Transcripts For FBC Varney Company 20240713 : vimarsana.com

Numbers, 8 30 this morning. We knew it was going to be bad because bricks and Mortar Stores have been largely shut down, and it was bad. April sales down 16. 4 in april after dropping 8 in march. So heres the market, with just minutes to go to the opening bell. Red ink all over the place but not as bad as it was. The dow off about 180, 25 down for the s p, 121 down for the nasdaq. Thats of course inspired by apple, which is way, way down this morning. What were looking for is how fast we can rebound on the other side of this really bad Economic News. Thats the other side of the coin. The great reopening. Which gathers steam this weekend. There are only a handful of states that are still trying to enforce a complete lockdown. This will be a test of our willingness to get out and about, our willingness to travel, eat out and shop. This is important. We need to open the economy. We need to get back to work. This weekend, i think its a prelude to memorial day next weekend which is the unofficial start of summer. Two sides to the coin this morning. On the show today, alex azar on the president s warp speed effort to get a vaccine. And larry kudlow on economic recovery and that brewing dispute with china. We have a lot to go at and we will. Varney company is about to begin. Stuart lets get straight to this news. The u. S. Blocking new Technology Going to huawei. Susan, explain the fallout from this, please. Susan so the department of commerce says they will try to limit the amount of High Technology and components that are shipped over to huawei for use. We know huawei is on the u. S. Trade blacklist and there are reports of physical shipments of high tech chips was actually blocked from being shipped over to huawei in china. In retaliation for this, if we can bring up this tweet from the global times which is the propaganda mouthpiece, one of them for the Chinese Government, again threatening retaliation and they say shares of qualcomm, cis cisco, apple, boeing, sources of possible targets for retaliation amid u. S. Moves against huawei that took place in premarket trading session. We know this is one of the pressure points for china. For instance, huawei employs close to 100,000 people in the chinese economy and they are one of the most important, if not the most Important Technology company that still, by the way, has links to the Chinese Government so if you pressure and squeeze this company by limiting the access to u. S. Supplies and namely chips, thats going to bring this company to its knees. Huawei, by the way, is the second to Third Largest smartphone shipper in the world and we know they are the leader when it comes to 5g Telecom Components and network gear that they have been selling to governments around the world. Stuart tell me about this 12 billion factory thats being planned i think for arizona to make chips. Bringing jobs back to america by the sound of it. Susan 1600 jobs, talking about a 12 billion investment over the next eight years. It looks like ground will start to be broken next year, 2021. Its set to open in the year 2024. This is a smaller plant compared to what tsmc does. They are the largest contract chip manufacturer in the world. They make those chips that go into your iphone. They are spending about 12 billion. They will make about 20,000 of these high tech silicon wafers. Typically their big plants reel off about 100,000 wafers so this is a much smaller addition but look, this is something they talked about for awhile and i think its a victory for the Trump Administration to bring back supplies of high tech components which is what secretary of state and even President Trump has said he wanted to do. Stuart got that. Susan, thank you very much indeed. The dow is now down 230 points right before the opening bell. Marc tepper is with us. Is this just about china and the possible retaliation against some dow stocks, or is it also about that rotten retail sales report . I think its about both. You know, with regard to china, i mean, china needs to be dealt with strongly and swiftly. They have definitely proven they lack transparency, integrity. You cant believe anything they say. They have been forthright moments ago, we may be months closer to some sort of treatment or vaccine and its pretty obvious that they have just been intentionally deceptive along the way. They knew their economy was going to be down 20 , they wanted to make sure the rest of the world wasnt up. Look, we need to retaliate, thats obviously weighing on stocks right now, but theres a lot of other stuff going on right now. Really, the main thing were looking at is that the market has really gotten ahead of where the economy is, and if we just continue to open the economy at a snails pace, at some point, you know, the markets going to say hey, economy, its time to show me you are actually doing whats priced in right now. Stuart thats the story of the next couple of weeks is how fast we come back and open the economy. Stay there, mark. I will get back to you in a second. I want to bring in retail analyst Gerald Storch because look, weve got this 16 drop in retail sales in april, following an 8 drop in march. Ubs says 100,000 bricks and Mortar Stores close in the next five years. But look, gerald, what im interested in is this weekend and next weekend and whether people come back and start shopping again. Initially, the reports are they are very cautious about going back. What are you seeing . Well, look, retail sales were down. That proves what happens when you close all the stores and terrify people so they dont go out and tell them not to go out. We proved that they dont shop. Now, whats amazing in a different way is that 80 of the sales from last year were still there. I mean, we lost 20 of sales. So what were they shopping for . Groceries, that was good, but the internet. Stuart, this is the first time in history ecommerce has hit 20 . Its up to 20 of retail sales when you exclude cars and gasoline. New milestone there. That was up sharply. Thats going to last. They will keep doing that. There are other reasons. I think in a recessionary environment which we are kind of in right now at least for the short term, people are still going to go to walmart, to dollar general, those companies are going to do great. There is also one more nugget in this report that we saw which is that the Building Supplies and Materials Category was up year over year so people are still going to work on their homes. Home depot, lowes, do things on the outside. People will come out, they will come out slowly, they will look around, you know, see what their fellow countrymen are doing, they are going to social distance, they are going to be smart and its going to come back. The consumer will lead us out of this situation. Stuart real fast, is it going to happen quickly . Its a cautious return so far. Well, it depends on really whether or not we see a spike in cases. If it continues to be low over the summer, the trends right now look pretty good almost every place, there are pockets here and there. If it looks like its pretty good, i think people will come out in really heavy numbers. If it starts to spike again, they will do what smart people do. We have to count on people to exercise independent, smart judgment. Thats what they will do. If its safe, they will go out. Stuart thanks for being with us on an important day. Always like it. See you soon. Thank you. Now, this is in my opinion a very big weekend for reopening. 11 states including washington, d. C. Easing restrictions as of today. Take me through some of the major reopenings, ashley. Ashley lets take three of those states, stu. Lets begin with new york. As we know, one of the hardest, if not the hardest hit state from the coronavirus, already today, may 15th, Outdoor Recreational activities can begin. Landscaping and gardening, drivein movie theaters, if there are any still out there, you can go use those. Louisiana, now, this is another state, especially in new orleans, thats been hit hard. Interesting, churches, restaurants, gyms and museums, movie theaters and barber shops, hair salons, nail salons at 25 capacity. This is signs of real progress. Then lets look at oregon on the west coast. Furniture stores can reopen today. Also art galleries, Jewelry Stores and boutiques, Child Care Services as well, Summer School and summer camp. You start looking at these items, you get a sense that we are definitely heading in the right direction. Stuart i agree with that. Thank you. Now, lets look at abbott labs. I think that stock is down. Yes, it is, down over 2 . There are questions about the accuracy of the abbott fast test. What do we have on this, lauren . Lauren the fda received 15 reports of false negatives and an nyu study found much of the same. Bottom line is if this rapid test shows you have the coronavirus, you test positive, you have it. Heres the problem. False negatives are coming up. The change abbott is making and by the way, its the second change to this test, is that if you get a negative, you should also take another test to confirm the negative. Upshot also, the president , President Trump and the Vice President , this is the test that they do take. It gives people hesitancy about the results. Stuart thank you very much indeed. Im going to ask health and Human Services secretary alex azar about the abbott test and also about this possible executive order that brings drug manufacturing back to the United States. That was big news and we of course are on it. The New York Stock Exchange opens, reopens, i should say, the floor, that is, may 26th. Its been closed since march 23rd. We have the New York Stock Exchange president , stacy cunningham, on the show next hour. Whats that floor, the Trading Floor, whats it going to look like and the obvious question, do we really need to reopen when weve got electronic trading going pretty strong . Right now, the dow industrials are down over 200 points, 238, to be precise. Lot of red ink coming up. Busy day breaking news and we have larry kudlow on the show. I want to know what he thinks about the future of our relationship with china and how fast we can bounce back and reopen this economy. Joe biden doubling down in his first interview since being exposed as one of the top obama officials unmasking Michael Flynn. Watch this. I was never a part or had any knowledge of any criminal investigation into flynn while i was in office, period. Not one single time. Stuart there was no followup to that, by the way, on msnbc. This is going to be a problem for the Biden Campaign and im going to go right at it in the my take top of the next hour. Speaker pelosi, her 3 trillion relief bill is her partys starting offer, thats what she says. The president says its dead on arrival. The house votes on it in just a few hours. I want to know what texas congressman lance gooden will actually be in the next stimulus package, not the pelosi package but the next one. Its friday. Just getting started. Was a verg period of time. Up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. Tums ver bell rings la stick stick with it. When heartburn hits fight back fast. With tums chewy bites. Beat heartburn fast tums chewy bites we were paying an arm and a leg for postage. I remember setting up shipstation. One or two clicks and everything was up and running. I was printing out labels and saving money. Shipstation saves us so much time. It makes it really easy and seamless. Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. Shipstation. The 1 choice of online sellers. Go to shipstation. Com tv and get 2 months free. Safely, and beautifully, is installed quickly, shipstation. The 1 choice of online sellers. With a lifetime warranty. The beautiful bath youve always wanted, done right, installed by one expert technician all in one day. Book your free virtual or inhome Design Consultation. Many of lifes moments in thare being put on hold. Are staying at home, at carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Well, its an 1800page liberal wish list. It strikes me its hardly salvageab salvageable. Just to give you an example of the absurdity, it mentions the word cannabis 68 times, more than the word jobs or hire are mentioned in the entire bill. Its a parade of absurdities that can hardly be taken seriously. Stuart just in a few hours, the house is going to vote on that 3 trillion bill. Lets bring in congressman lance gooden, republican from the state of texas. Congressman, look, we know that theres a lot of stuff in the 3 trillion bill that you dont like and a lot of other people dont like and its going to be dead on arrival so lets move on to the next stimulus package or rescue package, call it what you will. What do you want to see in it . I want to see fixes to the problems with the Small Business administrations loan programs. We have heard nightmares, democrats and republicans have been disappointed in treasury and the way they have implemented that. I want to see relief for state and local governments, not necessarily in the way the democrats have put it in this bill, and i also, republicans, we want to help get people back to work. We want to fix the unintended consequences of continuing to pay increased unemployment insurance. We want to help American Families that are struggling but at the same time, we dont want to help people stay at home and we dont want the government helping the unemployed compete with private industry. Weve got people that dont want to work because it makes no sense if they can get more money from the government and democrats are focusing on things like making sure Illegal Immigrants get paid. Its crazy. Stuart so you do want to push more money out there. You have already got, what is it, five or six trillion from the federal reserve, three trillion from congress. You want more trillions of dollars going where you want it to go, but you are in favor of another big package . I dont love it. I think that we are going to eventually get there. Thats my answer to that. I dont like that were spending trillions and trillions of dollars. I dont know any republican that does. But i can tell you we are going to pump the brakes. The senate has already said theres no way they will even pass anything on their side before memorial day. There was talk we would be done and finished with the next package by then. Thats not going to happen. It will be june. Republicans are prepared to work with democrats across the aisle and get something passed, but we dont want to get in a big hurry because we have so much money thats already been appropriated that hasnt even been spent yet. We want to see how that trickles through the economy. We want to make sure that whatever package comes out next ensures we are helping americans get back to work. Democrats in todays bill are just throwing everything in there to appease the far left base so they can say they have done something. This bill that will pass today, later this evening, hwill go absolutely nowhere. Stuart lets talk about texas, your state. Texas opened up to some degree on may 1st. Since then, there has been a rise in coronavirus cases, 15,000 since the reopening on may 1st. Do you feel like thats an acceptable risk, to open up the economy means more cases . Is that a risk that you are prepared to accept . Im prepared to accept the risk because thats my decision to make. There is no burden on Senior Citizens to leave their home. The Senior Citizens i represent, they didnt need the government in the first place to tell them to stay home. They were going to do that any way. The vulnerable population needs to stay home if they choose to stay home. People that are able to work, need to be able to work. That number you quoted, its not a huge spike. Texas has been pretty steady and the goal was not to have a cure and this disease be totally eradicated before we open back up. The goal was to make sure our Health Care Facilities were not overwhelmed and the curve was flattened. Thats exactly what happened. Theres no shortage of ventilators or hospital beds in texas right now. The Horror Stories up in your area, in new york, are just not happening in texas. We are prepared to get back to work. Stuart lance gooden, republican, texas, thanks for joining us. Thank you. Next case, protests at the Capitol Building in michigan overnight. Tell me more. Ashley its gotten real ugly in michigan. This stayathome order does not expire in michigan until may 28th. Its been in effect since march 24th. There are those that say it needs to be relaxed. The Capitol Building in michigan was closed, the legislative session was canceled. This after Death Threats made online against michigan governor gretchen whitmer. Its gotten so ugly, those threats made by protesters who say they are attending a judgment day protest at the capitol now. The michigan governor has asked her Mortar Stores<\/a> have been largely shut down, and it was bad. April sales down 16. 4 in april after dropping 8 in march. So heres the market, with just minutes to go to the opening bell. Red ink all over the place but not as bad as it was. The dow off about 180, 25 down for the s p, 121 down for the nasdaq. Thats of course inspired by apple, which is way, way down this morning. What were looking for is how fast we can rebound on the other side of this really bad Economic News<\/a>. Thats the other side of the coin. The great reopening. Which gathers steam this weekend. There are only a handful of states that are still trying to enforce a complete lockdown. This will be a test of our willingness to get out and about, our willingness to travel, eat out and shop. This is important. We need to open the economy. We need to get back to work. This weekend, i think its a prelude to memorial day next weekend which is the unofficial start of summer. Two sides to the coin this morning. On the show today, alex azar on the president s warp speed effort to get a vaccine. And larry kudlow on economic recovery and that brewing dispute with china. We have a lot to go at and we will. Varney company is about to begin. Stuart lets get straight to this news. The u. S. Blocking new Technology Going<\/a> to huawei. Susan, explain the fallout from this, please. Susan so the department of commerce says they will try to limit the amount of High Technology<\/a> and components that are shipped over to huawei for use. We know huawei is on the u. S. Trade blacklist and there are reports of physical shipments of high tech chips was actually blocked from being shipped over to huawei in china. In retaliation for this, if we can bring up this tweet from the global times which is the propaganda mouthpiece, one of them for the Chinese Government<\/a>, again threatening retaliation and they say shares of qualcomm, cis cisco, apple, boeing, sources of possible targets for retaliation amid u. S. Moves against huawei that took place in premarket trading session. We know this is one of the pressure points for china. For instance, huawei employs close to 100,000 people in the chinese economy and they are one of the most important, if not the most Important Technology<\/a> company that still, by the way, has links to the Chinese Government<\/a> so if you pressure and squeeze this company by limiting the access to u. S. Supplies and namely chips, thats going to bring this company to its knees. Huawei, by the way, is the second to Third Largest<\/a> smartphone shipper in the world and we know they are the leader when it comes to 5g Telecom Components<\/a> and network gear that they have been selling to governments around the world. Stuart tell me about this 12 billion factory thats being planned i think for arizona to make chips. Bringing jobs back to america by the sound of it. Susan 1600 jobs, talking about a 12 billion investment over the next eight years. It looks like ground will start to be broken next year, 2021. Its set to open in the year 2024. This is a smaller plant compared to what tsmc does. They are the largest contract chip manufacturer in the world. They make those chips that go into your iphone. They are spending about 12 billion. They will make about 20,000 of these high tech silicon wafers. Typically their big plants reel off about 100,000 wafers so this is a much smaller addition but look, this is something they talked about for awhile and i think its a victory for the Trump Administration<\/a> to bring back supplies of high tech components which is what secretary of state and even President Trump<\/a> has said he wanted to do. Stuart got that. Susan, thank you very much indeed. The dow is now down 230 points right before the opening bell. Marc tepper is with us. Is this just about china and the possible retaliation against some dow stocks, or is it also about that rotten retail sales report . I think its about both. You know, with regard to china, i mean, china needs to be dealt with strongly and swiftly. They have definitely proven they lack transparency, integrity. You cant believe anything they say. They have been forthright moments ago, we may be months closer to some sort of treatment or vaccine and its pretty obvious that they have just been intentionally deceptive along the way. They knew their economy was going to be down 20 , they wanted to make sure the rest of the world wasnt up. Look, we need to retaliate, thats obviously weighing on stocks right now, but theres a lot of other stuff going on right now. Really, the main thing were looking at is that the market has really gotten ahead of where the economy is, and if we just continue to open the economy at a snails pace, at some point, you know, the markets going to say hey, economy, its time to show me you are actually doing whats priced in right now. Stuart thats the story of the next couple of weeks is how fast we come back and open the economy. Stay there, mark. I will get back to you in a second. I want to bring in retail analyst Gerald Storch<\/a> because look, weve got this 16 drop in retail sales in april, following an 8 drop in march. Ubs says 100,000 bricks and Mortar Stores<\/a> close in the next five years. But look, gerald, what im interested in is this weekend and next weekend and whether people come back and start shopping again. Initially, the reports are they are very cautious about going back. What are you seeing . Well, look, retail sales were down. That proves what happens when you close all the stores and terrify people so they dont go out and tell them not to go out. We proved that they dont shop. Now, whats amazing in a different way is that 80 of the sales from last year were still there. I mean, we lost 20 of sales. So what were they shopping for . Groceries, that was good, but the internet. Stuart, this is the first time in history ecommerce has hit 20 . Its up to 20 of retail sales when you exclude cars and gasoline. New milestone there. That was up sharply. Thats going to last. They will keep doing that. There are other reasons. I think in a recessionary environment which we are kind of in right now at least for the short term, people are still going to go to walmart, to dollar general, those companies are going to do great. There is also one more nugget in this report that we saw which is that the Building Supplies<\/a> and Materials Category<\/a> was up year over year so people are still going to work on their homes. Home depot, lowes, do things on the outside. People will come out, they will come out slowly, they will look around, you know, see what their fellow countrymen are doing, they are going to social distance, they are going to be smart and its going to come back. The consumer will lead us out of this situation. Stuart real fast, is it going to happen quickly . Its a cautious return so far. Well, it depends on really whether or not we see a spike in cases. If it continues to be low over the summer, the trends right now look pretty good almost every place, there are pockets here and there. If it looks like its pretty good, i think people will come out in really heavy numbers. If it starts to spike again, they will do what smart people do. We have to count on people to exercise independent, smart judgment. Thats what they will do. If its safe, they will go out. Stuart thanks for being with us on an important day. Always like it. See you soon. Thank you. Now, this is in my opinion a very big weekend for reopening. 11 states including washington, d. C. Easing restrictions as of today. Take me through some of the major reopenings, ashley. Ashley lets take three of those states, stu. Lets begin with new york. As we know, one of the hardest, if not the hardest hit state from the coronavirus, already today, may 15th, Outdoor Recreational<\/a> activities can begin. Landscaping and gardening, drivein movie theaters, if there are any still out there, you can go use those. Louisiana, now, this is another state, especially in new orleans, thats been hit hard. Interesting, churches, restaurants, gyms and museums, movie theaters and barber shops, hair salons, nail salons at 25 capacity. This is signs of real progress. Then lets look at oregon on the west coast. Furniture stores can reopen today. Also art galleries, Jewelry Stores<\/a> and boutiques, Child Care Services<\/a> as well, Summer School<\/a> and summer camp. You start looking at these items, you get a sense that we are definitely heading in the right direction. Stuart i agree with that. Thank you. Now, lets look at abbott labs. I think that stock is down. Yes, it is, down over 2 . There are questions about the accuracy of the abbott fast test. What do we have on this, lauren . Lauren the fda received 15 reports of false negatives and an nyu study found much of the same. Bottom line is if this rapid test shows you have the coronavirus, you test positive, you have it. Heres the problem. False negatives are coming up. The change abbott is making and by the way, its the second change to this test, is that if you get a negative, you should also take another test to confirm the negative. Upshot also, the president , President Trump<\/a> and the Vice President<\/a> , this is the test that they do take. It gives people hesitancy about the results. Stuart thank you very much indeed. Im going to ask health and Human Services<\/a> secretary alex azar about the abbott test and also about this possible executive order that brings drug manufacturing back to the United States<\/a>. That was big news and we of course are on it. The New York Stock Exchange<\/a> opens, reopens, i should say, the floor, that is, may 26th. Its been closed since march 23rd. We have the New York Stock Exchange<\/a> president , stacy cunningham, on the show next hour. Whats that floor, the Trading Floor<\/a>, whats it going to look like and the obvious question, do we really need to reopen when weve got electronic trading going pretty strong . Right now, the dow industrials are down over 200 points, 238, to be precise. Lot of red ink coming up. Busy day breaking news and we have larry kudlow on the show. I want to know what he thinks about the future of our relationship with china and how fast we can bounce back and reopen this economy. Joe biden doubling down in his first interview since being exposed as one of the top obama officials unmasking Michael Flynn<\/a>. Watch this. I was never a part or had any knowledge of any criminal investigation into flynn while i was in office, period. Not one single time. Stuart there was no followup to that, by the way, on msnbc. This is going to be a problem for the Biden Campaign<\/a> and im going to go right at it in the my take top of the next hour. Speaker pelosi, her 3 trillion relief bill is her partys starting offer, thats what she says. The president says its dead on arrival. The house votes on it in just a few hours. I want to know what texas congressman lance gooden will actually be in the next stimulus package, not the pelosi package but the next one. Its friday. Just getting started. Was a verg period of time. Up and down. Depression to exuberance. And you could name many, many cycles like that over the years. My generation, having come through so many wars and so many things. Persistence. Its the heartbeat of this country. Stick with it. Tums ver bell rings la stick stick with it. When heartburn hits fight back fast. With tums chewy bites. Beat heartburn fast tums chewy bites we were paying an arm and a leg for postage. I remember setting up shipstation. One or two clicks and everything was up and running. I was printing out labels and saving money. Shipstation saves us so much time. It makes it really easy and seamless. Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. Shipstation. The 1 choice of online sellers. Go to shipstation. Com tv and get 2 months free. Safely, and beautifully, is installed quickly, shipstation. The 1 choice of online sellers. With a lifetime warranty. The beautiful bath youve always wanted, done right, installed by one expert technician all in one day. Book your free virtual or inhome Design Consultation<\/a>. Many of lifes moments in thare being put on hold. Are staying at home, at carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace<\/a> of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. Well, its an 1800page liberal wish list. It strikes me its hardly salvageab salvageable. Just to give you an example of the absurdity, it mentions the word cannabis 68 times, more than the word jobs or hire are mentioned in the entire bill. Its a parade of absurdities that can hardly be taken seriously. Stuart just in a few hours, the house is going to vote on that 3 trillion bill. Lets bring in congressman lance gooden, republican from the state of texas. Congressman, look, we know that theres a lot of stuff in the 3 trillion bill that you dont like and a lot of other people dont like and its going to be dead on arrival so lets move on to the next stimulus package or rescue package, call it what you will. What do you want to see in it . I want to see fixes to the problems with the Small Business<\/a> administrations loan programs. We have heard nightmares, democrats and republicans have been disappointed in treasury and the way they have implemented that. I want to see relief for state and local governments, not necessarily in the way the democrats have put it in this bill, and i also, republicans, we want to help get people back to work. We want to fix the unintended consequences of continuing to pay increased unemployment insurance. We want to help American Families<\/a> that are struggling but at the same time, we dont want to help people stay at home and we dont want the government helping the unemployed compete with private industry. Weve got people that dont want to work because it makes no sense if they can get more money from the government and democrats are focusing on things like making sure Illegal Immigrants<\/a> get paid. Its crazy. Stuart so you do want to push more money out there. You have already got, what is it, five or six trillion from the federal reserve, three trillion from congress. You want more trillions of dollars going where you want it to go, but you are in favor of another big package . I dont love it. I think that we are going to eventually get there. Thats my answer to that. I dont like that were spending trillions and trillions of dollars. I dont know any republican that does. But i can tell you we are going to pump the brakes. The senate has already said theres no way they will even pass anything on their side before memorial day. There was talk we would be done and finished with the next package by then. Thats not going to happen. It will be june. Republicans are prepared to work with democrats across the aisle and get something passed, but we dont want to get in a big hurry because we have so much money thats already been appropriated that hasnt even been spent yet. We want to see how that trickles through the economy. We want to make sure that whatever package comes out next ensures we are helping americans get back to work. Democrats in todays bill are just throwing everything in there to appease the far left base so they can say they have done something. This bill that will pass today, later this evening, hwill go absolutely nowhere. Stuart lets talk about texas, your state. Texas opened up to some degree on may 1st. Since then, there has been a rise in coronavirus cases, 15,000 since the reopening on may 1st. Do you feel like thats an acceptable risk, to open up the economy means more cases . Is that a risk that you are prepared to accept . Im prepared to accept the risk because thats my decision to make. There is no burden on Senior Citizens<\/a> to leave their home. The Senior Citizens<\/a> i represent, they didnt need the government in the first place to tell them to stay home. They were going to do that any way. The vulnerable population needs to stay home if they choose to stay home. People that are able to work, need to be able to work. That number you quoted, its not a huge spike. Texas has been pretty steady and the goal was not to have a cure and this disease be totally eradicated before we open back up. The goal was to make sure our Health Care Facilities<\/a> were not overwhelmed and the curve was flattened. Thats exactly what happened. Theres no shortage of ventilators or hospital beds in texas right now. The Horror Stories<\/a> up in your area, in new york, are just not happening in texas. We are prepared to get back to work. Stuart lance gooden, republican, texas, thanks for joining us. Thank you. Next case, protests at the Capitol Building<\/a> in michigan overnight. Tell me more. Ashley its gotten real ugly in michigan. This stayathome order does not expire in michigan until may 28th. Its been in effect since march 24th. There are those that say it needs to be relaxed. The Capitol Building<\/a> in michigan was closed, the legislative session was canceled. This after Death Threats<\/a> made online against michigan governor gretchen whitmer. Its gotten so ugly, those threats made by protesters who say they are attending a judgment day protest at the capitol now. The michigan governor has asked her Legal Advisers<\/a> whether they can, in fact, ban firearms from within the Capitol Building<\/a>. If you remember, it was the sight of lawmakers on the legislative floor while protesters were up in the gallery with guns flung around their shoulders. Law makers saying we dont want to be wearing bulletproof vests, they dont like the situation. The question remains, can they ban firearms from the Capitol Building<\/a>. They are not sure legally. In the meantime, you know, its crossed the line, to say the least. Stuart you know where i stand on this. Im absolutely opposed to that kind of intimidation of law makers of any stripe. I dont think you should do it. Its distraction. Thanks, ash. Lets move on. Potential bad news for the big delivery names on your screen. Whats this, susan, the president wants the Postal Service<\/a> to raise the delivery fees that they charge to the amazons of this world . Susan thats right. They want them renegotiated with amazon, fed ex, ups and the like. Usually the Postal Service<\/a> does the last leg delivery, last mile delivery, meaning delivery straight to the door, but President Trump<\/a> is not happy about the fees they have been charging by the likes of amazon and namely to jeff bezos. Hes called the Postal Service<\/a> a joke, the whipping boy of amazon, and we know the Postal Service<\/a> is set to lose around 13 billion a year because of the depressed volumes when it comes to personal and marketing mail and packages because of the pandemic spread. So President Trump<\/a> and treasury secretary mnuchin also withholding a 10 billion stimulus payment over to the Postal Service<\/a> because they want them to renegotiate the fees before they give them some of this stimulus money, and they have said before they want these fees quadrupled, according to President Trump<\/a>. Trump has also installed a new postmaster general as well, the finance he is the finance chair for the 2020rnc convention. Dont forget, the Postal Service<\/a> employs 600,000 across the country and this is a big deal for jobs across america. Stuart got it. Thank you very much indeed. Futures are off their lows, even though we got another pretty bad number on the economy. For Industrial Production<\/a>, that is, down 11. 2 . That was the biggest drop ever and it was in the month of april. Futures coming back a bit. We are down 179 now on the dow. Well be right back. Looks like they picked the wrong getaway driver. Theyre going to be paying for this for a long time. They will, but with accident forgiveness allstate wont raise your rates just because of an accident, even if its your fault. Cut sonny. Was that good . Line the desert never lies. Isnt that what i said . No you were talking about allstate and insurance. I just. When i. Lets try again. Everybody back to one. Accident forgiveness from allstate. Click or call for a quote today. Confident Financial Plan<\/a>s, calming Financial Plan<\/a>s, complete Financial Plan<\/a>s. Theyre all possible with a cfp\u00ae professional. Find yours at letsmakeaplan. Org. Stuart weve got three minutes to go, we will open the market at 9 30 and right now we are down 200 on the dow. Big tech names, we check them every day, you have to, thats where the money is, and look at this. Facebooks down, amazons down 10, apple is down 9, just on the cusp of 300 a share. Netflix, even netflix is down after reaching a series of record highs recently. And alphabet as in google, down about 13 bucks. Big tech, down. That is premarket. How about the price of gas . Im afraid to say it keeps on going up. The National Average<\/a> is now 1. 87. Lauren, come into this, please. Whats gas buddy saying about how many of us will be driving this summer . Lauren they did a survey, they found a third of us are taking a summer road trip, but the number could be more for two reasons. Number one, so many people, half the people are still undecided about their summer plans as they watch the country reopen or not, and number two, yes, gas prices, they went up four cents this week but they are still a dollar cheaper than last year so they are trying to take advantage of that. Stuart absolutely. What about memorial day . Are they saying that lauren dont you want to know. Stuart yeah, tell me. What have they got for that . Lauren well, this is going to be the real temperature check, if you will, about americans wanting to get out and aaa typically does a study, how many people are going to travel this many miles for memorial day. Theyre not doing that this year because they cant. They dont have the data because of the coronavirus to make a good estimate. I can tell you that the financial crisis during the recession, it did hit a low of 31 million. Aaa says its going to probably be worse than that, but they cant tell for sure. This is going to be the real barometer of the angst and pentup demand for americans, how safe do they feel about going out and are they going to go somewhere. Stuart well, i would like to answer that personally and say im going to be out and about bigtime with gas at 1. 80, im out and about, case closed, but i dont know about my fellow americans. I suspect that they will be out and about but i dont know. On your screens, jc penney. I believe its been halted. News pending. It is possible that they will announce bankruptcy as of today. We dmont that for sure but it has been halted. Last trade was at 17 cents per share, down 12 . Jc penney halted over pending bankruptcy news. Okay. Weve got 20 seconds to go. We open this market on a friday morning. We are coming off a gain yesterday. The dow is still well above the 23,000 level. Look at that number. We are still expecting a loss of about 200 points. We have some retaliation against some american big tech companies. Thats dragging the dow down. Some dreadful Economic News<\/a> as well. Here we go. We are open on this friday and right from the getgo were down 200 points. Thats a little shy of a 1 drop. I can tell you that the vast majority of the dow 30 are in the red. They are down. Weve got about 26 no, sorry, six up, 24 down. Thats the state of play. We are off. 9 for the dow. How about the s p 500 . It is down. 97 . The nasdaq composite, i think youve got a big drop there. Big techs are way down. That indicator is off 1. 1 . Story of the day, we are going to block some Technology Going<\/a> to huawei. In return, they are threatening to retaliate against our big tech companies. Briefly, the story again, susan. Susan a senior u. S. Official announced this new huawei export, control on this export ban on high tech chips will go live today at 2 15 p. M. This is a big deal for a big Global Tech Company<\/a> like huawei. The second or Third Largest<\/a> smartphone shipper in the world and also the largest provider of network gear when it comes to 5g Telecom Communication<\/a> systems. This is a way to basically pressure and squeeze the Chinese Government<\/a>. They did this with zte just 18 months ago, again, another big Network Contributor<\/a> and they also brought that company to its knees so huawei needs these chips in order to survive and this is a way i guess, a negotiating tactic, i would say, probably with the Chinese Government<\/a> over coronavirus. Stuart the chinese, was it the foreign ministry, im not sure, they specifically named apple and others as a possible target for retaliation. Susan the Propaganda Machine<\/a> is going in overdrive in china so the global times says china could retaliate for this by squeezing apple, boeing, which sells a lot of planes still in china and qualcomm, one of the largest chip makers as well. So its tit for tat and i feel like we are back to that trade war battle. Stuart thanks, susan. Got to move on to jc penney, still halted. There is talk of a bankruptcy filing as of today. Have we got anything else on this, lauren . Lauren yeah, we are expecting that bankruptcy filing. Dont know that it happened just yet. Look, jc penney is trading at 19 cents a share. They have 4 billion in debt. They have been working on a loan to allow them to get through the bankruptcy process and keep their stores open where they can be, or at least doing online orders. 800 stores, 90,000 workers. The trends, the theme here is, and we saw this when you look at the retail sales numbers, the companies that were struggling before coronavirus, the virus hit them hard. The way out of this, we do not know because if customers werent going to the stores before a store like jc penney or j. Crew or Neiman Marcus<\/a> who have filed for bankruptcy, are they going to feel safe and go to those type of stores now . Retail sales minus 16. 4 in april. Doesnt look good for a company like penneys. Stuart let me sum it up for the Department Stores<\/a> like this. The writing i think is on the wall. All right. Lets move to the airlines. Maybe the writings on the wall for some of them as well. Ashley, we have got new social distancing on planes being emphasized by a member of congress, i think. I think wasnt a member of Congress Really<\/a> upset about full planes with the middle seat occupied . Ashley yes. Yes, it was that Twitter Photo<\/a> from the doctor returning to San Francisco<\/a> from new york. The plane was packed. He said a large number of people on that flight were scared and did not like what they saw, and peter defazio, congressman from oregon, a democrat, chairman of the house transportation committee, said if i was traveling five hours in a tube seated within inches of my fellow passengers, i would be scared, too. He is leading a campaign to basically lobby the airlines to try and leave the middle seat open. Right now, thats not a problem. The average number of passengers on those flights that do take off today is 31. But as we come out of this pandemic and start to get back to work, and maybe travel starts to pick up, its going to be costly for airlines who are already burning through millions and millions of dollars of cash every day. Now youre asking them to take out a seat. That means ticket prices are going to go up. Stuart i think youre right there. I dont think well, look, their revenue just wont make it. Thats a fact. Boeing launched this confident travel plan trying to get passengers back on their planes. Briefly, what is the confident travel plan . Ashley they are just trying to encourage airlines to take the necessary steps and of course, boeing makes the planes, they service them, they say we can work with airlines to give the kind of confidence that will have passengers getting on without any trepidation, have that without hesitation, boeing says. They are going to work with them on how to properly sanitize planes both on the flight deck and in the cabin. Also, the wearing of masks, you name it, they will work with the airlines. Its all about that key word we talk about, confidence, getting people to the point where they know if they get on a plane, they will be treated properly and appropriately given the pandemic. Also, hepa filtering. They are talking about hepa filters keep out 99. 9 of the particulates. I know what you are going to say. Including viruses. But what about the. 01. Stuart okay. My point is, boeings stock is down to 171 as we speak. Thats been beaten up big time. Ive got a head line here about tesla. A million mile battery. That sounds remarkable, susan. Explain. Susan million mile battery, low cost, thats set to roll off the china production line, according to elon musk, later on this year, maybe into early next year, and might actually go into the future model 3s that they build at the shanghai factory so elon musk says they will be working with a chinese Technology Company<\/a> on this, low cost, million miles, has second to third lives which will be great because then it will allow tesla first of all to run longer on these new batteries but also to bring down the cost so it will be in line with what you pay for a gasoline type of car. Right . Stuart so its not a battery that gives you a range of a million miles. Its a battery which will last for a million miles susan which is equally as important, i think, because in the future, instead of giga factories, you will have terra factories which will be 30 times bigger and more automated than the current giga factory which is already pretty impressive. Stuart it was a grabby headline from elon musk. He does that a lot. Susan well, you have to understand electric vehicles. A million mile battery is right now a holy grail. If he can get that, that will be very impressive. Stuart yes, it is. Youre right there. Youve got that. In our le11 00 hour, we have da ives on this possible new battery. Check that market, please. We are now, what, seven minutes in. Dow industrials down nearly 1 ,. 9 , off 216. The tenyear treasury yield this morning is. 60 . The price of gold is 1751 per ounce. The price of oil is 28 a barrel. Some confidence that worldwide demand will return. 28. 55 on oil. Have you seen this . A drone that will soon be able to deliver meals and groceries to the folks in North Carolina<\/a>. The Company Behind<\/a> it is fly trex and the head of operations joins me on the show later. They are doing it now. Still to come, National Economic<\/a> Council Director<\/a> larry kudlow on the state of our relationship with china. We also have economist Stephen Moore<\/a> on that as well. Steve hilton on the revolt against the draconian lockdown restrictions. Joe concha on the media silence on the flynn controversy. Then a question. Do you remember this . President trump unveiling the abbott labs testing kit in the rose garden. Now the Company Making<\/a> changes amid inaccuracy concerns about that test. Health and Human Services<\/a> secretary alex azar talking about that after this. Its a thirteenhour flight, thats not a weekend trip. Fifteen minutes until we board. Oh yeah, we gotta take off. You downloaded the Td Ameritrade<\/a> mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. And people you can rely on. Im a Dell Technologies<\/a> advisor. Me too. Me too. Me too. And if youre a Small Business<\/a>, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. And my side super soft . Yes. With the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So, you can really promise better sleep . Not promise. Prove. And now, save 1000 on the sleep number 360 special Edition Smart<\/a> bed, now only 1,799. Plus, free premium delivery setup when you add an Adjustable Base<\/a> ends monday. I think were going to have a vaccine by the end of the year and i think distribution will take place almost simultaneously because weve geared up the military. Stuart theres the president speaking about having a vaccine for the virus by the end of this year. And by the way, today, the white house is announcing a Public Private<\/a> partnership to make it happen. Health and Human Services<\/a> secretary alex azar joins us now. Thats a moonshot, mr. Secretary, to have a vaccine out there, tested, and verifiably good, it works, by the end of the year. Isnt that a stretch, sir . Well, it is a stretch, stuart, but as you know from talking to the great Business Leaders<\/a> in our country, you fail to achieve 100 of the goals that you do not set. And President Trump<\/a>, you know, he heard from these drug manufacturers and you know how they do their work. They want to do a phase one trial, then they will wait, do a phase two trial, and wait, and a phase three trial, then they will start thinking about commercial scale manufacturing. He said thats not acceptable. Weve got to use the full power of the u. S. Government and the private sector here to compress all of those timelines, reduce inefficiency in development and use the power of the u. S. Government to produce at risk scale hundreds of millions of doses of vaccine even while we are running Clinical Trials<\/a> to prove they are safe and effective. Stuart are we bringing all the private enterprise Drug Companies<\/a> into this and anybody else whos got an angle on it, everybodys coming together for this effort . Absolutely. Thanks to the president s leadership, tony fauci invented a vaccine thats already in Clinical Trials<\/a>, we have over 100 vaccine candidates that have been discovered. What we are doing now is narrowing those down to the core group and we will place huge multihundred Million Dollar<\/a> bets on and scale massive vaccine production so that we by the end of the year, we hope would have one or more safe and effective vaccines and hundreds of millions of doses. Stuart tell me about abbott labs and their test. Because we are getting reports this morning that there are some false negatives, i think is the correct expression, a high number of false negatives. Now, this is a test which the president proposed and backed earlier. Is this a failure here . Not at all. We are just being very transparent about our regular regulatory processes. We got 15 adverse event reports. These are something manufacturers submit if they get any type of negative information about their product. So we at the fda and the manufacturer are going to be studying and tracing those down. We just wanted to be transparent about that fact. The manufacturers doing postmarket studies as we do for any emergency use authorization product. But it could be as simple as user error. With this test youre not supposed to collect the swab, then spend time transporting it to get to the test but weve got to get to where the evidence is. Weve got to get to the bottom of it. We still have confidence in the test or we wouldnt have it on the market. Stuart what about we hear talk of an executive order that would make sure that key drugs are manufactured here and not in china. Now, we hear talk about this. Is there such a thing as this executive order . Well, not being the president , i will leave executive orders and their announcement to the guy who actually gets to sign them, but i will tell you that for the president and for me, bringing to the United States<\/a> pharmaceutical manufacturing capacity and treating drugs and other critical personal protective equipment and other medical supplies as part of our strategic structure in the United States<\/a> is vital. Just yesterday i traveled with the president to allentown, pennsylvania to announce a whole new next generation strategic stockpile program because when President Trump<\/a> came in, the cupboards were bare in the strategic stockpile. He will assure for any future pandemic that we replenish them and assure a 90day supply in our Distribution Channel<\/a> so that that doesnt ever happen again. Stuart the media yesterday made a big deal out of the whistleblower, rick bright, who said dark days are ahead, the u. S. Is going to see its darkest winter because of the virus, and because of what the administration did not do in response to the virus. Whats your response to that, mr. Secretary . You know, this guys now claiming that he has unique knowledge about how dangerous this virus was when literally everybody at hhs, everybody at the white house, was saying and working from the exact same knowledge and the exact same perspective. He was part of a choir of people singing a tune and now hes out claiming he was a soloist. What happened, President Trump<\/a>, we took this seriously, we acted on all of that knowledge and information, we procured personal protective equipment, we drove vaccine development, we drove testing to historic levels, all of the things that he says we should have been doing, President Trump<\/a> was doing and achieved. So i just i just dont know what on earth hes talking about. It just doesnt hold water what hes saying. Stuart what about those states that have reopened, i think in terms of texas, and in the few days since they reopened, the number of cases of the virus in that state, texas, have actually gone up . Is it worth the risk . Well, its way too early to draw any kind of epidemiological conclusion like that. We have to get this country open again, stuart. You know, its not health versus economy. Its actually health versus health that weve got to focus on. Yes, theres risk from the disease as well as from spreading, but theres significant risk to health from these massive shutdowns. You know, possibly arent getting cancer screenings. Kids arent getting their vaccines. We have mental depression and suicidality issues. Weve got to get this country back functioning. We can do so safely but without continuing extreme measures. President trump and i are both committed to getting this country working again and through the leadership of some of our great governors we are going to get to see and test different models. Stuart alex azar, as always, thanks for being with us this morning. We appreciate it, sir. Thank you. Thank you, stuart. Stuart yes, sir. Gop senator richard burr, stepping down as Intelligence Committee<\/a> chair. The fbi seized his cell phone. Hes accused of selling stocks right before the pandemic news broke, and preserving his profit. We are on that story. The media barely covering the flynn case. For three years, they breathlessly told us that the Trump Campaign<\/a> colluded with russia. Now that top obama officials are involved, its not worth reporting . Is that the way it goes . Joe concha here on the lack of coverage in the mainstream media. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Staying connected your way youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services<\/a> with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Stuart well, weve come back a little. We were down 250. Now were down just 44 points. There are some negatives hanging over the market, but we have come back 47 points down. Advertisers, a third less look, we hear that advertisers are going to spend a third less than usual in terms of television advertising, down about 33 . Thats a big number. Mark douglas is with us. This is his area. I would have thought that if theyre spending much less on the tv networks, thats real bad news for the networks, but you dont see it that way . No. Good morning. So the thing to understand is that the way advertising is bought, it traditionally is what they call up front so basically advertisers commit before the start of the year how much they are going to spend on the year. So up front advertising is going down, but there are other trends that are going up. The big trend, it doesnt mean the advertisers are not going to spend. The up fronts come with big discounts. The advertisers want flexibility. What they are saying is we are willing to pay more to get that flexibility so they can manage their businesses through the crisis. This is a longterm trend. Bob iger from disney is actually moving disney towards less upfront and more whats referred to as spot pricing for advertising. So thats one big trend that actually is fwogoing to increas revenue for television networks. There are other trends also. Stuart the advertising revenue that the networks bring in will surely depend a lot on how fast we go back to work and how fast we open up the economy, and how fast we emerge from this chasm, this economic chasm were in now. What does that look like coming out on the other side . Yeah, so theres actually another change happening. So one thing is that google and facebook [ inaudible ] and i think a lot of people were surprised that they did a lot better than was expected and the reason for that is they get a lot of their revenue from direct response advertisers, basically ecommerce companies, other Companies Like<\/a> that. So thats now happening in television. Thats what my Company Actually<\/a> does. We make television a direct response to advertising channel. That trending is way up. Companies like mcdonalds actually announced they are going to increase ad spends in order to gain market share through this. So you have this trend for big traditional advertisers, want to do less up front but you have this countertrend which is we always talk about streaming television, the spending on that is increasing very rapidly, especially among the advertisers that traditionally would spend with google and facebook. Thats a big trend also. Stuart interesting. Mark, im glad you always keep us informed about these trends because theyre important. Mark douglas, everybody. Thanks for joining us. Appreciate it. Big show for you. Heres what we have coming up. Tammy bruce talking about the biden problem. Stacy cunningham on reopening the Trading Floor<\/a> of the New York Stock Exchange<\/a>. Shes the president there. National economic director larry kudlow and bar rescue guy john tapper. Its a jampacked friday. We will have a whole lot more for you, all that coming up in the next hour. When we started our business we were paying an arm and a leg for postage. I remember setting up shipstation. One or two clicks and everything was up and running. I was printing out labels and saving money. Shipstation saves us so much time. It makes it really easy and seamless. Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. Shipstation. The 1 choice of online sellers. Go to shipstation. Com tv and get 2 months free. Stuart all right the markets been open for exactly onehalf hour and weve paired the losses , we were down 250 now were down 65 for the dow industrials a lot of negative news to the retail sales down 16 , industry production down 11 , tensions with china, then they retaliate against our big tech companies, because were blocking chips to huawei, all of that took the market down but we have come back a little bit. I have a read, at least ashley does on Consumer Sentiment<\/a>. Now that looks forward, ash so what are you seeing . Ashley well, as you can see on the screen, 73. 7 in maine, and we take our comfort where we can , stu, the estimate for this and i know you love it but it was 68, which was a lot lower so coming in at 73. 7 on sentiment just a little uptick on a more positive side. Not a great number dont get me wrong compared to historically where we were previrus but nevertheless, a little betterthanexpected. Stuart okay now weve got another number this is on job openings this is the socalled j olts report. Susan i know youve got the number but tell me is it relevant at a time when losing jobs is right and center. Its backwardslooking so this is a march report for job openings 6. 19 million jobs that were available. A little bit down from the february number, which is not surprising february had 7 million job openings but again this comes off what we saw in march in terms of 1,000 people losing their job, the jobless rate in the month of march jumped up to 4 and in un was a record high for unemployed 20 million and the jobless rate was up 14. 7 so this is a backwards number, who knows if this number is still relevant at this point. Stuart i dont think it has much impact on the market i think it was the Consumer Sentiment<\/a> number a little betterthanexpected, i hate to use that expression, and now we have the dow down just 70 points oscillating ill call it that. The New York Stock Exchange<\/a> will partially reopen on may 26. Joining us now, the exchanges president , Stacey Cunningham<\/a>. Welcome to the show, its good to see you again. Its great to see you stuart nice to be back on the Trading Floor<\/a> this morning. Stuart im sure it is. Now im sure youre going to have social distancing, im sure youre going to make space for everybody, its a partial reopening, youre maybe even taking temperature checks that kind of thing but my question is , why do we need the floor of the New York Stock Exchange<\/a> . Why do we need to have it back . Its a good question many people dont realize how much additional value the floor adds to how stocks trade each day. That level of human judgment layered on top of the model we have with our Market Makers<\/a> who arent standing next to me on the floor today but usually are, as well as those stateofthear t technologies that we run our platform on that level of human judgment we get to the floor leads to better price discovery, more efficient markets had means investors save money to the tune of 15 million a day weve been able to measure since we closed the Trading Floor<\/a>. Stuart when you say a partial reopening, what does that mean . So we have roughly, were going to come back with roughly 1015 of the total population of people that typically work in this building with a skew towards the Trading Floor<\/a> so about 25 of the Trading Floor<\/a> and then further skewing that toward the members that are most impacted by the floor closure, so when you think about the people that are on the Trading Floor<\/a>, theres a mix of groups. We have the Market Makers<\/a> that are typically standing these posts because they are responsible for overseeing trading in each company thats listed on the floor, and we also have market floor brokers that are independent businesses in many cases and so theres Small Business<\/a>es with fewer than 20 people that work there. They are typically around the Trading Floor<\/a>. Thats where were putting most of the weight into who gets to come back first, because those businesses are not able to earn an income during this time and i think thats an Important Message<\/a> for all businesses in new york city and america more broadly, when we think about how do we come back, lets focus on those that are most impacted first, and start there, so we can still limit the number of people that are interacting but get our economy restarted. Stuart got it Stacey Cunningham<\/a> , youll be back, partially reopening may 26. Thanks for being with us today. Yeah, but its important to note, stu business is still happening. We had abc therapeutics,ipo remotely today. Stuart okay we got it and we look forward to may 26 stacey thank you very much indeed. All right, everyone now this. Joe biden, he did a virtual round table with three state governors, and then he appeared in an hourlong virtual town hall on msnbc. For him, few people are likely to have seen either performance. Whenever he speaks without a teleprompter and a set script, he runs into trouble, and he really has not mastered technology. Ill start with this round table hard to watch. The same kind of glitches appear that have plagued her virtual temper town hall last week. He looks uncomfortable sometimes lost but that does not go down well with voters young voters in particular and the three governors who are with him, they were all about continuing the lockdown. There wasnt much talk or encouragement for really opening things up opening the economy which is clearly the current trend. Then, there was the town hall on msnbc, oh, dear the host, Lawrence Odonnell<\/a> is one of the leading trump haters on a trumphating network. Perhaps he felt obliged to have a single question about bidens role in the investigation of general flynn. Mr. Biden replied, i was never a part of have any knowledge of any criminal investigation, period. Not one single time. That was it. No followup. No question about why biden had unmasked flynn eight days before he left office, back in 2017. Essentially, it was a onehour discussion with one question about general flynn. Privately, democrats are worried about their candidate, but hes getting all the protection that they can muster. Speaker pelosi, not getting around to any more questions on on the Sexual Assault<\/a> allegation eequation. The media wont ask probing questions about flynn and the impeachment any as o is forgotten. Id like to hear what he thinks the impact of massive tax hikes be or the impact of the green new deal. I guess well have to wait for the president ial debate for that. Meanwhile, the democrats worry about bidens focus, and by the way he confused virus deaths with job losses on msnbc, and what they are worried about is the choice where he has to find a woman who will ignore or deny tara reades allegation. This candidacy has a real problem. Lets bring in tammy bruce. Does she share my opinion . Ive said for a long time that im not sure hes going to be the candidate when push comes to shove in november. Everybody tells me yes, hes going to be the candidate theres no question about it. Where do you stand on this . Well i do think that if they were thinking in a normal framework theyd realize that this is an individual whose not going to do well. Now in all honesty, i dont think they believe they can actually win in 2020, but theyve got to try to rebuild their party, because its apparent that after this time, you know, you had eight years of obama where you should have had great strength, but obama decimated the party with obamacare thats when they lost their entire back bench of talent in 2010 and it never really returned. So this is really a dynamic that youre seeing because it seems as though the establishment is so desperate to have someone they know they can control, or really wont interfere with the bureaucracy running the country. Americans in general, including democrats, if you can ask anybody in california or new york, know that leadership matters, and leadership can have an impact on you, so youve got two fronts, quickly with biden. Youve got the video technical front which does not lend any kind of confidence to the decisionmaking of the party, and of the candidate, and then as youve mentioned great opening because joe biden is not generating confidence when he tells you that weve lost 85,000 jobs, then thats the number of deaths in the country because of the virus. Stuart if they run him, and im sure they will, ive got it, that when they run him and he loses, doesnt that open the party up to the left wing, to the socialists who say that they cant win were going to take over. Thats how we construct the party if joe biden loses. Well thats it, you know, the only way this would have it be a shift and it could be is that just prior to the convention, is having his wife or a team of people come and say look, hes not doing well. He doesnt feel well, or for some other personal reason hes going to withdraw. Theres no way to do it on the floor of any Live Convention<\/a> they are already talking, stu, about cutting back. I understand we have a number of people attending the convention but theres also going to be a floor fight on the platform, but ultimately they could, in fact, replace him prior to the convention if the candidate is the one making the request, and then they would have to of course address the delegate dynamic and have an agreement effectively a prebrokered convention but with the agreement and understanding of the nominee himself. Stuart i would just love to listen to some of those conversations. I would just love to be a fly on the wall. I have a feeling we will. This is the kind of thing that would make the news, people are going to be disgruntled. Well hear a lot and for the democratic party, theyve got an option of trump, who will redo this great economy and that in the end is what Americans Care<\/a> about. How will my family be in a year, and in two years and thats how they make decisions. Stuart tammy bruce, always great on a friday morning great to see you today. Thank you, sir. Thank you. Stuart check that market out we did come back nicely, down 250 now just down 67 points. Take another look at jc penney, the stock was halted earlier pending news, investors think they are going to file for bankruptcy probably as early as today. 0. 19 a share, buffets book, now they have officially launched their zoom competitor, which is called messenger rooms, and we knew about this some time ago its official, its launched today. Facebook is down 0. 80 thats it cvs, they are going to open up more than 50 Virus Testing<\/a> sites , that stock is up what about 1 at 62 a share thats c vs. Tesla, i like this headline, reportedly working on a new million mile battery that could last a lifetime of course. This seems like a wild headline from elon musk, doesnt it . Im asking tesla bull, dan ives about it in our next hour. If you want to find out how the russia collusion fiasco got started, dont bother watching the mainstream media. Theyre not interested, our next hour is a media watcher and fired up about this story and next im going to talk to the Top White House<\/a> Economic Advisor<\/a> larry kudlow i want to know more about the economic comeback, how fast its going to be and this new dispute with china, well be back. Now is the time for a new bath from bath fitter. Every bath fitter bath is installed quickly, safely, and beautifully, with a lifetime warranty. Go from old to new. From worn to wow. The beautiful bath youve always wanted, done right, installed by one expert technician, all in one day. Weve been creating moments like these for 35 years, and were here to help you get started. Book your free virtual or inhome Design Consultation<\/a> today. Stuart well, well, well, that selloff didnt last long because now we turned positive for the dow and positive for the s p. Okay we just dipped back to the negative side. We have negative headlines earlier this morning took the market down, now weve re bounded and as of right now, the dow is up 15 points. We got our headline coming in from jc penney i think the stock is still halted whats this lauren bankruptcy . Lauren still halted at 0. 19 no so what the coronavirus has done really has been a retail reckon ing. Its accelerated that for so many struggling retailers so, what jc penney has donald theyve been doing in advance of a bankruptcy filing which reportedly could come as soon as today they are looking at strategic alternative s and theyre able to do so because of the fiveday business day grace period that they have before they have to make some Interest Payments<\/a> on debt that is old, and none of these Strategic Alternatives<\/a> have been implemented yet, but it looks like theres a wind ore of opportunity here for them to figure something out still stock halted because news is pending. Stuart can you imagine trying to run a Department Store<\/a> at the best of times . Lauren no. Stuart and the worst of times in the middle of a country wide lockdown . It takes its toll does it not . Thats for sure. Lauren yeah and thats the big question, if these companies can stay in business, stuart and reopen how do you get the shoppers to go back to them, if you look at Smaller Companies<\/a>, the Smaller Companies<\/a> can say is it worth it when you see consumers skiddish and retail sales dive so this is and i think those are the best words for it retail reckoning for so Many Companies<\/a> that have to decide how to do business in the new normal if they were struggling beforehand. Stuart well said, lauren. A retail reckoning here it comes got it. And we look at the automakers, they are set to reopen their factories or at least some of them on monday, but ash, i think they cant open up until theyve got mexico resuming production of what parts and stuff . Ashley yes, indeed. And theres been a wrench thrown in those plans, because the Mexican Government<\/a> said production cannot begin until june 1, under their reopening plans and as you say, gm, ford, Fiat Chrysler<\/a> announced they were targeting next monday, may 18 for partial reopening and now we have to wait and see what the Mexican Government<\/a>s decision does to that plan. You know, look they rely heavily on mexico for auto supplies, parts and vehicles for that matter. Especially the pickup trucks of gm and fiat receive their pickup trucks from mexico, so now, after announcing they were hoping to get at least partially reopened the production of the factories not talking about fullblown production but at least at 2530 capacity, now we have to wait and see whether the Mexican Government<\/a> decision kind of puts that on hold again. Stuart thats all we need. Thanks, ash. Ashley yeah. Stuart the overall market as you can see has now turned into the green. Well the dow has at least were up 16 points. There you have it we just turned around. Now lets bring in the top Economic Advisor<\/a> in the white house, and that be larry kudlow. Larry, great to see you again. Good to see you, sir. Good morning stuart thanks very much, appreciate it. Stuart i think that this weekend and the following weekend, memorial day weekend, they are going to be really big and important indicators for us going back to work, opening the economy, getting a little expansion going again. Do you see it the same way because i think this is an absolutely key time for bouncing back. Well, i agree actually the indicators are pretty good. The infection rates are flatten ing out, their growth rates are coming way, way down so thats a positive and i think , you know, theres a sense out there, kind of a spirit culturally youd call it where people want to come out. Theyve ready to go, we want them to be safe, we want them to be very safe but i think the spirit of it is lets get going, and americans are ready to move, and by the way, we may start seeing some little better economic numbers, little glimmers here and there, but well face the contraction in the second quarter. The virus pandemic contraction but i agree, at the margin right in front of us, i do think the countrys opening up. I think the country is really listening to President Trump<\/a>s leadership and thats an awfully good thing lets go. Stuart give me the glimmers you talk about glimmers, larry. What we saw this morning was a huge drop in retail sales in april. Big drop in Industrial Production<\/a>. I dont see a glimmer there. What are your glimmers . No i think youre right. Look the economy is essentially still in freefall because of the shutdown. Theres no question about that and the pandemic contraction inq 2 is going to be very difficult. No question about that. Im not saying weve turned the corner yet. Unemployment numbers, claims, 36 million, i was just looking though continuing claims, stu, a little lighter, lower than people might have thought, and on the claims numbers themselves , the weekly claims, they have been on a pretty steady down trend for the past what, six, seven weeks and the worst was the first couple of weeks and since then its gradually come up. Theres still bad numbers still heartbreak numbers dont get me wrong, still hardship numbers but im looking for glimmers at the margin. I noticed one of wall streets best economists ed hyman, he runs surveys showing a little bit of improvement in home builder, a little bit of improvement in truckers, a little bit him in shipping im watching that carefully hes a brilliant guy and old friend of mine you probably know him as well, so yes, we are still essentially in freefall, but im just looking for these glimmers at the margins. Stuart do we need another rescue, or call it what you will, stimulus package . Well stu, what i think we need and what the president has been suggesting, although the policies have we havent started formal negotiations, informally let me just remind everybody, the meeting with teleconferences with democrats and republicans from the house and from the senate, and the governors and the mayors and so forth so weve had good conversation, but look, i want to see incentiveoriented torque for this economy. The cbo and a lot of private forecasters are lacking for 20 gain in the second half. I still believe thats a reasonable number. I want to go through that and transition into a huge 2021 which is what the president has been talking about. To do that, stu, were not going to spend our way out of that any more than we spent our way out of the depression, although this is not like the depression. This is about a virus, not about past economic policies but im just saying things like payroll taxes to boost take home pay for workers, things like Capital Gains<\/a> taxes, not just for the stock market but weve got assets that have fallen 30 or 40 , so suppose you bought one of those poor assets that have sunk whether its a factory , a business, an energy company, they are all over the place, why not get a couple years break on Capital Gains<\/a> if you buy it between now and the end of the year . Or , for example, weve learned that the offshoring should be turned into onshoring. We cannot rely as extensively as we have in the past with respect to overseas countries including china, and still have to be held accountable. So, maybe, this is a maybe, maybe the Corporate Tax<\/a> rate of 21 should be lower by 50 to about 10. 5 for corporations who are coming back home. Maybe, thats something to look at. Certainly for businesses at home , i dont care whether youre a large or Small Business<\/a>, stu, if any pandemic related covid19 related medical supply, ppe, testing, you name it, anything they do to restructure the interiors of their companies , that should all be immediately expensed and we have to make sure, by the way, that the 100 immediate expensing that was passed in 2017 is made permanent. It starts phasing down in 2022. Cant allow that to happen so regulatory changes, weve got to have regulatory restrictions, liability restrictions, a lot of these restaurants and Small Business<\/a>es. Stuart isnt that the most important thing, larry . Its one of them. Stuart its a ball of wax here. Well look, its a very key part. These are themes the president has been talking about. These are themes that we are working out internally, we have a small Economics Group<\/a> working on these proposals for the president , to be refined were not going to jump in, as everybody said, secretary mnuchin, myself, others, were not going to jump in on a gigantic negotiation right now. Were not going to spend another 3 trillion since we dont know what the last 3 trillion has actually produced. We have to assess that, but when we get around to it in a few weeks, perhaps, we will negotiate. I want to put as many growth incentives into this economy, so not only do we have a v in the second half of the year, but i want a blowout. I want a huge increase in growth next year and that requires incentives through investors for workers, for risk takers, for entrepreneurship that is the american way to do this. Stuart thank you very much. Larry kudlow great to have you with us again, we love that talk about blowout 2021, and i cant think of anybody whose not in favor of that. Anyway, larry thank you, sir. Keep the faith, stu appreciate it so much. Stuart thank you very much. Totally different subject. See that thing on the screen right there . That is a drone. Its coming to a town in North Carolina<\/a>, delivering meals and groceries complete with zero contact service. Well tell you how that thingworx. Its actually in use, but first, bar rescue john tapper joins us how do you reopen a bar for social distance . Isnt that a contradiction and when will we see las vegas open up . He has an opinion on that, more varney after this. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. 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Stuart 10 30 eastern time as you look at the market ill recap what larry kudlow just told us hes looking forward he hopes for a rip roaring 2021 when the economy really comes back looking for 20 growth in the economy from the low in april and may, and thats by the end of this year, then the rip roaring 2021, and one point we did pick up on was youre ready to get things going is reduce the Corporate Tax<\/a> rate to 10. 5 for companies that come home, okay . Quite incentive right there. Didnt effect the market were still down about 50 points. Check jc penney it has resumed trading and i understand they have made an Interest Payment<\/a> is that correct, justin . They made a 17 million Interest Payment<\/a> and the training was halted, their back trading again, theyre up 46 and made the Interest Payment<\/a> got it. Now this. One of new york citys iconic restauranteurs is danny meyer, and he says, get this , he expects restaurants, his restaurants in new york, will remain closed until theres a virus vaccine. Thats a long time away. Bar rescue guy, jon taffer joins us now, jon, thats a non starter. If you have a restaurant and you have to keep it closed for months and months on end your Restaurant Goes<\/a> out the door doesnt it . Not necessarily stuart. Were spending an awful lot of money sustaining the business during a period where we have such limited revenue potential, so i could see the business decision rather than investing my money in sustaining which i might not be able to sustain for a very long period of time so maybe i should wait until the revenue potential is greater , and apply my resources to reopening then. So its not an illogical strategy to me in many cases it makes sense. Stuart okay, especially for that kind of restaurant, which he runs, thats a white table cloth operation which you dont do well with social distancing like that. Okay, now, lets talk about social distancing in a bar. How do you do that when bars reopen, how do you do social distancing when youre sitting there drinking your beer . Well its a major problem, stuart and the problem that i have is weve clumped the bar business industry together with the Restaurant Industry<\/a> and we call them restaurants in general discussion, but in the restaurant regulations, youre not allowed to sit at a bar, youre not allowed to walk up to a bar, youre not allowed to be standing around a bar, so the bar has been rendered irrelevant within the restaurant regulatory model right now, so to open a bar right now, you cant have people standing, they cant be at the bar, they cant be sitting at the bar, so you wind up with tables around the room and people can be served drinks in those tables. Stuart that reduces capacity hugely, by far more than 50 . Consider this. The average bar makes about 70 of its revenue 16 hours a week. Friday night, saturday night, maybe one other week night, maybe sunday for football, so if they lose 60 of their potential during those 16 hours a week, theres no other hours to pick that up, so thats lost revenue. Stuart not to mention, the difference in ambiens shall we say of a bar full of people having a good old drink and scattered around tables. Hold on a second, jon, i want to get this in because i think of you as mr. Ticket time. The length of time it takes to get the order to the chef to get it out on the floor. Listen to this , at the red lobster in pennsylvania customer s got rowdy after some people had to wait in line for three hours for Curbside Pickup<\/a>. John, look at that weve got it on the screen right now. That three hour wait, and ive heard similar complaints about the wait time for pickup, thats a real killer for the restaurant. Oh, completely stuart. People will be inconvenienced to some degree and stand outside to wait for Curbside Pickup<\/a> but theres a period of time that becomes unreasonable. You know, stuart i cut this up in third. I think a third of the marketplace comes out right away. I think a third of the marketplace is reserved and they want to watch what happens with the first third, they want to see theres no surges, they want to see how the restaurant operates, and then theyll come out. But theres the thirdthird and i call them the certain third. Theyre not going to go out until theres a vaccine or certainty, and thats the audience that is a little more affluent, has a little more disposable income, so it impacts the luxury sector of dining, i think, at a far greater level. Stuart i just want to say, jon, we all feel for you, because your industry is bars and restaurants and what to do with them and i think youve been hit as bad as anybody, if not worse, and we feel for you, jon, and we hope you can keep coming on the show. Stay in there, fellow. Next case forget Curbside Pickup<\/a>. Weve got a Company Offering<\/a> food and grocery deliveries, using a drone, and its doing it now. Fly trex is the name of the company the head of u. S. Operations joins us now. Okay,wes, this is good stuff we love to hear about this take me through it. How does it work . I think youre doing it in a particular down in North Carolina<\/a>, right . Good morning, stu thanks for having me on the show. Thats correct. Were actually flying in a number of locations first in our home country of israel, were conducting operations with Civil Aviation<\/a> authority there. Were running operations in iceland, those operations have been ongoing for three years. Underneath the North Carolina<\/a> pilot program, we are operating or planning to operate a part 135 operation out of Holly Springs<\/a> North Carolina<\/a> and due to covid and the coronavirus, we started an operation in grand forks, north dakota so thats where were conducting operations today. Stuart okay so who do you deliver for , restaurants or stores or no, youre shaking your head. Who do you deliver for . The customer, right . So were looking to serve people in their backyards from various Grocery Stores<\/a> and restaurants. The ideal situation is servicing many restaurants and many stores that way you can reach more customers and reach their desires. Stuart oh, theres a big deal in america at the moment about Delivery Charge<\/a>s. Some people complain that theyre out of hand. Whats the Delivery Charge<\/a> for a drone . [laughter] surprisingly so, were looking to maintain the standard, right . So around 3 or 4 the way that it began with the original delivery fees. Right now in north dakota were doing the deliveries, for free, because we understand that people are in a tough time right now and they dont want to go to a Grocery Store<\/a> themselves so were doing it in a safer manner , and were doing the deliveries, free of charge. Stuart okay and the zero personal contact i take it . You dont touch, see , or even feel anybody, right . Thats correct. We deliver on a lowered mechanism so we deliver from 65 feet, and the operators wear the correct protective equipment , masks, gloves, we approach the stores and we ensure that theres contactless delivery. Stuart the view raws was your opportunity and you took it, well done. Thanks for joining us we appreciate it. Thats flytrex i believe. Thanks for joining us. Flytrex. Ill get it in there. Stuart california restrictions easing. But la could be shut down for three more months theres a headline for you. Why are they dragging their feet to reopen . Ill ask steve hilton hes our california gain and he joins us next hour. First though i say joe biden has real problems. Is he definitely going to be the candidate for the democrats . Ill ask that question, more varney after this. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan<\/a> isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Find out how reverse mortgages really work with aags free, noobligation reverse mortgage guide. Eliminate monthly mortgage payments, pay bills, medical costs, and more. Call now and get your free info kit. 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Retire better we cannot rely as extensively as we have in the past with respect to overseas countries including china, and still have to be held accountable. So, maybe this is a maybe, maybe the Corporate Cash<\/a> rate of 21 should be lowered by 50 to about 10. 5 for corporations who were coming back home. Maybe, thats something to look at. Stuart okay, you heard that on this program because this is where he said it. He wants Corporate Tax<\/a> relief, if Companies Bring<\/a> their operations back to the United States<\/a> of america. At 10. 5 Corporate Tax<\/a> rate, not sure he gets it, but hed like to have it. Got it. Check that market, this interview did not make much difference if any difference at all on the stocks were down 80 points for the Dow Jones Industrial<\/a> average. Now were just getting a couple of tweets from the president here is the first one. I am proud to announce that new Jersey Transit<\/a> will receive 1. 4 billion in funding to assist in their continued operations and to keep moving in the new yorknew jersey area. The largest single federal transit grant to new Jersey Transit<\/a> ever, together, we will prevail. And theres this tweet on chicago. Chicagoscta has big federal resources heading its way to keep the Transit System<\/a> operational and to keep people moving where they need to go. 817 million will aid the economic recovery, buy made in the usa. This follows his pledge to new York City Transit<\/a> yesterday, getting mass transit sanitized and up and running very much crucial to the major cities and their reopening, two tweets from the president and now this. Joe biden was one of the obama officials who unmasked general flynn. Come in mark teason, American Enterprise<\/a> Institute Resident<\/a> fellow and a guy i often see on television and who i much add admire. The feeling is mutual stu. Stuart flattery is the mothers milk of television. Now, mark, it may seem like an odd ball question to you but bearing in mind all of the problems with the biden candidacy are you convinced that joe biden will be a candidate for the democrats in november . You know its a question that ive been asking myself and a lot of americans have been asking for months, and everything that would have map ped out another candidate along the way seems to like not effect joe biden, and the reason is because the democrats dont have any alternative. The alternative was Bernie Sanders<\/a> or you know, someone like that that would have taken the party made the party completely unelectable, so you ask yourself, what would derail a joe biden candidacy . Well maybe, allegations that he sexually assaulted somebody, no doesnt seem to be having any impact. Maybe that he would have some terrible gaf that shows hes mentally unfit for the job so if hes hiding in this basement for the likelihood of that is not very likely. So you know, from the democratic perspective, i think theyve hit on the perfect nominee, because hes not really the democratic nominee. Hes a figure head that nancy pelosi and Chuck Schumer<\/a> and Elizabeth Warren<\/a> and the Progressive Left<\/a> will use to auto pen their agenda if elected its sort of like remember the movie weekend at bernies stu . Its weekend at biden. Hes going to put a string on his arm and sign the laws that they pass. Its perfect for them. Stuart but in all seriousness, if he runs and im sure youre right that he does run, and lose s, the democrats tear themselves apart because the socialists will say wait a minute, wait a minute. You ran and lost . Make room for us, the democrats would then become a socialist party, surely. Well they are already. I mean, hes the fancy wood vene er on the plywood table they are socialists and the partys become socialists and joe biden is just trying to make socialism palletable for americans who dont really want it. Hes a trojan horse for the democratic socialism thats the purpose of his campaign, so were already there its just a question of whether when they come to acknowledge it stuart do you think president obama, former president obama will get the same kind of pass thats being clearly offered to joe biden in the media . I dont know. You know, President Trump<\/a> said he should be called to testify in this flynn case, you know, before the senate. I think its a dangerous thing. First of all i dont think trump should be calling for that because hes going to be a former president one day too so if says that obama can testify then congress could call him and separation of powers. They are coequal, executive as coequal branch for congress so its not appropriate for the president to be coming before congress. Stuart mark i just want to say something. I just hope that i never cross you, because that comment about the veneer on the top of a plywood table, that was harsh stuff,thiessen. [laughter] were on the same side, stu. Stuart so im told. Im glad to be on team stu. Stuart okay well take it mark it was a real pleasure having you on the show thanks so much. Thank you. Stuart look at planet fitness. Have we got their stock up there i think we do. Yes, we do. Way down, since the january 31 of this year. The ceo says new memberships signups are on par with last year. The companies reopened around 50 Fitness Centers<\/a> in states where theyre allowed to do so. Okay not sure where the stock is now. Next, the Vitamin Shoppe<\/a>, the Vitamin Shoppe<\/a> says theyre selling more vitamins people want to say healthy. The ceo is on the show, next. Technologies advisor. Me too. Me too. And if youre a Small Business<\/a>, were with you. Standing by you every step of the way. Bye bye. Stuart quick market check weve been open for business for one hour and 22 minutes and the dow is down just 95 points got that. Now this , the Vitamin Shoppe<\/a> says it sold more than 1. 3 Million Units<\/a> of immunity support vitamins i believe thats a lot, and the companys ceo Sharon Lighty<\/a> joins me now. Sharon, first of all this is immunity support vitamins. Whats that like, vitamin d . Zinc . Yes, yes, all of that. Stuart well what is it . Vitamin c d zinc,elderberry, obviously a lot of information out in the news about how people can support their immune health as people become more and more Health Conscience<\/a> to handle whats going on in our pandemic and so we certainly have seen a rush on those type of products in our business. Stuart i mean, compared to say last year, the same time last year, is this a gigantic spike in this particular kind of product . Yes, yes, for sure. Were absolutely seeing a lift in those types of products and so what weve been doing is trying to do everything we can to manage through the supply chain as quickly as possible to get back into stock, because need less to say when this all spikes at the end of march and early april, it took us quite by surprise. Stuart yeah, when this thing started, and were all locked down, because of the virus, i can understand why people would run out very quickly and get your vitamin c, and vitamin d and zinc. I thought there was a supply problem and short ans in some stores. How did you get around that . Yeah, we definitely had shortages. Weve been very fortunate to have terrific relationships with their vendors where they fasttracked product into our Distribution Centers<\/a> and whereas our normal process would have taken us a week or two weeks to get product back out to the stores for some of the products such as vitamin c, we fasttrack ed that product to the dcs and then two days later we were able to have product back on the shelf, so the team has been incredibly agile and very involved in trying to kind of get this product to the customer as fast as we can into our stores, into our website, and fortunately for our stores, you know, we have, we are on reduced hours, were not open everywhere. Weve been dealing with a lot of the same things that other retailers are doing, but through the way weve been able to communicate to the consumer, we have buy online pickup instore , we have curbside delivery, we really want to do everything we can to support our customers and our communities through this time. Stuart what do you think happens when the virus goes away , but when the lockdown ends , and we come back to something called normal, i think it be legitimate to suspect that vitamin c,d, and zinc wont sell quite as well. That may be the case but i do think consumers are much more aware of their own health and i also think that as we come out of this , youre going to see them move more into what we call the Sports Nutrition<\/a> side of the business, around fitness and kind of getting back into kind of outdoors after weve all been locked down for a period of time so i do think there will be a balance but i absolutely think there will be a much more awareness around peoples own health and immunity and making sure that that stays up as best as possible so that people stay healthy. Stuart i think youre absolutely right on that one. Sharon lighty, the vitamin shopp e, thanks for joining us we appreciate it. Thanks for having us take care. Stuart see you soon. Drive in movie theaters, that makes a comeback and were going to take you to one in new york and it reopens, tonight. And then theres nascar, its back, this weekend marks the first live race in two months no plans in the stands, they got that but you can watch this thing on fox. First though, my take on how we might punish china, for the virus response. The third hour of Varney Company<\/a> coming up, next. A bath fitter bath is installed quickly, safely, and beautifully, with a lifetime warranty. The beautiful bath youve always wanted, done right, installed by one expert technician all in one day. Book your free virtual or inhome Design Consultation<\/a>. Stuart here we go, its 11 00 eastern time and the markets have been open for 90 minutes. Weve got a downside move at the moment, off 150 points for the dow industrials. Weve got a lot of negative Economic News<\/a> this morning. Industrial production, down 11 in april. Thats the biggest drop ever. We had retail sales in april down 16 . Thats huge. It follows an 8 drop in the month of march. So bad Economic News<\/a> this morning. We are clearly in some kind of chasm. Tesla is reportedly working on a million mile battery that could change the course of the electric cars or electric car market forever. Actually, it sounds to me like a really nice headline from elon musk. Million mile battery. How about that. Well, market watcher dan ives will join us about that headline shortly. And congressmanelect mike garcia joins us, too. Hes the first republican to flip a house seat in california. Thats important. In california, since 1998. Mr. Garcia on the show today. Its a huge day for reopenings. 11 states and d. C. Will ease restrictions today, ease them even more. That includes parts of new york state which is the hardest hit state by the virus. Now, last hour, larry kudlow told us people really want to come out and reopen. Watch this. The infection rates are flattening out, the growth rates are coming way, way down so thats a positive. I think, you know, theres a sense out there, kind of a spirit culturally, you would call it, people want to come out. We may start seeing some little better economic numbers. There are little glimmers here and there. Stuart mr. Kudlow also suggested cutting the Corporate Tax<\/a> rate to 10. 5 for companies which bring their operations back to america. Well have more on that in a moment. First, this. How do we punish china . We dont like their deceptive response to the virus, we dont like them stealing our technology and we dont care for their drive for dominance in key industries. What do we do about it . Several senators on this program who have appeared here said they want to take chinas money, sue them, says martha mcsally. Dont pay them what we owe them, says marsha blackburn, and dont buy chinese products, so says rick scott. Well, look, weve got news on chinas punishment this morning. Item number one, the u. S. Has blocked the sale of some computer chips to huawei. Thats chinas most Important Technology<\/a> company. That is straightforward punishment. Cut them off because we think youre using huawei to spy on us. The market came down on that because of the possible reaction against apple and boeing but that was a kind of punishment. Theres this. A taiwanese chip maker will break ground next year on a 12 billion factory near phoenix, arizona. Thats straightforward. Bring the jobs back. Mike pompeo says this bolsters National Security<\/a> at a time when chinas trying to control critical industries, which brings up the supply chain problem. China does indeed dominate critical industries. They control 80 of the ingredients for pharmaceutical products, for example. The president s reportedly preparing an executive order that would require certain vital drugs and treatments to be produced in america. We havent produced penicillin here in 50 years. The relationship with china is a key part of the president s reelection strategy. Theres plenty of anger about china and the virus. Mr. Trump says if they had handled it differently, the worldwide catastrophe could have been avoided. He wants to hold them accountable. My opinion, lawsuits wont work. Both sides would field an army of lawyers and you know the proceedings would drag on for a decade at least. Refusing to pay back the money that they loaned to us, that would be a financial catastrophe. America has never reneged on its debt. If we did that with china, who would lend us money again . Far better to bring back the jobs, far better to shift supply chain, far better to block their spying activities. Lets get right to it and bring in economist Stephen Moore<\/a>. Stephen, welcome back to the show. Good to see you. What do you think is the best way to punish china . Well, i agree with you that china does need to be punished. They need to pay reparation payments to the United States<\/a> because of their sinister behavior over the last three months that has spread this germ warfare. Whether they did it intentionally or not is really not that important. What matters is that they deceived the world and caused potentially trillions of dollars of losses for the United States<\/a> and other nations. Im totally with you on that. I agree with everything you said except maybe one thing. I do think as a last resort, as a last resort, the nonpayment of some of those bonds that they hold is something that i would hold in reserve because they have done so much damage to the United States<\/a> but i like your approach. The most important thing is why dont we do this. Why dont we replace china in the supply chain with taiwan, with thailand, with singapore, vietnam, india, countries that we can trust that are not enemies of the United States<\/a>, and they are much more reliable, but i also love the idea of bringing as much of this manufacturing back home as we can. But i also believe in globalization. I mean, we dont want to, you know, just have everything made in america because we would see massive increases in prices. We dont want to see increases in drug prices, especially not right now. Stuart ive got to say, im really scared about the idea of reneging on our debt. That really would be an absolute last resort. Last resort. Stuart all hell breaks loose in the Financial Markets<\/a> if you do that. Excuse my french. Can i ask you just to hold on for a second. Ive got to get back to todays retail sales numbers. On the screen, down 16. 4 in the month of april. What else was in that report, lauren . Lauren well, everything was shut. I want to go into the details. Clothing stores, their sales fell 79 . Electronics, down 60 . Furniture, i thought people were fixing up their homes, down 59 . The one category that rose, sign of the times, online sales up 8. 4 in april and as a result of that, the shippers, ups, usps, amazon and fed ex, are overwhelmed. They werent prepared for christmas in april. Christmas in march. Christmas in may. With so many people getting essentials and nonessentials by ordering online. Stuart got that. Down 16. 4 in april. All right. Negative news indeed. Thanks, lauren. Come back in again, steve. Look, theres a lot of this negative news and we know we are in a chasm. I got it. Can you point to any glimmers of hope for a reasonably rapid rebound for the economy . Well, im frankly surprised retail sales werent even down more than 16 . After all, Stores Across<\/a> the country have been completely shut down with some few exceptions. So you know, look, the lesson here is if you shut down an economy you will have really negative news when it comes to Industrial Production<\/a> and retail sales. The good news is right now, stuart, about 30 states are open or opening up for business in the next couple of days. I think seven states opened up today. So the trend is very positive. You still have these stubborn blue state governors like your governor in new york, like the new jersey governor, pennsylvania and michigan and california, thats a problem because we are a 50state economy. If you have new york and california and illinois shut down, thats 20 of the economy right there. But i think the positive news is because people havent been able to go out and shop, because people havent been able to go out to a restaurant, i havent been to a restaurant in two months. Two months. Were dying to get out. So i do think theres a bit of a pentup demand and i think larry kudlow is right. Once people feel like its safe to go outside, sometime probably in the next few weeks, i think youre going to start to see some of these stores and some of these restaurants and some of these other businesses come back. The problem is youre still going to have to do social distancing and think about this, stuart. If you have a restaurant and you can only serve every other table, to keep people apart from each other, you are only 50 , and thats only at best breakeven for a lot of restaurants. Stuart i think a lot of them are going to go out in this situation. Stephen, im out of time. Its always a pleasure to have you on. Dont be a stranger. Wherever you are, dont be a stranger to Varney Company<\/a>. Have a great weekend. Stuart got a reopening story for you. The mall of america, the largest mall in this country, back in business on june 1st. All right, lauren, whats it going to look like come june 1st . Lauren social distancing signs everywhere, specific doors to enter and exit from, and this is what steve was talking about. 50 capacity, thats the limit. Officials are concerned that because customers may be skittish to go out in a public place, they might not even hit that half capacity level. At least not at first. But as you noted, largest mall in the country in minneapolis. Other Shopping Centers<\/a> can open there on monday. Mall of america waiting until june 1st. Stuart okay. Got it. I just wonder if it doesnt destroy the enjoyable Shopping Experience<\/a> when youve got to keep your distance and you cant have many people. Not very attractive, i dont think. Anyway. Another American Icon<\/a> thats getting back in business and that will be nascar. This weekend marks the first live race in a couple of months. Fans of course can watch it on fox. Cant be there in person. Grady trimble, same question to you, whats the race going to actually look like . Reporter its going to look a lot different than what fans are used to. You mentioned the stands are going to be empty. Everyone will have to wear masks, even the drivers, unless they have their helmet on which covers their face. Teams will be limited to 15 people at the actual track. Even the broadcasters who will be calling the race on fox, they will be at a remote location. Nascar adding plans for races through the end of june. None of those will include fans. Then in the world of golf, pga golf doesnt officially resume until midjune but this weekend, theres a Charity Skins<\/a> match with rory mcilroy, ricky fowler and a couple of others. There will be no caddies in order to enforce social distancing so if you want to see ricky fowler carry his clubs probably for the First Time Since<\/a> he was a kid, that will be your chance. I think people are starving for live sports so they will be tuning in in high numbers but they are also interested to see what sports look like with social distancing policies in place. Of course, these two sports, golf and racing, kind of lend themselves to that. It will be interesting to see what mlb, nhl do and nba once they restart. Stuart thats a different kettle of fish, really. Because the fans make such a difference to those games. All right. Grady, thanks very much indeed. Now, im looking at the markets this morning and i see gold and silver up in price. I cant put it on the screen right now but i will. I know theyre up. Susan, look at that, golds up 11 bucks, silver is up quite significantly. Why . Susan they are being used as hedges against the uncertainty of the path of the coronavirus. We have gold prices nearing their peaks that we saw in april which were also closing in on their highs in eight years. Also, we have silver trading at twomonth highs as well. This is because of the resurgence we have seen in south korea and china with coronavirus cases, also all that money taking place around the world with Central Banks<\/a> and what about the Economic Outlook<\/a> since we got retail sales today, record low when we saw declines in spending. I also want to point out another commodity. Bring up oil. Now, oil is back up, we spiked some 4 earlier in the session, back up to march levels before the stock market collapse, and people are picking up energy plays, socalled value plays, ones that have been beaten down, havent come back up like technology. So the energy, financials and industrials getting pretty good bids at the end of this week. Stuart 28 bucks a barrel on oil as we speak, up over 1. Got it. Im going to get back to jc penney. Earlier, the stock was halted. Its reopened. Long pause in trading. They made a 17 million Interest Payment<\/a> but they are still exploring what are called Strategic Alternatives<\/a>. Thats good enough for a 38 gain for jc penney which amounts to eight cents higher to 27 cents. Take a look at the white house. Less than one hour from now, President Trump<\/a> is expected to speak about vaccine development. He wants one done and out there within this year. Calendar year. Later on today, he will unveil the brand new space, what was that again, Space Force Flag<\/a>. Okay. Cant wait for that. For the first time in more than two decades, a republican flips a congressional seat in california. It happened in a mailin election, something President Trump<\/a> is clearly against. Watch this. The level of dishonesty with democrat voting is unbelievable. Now they want to send out vote by mail. Whos going who knows whos signing this stuff . Stuart well, we are going to be joined shortly by congressman mike garcia, congressmanelect, i should say. Im going to ask him what he thinks about the president s comments on mail order balloting, so to speak. He won despite it. Take a look at on your screen, that is a surfer in the water wearing a face mask to protect against the virus. This is in california. The state may not fully reopen for months. Well, the los angeles part of it, at least. What does steve hilton think about that . Hes next. How they gonna pay for this . They will, but with accident forgiveness allstate wont raise your rates just because of an accident. Cut is that good . No you were talking about allstate and. I just. When i. Accident forgiveness from allstate. Click or call for a quote today. Unlike ordinaryveness wmemory supplementsr . Neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. Memory, focus, accuracy, learning, and concentration. Try neuriva for 30 days and see the difference. We were paying an arm and a leg for postage. I remember setting up shipstation. One or two clicks and everything was up and running. I was printing out labels and saving money. Shipstation saves us so much time. It makes it really easy and seamless. Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. Shipstation. The 1 choice of online sellers. Go to shipstation. Com tv and get 2 months free. Confident Financial Plan<\/a>s, calming Financial Plan<\/a>s, complete Financial Plan<\/a>s. Theyre all possible with a cfp\u00ae professional. Find yours at letsmakeaplan. Org. Stuart lets take a closer look at californias reopening plan. Beaches in l. A. County are going to be open, but the city, the city as a whole, could still be shut down for another three months. Hey, ashley, whats going on . Three months . Whats with that . Ashley yeah. Yeah, dragging their feet, to say the least. California was the first state to issue a stayathome order and now appears to be to want to be the last state to actually reopen. The l. A. County beaches are open to exercise and other recreational activities, but the Cal State University<\/a> system could very well cancel inperson classes in the fall, basically going entirely to Online Education<\/a> in the system. Its interesting because other counties now fed up with what the governor is saying, are pushing ahead with basically phase two level reopening, because they say this is ridiculous, we have got to get our businesses going. You have a confusing mishmash from whats coming out of sacramento and what were seeing is we saw those protests recently down in huntington beach. I think the pentup pressure is there but l. A. County didnt get the memo. Three months, which would take us essentially into midto late august. Stuart extraordinary stuff. Thank you, ashley. I want to bring in steve hilton. Hes a california guy, often talks to us about california subjects. Ive got to say, steve, the level of frustration throughout california must really be on the boil here. Absolutely. Words really arent available to describe the level of frustration, because for one basic reason, stu, which is that it seems so unscientific. Its the exact opposite of what we are constantly told which is that these decisions are based on the data, on the science. If you look at whats actually happening throughout the state, theres no way you can link the actual decisions to any kind of data. For example, right across the state, including in l. A. County, which is the hardest hit, remember we were told that this is all about relieving pressure on the Hospital System<\/a>. There has been complete stability in the Hospital System<\/a> there. There hasnt been anything like the kind of pressure and overcrowding that we have seen in new york. The actual percentage of hospital beds occupied by coronavirus patients in california across the state is just under 7 . So the idea that this is necessary in order to do what we were first told which is to make sure we could cope with any rise, is just ridiculous. And in the rural parts of the state where you are seeing the first signs of the fight back, there are literally counties with no cases, no deaths, barely any impact of the disease at all, yet people are being told they have got to stay home, their schools are closed. Thats of course a disaster. In those areas often they dont have reliable internet so they cant do home schooling either. I think you are going to see a real revolution against all this because its not based on science as they keep telling us. Stuart i dont want to be labeled a conspiracy theorist but i do see something rather sinister in this. Across the country, it is democratrun states that are last to open up. Either they dont want to open up the sinister thing the me is i think they like controlling us. I think they like having us under their thumb. Am i crazy here or what . No, i think you are completely right. Because it validates in a sense their entire world view that government can run everything, can do everything, who needs the private sector when youve got government to look after everybody, so thats why they are so casual about this. Theres another important point. Yesterday, Governor Newsom<\/a> presented his budget for the year. Theres going to be a 54 billion shortfall, budget deficit because of the drop in revenues and the increasing costs. Hes looking for a quarter of that to be met by the federal government. Thats many, many billions of dollars. Actually, he also made the point that in previous budget situations where you had a big shortfall, in 2003, 2009 and 2011, the proportion was actually less than what youve got now but hes still asking for a bailout even though there was no federal bailout back then. They love doing all this and they want the federal government to dig them out of the financial hole that its causing. The whole thing is completely outrageous. Stuart we have mike garcia on the show just in a few minutes time. Hes the guy, the republican who won that special election in southern california. Do you think he won in part because of the antilockdown feeling in california . I really think thats a big part of it. Because you are seeing people realize now that this Single Party Rule<\/a> that youve had in california has power has gone to their head and they think they can do anything. Theres no check, theres no accountability. I think people want more political balance, they want a check on these democrat leaders at every level of government in the state. Thats why that was such a terrific result and i think its a sign that you are going to get a revival of the Republican Party<\/a> here in california, and this has accelerated it because people are sick of how the democrats are running the state. Stuart i have been waiting a long time for it. Maybe its finally about to arri arrive. We shall see. Mr. Garcia is on the show very shortly. Steve hilton, thank you very much indeed. See you soon. And on sunday nights. Got you. From california to new jersey. The governor, phil murphy, says that beaches can reopen just in time for memorial day weekend. Alex hogan is with us. Alex, im going to ask you the same question i have asked others. Whats it going to look like on those reopened beaches . Stuart, its going to be a very different look. The memories that you made at the beach, they wont be exactly like the memories that you will make this year but come memorial day, all state land across the ocean and lakes will reopen but again, there will be new restrictions. So these new rules mean there will be no frisbee, no football on the beach, no Contact Sports<\/a> at all. Along the boardwalk, places like this here, we are also seeing no arcades, no rides and towns will limit the crowd sizes of people who actually go on the beach. Governor phil murphy announced the news on twitter saying the shore is central to our new jersey identity and we want to ensure that families can safely enjoy it this summer. But its more than just the identity, of course. Its also the Financial Institution<\/a> that funds a lot of these small towns so again, that is a huge Economic Impact<\/a> that people here are just hoping to see. Stuart . Stuart they dont want the lose the entire summer. They have lost enough already. Thanks, alex. Good stuff. Thank you. As more states reopen, more families are indeed hitting the road and heading to a drivein movie. Watch this. This one is cute. Lets keep him. Come on youve got car insurance, right . Stuart ah, now, that movie, sonic the hedge hog is the movie that will play at the warwick drivethrough this season. That drivein reopens tonight. We will speak to the owner and ask the same question. Whats it going to look like . She will tell us. The media barely covering the Michael Flynn<\/a> case after years of reporting that the Trump Campaign<\/a> colluded with russia. Joe concha coming up on that. Check apple. A taiwanese chip maker will break ground next year on a 12 billion factory in arizona. This is a win for President Trump<\/a> and america. Dan ives, apple watcher, next. We could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network<\/a> in america. Built for interoperability and puts First Responders<\/a> first, giving their calls priority, 24 7. We do what we do best so they can too. Stuart where are we now, two hours into the trading session this friday morning . All right, ill tell you. Were down 150 points on the dow. Its been like that for most of the morning, down 100 to 250 points. Thats where we are now. Lets get to tesla and bring in dan ives. Dan, im sure you saw this headline. Tesla it was on reuters a million mile battery. A, what do you make of it and b, is this just another headline from elon musk getting some publicity . Yeah, look, i think for musk, and this is all going into they will have a battery day over the coming weeks, that continues to be the core dna of tesla in terms of continuing to stretch out what battery usage is going to be on the core model 3 going forward. I think they are going to continue to sort of stretch this out. Its part of the innovation going on in giga out in nevada. I think this is sort of a drum roll of battery day. I think thats the key to seeing a fourdigit stock in terms of some of these announcements which could take it above 1,000. Stuart its the holy grail of the electric car industry, isnt it, to have a battery thats capable of running you for, what, 400 miles on a single charge . Thats the holy grail, really, isnt it . Fundamentally, for musk and tesla, thats been part of the golden brand and thats how they have also navigated here even versus competition both in the u. S. And globally, and this is just further and further that sort of competitive moat they built, expanding that. Stuart have they got this battery . I think right now, they are continuing to innovate on the battery side. I think that continues to be a longer term goal. I think ultimately, going into the battery day, these are some of the things they will talk about in terms of innovation going out, six, 12 months, even a few years. You look at detroit and gm, what theyre doing, right now theres an arms race in the battery side and everyone is going after tesla in the ev market thats only 3 to 4 penetrated. Stuart earlier this morning, the u. S. Blocked a shipment of chips to huawei, chinas leading Technology Company<\/a>, and they immediately turned around and said look, were going to take reaction against the apples of this world, and apple went way down. Is this a permanent threat to apple . Look, apple continues to be caught in the storm. Especially in china. If you look at foxconn and the supply chain, that is the corridor for iphones. There is some trepidation around apple but as we talked about many times over the last year, in terms of the u. S. china trade wars, i think the bark is worse than the bite but it does speak to apple, more and more pressure for them to take some production out of china, either into india, vietnam or potentially the u. S. Stuart you are still sticking with 350 per share, apple, by next year . Still . Oh, yeah. I continue to think either an iphone xii with pentup demand the other side of this dark valley, the stock could have a 4 in front of it. Thats why the stock continues to hold up despite the covid19 dark clouds, because that pentup demand in the service, a stock thats 350 in my opinion as we look out. Stuart dan ives, welcome back to the program. Always good to see you. See you again soon. Thank you, sir. Appreciate it. Now this. The media, the media, outraged with the coverage of what President Trump<\/a> calls obamagate. They say the coverage of the unmasking of general flynn is a conspiracy and a distraction. Look at cnns brian seltzer. Roll it. So disappointed to look at what we are seeing in right wing media that theres such an obsession with the deep state and these revelations about the russia probe and this business about Michael Flynn<\/a>. They are treating the Michael Flynn<\/a> story like its a bigger deal than the deaths of 2,000 americans a day. I find it befuddling. Stuart laughable. Im sorry, utterly laughable. Gentleman on the righthand side of the screen covers the media for the hill and hes a professional at this and im laughing at what theyre saying here. It seems to me that obama and biden get a free pass. Well, stuart, that is precisely correct. Look at it this way. If you want to answer the question why isnt this being covered, picture this hypothetical in your mind. President trump and his administration leaves office in 2021 or 2025 and as theyre leaving, two weeks before, they decide theyre going to spy on and investigate and eventually unmask the identity of a Senior Member<\/a> of a democratic administration. Picture what the reaction would be like. Then on top of that, also someone within that administration who unmasked that particular person then leaks to the Washington Post<\/a> or a leading publication the name of that person and what the socalled investigation looks like and then that person is fired one week, two weeks into his job, thereby embarrassing that administration and ruining the life of in this case, a general flynn. When you leak that sort of information to the media, stuart, thats a tenyear felony. I would think that journalists are supposed to speak truth to power, right, and government secrets and boy, all this stuff about coverups and so on, thats juicy stuff for journalists, particularly when you have the former head of the cia, fbi, dni and the Vice President<\/a> all listed as part of the people who wanted the unmasking, i would be very curious if i were a journalist and probably would want to investigate that and not downplay it and say coronavirus is the only thing we should be covering, no other stories are allowed and if you do that, you are insensitive to the deaths of 2,000 people. Its a silly analysis from a silly critic. Stuart i have given extensive coverage to joe bidens problems, the metoo problem, the sexual allegation problem, the flynn problem. Theres a ton of problems for this guy. I have often asked the question is he really going to be the democrat standard bearer or will his problems overwhelm him and they will get somebody else. What do you think . Well, you know, it would be hard to replace him at this point, right. He does have all those delegates. He has run a campaign for over a year. He beat out Something Like<\/a> 20 something other candidates. To take that away from him at this point, he would have to voluntarily step aside. I couldnt see the democratic establishment actually saying you know what, i think we can get andrew cuomo in there or Hillary Clinton<\/a> or pick your democrat here and fill that particular spot in. But look, joe biden is probably one of the most underwhelming candidates in modern history. You probably have to go back to Michael Dukakis<\/a> because he is so poor in interviews and his ability to articulate basic thoughts. Remember this, stuart. You are not going to get this version of joe biden if hes elected. You get joe biden in his 80s and thats something that really should make everybody pause and say wait a minute, is this person really up for the job. If you asked me eight years ago if he was, i would say of course, joe biden is sharp, pretty good politician, not great but i can see him as president , sure. Now, i think a lot of democrats have big doubts on whether joe biden can handle this and then if hes put in a oneonone with donald trump when things get back to normal, if they get back to normal particularly on a debate stage, you would have to think at this point given his performances it probably wont go too well for him. Stuart great year to be in the media, is it not. Joe concha, great to have you on the show. Never a slow pace. Thank you. Stuart thanks very much. Check out the white house. President trump is going to make a big announcement from there about the vaccine. He wants one by the end of the year. After that, he will unveil the brand new Space Force Flag<\/a> and you will see it right here live on, to business. High School Graduations<\/a> canceled all round the country but celebrities are teaming up to give them virtual speeches. Watch this. You have graduated. You finished what you started. Congratulations. Stuart thats matthew mcconaughey, of course, part of a virtual graduation on facebook. We will explain it all coming up for you. First, though, congressmanelect mike garcia, he flips the house seat in california in the middle of a pandemic. We will ask him did the lockdown revolt help his victory. Hes next. In my line of work, i come face to face with a lot of behinds. So i know theres a big need for gasx maximum strength. It works fast. Relieving pressure, bloating, and discomfort before you know it. So no one needs to know youve got gas. Gasx stuart we are headed a little further south. Now we are down over 2 e200 poi. We had some negative Economic News<\/a> this morning on retail sales and a couple other items, Industrial Production<\/a>, very negative. We are in a deep chasm right now. The question is, can we rebound later. Thats the question for the market. For the first time in more than 20 years, a republican has flipped a congressional seat in california. Lets bring in congressmanelect mike garcia. This is the man who won a republican in california. Im still scratching my head about this one. But look, did you campaign on an antilockdown platform . Is that did that help you . Actually, no. Not at all. We didnt campaign on an antilockdown. We actually were in compliance with it the entire time. We pivoted to a Virtual Campaign<\/a> effectively even before the lockdown was instated here in california. We were doing virtual town halls, making over 500,000 phone calls in the midst of the lockdown and being very delicate and sensitive to the supporters and donors looking out for their safety as a priority. Look, what resonated with folks was the message, right, lower taxes, less government, less regulation, especially now during the coronavirus. This is when we need to be taking care of the taxpayers and Small Business<\/a> owners here and in sacramento, my opponent was not doing those things. She was raising taxes, raising regulations and making it tougher to live in california. So that was the message that won the day for us. Stuart do you think this is going to go anywhere . I dont mean to ask the question in a negative sort of way but look, i have been saying for years and years and years its very hard for any republican to win any election anywhere in california and i have been right, because you dont win. All of a sudden you win big, i think you won by about 12 points. Is this a real opening for the Republican Party<\/a> in california . Is it just a oneoff shot . No, i think its a renaissance. I think this is a rebirth in our party. I think there has been an awakening not just among republicans but you know, the middle third of california that has no party preference, they just want to continue to be able to afford to live in this beautiful state. We are starting to see things happen at the National Level<\/a> that have been happening in sacramento and california for a long time and people are tired of it. Stuart forgive me, mike, forgive me for jumping in like this, but you represent now the northern part of los angeles county. You represent a constituency thats full of the elites. I cant imagine the elites voting republican. Well, you know, my constituency is actually very middle class and its a large area, its also a part of ventura county. Theres nothing about this demographic that i would consider to be elitist. I think they are just, they are aware of whats going on and on the heels of katie hill, folks are paying attention and really vetting the candidates now and theres a stark contrast between the candidates across the board and they want a patriot. They want a political outsider, someone who is qualified, someone who owns a Small Business<\/a> who served in combat but also in the boardroom and knows how to run a business. So i think people appreciate that, you know. We were unfortunately not able to campaign in person as much as we wanted to, but we evolved and adapted and overcame despite that, and you know, the margin of victtory was surprising but thats a telltale of what folks are thinking right now. We have the Reagan Library<\/a> in our district. This is the land of reagan and it is a rebirth of not only the party but also an awakening of folks in the district who are thirsty for real leadership. Stuart once again, congratulations, mike garcia. Hope to see you again on this program. Thank you, sir. Thanks, stuart. Appreciate it. Good to be back. Stuart got it. Look at facebook stock. Its down a buck at 205. Now, they are holding a Virtual High School<\/a> graduation. They have a special commencement speaker. Lauren, how does this work . Is it one speaker for all graduating High School Students<\/a> today . Is that how they do it . Lauren several speakers, for all graduating High School Students<\/a> today and actor matthew mcconaughey, his special message, listen. Dont bother yourself too much if youre not quote sure what you want to do in life. Im 50. I still have many days when im not quite sure what i want to be. Live in a way now where you can look back later and say i think i handled that pretty well. Congratulations. All right, all right. Lauren i handled that pretty well, no prom, no graduation ceremony. The class of 2020 sure is an original. Oprah winfrey will give a keynote address. Shes the commencement speaker. There will be a performance on facebook and instagram by miley cyrus and look, usher, cardi b. , simone biles, what a list of celebrities to congratulate the class of 2020. Stuart not quite as good as the real thing but im sure a lot of people will take it. Thanks very much. Our next guest lauren i feel bad. Major life moment. Stuart it is. It is. Definitely. Our next guest hopes that the cheap gas were enjoying will drive people to her drivein movie theater. We will go live to warwick, new york, where they are getting ready for Opening Night<\/a> at the drivein. Thats tonight. We will go there next. Every Financial Plan<\/a> needs a cfp\u00ae professional confident Financial Plan<\/a>s, calming Financial Plan<\/a>s, complete Financial Plan<\/a>s. Theyre all possible with a cfp\u00ae professional. Find yours at letsmakeaplan. Org. Theyre all possible with a cfp\u00ae professional. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. The most important song in the history of music. This ought to be good. Tell you what i want what i really really want stuart okay. You saw that movie. The warwick drivein theater in new york reopening this weekend. I believe thats the movie they going to see. The lady on the righthand side of the screen is beth wilson, the drivein theater owner. Okay, lets get right to it, beth. What are the rules for reopening your drivein . Our rules, we have to be social distanced, make sure you wear your mask. Stuart can i roll the windows down in my car . Yes, you may. As long as you are six feet apart from everybody, you are more than welcome to. Stuart how many people per car . Its usually a family. We can take, you know, two people or four people. As long as its your group of people, you are more than welcome to come. Stuart all right. What kind of business you expecting . We are completely sold out of online tickets for tonight, saturday and sunday right now. Stuart sold out completely . Now, do you have sold out completely. Stuart do you have the same capacity as you would in normal times . No. We have dropped back to half capacity. Our big theater, we can fit about 150 cars. Our second drivein, we can go to about 100 cars. Our third drivein is about 45. Stuart we have heard a lot about some movie theaters bringing back very very old, classic movies because hollywoods production of current movies are at a standstill. What kind of movies are you bringing back . Right now, im playing movies that came out for christmas and early spring. Before the shutdown happened. And then we are looking to bring in some of the ole classic movies again also, until july 15th when our industry opens back up for movies. Stuart how about concessions . I want coke and popcorn. Can i get it . Yep, our concessions are open. We are work onniing on an app f this evening. Hopefully its up and going. If not, we have our regular snack bars open as long as we are social distanced and wearing our masks, we will be fine. Stuart i wish you the best of luck. Thanks for being on the show. This is a real breakthrough for many people. I think you will do well, put it like that. Thank you, beth. Thank you so much. Stuart sure thing. Take a look at this. We are showing you mccarron airport in las vegas, of course. They have a vending machine. You can pick up items like gloves and hand sanitizers by the tsa checkpoint. My producer says you have to touch the buttons. Okay. All right. A reusable mask costs, what, 15 bucks. A disposable one is eight bucks. Thats mccarron airport in vegas. More after this. Now more than ever, you need technology you can rely on. And people you can rely on. Im a Dell Technologies<\/a> advisor. Me too. Me too. Me too. And if youre a Small Business<\/a>, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. A reverse Mortgage Loan<\/a> isnt some kind of trick to take your home. Its a loan, like any other. Big difference is how you pay it back. Does the current economy have you worried about your finances in retirement . Learn how senior homeowners are using home equity to improve their monthly cashflow and preserve their savings. 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Retire better weve got over 100 vaccine candidates that have been discovered. What were doing now is narrow ing those down to the core group that were going to play huge, multihundred Million Dollar<\/a> bets on and scale massive vaccine domestic production, so that we, by the end of the year, we hope would have one or more safe and effective vaccines and hundreds of millions of doses. Stuart now thats alex azar on the show earlier this morning talking about this huge push to get a vaccine in place by the end of this year. Thats very important stuff, as you heard him say, they are maximizing all kinds of resources to get this moon shot done. And by the way, at 12 noon coming up very shortly, President Trump<\/a> is about to talk about this , the moon shot vaccine effort, hell be talking about it literally seconds from now. By the way one quick news item Governor Cuomo<\/a> of new york just said new york beaches will be open, i guess thats in time for the memorial day weekend thats next weekend, that will put him, new york rather, in line with new jersey; however you can use the beach for exercise only. You cant put a towel down. You cant sit. You cant soak up the sun. You cant do that. Ive got a problem with that, but neil its yours. Neil but can you carry a bunch of food items and multiple therm oses, because youre getting your exercise. Stuart, have a safe weekend but i think stuart is right thats backwards but well see what happens anyway were also focusing on what the president is going to do this Marshall Plan<\/a> for planning a vaccine, az ar among those saying the government is making multi hundred billion dollar bets on this. The hope is that whatever theyre betting on that turns out to be worth investment, and that they dont come up at a sinkhole here but again the past on this is fleeting because we havent seen much of it in this country save the Marshall Plan<\/a> itself,","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia803207.us.archive.org\/27\/items\/FBC_20200515_130000_Varney__Company\/FBC_20200515_130000_Varney__Company.thumbs\/FBC_20200515_130000_Varney__Company_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}