thank you both for the market perspective on a mixed day. the dow kind of losing a little steam and the nasdaq really losing some steam. guys, thank you very much. as i mentioned, top of the hour, there's going to be a small business event at the white house. the president is going to be there. liz claman is going to take you through it. hey, liz. liz: yeah. small business, but big business for our viewers, because you know, you can see that markets are kind of hunting for direction on day two of part two of the paycheck protection program and they might just find it in the next few minutes because as cheryl mentioned, president trump is about to speak before our cameras in the east room of the white house on the beleaguered paycheck protection program. the room is empty at the moment but as we await him, we can tell you that banks both big and small are not happy. with hundreds of thousands of small business applications that were already waiting in the pipeline over the weekend, people desperate for loans to

keep their employees on staff, lenders were met with error messages and a frozen sba site. former ubs america chairman and ceo robert wolf on how both banks and the government can salvage the reputational damage. we will get some numbers and bring them to you and of course, the president as well. we are one hour away from starbucks first, as we are calling it, covid quarterly earnings report. board member clara shy on what investors can learn from starbucks' china reopening plus how her company that she runs is helping major businesses, publicly traded companies, fix their biggest problem of the coronavirus crisis. slow response time for their customers. and imax stock thrilling investors in this final hour. and charlie breaks it on who is breathing down banks' necks now. less than an hour to the closing bell, let's start "the claman

countdown." liz: all right. breaking news. as i mentioned, we are waiting for the president to speak but we just got an important number, sort of a subset of numbers from the paycheck protection program. the number of lenders, these are banks and non-bank lenders, trying to process loan applications this time around has surged to more than 5100. that does surpass the number of lenders the first time around, just a couple weeks ago. that number as i understand it was at 4100. so more lenders trying to get loans processed. so far, this is what we have understood, in the past 24 hours, 475,000 loans worth more than $52 billion has been approved. but remember, in the first tranche of money a couple weeks ago, it ran out in 13 days and i

was doing some math, it worked out to about 121,000 loans processed per day last time. so if we are at 475,000 24 hours into the second time, looks like we are already four days' worth in, if you are counting how many were written each day last time. we are watching this very closely and again, let's bring in former ubs america ceo robert wolf. a couple of things, robert. before we get to reputational issues for both the lenders and of course, everything else that's going on, we will talk to him in just a moment. the silver screen looking golden in this final hour of trade. this is unbelievable. amc entertainment which had been hammered since all its theaters were forced to shut down due to the coronavirus, is now surging 28% on reopening hopes, because we had georgia reopening yesterday, bunch of other companies and businesses say they will start reopening across the united states, and look at imax. it's seeing a blockbuster size boost of 12% for its shares

after benchmark raised the stock to a buy, saying the company's largest market, which is china, will be the first to return to normalcy and of course, this is what's so interesting to me. the researchers were saying that imax has less exposure to streaming which is expected to take a hit once the world reopens. so that leads us to take a look at some of the streaming stocks and that would include apple, netflix and disney. netflix moving lower at this hour, down about 3.6%. apple is down .75%. disney, though, up just under 1%. you thought the run on toilet paper was absolutely crazy? try the rush to snag a nintendo switch. inventory for the video game console has been nonexistent, sold out on amazon as the coronavirus upended the parts supply chain at the very same time that homebound folks became addicted to the game animal crossing new horizons.

okay. i'm not there yet. i'm behind. i'm always behind on what's cool for kids. nintendo's stock is down 1.5% right now, $53.81. guess what? year over year it's up 26%. all right. let's look at zebra. the reason for the stock jumping, what is it now up 3.6%, this is a tech giant, it's not so black and white. the maker of the bar code scanning equipment beat first quarter adjusted earnings estimates but it missed on revenue and it withdrew its full year forecast. nonetheless, we are seeing that investors are joining the herd which is running toward the stock right now, not behind it. so nice picture here, but intraday it's losing a little steam. zebra kind of joins this huge number of companies admitting they do not have transparency when it comes to what will happen in the next year, so what they're doing is the one thing they can see, they say sales will be lower than last year's, yet some are doing anything but

trying to preserve cash. oil giant bp, let's get to that, first quarter profit tumbled and its debt climbed to record highs but bp says you know what, we're maintaining our dividend. flip it over to pepsico. pepsico topped earnings estimates but they withdrew their fiscal 2020 forecast and yet pepsi announced you know what, we are still going to repurchase $2 billion in shares and will spend about $5.5 billion on dividends this year. just last month, masayoshi son announced soft bank will buy back $23 billion in shares, hoping the move will buoy the stock and offset the nearly, ouch, $17 billion its vision fund is expected to lose. then there's apple. analysts still expecting the company will probably add up to $100 billion to its buy-back authorization later this week when it announces earnings. let me get to our traders. john, would you avoid or embrace the shares of companies that are

not exactly doing what ceos are taught to do in an emergency situation and that is cut or get rid of the dividend and stop the share buy-backs? >> you know, liz, interesting question. i think we need to keep apple out of that conversation because apple in and of itself is its own animal and the cash on hand that they have, they can pretty much do whatever they want. i think right now, we are in uncharted territory. we don't know if we are in the third inning or eighth inning of this pandemic. i think companies have to put the shields up on the windows and prepare for the hurricane. having public relations and p.r. outfall from this is also going to be bad. we have seen some companies that have taken the ppp loan and now are being forced to give it back. we've got companies that are talking about buy-backs and dividends and how that plays into the stock price, so from that point of view, there's two camps that you have to really worry about. what's best for shareholders and what's best for the company, then how are we going to deal with the public on this, how are we going to face the backlash

if, in fact, we don't do what society is really asking us to do. liz: phil, when you get your degree and you get your mba and you have gone through hbs, harvard business school, and looked at case studies of what to do and not to do in crises, one of the basics is start preserving cash and before you have cut head count, before you diminish people and start chopping jobs, you start to do things like you cut the remuneration for board members, cut your own salary, stop the share buy-backs, yet some of these companies are still going ahead with it. do you pick up shares of those companies because they look so confident, or do you say you know what, wait a minute, no, i want to do the frugal route? >> first thing you do during the coronavirus is take your mba and burn it up. that's what you want to do in this situation. i think it's especially true when it comes to big oil companies, liz. i mean, you know, when you look at bp and the larger companies,

the reasons why most investors invest in those companies is the dividend. they're not looking at share appreciation, they're looking at a long, stable investment and i think what bp is saying and the other firms are saying that are protecting that dividend to oil investors are hey, we will get through this, we understand we are going through a tough time, but the oil market is a cyclical business and we are probably at the bottom, so stick with us a little bit longer, we feel that we are going to be able to have enough capital to do what we need to do. let's face it, they're cutting billions of dollars in capital spending, billions. and they are canceling projects. so there's going to be cash available to pay that dividend and what should come out of this on the back end is higher energy prices and better profits in the future. so they are going to reward those that stuck with them during this tough time. liz: yeah. you know, i'm split.

i agree with john and i get the psychology of what phil is talking about, but at this point, who knows. with so many people unemployed, we've got to see what happens here, we will see especially with oil whether there's any demand that comes back at least in the next six months. great to see you. we are watching the clock. president trump is about to speak. we have the closing bell ringing in about 51 minutes. dow jones industrials up 71 points but the high of the session was way, way more. i lost my notes. okay. anyway, it was triple digits to the upside. i'm not organized. southwest back the feeling the love at this hour. shares are bouncing throughout the day after the airline reported its first quarterly loss in nine years. stock's up 3%. you know what? even so, they still say they will be expecting revenue to be wiped out for both april and may but people are ready to buy the airline. look at jetblue, up 12%. firing on all cylinders as it becomes the first u.s. airline

to require passengers to wear face masks. airlines have joined small businesses begging for federal aid as they all fight for survival but up next, as we wait on president trump to make remarks about the small business loan program, former ubs america banker robert wolf joins us on how the lessons that we're learning from the ppp have messages hidden in them on where to invest. he's going to decipher that secret for you when "the claman countdown" returns. (announcer) in this world where people are staying at home,

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liz: breaking news. we want to take you to the east room of the white house right now. about 48 seconds ago, we got the two-minute warning. president trump is expected to take the podium to talk about the paycheck protection program. he's going to be joined by small business owners who have applied for and been granted loans. of course, they are going to obviously present a positive picture here. our job is to present the whole picture. let's bring in our fox news contributor and former ceo and chairman of ubs america, former banker robert wolf. as we wait for the president, forgive me if i have to interrupt you when he shows up,

but robert, talk to me about the hidden messages that investors can glean from what we have seen so far that they can look at and say all right, for better or worse, this is problematic and there are glitches but let's discuss exactly how to invest. >> so there's a bigger picture here, liz. the ppp program is a good program. the problem is it's not big enough, it's not being executed that well. at the end of the second phase of the ppp program, we will have about 10% of small businesses that would have gotten relief. that's just not enough. the reason it's so important is we are in a consumer-driven economy. 70% of our gdp is driven by the consumer. so if you don't have small businesses thriving, you have more people unemployed, it makes it incredibly difficult -- liz: you know, robert, we are watching the president take the podium.

he's about to speak. steven mnuchin, the treasury secretary, is there and his daughter ivanka trump next to him. let's listen in and stay with us, robert. we will talk about it after. >> congratulations. tremendous job you're doing. i want to thank everyone for being at the white house. a very special house, a very special place, no matter where you go in the world. they love the white house and being here in the east room of the white house in particular, where so many important functions have taken place over the years, and today, we are really celebrating american workers and small businesses and we have done a job for you and we're going to make it so as we open up our country, you are going to be in good shape as opposed to be either losing your business or how do we get some people to work here, especially since your employees were so good over the years and those are the ones you wanted so we made that possible for you. we're delighted to be joined this afternoon by representatives of several incredible small businesses from across our country. also with us, treasury secretary

steven mnuchin. steve, thank you very much. and sba administrator, you have been busy, by the way? huh? little bit, right? broke every record in the book. sba administrator jovita carranza, thank you. have you gone to sleep in the last two weeks? i don't think so, right? you broke every single lending record, numbers of loans, amount of loans, small business. it's actually a very big business when you think about it. thank you very much. great job. as our nation battles against the terrible scourge, we continue to pray for the victims as well as for those americans who are grieving their lost ones and their loved ones. there's never been anything like this. we suffer with one heart but we will prevail. we are coming back and we are coming back strong. we built the greatest economy anywhere in the world two months ago and we are going to build it again, we are going to build it fast, it's going to be very

quickly and larry, thank you for being here very much. you see what's going to happen. i think you have the same feeling as i do. it's going to come back very fast. now that our experts believe the worst days of the pandemic are behind us, americans are looking forward to the safe and rapid reopening of our country. throughout this ordeal, millions of hard-working americans have been asked to really make tremendous, tremendous sacrif e sacrific sacrifices. sacrifices like nobody thought would even be possible, nobody thought would ever be talking about something like this. this virus has inflicted an enormous and painful toll on our nation's workers and small businesses. that's why last month, i asked congress to pass the paycheck protection program giving small businesses emergency economic relief to keep workers on the payroll. four weeks ago, i was proud to sign it into law. we did that at a great ceremony with many of the people here and

the officials here and it was something. i can tell you, i'm going to ask steve to say a few words, but the kind of numbers and the kind of jobs they've done and the kind of jobs that have also been saved, it's incredible. you'll be seeing that in the coming weeks. the treasury department and the small business administration launched the program in record-breaking time, just one week, and in the 14 days following its launch, we processed as many loans as the sba would typically process in over 14 years. so in 14 days they did more work and more loans both in terms of applications and in terms of dollar amount than they did in 14 days. 14 years, 14 days. easy one to remember, right? that's some record. the first round of funding provided more than 1.6 million small businesses with over $340 billion so that american workers can retain their jobs, receive

their paychecks and help our economy take off quickly once america reopens for business, which is happening right now as we sit. we are going to be all set. you all ready? i know you are. i talked to you back there. you're ready. you folks are ready. our swift action supported or saved 30 million american jobs at least lavent week, congress answered our call to replenish the program and i was honored to sign an additional $320 billion for american workers into law. at least $60 billion are reserved for community financial institutions, including those that serve minority and distressed communities and that's also, when you think it's african-american communities, it's hispanic american communities, it's asian american communities. we began accepting applications for the second round of funding yesterday. demand is extraordinarily high

and there are already twice as many users accessing the system as on any day under the first round and one of the things that the secretary of the treasury told me is that the amounts are much more loans, much smaller amounts and we like to hear that because we are looking at the small amounts, the smaller businesses and that's what we want. nonetheless, we are processing loans at a pace never achieved before. in the first 24 hours of the second round of funding, we have handled over 30% more loans than any previous day of the program. so far, we have processed an amazing 450,000 loans totalling over $50 billion. that's in phase two. incredible. along with administrator carranza and secretary mnuchin, ivanka played an essential role in spearheading this program. incredible. that's what she wants to do. she wants to help people. from the beginning of my administration, ivanka has used her experience as an entrepreneur to fight for the american worker.

she's created many jobs. that's what she did when she first came in, she just wanted people to be able to get jobs and job training, went to the biggest companies anywhere in the world that are located in our country and they would take hundreds of thousands of people and train them and i think you got up to almost 15 million people, right? 15 million. she started off with a goal of 500,000. she wanted to get 500,000 and she is now on almost 15 million people. i'd like to ask if i might, ivanka to say a few words as to what's exactly happening today, what's happening over the next week, and what her views are for what's going to happen over the next period of time. it's going to be something, i think it's going to be very special, and bigger and better than anybody really understands. let's see if i'm right about that. ivanka, please. >> thank you, everyone. thank you, mr. president, for

convening this incredible group of entrepreneurs and small business owners who very much represent the soul and the spirit, the grit and the tenacity of america -- liz: we are watching exactly what's going on in the east room. president trump saying that 30 million jobs have been saved due to the quote, swift actions of the government and that of course includes the sba loan program. i want to just give you some numbers because edward lawrence and blake burman have been shunting us these numbers. we do have in the first round, there were about 1.7 million loans over 14 days. so far, since yesterday, we have a number of approved loans at 475,000. the volume of approved loans, 52 billion. the number of lenders, 5,100. former lender robert wolf has been listening in. he ran ubs of americas.

all right. we know that you feel that it is not enough. however, we have been looking at regional banks and their stocks have done well. in fact, i had a couple of etfs that we wanted to show people, as you discuss this. there is always an investment opportunity, is there not? what have we learned from this program as to where we might want to invest? whether we agree with the government throwing tons of money at the situation or not. >> so, was that for me? liz: yes. >> okay. so i guess we need to take a quick step back. no disrespect to the president. there has not been 30 million jobs saved from the ppp program. it's impossible. because we only have 60 million jobs in small business and the labor force, it's only 60 million jobs. so there's no way we saved half. we just had jobless claims of 26 million. so i think the math is off but maybe the entire program, including the fed balance sheet and the $8 trillion that went

there, maybe that was, i don't think the numbers are accurate. i think they should recheck them for the president. they are off by probably a decimal. i do think with respect to what stocks i think can perform well, you mentioned regional banks, i mean, listen, i'm a bit pessimistic on the recovery only because i agree with the president that ppp is important. what i disagree is it needs to be much bigger. it's only impacting 5% to 10% of small businesses. the regional banks, the community banks, their bloodline is from small businesses. small businesses are not using the big mega-banks. they are going to the regional small bank where they know the banker and they get the best service. liz: sorry to interrupt, but look at these bankers that are -- look, the smaller and midsized one, united bank shares, there is also an etf,

kre, the regional banker, that has been -- just pulling it up. the kre which is an etf, if you want to encompass some of these names that are really getting a nice lift here, this is up about 3.5%. that's an intraday picture. if you were to stretch it out, you can see that since the ppp they have actually done pretty darned well. i just think that as we look at some of the opportunities here, that's what we are all about. we are not here to judge whether something is horrible or amazing. yes, we do need to inform people but what's the trade, you know? >> i think banks will do well. we spoke about it weeks ago. deposits are growing dramatically so their liquidity is in very good shape. so this is nothing like when you and i in '08 and '09 at the lehman crisis, when people don't have a deposit base so therefore they have to borrow, borrow,

borrow. it's just the opposite. they have this viability stream. banks are in strong positions today. very strong positions. regional banks are even going to be in stronger position because they are showing that they want to service their customers. i can't tell you how many people are upset with larger banks but let me defend the larger banks for ten seconds. they have a know your customer policy. that's a rule for banks. they can't go lend to every small business that they don't know. they go through a process. i will tell you where the problem in this was. there was a blanket problem where they had to keep to the know your customer policy so therefore, the ones they knew were the ones they gave money to. liz: okay. well, we are looking at jpmorgan, you know, it's up 1.5% but it had been up about -- it had been at $98, it's at about $95, $96 at the moment. robert, thank you very much for your perspective.

again, we are watching regionals, folks, looking very strong at the moment. that i think is an indication that the smaller banks are really killing it. they are doing quite well in this atmosphere. now, despite the president's celebratory comments today, there are reports of stimulus snafus that do continue to surface, glitches, frozen websites. politicians, you could probably have written this script, are now pointing their fingers not at the government, but at the banks for these missteps. let's get to charlie gasparino. who will be breathing down the banks' necks here? charlie: i will get to that in a second. let me make a point of what robert just said. the know your customer rule is an anti-money laundering rule so if you are a new customer and you go to jpmorgan, they got to do a deep dive into your background. remember, that takes in and of itself, what i have been told, and we reported this out already, 45 days, something along those lines. so the banks couldn't give -- they had to give to their best customers first. the second thing is, everybody

is getting excited about regional banks. remember, regional banks are the banks that are least likely to survive a severe economic downturn if we have massive defaults. those are the banks, just so everybody knows, if they do hold loans from the oil patch, those are the banks that could face serious trouble going forward. so know your regional bank, if you are going to be buying the stocks and try to figure out what their portfolio is, where they are putting money because they could take big hits. that's if the economy doesn't do the v-shape that at least the market is signaling it might. getting back to my story. i mean, this is fascinating. what we are hearing is that the banks themselves, amid all this controversy on how they handled the ppp loans, whether it's right or not, the banks themselves are talking about, these are the big banks, jpmorgan, wells fargo, bank of america, they are talking about giving back the fees they earned on the program. they felt they didn't really want to be part of the program, they were sort of pushed into it by the treasury secretary to

hand out these loans really fast, now they are getting the backlash, the fact that not everybody got the loans that wanted them and so what they're saying now, they are simply going to give the money back. as they are doing that, at least that's what they are talking about, those are the fees, there were fees attached they made on these programs. we should also point out that congressional investigations are heating up. i talked to a senior bank executive who said his bank and it's one of the major ones, received four congressional subpoenas and requests for information so there's at least four investigations and if that bank got it, then that means they all got it. all the major players. and that is over this ppp program. again, the banks say they are being unfairly tarnished by this. they were given very incomplete rules by the treasury department, the sba was lousy in being able to essentially process the loans. they just don't have the capability. it was done fast and now the finger-pointing began when their

best customers got it, as always would in this sort of scramble situation. where you have the know your customer. and some other businesses didn't. another point we should make is that it looks like at least for now, this is it for ppp money. it may run out by the end of the week. by the way, if it doesn't run out by the end of the week, that's only because the sba loan processing, they have to prove these loans, is just not up to snuff. this may be it for awhile for ppp loans, in this next stimulus package it looks like it could be a trillion, there's going to be other stuff, including a payroll holiday. that's what's gaining ground. so this may be it for the ppp program but it's not going to be it for the controversy surrounding the banks. investigations, i keep hearing they -- and i hear this at senior levels, not from the lower level people, they are probably going to give the fees back. i think every major bank including jpmorgan is considering right now, you know, when to give back the fees, and

they will face congressional scrutiny. again, liz, you know, i have been beating up on banks my entire career. it pains me to say this. i think they got a good point here. i saw the rules of the road. they have a fiduciary responsibility to clients. their best clients. if you don't give them rules, they're not going to take chances and pick and choose. they can get sued that way. you know, for once, they are probably innocent. i hate to say it. and the guilty party here is probably the federal government, marco rubio i know is leading the charge against them, he's saying how bad they were. he should have wrote better legislation. treasury secretary mnuchin should have given better guidance. that's where this thing really comes down to. again, i'm no fan. you can ask them. but it seems like -- and i'm sure there's some funny business along the way here, too. no one's perfect in these situations. but i think net-net we will find out this was more of a federal

government rule making and bureaucratic snafu than evil banks trying to screw people. back to you. liz: well, charlie, thank you. somehow, somebody lent to the lakers. somebody rejected the cleveland browns. wait a minute. why didn't my team get any money? closing bell ringing in about 27 minutes. all right. we do have the dow up 92. the nasdaq, folks, is lower. it had been up about 100 points. it's nowhere near there now, down about 60 points. zoom reaching for the cloud as it grapples with overwhelming work from home demand. i know a lot of you have been on it. seven million gigabytes of data routing through oracle's cloud services as video chatting becomes the new norm. oracle up as much as 1.5% intraday, still up about .25% but again, the nasdaq is kind of spinning out of control, downward. zoom sliding as it faces rising competition and privacy

questions still. zoom is down 4.5%. from oracle to the woman whose cloud company is helping to fix the biggest complaint right now by customers across the globe. reaching a human at your bank. she is next. she is also a starbucks board member. starbucks coming out after the bell. we'll be right back. every financial plan needs a cfp® professional --

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liz: all right. we are i want to say about 20, 25 minutes away from starbucks reporting its very first quarterly report since global coffee chain was plagued by the coronavirus pandemic. they have a huge asia business and that of course is where it started, in china. right now ahead of the earnings report, we do have shares moving higher, firming up by about 1.75% to $79.10. but right now, the buzzword in the markets is reopening. approximately 95% of starbucks

stores in china on the ground there, including its reserve roastery in shanghai, has now reopened. starbucks has roughly 4,300 cafes in the asian country which is its second largest market. but here in the u.s., starbucks is adopting a monitor and adapt strategy to reopen some of its stores following the closures in mid-march. some of the company's 15,000 stores total are gradually reopening but mostly for drive-through and of course, mobile and takeout orders. still, no seating at the moment. our next guest is on the starbucks board, has been for years, and is the ceo of a cloud company working with some of the biggest names in finance and insurance amid covid-19 to solve their biggest problems. here's founder and ceo, clara shih joining us in a fox business exclusive. clara, before we get to the boom you are seeing in your company, as a starbucks board member, how have you viewed the way

starbucks handled both its lockdown and reopening efforts and what can we glean from what's happening on the ground in china now to what will eventually happen here in the u.s.? >> liz, thank you so much for having me back on your show. i think we can look to what starbucks has done and china overall and really feel like it's a beacon of hope for the rest of the world that things will get better, that we will recover. i think that multinational companies who have operations in china like starbucks are doing a really fantastic job of taking lessons learned on the ground there and applying them to other markets, like the states. liz: yeah. you know, you see exactly what starbucks was faced with, it was a horrific situation. the stock has come back, it has looked incredibly well and management came out pretty early on and explained what it had to do and what it was expected to do but here in the u.s., what do you think eventually changes for not just starbucks but for any big restaurant companies or any banks, you know, they are looking at atms with people's

fingers and germs on them, restaurants and starbucks are waiting on lines and figuring out how to deal with the hopefully upcoming crush of business returning once again. >> well, i think first of all, it's a real testament to leadership, you know, leadership is forged in crisis and it's really in these times that you see what your management team and your people out in the field are made of. that's certainly been the case for so many companies. in addition to that, i think we will see a new normal in terms of expectations around cleanliness and sanitation and clear standards to make sure consumers trust those in-person retail experiences. then the third i think is that we saw in china and we are seeing now around the world that covid is accelerating digital transformati transformation, plans that organizations and business leaders were already, had put in place and were under way over the next five years have been accelerated over the next three to six months just out of

necessity. there's not going to be any going back. liz: do you have -- last question on starbucks -- timeline? the ceo kevin johnson, we are waiting on him, after the bell we will probably hear, but any timeline you would expect for stores in the u.s. to reopen for sit-down business? >> i really don't have the data to be able to respond to that. but i think, i mean, the important thing is as we saw in china, it does get better. stores will reopen and although it won't be exactly the same as it was before, we will be together again and we will meet again. liz: your cloud company, i think you've got like 150,000 advisers who use it. they deliver i guess personalized relationships, sort of crm customer relation management but talk to me about how you help companies right now with their number one biggest complaint from the client, and that is quicker response time. it's just been so slow. i know that my sisters were

trying to reach citibank, and it's not just citibank but they were on the phone for hours and hours and i think that that has become a problem with the response time. what is it that hearsay does? >> you know, as you can imagine, right now, a lot of people want a response but they also want a proactive reach-out from their financial adviser or insurance agent. what hearsay does is we provide mobile telephony text messaging, social media, all compliant digital communications between financial advisers, bankers, agents and their clients, and what we have seen in the last few weeks is that digital touch through a human, with a human, has gone from being nice to have to a must-have. we are seeing it both ways, where the influx of client calls is unprecedented but also, the amount of activity and the amount of minutes that advisers spend calling their clients, calling them back, reaching out to them, has also increased by 3x to 4x. just really incredible amount of

engagement there. of course, despite, we see them working on weekends, working at night. they can't get back to everyone that they need to, so they have to look at other channels. like text messaging, just to let someone know hey, i know you are trying to reach me, let me know what you need so i can start working on it and i will call you back as soon as i can. liz: before we go, we've fwgot run, you are working with social media, partnering with facebook, facebook's division, instagram. what capacity? i'm interested to know what hearsay does for a company like that. >> well, there's multiple aspects of social selling from your profile which the s.e.c. views as an advertisement so any changes to that has to be preapproved by the compliance team. but also turning social media into an authentic content marketing engine. there's a lot of clients right now who want answers, not just regarding finances but also regarding health, wellness, how to take care of their kids, their mortgages, job security and all that content being

shared through their human adviser on the social media networks is what's fostering a human connection. liz: it's fascinating business. thank you for joining us. come back again. clara shih of hearsay and of course, starbucks board member. earnings out after the bell. the dow is losing some steam here. we are up 45 now. ing prepared... won't be a new thing. and it won't be their first experience with social distancing. overcoming challenges is what defines the military community. usaa has been standing with them, for nearly a hundred years. and we'll be here to serve for a hundred more.

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liz: alphabet, the parent of google, the search giant, we know it well, down 3% right now. earnings after the bell will be reported and like starbucks, this will be the very first time that the tech behemoth and the world's largest advertising platform addresses shareholders

since the covid-19 outbreak. cheryl casone, in the fox business newsroom, this will open a huge can of worms or i guess display how the ad world is doing. i can't imagine. wow. cheryl: it's going to be something, liz. you are exactly right. these first quarter numbers from google's pafrnt goirent going t about advertising. earnings per share expected at 1033, revenue expected at 40.29 billion. as you mentioned, the stock is down as we head towards the close of business and markets. advertisers have slashed spending during the pandemic, no way to get around that. this could mean a harsh reality for alphabet. what is the actual damage? that's the question. that slowdown in ad spending likely kicks in midquarter for alphabet and it's a global story, remember, because that virus started in china back in december. it was widespread in europe, especially italy, before it got here. alphabet's global revenue numbers may actually reflect that. one analyst saying this quarter, the first major economic

dislocation they have really been through as a company since the financial crisis so digital ads or lack thereof, that's the story. also, though, liz, this is going to be the second earnings report for the new ceo after he was running google. one bright spot, maybe youtube, hopefully we get user numbers for that platform. back to you. liz: okay. well, nine minutes to go before the closing bell rings. we just want everybody to know that we are going to have the numbers. connell mcshane and melissa francis will pop them up as soon as they happen. in fact, you will be able to see how the stocks of starbucks and google are trading after the bell even though regular trading is done. we are coming right back. the dow has just turned negative, down 29 points, after having been up more than 370. now more than ever, you need technology you can rely on. and people you can rely on. i'm a dell technologies advisor. me too. me too.

me too. and if you're a small business, we're with you. we are with you. we're with you. we want to help. so we'll be right here. at home. answering your calls. providing support. and standing by you every step of the way. bye bye.

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♪ liz: i wouldn't say we're testing lows of the session. low of the session for the dow is a loss of 102. we're down 30. but the fact we had been up about 375, not a great sign. we're all red on the screen after opening today, risk on, but proceed with caution. we're open for business. right now investors are probably taking some profits here. closing bell, we are four minutes away. tomorrow to be sure to tune in to fox business for complete coverage of the federal reserve's rate decision which is not going to be any decision. we will get insight, i promise you from chairman jerome powell's press conference. on 2:00 p.m. eastern, "making money." q&a session is here on "the claman countdown." definitely stay tuned. as the u.s. sadly marks one million cases of coronavirus and 57,000 deaths, a important day for visual thank you for

first-responders. blue angels and the thunderbirds did a fly over. i shot of video off my deck. they started right over the g.w. bridge, to honor the first-responders. doctors, nurses. an amazing sight. we all cheered t was a fitting tribute to those risking their lives in the fight against this deadly virus. and while we witnessed that bit of american support and thumbs up, today's "countdown" closer says you know what? he has a thumbs down on a few u.s. names. he doesn't want them in your portfolios right now. we welcome granite share founder and ceo, will rhyme, what don't you like, why don't you like isn't. >> liz, great to be here. we ones that we don't like, our approach is the way to outperform the market over long term is exclude losers. three biggest losing stocks for us this quarter, have been

walmart, jpmorgan, and exxon. so let's start with walmart. i think one of the biggest things that goes against walmart is the sheer size of this company. so when we're talking about increasing revenues, it is almost impossible for them to increase revenues. you can't increase revenues by even the amount of inflation on a real basis going backwards. so this is a big challenge for the company. haven't really kept pace with the digital economy and still are inhibited by the physical infrastructure of the stores all around the economy. then obviously you have jpmorgan. we sounded the alarm on jpmorgan last quarter. that was a stock that we excluded from the model last quarter. at that time it was about earnings and this time around, obviously earnings are even worse and so that's a stock that we don't like and we x-out. last one, exxon. obviously oil has been getting a huge amount of press recently. for all the wrong reasons. do the may contract going

negative as most people will know. the earnings expectations for this company is very, very bad. this has been a very, very poor performer in the broad market. liz: i look at these names, i think, aren't you supposed to to buy low, sell high. you say sell low. what do you think as each states inches towards reopening, will? >> really great question. what we're looking at, the whole model which designs, pouring into these companies, we're trying to identify companies that are fundamentally disadvantaged by technology and they're going to be disrupted by technology over the long term. so if you take the broad market, we want to own companies we think are advantaged by technology and we want to e x-out those that are disadvantaged. this is about creating a system where we evaluate every company from a model perspective t kicks out the ones which are most

likely to be disrupted. i think in terms of economy opening -- [closing bell ring] liz: we have to run, will. here comes the bell, closing bell. will rhind. grand isn't shares. join me 6:00 p.m. tonight, liz claman on twitter. that is when futures trading begins. i will give you the numbers. connell: all right. we saw real slide in big tech stocks into the close today. that hurt us over all as the major averages lost a lot of steam after nice early gains. we closed down on the day. we're waiting for some big earnings reports including google's parent company alphabet. those numbers should be out at any moment now. busy hour ahead. i'm connell mcshane. melissa: i'm melissa francis this is "after the bell." stocks closing near the lows of the day as as president trump wraps up remarks on the relief efforts for small businesses. let's go straight toaun