufacturing fund, this 10 million awarded to copan diagnostics. Also, they have been allocating hundreds of millions in kentucky and also in texas as well. I would say apple, unlike most, is probably faring better in this environment, dont you think, since they have 200 billion in cash, they have said they will continue their buybacks at 50 billion, also increasing their dividends as well. Not Many Companies can do that so far this year. Speaking to jeff williams, the chief operating officer, number two behind tim cook, china is back up to full capacity at the end of march and they have been able to release devices in these difficult times. They got a cheaper iphone se, got a mac book pro, ipad pro and mac book air, and talking to him about device launches, obviously he cant give me indication as to what they will do, but he sounds pretty optimistic and hes positive as well on the u. S. Economy as tim cook is that we will see a rebound after this coronavirus is contained, and the economy is reopened. Stuart this is one of our big stories. I mean, the extraordinary progress that big tech is making and apple in particular. Youre right. You have to Pay Attention to them. They are a trillion dollar company. Theyve got what is it, 200 billion in cash, some enormous number, and they look like they are back up and running and doing very well. Leading out of this virus nastiness. Its a tremendous story. Susan look at the stock price of apple. We are back up above 300. Dont forget the record price was closer to 330 so we are getting closer and closer and were not that far away from that point. Big tech has really gotten a lot of the money this year. Stuart we are ten seconds to the opening of the market this thursday morning. The bell is ringing. I can confidently predict a lot of green when we actually start changing hands of shares here. Here we go. It is now 9 30 eastern time. We are off and running and already up a couple hundred points. 250, to be precise. Little better than 1 . That is the dow industrials. I see 29 of the 30 in the green. Merck, the only one thats mildly in the red. Down 30 cents, as i can see. In the very early going, we are up 266 points. Okay. Thats the dow. 1. 1 . The s p 500, that is up 1. 3 . This is a rally all across the board. Show me the nasdaq, because if the nasdaq goes up 118 points today, it will be there it is. Its up 118 points. If it closes there, at that level, weve gone positive for the year. That big selloff we saw in march and early april, maybe thats i dont know whether its a thing of the past but its certainly behind us for now. Winner, peloton. Thats a big winner from the lockdown. They have added 1. 1 million new riders to their roster between march and april alone. The stock is really strong today. 18 higher on peloton. Lyft, they had a rough quarter, lawsuits in california, layoffs. Their rider count was up 3 from last year even though the virus was among us. Lyft is up 15 . Grub hub, food delivery, sales are up big, bigtime i should say, because of the virus. Up 12 this past quarter. More people staying home, ordering in. For some reason, the stock is down 3 but the company is doing well in the virus. Check those big tech names. This is where the action is, again. Microsoft way up. Apple, alphabet, amazon, facebook, netflix, all of them doing extremely well. Susan, lets get back to the discussion here. Big tech, best positioned to weather this storm. I dont think you are going to take me on and argue with me, are you . Susan i will absolutely agree with you. Look at the strength and overweight, by the way, of big tech now. It represents 20 of the s p 500 and that is far and away the majority of the index. Some have argued a lot of people have argued that big tech will come out of this coronavirus Even Stronger than before. More people are streaming on netflix, more people are buying and streaming services on apple, they are ordering on amazon and microsoft is going to sell more of their Cloud Services because look, that is the shift to nonphysical data centers so what are you going to do . You compute in the cloud instead. A lot of people see more strength in these companies and by the way, they have a lot more money as well since they are still hiring people, still doing buybacks and dividend boosts and that actually props up the stock as you know, and they have done a lot of the rotation of the money and some say from the depths of march, most of this heavy lifting, we are just 10 away from record highs, most of this money has gone into just five technology names. Stuart amazing. Just like it was the last three, four years, actually. The money is going there, big tech. Take a look at google for a second. They are taking away some of those popular employee perks. Is that right, lauren . Lauren that is. The perks that you had in the office, free food, you can send gifts to people, free gym memberships, they dont work when you are working from home. This is one of the companies, its a big one, google, doing more with less. Companies looking around and saying lets figure out how we can cut costs because we need to. Theres also a hiring freeze at google. They have cut back on some of their training sessions. They are doing what every company in Corporate America is doing right now to cut back but these incentives, especially the free food, major perk to get workers to not only come to google but to stay there and they are cutting back on that. They have also cut Charity Donations. You can make Charity Donations but in the budget go ahead. Stuart the company itself is still doing extremely well regardless of taking away perks. Thats reflected in the stock. 1,364 per share on google. Otherwise known as alphabet. Over all, we are still up very strongly. I was expecting to be up 300 at the open. Okay. We will take up 270. 1. 1 . Key indicator, the yield on the tenyear treasury,. 69 this morning, its on the downside. That suggests money coming out of stocks and going into bonds. I dont think thats actually happening. The price of gold, where are we . 1700 an ounce. Exactly, on the button. 1700 precisely. Bitcoin, we like to quote that these days. We have gone up to 9500 per coin. And oil, last time i checked, we were at 25. Now we are up nearly 10 . 26. Thats an indicator. That means that supply is being depressed because we are not producing it and it means that demand is going up because we are gradually going back to work. Oil, 26. 24. Then we have costco. I thought they would see a sales boom because they were open in the month of april, march as well. But sales were actually down. Why . What happened to sales, ash . Ashley well, i can tell you that if you look at the costco, two things. A, of course, the lockdown. People stored up quickly in march ahead of the and in february ahead of the coronavirus, but then sales dropped off. Also, gas prices. You can look at costcos sales or costco stock right now, just down very slightly, but off 4. 7 in april. That is the first, by the way, sales decline in over a decade. The last time that happened was in july of 2009. Interesting, though, because comp sales were up 12 in february and 9. 6 in march. Now, as for the gas prices, they did make some money through low gas prices so their margins would be lower but no one was driving anyway. The National Average for regular gas now, as you know, stu, has been edging itself up. Now at 1. 81. Stuart it broke my heart. It actually broke my heart. Ashley i know it did. Stuart tell me about gap. They are planning to reopen when . Ashley yeah. About 800 stores, possibly by the end of the month. At least that is the goal. Its going to look a lot different than the gap store you went into before the pandemic. The store restrooms and fitting areas will all be shut down. There will be social distancing signs all over the place and on the floor, also plexiglas will be seen at the checkout lines. Now, the gap has been dealing with low sales prior to the pandemic so they have had a hard time there and they also borrowed just over 2 billion last month after burning through a lot of their cash in the first two months. So the gap opening 800 locations but they may also not open some of those stores again. They may sell some real estate. Stuart got it. Thanks, ash. Take me to the airlines, especially spirit airlines. I think theyre down big. I think they are deferring delivery of new airbus planes. There you have it. Okay. They are down 16 on that news. Deferring delivery of airbuses. Got it. All right. The other major airlines. Lauren, come in, please. I want an update on frontier which was going to charge for distance on the plane. Whats going on . Lauren right. If you want a guaranteed open middle seat next to you, you had to pay 39 plus each way. There was a hearing, Senate Hearing yesterday and frontier got a lot of criticism, saying that was capitalizing on fear. They have withdrawn that policy. This is what they are saying. They are saying our flights are slowly getting more full. We see that. We want to make sure you feel comfortable you can pay to have a row with an empty middle seat. Thats not happening anymore. They are blocking that middle seat. You dont have to pay for it. Stuart got it. Im so pleased to hear that. Why should i pay for distance. Okay. By the way, the nasdaq, home of technology, is now positive for the year. Big news indeed. Ive got a surprise lockdown winner to report for you. Bicycle shops. Bikes are flying off the shelves all over the country. We have an owner of a bike store in the 11 00 hour who says business is booming. He also says watch out, there might be a supply chain problem. So many sales. Aoc is back. She says it is her partys responsibility to create the conditions for a general strike. Wow. Really politicizing the pandemic, in fact. We are on the story. First, weve got labor secretary Eugene Scalia. Hes next. Hes here to react to the jobless claims report as we gear up for whats expected to be a devastating fulltime jobs report tomorrow. Varney Company Continues after this. Meet jim. For jim, comfort is king. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. Many of lifes moments in thare being put on hold. Are staying at home, 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. Stuart 3. 1 Million People filed for Unemployment Benefits last week and of course, we are waiting for the big number which comes tomorrow. Thats the overall jobs report. Going to be the worst in history, this nations history for sure. Look whos here. Labor secretary Eugene Scalia. Mr. Secretary, key question here. Have we reached the bottom of the unemployment picture . Is april as bad as its going to get . Well, i think we are transitioning out, stuart. Youre right, we had that 3. 17 million number that we reported this morning which is just a very large number, more than 33 million have filed for unemployment over the last seven weeks and thats just hard to hear. We know it reflects a lot of individual hardship. That said, as you know, the 3. 17 million number this morning is the lowest its been in several weeks. We also know that in a lot of states, people are actually going back to work so things are very fluid right now. Stuart will a lot of people be tempted to stay at home because they are making more money staying home than they would if they went back to their previous jobs . Well, stuart, youre referring to the additional unemployment benefit made available under the cares act back in march, which the president signed. Its 600 a week. It was important to us to provide an extra measure of support to American Workers who are making this exceptional sacrifice. The concern you voiced, i do hear it, and a couple things on that. One, if you are on unemployment and given a chance to go back to your job, you should not be remaining on unemployment without a very good reason for not going back. Second, we are expecting the states to be mindful of that. You know, we lost a lot of jobs all at once, but well be regaining a lot of jobs all at once, too, as Large Companies reopen. States should keep an eye on that, be in touch with those employers and know that their workers are recalled and have the chance to go back to work. Obviously we want people on the job when that opportunity arises. Stuart there are some jobs that are not going to come back. Whole industries have been decimated by this. The number of jobs in those industries, im thinking of travel and leisure and entertainment, for example. Not all those jobs are going to come back. So are we looking at a rearrangement of large sectors of the labor market . I think there are going to be changes. Different segments of the economy undoubtedly are going to be affected differently. We will put our jobs report for april out tomorrow, as you said. Im going to look at health care. Going to be a lot of job losses in health care, surprising number for a lot of people. But we know that those jobs are all coming back, and more. So thats one industry. Travel, youre right, that will be slower but i do believe this. We came into this from a very strong foundation, as a result of the president s policies of tax cuts and reducing unnecessary government regulation. We have to keep those things in mind as we move forward because i think those policies will bring us back more quickly. Stuart tomorrow, we are likely to see im not going to make a prediction, im sure youre not, either but we are likely to see a jobless rate in the neighborhood of 15 . Would you project forward to the end of the year and tell us if we will still have a double digit Unemployment Rate by, say, december 31st . I wont guess at tomorrow or the end of the year, but what i will say is first, i think tomorrows job report will be maybe the most contingent, fluid job report we have ever seen because we know we are in transition, even as there are still job losses. There are now job gains going on in the 26 some states that are starting to reopen and i think the discipline that Business People and workers exercise now, including safety in the workplace, will be an important determi determineant of how quickly we are able to put jobs back as the year progresses. Stuart how do you explain the apparent difference between longtime democrat run states which are holding on to, you know, stayathome rules for a long time, versus largely republicanrun states which are opening up very quickly . There appears to be a political difference here in the rate at which states open up. Well, there are of course differences, too, in which states got hit hardest and some of the states on the coasts did feel hit hardest but look, different governors are taking different approaches. I was in arizona, i spoke to the governor there, who is reopening. Spoke to the governor of oklahoma yesterday, who is reopening. I think that the governors who are approaching this in a measured way but are prepared to reopen when the numbers indicate, are going to see benefits for the people in those states as they do so. Stuart quick comment, if you would, on the woman who ran a salon in dallas, opened up early, tore up the cease and desist order, refused to apologize to the judge and has gone to jail for seven days. Your comment, please . Not familiar with all the facts of the case, stuart. I think that it is important for two things to happen. For businesses, workers to take these Public Health precautions seriously but i think we do need our Public Officials to have some balance and proportion in how they respond to problems as they arise. Stuart do you work for the state department as a diplomat or sorry. Being facetious. I do apologize. I try to be diplomatic. Im at the labor department. Stuart i know. You are very good at it. Eugene scalia, secretary of labor, thanks for joining us. It is appreciated. Thank you very much. Programming note. Tomorrow, we will break down the unemployment numbers, very important numbers, with larry kudlow. He will appear on this show right after those numbers are released. Also, another quick programming note. Today, 1 00 eastern, neil cavuto hosts another America Works together town hall. Ken langone, Bernie Marcus are his guests. They founded home depot. Great guys. Still time to send in a question to investedinyo investedinyou foxbusiness. Com. Got that . Good. Rv sales, recreational vehicles, on the rise because we are all turning towards staycations. Doesnt that make a lot of sense in the era of the virus . We have the numbers for you. Rv sales up, numbers for you after this. Actually later in the show. Boeing, hit hard by the pandemic. Now listen to this. The market is contracting and we are looking for ways to ride through that, but its going to be a difficult journey. Stuart okay. That gentleman represents the plane manufacturers like boeing. Even if they Start Building planes again now, whos going to buy them . He joins us next. Our retiremena gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Shestaying connected yourd, way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Stuart you know, the airlines and the plane makers have been decimated by the virus. Now listen to what eric fanning, Aerospace Industries Association President , said to the senate. Roll tape. This is an industry that is an important economic driver for the country in many ways. It also is an important part of our global competitiveness. The market is contracting and were looking for ways to ride through that, but its going to be a difficult journey. Stuart okay. Eric fanning, the gentleman right there, joins us now. Eric, you can get them back to work, you can take all the safety precautions you like, and you can get back and you can produce planes, but whos going to buy them in this environment . Well, we heard the projections yesterday from the airlines. They are pretty bleak. But we expect that people will need to and want to get back into the air. Our job collectively is to show them what were doing to make air travel safe, what were already doing and what were going to do. Stuart what why are you so certain that people will want to come back and fly again . Well, the data shows it. The data, we polled people about travel both for work and for pleasure. Theres a strong desire to do so. There always has been. The obstacle is just how they feel about the safety in the time of this virus, and there are a number of things the airlines are doing that airports are doing and are going to need to do, and frankly, that manufacturers have already done. The majority of american airlines, planes flying in the United States, use hepa filtration system and that can mitigate the spread of the virus but it has to be a layered, collective effort on the part of the airlines, airports and manufacturers. We had a fellow witness yesterday, dean of the school of Public Health at the university of washington, who described it as a net. All the things that you do from sanitation to masks to filtration to help bring down the risk of air travel. Stuart okay. Eric fanning, thanks very much for appearing with us this morning. We wish you well. We hope people do get back in the air again and fly comfortably. Thank you. Okay. Okay. Coming up, we will look at the reopening of sports. Baseball and football in particular. Are we going to see fans back in the stadiums any time soon . Good question. Who better to ask than football legend joe namath and tikki barber. They are both coming up on this show. Well be back. I came across sofi and it was the best decision of my life. I feel cared about as a member. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden or extra fees. Sofi has brought me peace of mind. Stuart exactly 10 00 here in new york city. The markets open and rallying the dow is up 330. That is 1. 4 . 1 1 2 gain for the s p. 1. 4 gain for nasdaq. Lets leave it at this. Nasdaq in the green for 2020 across the board. Let me tell you now apple is up four bucks, google is up 16. Microsoft up 1. 71. So on down the line. Big tech is another winner today. Here we go latest read on mortgage rates. I live for this. Lauren. Is it a new low . Lauren no, but right near the old low. 3. 26 is the rate on a 30year fixed mortgage according to freddie mac. For five weeks in a row it has been very close to the alltime lows. 15 year popular refinancing option is 2. 73 . That did go down in the past week. Here is optimism. Last week, what freddie mac said not all people are able, because of the coronavirus to take advantage of these low rates. Now theyre saying this. That demand has increased and the reason demand has increased is because the economy is reopening. There is tons of technology that lets you view a home. And also were getting used to this stay at home thing, right . Stuart yes, actually we are. Were getting used to it. Lauren thats the truth. Stuart i poopooed those visual Virtual Tours of homes. I think it is a good entry part. You see the video, you can make a decision not to buy or sell it or see it in person. That is an obvious help. 3. 26 . 30year fixed. Fantastic. Lauren 3. 26. Stuart earlier we learned there were 3. 1 million new unenemployment claims. Eugene scalia, labor secretary, moments ago on this program addressed the jobless claims numbers. Roll tape. We lost a lot of jobs all at once but well be regaining a lot of jobs as companies and states reopen. Keep in touch with employers and workers are recalled. We want people on the job as that opportunity arises. Stuart that was moments ago on this program. Gary kaltbaum is with us. Gary, labor secretary says well come back strong on the jobs front. You agree with that . We will come back strong but i dont think well see vshape. I think there will be a lot of reassessment. Im sure 100 there are a lot of industries that will go back to the full capacity as they had because of this pandemic. I think world changed to a certain extent. Airlines, cruise lines, restaurants, sporting business. I dont know how we will see arenas with 20,000 people. Maybe down the road, but i think over next months and next couple years, i think capacity will be constrained. Stuart agree with you, there will be significant changes to variety of industry but not i think, to big tech. They are certainly clear winners. Certainly on the stock market. They are clear winners as they have been for years. Are you with me on this . Theyre still leading the market, right . All i own is big tech and there is a reason why. Their earnings held up best during this time. Stuart, not just big tech. It is tech itself. Right now software stocks, especially having to do with the cloud because of everything thats going on are en fuego to the upside. It is tech, it is internet. A lot of stay at home stuff, but leave no doubt, apple which i own, had an amazing number considering they shut a bunch of stores. Microsoft an amazing number considering, and i own that too and there is a bunch of others. As long as it lasts. I do want to mention that the nasdaq 100 is only down 6 from the alltime highs. Of the russell 2000 small caps are down 30 . So there is a major divergence going on. Im not sure how long it lasts. Things have to tighten up eventually. Stuart i keep hearing this. Its the cloud that is going to get even bigger in the future postvirus and it is big tech that dominates the cloud. Tell me why is the cloud so important. Explain it to somebody, a nontechnological kind of guy like myself, explain it for me. Any business that has to do with not having to be in the office and can be somewhere else, whether it is data, whether its people, that is what is working best. You know we talk about amazon and their sales of things. Theyre huge in the cloud business. Microsoft, just completely changed themselves. They still have, you know, what they have and they have Microsoft Teams now and all kinds. Theyre gargantuan in the cloud. I think that will only grow leaps and bounds going forward. If you look at the new yearly high list of the market today, there are 15, 20 small midcap cloud names at yearly highs, how long their sales growth are. I do believe that is a team for years to come. Im all over it right now. Hopefully it continues. Stuart if our viewers were to ask you which single one big tech name would you buy today, with would it be . Microsoft. When you have a situation like weve had and youre so big and still able to grow earnings in the 20s, sales in the teens, under what were seeing that means things are just darn strong and thats also right near alltime highs again. So i think thats number one. I think apple is in there also. I think facebook should be in there also. People love facebook regardless what things going on with them. I think you stick with them. Stuart i sold some of my microsoft but bought it back, some of it back. Good. Stuart you were right gary, youre always right. Gary kaltbaum, thank you very much indeed, sir. Appreciate it. I got a big winner, moderna. They have got news on their vaccine. Lauren. What is it . Lauren accelerated plans for a coronavirus cure. So the fda has approved that they can start phase two of their vaccine, a trial on humans for phase two soon. Then shortly after that were talking early summer, latestage phase three could begin. They have already jacked up their manufacturing process, hoping to get final fda approval that they will be able to manufacture this and distribute this vaccine as early as 2021. So not this year but theyre moving very fast in order to get it out there as quickly as possible. Stuart they all are actually. One company after another with a speeded up vaccine guy. Thanks, lauren. Wynn resorts, look casinos are closed. Theyre laying off workers. Seems to me they have got a really bleak future if they dont reopen soon. Do they have a plan to reopen, ashley . Ashley still under review, stu. That is the frustrating thing because youre absolutely right. The revenue for wynn in this last report down 42 . By the way the casino has been paying its employees, some 15,000, paying them salary and benefits, they will continue to do it that through the end of this month. They say they will spend 250 million on payroll even though they have been shut down as we know. The quicker they can get up and running the better. The revenue from the las vegas property down 20 . This was at the tail end of the First Quarter, if you remember when the shutdown came but in macau where they have operations there, that revenue was down 56 t was the height of the First Quarter. They have got to get open but it is still under review. Stuart okay, understood, got to get open, still under review but the stock is recovering very nicely, up nearly 2 today, back to 80 bucks a share on wynn resorts. Ashley remarkable. Stuart investors think they are on the way back. We brought you this one last hour. Lyft, stock is rupert, more riders last year despite the virus. Uber is out late this afternoon with their numbers. Susan lyft is rallying 20 . And things are not as bad as first feared in the first three months of this year. Lyft is getting a bit of a lift. Today. Were expecting numbers after the bell. Uber is different than lyft. They are more globalized player. They have different facets. Just announced they will invest 170 million in scooters, jump bikes. They have scooters, jump bikes, freight, autonomous food delivery. Some say because it is so global, actually operates in the asiapacific and middle east, those countries and those regions went through covid in the first three months of this year where lyft is more concentrated, pure play, only here in the u. S. And only in ridehailing. For uber they have to prove whether or not they can get to profitability at some point. They pulled their guidance for profitability outside of expenses to the end of this year. Lyft neither reaffirm or guided to profitability for next year. That is positive the fact they didnt pull the profitability guidance, right . Stuart what im seeing is dreadful unemployment numbers, dreadful economic numbers right now, but some clear winners because of the virus. Weve gone through quite a few of them. Susan 75 drop in rides is clear winner . There are overhangs. The fact it didnt fall off a cliff, they made more money and sales, pardon me, in first three months. They still made money and ridership was off. Stuart it wasnt really as bad as it could have been. They could have fallen off a cliff around they actually did it. The market reflects that. At that is why lyft susan look, they ipod at5 bucks. Uber at 45. Theyre well below offer prices. If i was somebody bought on first day of trade i still think i wouldnt be celebratory i would say. Stuart you got me. Moving on, jetblue, donating, what, 100,000 roundtrip flight vouchers toe health care workers, 10,000 of them going to workers in new york where jetblue is headquartered. The stock is up 4 1 2 . Hilton hotels their profits were down a whopping 89 last year. They only brought in 18 million in revenue. The stock is up a little bit. A buck higher at1. That is hilton for you. Happening now, nurses gathering outside of the white house. They are demanding the administration do more to protect Front Line Health Care workers. Any news from that, you will get it pronto right here. Coming up were about to talk about the future of sports. Games with no fans, really . Super bowl with no crowd . What about that . Football legend joe namath on that this program shortly. You will hear my take on joe biden. I said the democrats are stuck with a president ial candidate who finds it difficult to focus. That is not the democrats only problem. Theyre in a mess. President shifting his focus to reopening the economy. The left will focus on increasing cases will likely come. Were all over that story. This is the second hour of varney. Were just getting started. We cant keep our country closed down for years and have to do something. People want to go back. You will have a problem if you dont do it. If you dont reporter how close are we to a permanent problem if we dont reopen the country . I think people wont stand for it. I dont think our people will stand for it. Meet jim. For jim, comfort is king. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. Stuart the trump haters have tried everything to get him. Toe undermine his presidency, to remove him from office. None of it succeeded. And now were finding that the whole effort was bogus right from the beginning. Headline from fox. Russia probe transcripts show officials came up empty on collusion. Those documents are about to be released. They knew there was nothing there but they disrupted the Trump Presidency anyway. Congressman adam schiff is said to be in panic mode. He said he had, he said this, he had direct evidence of collusion. Documents will show he did not. He was just out to get the president and wouldnt let the truth stand in the way. It is adam schiff by the way who will lead the investigation of the president and his handling of the virus crisis. Are you kidding me . Then there is joe biden and the allegation of Sexual Assault. In the kavanaugh hearings democrats insisted that women be believed. Now when it is a democrat being accused, some are saying, so what . Biden would be a better president than trump. So well choose to accept his denial. There is a moral contortion if there ever was one. Biden insists he will choose a woman as his running mate. His choice will have to say i believe joe, i dont believe tara reade. That is a dilemma. In short the democrats are in a mess. Their best laid plans to remove the president are now revealed as nothing more than trump hatred run riot. And theyre stuck with a president ial candidate who finds it difficult to focus, broadcasts from his basement, and slowly twisting in the wind of a Sexual Assault allegation. Six months to the election and i repeat, it is democrats who are in a mess. Just think what this president could have achieved if the trump haters had been thrown out three years ago . Well now look at this. The latest poll from monmouth university. The president s Approval Rating has dropped to 42 . Come in ronna mcdaniel, rnc chair. How do we explain this . Look im saying the democrats were in a mess. I think you would agree with that, what about this poll, his Approval Rating is declining . Well, youre going to see lots of different polls. You saw gallup with a poll with his rating at the highest. Im going to tell you, stuart, the president is not focused on polls right now. He is focused on the lives of American People andly hood of the American People. That is all he thinks about today. Were in the middle of this crisis. We want to see it through. We want to get ppe as the president has done, getting private sector engaged. Not a Single Person who needs a ventilator into the have one. Democrat governors saying we have everything we need from the federal government. This is the true test of a leader and President Trump is stepping up to the plate. Stuart are people reacting to the president s style, his persona, his language . Is there a chance there, they maybe prefer someone else who wasnt quite so contentious . There is always that possibility here . Well you saw that town hall this week on fox. I think it was a phenomenal opportunity for the president to address the American People, not in a room of contentious reporters trying to push batch of questions. This is time where we need to come together in a crisis and our president is leading the way. Youve seen him this week on abc talk about the love he has for the families who suffered. I know that he feels this. I know that every day he wakes up thinking about our country and the people who are suffering, not just from their health standpoint but from the economic standpoint. Stuart how is he going to react to the following, yes, were opening up the economy, as fast as we can, as fast as is safe to do so but we are going to see a rise in cases . The left and media is going to say, what youre doing, mr. President is costing lives, what is his response . Well weve seen this from the last since he taken the presidency as you laid out very succinctly. They have been against him from day one, even when he closed, made that critical decision to close travel from china, they called him xenophobic and racist. People like joe biden it was absolutely the right decision. He talked about the importance of flattening the curve. He put a very detailed plan together, phase one, phase two, phase three, to open the economy and put it in the hands of governors. As the states see the curve flatten they need to start opening up. In my state of michigan, theyre laying off, laying off 2400 health care workers. Were laying off people who work at hospitals. We have to figure out a way to balance flattening the curve and bringing people back to work. Stuart got it. Ronna mcdaniel, thanks as always for joining us. We appreciate you being here. Thanks, ronna. Zoom, you know the videoconferencing people, theyre adding, wait for it, a former trump advisor to the team. Susan what is the significance of adding a trump advisor. Susan security is a big problem for zoom. They embarked on a 90day security plan, the first of ape. Zoom bombing also a lot of hacking has taken place on zoom video calls. That is why they want to protect their business, given close to 300 million now, daily meeting participants use zoom. That is a big number from 10 million at the end of last year. Not only hired the White House National security advisor, h. R. Mcmaster, they also hired a lobby group, info Tech Security council, former head, and facebook former security advisor. They are bulking up. It is clear security is their main secure. They bought a startup in new york focused on security. For a company nobody heard of at the end of the last year to be in the average zeitgeist of americans is pretty incredible, isnt it. Stuart when i heard there is a trump advisor going to zoom. I thought there was political element. Youre right. It is not. It is security. Susan security. Stuart i get that. Their stock is at 160, zoom communications. Big gain today. The pandemic slamming budweiser sales. I think, lauren, this is pretty obvious because you drink bud in bars primarily, bars are closed. Aint that right . Lauren 1 3 of beer is drank offpremise, right, whether at a concert or a bar. That is a onethird of volume for inbev, is closed. That is a negative for the company. The other thing affecting them, the Second Quarter will be a lot worse than the First Quarter and First Quarter was not good. Worldwide volume in april down 32 . Did you know ab inbev, corona is one of their brands. I think maybe onemarketing is a problem here. People say were faced with a pandemic, there is zero relation, maybe though dont want to buy corona beer . Stuart maybe so. I dont know what that connection would be and i wont speculate. Bud does to the come back with the beer sales until bars reopen and concerts are on and summertime and allowed to drink beer outdoors. Thank you very much. Check that market, holding on to the gain, up 280 as we speak for the dow, that would be 1. 2 , similar gain for the s p. Up 1. 1 for the nasdaq. Costco, sales actually fell in april, first time weve seen that in 10 years. People werent buying gas. That is a big part of their business. They werent buying gas. Down go sales. Costcos stock down 2 bucks 306. Etsy sales doubled thanks to homemade facemasks. They sold a lot of them. Peloton, big winner for the virus. People surged in ordering these bikes and workouts at home. Look at the stock go. It was up 13 . It had been up 20 . Im sure they take a 5dollar gain at 43. People nan marcus officially filed for bankruptcy. That news crossed wires. They expect to emerge from bankruptcy in early fall but theyre gone for now. Congresswoman aoc says it is her partys responsibility, to quote, create the conditions for a general strike. We have what she said and a libertarian will react. That will be kennedy by the way. Joe namath coming up. Looks like no fans in the stands. Well get a football season starting in september. What does joe think about that . Well be back. Heres the thing about managing multiple clouds for your business. When youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. Many of lifes moments in thare being put on hold. Are staying at home, 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. Stuart that song, by the way, earth wind and fire is september. Well tell you why were playing it, talk about september. Maybe were getting some football in september. Look at that sixth avenue middle of the morning, empty. How about that . That tells a story. Bottom right hand of your screen the dow up 300 points as we speak. Solid gain across the board. Lots of green today on the stock market. Lets get to sports, Major League Baseball coming up with a plan to start the season. They say the best scenario would be to start in july. Todd piro is with us. Todd, take me through two sports, please, first of all, baseball. What is the plan to get it back . Go ahead. Reporter absolutely. First, it is never a bad idea to play earth wind and fire, to the piped about baseball, july start playing. Mlb will announce they are playing within the next week. The way it would work, in midjune, teams resume spring training to get their legs under them. They started spring training in february. Midmarch it was cut short because of coronavirus. The plan would be couple weeks in spring training, july, early july, they would start gains. There are three scenarios as for where. We heard about the arizona bubble scenario. That is where all the teams would play in arizona. There is the multiple city scenario where, places that havent been hit too badly by coronavirus would be the home stadiums for these. The one that is really taking up steam right now, is having teams play in their normal stadiums, simply because a lot of players didnt want to be away from their families in a foreign city for that long. Then there is the nfl. You played september. Schedule is going to come out today, stuart. Were all very excited about that, the nfl schedule released later on today. Games scheduled to start on september 10th. However nfl Commish Roger Goodell said look, we built in a lot of contingencies to the schedule. When you await today, find out who the team will be playing it is always about the matchups. This year its a little bit different, youre more excited to see contingencies built into the schedule. Who knows if september will be ultimately if we start. Stuart were looking at maybe baseball, july, maybe, football, football september. That is at least the plan as we speak. Todd piro, youre shaking your head, i want some firm months here. Reporter fingers crossed, stuart. Stuart look who is here now. Joe namath, the man himself, author of, all the way. Joe, always good to see you. You got your football outfit, looks like you do . Yes, sir, stuart, i sure do. We have football memories for me, man, going back up to the connecticut days. Stuart yes, when i served you as a waiter in connecticut, you remember . You remember. That is cool. No fans will be in the stands, but it looks like one way or another we get some football in september. How do you feel about no fans in the stands . We like them there. Would rather have them there of course but you know safety is the main factor here. And, it is not going to work until we get a handle on this covid situation but the Football Players themselves, i, we got to see safety in the locker rooms too. You know, how tight can they be in the locker rooms until we get a handle on this virus we dont know. Stuart but you really are gungho to play . There is no holding back here . I can see those players must be chomping at the bit to get out there to play some football . The players will play regardless. Theyre playing for their fans. Theyre playing for themselves. Theyre keen, they want to compete and, we in the society in general, you know, we miss seeing the nba, we miss seeing baseball, man. It is football, it is good for our a len adrenaline, our health to get fired up now and then. I pulling for football season. It might start late. It might start later in college too. If we get a handle how to do it, keep players and coaches safe too, because that is close quarters as well, being in the stands. Stuart im not a gambling guy but i would put money that says, we get a football season of some sort starting in september. I think you will agree with me, right . I can only hope, yes. I hope so. So many people are influenced out here in the United States as im saying, it is a lift, it is a lift for some people. With the Television Marketing it can be done as long as we get the players, coaches, staffs and all to be protected too because they work in close quarters, man. Stuart joe, when you have been on the program before youve been very honest about your private life, your personal life. Youve told us about some of the problems you had with drinking. I wonder if you would just reach out to those people who may have had a drinking problem before the virus hit and now it is really hurting them because theyre locking down at home. What do you have to say to them . Well, we all need help. You are not in this alone. What youre going through, please, share it with someone. Get some help. If you think you cant, you wont do it, you know what im saying . You think youre tied into something, youre addicted to something, think bigger. Think more outside of just you, you know . People love you. You have love. You can beat this thing, you can beat the addiction, whatever it is, with help. With guidance, with some reinforcement, man. So please, share it with somebody what youre going through. Stuart this is why joe namath is perhaps the most popular guest on Varney Company in the entire history of the program. Youre an honest man and good man, joe and everybody thinks that. Great to have you back. Thank you, stuart. Always a treat with you, buddy. Stuart gave me a big tip. That was really cool too. Joe namath, everybody, we like him. Well see him again. Thank you, joe. See you soon. By the way, our Sports Coverage continues neck hour with that man right there, tiki barber. How does he feel a nfl comeback maybe with no fans. Well ask him about that one. A owner after bike shop that bikes are flying offtheshelf because of virus lockdown. He says watch out, they have a supply problem, because theyre selling so many. The pandemic is driving recreational vehicles sales, rv sales, going straight up. People want to get out to he can more the great country this summer, is it the summer of the staycation with an rv . We have the guy from Thor Industries on the program. Meet jim. 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Well, that investment can give you taxfree cash just when you need it. Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be a part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. So you can. Retire better. On the road again, cant wait to get on the road again stuart good choice of music i would say because were about to talk about rv sales. We show you some rvs right there, recreational vehicles, we played the music and theyre selling well we are told. Why dont we bring in the man, lets bring in jeff flock. What have you got to tell me about rv sales . Youre standing right there. Doing okay . Reporter i love Willie Nelson for one i got to tell you this is an rv about to go off the lot. Were at campland rv in indiana. They just bought this one. They look pretty excited about it. And, the thing is, even though shipments have been down, stuart, as you might guess, if you look at the numbers on shipments, in march, from the manufacturers to places like this, way down, now, huge amount of interest. Pam augustine runs campland rv, you are seeing people calling. Im socially distanced with my microphone to be clear. Customers, actually, were feeling a groundswell of customers, texting, coming in. Were running and open but doing business a little bit different with social distancing, not letting people run through the lot. But yeah, were seeing a lot of interest. Reporter typically how you do it. The think about it, stuart, this is the perfect environment. You dont have to go to a hotel. You go somewhere, you taking your hotel with you and this is just, you know, this is a mediumsized rv but you have your own bathroom, your own bedroom, you dont have to deal with any other people . Yes in this case people are picking up a toy hauler, taking toys, motorcycles i would guess. Yes, your own facility. It goes where you go. Nobody else is in it. Campgrounds, youre distanced by nature after campground, youre not on top of each other so it is perfect. Reporter speaking of country, we heard Willie Nelson earlier, Miranda Lambert just tweeted she purchased an airstream, one of those silver ones that are kind of cool. She will take that out on the road, until she starts playing again, she typically runs in a tour bus. But she and her husband will go out on the road and they want to see america. People are not flying to europe this summer. Theyre not flying much of anywhere. A lot of them, you know, out here this way. Have you got enough stock by the way . We showed numbers on shipments. Have you enough . Yes we do. We had been stocked up before march, before all this really hit. Our order factories are back up and running may 4th. We didnt carnes sell any orders. They have started to stream back in like they always have. Reporter leave you, stuart with a look inside the rv, the couple taking delivery on it today, multiple deliveries throughout the day today. Well be here all day on the Fox Business Network showing you america getting out on the the road again. Stuart on the road again. Thank you very much, jeff flock. Reporter cant wait. Stuart i never thought i would be a booster for recreational vehicle industry. I think they got it made at this precise point of time. Lets bring in robert martin, ceo of Thor Industries, a leading recreational maker. He is sitting in one, one of his own vehicles right now. Robert, you got it made, everything is going for you at this point. You tell me please, how much are your sales up . Well, initially theyre down because of all the closures. So going into this year we had tremendous momentum in january and february and around march 16th, 15th, that is when the mandates came down. We had to shut down most of our facilities. Suns then every week has gotten a little better. I was talking even this morning, just like, people that you interviewed, there are people coming out as state shutins are lifted. Theyre coming out every week and interest is growing, looking yearoveryear, the orders are telling us theyre right about where they were last year, some are exceeding. It is different by state. Indiana is pretty open. Florida, texas, very strong. But california, michigan, where some of the shutinlaws are a little bit more difficult it is harder for them to actually get out and buy one but overall, were seeing just, great positives for our industry, for our lifestyle, because that, as you said, people arent really flying to europe. They wont be cruising much. We offer this lifestyle that people will, have their own restroom. They have their own kitchen. They have their own bath. Stuart wait a second, you left something out of the equation, something near and dear to my heart, very cheap gas. Now a lot of your rvs, they guzzle the gas but if youre only paying a buck 70 for the gas it doesnt hit you so badly. That should be part of your sales pitch, sir. Its true. Gas for us, people typically just dont go as far, even when it spikes it is not that big of a factor but, i think when i was in michigan the other day it was under a dollar. So certain states, you can see, in the psyche, theyre filling up their car, they simply have more cash. And it does translate into a big motor home like im sitting in. It is a lot less to fill up at pump. Stuart one last run, robert, if i may, have you ramped up production fullscale or have you just partially reopened . We started a, a scheduled opening on monday. We started opening several of our companies on monday. Parts, for safety, just, this is new for us. We wanted to make sure that we were doing it cautiously, with social distancing. Our employees are wearing masks. They have hand sanitizer. This, is new normal for us. So we did start monday. We will have more opening next week and, as demand comes back well be back to full production as soon as possible. But we do, we are doing it in structured way so it is safe. I was at several factories monday and tuesday. People were happy to come back to work. We didnt know what that would be. But there were smiles. They missed their earnings congratulations robert. I have got to leave you but your stock is up 5. 25 . I think that has something to do with you got it made. Robert martin, Thor Industries. Robert, appreciate it. Big update from the governor of texas for you and this involves that jailed salon owner. Whats the governor, Governor Abbott saying now, ashley . Ashley yes, Governor Greg Abbott of texas he will no longer allow confinement as punishment for violating his covid19 executive orders. In other words you cant be thrown in jail. Too much. Part of what he said right here, he says throwing texans in jail who have had their businesses shut down through no fault of their own is nonsensical says the governor. I will not allow it to happen. And stu, this order is retroactive to april 2nd which would supersede that order that put the salon owner, Shelley Luther in jail. Saying it was more important to feed her kids than to obey the order or apologize. In other words, you cant go to jail just because youre trying to get your business back open and running. Stuart trying to feed your kids. Ashley, good stuff. Holding on to the gain. Dow still up close to 300 points. That is 1. 25 . We told you about rv sales, about, theyre doing well. How are travel agencies surviving when nobodys really traveling, certainly not overseas . Well find out in a moment. Want to brain better . Unlike ordinary memory supplements neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. Memory, focus, accuracy, learning, and concentration. Try neuriva for 30 days and see the difference. Stuart stock market rallies, almost 24,000 on the dow, led by big tech companies. Apple at 302. Google up nine bucks. Facebook at 209. Microsoft is up. This market is led by big tech because they will come out of virus problem looking pretty good, and they have not been injured by it during the lockdown. Doing well. Travel industry, industry decimated by the pandemic. Well bring in core recollect pronunciation . Durocvich. Stuart i will call you lynnette. Fine with me. Stuart you run a travel agency, no one is traveling. This summer people will not take vacations to europe or vacations period. How will you survive . I have to admit it is a tough one. Weve seen our sales go from 150 Airline Ticket as week to down to march 5th. Weve had five tickets. Stuart whoa. Youre really, are you close to going out of business . Im i dont think were close to going out of business because in the travel industry where your value is in your client base that you built up. And we have been in business for 23 years. So we have quite a good client base. I would say, go ahead. Stuart i just, if i were you, if i was trying to run a travel agency, im not, if i were you, i would stress there are bargains all over the place. I can take cheap trips. Give me a deal, give me a bargain . Well, right now if you look at the european market, it is a lot of the Smaller Airlines that are offering good deals. They are combining with the big airlines, so you make, might take a big airline, united, delta, lufthansa over the water, and then connect with a Smaller Airline to get into the country you want and those are the airlines that are really offering the good deals. Stuart tell me the deal. Tell me a good deal. Well, for last Minute Travel i just saw a ticket my husband sold 900, to 1000, to and from europe. Stuart oh. I thought it was cheaper than that actually. Werent they offering cheaper flights earlier . It depends on what season youre traveling. This was last minute for the environment that were in right now, which is not so bad. But yes, you are going to see some of those 600, 700dollar fares as we move into the next few months. Stuart okay. Well, i hope some people book their flights because we would hate to see you go out of business, we hate to see you under pressure through no fault of your own. Lynnette, thank you for joining us. We appreciate it. Stay in business, please. Thanks, stuart. Stuart were following the market. Were going to explain why we have a stock market rally when we got the absolutely worst Economic News in 100 years. Or just about. Well explain it to you. Plus, you have my take on the Business Owners forced to revolt against the lockdown rules because they got to stay in business. They want to eat. Theyre even protesting in california, can you believe that . Well be back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. 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Money reserve is releasing official Gold American eagle coins at cost. For the incredible price shown on your screen. These governmentissued gold coins are official us legal tender made from solid gold mined right here in america and fully backed by the United States government for their gold weight purity and content. Do not delay, call now to purchase your Gold American eagles for the amazing price shown on your screen. Gold is now on sale at prices unseen in years and this year could be one of the greatest gold buying opportunities of all time. Call now while vault inventory remains. As one of the largest us gold coin distributors in the country. Us money reserve has proudly served hundreds of thousands of clients worldwide. Dont wait another minute, call now to purchase 1 10 ounce Gold American eagles for the amazing price shown on your screen. Stuart almost 11 00 here on the east coast. Were about ten seconds shy of that. But weve got a rally on our hands, green across the board. Lost a little bit of the steam from the dow but still up 255, thats 1 . Same with the nasdaq, up 1 . The s p is up 1. 1 . Big day for earnings. We are watching some big names. Gopro, live nation, uber, they all report after the close of trading this afternoon. Watch them for you on this network. Also happening today, six states easing lockdown restrictions. In hawaii, many retail businesses, clothing, electronic stores, for example, they can reopen. In montana, some schools have the option of returning to classrooms. In michigan, allowing construction and real estate activities. The reopening giving some hope after a very grim jobless report earlier this morning. More than three Million People filed firsttime unemployment claims last week. Heres what labor secretary Eugene Scalia told us about tomorrows really big jobs report. Roll tape. We came into this from a very strong foundation. As a result of the president s policies of tax cuts and reducing unnecessary government regulation. I think tomorrows job report will be maybe the most contingent, fluid job report we have ever seen because we know were in transition, even as there are still job losses, there are now job gains going on. Stuart i think he meant this is a transition period and we are at the low for the unemployment picture as we speak. By the way, that was Eugene Scalia on this program earlier today. Heather zumarraga is with us this morning. Heather, youve got to explain to our viewers and answer a question which i always get. Youve got terrible economic numbers. Just appalling economic numbers. But look at that. You got a very solid stock market rally on your hands. Explain to our viewers, please. Yeah. Heres what im looking at. The duration of the virus is much more important than the magnitude. That would explain why youre seeing a big up day in the stock market, up 262. I guess its all relative lately, triple digit moves on the dow isnt necessarily a big day. But its because this, as horrific as the jobs data was, another three million plus americans filing for unemployment this week, its largely expected and discounted in the marketplace and the market is looking forward to reopening the economy in four to six weeks from now. Thats why youre seeing the market kind of shrug its shoulders at such a horrific number. Stuart we have also got, what is it, 6 trillion or 7 trillion getting into the economy one way or another. So the question stands, we are at 23,900 on the dow now, can this rally continue in the immediate future . Well, i think in the immediate future, youre seeing a disconnect between the stock market and the economy. If you look back to 2009, the market bottomed in march 2009 long before the economy which was later in june or july that summer. I do think that the market can go higher but as we reopen, you have to factor in the fact that the consumer may be slower than anticipated, people may still not go out. Youre looking at uber laying off 2700 workers. That means millenials arent going out and they are the most likely age, most likely demographic age group to go out and spend. If were not seeing millenials go out, then you might see the stock market go back down. I dont think we will see a retest of those lows, the full wshaped recovery, if you like, but i dont think we will see a v, either, without heading lower as we reopen the economy just to allow for, you know, maybe some disappointment. Its not going to be perfect. But the optimistic side is that we are going to reopen. Stuart now, i think, this is an opinion of mine, i think that big tech is leading the market higher now, just as it led the market higher before the crackdown and the virus hit us. Am i on to something here . Big tech is the place to be, it seems like. Yes, absolutely. If you look at the indices, especially the s p 500, technology is the clear winner. If you were fortunate enough to work from home right now, you are using technology. So as companies adapt, you are seeing Tech Communications and health care dominate about half of the s p 500. Thats why there also is a disconnect between the markets and the economy, because the markets are reflective, especially the s p 500, of those sectors that are doing very well despite this horrific pandemic. Stuart now, i look at microsoft, apple, google, i look at amazon, i look at netflix, facebook, i have listed six huge, major league big tech companies. Do you have a favorite . If you were an investor, would you give advice to our viewers now, of those six companies, which one would you pick . Look, i think as an investor you stick with the big pharma and Technology Sector as a whole. Look, if you are home right now, who is hiring . Im not quite sure if facebook and google are hiring but i know amazon is hiring. You look at the companies that are hiring, honeywell, for example, 500 workers in arizona, where they are making masks. Those that are able to adapt like Brooks Brothers who is making masks, or Louis Vuitton retailer, as horrific as that sector is, they are making hand sanitizer. So the companies that are able to adapt and thrive during such horrific times, those are the ones where you want to put your money. Stuart all right. We will take it. Heather zumarraga, thanks for being with us. See you soon. Thanks very much. All right. Our own susan li spoke exclusively with the chief operating officer of apple. What did he say about the economy . Susan look, to get the economy reopened once again, that really depends on testing and containing coronavirus and thats pretty much what apple is trying to do right now and doing their part in helping control the spread of coronavirus. Just announced they are investing 10 million into this test kit maker in california, hoping to develop test kits, getting it up to a million a week by july. They are also sourcing 30 million face masks and shipping 10 million face shields, one that i have here, you know, ishield as i call it since its made by apple but also, what they are doing, they are using their Manufacturing Fund, that 5 billion Manufacturing Fund in order to fund a lot of these projects, including that 10 million investment. I spoke to apples c. O. O. And asked him given that we heard President Trump quote tim cook in a lot of those Task Force Meetings saying theres going to be a vshaped recovery, is apple still at s optimistic . Listen. I am optimistic. As you look around, you see the resilience of the people working through this challenging time and when i take a look inside of apple, i couldnt be more encouraged. During last quarter, we, even though these are challenging times, we launched three new products and i feel great about the economy in the long haul. Its just a matter of getting from here to there. Susan also, we have production up and running around the world in terms of all their suppliers, they say, not only in china which is back up to full capacity at the end of march but look, apple has a lot of cash. They actually reported better sales than some had forecast in the first three months of this year, and they are sounding optimistic for the back half as well. When i pressed him in terms of device launches, of course hes not going to give me any indication as to what they might launch but it sounds like hes hopeful we will get something before christmas and as analysts say, as long as they launch something before the allimportant holiday season, not many people are that bearish that things are collapsing at apple. Stuart really could be one extraordinary holiday selling season this time around, because of pentup demand after this virus attack. I think the high on apple was 330, is that right . Susan we are back above 300 and we also launched a debt sale yesterday, 8. 5 billion but thats how they bring cash back onshore in order to fund the stock buybacks and giving back in dividends. Thats whats helping to lift the stock price. Stuart stock buyback really really helps when you are talking tens of billions of your own stock, for sure. All right. Ive got a positive for you. We keep talking about when will we bring back sports and Live Entertainment and crowds and whathave you. Well, live nation is bringing back its first concert. I believe its for may 15th. But they are going to have a lot of new rules, i take it . Lauren may 15th in arkansas. Country rock star travis mccready. Okay. Are you ready . Would you go to a concert where you have to sit in a pod six feet apart, that pod holds 2 to 12 people . 20 capacity. So a maximum of 229 people watching the concert. You have to wear a face mask. You get your temperature checked. They have fog sprayers that disinfect the stadium. If you want to go to the bathroom, the lines going to be long. They are only allowing ten people in at a time. If you buy something to eat, or drink, maybe a beer, prepackaged and look, its an experiment. What does a coronavirus concert look like. Live nation does report their earnings today. They will address all of this. Specifically, when you can get bands touring again, what happens if there is a setback and we have to stayathome once again and then you have to cancel that tour or have a concert with different rules in different cities . Stuart i understand its going to be difficult to get crowds back anywhere. I understand that. But its a start. May 15th is an early start, by the looks of it, and the precautions theyre taking with these pods and all the other restrictions, looks like they are going to try their utmost to keep people safe and virusfree. I think its a great move. I think its a very positive move. Lauren for people who do not like crowds, this is awesome, right . Space out. Go ahead. You can actually hear the concert. Stuart am i right in saying it will be years before we see another mosh pit . Is that accurate . Lauren oh, i think tons of people are craving for one right now but you are right, stuart. Stuart 60 years ago, i might have done it but not now. Thanks, lauren. Look at amazon. Im sure its up. Yes, it is up. Only six bucks, okay. Senators have sent a letter to jeff bezos about retaliation against whistleblowers. Susan . Susan nine senators including many that were across the democratic 2020 hopeful stage in the past few months, and that includes elizabeth warren, cory booker, Kamala Harris and kirsten gillibrand, they are asking for more answers to their questions to amazon Ceo Jeff Bezos about why four whistleblowers, those that actually staged and orchestrated the walkouts in recent years, why they were fired, including the one that was staged recently in staten island, new york and last year on prime day in minnesota which i was at asally. Dont forget, bezos has been asked to testify in front of the House Judiciary Committee and this is in regards to that wall street journal report and that investigative piece about whether or not amazons abusing its place as the Largest Online marketplace in america but then also taking the data from these independent sellers to better make their own private label goods. But in this case, looks like the senators simply reacting remember to that Amazon Web Services vp that wrote that blistering blog post where he says that amazon mistreats its workers and he will neither serve nor drink the poison by working at amazon . Stuart yeah, i remember that. I remember i was reporting that. Now im seeing the far left in the senate go after amazon. Its kind of expected, i think, really. Lets see. All right. Paypal reported a drop in profits but their business is trending up for april and may. Thats why the stock is up 13 . Okay. Big deal. Etsy, they reported a lower net income than wall street had been opening for. The stock is down 2. 5 . Tesla, here we go again, theres always news on tesla. A new report says they are preparing to reopen partially their california plant in fremont. They are trying to open it again. No impact on the stock whatsoever. Its down 77 cents. Thats nothing. Big event tonight in the sports world. The nfl reveals its schedule for the 2020 season. But with social distancing rules, of course. Will fans be allowed to go . Probably not. We will find out. We will ask former new york giants running back tiki barber about all of this. Hes on the show later this hour. We heard from joe biden sorry. Joe biden is attacking the wealthy. College students pushing conservative speakers off campus. Have the democrats gone too far on their morality crusade . Dan henninger says the democrats have no right to the moral high ground. Hes on the show today. Aoc says its time for a general strike in the middle of a pandemic. Thats what she says. What does the one and only kennedy think of that . She joins us next. Its a challenging market. Edward jones is well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. Which is why when it comes to his dentures only new poligrip cushion and comfort will do. The first and only formula with adaptagrip cushioning technology. Choose new poligrip cushion and comfort. 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. 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. Stuart as of right now, Vice President pence visiting a rehab and Health Care Center in virginia. Hes delivering a shipment of personal protective gear provided by fema. This centers had several patients and workers test positive for the virus. Thats what weve got going. I dont believe, however, the president have is wearing a mask. Nope. He is not. Now this. Americas getting restless. Its not 1776 but revolt is breaking out all over. Simply put, when the authorities insist that businesses stay closed, some are opening up. The defiance and its spreading to some rather unlikely places. For example, northern california, hardly trumpfriendly country. No, its deep blue coastal elite kind of place. But in the napa area, several businesses have reopened. They include an art gallery which had 60 people come through on monday when it illegally reopened. The authorities are weighing options on what to do about it. What are they going to do . Force them to close and go bankrupt . You going to do that . Maybe that judge in texas is having second thoughts about sending Shelly Luther to jail for seven days because she opened her salon and refused to apologize for doing it. A gofundme account for her raised 500,000 in 24 hours. She will be a virus infected she will be in that jail, virus infected jail, on mothers day. She is the poster child for revolt. Memorial days coming. Are the authorities going to bankrupt all those summer businesses . If they cant open, theyre done. Governors have a difficult challenge. Look at new jersey. The car dealers, on the show yesterday, the car dealers want to reopen by appointment, wearing masks, keeping distance. The governor said no, cant do that. How do you justify that . In fact, governor murphy has extended the lockdown to june 5th. In new york, Governor Cuomo says 66 of virus cases are in people who have obeyed the rules. They stayed home. What . They still got it . It begs the question, what extra risk do new yorkers really take if they keep distance, wear a mask and for example, get a haircut, by appointment . Wheres the extra risk in that . Defiance can only gather momentum. As the president says, we have to get our country open again and you are going to have a problem if you dont do it. Now, let me take a second here. I want to update the salon owner jailed in texas. Governor abbott just modified his executive order to eliminate jail time as a punishment for people who violate the rules. He says quote, throwing texans in jail who have had their businesses shut down through no fault of their own is nonsenseical and i will not allow it to happen. Governor, youre all right. Kennedy is with us, host of kennedy the show. Im foaming at the mouth. How about you . Kennedy i feel your pain. So do a lot of people. Theres only so much tolerance to have your entire life completely shuttered and its cruel, because we get these stayathome orders that are extended, you know, two weeks at a time, so you get this false sense of hope that two weeks from now or a week from now, we are going to be able to get back to some slice of normalcy and then they just completely put the brakes on and you look at new york city here, it has been totally mismanaged and the mayor here has thrown a bunch of Homeless People into the ground, into the subway, to let them fester heartlessly while other people who would be very happy to employ a little bit of personal responsibility and obey the rules and use social distancing and use masks and use their good sense, they are not allowed to operate and gather, so there are certain places where bars are only doing takeout so people are taking out drinks and standing on the sidewalk six feet apart from each other because its spring. Here and everywhere else in the northern hemisphere. And we are programmed to want to go out and commune at least somewhat. I know its modified. I know you have to be responsible. But we need something. Stuart yes. I sense a growing revolt. Thats perhaps not the best word to use but i sense growing defiance. Im going to do this. The good weathers coming, i am going to get outside, i am going to visit that store, i am going to play golf. I just sense enormous defiance thats building. Am i out of line here . Am i going too far . Because thats what i sense. Thats what i feel. Kennedy people dont want to get sick, they dont want to get their loved ones sick, particularly those who have preexisting conditions, compromised immune systems, the elderly, diabetics. I was reading the people with vitamin d deficiency may be at greater risk for this. So no one wants to get anyone sick but they are thinking to themselves if im surfing and you know, im ten feet away from the closest person next to me, or if im golfing, and im with one other person in a golf cart whom i know and trust, i should be able to do those things. If i want to go get my nails done, i should be able to lizzo it right into a nail salon and look super sexy but i cant do that. Freedom is sexiness. Its being tampered down right now and thats unfair. Stuart careful, kennedy. Youre on dangerous ground right there. You know it. You know it. Kennedy, you know whats coming. Listen to aoc. Got a new idea for the masses. Listen to this. Roll tape, please. A lot of people saying you know, call for a general strike, call for a general strike. The majority of americans dont know what a general strike is and so our responsibility is to talk about it, expand consciousness about it and to actually create the conditions. Stuart okay, expand your consciousness. What have you got to say . Kennedy i expand my consciousness every day and i realize that shutting down the entire system and giving in to the irrational structuralism, this repugnant communism, is the worst possible idea. It sends the economy into stasis. We need to have a dynamic economy. That is one of the greatest gifts that the world has ever opened and that is the gift of free market capitalism. We should be unashamed to give that gift to one another and thats all people want to do. They want to earn money, they want to spend money, they want to secure their future and for gods sake, they just want their kids to get back to school and sports and normal lives. Stuart yes. Exactly. I can see youre on a roll. Hold that thought. Hold that emotion for a second, kennedy. We will come back to you in a second. I will turn to lauren. I want to ask this question. Whats this about the simpsons predicting years ago whats going on now . Tell me. Lauren i want you to watch this 1993 episode that predicted not only the coronavirus pandemic but also the murder hornets from asia. Watch. Why, the only cure is bed rest. Anything i give you would only be a placebo. Where do we get these placebos . Maybe theres some on this truck. Im cured i mean, ouch lauren the simpsons doctor, the cure was bed rest which is the equivalent of this stayathome order that we are all under right now. Stuart okay. Come back, kennedy. What have you got to say about that, the simpsons . Kennedy i think the placebo is white cloth. Hopefully we will all be just fine. The show has been on for 30 years. They are going to predict something. I bet you could go back and look at young and restless that has been on for probably 50 years and you could see the exact same thing. But the simplesosons is so cl and brilliant. Its that kind of levity that will allow us to embrace the absurd aspects of this and commune in distance with laughter. Stuart that clip was funny. Plain and simple, it was funny. Kennedy, youre all right. See you again soon. See you later. Thank you. Today is the national day of prayer but with lockdowns keeping churches and temples closed, the faithful are forced to go digital. We will tell you about the Virtual Events that are happening today. As Vice President joe biden mocked wealthy americans, thats when he was Vice President , over and over he did it, it was a kind of he kind of got involved in a moral crusade. But it turns out he is now worth about 9 million. So that talking point might not stick anymore. Our next guest says its time for biden to rethink his strategy. Well be right back. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Stuart holding on to the rally. Actually, going further up to the upside. We are up 328 points, better than 1. 33 . Spirit airlines in talks with airbus, the european plane makers, to defer deliveries. They dont need the planes. The stock is down 13 . Got it. Jetblue. They may have to delay the launch of their london service. No big deal. The stock is up 40 cents but that is 5 because jetblues stock is depressed all the way down to 8 a share. But look at peloton. They have hit an alltime high. They raised their revenue forecast because they signed up more than one million new riders just since march. They will do well in the future. The stock is up 13 . Now this. Someone who comes in contact with the president has tested positive for the virus, ashley . Am i reading that right . Ashley you are. Its a valet of the president who works apparently on the white house campus. We had this statement from the white house saying that we were recently notified by the white house medical unit that a member of the United States military who works on the white house campus tested positive. The president and Vice President says the statement have since tested negative for the virus and they remain in great health. Just a reminder that, you know, people, you can pick up this virus and you have to keep testing. Stuart yes, exactly. Got to keep testing. Ash, thanks very much indeed. News just broke. Thats why i was a little confused at the opening there. All right. This is thursday. That means Dan Henninger is with us, wall street journal deputy editorial page editor. Dan, youve got this new piece, joe biden and the moralizers. You say progressives invented moral superiority as a political weapon and they have exhausted it. Make your case, dan. Sounds good. Hi, there. Thank you, stuart. Well, yes, of course we have been reading other than the coronavirus, the big story of the past few weeks has been tara reades Sexual Assault accusations against joe biden. And its been fascinating to me to see how the tables have been turned. I mean, this is fundamentally a moral accusation. But you know as well as i do, stuart, that for years, nearly 100 years, the Democratic Left has used morality as a weapon against conservatives and republicans. Its not merely that they disagree with conservative ideas, but they say they are morally reprehensible. What is the biggest such political weapon they have ever used . The idea that capitalism is immoral, right . Franklin Delano Roosevelt used to rail against the ismails and barack obama constantly gave speeches about the wealthiest and the 1 . Just this week, Chuck Schumer disagreeing with Mitch Mcconnell over giving liability to companies, says republicans are helping big ceos rather than the worker. You know, bernie sanders, we lost count of how many times he described capitalism as a moral outrage. Of course, they use this tactic against Brett Kavanaugh when he was being nominated to the Supreme Court when it became connected to really nothing. It was an evidencefree accusation. Now the tables been turned. Its being used against joe biden and you know what, stuart, i think this whole idea of using morality as a political weapon the way the left has been using it, people have gone numb. They dont even respond to it. If they do respond, as they have been to the joe biden accusation, its with a sense of who cares. Its a complete kind of cynicism and callousness toward the whole argument they have been making here. Stuart yet thats all theyve got. If you look at the upcoming election, all theyve got is to attempt to stand on the moral high ground and cast aspersions at the morality of their opponents, including youre just for the rich. Thats all it is. I think youre right. I think its run its course. I think we are numb to this because we have seen it so often. Yeah. And you know, its kind of a factor of modern media, lets admit that, issues like this come up, they get repeated over and over. The left, Networks Like cnn, for sure, they just keep repeating the same thing and they actually drain the energy out of their own argument and its kind of sad in a way. I mean, we dont want an electorate or republic that has become completely callous and cynical about issues involving real morality but this isnt real morality, stuart. This is moralism. This is using morality as a cheap political weapon. I really do, i mean, kind of being hopeful here but i think its running its course as a weapon that has been used forever against conservatives and republicans. Stuart i have heard it all my life. All my life. Im older than you. Dan, thanks very much for joining us. We always appreciate it. See you soon. All right. Good to be with you. Stuart i will show you the white house where, in just a few hours, the president and first lady meet with the texas governor, that would be greg abbott. Ashley, they have new rules for opening salons and gyms in texas. We are very interested in how things look when they reopen this kind of institution. Have you got any idea how things look and what the rules are . Ashley i do and its interesting. Kind of an eyeopener as to what life will be like as we try to get back at least to partial normalcy. Lets take a look at the salons. Texas rules, you should screen customers and employees. Thats number one. Employees must wear masks. Walkins have to wait outside. I find it interesting, if you had to walk in, you have to wait outside or sit in your car, and someone will signal you that they are ready to do your, you know, do your hair or whatever they are going to do. Look at the gyms. Of course, equipment has to be six feet apart. Customers must wear gloves. Thats understandable. And the common areas must be cleaned regularly which you would expect. One other thing, by the way, on the salons. The advice to Business Owners is, this is interesting, remove the magazines in the lobbies and waiting areas. Thats just a little interesting nugget that i thought just shows how things have changed. Stuart i mean, isnt that a sign of how things change. No magazine. Get rid of them. Cant read them anymore. Okay. Thanks, ashley. Check that market. Not quite the high of the day but pretty close. Up 344 for the dow. Up 121 for the nasdaq. Up 42 for the s p. That is a rally this thursday morning. Activision blizzard posted a huge earnings gain today. They are planning for a big 2020. The virus kept people at home. They are playing games, obviously. The stock doesnt reflect that particularly. Down actually 19 cents. Nintendo, their game animal crossings helping to boost sales of their switch consoles. Thats up 2. 5 . We have been saying this for weeks. The weather is getting warmer, people want to get out there and a lot of us, not me, but a lot of people are dusting off their bikes. Or buying new ones. We have a bike shop owner with us. His business is absolutely booming. We will tell you how good it is. Here it is. The new york giants sharing their game schedule for the season. But whats missing is the dates. The full nfl schedule comes out tonight. Tiki barber will join us in a moment. He will preview the season for us. Need help like never before and wells fargo employees are finding ways to do our part. 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The players will play regardless. I mean, theyre playing for their fans, theyre playing for themselves, theyre keen, they want to compete. Im pulling for football season to start. It might start late. It might start a little bit later in college, too, but if we can get a handle on how to do it and keep the players and coaches safe, too, because thats close quarters as well as being in the stand. Stuart got to love that guy, joe namath. Look whos here now, tiki barber, alltime great running back for the giants. Okay, tiki, answer me this one, if you can. When do you think we will actually see a Football Game in a stadium with fans in the stadium . Well, i think we might see it on time if we are if you are listening to the National Football league. The question is, will we be watching it on television or will we be in the stadium, which is unlikely unless you look at the dolphins, who have a plan to have people socially distance only about 15,000 of 60,000 allowed in the stadium and pewlike entrances like youre in church. You go in one layer at a time. But they are trying to find contingencies. The schedule comes out tonight. Its going to be really interesting to see how they match it up because some people are saying that youre going to see interconference play early, just in case they have to cancel the early part of the season. So anything can happen but its why we are going to watch this in prime time like its a live sporting event. Stuart exactly. Can you give us any kind of hint about what we might see on that schedule . I know you are an inside kind of guy. Yeah, a little bit inside. The only thing i can guarantee is that the kansas city chiefs, who are defending super bowl champions, will be playing the first night of the season which is usually a thursday night game. But its so hard to tell right now, stuart. The reality is anything that comes out, we are going to be excited about because we are missing sport. We are missing engagement. We are missing debate and seeing people succeed and or fail and come back from those things. So as soon as the schedule comes out, i think a lot of fans are going to be excited. Stuart well, wont the chiefs lose Home Field Advantage if theres no fans . A lot of it. One of the hardest places to play is out in arrowhead, the faithful out there are loud, they start tailgating at like 6 00 in the morning and by the time game time rolls around, it is a hostile environment. Out in century link with the seattle seahawks, they also have a big advantage. New york does as whell when the teams are good. Youre absolutely right, its going to be odd for sure. We are almost certain fans arent going to be allowed for the early part, if not the entirety of the season, and its going to be quiet. Its going to be a lot of internal motivation to get guys to play at the same level that you have when you go to, say, philadelphia and its a hostile environment. Stuart wouldnt be bad if they put some sound effects. Watching on television with no fans, defense, defense, to have somebody doing that on the sidelines . You know whats funny . They actually do that at practice. A lot of teams have these massive stereo systems and they pump noise so you just get used to it. We might actually see that in realtime come the regular season. Stuart im pretty sure im right the players really want to play, because they dont get paid. Thats an inducement, isnt it . Stuart, thats exactly it. Its the bottom line. Obviously, the league is contracted to its broadcast partners to put out a product. So not only do the players want to play to get paid, the owners want to play so they can also get paid, fulfill these contracts which is in the order of billions of dollars. We have seen the league grow over and over and over every single year. This year, though, we did get some i guess bad news. The International Series which are in london and two games in london this year and one in mexico city, have already been canceled. Those will be back stateside. Its a bummer for the uk fans who have gotten used to seeing american football on that side of the pond. That will come back and its obviously necessary to keep everybody safe and the logistics of it are probably very hard to figure out in the short term. Stuart now, you were ia runnin back. We have been through this before. You know whats coming. You were a running back. You were a guy who ran fast. You got to be tough because you take a lot of hits and youve got to hold on to the ball. I understand there were a couple fumbles in your career but im not getting into that. Not going to get into that. But back in your playing days, could you run 100 yards in 12 seconds . I dont know if i could have done it in 12. Not with pads on. I used to run track, stuart. When i was younger, i could have easily done it. After i got big and strong and muscular, 12 seconds, probably not. Stuart what about now . No pads, just get out there and run 100 yards. What could you do . I dont know. I could probably do it as quickly as i used to. I started running a lot. I have run 13 marathons at this point. In fact, right before the pandemic hit, i was going to tokyo to run the tokyo marathon so im in good shape. I just dont know if i still have all that fast twitch muscle that allowed me to have big plays while i was playing. Stuart you are good. Tiki barber, who knew . Who knew these things . I didnt. Mr. Barber, that was a pleasure. We hope you come back soon, okay . Appreciate you, stuart. Stuart yes, sir. Thanks very much indeed. Before we go further, look at the bottom righthand corner of the screen. New high of the day. The dow is straight up 400 points as we speak. A similar gain for the s p in percentage terms and for the nasdaq, we just crossed 9,000. The nasdaq is now positive for the year. Now this. Happening today, President Trump delivers remarks at the national day of prayer ceremony this morning. Lauren, you are watching this. Its a virtual event, surely. Lauren it is virtual and it will be more popular than ever, because people need prayer and are turning to prayer right now, as churches and houses of worship are closed and we are dealing with death and job losses. The president and first lady at 4 00 today will make remarks at the rose garden and then tonight, between 8 00 and 10 00 p. M. , there will be a livestreamed event and one of the cohosts is Billy Grahams grandson, will graham. Thats whats going on on the annual day of prayer. Stuart gigantic audience for that, im sure. Thanks very much, lauren. Now we move to bike riding. Its been on the decline for years but all of a sudden, sales are booming. Local shops, can they keep up with the surge . We will find out after this. 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. Stuart we are told that bikes are flying off the shelves at stores all round the country. Why dont we bring in jonathan minx, the owner of johnny rock bike in the minnesota area. Sir, tell me how much are your sales up . Thanks for having me on the show today. Our sales are up in new bikes by probably 50 or more so far this year. Stuart thats so far this calendar year, 2020, youre up 50 . Okay. Explain that. Why . Well, the boom is cycling was on the decline, i would say, for probably the past two years. With the coronavirus and being one of the few things that you can actually do and come out and go cycling, everybodys wanting to get on a bike. We have families coming in, dads are looking for a bike to go riding with their kids, moms are looking for a bike to go riding with their kids, and theyre looking for bikes for their kids. Everybody is tired of being at home and they want to get out and get some exercise. Stuart now, as i understand it, most bikes are made in china or the component parts, most of them, made in china. Youve got a boom in sales. Do you have a supply chain problem . Well, there is a shortage across the country. If you go to most of your bike shops, your Department Store bikes, the lesser expensive bikes, sub 300, those are going to be all sold out. If you get to your local bike shop, you are probably going to have a better chance at your local bike shop, the smaller shops, to get a bike thats under 600 to 700. You may get lucky and get one of those but those are the hottest bikes in the industry right now, is that sub 600 price point which is really affordable for the everyday average family. Stuart okay. Look, if i walk into your store, are you open, by the way . Is your store open . It is, right . We are open. I have two stores. I opened my second store march 1st. One store were doing curbside service, where we will bring the bikes out and show them to you. The new stores a little bit bigger and airier so we are letting a family in here and there and working with them in the store, practicing social distancing. Stuart and your sales are still up 50 this year. Thats terrific. Sir, jonathan minks, thanks for joining us. We really appreciate it. Congratulations. You are a virus winner, if i may say so. Forgive me for saying that. But you are. Jonathan, thanks very much indeed. All right. More varney after this. 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. Test test. Thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. 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. 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Money reserve is one of the most dependable gold distributors in america. Robinwithout 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. Stuart big guests on deck on this network for you today, 1 00, that is about an hour away, neil has America Works together, the virtual town hall with special guests Bernie Marcus, ken langone, big deal right there. Tomorrow, larry kudlow joins us here on Varney Company. He will be on with us first, 9 00, reacting to those breaking jobs numbers. Before we leave you, got to tell you this, you may see the dreadful economic numbers and we did. Lots of new people signing up for Unemployment Benefits. Maybe an Unemployment Rate of 15 . None theless with the economy in the tank, we have a roping rally for the stock market. Why . Investors see the recovery coming. They rather like the trillions pumped into the economy by the fed. Im done. Neil, it is yours. Neil youre right, as you were saying sometime ago, the markets long past going day by day economic numbers. Theyre moving past that. Theyre moving on to the light they see at the en. Tunnel. Well see. Stuart, a lot going on here. What is happening out of new york, encouraging developments were getting from andrew cuomo, the governor from new york. The latest one with hospitalizations. I sound like a dog with a bone on that. That is forward indicator. Hospitalizations are stablizing. They came in 8600 on may 6th, down substantially from