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tv   After the Bell  FOX Business  April 29, 2020 4:00pm-5:00pm EDT

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being pour cousins of international investing game like japan have come out of the crisis quite well because many corporate have significant amounts of cash. [closing bell rings] the bigger issue. liz: thank you for winding undown for us. that will do it for "claman countdown." green on the screen after the fed move. connell: hoping for a treatment, stocks surging today as progress is reported on a possible coronavirus drug. then the market holding on to those gains in the afternoon after the federal reserve pledged its commitment to keep on helping the economy. really strong day for stocks. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." the major averages closing up more than 2% on track to snap a three-month losing streak. at the white house right now president trump is set to meet with executives from the food, hospitality and automotive industries. we'll bring you any headlines from the president this hour. we begin with fox business team
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coverage. blake burman with the latest from the white house, lauren simonetti is watching the markets and edward lawrence is in washington. let's kick it off with edward. reporter: exactly. chairman jerome powell, federal reserve keeping interest rates where they are foreseeable future. federal reserve chairman jerome powell said the coronavirus had significant impact on economic activity, employment and inflation, further lowering expectations. the federal reserve chairman believes we'll see double-digit unemployment when the next unemployment rate comes out. he backed off saying there would be a robust third quarter going farther, saying some uncertainty around when the crone cron treatment will be available is when in fact the economy will start to pick up again. but he would not say if the announcement after treatment or a vaccine changes anything that the fed is doing. also federal reserve open market committee statement saying that
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the fed will keep rates where they are until they are confident the economy has weathered recent events. the federal reserve chairman saying a main street lending facility designed to help small businesses but also medium businesses too. the companies will be up and running, it will be up and running soon. federal reserve chairman say it will thereby to help them. the treasury secretary told me it could be expanded actually, and the treasury department would backstop more money for the main street lending facility to help those businesses if the federal reserve decides to expand it. finally the federal reserve chairman tells me there will be more need for monetary and fiscal stimulus going forward. he pointed to programs like keeping workers on the payroll, as the ppp, payroll protection program, main street lending facility, those programs might need to be expanded or added on to going forward to have a robust rebound. back to you. melissa: edward, thank you for all of that. lauren simonetti has market
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reaction to the fed and other big headlines of the day. lauren? lauren: melissa, stocks maintained their rally and finished firmly in positive territory. you can see the dow gaining 532 points. the high was 663. it was a phenomenal day. nasdaq was the best performer, up 3 1/2%. we saw drug trials, gilead sciences remdesivir, not a vaccine, just a treatment, it had promising results helping patients recover faster. now, melissa the fda is talking to the drugmaker making it available asap. it would make people feel more comfortable going out in public as the economy starts to reopen, following a contraction in the first three months of the year. but the white house economic advisor larry kudlow is looking for a second half bounce back of between 17 to 20%. take a look here -- melissa: lauren, so sorry to do
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this i have to jump in and send it over to connell. he has microsoft earnings. sorry for that. connell, go ahead. connell: we are sorry, lauren. "fox business alert" on mike is, better than expected, $1.40 a share in the most recent quarter. street only looking for $1.26. we made a lot this week it is tough in this environment, whether you should look at comps what they mean this is good news for microsoft, 35 billion in revenue even in this environment. 33.66 was the estimate for last quarter. i was looking through some business components on the revenue side. cloud business, intelligent cloud. 12.28 billion in revenue there, that too topped expectations. a lot of people look at the cloud business. one of the things, we knew that microsoft was disrupted certainly like every company by coronavirus by just about every company, saying there were supply disruptions in china, weakened shipments much pc and some surface products.
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they came out said that before all of this, they pulled their original guidance, again before all of this. the numbers we're seeing right now, seemed to be pretty strong for microsoft. the company saying that covid-19 had, and i'm quoting now from the release, a minimal impact on the the on third quarter total company revenue. we haven't heard that from many companies but heard it from microsoft. there you go, melissa. microsoft better than expected figure, up 2%. melissa: wow, connell. jonathan hoenig from capitalist pig hedge fund, a fox news contributor. we have jack hough, "barron's" streetwise podcast host. thank you both for being here. what do you make of that? >> it sounds quick good. it was always going to be a mixed picture for microsoft. there will be companies out there pulling back on spending but long term, right, microsoft has bet it all on the cloud and of course with everyone working from home, this is going to accelerate the shift of applications to the cloud. so it sets up nicely for
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microsoft. i think with this number kind of shows in the near term, it is seeing plenty of positives to keep the negatives in check. melissa: yeah. jonathan, i think that is the most surprising part. we all realize we're more equipped than we ever been before obviously from a technology view to work from home. there will be people that will never go back to the office as a result of this, and work very production activitily, that is for sure microsoft's benefit key to the infrastructure. for them toe same it didn't even have a huge impact on the quarter just ended, that in of itself is pretty surprising. what is your thoughts? >> you see the stock react high as 180 in after-market. microsoft benefiting coming into this number the stock was up 30% year to it today. as jack is alluding the company is benefiting it is diversified unlike facebook we'll here in little while.
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microsoft has personal computing, the search, cloud business which jack mentioned is growing like gang busters. melissa, has collaboration software, the teams effort. put it all together, along with four other big tech stocks, they comprise 40% of the entire market right now. apple, facebook, microsoft, as these names go, so goes the rest of the market. better-than-expected earnings is moving the stock higher after-hours. melissa: jack what does it tell you how much room there is in these industries? because you know there was that race to the cloud, amazon was up there so early on and you know a lot of fight over this territory but turns out, i mean like the memory in your computer, can't possibly ever be enough because we kind of absorb all of it and there is so much demand? >> i just had a phone call with the chief of, i'll call it a mid-sized cloud company and we talked about, what is the long-term vision of the company,
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how big can you get? what he is saying is, look the shift to the cloud, it has been going on for a long time. it has been going fon or a decade but don't let that fool you. we only just begun. he was talking about -- melissa: just begun. sorry to interrupt you. >> go ahead. melissa: on top pick we have the facebook earnings as well. let's go to connell for that. connell: yeah, the revenue figure, melissa, looks better than expected. earnings might be a little light, $1.71 a share. the street was looking for more than that. assuming that the figure is comparable, we think it is that is a little bit light but the earning, sales i should say of 17.74 billion. that is better than wall street was expecting and in after-hours trading facebook already up almost 12 bucks. that is 6% gain in after-hours for the stock. it said in the commentary it is not providing guidance. monthly active user numbers are strong here. 2.6 billion for facebook. the estimate was a little under, or a little over 2 1/2 billion. it stopped expectations on
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monthly active users. the company said back in late march, that it, it had a surge in usage with people being disconnected and on their computers so much using facebook more. the questions on the company is revenue side, particularly advertising revenue. but overall sales, we'll get back to you, as we dig numbers a little bit more, overall sales, melissa are better than expected. look at that, the stock up 7%. very good. melissa: thank you, jonathan. everybody is watching more television, streaming more movies, on their computers, on their phones, on facebook, all the things more. the thing we really don't know is, a lot of companies said oh, the advertises are fleeing. they don't have any money because they don't have any customers but those of us who go on anything who watch television are bombarded with ads. i'm always sort of like, how can you say the advertisers have fled if i'm still watching ads all over the place? is there --
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>> advertising has suffered, doesn't seem to be slowing facebook down one bit, melissa. facebook is a little more difficult than microsoft. less diversified. it has a advertising model and because of the more difficult economy it is having to spend more to maintain those advertisers. so we're going to keep a close eye on their margins. also as connell alluded to, the subscriber growth here, they have what, 2.5 billion users at facebook. it is imperative that they keep growing the number worldwide, not to mention here in the states. once agains the fact that these big cap tech stocks continue to move up in after-hours here, they're the major part of the market right now. facebook itself is 5% of the nasdaq 100. these are names that are moving market. typically after hours. melissa: amazing. jack, what's your take? >> well advertising is one of the easiest levers for companies to pull when they have to save money so we know global advertising will take a hit now but if you're a facebook
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investor, right, who cares? i don't want to make too light of it, but you know advertising is going to come back at some point. you also know that facebook is not going to face a cash crunch. if anything it has the ability to continue to gain market share, even though that advertising pie might shrink, facebook can continue to gain market share within that pie and wait out the day when the pie comes back. i think the outlook for facebook, like google, being dependent on advertising it does have more vulnerability in the near term than these other tech giants but i think it is certainly a company that can weather the storm nicely. melissa: you made me want pie. guys, thank you. connell? connell: i think we all do. let me just add two or three points on facebook before we move on here, just looking through the release while you guys were talking. i mentioned earlier, no guidance, second quarter, full year but they did say a few interesting things about the future, saying number one they're facing a period of
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unprecedented uncertainty in their business outlook. that is how facebook worded it. and they say significant reduction in the demand for tieing moving forward. the other thing that facebook said, they expect to lose at least some of the engagement that they have seen. they have seen so much more engagement with everybody stuck in their homes. they expect to lose at least some of that when the economy opens up more broadly and some shelter in place restrictions are taken away. overall, strong number from facebook. stock up 7% after-hours. we'll keep covering it. meantime as our coverage of the pandemic continues we're nearly 3.2 million cases worldwide. more than a million in the u.s. some states talking about plans to reopen. we'll talk about that, including new jersey. one of the areas along with new york that was hit so hard. health care professionals racing for a vaccine. a lot of news today, we'll have the latest on it after a quick break. the president set to meet with
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industry leaders this hour at the white house. industries across the country fighting to stay afloat. we'll talk to a company from texas set to reopen for business as the week rolls on. i believe on friday. so stick around. and more coming up. this is an athlete, twenty reps deep, sprinting past every leak in our softest, smoothest fabric. she's confident, protected, her strength respected. depend. the only thing stronger than us, is you. why accept it frompt an incompyour allergy pills?e else. she's confident, protected, her strength respected. flonase sensimist. nothing stronger. nothing gentler. nothing lasts longer. flonase sensimist. 24 hour non-drowsy allergy relief
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♪. melissa: "fox business alert," president trump expected to meet with industry executives any moment now. blake burman is in washington with the latest. blake? reporter: hi, there, melissa. we expect to see president trump on camera here momentarily at some point later this hour as he will be sitting down in the state dining room alongside leaders of wynn resorts, hilton, waffle house, and toyota. this comes on a day we learned exactly how big the economy contracted in the first quarter of this year. the president today though is trying to look past that. instead he is looking at the back end of this year and toward the beginning of next year. >> and i can guarranty you as more people, more companies, more investigators get involved it will get better and better. i will stop there, be happy to answer any questions. >> why don't you go first and then you go.
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reporter: timeline of development of -- >> i think next year, all of the fruits of what we've all done together between the doctors and the business people, but all of the work from the task force, all of the people that have worked so hard, we're going to have a tremendous year next year and you are going to start to see that i think in the fourth quarter. maybe even in pieces of the third quarter. reporter: all right. so you saw the president's comments there in the oval office from earlier today on the back end talking about you who he is looking towards q3, q4, even beginning parts of next year. in the beginning you heard from dr. anthony fauci. the market popped on a promising trial conducted by gilead. as you probably heard from fauci there, he said the effects of remdesivir on covid-19 patients being treated in hospitals is quote, unquote, highly significant. he says it is a very important proof of concept that show as drug can block the virus. melissa, connell, fauci did stress earlier today what is
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looked at right now by gilead and what the national institutes of health commented on this afternoon, is not a vaccine but rather than a trial but something they believe is a building block going forward that other companies can potentially latch on to, and work time prove upon down the line. it sort of reminded him of the very first efforts 34 years ago trying to tackle hiv and aids a promising day as it relates to gilead. the market popped off that. that brought anthony fauci into the oval office earlier today. back to you. melissa: it is tremendous when he was talking about it. it is a therapeutic help them quicker not get to a sick place where they end up in the hospital and end up on respirators. he said is created a new standard of care, the benchmark which we judge things against. it was worth raising the red
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flag. it was worth bringing to us. thank you, connell. connell: a lot of news this hour, melissa, the most recent "fox business alert" came from tesla. that is the other result we're waiting for. its first quarter results are out. lauren simonetti joins us with those numbers which are sometimes complicated for tesla but what do we see this quarter? >> surprise profit, adjusted $1.24 a share. revenue just shy of six billion, 5.99 in the quarter. take a look at investor reaction to all this. the stock at 831. that is up almost 4% in the premarket. the company said the first quarter was very good for them despite global operational challenges. they were able to achieve our best first quarter for both production and deliveries, the model y, the crossover suv, it contributed profits, get this, the first time in our history that a new product has been profitable in its furs first
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quarter. we'll continue to look through the report for cash burn. any change in deliveries they expect from the coronavirus shutdowns. they previously said half a million cars to be delivered. we have to see if they tweak that. right now investors are liking what they see. $1.24 on the bottom line. 5.99 billion on the top. back to you guys. connell: on relative basis at least we're thee for three on earnings all kind of tech related in shape or form. >> yeah. connell: good point. >> calling for transparency secretary of state mike pompeo demand being access to the wuhan labs at the outbreak. one research platform is seeing a surge in sales as millions of americans are staying home. we'll talk to the company as ceo later this hour. ♪.
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♪. melissa: secretary of state mike pompeo slamming china troubling down on u.s. concerns over chinese labs. take a listen. >> i can tell you there are, were real concerns about the labs inside of china. i have to say i'm still concerned that the chinese communist party is not telling us what is taking place in all of the labs across china today. melissa: here is now retired four-star general jack keane, fox news senior strategic analyst. hard to know where to start with this one. do you believe anything the chinese are saying now? >> no, the only thing i do believe they have a major disinformation campaign out there, to kind of convince people they're no the international pariah that they have become. i totally agree with secretary
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pompeo. at this late date the chinese are actually closing the door on anyone coming into china to help them discover what is the true origin of this coronavirus which has absolutely gone around the entire world. that in of itself, there was no other adverse behavior would be absolutely unacceptable behavior but the fact that they contributed to the spread of this by permitting international flights all over the world, well after they knew they had an epidemic, that is criminal behavior because we have people dying as a result of that pandemic that, whose lives could have been preserved obviously. i think at some point, when this dies down to a certain degree, you will see the united states and international community try to stitch together at least an international investigative body to try to determine the facts of the case and what happened. so you understand, melissa, the
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public image of the chinese communist party means everything to me, means everything to them. their international image, even more important is their domestic image. they do not want the people in china to lose confidence in this chinese communist party and its ability to deliver to them as right now they have a huge campaign that's identifying president xi as a great national hero for keeping them alive and explaining all the measures that they took. then they look at europe and they look at united states as examples of how not to do it. these democracies are incompetent governments, they're dysfunctional. look what is happening to the people. we protected our people. melissa: they control the message? >> oh, yeah, they use state-owned media. melissa: they control the message. there is nothing we can do about that. we can't battle what the message is internally on the outside. >> yes we can, i disagree with you. melissa: okay.
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>> i disagree with you, yes we can, yes we can. they get access to pieces of information. there is people moving in and out of china all the time. chinese coming back from visits all over the world. they get plenty of information from that. there is other kinds of visitors that will be there, not certainly now while the epidemic is on. all that will return. they will have access to information. why what we're doing internationally is very important because it does impact on the knowledge level, appreciation what is happening inside of china. melissa: okay. that's good to know. new questions surrounding kim jong-un's health. what do you think is going on with that one? it feels like we're no closer to knowing what is really going on than we were a week ago as we continue to speculate why we're not seeing him. what do you think is going on and what does it mean? >> well, it is problem we have with this closed regime,
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certainly, and it's been this way, you know for the six plus decades they have been in power. ebauches like his father and his grandfather. also this is another regime absolutely paranoid in showing any weakness, not so much to the world but their own population. even having a littleness in their mind is a weakness. kim jong-un is portrayed as a deity in hess country, that is all powerful. any kind of a visible sign things are not right to his population, they will try to protect. clearly administration knows more, melissa than they want to talk to us about. i think we can draw a couple conclusions. it seems apparent he is likely alive because the administration, the president and secretary pompeo, we've not seen him. the president is wishing him well. i don't think he would be doing that if he felt he had died.
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so obviously kim jong-un an his handlers, they don't want him to be seen by their domestic audience and also by an international audience and there is a reason for that and it is likely something fundamentally wrong. i doubt that he is just hiding from the coronavirus because he could still be seen doing that, they could, they could manufacture something very powerful in terms of his image while he is doing that. so i think it is much more than that, but we're left to speculation when you're dealing with a regime like this. melissa: yeah. but your speculation is so much more educated than the rest of ours. a pleasure to listen to. general keane, thank you so much. >> yeah. always good talking to you. connell: we have a "fox business alert," now, melissa, as we go back to lauren simonetti who he believe has more reporting on tesla for us after the breaking headlines from that company. lauren? lauren: connell, i want to make three points here. look at the shares. they're really rocketing right
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now. tesla reported its third consecutive quarter of profitability. adjusted earnings of $1.24. now if the company is profitable four quarters in a row, plus some other requirements that tesla actually meets, it could be added to the s&p 500. imagine what that would do to ownership of the stock which is up $53 as i speak. the second point, this quarter was also the first full quarter that shanghai china factory was open. it had a two-week shutdown but it is open. as we await the call with investors, listen to what the executives have to say about their china production as well as getting fremont, california, back online. will they make any change to their deliveries expected for the year which in january was set at 500,000? the company did say in its press release they will revisit their 2020 guidance in the second quarter. they haven't done that just yet. finally the market cap of tesla,
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$147 billion and growing with this after-hours move. if the six-month average, average, is 100 billion, elon musk, the ceo can trigger the vesting of options to buy the stock at 350 and then sell it at 800 and change. he could make 750 plus million dollars profit. that is something we've never seen from an executive in corporate america ever before, connell. connell: jeez, what a story from a stock perspective. >> what would he do with that? connell: given speculation, that is something we should stay away from given mr. musk. lauren simonetti. melissa? melissa: a troubling new sign for the economy. we're breaking down the numbers and how to get things back on track. that's next. plus preparing for major changes. we'll talk to two small texas business owners about the steps being taken to reopen.
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♪ connell: so we know the stock market is doing well. the economy however is not. we had the sharpest decline in economic activity since the 08 financial crisis. with a 4.8% contraction in gdp on an annualized basis since the first quarter of this year. this is of course the coronavirus pandemic. it is going to get worse or already is worse in this quarter. douglas holtz-eakin joins us, president of the american action forum. doug, we hope it gets better after that, right? any sense how brutal in terms of gdp the second quarter will be from where you sit? >> you think today's numbers give you a big hint on that. this was all driven about it last two weeks of march. january and february were by and large untouched. we got to the middle of march. the pandemic became obvious and we saw extraordinary drops in
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household confidence and if you look inside of these numbers, it is households that really gave up the ghost. consumer spending fell over 7% and inside of that there were surprising declines in services. it wasn't big picket items. transportation services, airlines, lodging services, hotels. amazingly about half the decline in health care services. people literally stopped going to the doctor for any elective procedure. that drove a big decline in household spending t drove gdp down at annual rate of nearly 5%. roll the clock forward into the second quarter. everyone is guessing way, way bigger. connell: it will be, like i said at the top, there will be some sort of a bounceback we hope, right, after that? what i think it is interesting, because the time of day we're on, we lead with the stock market. we come on at 4:00. today another big rally. more and more people are saying this. i know you're not a market guy
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necessarily, but what do you say, that seems like a disconnect or investor getting in line with the forward-looking optimism? >> that is what markets are supposed to do. supposed to look forward, ask the question, yeah, things are bad now, but is this good place for my money a year from now, two years from now, five years from now? every reason to believe, five years past the pandemic, resumption ever growth. most forecasters see that in the third quarter. they disagree on the pace of that growth and sort of the character. there is no question, this quarter, the second quarter will be the worst in recorded u.s. economic history. it is an extraordinary downdraft. it put 26 million people in the unemployment lines. we know the damage has been extreme but it is damage that can be repaired if we get the economy rolling again. connell: should we start thinking now about, this is in your wheelhouse by the way, how much money we're spending to try to make sure that things don't get worse, right?
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because we know there is another stimulus if you want to call it, that most likely on the way, are you going to be the guy, let's look at this budget, look how much we adding to the debt long term or get it out of our head for now and think about it down the line? what's your view? >> well i think, it is going to require a large response. as i started to say, the second quarter likely somewhere between 30, 40% down. that is annual rate. 10% loss in economic activity in three months alone. that's, you know, requires a big response. the response is not quite 10% of ggdp but comparable. that we're in the right neighborhood. be disciplined that we're only spending money on things related to the pandemic. it is a big, big negative impact. it will require a response, but let's not fix things not related to that. be disciplined what you are spending money on. make sure you spend it adequately. when you do it, life will be
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harder from a budgetary point of view in 25, 26, 27. in is no free lunch. you will have to make up a big addition to the national debt. that hard work is coming. connell: that is just a fact. your point don't make it worse than it already is. always good to talk to you, douglas holes eakin. melissa? melissa: dodging a hit from the economic shut down, retail fighting to stay afloat. one company is pulling in record sales though. we'll tell you how. ♪ i was born in '37... it was a very struggling period of time. up and down. depression to exuberance. and you could name many, many cycles like that over the years. my generation, having come through so many wars and so many things... persistence. it's the heartbeat of this country.
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it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ♪. melissa: while most of the retail industry is facing pressure from shutdowns, one business just had its best non-sales day in its history. joining us is fashion file ceo ben henninger. congratulations first of all on that. tell me a little bit about that because your site sells bags. you buy very high-end designer bags from people no longer using them. you put them up on your website. you resell them to other folks. you're saying people are going in buying very expensive handbags during this shutdown and they're buying them preloved as you say.
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why do you think that is? >> well, i mean i think it is an indicator there is general confidence in the long term economy coming back. i think people are in, you know, we're e-commerce business. they still have the ability to buy from fashion file online. we might see a little bit of the eat phengite of continuing optimism in the future economy coming back but we're great place to be recipients of that, we felt like we are -- on line. a lot of stores are closed down, brick-and-mortar at the time. some of those sales convert online. we're here to serve them. melissa: you know, when the pandemic started you had launched a very fascinating business where you were inside of my favorite store, neiman marcus, shout out to lloyd, my favorite salesperson, so you were inside of that
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store, people could come in drop off the very high-end designer bag they weren't using anymore, go shop around, whatever, have lunch, you would have a price for them. it is not consignment. you would actually give them money at the period of time, and a 10% bonus if they spent it inside of neiman marcus. how is that working out for you and, has it hurt you that neiman marcus's storefronts are closed right now obviously? >> yes. that is an exciting development that came online last year and we have our selling studios we call them where you can come in, sell a bag, get cash on the spot inside of though locations. as the stores closed down with everybody else, we closed down across the world, really, of course our selling studios are closed until they reopen in the next couple of months probably. so that is definitely affect ad little, that aspect of our partnership with neiman marcus, however, overall it has not
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impacted fashionfhile's business very much because we've been around almost 20 years, we were born out after e-commerce company with everything online. so our primary channels to receive inventory from our customers, from their closets to the website where you shop has always been online, and it is still 85% of what we do comes in directly to us online. the neiman marcus selling studios provided an additional boost to that. we have four locations now in neiman marcuss. they're currently closed. but we are still planning open up another up to 40 locations. doesn't at affect the business too much right now because we're still predominantly online and still open for business on the web. >> one of the things that you do is that, because your bags are so high-end, a lot of them are
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rare. there are only some made or somebody really wanted it, they didn't get it. you buy later at a discount but still really expensive. i wonder, which one, how do the economics work with neiman marcus? do you do better on the bags that you know, you get through them and then resell? do they share some of the profit with you? how is that compare to the rest of your business? what's the plus? >> well the plus with the neiman marcus partnership in general is that they have an amazing clientele and amazing customer base as you know because you're one of them but those customers that they have are accustomed to buying great items, channel, rolex, whatever. they have a great customer base. so the benefit and the synergy if you will between neiman marcus and fashionphile, for people man market it mark --
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neiman marcus, they offer the customers way to trade in last year's chanel, for this year's chanel. sell the last year's chanel for few thousand dollars. you have money in your hand as you're coming down the escalator, more apt to buy a new chanel. that is benefit to neiman marcus and customers. gives them opportunity to trade up and be a little more responsible by putting that leather bag back into, you know, the economy so we can sell it to somebody else. so benefits us because we have a great supply channel, the newman marcus customer base becomes part of our customer base. the supply i can get from neiman marcus stores are, have a little stronger average sale value on the other side. a little bit higher ticket item. melissa: interesting. a little higher ticket item.
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very interesting, ben. thank you so much. fascinating business. congratulations to you. somebody doing well in this economy. good for you. connell? connell: very good, "fox business alert" now as we look back on facebook one more time for you. the stock remains higher by just about 10% now in after-hours trading. revenue was better than expected. even though there was a slight miss on the quarterly earnings per share that has not been the focus certainly for investors. this steep decrease reported in advertising revenue for the month of march but everybody knew that would happen because of the pandemic. there are signs though, face back says, of stability in the advertising and its revenue related to advertising and that's reflected, it says first three weeks of april. had nice surge in daily active users. nice after-hours performance from face book. we'll be right back.
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♪ ♪ connell: texas one of the states
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getting back to business this week, in fact, retail stores and restaurants can reopen on friday. and they're doing so with certain restrictions, we're joined by sisters lindsay and sarah, co-owners of a food store in the dallas area. thank you to both of you coming on. let me start present day and maybe we'll flash back over the past month or so. i'm sure you're excited, right, for friday. what are the plans, and how will the store be different than it was in the past? >> absolutely, connell, we're really excited. essentially, up until this point customers haven't within able to -- haven't been able to enter our store at all. starting friday we'll be able to open our doors to customers. we're doing the best that we possibly can to make it as clean
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and comfortable as possible, customer service -- [inaudible] it's important to be -- [inaudible] [audio difficulty] in hopes that it'll have have -- [inaudible] connell: yeah, take it piece by piece, i guess. sarah, you know, i'm sure you live in the area as well as work there, so one of the questions, you know, the 2000 can say -- the governor can say, all right, we're open for business and local businesses start to open. what's your sense from people you speak to about how confident people are are to go back and, you know with, come into a store and just do some regular old shopping? not a necessity, the boots look terrific, but it's not like they have to go out and get groceries. they have to want to do it. what's your sense?
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>> yeah, you know, we've been closed for close to seven weeks weeks -- [audio difficulty] everyone's been affected, and we just kind of feel like there's a real energy around that's to rally around businesses and restaurants ask if small businesses in mar. and small businesses in particular. i think texas is such a massive -- like starting again is -- [inaudible] on the united states in general. connell: how'd you get through these? we have maybe 20 seconds, lindsay, so just real quick, how'd you get through the last few weeks? take a loan off? i may have to cut you off -- >> we're really thankful to our government for trying to spearhead -- [inaudible] >> right. connell: right.
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all right, well, we wish you the best. we'll be watching that state and others, lindsay and sarah selling boots in texas. thanks for joining us, melissa and i will see you same time tomorrow. "lou dobbs tonight" starts right now. ♪ ♪ lou: good evening, everybody. president trump and his cabinet today taking steps to ramp up the pressure against china and the world health organization. the white house reportedly ordering intelligence agencies to look into whether the two groups colluded to lie and to cover up information about the origin of the wuhan virus pandemic and, of course, its spread around the world. the president is also considering whether to permanently withdraw funding for the world health organization, pointing out the united states is its biggest contributor by far and charging the w.h.o. with acting as a mouthpiece for

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