Transcripts For FBC Making Money With Charles Payne 20240712

The pain. He is here along with senator mike braun. China is firing back as the cold war between the two countries heat up but i continue to ask this one question. Is this big business silence same thing as collaborating with the enemy . Will big business join the fight . We have blockbuster panel to weigh in that. All and much more on making money. [. Charles its a down day for the markets which was not overdue, not sparking any real alarm. The rebound moved from erasing 20 20s losses to try to distance the fastest bear market in the history, now to the point where you want to broaden out winners if we are to keep this rally going. There are sufficient reasons for concern and near term valuation, coronavirus, long term growing debt and u. S. President ial elections but i got to tell you the s p and nasdaq higher for the year. The question will the dow join them soon . I have Fitzgerald Group principle, keith fitzgerald, David Nicholas and point view Wealth Management david dietze. I want to look at the megacap stocks that kind of set the tone for today. Microsoft and tesla did not get a big lift after earnings. We can quibble about the cloud growth in microsoft or earnings with tessa i think both will come back. Mike, where are you today as the stocks set the tone for the stock market . I think Quality Matters than quantity. I am focused on big megacap names. Microsoft, for example, im loading heavy. This is bet on digitizing your life five to 10 years from now. Tesla is still a great play. That is very volatile. I dont want to touch that one right now. Charles microsofts azure business, 47 growth. First time under 50 . Is that raising any red flags with you . Obviously if youre still buying you think that is temporary move. I think its a temporary move. If we look at the big picture this is not about this technology, that technology, windows, anything else. This is about your life, how that life gets digitized five to 10 years from now. That is the real battle. Charles nicholas, David Nicholas, i hear youre not as enthusiastic about these megacap names. The run over . I love microsoft. I agree with keith, im not selling my microsoft anytime soon but i think it is more about resetting expectations. I dont expect megacaps to rally the first half of the year. Well not see that in my opinion the second half of the year. It doesnt mean sell. Keith said it correctly. Why are we owning names. We own the names because theyre quality and certainty in a time of uncertainty. I like my megacaps, but lets hold them and be realistic with the expectation what is they will do throughout the rest of the year. Charles david dietze, it is not just the megacap names. Im looking at names i missed. I see them pulling back a bit and i start getting my pencil out. With respect to megacap and broaden out technology. Buy the dip only worked the last 10 years. Will it keep working . Quite frankly, charles, history suggests no. Generally value beats growth. They had a great decade. That is only happened 7 of all the rolling 10year periods. With that outperformance by growth, value takes the lead the next 10 years. From now to yearend, sure, megacap tech. But at some point the baton is going to pass. As we get past the coronavirus, economy gets on firmerill look e laggards and so forth. It they will look at more value names. There will be less interest in what worked during the pandemic. Charles all right. Im going to come back to you later in the segment for some of those names. 16 straight weeks of declines with initial jobless claims, folks. We saw in fact higher than expected climb. We knew the numbers were going to go up. Seems the market may be somewhat dispirited from that and report from treasury secretary mnuchin, that the administration, Republican Leaders are looking for extension of unemployment benefits, enhanced unemployment benefits. They want something in with like, keep them levered at 70 of wages. That would mean a gigantic haircut for a lot of people in e market. Go back to you, david dietze, on this. How important we get a stimulus bill, but particularly get money into the hands of consumers . Would a haircut at that big hurt the recovery . I think it is critical a bill gets passed. Of course the focus has been heightened when we saw blip up in new claims for unemployment benefit. Weig income cliff for a large segment this month. Something has to happen. Charles so 600 though, the 600 it will be so important to keep this going until we get a vaccine in hand. Charles okay. So 600, David Nicholas, at 600 bucks, we know that is too much work. Sense that people will i think zero is going to be too little. Where is the median that will be acceptable to keep the economy going and that the market will applaud . Yeah. Charles. We dont want disincentives to work. So i think is finding Something Like 70 wage replacement ratio. This is more like a national disaster. This is something outside the economy affecting this well need some lifesupport. We dont disincentivize work. I think were seeing that. If we get some type of percentage of wayne replacement well see a more reaicaround ins going forward. Charles all right. Write it down. Im saying it will be 300 to 400 even though the republicans have drawn a le in the sand. Hey, the s p 500 just joining us in this last week. Nasdaq going positive for the year. B;all eyes on the Dow Jones Industrial average. We know the granddaddy of all the major indices. Nicholas, youre the chart master. What is the chart telling you . Can the dow get into the plus column this year . Yeah it can. Only 10 of dow stocks are positive for the year. We nee 1500 points on the dow. What will get us there . Bottom 20 get us there . Or top 10 . I think it will be the top 10. Unless you have names like disney, jpmorgan, some names ickinghavent seen recovery, up, it will be the top 10 stocks that get us there. My bet on them. That will get us positive for the year. Charles keith fitzgerald, i keep saying look at boeing. It doesnt have to power and oomph it did for years. It is Still Critical name. Think boeing needs to be north of 200 before dow gets to plus column. I share that sentiment. That 737 max news is not helping. With the stuff heating up with china, they make critical platforms our mility use even if we dont have a conflict and i hope we dont. Charles right. They have a ton of military contracts. The stock was up to 186 recently but they keep fumbling. Talk about investment themes that occurredince the pandemic began because they continue to go on, right . Particularly in the Consumer Discretionary area. Were seeing changes of things there. Car dealer, autonation, they reported their best quarter ever. Homebuilder pulte homes saw new orders and backlogs significantly above consensus. Itt homebuilder index alltime high. Keith you talked earlier about making some changes. I think the pandemic has introduced new names or old names probably should not be in peoples portfolios. I agree with that sentiment. That is a great way to put it. It has reduced companies we thought we knew a lot about. For example, autonation is great one. Pulte is great one. Also the essential, what im calling the earnings basics. That is costco and wmart. Both giving amazon a run for its money. I will prefer the former rather than the latter. Charles david, you just kind of kicked the mega stocks to the curb. Said go back to value. The market is trying to agree with you. What do you like here . Companies that dominate their space. The one i want to highlight this afternoon, charles, tyson foods. The stock was 95 earlier this year. Now it is 60. I think they do much better than expected in earnings. They are the Market Leader in pork and chicken. That is not something tech is making irrelevant. We have the problem with the production lines. Well get past that. Charles right. Of course the company should earn close to 6 next year. 10 times, 10 times earnings for a Market Leader. That looks good to me, charles. Charles you know what . I think im feeling tyson foods. I bought it for the reasons you describe. Ive been so frust left, david , anything on the value side you like here . I like financials. I think from quality of Balance Sheet play, for me the recovery uay is financials. I also like disney. My family is itching to get back to the theme parks. My girls are. Me not so much. I like disney and jpmorgan. Two specific plays i like. Charles david, david, keith. That is more of a Brokerage Firm name than a law firm. I like that. David, david and keith, thee of the best. Thank you very much. Folks, Small Businesses are the bedrock of our economy. We talk about that all the time and they have been rocked by covid19. Now there is growing bipartisan support for a bill to provide ppp forgiveness for them. Could this actually happen . Well talk to one ever the authors, senator kevin cramer. He is up next china trying to intimidate the United States with its latest warning but corporations here at home are still more than able to play nice with beijing. What will it take for them to join the fight . This is a cold war. We need their help. Well be right back [indistinct radio chatter] mom come on, hurry up all systems go . Mission Control 5 4 3 2. An o audi etron. The next frontier of eleric. Get audi at your door Remote Services through participating dealers. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Charles new data from yelp shows more than half of americas restaurants are closed for good but those numbers may not be as nearly as bad as they let on. Kristina partsinevelos joins us live from manhattan to kristina. Reporter charles, we know restaurants have suffered am lockdowns, capacity restrictions, reclosury have had to close their doors for good or temporarily like this see on. Sign, forced to close but there are new figures from a yelp report that are painting a dire picture for the restaurant industry. It is important we need to to sy may not be reflective of the entire industry. The report goes on to say that over half of the restaurants out there that will be shut permanently due to the pandemic, but that report only reflects those restaurants using the app, roughly about 26,000 restaurants. It goes for a catchy headline too. We reached out to the National Restaurant association. They said right now only 3 of restaurants closed permanently. Their survey reflects 850,000 restaurants across the country. Doesnt matter how big a restaurant is, how long it has been around, docks is a institution, it has been around since 1897. A lot of businessmen and politicians frequent this location which is why we showed it t doesnt matter, covid cov s hi the r charl cesha, cha ,000 r,0es00ta ruresantatsantsto for afor a simeimeue don cases s nowew kwe khattta arpeting atitng ang aer very, vn ins ainndin reallyll tryin tgryo in profit andt at customers it is an a uph bat b back tbackck you. Y ouarles kristin thank y very much. Republican Budget Committee member, kevin cramer north dakota joins me. You have a ppp bill, that is gaining bipartisan support that could help struggling restaurants. Tell us about the bill and update us on the status. Thanks for the opportunity, charles. Youre right on point. Restaurants are perfect example of the type of Small Business that utilized the paycheck protection program. Remember when we designed ppp to be largely forgiven if you use the money to keep your workforce intact, whether you could stay open or were going to close, we still wanted you to have the employer and employee to be connected. Although that we had the perverse incentive for people not to work which we can talk about as well if you like. Charles right. Remembering that the whole plan was to haveost of it forgiven. Well i just was getting frustrated with the length of the bureaucracy, timeline of the bureaucracy. Sba has yet to come up with a forgiveness application, a portal, any guidance whatsoever. What if we make it simple to pass a law that find as threshold where under that thresh hold it almost certainly will be forgiven . We came up with 150,000, remembering the ppp you can borrow up to 10 million as a Small Business but at 150,000 or less, that represents 85 of the 4. 9 million loans put only represents of the 26 of the amount borrowed. What that tells you, 132 billion of the 561, 571 billion that was lent. Charles right. We one page attestation that you sign you spent the money the way you were going to, mainly to keep your payroll intact. That one page will serve as the application and the application will be automatically honored. That doesnt remove you from obligation or, you know responsibility but it would save the lender 500 per loan. It saves the borrower 2,000 per loan in compliance costs. Think of the bureaucracy it saves. The bureaucracy can focus on the top 15 which makes up the other 74 of the money. Charles and to that point, i already heard some nightmarish stories about folks who attempted to get forgiveness. They said seven challenges of hercules look like childs play but on this notion, particularly restaurants, so many states it is open, closed back down, every time that happens, restrictions, specifically on restaurants and bars, is there anything that can be done with respect to the monies that remain in the ppp fund, to really zero in on these businesses, that only need maybe another 100 grand, another 150,000. Not big chains that found a way around the system. Each franchise found a loan. Were beyond. That were back to the point trying to save businesses. I think this helps a lot. It removes anxiety from a business wants to pay it back. What about saving those that are living moment to moment. You touched on i think the bullseye. There is still 130 left in the ppp program. Which tells me we pretty much exhausted under existing rules demand for the money. We repurpose the 130 billion, add more, target exactly what youre talking about. The business that can dem strat, obviously dem stratrevenue loss, who still need a little bit after bridge to be alive at the end of this when the demand comes back because i believe it will. People love their restaurants. I love my restaurants. You can only do curbside so long. Charles yeah. We love, we love our restaurants. I got less than a minute, but i do have to ask, since youre from one of the bigger Oil Producing states, im reading a headline from investors business daily yesterday, is the american shale boom over . Im reading these over and over. Fracking miracle. Oil has come back, many stay it is too little too late. Is it . Remember this, the shale play is still in play. That regardless whatever is happening in the headlines the oil islways there. When that demand comes back i think the shale play will be just fine. Now its a tough time, dont get me wrong, even a at these prices it is still pretty low. When demand comes back the innovators will still innovate. Domestic oil is best. Light sweet crude is the very best of the best, charles. Remember, oil man knows better than anybody the cycles of oil charts. This is not unusual. Ut it is note. All that unusual. Every time somebody predicts their demise, they will fool them and they will come back. Charles yeah. I think we heard peak oil in 1960s the first time. Youre absolutely right senator, thank you very much. We appreciate the efforts youre doing for Small Businesses. Thanks for coming on the show. My pleasure. Thanks for the opportunity, charles. Charles meanwhile folks, were seeing a an acceleration in losses. All major indices at the lows of the day of the nasdaq on track for the worst session since june 11th. Well go over theoves throughout the hour. Big american businesses continue to cozy up to china if they want to fat their bottom lines. Is there ever a time to put patriotism over profits . Biotech sector has been on fire. Well look at the hottest names besides the vaccines stocks you keep hearing about. Well be right back i wondered. Could another come around the corner . Or could it play out differently . I wanted to help protect myself. My doctor recommended eliquis. Eliquis is proven to treat and help prevent almost 98 percent of patients on eliquis didnt experience another. And eliquis has significantly less major bleeding than the standard treatment. Eliquis is fdaapproved and has both. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily and it may take longer than usual for bleeding to stop. Seek immedr sudden signs of b, like unusual bruising. 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Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Charles secretary of state mike pompeo set to deliver a policy speech later today on china and futuref the free world after saying that the u. S. Said, quote, clear expectations for how the Chinese Communist party is going to be bach. As we hear more about chinas actions against the u. S. , stealing of intellectual property and more, the question should businesses have more responsibility to look past profits and take some action in this fight . I want to bring in federated investors phil orlando, wall street journal opinion writer Jillian Melchior and economist peter morici. Jillian, let me go to you first on the human rights abuses you talked about more than anybody else and spent considerable time there the world is awakened to the things you warned about a long time ago. Weve seen images, videos people getting on trains, ominous images. So the world knows about it, are you satisfied with how the world is fighting back against it . I think there is much more we can be doing right now. You talked about the businesses, one of the things that horrified me, zoom, videoconferencing platform working with the Chinese Government to shut down Tianamen Square activists who wanted to talk about the june 4 anniversary. They ended up saying they shouldnt have done that. This is part of a pattern. Amers being coerced by the Chinese Government. In this case a tianamen activist based in the United States. They deserve a lot more accountability for that. A good start, is antiboycott legislation, the type that the u. S. Used in the 1970s. Charles on that note, phil orlando, youre bun the guys i think about with social investing. It sounds great. There are not any rules. Oil companies are esg compliant for some reason, some arent. The notion well do something in this nation where it is not only about profits, when does wall street apply that to businesses, american businesses doing business in china are perhaps using slave labor, looking the other way, that arent as activists. They are activists here but in china theyre not activist. Part of the issue, you used the word patriotic which is a good word but part of the issue were looking at with regard to the crisis were dealing with here is bringing our supply chain back to the United States and these are some of the issues. Are they using child labor . They stealing our intellectual property . Are they doing some things that frankly we wouldnt do here in the United States . And, there is a profit motive there as well as patriotic mode and doing the right thing as far as esg per speck sieve. Those issues companies are weighing and trying to do the right thing. Charles peter morici, on the economics of it, tied worlds number one and number two economies. Both Nations Building up ton of debt. Both nations want a global influence. China would love to supersede us with the worlds reserve currency and have the most influence in the wtorld. How do you see this battle working out . Well my feeling is we have to be a lot tougher on china. For example, regarding hong kong, we dont want to just sanction individuals in the main land that have been responsible for this. We want to sake shun companies that make uniform] and guns and whatever else, apparatus of suppvssion in hong kong. And their banks. You know, if we were sanctioning the chinese banks and cutting them out of the Payment System and so forth it, would be a lot easier for President Trump alphu have to behave like an American Company in china. If we were throwing tiktok out on its ear and turned around and throw out, you know, or whatever, then, it is even. Y they have this market. They have theirs. My feeling is we are, that the sanctions this administration has been willing to impose have been very weak and inadequate. Charles so you like to see stronger stuff. Jillian, i want to get back to you on that notion then. Starbucks, news out today, starbucks, enhancing the relationship with alibaba. We know they want to grow in china. Everybody wants access to that market. Theyre very activist company in this country. They turned their baristas into activists whether they want to be or not. Theyre writing things on cups. Making customers uncomfortable. Theyre aggressive i vein. So theyre aggressive here but theyre not aggressive there they have to tread lightly. That is a company i feel like that puts either theyre hypocrites or putting profits before human rights. Forget about patriotism, human rights, shouldnt they take a stronger stance no. It is pure hip poke chrissie. I would like is on American Consumers to say companies, you cant do this. Look the National Security legislation in hong kong. What the Chinese Government is saying twitter, google, these companies, if requested, hand over your data and also censor you say. This is not about hong kongers, this is foreigners, talking about americans. I think americans should be much more assertive what we expect of our companies. Were seeing surge of activism around u. S. Issues. China niece human rights is the threat today. I think chinas threat to american rights is the threat for tomorrow. We need to be a lot more concern about it and a lot more aware what is happening. We have to leave it there phil, sorry i couldnt get back to you. Three great guests. Firm phil orlando, peter morici and Jillian Melchior. Thank you. Charles plus will the democrats get on board . Well be right back now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. 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Republicans seemed to be on the same page. Where do we go from here . I think this will go right up to the beginning of the next recess, in the sense that i think there is a more disagreement, not only on the top line amount but how we might migrate more towards where the democrats are looking to spend in general. If you stick at a trillion, help those most in need at the low end of the pay scale, dislocated, from the jobs with the great economy we had precovid. If you look at businesses we had not done before, all that would add up less than a trillion. Youre looking in our own conference, find willingness, many of us, all of us, to help most in need, businesses that may be overlooked. When it starts to get into doing a lot more stuff and moving the number up, i think going to cause squirming among even republicans. So, where this is going to end up i guess it will be more than a trillion will be my guess. Charles yeah. But one trillion and 3. 4 trillion is a pretty big gulf. You can put 20 football fields between mitch mccll nancy pelosi, who by the way is saying that maybe you guys have to come up with someo0 sort of a temporary plan at least for the unemployment benefits. Lets talk there. That is a major bone of contention. Yeah. Charles we know 600 is a major disincentive, by the same token does the Republican Party want to be responsible for that ending, and it will start ending very soon for americans, just after many wall street firms have said that is one of the reasons we saw this amazing recovery because of all that extra cash . Well, i think it also needs to be noted that everything were doing, were borrowing every penny of it. For some of us, that gives us a little heartburn but youre right. My background is in economics. When you pull that kind of income out of the economy, and when you tank the productive assets by having shutdowns that were done in one size fits all, youre going to have those consequences but i think we also, going forward, need to take a little mitigated risk to where we try tolet back safely, to where we were precovid and how long you want to replace the productive economy with borrowed money through the federal government, i think thats got some tradeoffs as well. I think the more enterprising we are, recognizing the peculiarities of this disease but trying to be entrepreneurial and get back to where the productive economy is not being replaced by the federal government were going to be better off and i think the disease is showing us that it is maybe plateauing and will just fetter out over time but you cant even take that for granted. It from hereknow how much more when were now 26 trillion in debt. Charles but you agree that some money has to be shoveled out . You also acknowledge that there is a serious ticking clock here on the direct checks. Will, could they stillwill olde . People married to noncitizens get it . Less than a minute ago, i do want yeah, hey, listen, it is what it is, right . We are in a state of emergency. People worried in the stock market that maybe the normal d. , gamesmanship becomes a stumbling block . Well we dont want that. We need to cut through to see who is really in need, what businesses wereverlooked. Many of the smallest ones on main street, where i come from, need another round of ppp. We need to make that flexible. I just wonder how much you need for the higher echelons of income levels and larger businesses . Where does that end in terms of feathering out the federal government and at financially as a federal government. Charles right. Senator braun, some tough questions. The clock is ticking. We appreciate you taking time and youre absolutely right, its we have to think about now and the future. Thank you, sir. You bet. Thank you. Charles all right. So folks were near the lows of the session. I dont think this is any sort of panic selling. In fact i think it is just folks who have been wanting to take profits either for the last couple days or even last couple weeks. The reason i want to just underscore that, look at the biggest losers for today. Thor industries, rv maker. This stock was going nowhere in january. It is still up even with todays losses 50 for the year. Citric systems, number one loser on the s p today, up 35 at this moment for the year. Most succel restaurant out there, getting all their business from the digital platform, it is still up 34 for the year. Apple still up 26 for the year. I think this is mostly selling begets selling. I dont think there is any major panic. All eyes on the vaccines and vaccine stocks in the race to stop the pandemic. Many names have been on fire and gone unnoticed. Where you might want to cash in as the biotech move conhtinues. As they come out of the shadows of hightech. Well be right; back i wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. In a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Experience amazing 49i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Charles the u. S. Government hoping the covid19 vaccine will cost the same as cost for a flu shot, part of a deal set with pfizer and German Company biontech. These are big names in the vaccine field that have been amazing investments. Who has the edge . Joining me barbara ryan from barbara rya advisors. Thank you so much. Stocks have takenut with this a off. So is it too early to decide which of these flames might end up being the winner in this vaccine race and who will benefit the most . It is tough to say that. Clearly as you mentioned you have pfizer and partner biontech. Astrazeneca and their partner. Obviously [inaudible]. All these companies will pursue it. I would call the record timelines being thrown out there which may or may not turn out to be true. I think there is a lot of things we dont know, more things we dont know than we do know. As we talk about biontech in the past it has been on fire. One a recognition that this industry will lead us out of the pandemic, protect us with therapeutics and vaccines. Ultimately those things will critical. Economy to reopen. Normally in election season we would expect a lot of rhetoric around pricing. That is not happening. Probably is not likely to happen. Recently had to rebalance in russell index and health care, largest increase in representation. Outperformance were seeing is probably going tonueor time. Charles right. We had 32 new approvals. We had some great launches despite the challenges of covid. Charles so lets talk about some of these names outside of covid, because the ibp index is phenomenal up 18 . A lot of individual winners there. Lets talk, are there some realu that have nothing to do with covid but everything to do with improving our lives and our health . Wl you got a couple companies out there i mentioned had great launches. One was bio haven. Anotheall those exceededxpects despite what everyone was worried what would derail biotech stocks are safest for most to play the indexes because it is too hard to the about on them. Charles okay. I would say that Biotech Sector hasm raised 22 billionn the Second Quarter alone this year. These companies have tremendous staying power and will drive a lot of value inflection points with this money. This is unprecedented in the last decade t has broken all records. The industry is very healthy. It has fundamental underpinning. We have nih throwing money at more accurate tests and athome is a live vitesse. Charles i love the space. Thermofisher just blew away their numbers. Co wasvid191. 3 biion to them. These diagnostic stocks look absolutely phenomenal. Do you like the longterm prospects there because i think theyre fantastic . Absolutely, absolutely. Another thing, im not a expert in diagnostics could be said, there is village, there is a collective initiative globally to facilitate innovation and that will bleed into other innovations away from covid. No question. Charles right. Barbara ryan. You helped us a lot through all of this and these names he done very well. We appreciate your time. My pleasure. Thanks for having me. Charles all right, folks. The market is trading lower as we head into the final hour of trading. But there is always money to be made and coming up how to do so even with covid19. There is some interesting nuances happening in the market is picking it up. I have a guest who has got more on this. Well be right back. Youre good to go, maam. I hope so. This is my passion. If i can take of everyone who is sick out there, i would do it in a heartbeat. If i can take of everyone who is sick out there, about medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. toelp pay for some of what medicare doesnt. Learn how an aarp Medicare Supplement insurance plan, insured by United Healthcare Insurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . Well, these are the only Medicare Supplement plans endorsed by aarp and thats because they meet aarps high standards of quality and service. Youre also getting the great features that any Medicare Supplement plan provides. For example, with any Medicare Supplement plan you may choose any doctor or hospital that accepts medicare patients. You can even visit a specialist. With this type of plan, there are no networks or referrals needed. Also, a Medicare Supplement plan goes with you when you travel anywhere in the u. S. A free decision guide will provide a breakdown of aarp Medicare Supplement plans, and help you determine the plan that works best for your needs and budget. Call today to request yours. Lets recap. There are 3 key things you should keep in mind. One if youre turning 65, you may be eligible for medicare but it only covers about 80 of your Medicare Part b costs. A Medicare Supplement plan may help pay for some of the rest. Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Charles breaking right now, Washington Nationals star juan soto will not take the field for the teams opening day tonight, after testing positive for covid19. The allstar outfielder was supposed to be in the starting lineup tonight against the yankees. Of course, we know its been a rough year for travel. The industry, due to the pandemic. Earnings are not painting a rosier picture. Investors still hoping maybe for a quick recovery. Lauren simonetti joins us with some of these travel woes that keep getting worse. Its bad, charles. A trio of Airlines Reported this morning, combined net losses of almost 4 billion in the past three months as passengers remain grounded and carriers just burn through cash. In some cases, more cash than they take in. Investors trying to be optimistic. The burn rates are dropping, america cut how much it spends by more than a third to 30 million last month. Southwest halved its spending. Alaska is spending 120 million a day. How long can this continue . When the revenue f carriers is least 80 in the quarter. Each is working to cut tens of thousands of jobs to match weak demand. They are also enforcing strict Mask Policies to make passengers that do fly feel more safe. So southwest and american starting next week will require flyers to wear a mask from the moment you enter the airport until you depart your destination airport. No medical exceptions whatsoever. Now, delta has had a medical exception but it has already banned 120 passengers for refusing to mask up. The road to recovery for the sector will be slow and painful and the carriers themselves are warning this is going to be a multiyear event to get back to 2019 levels. Charles all right. Lauren, thank you very much. Meanwhile, the market sliding as we head into the final hour of trading. Some investors i think a lot of