Whether its medical, some of these states posting some of their highest caseloads since the pandemic began, but then again optimism about the recovery at the same time. Right look, i think that we are all kind of thrown its governor to governor, yesterday in new jersey suddenly we get the you can have 100 people outside, 50 people inside. Versus six we are all kind of confused. With he see some parts of the country looking worse, other parts of the country that were so terrible its wide open and the confusion to me is what are the numbers going to be look like what are they going to look like given the fact that new york now feels like post wuhan and the rest of the country seems like, i dont know, maybe is it going to be italy, is it going to be spain i dont think it is. I think its going to be better, but i have to tell you, carl, that the stuff thats being bought is not in synch with whats happening, particularly the airlines, the hertz rental car, we saw a very good piece in the journal about the new young investors and what theyre buying and what theyre buying is very out of synch with whats happening in the economy. I think one of the headlines on our website is if you want your stock to pop consider bankruptcy or at least have somebody report that you are considering bankruptcy hertz meantime confirms today they got a d listing proceeding from the nysc thats moving ahead, theyre going to challenge that, but the commentary regarding robin hood, even their marketing, jim, the way theyre pressing Young Millennials to invest, its not fomo, theyre using yolo, you only live once. Yeah, yolo thats not an investment strategy. I was pushing last night for hertz to be delisted on mad money because there were 500 million shares that traded two days ago and there are only 140 million shares in the flow or 250 million yesterday. Theres a lot of people, young investors, who dont understand the capital structure, dont understand the common stock is the lowest, dont understand if carl icahn sold his 38 stake in the 70 cent area dont think that he is someone who throws in the towel, think that he is someone who knows what that common stock is really worth there was my friend David Portnoy was quoted saying you buy stocks, they go up well, they didnt go up yesterday and they might not go up today i think that david has just he has a great time, i love him on sports, he is enjoying himself, but, remember, these are stocks and stocks dont exactly what you think they do, which is that the more enthusiasm you have does not mean they go up. It can mean they go down it does bring out sellers at a certain point. So you think the dynamic of a Younger Generation of investors thinking they know better than truck and miller and carl and tutor jones who yesterday, jim, Economic Club of new york sort of joined stan and said humble pie. I did not see this coming in western ways. One of the things that portnoy did that was indicative of what someone away from the game sees is he thought that Warren Buffett can a pit lated and sold the airlines at the bottom, created the bottom buffett did if you listen to stan yesterday, stanley truck miller at the Economics Club he compared it to 1999 going to 2000, well, maybe it is, but in the interim there are people who made a great deal of money if you took things off the table. Dave tepper was negative, ive seen him go positive anding negative why . Because the facts change ray dalio made me feel, well, wait a second, in my 60s im listening to ray dalio, im playing with fire, Walking Around with all this stock the guys who really got people out were the people who we consider to be the most responsible people there are the guys who kept you in would be the people who are neophytes, but you can stay too long and i think yesterdays reversal said theyre staying too long interesting you know, another name that sort of fits into this framework is nikola, of course, now a company not troubled by any means, jim, but no revenue and a market cap that now exceeds ford and fiat chrysler, crossing the 30 billion mart inter day yesterday. I question nikola on twitter and my wife said, stop looking stop looking at your twitter feed people just they just hated me too much. When i did profile that i said, look, its going to shoot up and then its going to go down and the fact that i said it was going to shoot up was greeted positivity, but because i said it will cool off and go down i spent another day not on twitter. Ive been on twitter since 2009, but these two days were too vicious and i wanted to try to enjoy my life in a period that is very hard to get any enjoyment. I had to stop looking because i was so despised that i questioned there could be a top to this stock. These are not wise people who say things like that there are tops there are tops to stocks. Sure. Yeah were going to talk to the question of ford motor later on today about nikola and this new partnership, jim, with ford and vw, shared production of commercial vehicles, of evs and now the story out of reuters about elon musk and a memo, jim, where he says its time to bring the tesla semi to volume production so lots of moving pieces in autos today. Right now, i use a word that people wont like so hold your ears they were running ford the other day in robin hood, they were running it and running it means theyre taking stock from 5 to 7, it was not fords numbers it was the game that people play bag them, gun them, and then liquidate them you get in first, thats the bag, you gun, you say ford is good and then you liquidate into the people who were late bgl is an old style from the 1980s and bgl is back and ford was going up we may hear that ford is doing better but its more likely that the stock is doing better than the company. Bgl. Bag them, gun them and liquidate them thats what they called it in the 80s i wrote against it in the 80s i wrote against it in the 90s and its back. Younger people do t they figure out a stock to run, they ran hertz, they ran american air, they ran a Company CalledGenius Brands where i have a letter here basically from the ceo that says, listen, we do exist. There is one for you we do exist. That is very advised so youre seeing stocks that are being run and you have to recognize that theyre being run. That hertz was being run that all of the Oil Tanker Stocks that were being run from a dollar to 2 thats just a process and its a bad process. Its a top process it is the ultimate sign of froth but its new investors i wish new investors were buying fractional shares in amazon, but, no, they love those stocks that are a dollar because they can gun them, they can bag them, they can gun them and liquidate them at 2 bucks and bgl is being played and bgl is something that the sec used to not like but the sec, i dont know, the question is will it be back on cbs im sorry, will it surface from washington where are they where are they where are they with hertz . Why didnt they stop trading hertz . Where they at chesapeake why dont they stop trading chesapeake jim, in your view how long can that process run and what finally brings it to an end other than financial pain . The canceling of the stocks that are worthless would certainly help a fourday decline in american air back to where it might be worth being in light of the delta number delta being cut by 90 certainly doesnt bode well for american and a recognition that some of these tanker stocks are worth far less if oil goes down. It does not end well it ends well for the people who get out yesterday, before they started going down and, carl, you know what it really takes, us talking about it saying they may not be worth what theyre worth thats what it takes because the government is absent. Thats what were trying to do right now, jim. You mentioned airlines certainly jpmorgan has a corresponding view when it comes to jetblue and ual, down grades today. Ever core had a dollar price target when american was at 12, they had a 10 price target before that and they just said, listen, take a huge amount of debt on. We have a lot of companies, the crews lines have taken on a huge amount of debt but havent had a huge amount of bookings at prices they used to have these planes were flying, there was a fantastic article in the New York Times about flying from germany being one of the few people on the plane and yet they gunned when i say gunned, bag them, gun them, liquidate it, the people who are uninformed or people who are early if you want to call them that now find that the game of Musical Chairs is over today will not be a day when i look at twitter, carl, other than if my wife is sending me some pictures of my beef steak tomatoes we can pop the balloon right here right now and thats what were doing. Theyre not the only down grades today, either chevron, you were talking about yesterday, rbc takes it to sell. Micron today bear on cisco do you see this sort of gathering steam . Yeah, but chevron downgrade was intriguing because what they were saying its obviously done better than the rest, time to rotate into lesser times i disagree with that i think that mike werth the ceo of chevron runs the company as if its not a wild cat company i want to compare that to the late and good friend Aubrey Mcclendon while he was actually more of a business type than a wild cat or did turn chesapeake into a great wild cat company and it never was able to recover. I thought the chevron piece was suboptimal in the sense that you dont put out a piece saying to sell chevron when it is the best run oil company in the company it also compared to International Companies was veiled that bp was i felt not that good. Why i like that downgrade. I dont like to downgrade great stocks and chevron i dont like the energy stocks, i think that their time has gone away, people ultimately from robin hood will run big money and wont buy chevron, but right now chevron and oil are here to stay you dont sell that. Thats the highest quality there is. Chevron right at 100. After a break we will talk about powell and what we might expect to hear from the fed chair today at the News Conference at 2 30 a statement coming out at 2 00 p. M. As well as jim alluded to, some corporate signs about the quarter, out of starbucks, delta and yum. We are back in a minute. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will you can rely on the people and the network of at t. To help keep your business connected. Why dont we put capital into the neighborhoods i could come up with a project that is not a project, but something that willover haul the system i get infrastructure that allows for Vocational Training and technology and i get capital 1 less than 1 of 70 trillion that then helps me create that helps me create more wealth which goes into the community. So there are a number of tangible things that can occur, that we can that we can invest in. Citis ray mcguire there, i know you tweeted about it when he was on squawk this morning and the keyword it tangible in terms of the solutions we are hearing from some of these executives. Right ray is a great friend of mine, he was in my Law School Class, candidly the smartest guy in my Law School Class he was going for law doing the j. D. am. Ba, glen hutchins, too, who is on a lot, he was just on a different level. Its like the academic iron man. Yes he was just ray is a different level. Hes always been at a different level and always the greatest guy. We got a change and we have to have the dialogue and ray could have come on and talked about the m a and he did at the beginning, but ray has taught a lot of us, but we are not doing enough we are not doing enough. We have to change. When ray comes on and says this stuff, ive heard it and i say to myself, okay, ive heard it, what have i done and the answer is not enough everyone who heard ray heard the story about his family and we have to get our act together and we have to change. Thank you, ray thank you for coming on and talking the truth. Yeah. That was good. Certainly the momentum not slowing down by any means. Jim, one more break here when we come back we will talk to the ford coo about this new Production Partnership with vw and what that means for the Auto Industry on a very busy wednesday with the fed decision this aeron ckn miteftno i love these fries. You know, the chef here trained in france. Mmm, it shows so good. Oh hey, did you say you needed help with investing . Because i know someone whos really great. And you trust him . Totally. Yeah. We went to school together. Ill check him out on investor. Gov. So, whatll it be . Ill just have the burger. Before you invest, get the full report. Check out an investment professionals background for free on investor. Gov. Before you invest, investor. Gov. Find a stock basedtech. On your interests for free on investor. Gov. Or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Our phil lebeau joins us this morning with the coo of ford good morning, phil. Good morning, carl. Lets bring in jim farley, coo of ford. Lots to talk about including this deal with volkswagen that you finalized this morning lets start with a status check. How do things stand in terms of ramping up production and what do you see in the market in terms of consumer demand for going back out and buying vehicles good morning, phil. Were seeing great very Strong Demand we have for more than a month now. Actually, some of our model products on retail were up year over year like f150 very Strong Demand on production were adding second and third shifts now. By july 6 we will be up to full north America Production and by the end of this month almost all of our plants will be on three shifts or overtime. Jim, you are entering a crucial stretch where you will be unveiling the new f series, give us our first look at the bronco that you will roll out over the next year and the all electric mustang coming out later this year. How much did the covid19 pandemic set you back in terms of your Product Portfolio . Not much, but, phil, you will see i have my bronco shirt on today. Look, the launch is really critical for our north america profitability and for our customers. The macme and bronco are brandnew products, it will be incremental to us, brandnew customers, we are really excited. The f150 is our key launch this year the team during covid, the lockdown, made a lot of progress on the software verification, a lot of the technical items for our launch as well as supplier readiness. But until we get into those facilities and Start Building prototypes we cant progress the launch we dont see any delays to the launch at all outside of, you know, the covid shutdown of the plants and, in fact, during the break our engineers and supply team made really Good Progress that we feel great about our new launches, the f150, we have bronco coming, as you said, and we also have a new small utility, offroad utility coming which we are excited about and the mache with lots of reservationes. When does the ford restructuring take hold . Youve heard the critics who are saying ford is not moving fast enough this seems to be a perpetual restructuring going on for the past couple of years when do we see that pay off in terms of restructuring this company in a new direction great question. You know, the bottom line is our new lineup comes out later this year in the third and fourth quarter. Thats the high leverage opportunity weve been waiting for. Weve worked for three to four years to get this new lineup to market were going to have the freshest product lineup in north america, its our key market, our profit standpoint, north america is our key opportunity. Were also working on costs. We have a new coo in north america, lisa drake, shes been working on our warranty material costs. Between the cost progress of the new vehicles, we have an unprecedented opportunity to really create a lot of shareholder value. And also get a lot of new customers to the ford brand with this brandnew product lineup. Jim, its great to see you, jim cramer hi, jim. Youve done a great job in america, ive bought the 350, the super duty, excuse me, its incredible truck, just lasts forever. I think that you are that whole series is amazing. I want to know when i see elon musk do a pickup that is, i dont know, kind of fanciful to me and then i read that hes selling a tremendous number of cars in china, i think why in china is the f150 not the biggest seller and what happened in china and why do you really need do you need vw, say, to get into china they sell a lot there. Because to me i just dont get the disconnect the 150 may be the greatest vehicle ever made and i dont get why that isnt the biggest seller in china. Yeah. So good question first of all, phil, i have to say, you know, there is a lot of attention to electrification and new companies, but ford in the next 24 months will launch an all electric f150 and an all electric transit van we are number one in the pickup and the van market in western europe and the u. S. And this is our chance we are electrifying and we are a brand that people trust. On china, you know, our products got old, phil, and we didnt invest in new products now we are were launching four new utilities and the transit is really strong. We gained retail share in china for the first time in several years the last two months, more than half our sales are transit vans, we do offer pickup trucks to the gmc brand, but really our version of the pickup truck and f150 in china is the transit van and it is selling like hot cakes, more than 48 of our sales last month were transit commercial vans. So the commercial industry is hot in china right now and its more almost half of our sales. Wow okay thats news to me. So i always want to say when something is news rather than just yawn about it thats terrific. It makes me think of one thing, jim, what would happen tomorrow if you wen