S p is down 76. We are watching all of these markets. A few things are going on right now. Investors werent impressed by the feds vow to buy an unlimited amount of Government Debt and give loans to businesses, big and small. Theres one industry that Coronavirus Crisis is impacting directly, restaurants. They are closing their doors to patrons, trying to shift to takeout only. We s ghave got the owner of a gp of restaurants who will tell us, he will say this, the restaurant recession has already started, already in effect. We know folks are out of work but how bad is it . We will find out. Theres also sharks in the water, there always are. Investors are not just looking for an edge in the selloff but advising businesses in how to survive the crisis. Weve got one of the best in this. Hes an investor, an entrepreneur, founder of fubu and the star of shark tank, daymond john will join us to give us his perspective in all of this and oh, yeah, we are going to check in on liz claman as she begins her quarantine in her home out in new jersey. Liz is coming up in just a few moments. First lets get to these markets. Lot of breaking news has been happening over the last couple hours. First off, gasoline. U. S. Gasoline futures ended the session today down 32 . That is the biggest daily percentage drop on record. So gas is cheap. You just cant drive anywhere right now, right. The drop comes as consumer demand for gas has plunged. All of this is around the coronavirus. We are seeing those numbers fall. We will get that to you in a second. Goldman sachs, this is big today, this is one of the things thats the dow is hanging its hat on. They upgraded boeing this morning. They put a buy rating on boeing. The plane maker is planning a twoweek shutdown of factories in the seattle area due to the coronavirus but also remember that boeing has reached out to the u. S. Government, they are looking for help from the government like Many Companies are. Boeing is still in play as far as could they have a deal with the government. Thats on washington and the senate. We will get to that later in the show. We also want to talk about macys. They have suspended earnings and dividends and the same actually with kohls. They will be Closing Stores until april 1st. Then you have jc penney, they withdrew their earnings outlook. At this point, companies are just saying we dont know. Its okay at this point in time to say you dont know. Heres some good news for you. This may not surprise you. Cvs are looking to fill, get this, 50,000 jobs to meet demand. Dollar general planning to nearly double their normal hiring rate. Those stores have been packed. Papa johns is hiring 20,000 Restaurant Team members. We are kind of changing our behavior and obviously, these are companies that are benefiting from that behavior. Walmart is raising their minimum wage in their ecommerce warehouses by 2. Amazon has doubled overtime pay for warehouse workers. Obviously these are folks behind the scenes that are working so hard to get you your deliveries because everybody is home and want things delivered. Walmart making that big move. The markets again, theres walmart. Its in the red just a little but the other stock is not. The markets have been extending these losses. The dow is on pace for its worst monthly loss since september of 1931. Of course, a lot of people are continuing to talk about the idea that we are going into a recession. Those calls are out there. You never know until you got two quarters of contraction, but youve got Morgan Stanley saying the u. S. Gdp is going to plunge 30 in the second quarter. That would be a 74year low for gdp. We hope theyre wrong. Im sure they hope theyre wrong. Yet even with all of this in the middle of this call, the banks economists believe a repeat of the Great Depression could be avoided and yes, people are talking about a possible depression. I have heard it myself from analysts i talked to. They are saying we cant avoid this. That could be a good thing. Then youve got goldman sachs. They predicted u. S. Gdp would fall by 24 next quarter. Now they are saying global gdp will contract by 1 for the year. Thats actually, think about it, not a terrible hit to the global gdp story but yes, 24 fall for the second quarter. We dont know these numbers yet. This is all changing day to day. The most drastic call we have seen, though, is coming from st. Louis Federal Reserve president James Bullard who is warning that u. S. Unemployment could surge 30 next quarter, gdp could possibly plunge 50 . Okay. Got the bad news out of the way. Okay. What are traders and market guys watching . Lets bring in our floor show guests. Scott redler, one of our regular nyse traders, at home for the first day. Joining me, the floor is closed, of course, dan ives is with me. Good to have you here. Scott, hows the view now that you arent on the floor of the New York Stock Exchange . Well, im actually in the Short Hills Office which im the only one allowed here. We closed our new York City Office and the nyse obviously, and so im here alone, so this way i can provide all the content and pretty much give everyone as much color as i possibly can. So views a little different but the tradings the same. The volatility is high and at this point, the volatility is not going to decrease. You just talked about so many different predictions, so many different opinions of what is going to happen but thats what those are, opinions, because we are in unprecedented times. So what i like to do as a trader, as a strategic officer, is put out points of reference for everyone depending on their time frame. If you think about just even the last drawdown bear market we had with the financial crisis, that was 57 off the highs. Thats what happened back between 2007 to 2009. It took 13 months. Right now the s p hit 2191 which is about 35 off the highs. So you put it in perspective, yes, we have taken out about twothirds of the corrective phase off the table so if you do have cash in a longterm plan, this is a spot to put some to work but you have to do it very slowly. Because in the 2000 financial crisis, in 200709 you could still get on a plane, kids were still in school, you could go to a restaurant and travel. This is totally different. And you have the biological factor. Keep the powder dry but do it slowly and over time, youre not going to be perfect with putting flows to work but if you do it slowly and you put it out there, i think 1850 in the s p is probably the lowest i think we will go but thats my opinion. If you do it slowly and strategically over time you will do very well. Cheryl hold on. We are at 18,500 now. Talking about the s p cash. Cheryl yeah, yeah, yeah. Okay. Okay. 2237. Sorry. I was looking at the wrong board. Lets talk about this. I will turn this over to dan. There are some things, people are looking for things to buy. Our viewers are smart. They know that theres an opportunity. They know the markets at some point will come back. One of the bright spots seems to have been okay, not bright, but at least not so bad, has been technology. I have noticed when the red has gone upwards, a lot of Technology Companies led us out and the nasdaq has been kind of an outlier in a good way. I can just tell you obviously covering 20 plus years, we have seen a lot of events, nothing like this black swan event, but investors are looking on the other side, six, nine months, into 2021. Thats where names like microsoft in terms of cloud, apple and 5g, just put numbers around it, we have gone to a scorched earth model for apple saying no one buys a phone thats bought a phone over the last three years, over the next two years. Even when you look at those numbers, you are buying apple,starting to buy it at these levels so in my opinion in terms of tech and cloud, cybersecurity, you start to dip your toe in. Look at the names on the other side of the valley. At this point, i can tell you right now, most investors are basically writing off next three to six months, looking at 2021 numbers. Thats the key in terms of a lot of these stocks. Cheryl real quick before i let you go, the question is, is this a vshaped recovery, a ushaped recovery . It seems to me when the markets come back, they are going to come back roaring. Thats why when i look at areas like tech, cloud, enterprise is going from 30 on the cloud to 55 next three years. I view that as a trend that even when you stress test, thats going to continue to happen. I view that as more vshaped than lshaped. When you look at areas like cybersecurity, same thing, in terms of core areas of the enterprise. Apple is another one. On the other side of this, consumers are going to upgrade their phones. Cheryl scott, real quick . I think whats very important is no one knows the depth so everyone is seeing a vrecovery but from where . Whenever you put money to work, make sure you can afford it and map it out and do it slowly. Cheryl yeah. You said that earlier and i think it was a great point. Scott, dan, guys, thank you very much. We appreciate it. Thanks for having me. Stay safe. Cheryl whole new version of the floor show. The reason im sitting here today is because over the weekend, liz claman was told she has to go under quarantine. She is fine. Shes one of the finest, healthiest people i know. This is all out of an abundance of caution. She will be staying home. Good news, we are able to take you live to her home in edgewater, new jersey, where i have never been invited to. We are now joined by liz claman, anchor of the claman countdown. Hey, lizzy. Liz hey, cheryl. You have a standing invitation. I dont want anybody to worry, especially my mom. This is the first time that shes probably seeing that im under quarantine. I didnt want to alarm her. I have my own teleprompter here. You see the board there. Hi, mom, im fine. Yeah, we had it felt like it was bearing down. There were a couple people who tested positive that had been in close contact with our team so out of the abundance of caution, we are all quarantined for the 14day amount of time since we last saw these people. That actually puts me just about six days away from coming back on the air. So this way, we are able to do it and i have to just say, i miss you guys. Cheryl, you are doing a great job. We are watching so much news right now that has really become the most important final hour of trade and i do just want to let you in on the fact that after midnight on saturday, i was communicating with the white house chief economic adviser larry kudlow, because i was trying to get a vision of how this rescue package was going to come through that you have been talking about, that edward has been covering, that blake has been covering from the hill. I was communicating with larry kudlow and he told me specifically that he had been on the hill all night long trying to negotiate with all of the senators. He said the talks were going well and he said that the plan, if we thought it would have a senate vote on monday, we see how thats gone so far, a few stumbling blocks, definitely, but specifically said the plan could come to 10 of gdp. Cheryl, these numbers are a moving target. Hundreds of businesses, not to mention lobbyists, have their hands out now doing the alms for the poor, alms for the poor. You got to be very careful here because you dont want to infuriate Small Businesses and middle income or lower income people, if they start to see Companies Getting the bigger checks first, that is not going to be helpful whatsoever. In fact, just late last week, i was watching this closely, as you know the airlines are in such trouble, deltas ceo ed bastion had said in an employee memo to put this in context. Despite selfhelp measures, delta is currently burning through roughly 50 million in cash per day. Youre looking at delta, looking at the corner street guy who is trying to take care of his family at this point. Hopefully the senate will get the act together, we will have something and the checks will print sooner rather than later. A lot of Small Businesses, let me finish with this, are struggling, as you know. In just a few minutes, we have that oneonone interview in a fox business exclusive with daymond john, founder of fubu, the big fashion empire. Hes been through a few near death experiences in business himself. We will bring him back and find out what advice hes giving all the Small Businesses hes invested in. Cheryl liz claman, great to see your smiling face. We will see you in just a little bit with that oneonone interview. Liz claman. Live from edgewater, new jersey. Well be right back. The dow, we are down at session lows again. Anything could happen in the last hour as liz was telling you, as we go into the close. You never know. Stay with us. We will see if the selling picks up. Covid19 has put the medical world into overdrive. Gilead forced to limit emergency access to its antiviral drug, remdesivir, as demand surges due to this outbreak. Then eli lily is halting enrollment in all medical trials to keep from wasting supplies. Doctors need to focus on fighting this deadly disease. Shares of both those companies are falling in todays selloff, as you can see. Red arrows on your screen. Now, this virus has forced eateries across the globe to go on lockdown but coming up next, we will talk to restaurant guru Cameron Mitchell on the pandemic survival plan. Hes cooking it up for his dining empire. The claman countdown will be right back. Sure, principal is a financial company. But think of us as a protect your family as it grows company. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. I need all the breaks, that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Cheryl we are getting breaking news into fox business. There are several reports out there that the Tokyo Olympic games, the 2020 summer games, are going to be postponed. This is a direct quote from a member of the International Olympic committee, speaking to usa today. Again, there are several reports out there now. We are working to confirm that the 2020 olympics in tokyo will be postponed and remember, canada and australia had already said they would not be participating and a lot of athletes around the world, including several american athletes, have said they dont want to participate and take the risk right now. We will keep you updated as we get more details on whats going on with the olympics. Some other news thats broken recently. The Cheesecake Factory are temporarily closing 27 of their concept restaurants. You have mcdonalds shutting uk and ireland stores at least for now. Theres one glimmer of hope. I got to bring this to you. Yum china is getting back on track. They are starting to reopen about 95 of their properties in china as the coronavirus has come under control there. Lets bring in Cameron Mitchell. Youve got 37 restaurants in 12 states, youve got one here in new york. Welcome to the show, sir. Thank you, cheryl. A pleasure to be here. Cheryl this must be really tough times for you and your employees. What has it been like with all these shutdowns . Its been horrible. We have 4500 employees, some of which i worked with for 15, 20, 25 years. In three weeks ago, our business was in great shape. I was meeting with the bank talking about our future, et cetera, then three weeks later, we are completely shut down. Its been a horrific situation and i would like to say theres no contingency plan for the unimaginable. Cheryl how was business going into this . We had the markets hitting records a month ago. Now here we are. How was it for you . Yeah, same thing with us. We were up over 7 , same store sales, which you know is terrific. We had the best start of our year, our most profitable start of the year we have ever had. We were excited. We had big plans, lots of Growth Opportunities and were excited for our business and our people, and then it just dropped off a cliff. Cheryl you know, its interesting because theres so much unknown but the biggest unknown has to be for the restaurant industry. Delivery and takeout is still an option in states like new york and california, where we are shut down, but how bad do you think this is going to get . Whats your outlook . Well, the same thing. We tried, you know, our full Service Restaurants are not really geared for takeout and delivery. I use the analogy its like putting a bandaid on a jugular vein. It doesnt really help much. Plus we wanted to keep our people home and safe with their families and try not to try to hinder the spread of the coronavirus. Getting started again is really, you know, we are kind of shut down now, it is what it is, and we have got an associate relief plan in place to help our people. We are trying to raise 1 million to help them put some food on the table for them. Weve got our Health Benefits taken care of at least through may or april, i think through may now. So we are waiting to hear what the government stimulus package is going to be, what help we can get there and start working on our reopen plan. The problem is we dont know how far and deep this is going to get. So what its really going to take. Each restaurant to reopen from a standstill of 30 or 60 or 90 days is going to take tens and tens of thousands of dollars or more, well over 100,000 to open. We are going to require significant amount of capital to get back up and running at some point. Cheryl hopefully that reopening can be just as quick as it happened when you got shut down. I know this has been a difficult, difficult time for you and everyone in the industry. All i can say is if anybody goes, they get delivery, go pick up the food, tip. Just tip the people that are there. They are working so hard. Cameron mitchell, thank you very much. Keep us posted. Will do. Thank you. Cheryl thank you. Cameron mitchell restaurants owner. Lets ch ebbieck the big board. We are pushing session lows. The low was 18,213. We are not there yet. Im hopeful. All rig