A virus lockdown winner has emerged. Its walmart. They have had the advantage of remaining open and they finetuned their delivery and pickup services. They have done very well. Look at this. Same store sales, up 10 . Huge. Sams club sales up 12 , even bigger. Ecommerce, now, this is a big one, up 74 , online sales. That is remarkable. The stock, we are quoting premarket now, the stock is up nearly five bucks, 3. 8 . Okay. This is going to be a live action day. Two top money guys head to capitol hill. Speaker mnuchin, jay powell, they will be discussing what they think still needs to be done for the economy. You want my opinion, please give us Liability Protection. The president addresses the nations farmers. What do they need and whats with the Food Supply Chain. We will carry his speech live. Thats in our 11 00 hour this morning. Then theres the market. After yesterdays 900point gain. That rally followed encouraging news on a vaccine from moderna and the rapid reopening of the economy. Investors seem to believe we are looking at a strong economic expansion. This morning, the dow is going to show a minor loss at the opening bell, maybe 10, 14 points down. It was up 900 yesterday. The s p, same story, down a fraction. The nasdaq may eke out a fractional gain. Flat, basically, across the board. Seconds from now, joe biden and the honking geese. Varney company is about to begin. Youre going to hear, theres a pond on the other side of my property here. Lot of canadian geese. If you hear them honking away, theyre cheering. Thats what theyre about. I dont know whose phone that is. The scale of the loss is staggering. Its been two months since Congress Gave them that money. Stuart all right. We are being kind but those were the honking geese you heard interrupting joe biden during a virtual speech, plus the telephone call. Just one of many problems facing the Biden Campaign during this pandemic. In our next hour, more on what i am going to call the floundering Biden Campaign. Thats later. First, though, story of the morning. Walmart, they are a virus winner. Come in, lauren. They have really adjusted when the virus hit. Tell me about Curbside Pickup and delivery, please. Lauren walmart invested in Curbside Pickup and other things that they are using now back in 2013, so they were ahead of the game and it certainly paid off. If you look at their online sales which include buy online, pick up in store, pick up curbside, up 74 in the quarter from a year earlier. That is amazing growth. Another thing that they noticed, this reflects the change in shoppers behavior. Obviously we were going to the store less but when we go, we are buying a lot more. If you look at average ticket sales, they rose 16. 5 in the quarter. Stuart thats a fine performance and the stock is up. I got that. Actually, now its up 4. 32, 3. 3 . That does indeed help the dow. Show me, walmart, yeah, walmart is a dow stock and it is helping the overall average a little bit, although we are still down about 40 points for the dow. Mike murphy is with us. You are predicting new highs for the market this year. Does that mean above 29,000 on the dow . Its at 24 now. You think its going above 29 this calendar year . I do, stuart. I think we had a major selloff in the market, obviously. We rallied roughly 35 off those lows. But i think with the economic backdrop we have coming out of the coronavirus, with the stimulus that the Trump Administration has given us, i think you will see new highs on the market this calendar year. Stuart now, we have opened up some stores, restaurants, nail salons, hairdressers, et cetera, et cetera. Have you any news on how well those reopened businesses are doing . Because thats the key to coming out on the other side with rapid economic expansion. It is for sure. On the Small Business front, i think its a lot harder. Remember, we invest in Venture Capital so we are in early stage businesses and we are seeing a lot of positives. The ppp really has helped these smaller businesses and the ones that do survive and make it through this, i think are going to be able to thrive in q3 and q4. But i think to make the new highs im talking about, stu, you are going to need to see the new highs coming from the growth names that have driven us. You will need to see big tech leading us to new highs and i think you will see that. Stuart okay. Stay there, please. Ive got more for you later but thats a nice prediction. New highs this year. Home depot on your screens right now, down three bucks. Thats 1. 4 . Ash, they spent a fortune, we just got their earnings report, they spent a fortune on their employees during the virus, didnt they . Ashley they did. The covid19 accounting for an extra 850 million, that through expanded bonuses, expanded time off, Double Overtime rates. A lot of this to encourage employees or at least provide incentives for employees to come in during the height of the pandemic. Home depot considered an essential store so they didnt really close down. They havent closed down, of course, with severe restrictions and limiting the number of customers and the rest of it, ironically, same store sales up 6. 4 . Revenue is up 7 . But theres massive extra costs to deal with the coronavirus, really hurting the bottom line for home depot, as you can see. 850 million extra in costs. They have also suspended their guidance. No big surprise there. Stuart i would actually call them another virus winner, along with walmart. If your same store sales are up over 6 in this environment, i think thats pretty good. Ive got to say. Even though the stock is down. All right. How about kohls . I think weve got that for you. Sales plunged almost 44 in their First Quarter. The virus forced them to close their doors, although about half of their stores have reopened. The stock is down just seven cents. Thats it. Listen to this one. Amazon reportedly in talks with the now bankrupt jc penney. Details very slim on this one. But a buyout of some sort may be, may be being talked about. The stock of amazon is up five bucks, 2431. A lot more on that later this hour. Have a look at uber. We reported they are cutting 3,000 more jobs. Mike murphy is still with us. You are an original investor in uber. You are holding on to your stock there or buying some more . We bought some more when it came down. We missed it in the teens. Our cost basis is around 26. I think uber is a business that you are going to be looking at as one of the Technology Leaders over the next couple of years. I still think theres a lot of upside in uber. I love the grub hub deal if they get that done. If not, they will end up buying one of the other competitors like postmates, but uber is a company thats here to stay, in my opinion. We own it, its our largest position and i think it keeps going higher. Stuart have you abandoned big tech . Which did so well for us for the past five years . No, not at all. We bought some apple, we bought some microsoft, we discussed live on the air when the stocks came down in midmarch. Right now, im riding those out. I dont see any reason to try to trade a name like apple because they just keep chugging out solid quarter after solid quarter. I expect new highs on apple, new highs on microsoft, throw amazon in there as well. Facebook, i sold. We are out of facebook. But big tech is where the growth is. They keep buying the smaller companies, they keep buying growth, but the growth is still there, as long as you are getting growth i want to own those names. Stuart a bullish mike murphy on a Tuesday Morning. Thanks very much, mike. See you again real soon. Next case, the Trump Administration pushing to make crucial drugs here, make them here in america. This is interesting, susan, because its not a big name drug company thats getting the money, is it . Susan its Plough Corporation in virginia. There are questions about why you are building this new supply chain and investing so much money into one corporation when theres an entire generic drug industry that already exists in the u. S. But this is one of the largest contracts in u. S. Health and Human Services history, 400 million initially over four years, that could be expanded to 800 million over the next ten years. What the Trump Administration is trying to do here is trying to onshore pharmaceutical Production Supply chains, protect vital drugs, especially antibiotics that we know has really been called into question as this covid19 outbreak as china supplies about 90 of the antibiotics that are taken in this country and that could also be squeezed in a tit for tat sovereign battle. Stuart thank you very much indeed. Completely different subject for a moment. I want to show our viewers something that set off a media firestorm. Heres President Trump and his use of hydroxy chloroquine. Roll tape. I happen to be taking it. Reporter hydroxy chloroquine . Hydroxy chloroquine. Right now. Yeah. Couple of weeks ago, i started taking it. Reporter why, sir . Because i think its good. Ive hard a lot of good stories. If its not good, i will tell you i take a pill every day. At some point ill stop. What id like to do is id like to have the cure and or the vaccine and that will happen i think very soon. Stuart dr. Marc siegel, righthand side of the screen, what is wrong with asking your doctor if its okay to take hydrochloroquine, he or she says yes and you take it. Whats wrong with that . Theres nothing wrong with that. Actually, you hit right at the heart of it as usual. Hydroxy chloroquine is being studied right now by the nih for people over 60 for mild cases. The answers not in yet. Its also being studied in detroit for 3,000 Health Workers who were just exposed to it, like President Trump, had somebody near them that had it. That answers not in yet. In the meantime, if the president wants to confer with his physician, who knows his medical history, who knows his risks of side effects, who knows his risks of having a severe case of covid19, and they come together, dr. Conley and President Trump come together and make that decision, the media should stay out of it. They have nowhere to be in between the doctor and the patient. This is a typical politicizing of a medical issue. Stuart i think we will leave it at that. Im sorry to cut this short, but you know, i think you said all that has to be said. Well said, too. Dr. Marc siegel, come back soon. Okay. Check futures. Flat to slightly lower day, pretty much across the board this morning. No Major Movement in stocks as of right now. Weve got, what, about eight minutes to go before we open the market. All right. Quick programming note. How about this one. Next thursday, may 28th, we are hosting our very own America Works together virtual town hall here on varney company. I will be joined by dave ramzi, ken coleman, chris hogan of the Ramsay Solutions team. Send video questions to ininvestedinyou foxbusiness. Com. Alibaba did well during the lock down. American buyers joined alibaba in droves. We discuss it moments from now. Stocks up. New york city mayor bill deblasio is now threatening new yorkers. You will be pulled out of the water if they catch you swimming at the beaches. Wouldnt that be interesting . We are definitely on that story for you. Why accept it frompt an incompyour allergy pills . E else. Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. 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 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. So the fencing will be in position and ready but it wont be put up initially. If it did have to be put up, we hope everyone listens to the rules, follows the rules, no swimming, no sports, no gatherings, no parties. Just common sense, observe social distancing. Anyone tries to get in the water, they will be taken right out of the water. Stuart what a barrel of fun new york city is. That was the mayor, bill deblasio, fencing off the beaches, take swimmers out of the water. How dare you, all for social distancing. I think we need the sound voice of congressman dan crenshaw, texas republican, who joins me now. Youre in texas, sir. I dont know actually where you are but you are from texas. What do you think of the mayor of new york threatening to take people out of the water if they dare to go for a swim . You know, you are seeing this kind of socalled leadership throughout the country where they start with guidelines which i think are perfectly fine, but then they say we are going to physically remove you from the water, this activity that was perfectly legal and normal just a few minutes ago is now is now something that we are going to sic Law Enforcement on you and pull you out of the water. First of all, theres no science at all to indicate that its even dangerous to be outdoors on the beach in hotter weather, but the fact that they are going to use draconian measures to actually enforce these guidelines is blatantly unconstitutional and i think violates the contract between the government and the consent of the governed. Stuart why are we doing this . Why is it predominantly democratrun states that are insisting on the lockdown, continuing the lockdown, and republican states really want to open up and do some business . Why this difference . Yeah. I analyzed this in a piece i wrote today for the wall street journal and its part political, part psychology. On the political side, one might argue that anything trump says, they want to do the opposite. That might explain a little bit of it. The jobs we take might explain some of it, where we live might explain some of it. But ultimately, i think liberals and conservatives are wired very differently. We view risk differently. Our brains actually light up in experiments, they light up differently when confronted with a type of risk. Conservatives are much more likely to take riskier jobs like Law Enforcement or military or construction, dangerous jobs, and confront risk differently. We also view liberty differently. You will often hear from democrats that you cant be free unless you have this service, free health care, free education, they actually equate freedom with Getting Services. Thats a strange thing for a conservative to hear. Now, we believe freedom is personal responsibility and the ability to pursue our own happiness and confront risk accordingly. Lastly, we actually view morality differently. Liberals will put an overemphasis on moral foundation of compassion and caring, and this is why they overemphasize the line hey, if it just saves one life. They ignore all other factors as a result and thats why you see the sort of singular view of morality when assessing what is actually a complex situation, where you need to actually look at all the factors, holistically. Stuart in texas, you are really making moves to open up very quickly. I understand that you can now open a restaurant in texas and have it 50 capacity which means that you are pretty close to being able to make a profit on a restaurant in texas. Yeah. Its the wild west out here. Guess what, theres no apocalypse coming. What else we have noticed is hospitalizations are going down, you know, testing has gone up rapidly and yes, there are still new cases every day but hospitalizations are down, our death rate has been very low. Texans are ready to be trusted to get back into the economy. We know what to do. We know how to mitigate risk and look, if you want a test here, you can get a test. That remains true in a place like texas. Theres actually more tests available than people than people demanding those tests. So thats actually the next challenge is we need to get people to go take the test just to maintain some kind of surveillance on the outbreak. Stuart congressman dan crenshaw, the voice of reason from texas. Always appreciate it. Come back soon. Thanks very much indeed. Great to be with you. Stuart now President Trump has taken another shot and a big shot at the world health organization. What did he say, susan . Susan revoke u. S. Funding and remove u. S. Membership in the w. H. O. If the w. H. O. Doesnt change its prochina bias he says and reversing their alarming lack of independence from beijing. This weekend trump threatened to reduce funding to 10 , now its to zero. Dont forget the u. S. Contributed around 450 million last year to the world health organization. China contributed just 85 million in comparison but yesterday, we heard from chinese president xi jinping saying hes going to contribute 2 billion over two years on top of an extra 50 million but is money enough at this point. Stuart okay. We hear it. I would like to see some more of these multilateral institutions called out when they keep the taiwans of this world out or the israels of this world out. Call them out. Come on. Susan thats a longterm problem to solve, though. Not overnight. Stuart it sure is. No, not overnight. Got that right. Lets tackle the problem. Thank you, susan. Big stuff happening in washington. 10 00 eastern, treasury secretary mnuchin, fed chair powell, they will be on capitol hill testifying on what else needs to be done to help the economy. By the way, their testimony, we will bring you the headlines, that could move the market. 11 00 this morning, we will hear from the president. Hes making a speech on farmers, the Food Supply Chain. We will bring it to you live when it happens. Coming up in just a few minutes, we will be joined by alibaba. Coms president. The can sto stock is up this mo. Overall, futures are flat to slightly lower. Pretty much across the board. Remember, that follows a huge rally yesterday.