And nasdaq. Strong market gains for the Bluechip Companies. Just using two of them as an example, we have apple up three dollars, microsoft up at 146. They have been higher than that earlier. Microsoft up earlier. Did they hit bottom this week . A lot of people have been buying them. Were asking that question. I hope a bottom for a lot of companies. Oil moving up to 25. Barrel. Its down 15 cents now. The government is buying oil but the petroleum written for the petroleum reserve. Whats he going to do about the russian and saudi attack on american drillers. We will ask that question to him. Gas prices tumbling. The National Averages 2. 17 a gallon falling about two cents a day. In oklahoma the averages a dollar 80. In california its 3. 25. According to gas buddy we will be down to a National Average of well under two dollars very soon. Lets get to the spreading virus. We will show you Street Scenes from around the world. Same story all over. Ghost towns, empty streets. Economists at a standstill. California orders what they call a safer at home policy for 40 Million People. Governor newsom says the worst Case Scenario is for 25 million californians to be infected. That is the worst case. Americas economy is beginning to shrink. The Congress Wants to provide support. Mitch mcconnell put out a trillion dollar plan and had intense debate. Who gets the money, how and when. Heres where we are. More tests mean more cases so there are more stay home orders. So the economy sinks. And theres this, President Trump is expected to announce new travel restrictions between u. S. And mexico and more between u. S. And canada. The briefing theyre coming up at 11 45 a. M. Eastern. Lets get to the market. Jonathan is here. Look, i watched the trading tracking of apple, microsoft and other blue chips. I see a lot of buyers for apple in the 230 range, microsoft in the 130 range. Have those two stocks hit a bottom . This is usually an easy question but i dont know and my tendency is to think not, at least for now. We are in the midst of a panic. Its, forget 1987 or 1929, this truly is unprecedented. Under normal precedent i would think theres value there but theres more. [inaudible] on the Previous Program dragon alluded to bank bailouts. Theyre making it difficult for those of us who are professional investors to buy stock. Where they gonna take equity positions, this makes the whole Recovery Process and the bottom process that much more difficult. At this point i dont know. Steve mnunchin has a better sense of where the market will bottom because hes calling the shots, not the american caople in the ameri raise the issue of boeing. Nikki haley has resigned from the board of directors. She doesnt want to be part of any company that will be bailed out by the taxpayers. Im going to ask you the same question. You probably cant answer it but has boeing hit a bottom at 99. Share . I think the companies that are going to prosper are those that dont take the bailout. Boeing is a name despite the promise, look the government promised to bailout and affect the airlines and boeing and hasnt helped any of those stocks. These companies can reorganize stuart. They can get through this. Ab not in their current form and they will need reorganization given the scope of the calamity but i applaud nikki haley and i think its in a lot of companys best interest to avoid all this government stimulus and bailout. In 2008 all the stimulus led to the slowest recovery in history and the stimulus in japan since 1990 hasnt helped that economy. Let the market slide. That will lead to their quick recovery. Stuart i think we had this debate last weekend will be having it again in the future. Ive got one last one for you. The wall street journal has a powerful editorial today that basically says is the pain that we are inflicting on the economy worth it . Would you answer that question . The pain in the shut down. Stuart the pains of the economy. The government is telling the economy shut down. Is it worth it . I think in hindsight stuart, we will look back and say theres tremendous violations of businesses rights during this time. Book americans are conscious. They dont theyre taking proactive steps but i think will look back at this tremendous chaos and say government messed up in a number of ways. [inaudible] the quarantines and shutdowns as well ultimately could hurt worse first then help the economy. Stuart thanks a lot. I need an update on the situation in california. They have a safer at home policy. I think thats just stay home. Yes, gavin newsom saying all individuals living in the state of california to stay home or their place of residence to stop the spread of the virus. Essential businesses in california will stay open, gas stations, pharmacies, grocery stores, food banks, farmers markets, take out restaurants. The governor also says, asking that the Mercy Hospital ship be sent to the port of los angeles. It will help with the increasing number of cases of covid19 and also for the other cases that happen in the regular course of the day, heart attack, stroke, you name it, they want that help from that ship. By the way the governor predicting 25. 5 Million People , californians, worst Case Scenario could be infected. Thats about 56 of the state. Stuart thats a huge number. Do you have the latest from italy . Yes, we are getting these headlines daily out of italy and its been very, very tough, especially in the lombardi region and in the north with malan. The government has agreed to use the army to help impose the lockdown. They want to tighten these lockdown restrictions and more ominously the officials there save a lot latest data shows no sign of a slowdown at all of the epidemic. I saw a report from the hospital yesterday that was done by sky news. It was really very disturbing. Stuart that bad . A hospital overflowing with patients in hallways and theyre all in these giant plastic bubbles that can help keep the pressure within the bubble the same as the pressure in the lungs, enabling these patients to brief. Stuart look at those pictures, utterly dash. Now the armies been called in to make sure people dont go out. Stuart there are employers trying to help their employees stay at work and thrive. Susan. The largest employer in america is having trouble stocking stores and fulfilling orders. As a result there hiring a hundred 50000 workers and paying out bonuses for the fulltime and parttime employees. If youre fulltime in employee you get 300 and cash bonus and parttime gets a hundred 50. Theyre looking for warehouse and delivery workers in those 150,000 workers. Parttime, Seasonal Workers but they might convert to fulltime in the future. Walmart is also allowing their parking lots which are sitting mostly empty as testing sites for covid19. Walmart has been an outperform her in the downturn market. They hit a record high this week, the first record by any component since february 21 and thats because people are stockpiling, buying their goods and as he heard, both raising their outlook on walmart. This could be a Consumer Behavior change for the next five years. People buy their groceries online instead. Stuart a lot of things will change in the next five years. Im convinced of that. Lawrence, you have an update on the israeli drugmaker. Yes. They have headquarters here in new jersey. They are rushing to bring older medications from malaria as well as Rheumatoid Arthritis to the market because they can be used to treat coronavirus. They are donating 6 million pills to the United States by march 31st and then after that they want to get 10 million doses out. Month. We are seeing this with a lot of drugmakers conducting trials of drugs that are used for other Rheumatoid Arthritis and malaria now being used for covid19. Stuart thank you. Lets go to paul conway from the chief of staff labor. The government told individual states, dont put out your weekly jobless numbers. Why did they do that . Is it legit . Ill tell you, i think the story is legit. He went through this and took a look. There have been different offices in the department of labor income indication with the states. This came out of the office of employment and assurance. They interact with state governors on the weekly unemployment claims. It appears as though this is a communication that came from career officials to the states and these are technicians who are looking at tactical realities in the states of websites crashing, understaffed officers in a sludge of unemployment claims. What they asked the states to do is talk in terms of general terms and not specific numbers. Sometimes technicians do not make the best communication folks and i think right now transparency is important and misperceptions are equally important and i think thats exactly what we have going on. Stuart they dont want to panic people because these numbers are going to just rise exponentially. Paul, can you see the point, yesterday we have a jobless claims number that rose to 281,000. In the future, is it possible that we will see 500, 600,000 jobless claims for benefits. Week . Could we get to that number . I actually think we do and im not being an alarmist but if you look at the different instructions that the president and the governors are giving out to their employers and businesses at the state level a lot of Small Businesses, you will see as many instructions that go out from government to slow down, stay at home, shut down. You will see a concurrent rising claims. I dont think that should be a surprise. I think most americans will understand that. It is critically important for congress to act and not double around and get consensus on the legislation and pass it so workers get something in their pocket. Stuart the main point of the package that we heard about last night from Mitch Mcconnell is that adults get checks for 1200 each, youngsters, children get 500 each, you get money up to 75000. Year unless after 75000 a year. How much help is that actually going to give to those literally, millions of people freshly out of a job . You know stuart, i think werwe are in tough times. Ill be honest. I think it will provide some assistance but what needs to happen is these state offices from Unemployment Insurance need to come up to speed and hire more people and get better bandwidth on their websites that are not crashing. Thats the one benefit of having a robust economy and low unemployment. Some of these states took their employment levels down and those claims offices. They need to get them back up quickly for emergency workers and they need to get to the point where they have emergency unemployment assistance as well as whatever is proposed in the legislation that finally comes through. But its time to act and take this seriously because were talking about many Different Things to many different people of all walks of life and incomes that will be negatively affected. Stuart yup i think we get those jobless number every thursday morning at 830 eastern time. I think youre right paul, i think we will see that number go up into the hundreds of thousands. Thanks for being with us. Ashleys, whats this gain stoc stock. Theres a bit of a controversy, theres an internal memo that surface, game stop saying working to keep the stores open arguing its an essential Retail Company which led to people laughing. People say people are just stuck at home playing video games and thats essential. Give me a break. We have had a statement since from game stop defending their position saying we do provide Home Entertainment systems and games but we also provide a wide array of products and devices that are important to to facilitate remote work but on social media they been getting absolutely slammed. Someone said, reading some of the comments, they were already a dying brand but this basically seals the deal. This is a disgrace. If this policy continues will never do business with your company. Stuart look, i think theyre trying to do a day decent piece of marketing. If the local Authorities Say you have to shut down they will shut down. Exactly. Its a nice piece of marketing. Yes, we are talking about it. Stuart we have all kinds of companies doing all kinds of things in this crisis. What is burger king doing. Burger king, if you buy one adult meal online or on the app you get to kids meals free. Restaurant brand owned burger king and the ceo says we are doing our part to help is schools are closed. We realize food is an issue for Many American families. Stuart okay, i guess i would take that. Susan, amazon, what are they up to. Its the haves and havenots and we know that amazon is one of the haves. The stock is outperforming the rest of the market up 5 for the rest of the year where the rest of the market is down 25 30 . In this era of having cash on hand, amazon is looking to bid for four fairway locations in new york and two in new jersey. One will be in manhattan and one will be in brooklyn. These are online beds so the bids close sometime later on this afternoon. We know fairway has gone bankrupt so they have 14 locations for sale. Amazon has not put in a bid for the whole thing but theyre looking at specific locations they might have some good bids in and that includes new york and new jersey where they might be putting some of these amazon go stores and getting larger into these bricks and mortars. Stuart susan, amazon is one of those bigname Bluechip Companies that might have hit bottom earlier last week because its getting close to 2000. Share. It didnt go down that much to be honest because we know online orders have been surging in the coronavirus quarantine. Stuart am just putting them in the same box as apple and microsoft. Huge companies, great reputation, may be bouncing off a perceived bottom from earlier last week. Well figure that out when the market opens. Lets bring in doctor tate, ceo at corbis health. Welcome to the program doctor. Good to be here. In california Governor Newsom. Predicts as a worstcase 25 million californians could be infected in the next two months. Thats an enormous number. Is it a valid number do you think . I think it is indeed valid. In fact its quite conservative compared to the estimates you see in germany of 70 of germans become infected in the estimates in the uk of 80 of britons being infected. I think its important for people to know this is temporary. China was able to stop their outbreak in two months so if we can just do this for two months i think we will be in a good position. I think three possible scenarios happening. One is we are able to stop it into months which would be the best possible scenario with the least damage to the economy. Second is the uk production that this will last a year or more and then we defeat it. The third prediction, which is the least desirable scenario is that this becomes a cyclical event like the flu so that every fall we have to get our flu shots and are coded 19 shot which would put much more of a burden on the economy. Stuart do we have an alternative to this shelter at home, stay at home . Thats the policy. Its getting more and more stringent. It seems like theres no alternative to it. There all are tentative set Different Countries are trying for example australia is trying just to sequester older people and have the rest of society do some social distancing but most the business proceeding as normal. You have countries like south korea which are doing massive testing so thats another strategy. There are different strategies to combat this. Stuart i am told there is a shortage of hospital beds and hospital supplies. Is that accurate . Yes, even before this, the u. S. Has much fewer beds for population than europe. We are starting off on the back foot but we are seeing incredible shortages of not only the equipment that help Health Workers need to protect themselves, gowns, gloves, masks but also ventilators and treatments that we would need to take care of people. Theres promising new treatments such as chloroquine as well as the regular treatments you need to support Blood Pressure, help with diabetes and other treatments. Stuart i guess we could bring this thing closer to an end if we had a reliable treatment. That seems to be the most important point, the reliable treatment. I think we have the test coming on strong but reliable treatment. Can you give us word on progress there. Certainly. There are several drugs that have been shown to be promising but the evidence is not overwhelming. Thats why many physicians have been hesitant to recommend it. You have a drug from gilead and chloroquine is a generic drug thats been available for a decade. We need more studies from this. Hopefully the fda will make it easier for patients to enroll in this study, maybe a website where they can enroll a patient in just a couple minutes so we can get better data and make better decisions about this. I think another important thing is the defense production act needs to be enacted. We are going to win this if we have a massive scaling of Domestic Production of mask, medicine, ventilators and other equipment. We need that level of production. Stuart can i ask one last question, china appears to be coming out of it on the other side. Italy is not. Can you point to something that italy might have done wrong . Italy is about a month behind china so i wouldnt expect them to be coming out of it right now. I think we will talent another two or three weeks how italy is doing. One challenge that italy has is they have a much older population. The average age in italy is about 15 years higher than china. As we know the elderly are more susceptible to catching the virus and also dying of the virus. Stuart we really appreciate you being with us, objective information is hard to come by but youve got it for us. We appreciate that. Thank you. Stuart this is probably the one news item of the day which has nothing to do with the virus. Its about tom brady. Lets talk about Something Else. The