Transcripts For FBC After The Bell 20240712 : vimarsana.com

FBC After The Bell July 12, 2024

Record territory. A lot of good stuff in the markets. Well talk more about it. Fox Business Team coverage. Blake burman, Hillary Vaughn reporting from washington. All the talk about what the next stimulus looks like. Blake we start with you. Reporter connell, very public signal from President Trump and his administration, the next steps of negotiation will start to take place today, as we saw the president in the oval office on one side of him. The Vice President and the treasury secretary on the other side of him republican leadership. We heard the president say again he want as payroll tax cut. We heard Mitch Mcconnell say once again he wants Liability Protection for businesses. We heard the treasury secretary spell out other items on their wishlist. Well have tax credits that incentivize businesses to bring people back to work. Well have tax credits for pp e. For safe Work Environment and well have big incentives, money to the states, for education, for schools that can open safely. Reporter connell, melissa, two notes about this meeting earlier today. Im told from a source familiar with the matter, get the Chuck Schumer video off for a second, there is news i want to get real quick. Im told from a source during the meeting earlier today art laffer was brought up, was dialed into the meeting at request of the president. They were talking about those in the room. Health care price transparency, the president has signed an executive order about it. The discussion was about codifying that into law, trying to get it into the phase four measure. Im told the president asked art laffer about this. Laffer threw his weight behind it. Im told the president really supports the idea of codifying this Health Care Price transparency into the phase four negotiations. Something to keep an eye on. Also after that meeting or at least towards the tail end when the president brought reporters in, he got into the question and answer session and the president said he will be bringing back the daily coronavirus briefings. The president suggesting that the next briefing will be tomorrow afternoon at 5 00. He will almost assuredly be asked about the tweet he sent out in the last handful of minutes. Put it up on the screen real quick. The president himself said at one point showing himself wearing a mask. People say it is patriotic wearing a face mask when you cant socially distance. If you go to the tweet, you see him with image of wearing the mask. The president certainly moving on the issue when it comes to wear a face mask. Now suggesting that it is patriotic. Back to you. Connell much different than you interviewed him a couple weeks ago. There is an actual picture with the tweet, blake. To the politics of all of this as he steps up to the fight. President trump ramping up the economic attacks against his opponent in november, joe biden. Hillary vaughn live with that from washington. Hillary. Reporter the president says he is happy how the economy rebounded so far, but he is not happy how some democratic governors slowwalked reopening their economy. New fox news poll showing the president may lose voter confidence he should be in charge of the Worlds Largest economy a new fox news poll shows joe biden has 1 edge over trump over who they trust to do a better job on the economy. The president pointing to democratic governors as part of the problem in an exclusive interview with fox news sundays chris wallace. I think the economy is expanding and growing beautifully. Now the democrats want to keep it closed as long as possible because they think that is good for the election but i think the economy is doing very well. Now were coming back and were coming back at a level nobody would have thought possible. Were going to have a stock market, perhaps, on november 3rd, that is the highest in history. Reporter even though trump thinks the economy will be a winning issue for him on election day a new fox news poll show that is not voters number one concern right now. Instead it is coronavirus, with 29 saying that is their top concern. 15 say the economy is their number one concern. Presumptive democratic nominee joe biden says this covid19 crisis is a chance to rebuild the economy but he did admit the way they left the economy under the Obamabiden Administration is not good enough. We cant just go back to where we were before donald trump took office. We have to build back better. I promise you i will make historic investments to revitalize our economy, by strengthening American Manufacturing and the supply chains and by making sure American Workers have an opportunity to join a union and earn a real living wage. Reporter getting a peak what joe biden economy would look like. The two planks already been rolled out totaling 2. 7 trillion and biden will announce the third plank for that tomorrow but we still dont have the price tag for that third plank. Connell . Connell all right. Hillary, thanks. Hillary vaughn in washington. Melissa . Melissa promising news from uk researchers driving the market today. Medical journal lancet today publishing the early trial results of astrazenecas coronavirus vaccine. Fox newss greg palkot is live in london with the details, greg . Reporter hey, melissa. Were tracking it. Yes, some encouraging news about a possible vaccine for covid19 coming from scientists here in the uk. The first human test results of the vaccine were revealed, that they have been developed by scientists at oxford university, described to us in a Conference Call earlier today as an important milestone with good immunological response means it could provide short and longterm immunity for this dreaded disease. Important too, melissa, it is also deemed as safe with few sideeffects. Still based on a test of 1100 people here. Now it is moving on to necessary, broader field trials involving tens of thousands of people in south africa and brazil and soon in the United States. Then it needs to be made and distributed. Oxford is linking up with a huge astrazeneca pharmaceutical firm plus about 1. 2 billion from the u. S. Government. In fact there are 300 million doses already reserved for the u. S. , possibly available as early as december. Here is more of what the head of the oxford project had to say today about the vaccine and its importance. I think the vaccine is the way out. And i think that were going to need a lot of vaccine because there was a hope if we had a vaccine quickly we could put out the pandemic, and it wouldnt come back. I think it will be very difficult to control this pandemic without a vaccine. Reporter all told billions of doses in fact, melissa, will be needed and this is just one vaccine looked at, being researched and worked on, all across the world. The thinking is, that you work on a lot of them, maybe at least one or two work. We will see. Absolutely crucial for the world. Back to you. Melissa yeah. Essential. Greg, thank you for that. Connell . Connell we have an alert, melissa on ibm. It is just out with its secondquarter Earnings Results and they are better than expected. Thats why i would think the stock is up by 3 1 2 plus in afterhours trading. Still down from a year ago but not down as much. Earnings of 2. 18 a share last quarter beat the estimate of 2. 07. That is on an adjusted basis. Revenue, 18. 1 billion better than wall street estimates. Ibm like many other companies did not give us an out look but the ceo gave an interview to barrons. Cloud business is doing well and hardware there was issues. Coronavirus in services where they saw decline. What kavanaugh said because ibm is focused on working with Large Companies was able to shelter itself from some virusrelated problems affecting the small and mediumsized enterprises. Bottom line, ibm, stock up afterhours, earnings down from last year. But they were better than expected. More to come. Melissa, back over to you. Melissa lets bring in charlie hurt. He is Washington Times opinion editor and a fox news contributor. Okay, charlie, sorting through all the economic possibilities for this next aid package and you look at what joe biden is saying he would do as well, if you are President Trump and you are throwing get to the wind, which is what everyone in washington does, free money, free money, no one cares about debt, what would you do would think would be most effective . There are republicans of course worried if it extend the amplified unemployment benefits, that you actually can hurt the economy because you keep people at home. Certainly anecdotally i know people cant get workers to come back because theyre making more on unemployment. There is idea of cutting big checks which everyone loves, sending money. Payroll tax is amazing but everyone in washington hates because they can take our money to spray it at other people. Youre advising the president. You want to jack the economy to get reelected as soon as possible, what would you tell him to do . The first thing i would say it is important to remember, that youre right, every politician in washington is delighted to dump debt on our grandchildren and great grandchildren. It is that donald trump only one sort of is up front about it. He never claimed to have a problem with debt. He loves debt. His entire career is based on debt. So i kind of admire that to begin with. Second thing, President Trumps reelection entirely depends on the economy. Melissa right. I think whatever they can do to stimulate the economy without, as you point out creating a, bad incentive so people dont go back to work is going to ultimately be absolutely disasterous. So i think that that is the biggest thing. Washington is not going to be able to spend its way out of this pandemic. The only way that were going to get over the pandemic and get the economy going again is to get people back to work. I think, focusing on that is the number one thing. Then the second thing, i do think the Liability Reform is probably something that republicans will be pushing for and demanding and i think it is probably a very smart thing. Because i think a lot of this is driven by a terror of tort lawyers out there who are eager to make a quick buck off of this. Melissa so thats a great point because the Liability Reform is huge, it needs to happen pretty quick, because i think we have all met people afraid to reopen their business because they say, what if somebody gets sick and then i get sued. Im afraid of that. Right. Melissa i think, like anytime you send, you want to fire money at potential voters forever, politicians thought that is a way of getting votes, giving people cash, but the unemployment insurance, the enhanced one it is so dicey because if republicans dont do it, then they look like oh, my god, here you have this huge crisis and theyre not going to give this unemployment insurance. Theyre evil people. In the short term there is psychological impact of people saying you know, the president is not giving me money. He is taking away money. So you would have to really believe that putting those benefit out there is going to slow the economy. That is a tough decision to make. You see the divide, probably, with like mnuchin on one side, larry kudlow on the other. What do you do . So it is, it is tough but heres what i would say, it doesnt matter how popular or unpopular you look right now, if the economy is in the toilet come november and youre a republican, you are going to be out on your tookus, you are not going to win reelection if the economy is terrible come november. That is truer of President Trump than anybody else. And so i would say, to heck with what is popular or unpopular right at the moment, do the right thing. Because it is the only way youre going to get reelected. Melissa right. By the right thing, we dont mean the right thing for our children and grandchildren which is to not fire hose money off at the whole world. By the right thing, we mean geteconomy going so people can get back to work, feeling better, and once again well kick the can down the road on debt. I love the word tookus also and you probably stole that by me. Joe biden if he puts his plans out, it doesnt really matter, it is antitrump. He is sort of a straw candidate. You see what is happening right now. Vote this. Go ahead. The problem right now with, for President Trump is that the election currently a it stands is all about donald trump. And until he steps back and lets the election become all about joe biden, he is going to be struggling at the very least. Melissa okay. All right. Charlie hurt, thank you for that. Connell . Connell all right, melissa. Adapting to a new normal, colleges across the country grappling with how to safely get their students back on campus. Well talk to the president of Purdue University about that. Also happens to be the former governor of indiana, go over the plans they have for reopening and also the financial hurdles that lie ahead. Plus a paycheck for everyone. One city extending its Pilot Program for universal basic income. Critics say the move will backfire getting americans back to work. Well have the fall wrought later in the hour. Not bouncing back. Hotels are bracing for what could be permanent damage to the industry. Stick around. Well be right back. My name is christine payne, im an associate here at amazon. Step onto the blue line, sir. This device is giving us an Accurate Temperature check. Youre good to go. I have to take care of my coworkers. Thats how i am. I have a son, and he said, one day im gonna be like you, im gonna help people. Youre good to go, maam. I hope so. This is my passion. If i can take of everyone who is sick out there, i would do it in a heartbeat. If isarah for a while ive wnegative self image. , there was like this contrast between like the way that i was thinking about my personality and the way that i was thinking about my body. With noom, i was able to learn how to interrupt those habits and create new ones. So my goal was 35 pounds and ive lost about 30 pounds now. So. Ive never been this confident in my body. 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Holmes attorney is calling for the trial to be delayed until april of 2021, citing the pandemic. Insuring a trial safe from a Public Health standpoint adding he expects the trial to last three months of the judge says likely will be pushed to next year, but refuses to disturb the current trial date, october 20th. Holmes as the ceo of Company Facing 11 counts of fraud and effectiveness of its blood detection technology. Well bring you any headlines during the hearing this hour. Connell . Connell safely reopening in the fall. That is the idea for universities nationwide outlining plans to get students back on campus, were joined by the president of Purdue University, former indiana governor mitch daniels. Governor, you were one of the first out there to get a plan together. I know things have probably progressed since then. Talk about where you are now. I saw a partnership you put together with Rutgers University on testing. Tell us a little bit about that. That is selfadministered test, is it . How do you plan to use it to get the students back . Connell, it is the latest of a series of enhancements in our program. I hope for more. Well do everything we can to create a safe campus environment for all this fall. The testing, pretesting, will be i hope a major part of that. Everyone of our students will be receiving in the mail a test kit, a salivabased test kit, much like that the nba and others are now employing and they will be given a limited number of days to, to take the sample and send it in. Were getting very fast turn around time. I have the assurance of that. And so, even though all indications are, well have a very, very low percentage of positive cases against 30,000 undergrads that will be a significant number of people who will be intercepted before they can come to campus and possibly infect others. So it is just one piece of a very comprehensive program that were going to try to implement here but im very glad were able to add it. Well augment later with surveillance testing. Obviously the testing of anyone who looks like they might have symptoms or might have this disease. Melissa and i saw with a limited number of students on campus for summer programs the Positivity Rate was under 1 , which on a relative basis is obviously great but as you say you start to increase the number of students to come back in august and september. Is there a percentage number maybe on positivity you look at maybe this is unacceptable and we would have to start rein things back in, shut down . How are you booklooking at it . What metrics will you watch . I will watch a couple things. In terms of total cases, the difficulty point for us if it began to outstrip our ability to safely isolate. We have those cases, for the two weeks or so that, that they will need to return to full health but we have hundreds of rooms set aside and, i hope that

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