Important information. Its important for every american to remember that if you dont have symptoms, you dont need to get a test we want to make sure that Testing Available for people that are experiencing symptoms or have a genuine concern about being exposed to someone with the coronavirus. Dr. Burkes will address county level data and the progress we made on testing. Americans can expect to see how an increases number of cases should not be a cause of concern. Shell explain the importance of taking into account our new testing system as new data arrives over the next several days on supply, the a priority the president has given to our task force, we continue to work with Health Care Providers, business and state leadership to identify available supplies not nearly in the federal stockpile but much more importantly available across the private sector were encouraged see Companies Like honeywell and 3m, that i visited a few short weeks ago take advantage of the changes in the law last night that allow the sale of industrial masks directly to hospitals. Those companies have greatly increased by the tens of millions their production of n95 masks that will give our Health Care Workers the protection they need to minister to those that are dealing with the symptoms or the disease of coronavirus im following the signing of last nights bill. All of those masks now have Liability Protection and the companies can sell industrial masks. Its encouraging to see Construction Companies all across america that are checking their supplies and donating those industrial masks to the hospitals. I know ispeak on behalf of the president who spent a lot of time as a builder when we thank builders across america. We remain increasingly confident that we will have the ventilators that we need as the coronavirus makes its way across america. As we said before, were all in this together. Before i step away and give the podium back to the president and dr. Burkes, i want to call the attention to the president s 15day to slow the spread. We continue to hear one case after another where people are putting into practice the principles that the president outlined this monday these guidelines should be practiced by every american and every community not only to lessen the spread but to protect the most vulnerable among us americans from their hearts are not only practicing these principles of social distancing and avoiding social gatherings of more than ten people, to protect their own health and the health of their family they are recognizing that no american wants to inadvertently convey to coronavirus to someone whom the consequences can be quite serious. Well be reiterating the Strong Partnership with americas governor, pulling all the private Sector Energy together the innovation you just heard describes. I know on this first day of spring that well get through this and get through it together i know youre watching the data carefully you can see the dramatic increases in the number of new cas cases. The numbers will continue to di crease you heard people waiti ining fio six days for test results. Were moving through all of that as well as testing individuals i want to applaud the front line Health Care Workers, the nurses and doctors and the American People who have a prioritized those with symptoms. The number of test positives is increasing thats a dramatically important signature that everybody is doing their job. Those with mild symptoms are staying home selfisola selfisolating those with serious symptoms are coming forward to getting testing. Our test positive rates are into the 10 to 11 range. That still means that 90 of the illness out there, even the severe ones are not covid19 i know many of you are looking at the state level data, still over 50 of the data come from three states in is why we continue to prioritize testing in those states. In addition, 50 of the cases come from ten counties were a very large country with very many counties and i just wand to applaud the local and state governments that are implementing their Emergency Operation centers and plans to ensure i want to really thank the Health Care Workers that have been asked to reduce all elective surgeries, medical and dental visits. This will dramatically increase the number of ventilators that are available in hospitals but also in ambulatory Surgical Centers that can be converted and utilized also to the construction industry, we are deeply grateful, the number as Vice President said, the number of individuals that have come forward with their construction masks, their booties, tyvek suits and masks to contribute them to the Health Care Sector the president s request to make this available in the legislation changes the ability and increases our availability immediately by5 to 90 range bauds the amount of construction use of those elements. Thank you. Thank you today you heard a wonderful announcement from the fda. I want to give a shout out where several ofmy Commission Officers work. Youre right, mr. President , they will tireless they are doing things that have never been done before to bring the most prudent advances to the American People. I want to talk about Something Different, briefly we know many of you are home practicing the president s guidelines for social distancing one thing we should all consider especially our millennials and gen z and donatie ining blood. As an an thesologist, i know donating blood is an essential part of caring for patients and one donation can gave up the three lives. Blood centers are open now in need of your donation. Blood donation is safe Blood Centers are taking extra precautions at this time based on new cdc recommendations including spacing beds six feet apart, disinfecting surfaces between patients, temperature checking staff and encouraging donors to make appointment ahead of time so we can space them out. Social distancing does not have to mean social disenagement. Give blood, today. Youll feel good about it and youll be helping your country and community during this crisis you might even save a life thank you switching to the efforts to boost the economy, will you guarantee that the money, the billions, the tens of billions of dollars that will go to these industries will not go to executive bonuses or to more stock buy backs. We dont want that. Some companies did stock buybacks and i was never happy with that. Its very hard to tell them not to i dont like it for that reason. They could have waited a long time and would have been much better off if they didnt. You can make a condition of this bill. Takes many, many people in this case to tango as far as im concerned, conditions like that would be okay with me a question for you. You enable the defense production pack yesterday but you havent pulled the trigger on it. No, because we hope were not going to need it youre getting a lot of calls from the democratic leadership to pull the trigger. Whats the rationale for not doing it governors are supposed to be doing a lot of this work a and they are the federal government is not supposed to be out there buying vast amounts of items and shipping were not a shipping clerk the governors are supposed to be as with testing. The governors are supposed to be doing it well help out and help out where ever we can and buy in volume and some cases great volume with the masks as an example which are really a problem. We have helped out there are millions of masks being made this is really for the local governments, governors and people within the state depending on the way they divide it up. They will do that and theyre doing a very good job of it. Where you have a problem with ventilators, were working hard trying to find nobody in their wildest dreams would have thought we need tens of thousands of ventilators this something smathats very unique under which condition would you put it into action we were desperately in need of something well know about that shortly. We dont want to do it as it happens but before it happens. Well know a lot any idea when it will be available to the market . Are there any drugs that you believe could qualify for a treatment . With respect to the first question, im prohibited by law to disclose confidential commercial information were working very closely with the company on this. Well have additional information. They will, relatively soon there are drugs in the pipeline. Were looking at every one were looking at every single one of them. Two questions one on coronavirus but are you converting that hes still alive . Im not this has been going on for many years. Many years they have been trying to find austin tice. He was in syria. His mother is an incredible woman. Im doing it for him but im doing it for his mother. His mother is an incredible woman who is desperate to find her son. Im not confirming a lot but if he is alive, we would like to get him back on coronavirus, speaking of shortages of supplies, the cdc has put out good linuidelines f hospitals dealing with a shortage of mask to use them beyond shelf life, we use them and in a worst Case Scenario use a bandana instead of a mask. How is that acceptable at all . I havent seen that i will let mike answer that. Im happy to. I cant emphasize enough the incredible progress that was made with the passage of the legislation last night the president had me go to minnesota to meet with 3m that manufacture these n95 masks. We learned of their production of 35 Million Masks a month. Less than five million of those were qualified to be sold to hospitals. The president worked with republican and democratic leadership we extended the Liability Protection so all the industrial masks are now available to hospitals and were seeing a dramatic increase in production. 3m increasing out put to 420 million per year those that are providing Health Care Services have the protection to keep themselves and their families safe and with the legislation last night with the incredible response among these great private Sector Companies and as we mentioned repeatedly with Construction Companies around the america heeding the president s call to donate their industrial mask to hospitals. Its happening all over america. We know well meet that need 3m is increasing output to 420 million a year they make 35 million per month at that facility. Ioritizing the distribution of those. Were working with governors to make sure the health care provide providers, hospitals and clinics are placing orders now that this tremendous increase in supply, particularly with industrial masks is now available well make sure they understand that the supply has greatly expanded thanks to a Bipartisan Legislation and the accomplishment the president and the response by these companies is making more masks available well make sure Health Care Providers are purchasing those when will those masks be ready they need them like today . They are available now. The 3m facility told me that in january they went to full production on 35 Million Masks the legislative change means all 35 million of those that started to be produced at full capacity in january can now be sold to hospitals. Thats the distinction here. Its very important change its part of the way the president had been engaging in private sector pushing the regulatory reform. Its good to have you with us today. Im scott wapner were going to dip out of that News Conference today. The president along with his task force giving an update on the virus. The president detailing some of the treatments that have been worked on. They have eased regulations to try to speed up the process. On the economy the president saying it will rapidly recover we heard today from the head of the fda discussing the progression of some of the other drugs on the way or those being used for other treatments which may be of use with this particular virus you heard from the Vice President saying testing is available in all 50 states hes confident well have the ventilators that we need lets take a look at the marke s as well. What was green across the board failing a little bit. The dow has dipped into the red. You had some very big gains. The nasdaq is still higher the small caps performing well better than 2. 5 some of this has potentially to do with oil. Oil is on pace for what could be its best day ever. Its been a big point of concern. The drop in crude oil and massive snap back today as were speaking here up 17 as wti at 23. 83 per barrel. We do have our Investment Committee with us as always. Gang, i want to talk to everybody. Jim, i want to talk to you first. Theres been a lot of neg ativit in the last 24 hours you had the doomsday scenario from bill. Ray was negative this morning on squawk you had others like on fast money last evening youve seen enough positive in your own mind to put some money to work in a number of different names. Tell me us let me start off by saying, scott, its hard to see the positive right now im not seeing Something Different than the rest of the world. What im doing is just relying on History History is on my side when i say the world is not going to end. The world didnt end after 9 11. Im looking at values in large cap u. S. Companies really solid companies im looking at these values and saying i dont know if its a year, two years, three years im going to look back and be happy that i bought at these prices im talking about city, apple, cisco systems. Looking ou ining out one to thrs from now, america made it through this things will be different i dont know how they will be different but i do believe, again with history on my side that that we will grow again i dont think you need to step into small cap sector and i dont think anybody should be in speculative stocks theres great value in the fortune 100 companies that thats where you should be looking. Im in get your point. We understand it i did mention some of the gains in the fang stocks top microsoft is up. Apple was the weakest. It was barely up and it was teetering between positive and negative you say youre reshaping your portfolio continuously what do you mean youre identifying quality. Quality is on sale. If you listen to bills interview yesterday with you, a pessimist would hear the words like depression and millions of americans potentially dying. On optimist would hear bill saying hes buying stocks and he doesnt believe thats the scenario i chose to be optimistic in this scenario i look at things like correlations i look at the fact we had a h t historic positive correlation. Were seeing that oil is lifting. There are things in the market to be positive about that does not mean this is not still a process. Its still a process what is also good is we broke finally below the december of 2018 lows. Be more optimistic understand this is a process and it will evolve over time lets talk about the market for a second i go back to this tweet that he did late in the afternoon yesterday where he said he covered all of his u. S. Shorts, his last three yesterday afternoon. Says the profits were too great and the panic is palpable. I asked him today a few moments before we came on the air what the shorts were. He didnt give me the exact names but said there was an airline, restaurant and big box retailer does that mean you think is bottom is close. He emails me back he says the profits were like 60 and 70 and says in the major stock averages were getting close to my flush targets. The disorder seemed to be there when akman gave the quote were going to zero signal he has Great Respect i did hear from others yesterday too that thought maybe that moment was peaked fear some looked at that dire warning from bill akman as a counter play that now we have seen the worst and maybe its time to actually put some money to work. You subscribe to that at all, steve . Not really. Down 30 was the right starting point. That wiped out last years earnings which came about because we were looking for earnings this year now looking at gdp which isnt going to be 2 to 3 . How do you discern what value is my view is there seems to be this movement a foot where youre either an optimist or pessimist. I prefer to be a realist today, for example, if you think everything is in the market, look at keysight they are a phenomenal company. That stock is down 5 now. I hear you. In situations like this, its true, you dont know what the earnings are true, you dont know where the bottom may be. True, you dont know what the other side may look like but at some point if youre thinking about the long term, you have to make the bet you have to take the risk. Absolutely. The question is when you take that risk. The toughest thing to do, i s d sasaid the stock is down 30 and have that frame of reference down 30 from last year maybe that wasnt the appropriate benchmark. What i did buy was i did buy some cisco yesterday i added to it today. That yield is not going away i dont think the yield necessarily protect the downside i like their positioning i added to it. If you look at their tent base, they are all blue chip companies. Its ridiculous for the stock to be down from 70 to 50. There are opportunities. You maybe money by buying at the right point. You cant pick bottoms with tests just starting here, the news will get worse, not better dont confuse a rally in the market which i tweeted out yesterday, i saw coming. Dont confuse a rally in the market with progress being made on stemming the effects of the disease here i think thats what a lot of people do. Let me bring in mike wilson from morgan stanley. He joins us over the phone its good to have your voice over the program i hope youre holding up well and your friends and family are as well. Thanks, scott same to you. Theres been calls all over the place over the last 24 hours. Some dire, some not. You look at the market and its time to start adding equity risk why . Im going to hopefully provide a