It is official. The pandemic has triggered the steepest Economic Contraction in history, but markets in this final hour dont look nearly as bad as they did when the number for gdp q2 came out earlier. Right now, the dow is down 193 points but the low had been a loss of more than 500 points. Yes, we saw that the covid had created a stunning collapse in growth but nowhere at the moment where we see the nasdaq up 56, thats where we see some real strength. But the reaction is most prevalent in safe haven government treasuries. To the tenyear yield which moves, by the way, inversely to the bonds price, diving into a hole. We are at. 55 for the tenyear yield, as worried investors decide it is risk off. All right. So President Trump is making comments right now at the headquarters of the American Red Cross in washington, d. C. Lets listen in for a moment. These therapies transfuse powerful antibodies from the blood of recovered patients to help treat those battling the current infection that we all know so well. Plasma is one of the more delicate ways of doing things. Its had tremendous response so far. Weve had. And its an effort to accelerate, to really accelerate new therapies and further reduce mortality. Weve been able to show some tremendous things. If you notice today, it was covered very well, lot of countries where they thought they were doing well, theyre not doing well at all. Theyve had explosions, explosions, unfortunately. Were joined by secretary of health and human services, who is doing a terrific job, alex azar. Alex, hi, alex. Fda commissioner stephen hahn. Hi, steve. Surgeon general jerome adams. And i hope your wife is okay, jerome . I know she had a little difficulty but im sure shes going to be fine, right . Please give her my regards. Thank you, jerome. Dr. Francis collins, who everyone knows. Thank you very much. Nih. And dr. Anthony fauci. Anthony, hi. And deborah, wheres deborah . Deborah. Hi, deborah. Good job. Everybodys doing a good job. Everybodys working very hard. I want to also thank the ceo of American Red Cross, someone whos done outstanding work. Ive known about it for a long time. Gail mcgovern, thank you. Really an outstanding job. Ceo of Americas Blood Centers, kate freh, thank you very much. Ceo of csl limited, paul perrault, thank you very much. Great job. And ceo of labcorps, adam shefter. Thank you very much. We have taken bold actions to give americans access to plasma therapies. The fda made the treatment available to patients with lifethreatening infections beginning in march. We provided 48 million to the mayo clinic to support their expanded Access Program for plasma. Were providing up to 270 million to the red cross and Americas Blood Centers for the collection of up to 360,000 units of plasma. My administration is partnering with commercial labs, insurers and Health Care Providers to encourage those who have had the virus to donate plasma. So if youve had the virus, if you donate, it would be a terrific thing. We really need donations of the plasma. To those that have had the virus, youve gotten through it and i guess that means you have something very special there, right, gail . So we would appreciate that. It would help a lot of people. We are grateful to labcorps for offering free Antibody Testing to identify people who can donate and labcorps has really been fantastic in a lot of ways, other ways also. As a result of these initiatives, weve already treated nearly 50,000 patients with plasma, roughly two million americans have fully recovered from the virus. This afternoon, im asking these citizens to go to the coronavirus. Gov, coronavirus. Gov, and volunteer to donate plasma as soon as you can. We have a lot of people that would heal, would get better, as soon as you can, please. In addition, im once again urging all americans to protect the elderly, socially distance, wear a mask when you cannot avoid the crowded places, and if you can, you have to avoid crowded places. It just seems like so many things are taking place in crowded places. We dont want that. And always wash your hands. Wash your hands as often as you can. Together, we will defeat the virus, we will defeat the invisible enemy. I want to thank the American Red Cross. I have been a fan of the red cross for a long time, as you know. We appreciate the great work that you do. Thank you very much, gail. Now i would like to ask gail to say a few words, please. Thank you. Mr. President , thank you so much for joining us today and for shining a light liz President Trump at the u. S. Government is now partnering with commercial labs to ensure that the donation of plasma covid survivors is an easier process. The president making these comments at the headquarters of the American Red Cross. As were looking at the markets, folks, it is interesting to see that yes, while a loss of 248 points clearly for the Dow Jones Industrials is not something that we would indicate as positive, considering that the low of the session was a loss of 547, we will take it. And keep your eye on the nasdaq because the nasdaq is that one green area here. The low for the session was down 130 points for the nasdaq. But right now, we do have it moving higher so its punched back up into the green. Lets get to our pop stocks. Did you order which one you guys want me to do . Brad . Okay. Lets get to qualcomm. Qualcomm of course as you know is a leader in smart phone semiconductors. Qualcomm is at the top of the s p 500 right now, surging on earnings and an upbeat outlook. Look at the stock up 14. 33 . Heres what happened. The company is seeing very Strong Demand for its 5g chips. Of course, the upcoming 5g cycle will likely offset excess inventory of older microchips. And qualcomm did reach a settlement with Chinese Telecom giant huawei good for 1. 8 billion in revenue. We should mention paypal is moving at this moment to the upside. It too actually, it had been down earlier. Yeah, its punched back up 4 . It beat expectations on both the top and bottom line. The online payment leader gutsy enough to not only give but also raise guidance. Lot of these companies are not even giving guidance because they cant see that far out. Not even that far out, but of course, the coronavirus and pandemic make things very difficult to judge. New active accounts pouring in as ecommerce reigning supreme during the pandemic. Speaking of ecommerce, the Online Shopping boom proved to be quite a boom for overstock as customers snapped up furnishings to redecorate their homes during the lockdown. Overstocks stock is up 25 . Its getting propelled to a revenue beat in the Second Quarter and a return to profit versus a loss from a year ago. The parent of kfc, taco bell and pizza hut, yum brands, reporting a Second Quarter earnings beat as folks binged on fast food during the pandemic. Admit it, were you one of those people . The stock at the moment struggling a little bit earlier today because all three of its major brands did see same store sales decline. Now, you might think that that is something that might be in the past but we have to talk about the damage that weve seen from q2 gdp. The lockdowns which hit the Second Quarter squarely in the jaw look like this. Gross domestic product, plunging a record 32. 9 in the Second Quarter so how, with that horrific number, did crocs defy gravity . Its the maker of colorful flexible clogs. It beat Second Quarter revenue estimates. Its ecommerce surged nearly 68 . The stock is up. 5 . How do ceos continue to navigate these very dark economic tunnels . Crocs ceo figured it out. Whats his next move . He joins us live to talk about it. Welcome to the show again. Glad to have you. Yes, compared to your precovid revenue these are clearly weaker, but what would you say was the secret to overcoming the specter of losses and actually making money during the worst economy most americans have ever seen . Probably three things. One was cost controls, making sure that were in control of both our operating costs but also working capital. The second was really leading into digital. We have been big investors in digital sales, both sales through our own ecommerce but also partners like amazon. Obviously those channels continue to function in this time frame. Then the third thing was health care donation program. Early on in the crisis, we thought it was really really important to support our Front Line Health Care workers. They were reaching out to us, they wanted crocs, they were easy to clean and comfortable and we gave away 680,000 pairs which generated tremendous good will and drove a lot of people to our website. Liz god bless you. I do have to bring you back to march 16th. Lockdowns began, new york city became an instant ghost town. What did you as a Business Leader do . Did you set up a war room . What was your first reaction . Yeah, we really had a virtual war room. You know, i would say we were really lucky. We started putting in place Microsoft Teams and we went, we sent everybody home, closed all of our stores and had a virtual war room. Our senior team would meet on a daily basis and we would figure out all the different strategies and things that we needed to do. We established both a defensive and offensive playbook. We knew right from the beginning it was important to be defensive but at the same time, we needed to start thinking at that time even when it was really hard, we needed to start thinking about what we are going to do that was going to allow us to propel coming out of this. It was a lot of communication, lot of late nights and a lot of time sitting in front of your computer. Liz you are very much at least the ones we are looking at, a summer shoe. But even another ceo out there, i noticed this, one of my friends brought this to my attention, the ceo of vale resorts put out an open letter, of course, hes a big winter guy, and i want to put up some of what he specifically said. It was basically him saying do not get complacent if you want a Winter Sports opportunity. As we put this up, what hes saying is this thing could rear its head again over the winter so what do you begin to do as youre looking and heres rob katz saying we cannot get complacent, we must assume the virus will reemerge, we cannot relax restrictions or protocols and play catchup to the virus during the ski season. How do you prepare for Something Like that . I mean, i completely agree. Vail resorts is just across the street from us so yeah, we have to remain extremely vigilant. You know, we are fully expecting with the increase of the virus we are seeing, we open and close our stores dependent on the Safety Measures that we have in place and any risk to our employees. We monitor that very closely and monitor that in conjunction with other retailers but i think as a country and in fact, all countries around the world need to remain extremely vigilant and thats the only way i think we can get our economies back up and running and serving our consumers. Liz you brought up that a lot of front line workers, particularly doctors and nurses, wear crocs. They dont ever grow mold or they dont smell. I have my pair right here. My custom uc berkeley ones you guys made. I do have to ask you, have you tested whether viruses, any virus, can live on the actual material . So the real benefit of crocs is they are easy to clean. Its not the actual material that makes them defensive against the virus, but its the fact that you can use a powerful disinfectant, whether it be alcohol or others, on them and there are no cracks and crevices that you cant get to. So its really the cleanability and so i think we need to rely on the cleaning solvents and disinfectant materials that kill the virus but you can do that easily on crocs. You can put them in the dishwasher. You can run the cycle and put them back on. They are easy to clean. Liz thanks for the tip. Thats really important. Liz yeah. We cant let you go without bringing up one of the biggest stunners, the success just a few days ago of your collab with kfc. I would have thought gucci but kfc, the shoe printed with a pattern of chicken and a mini chicken leg that smells like chicken, apparently. They are being sold in the secondary market for 250, sold out in minutes. Youve now got a template for a huge continuing revenue driver. Whats the next collab . We have 12 significant collabs lined up for the remainder of the year. I cant tell you who they are. I think part of the secret sauce of these collabs is they are unexpected. I think, yeah, the kfc was a huge success. We have done collaborations with musicians, with designers, with other brands and other stores. I think its the variety and creativity that goes into the actual product that makes them a musthave item. I can tell you, we had over 130,000 people in line to try and get those collaborations before they were sold out in 30 minutes. Liz okay. I want to see a taco one for taco bell. You got to unveil it here. Thank you very much for joining us on the claman countdown. Thank you. Liz any time. Any time. Closing bell ringing in 45 minutes. Dow jones industrials still languishing down 256 points. Gold is also pulling back today by 7. 60. Still at 1960 a troy ounce. Up next, Trolls World Tour ignited a royal rumble in the Entertainment Industry but now a peace treaty has settled the Biggest Box Office battle of the year. Amc entertainment ceo taking us behind the scenes of how this ceasefire came about. The claman countdown will be right back. As a caricature artist, i appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Breeze from the air wind blows through my hair dont care if people see my dancing in my car and if it shines or rains oh i cant complain its still a Beautiful Day because i got love got love got love got love its a Beautiful DaySimon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Liz from two months ago, amcs ceo told the claman countdown his 260 plus u. S. Theaters would never again show another universal film after universal during the light of the march lockdowns broke the traditional theatrical window and released Trolls World Tour directly to video on demand. Last night words came both sides put down their weapons. Universal will First Release its movies to amc theaters, but will shrink the traditional 70day exclusivesity window down to 17 days including weekends before releasing it to the great wide way, films to digital. Universal said releasing trolls to video exceeded expectations but we have always believed it can be a complement rather than a replacement for a rebust theatrical release. Liz to the man who struck the deal. Amcs ceo adam aaron, coowner of the philadelphia 76ers. I know the nba is tipping off tonight. We will get to that in a second, after a fourmonth covid pause. First, how did you guys get from boycott to a deal . Who approached whom first . Oh, you know, if you go back in time a little bit just before the covid crisis, amc, the largest exhibitor in the world, sold more tickets for universal than anyone else on the planet. When we realized it might be coming, we said we needed to restructure the Financial Arrangements between our two companies. We always had good relations, great relations with jeff and with all the executives at universal. There was never any bad blood or ill will. This was just about money. We each approached each other the very first day and we have been in negotiations ever since. I think we all thought this wouldnt end up in war, that this would end up in a renegotiated business agreement between the two companies. Liz yeah. Where did the 17 day number come from . Did you leave money on the table . I ask that because many movies make millions after that threeweek window. Ju Jurassic World raked in millions after its three weekends were done. Why not 21 days . Well, 17 days is actually a number thats been floating around our industry for about four years now as an alternative to the current window, which is 74 days, or what some studios wanted which was called a day and date model which means movies would go to the home the same day they went to theaters. 17 days was picked because thats after the third weekend of release, and for many, many movies, more than 80 of their revenue has already been banked in theaters by the end of the third theatrical weekend. We were able to preserve those but if thats all we got, that wouldnt have been enough. Fortunately for us, we have been able to include amc in the revenue stream that comes from that home viewing so that opens up a whole new revenue opportunity for us. In essence, we are now going to get paid at amc what people come to our theaters or when they stay home on their couches and watch movies at home. Liz what percentage of the premium video on demand will you guys get at amc . A big percentage. But the deal terms are confidential. Liz 50 . 40 . Im not going to tip it here. Let me give you one interesting fact about how this could expand the market both for universal and other studios and for amc and other exhibitors if they follow stut. 97 of all movies that play in the United States sell fewer than 10 to 15 [ inaudible ] in a country of over 300 million people