Points or 1. 5 . So as wall street presses the sell button, a dramatic move. The struggling Hotel Industry shouting in a letter to the president to bypass pelosi and Senate Leader mitch mcconnell. One of the signers, the ceo of best western hotels, live with us on the roadmap they are hoping the president looks at and maybe follows for them. But as the markets reflect the angst over the rescue package status, you can see this with the dow intraday picture, the latest company to nab a ticket to the 2020 spacpalooza is flying high. The banking giant who now on her fourth spac will tell you why she picked the Digital Payments company to take public. Its first day of trade is today, right now. Wait until you see what its doing. But lets get to this fox business alert and breaking news. To prescott, arizona where President Trump is expected to appear at the first of two rallies today in the grand canyon state but with just 15 days to go before the election, it was his comments on the tarmac in phoenix moments ago about a possible stimulus package deal for trillions of dollars that sent stocks sinking. Heres what he said. Nancy pelosi at this moment does not want to do anything thats going to affect the election and i think it will affect the election negatively for her. So well see what happens. But there are talks going on as we speak. Liz so that in and of itself does not sound like a bombshell but the markets interpret it as such. Earlier on capitol hill, House Speaker pelosi set a 48hour deadline to get a preelection stimulus deal with the senate and the white house. Mark meadows, the chief of staff for the president , had said great, we want a deadline, but the Hotel Industry indicates it cannot wait. In this letter to the president signed by global hotel chains, ceos who run these chains are telling him his engagement is desperately needed. Hinting that the president should bypass congress and the hoteliers are urging him to have treasury pressure the Federal Reserve to ease rules on that main Street Lending program that they put into place months ago. Now, whats in it . Well, the majority of 600 billion in the main Street Lending program is still untapped because Hotel Operators cannot access it. This just as travel has finally started to show signs of life. Yesterday for the First Time Since the pandemic lockdowns, the tsa finally broke through the one million passengers screened mark, the highest number of people who have passed through airports, this is just yesterday, since march 17th. With three out of every ten Hotel Employees already furloughed or laid off, let us bring in one of the ceos who signed that letter, best western ceo david kong. You guys are in essence saying go to that main Street Lending program and allow us to tap it. Speak to our viewers who are an investor audience about exactly what it is you would like to see, what you feel you cannot wait much longer that you need to see. Thank you. Appreciate having me. First of all, i think your viewers would want to understand the dire situation that Hotel Industry is in. Right now we are anticipating that we will finish the year at more than 50 revenue. Half the hotels have already indicated they probably will be defaulting on their loans. Twothirds of them are saying they have to have further layoffs and most of them are just in survival mode, and most are working around the clock filling in shifts themselves because they cant afford labor. The industry has already laid off four million people. Thats four times more than national average. So the situation is dire. The main Street Lending program, when it was announced, i was really very happy to hear that but unfortunately, as we read the guidelines, they are so restrictive in nature so for example, the banks are on the hook for 5 of the loans and they are not in the business to lend to Ailing Industries or businesses so that in itself is a problem. The sbd should buying back 100 of the loan. The Interest Rates is not very attractive plus theres a 200 basis point initiation fee. Longterm, its five years. All these making it really difficult and unattractive for hote hotels, that lending program. Liz wow. Can you give me that number again on how many face default or are very close to it, and then tell me what youre experiencing at best western. Half the hotels have indicated in American Hotel lodging Association Survey that they likely will default on their loan. Based on our own survey within best western, a very significant number, its not quite that high, but very significant number of hotels are afraid that they will be defaulting on their loan. Liz what are you experiencing at best western . What are you seeing as far as travelers are concerned and you know, whatever you are facing financially. The companys doing well. We entered this year with the strongest Balance Sheet in the companys history so the Corporate Corporation is fine but im very worried about all the hotel licensees. These are Small Businesses, in many ways the heart and soul of many communities, and they are already pouring their life savings into this business to try to salvage it. They and their families are working unbelievable hours, filling in because they cant afford to hire people. So this is a very dire situation. Our business is up right now by about 40 , so its better than the industry, but still, its very dramatic. Liz why should the Federal Reserve listen to you guys . You are one of many sectors. Im just playing devils advocate. They know that there are hundreds of thousands of Small Businesses, tiny ones, mom and pops, that are going under. They have gone under. They have filed for bankruptcy. Arguably, you guys do have Balance Sheets. The hiltons of the world, many of these very strong chains. Make that case, because we know Movie Theaters, we are about to talk about them in just a minute with another report. Movie theaters, restaurants. Give us that sort of selling statement that you had for the president. Yeah. Lets recognize that for most hotel companies, their hotels are actually licensees or franchisees. The company does not own these hotels. These are Small Businesses. Liz good point. Youre right, they are not unlike other Small Businesses like restaurants or beauty parlors. They are all suffering. Thats why i think its really important to consider the needs. The initial ppp program doled out money indiscriminately so people that dont even need the money think its free money, they may as well deal themselves to it. Any further relief needs to be needsbased. Talk about a 25 decline in revenue or perhaps 40 decline in revenue, its needsbased. Liz david, we are watching this. We understand how hard it is for so many Hotel Workers who have been furloughed. Thanksgiving is coming. We certainly hope the travel industry can get some muchneeded help. We will be watching it. Please join us again. We want an update on this. David kong, best western. They had a Balance Sheet. They came in strong. That certainly helped them. But as the new number of covid cases surges to late summer levels, the fda has okayed the emergency use of a new covid19 test. This is a kit that uses saliva collection. The device can be used for selfcollection so you dont need to go somewhere to have it done. Transport and lab testing. Shares of orasure are spiking to 16. 19. This is on pace for its largest percentage gain since march. Shares are already up about 100 so far this year. Also jumping on good news, we need to show you nikola. Nikola is also moving higher after jpmorgan defended the electric vehicle startup and said you know what, there is still hope for its partnership with general motors. Nikola is up 4. 6 . Gm, down. 75 . Analysts say they expect a deal by december 3rd, keeping the overweight rating. Gm has taken certainly a significant stake in nikola to say we will help you scale up. Competitor tesla lower after wedbush analyst dan ives said he expects tesla to top three quarter earnings when it reports after the bell wednesday. Why is it down 1. 5 . You know, ives has hiked the price target to 500 per share from 475, but we are at 433 right now, so perhaps its selling and just taking off some of that unbelievable jump of more than 600 year over year. Also expected to report strong Third Quarter earnings, irobot. Needham expects the maker of roomba vacuums to report a shipment bounce thanks to the rescheduled prime day. Lot of people wanted those roombas. Amazon listed the roomba vacuum as one of the bestselling items. Shares are up 3 on that news. Big tech loading the barrels for their latest quarterly reports, but could 2020s highest flying names be setting the stage for the next big bubble to burst . The feds new warning and how to protect your portfolio from any market shrapnel that may be coming the way of your portfolio. With the dow down 405 points right now, the closing bell ringing in 49 minutes, you are watching the claman countdown on fox business. Hi, this is margaret your Dell Technologies advisor to listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. Since pioneering the suv in 1935, the chevy suburban has carried many things. Nothing more important than family. Introducing the most versatile and advanced chevy suburban and tahoe ever. Liz i just want to let you guys know that the low of the session for the s p is a loss of 61 points. We are down 52. 10 of the 11 s p sectors are now down more than 1 . This selloff started, we were already down but really kind of kicked into higher gear at around 2 37 p. M. Eastern, precisely when President Trump made the comments that he did not believe nancy pelosi wanted a deal on stimulus. Pelosi of course has put in 48hour deadline. We are watching all of this very closely. They do have an agreement on the fact that it should be bigger than what the Senate Leader would like. We are watching this all very closely. But the question is, could this weeks earnings reports maybe spread sunshine over this rain. We are expected to hear from companies, ibm, verizon, intel, cocacola, netflix, tesla, among many other major names. At t is in there, capital one. But its the Federal Reserve thats grabbing the spotlight once again. According to reports, senior fed officials are becoming increasingly concerned that their promise to keep rates low for three plus years, going out that far, is stimulating asset bubbles. In order to avoid that from happening, the fed apparently is now looking for tougher financial regulations to stave off those asset bubbles. So while everyone is pouring into names like zoom and overstock and tesla, look at overstock is up 922 since 2020, just year to date . Zoom up 742 . Should investors start hunting now for asset bubbles . To our traders. Scott redler, phil flynn. Scott, the fed is going to do what the feds going to do, keep rates low, but now they are suddenly worried about asset bubbles. You see any forming . Do you expect any to form . What are they . Tell our viewers. Well, first of all, the fed has done everything in their power to keep assets inflated so for them to be worried about it now, i dont think they will be the pin that pops the bubble, so to speak. I dont think we are in a bubble. I think some groups might have been overheated. Maybe if you want to look at a sector, maybe the spac sector. Everybody wants to have a spac and everyone thought each one of them were going to perform well but now its a little oversaturated. You need to be very careful if you are going to be investing in spacs because they are not all created equal. But as far as tech and the s p, you know what, people are a little anxious right now. We have an election coming up in a few weeks, people are worried if its going to be contested. We have major earnings reports coming out in the next few days. I think netflix is going to be really really important to see how it reacts postearnings for the fang names and the heartbeat of tech. Then you have tesla right after it. So at this point, for the market to come in and take out a little bit of that risk, i dont think its a bad thing but we need to see, we continue to go and make higher highs and one way we will realize that or know that is how they treat some of these key names like netflix, tesla, maybe even ibm and intel could be important. Liz i would agree with you. Because those are names that we are watching, they are part of that tech sphere. Phil flynn, what do you see, any asset bubbles here . If i hear one more person say im starting a spac, and by the way, another stock went public. Pay us today via spac. Weve got the woman who organized that whole spac to make it happen. Stock is actually doing very well. What do you think . Where do you see these disconcerting areas . You know, one of the things that you usually get when you get a bubble is that everything goes straight up and then crashes. But if you look at the last year, we have had some significant corrections in the overall market. We had a 10 correction, i think twice this year and recently, even though the market has been moving higher, we really have been consolidating so its very unusual to create a bubble in that kind of environment, right. If you had a chance to really sell off the market a couple times, now youre consolidating so i think the feds not worried about today but what may happen in the future. My concern is the regulation. How are they going to regulate this. They dont want another 2008 when everybody was given free loans for nothing. People didnt have credit and shouldnt be getting loans. I think they want to make sure they crack down on that type of a situation. But from what im seeing on the loans and the strong housing numbers, its not like these banks are going out of their way to get loans. Its just that the demand is strong and i think most of the loans they have been giving out have been solid so im not worried about that kind of bubble repeating. But i understand what the feds worried about. They have been keeping Interest Rates low. This is unprecedented. We have never seen anything like this. We have never seen the fed say hey, we are trying to create inflation. But i dont think its a problem for today. It might be a problem for a few years down the road but its not anywhere close to being a bubble right now. Liz okay. You are on tape. You are on the record. So are you, scott. [ speaking simultaneously ] liz great talking to you guys. You know whats a bubble . Us trying to, you know, do news on skype. We are all talking over each other. Great to see you guys. Thank you so much. Have you guys seen amc stock . We are about to show you that Movie Theater stock coming up because we are taking you to the movies. Spiderman and a slew of others saying lights, camera, action once again in the big apple. Can television and movies come to the rescue of a pandemic shaken gotham . Kristina partsinevelos live on the scene. 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Since then over a million Older Americans have used a reverse Mortgage Loan to finance their retirements. It meant so much to nellie, maybe it could mean as much to you. Call now and get your free infokit liz look at amc stock. Its popping with extra butter, up about 17 on the news that more theaters ha