maria: big thank you to this all-star panel. dagen, ryan, kelly. great show. have a great day, everybody. thank you for joining us. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. the job numbers. first-time claims for benefits, 3.8 million. now, that represents a down trend. four million last week, five million the week before that. some see the down trend as a positive, but it brings the total to over 30 million jobless claims in the last six weeks. we have never seen anything like that before. we rarely see anything like this, either. really huge moves in the price of big tech stocks, mostly to the upside but not entirely.

facebook premarket, zooming after a big gain yesterday. its financial report suggested some stability returning to the advertising market. facebook getting 98% of its revenue from ads. this company is a truly global platform. over 1.7 billion daily users. stock's up another 6% this morning after a gain yesterday. look at microsoft. big gain yesterday, modest gain this morning. it's close to its all-time high. it says the virus had little impact on its business. up 1%, microsoft, this morning. it's true to say these trillion dollar tech companies are again pulling in a big chunk of investors' money. one more for you. tesla. yep, another big gain. elon musk is furious at the california authorities for keeping his fremont plant closed. he calls them fascists. more on that in a moment. look at tesla go, $854, up $54.

overall trn overall, it's a down day. the dow is looking to be down 280 points. the s&p down 33, and the nasdaq, despite the success of big tech companies, that's going to be down as well. we do have a big development in the opening up process for you. governor newsom in california, he's closing down again. he's shutting all california state parks and beaches. he's punishing everyone because of the few who broke the social distancing rules. let's see what happens there. "varney & company" is about to begin. that's the way they want it, that's great. they should not be compelled to leave their house but to say they cannot leave their house and they will be arrested if they do, this is fascist.

this is not democratic. this is not freedom. give people back their [ bleep ] freedom. stuart: you heard most of it there, apart from the bit that was beeped out. musk calling the stay-at-home orders fascist on his call to investors. susan, you were listening in. ignore the obscenity, please. what else did he have to say? susan: there was more than just one obscenity on the call. you have to say this is probably one of the most interesting calls each and every earnings season. yes, elon musk not hiding his frustration in a stay-at-home order and shelter at place order being extended until the end of may in california, and he goes on to say that this is a serious risk to us because we have only one car plant in the u.s., in california, just outside san francisco, and he says forcibly imprisoning people in their homes goes against their constitutional rights. more expletives used as well and

he says this goes against america and what this country is built for. the stock did see a rise because of a third straight quarterly profit. they delivered 88,400 cars in the first quarter, though extending and delaying the deliveries of their semis until the year 2021 but $8 billion of cash on hand and if it wasn't for this forcible stay in place order, i think tesla is doing pretty well. stuart: the stock is certainly doing very well. if it's three consecutive quarters of profit, that compares favorably to general motors and ford. i would agree with you. tesla is doing pretty well. elon musk as well. he's worth $40 billion. mark tepper is with us, strategic wealth partners. what's your comment on tesla, musk and this fight about opening up? >> so elon musk has always been volatile, very unpredictable. the guy is a great innovator but sometimes he needs a babysitter when it comes to leading a $150 billion company. while his fascist comments may have been a bit extreme, i can't

say i'm mad at him. i actually made a comment on your show last week, stuart, i said in a capitalist economy, the government is just supposed to be an umpire, not a participant. when these governors shut the economy down, they injected themselves into the game as a player. they need to take themselves out of the game. tesla is the ultimate momentum stock and the government is killing that. they produce roughly 70% of their vehicles right there in california. as for the stock, the stock's a tough nut to crack. it's a stock that clearly defies gravity. they can say they're not paying rent and the thing goes up 20% the next day. very very tough stock to figure out. stuart: we have been saying that for a long time. i haven't figured them out yet. i think i have it completely wrong, actually. i have a few positives here which i think are helping the market. first, we had gilead's remdesivir reportedly cuts the recovery time from the virus. the markets really love that. and here's what larry kudlow had to say about the economy's recovery. it was on this program

yesterday. roll tape. >> i think the second half of this year is going to grow, big snap-back, 17%, 20%. i think it's important, though, for new policy measures that will create incentives to grow in the medium and longer term. it's going to play out for the next month or two what's already been legislated through four phases. now i'd like to see a more incentive-minded approach that will get this economy roaring, it will come out of the chute in the second half and go right into 2021 with a very positive rebound. stuart: i mean, larry kudlow's looking for 17% to 20% rebound by the end of this year. that's for the economy. that's really huge. mark, are you on board with that? are you on board with a very rapid recovery by the end of the year? >> yes, i am. snapping back is probably true

but i think you need to look a little deeper at the math. simple math tells us if you lose 50% you need 100% to get back to even. the snap-back he's expecting is not going to get us back to whole. the stock market is recovering in a v-shape. the economy is going to recover more like a nike swoosh. in order for us to get that economy back to whole, we really need a white swan to counteract the black swan we have already experienced which has been the virus, and the white swan is a vaccine, effective treatment or further antibody studies that might suggest a much lower mortality rate than the headline numbers. so president trump, as far as the vaccine program goes, he's got this operation warp speed going on right now, where he would like to have 100 million doses ready of that vaccine by the end of the year which would expedite the process by about eight months. as far as treatment, remdesivir is definitely a good start. it's reducing recovery time by about 30%. as for the antibody tests, sample sizes may have been small but you look at stanford, usc,

the state of new york, they have all shown that a much larger percentage of the population than has been reported has already had the virus which takes that headline mortality rate from that 5% to 7% range much, much lower. stuart: yeah. that's important. one last quick question. are you, like everybody else, buying big tech? >> i love big tech. so what you really have to focus on is which companies are going to be the leaders over the course of the next decade. the world is changing, it's going to continue to change. we're not going to go back to doing business the way we did it a year ago. we're not going to continue to do it the way we are right now. there's probably some sort of hybrid long-term solution and you want to be in those companies that are in that theme. so microsofts of the world, you know, facebook, google with digital advertising, those are all companies that i think in the long run are going to do very well. stuart: thanks, mark. don't row miemind me. i sold microsoft at $159 and

lived to regret it. i'm sorry. you should have told me not to. >> we all make mistakes. stuart: that was a big one for me. thank you, sir. appreciate you being on. thank you. >> thank you. stuart: now, it's a big day for earnings. let me run through some of them. first of all, facebook. any details on that, lauren? lauren: look at that, stuart. the stock is back above $200 for facebook. their user engagement, phenomenal. daily active users at 1.73 billion, up 11%. they are engaged. here's the problem. when you look at ad revenue, small businesses are responsible for 30% to 40% of ad revenue on facebook but you have to be in business to buy an ad. that's the overhang for this company. however, facebook did say while ad sales were down sharply in march, in april, they were flat. so that is a sign of recovery and that's why the stock is up 6.25% today. stuart: after a big gain yesterday as well.

$206 on facebook. susan, take me through microsoft. susan: i'm sorry, stu, we are just 4% away from record highs once again for the stock and another blowout quarter despite the coronavirus spread. it all comes down to cloud and azure, reporting a huge growth of 59% and taking market share away from amazon web services and their cloud division. beating on top and bottom lines and looks like they are guiding for still better than expected numbers for the next quarter but still at 7% growth, probably the slowest microsoft will be since 2017, but you know, other of these high, fast-growing divisions are doing well including their answer to slack. they say that the teams communication app now has over 75 million daily active users. that's almost up from half. i mean, they have grown 50% just in two months' time because people are stuck at home. how else are they going to communicate? stuart: that's stunning and it confirms yet again that i sold

too early. all right. thank you, susan. thank you very much. now, show me astra-zeneca because it's up nearly 6%. there's big news there. it's got to be good news. what is it, lauren? lauren: yeah. it's at a new high. they partnered with oxford university so astra-zeneca is going to manufacture and distribute a vaccine that oxford is working on. in europe last week, they started testing it in human trials. they know the approval process takes a long time but they want to be sure when they have something that can be approved, they can distribute it really fast. that's what this partnership is about. stock up 6%. stuart: fixing the virus in any way, shape or form, treatment or vaccine, you're on to something right there. astra-zeneca up 6%. thanks, lauren. check futures, please. we will be on the down side today despite some very good earnings news from some of the big tech companies. we are off 300 for the dow, 30 for the s&p, 40 for the nasdaq. we are just getting started. big show still ahead.

andrew napolitano, the judge. tennessee senator marsha blackburn. pete hegseth, stephen moore all on the show in the next three hours. and this. explosive new documents in the michael flynn case which suggest the fbi was indeed trying to set him up right from the get-go. president trump is speaking out this morning. we will tell you what he's got to say about this. i mean, he's got some strong words about it. we will tell you what he had to say in just a moment. look at blue apron. you know, the stock is down this morning. you'd think they done well in the lockdown? we will ask the ceo about that. she's next. you wouldn't accept an incomplete job from anyone else.

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for us to open and we will take feedback from the local communities, the cdc and then obviously, follow protocol. stuart: that was brian niccol yesterday, trying to figure out when's the right time to reopen his stores fully. susan, anything more on this? susan: well, look, is it a surprise we saw a sharp slowdown in chipotle's business in the past month? no, because we saw mcdonald's reporting this morning also seeing same store sales falling about 3.5%, flat in the u.s. but look, delivery might be the answer so we know amazon has been teaming up with uber eats and chipotle has its own digital sales which has grown about 80% in the past quarter so this might be an opportunity for maybe mobile digital strategies but going in store probably not looking good for the next few months. stuart: got it. thank you very much indeed. next one is kellogg, cereal people, of course. sales up roughly 3% from this time last year. the virus is helping them. the lockdown. you tend to eat breakfast at home when you are locked down and cereal is easy, isn't it.

the stock is up by just 50 cents. $65.40, your price. kraft heinz earnings out earlier. revenue up 6% first quarter. bolstered by people stocking up for the virus. the stock is up only 16 cents. but look at dunkin donuts. they reported sales down 2%. they still don't know how the virus will affect their business in the long run and they have suspended their dividend. that's down 2.5%. blue apron, not a very rosy earnings report yesterday. their quarterly loss quadrupled to more than $20 million. their chief executive linda kozlowski joins us now. i would have thought the lockdown would help a company like blue apron. what went wrong? >> in fact, we have seen an uptick and that's why we guided towards year over year revenue growth in q2 as well as getting to both cash and ebita positive in the quarter as well.

so i think the difference being something you would stock up on in advance versus something like a meal kit that's actually where you have a much more immediate response to need and a lot of the shelter in place order came at the end of q1 which is why it's bolstering our revenue and cash for q2. stuart: my apologies. i didn't realize there was an uptick toward the very very end of the quarter. is that why you are hiring? >> absolutely. we have a big need in our fulfillment center to be able to employ people to help pack some of those boxes and get more food out to more people. we have state of the art facilities and so we have everything in place that we need for the uptick in volume. it's really just about hiring great people in those fulfillment centers in order to fulfill that volume. stuart: you got a lot of competition. >> you know, i think competition is actually a good thing at this time. we have been working very hard over the last several quarters to try to build out the product

offerings, to make more variety, to add more choice, but the reality is at this time, people need food at home and people need resources to be able to cook for their families and cook together, so having meal kits in the industry is just a great way to help serve that need at this time. so we welcome the competition and we think this is still very new in the meal kit space, and so the growth opportunity even beyond coronavirus is actually quite robust. stuart: i hate to say this, but the longer the lockdown goes on, the better your chances of a real comeback. i'm sure you're not rooting for a prolonged stay-at-home order, but it's in your interest. >> well, for us, you know, we obviously think this is a very tragic situation and of course, we don't want to see this drag on by any stretch of the imagination. we have already seen changes in the tw way that people are cooking at

home and changes in behavior that indicate they will continue to cook at home more even as businesses start to open and things start to lift. stuart: sorry. i'm sorry, linda -- [ speaking simultaneously ] stuart: we're talking over each other. i do apologize. what changes in behavior have you seen that led you to believe people will continue to cook a lot more at home? >> so feedback from customers has indicated that they have actually found quite a bit of solace in the ability to cook together and they raised their confidence level in being able to cook at home and do it much faster and easier than they had before. there is also some third party research out there that indicates people are getting much more confident in kitchen and in countries that are ahead of us on this cycle and have actually started to open back up have seen the number of cooking at home continue to stay high even after things start to open again. stuart: linda kozlowski, thanks very much for joining us on the show this morning. that's important stuff. thank you very much. next, take a look at amazon.

lauren, straighten me out. they are saying they are the victim of the president's personal vendetta? lauren: so amazon landed on a list of counterfeit websites. so websites, foreign websites used as havens to sell knockoff products. example, nike doesn't do business with amazon because amazon has been known to list counterfeit products. so amazon landed on this list by the white house for their sites in the uk, germany, france, india and canada but amazon's response is look, we are so proactive in policing our website and taking bad actors off that they think the reason they're on this counterfeit list is because of the vendetta that president trump has against amazon's ceo jeff bezos. one final thing. there's no penalty to be on this list, but it does harm your reputation. stuart: the stock is at $2416 per share, up nearly 2% this

morning. got it. thanks. futures indicate a down side move at the opening bell on wall street. that will be in seven minutes' time. we will take you there to see the opening bell. ♪ ♪ ♪ and people you can rely on. i'm a dell technologies advisor.

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stuart: i've got something for

you which the airlines do not want to see. it's a video of how quickly the virus could spread on a plane. lauren, i think you have video for me? lauren: let's take a look at it. i don't know if you are ever going to want to fly again. this is video from purdue university done a long time ago but it's being shown now because of coronavirus. that person sitting in the middle of that plane sneezes and the air droplets can travel to all four corners of the plane, but immediately affect and infect up to ten people sitting around that person. does that make you want to fly knowing that if someone coughs in a tight space, you can absolutely be infected potentially? stuart: that's bad news for the airlines. it really is. you've got to reassure people before they get on the plane that getting on the plane will not expose them to that kind of coughing and the circulation of the virus. i mean, i don't know how you convince people who are anxious to start with. i mean, lauren, that's real bad news for the airlines, isn't it?

that video, not good. lauren: i know. can we social distance on a plane? can you really sit six feet apart? so if the air droplet is large enough, it could just fall to the ground instead of travel so far? i don't know the answer. but you're right, this is why people are nervous to fly and this is bad for the airlines. stuart: if you do keep social distance six feet apart, then you are going to cut the capacity of the plane dramatically and therefore, you cut the revenue from that flight dramatically. therefore, you push the airlines further and further into a deep hole. i mean, i don't see any way round this one. i'm going to move on, though, because i believe we have news on mcdonald's. susan? susan: we had earnings this morning and earnings falling some 17% as coronavirus of course led to restaurant closures, plunging sales around the world. for the first quarter it was contained, shall we say, down about 3.4% in the first three months, although march did worse, of course, than january and february, and it looks like when it comes to the u.s., same store sales, this is how you gauge restaurants' foot traffic,

flat sales in the first three months of this year so they are suspending buy-backs which a lot of companies have done, including intel, chevron and the like, they have withdrawn their 2020 outlook and long-term forecasts they issued in february. that's gone. they are just going to focus on a limited menu in many markets. looking specifically at europe, this might not surprise you, but the sales there, comp sales were down by 70% in markets like france, italy, spain and the uk. stuart: i'm not surprised. the drive-through is not as popular in europe as it is in america. that's just the way it is. if your restaurant part is closed and you don't have much of a drive-through, i understand the downside move. susan: very good point. drive-through and delivery channels now represent 90% of the sales mcdonald's makes as restaurants are closed. stuart: who would have thought. i believe mcdonald's has opened 99% of its stores in america drive-through only. i think that's where they are. susan: yes. most of their stores have

reopened in china as well. so 95% of their stores. stuart: there's the bell. now look, by the end of trading today, we may see the dow jones average turning in its best performance, monthly performance, since 1987. go figure. all kinds of bad news from main street, good news on the market. now, we have just opened up, it's 9:30 in the morning, a thursday morning. we have opened down just over 1%. that's 200 points down for the dow but look at the level. i keep saying this, 24,300 is where we are. the s&p 500, that is on the downside as well but not as much. a mere three-quarters of 1% down. as for the nasdaq, that's probably pretty much holding its own. yes, it is, down just .1%. that's because technology stocks are doing well this morning, most of them, anyway, and that's represented in the nasdaq index. kind of a mixed opening, mostly lower. look at apple. where are they this morning?

i believe, susan, can you confirm this, they are still going through with their stock buy-back program? susan: look, most likely, because that's usually when they announce their stock buy-backs is in the march earnings and that's what we are going to get later on today after the first quarter, it's pretty much baked in that the first three months of this year was tough, since apple still puts together 50% of their iphones in china. we know factories have been closed and people are just slowly returning back to work there, and then it spread around the rest of the world so what we are anticipating is probably the slowest and biggest revenue drop since 1998. they don't break out handset sales anymore but some say initially they had expected 48 million handsets to be sold in the first three months of this year, now it's down to 41 million. obviously, buy-backs, still key since apple still has a lot of cash on the balance sheet, over $200 billion. people anticipate that given that we have seen the stock drop, down 17% from record highs, this is opportunistic for them. they are very good at picking price points to repurchase their shares and some are looking for

an increase in this buy-back program of $100 billion. they can do this, whereas big banks as i mentioned to you, intel, even mcdonald's suspending buy-backs, other companies can't afford to buy back and repurchase their shares. when you do that, you boost up the price of your stock. also, we are expecting a dividend increase today, from 4% to 7%. stuart: i still shake my head at over $200 billion in cash. that to me is astonishing. there you go. amazon, they report after the bell today. i would have thought they had done pretty well during this virus period even though their report will cover just a small part of the virus lockdown. what are we expecting, lauren? lauren: i think you are correct. the stock is up 30% this year. we are expecting their deliveries to soar. obviously as people shop for everything they need from amazon. also, their online traffic, web services, expected to be very strong. also watch their expenses and costs, as they had to beef up their operations, also hire more workers for a total of 175,000.

also paying some of those workers more. they are a winner during the pandemic but it does come at a cost to their bottom line. stuart: we covered this just a few minutes ago, but i want to go back to facebook, in with a nice solid gain this morning now that they've opened. way up, 12 points higher. can you give me the one big reason why facebook is doing so well again? lauren: because people are sitting home and engaging with their friends, using the facebook site, and in april, the first three weeks, facebook said ad revenue, it started to stabilize. it stfell off a cliff in march t is coming back so far in april and that's a forward-looking signal. stuart: forward-looking is where it's at as they say. let's get to tesla. i know we dealt with it but i believe there's a new target price from a big investment firm. susan: they are all over the place. looks like oppenheimer has raised their target price to $968 from $684. makes sense as we are trading at

$862. it was a third straight quarter of profit which you know in the past has been difficult for tesla. they delivered over 88,400 vehicles in the first three months of this year, delaying the semi-truck delivery until 2021 because fremont is still shut and that's pretty much the expletive rant elon musk went on yesterday on the earnings call. he's upset, obviously it's a threat to his business when your only car producing factory in the u.s. has been shut since march, probably won't be able to reopen until the end of may. but there are good things for tesla given that cash was always a stretch for them. they have $8 billion on the balance sheet and some are saying if you get to four quarters of profit, the reason why you are getting this i guess boost in the stock price, they are delivering the vehicles, model y as well, which has done better than expected but also if you have four quarters of growth, you get included in the s&p 500 which means index funds have to include you and buy your stock. stuart: i don't know whether you saw this or not, but obviously you were on the call with elon

musk yesterday. he wants freedom in america, reopen with care. it's a de facto house arrest. he wants to open up. did you know ilhan omar has responded to that? here's what she says. billionaires want to continue profiting off your labor, even if it risks millions of lives. they call this freedom. okay. you've got a political clash as well as a clash about opening up again. susan: what about the thousands of jobs that tesla provides and also the ease and convenience of service with their cars? there are benefits to opening a factory, to giving people a salary to put food on the table, isn't there? stuart: yes, i would have thought there was. i would have thought there was value in having amazon move to new york as well but they don't want it. the squad is opposed. susan: good point. stuart: check that big board. we are still down about 1.25%, i think it is, 1.33%, 330 points to the down side on the dow. the level again, 24,300. watching more stocks for

you. look at american airlines. their chief executive says they have no plans to close down any of their hubs. he also says that daily cash burn is slowing down. the stock is still down a buck, $11 a share. more of the indicators for you. the yield on the ten-year treasury, .60%. the price of gold, still above $1700 an ounce, barely. $1713 is the price. we haven't checked bitcoin for a long time. here it is. $8,670 per coin. that's up 60 bucks. the price of oil. we have not been quoting that this morning thus far because it appears to have stabilized in what i'm going to call the mid-teens. $16.95 is the price for oil for june delivery, up $1.92. that's 12% on the upside. can we see some stability in oil? well, maybe we are looking like it. by the way, shell oil responding to the oil glut.

what has shell done, lauren? lauren: the ceo doesn't see stability in the oil price or demand and for the first time since 1945, shell has cut their dividend. they cut it by two-thirds to 16 cents. you can argue that is expected in an environment like this where companies need cash and you don't want to look bad, if you will, using money for shareholders but analysts are saying because the stock is down almost 14% right now, the analysts are saying when does that dividend come back, when is it fully reinstated, it's the length of the reduction that's key here because the length of the reduction is quite honestly reflective of the health of the oil market and the economy. stuart: yeah. we've got a worldwide oil glut. it's not going away any time soon. it could be a long-term delay on that dividend payment from shell. okay. what have we got? down 300 points on the dow jones industrial average. okay. devastating new documents

show that fbi agents discussed trying to get michael flynn to lie and even more stunning evidence, we are told i s on th way. what comes next in this case? judge napolitano is here to discuss precisely that. in just a few hours, new jersey governor phil murphy meets the president. he's trying to reopen the state quote, within weeks. jersey city's mayor will join us in our next hour. better take a look at uber and spotify. my next guest says these are the lockdown winner and lockdown loser. loser being uber. winner being spotify. despite the stock price. he will make his case in a moment.

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lauren: i can tell you that the fda and gilead are talking frequently to make this drug available as soon as possible. the "new york times" actually reported that could have happened yesterday, they could make it available as an emergency use. here's the thing. the fda has not approved any treatment thus far for coronavirus. remdesivir, very promising in early clinical trials. it's not a home run. it's not a vaccine. we don't know if it would actually force some states to relax their social distancing, but it does prove to many people that there's a treatment should you get sick, you can recover faster. stuart: that's important to know. good stuff. all right, lauren. i'm going to put two stocks up on the screen for you. uber and spotify. mitchell green is with us and he is an original investor in both of those companies. he says one of them's a winner, a lockdown winner, and one of them's a lockdown loser. mitchell, wake up, welcome to the show.

can you hear me? yes, you can. >> how are you doing? stuart: i'm well. let's start with what you call the lockdown loser which is uber. look, i don't see them going out of business, although they are severely depressed. at the same time, i don't see them going public either. how about you? >> look, uber obviously in the near term is, you know, is hurting just because all major cities are locked down. that being said, look, uber eats is obviously doing quite well, adding lots of new consumers who never ordered off the app, you know, additionally they are -- lots of new restaurants joining. but uber will come out of this i actually think stronger. i know it sounds kind of silly right now but they were spending billions of dollars a year on driver incentives to recruit drivers. no different than walmart trying to get low wage workers or

mcdonald's. it was really tough, in a tough labor market. but i actually think coming out of this, that will all disappear given we have 30 million plus people unemployed right now. they don't need to spend anything with driver incentives. stuart: okay. the winner, i think this is your pick as one of the lockdown winners, spotify. i can understand that. okay, they are down 2% today but they have had a terrific run. what have they got now, 130 million paid subscribers? is it something like that? 130 million? >> yeah, i think it was like 130 million paid subs this quarter, growing like 33% year over year, gross margins were 25.5% which were better than the street. i think the loss was around like negative $17 million for the quarter. the street thought it would be like $77 million loss. yesterday at one point it was up at like $160. last six months or so it was

below 100. the stock has done quite well. people sit home and listen to music. got to turn it up so you can drown out your kids. stuart: whatever you say. last one. spotify and uber. in the long run, do they go up from where they are now? >> yeah. i think, look, i'm bullish america, so i think over the next couple years, they are both great long-term investments. stuart: excellent. mitchell green, thanks for joining us. always appreciate it. thanks very much indeed. a sexual assault allegation against joe biden may be finally starting to break through the media's wall of silence. biden may be forced to address this. we are on that story. coming up, clare smith. she runs a vegan etf. i would have thought she would be dancing in the streets because this might be a meat shortage. she joins us after this.

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stuart: if you look at local areas around the country, they're reporting sharp declines in manufacturing activity and susan, i think you have the latest from the chicago area? susan: that's right. so not a good number. 35.4 in the month of april, which is the lowest reading since march 2009. as you know with these pmi

numbers, anything below 50 means worsening conditions and also contraction and by the way, the chicago pmi is the last of the regional manufacturing indices that you will get before the national ism data is released on friday, which is tomorrow, but we're looking for current indicators and this is telling us that obviously, the u.s. economy is suffering with 30 million now unemployed. stuart: yeah. we are in the chasm as of right now. we like to check stocks that are trying to open up or the companies are. five below, discount retail guys, they have opened up more than 100 of their stores all across the country. all the workers required to wear masks and they've got a curbside pickup option for their customers as well. the stock is down 2%. $90 at five below. norwegian cruise lines, they are going to furlough roughly 20% of the work force, all the way through july 31st. originally that stock went up. now it's down just 16 cents. $16 a share on norwegian cruise lines. beyond meat, they have seen

a couple days of modest gains and they are up again this morning, $101 a share on beyond meat. there has been a surfacing of this problem with the meat supply. meat shortages have begun to appear. what better time to bring in clare smith. she runs a vegan etf and she's been on the program before. i remember her having a british accent. so clare, this virus and this lockdown, it must have been -- this shortage of meat, that's got to be real good news for you and your etf. >> you know, i think what's important to note, stuart, it's great to be on your show again, thank you again for inviting me, i think what's important to note is that the vegan climate etf is attempting to provide similar kinds of returns to the s&p but we are excluding quite a number of stocks, according to our vegan and climate principles. so our etf has actually been benefiting from quite a number

of the exclusions including the meat production but also we have no oil stocks, we have no airline stocks, we have no cruise lines, we have no hotel stocks, we have no restaurant stocks. a lot of the companies, a lot of the industries which are suffering very badly through this covid crisis are absent from our index. stuart: you are very well placed. you avoided all the big problem areas. well done indeed. not that that was necessarily by design. it did happen that way. you must also be pleased at this massive decline in co2 emissions we have seen around the world. the largest in human history, as far as i know. you've got to be happy about that, too. >> yes, i guess we certainly needed to reduce those emissions, but this effect needs to continue in some way without this dreadful reduction in economic activity because

whereas the emissions news is good, obviously people still need to be employed in some way. this is why we are so positive about the plant-based area, because this has the potential benefit of taking away from those emissions from animal agriculture while still feeding the nation healthy food. stuart: look, your opinion is valuable on this program. you are the other side of the debate in many respects and we appreciate you being here. thanks very much. claire smith. vegan etf. thank you very much. another couple stocks we want to check for you. first of all, molson coors, what are they saying about bar and sports stadium closures? the stock is down 10%. lauren: yeah, that's where they fill a lot of beer. you go to a game, you buy a beer. you go see a concert, you buy a beer. that's all shut down because of the coronavirus. they say that will impact not only their full year 2020 sales, but also possibly beyond that. they did report numbers for april and they said thus far,

sales are down 14%. so you got to remember, a lot of that beer that's stuck in bars is just going stale so of course, coors light is actually giving away $1 million of free beer just to help lift people's spirits during lockdowns because they can't sell it in their restaurants or they will be able to in some states but for the most part they haven't been able to. stuart: you can't leave it at that. if they are giving away a million bucks of free beer, tell our viewers where they can get it. lauren: okay. hold on. i will get you that exact information. it's a campaign. you have to tweet out and use hash tags and all that. give me a second. i will get it for you soon. stuart: thank you very much indeed. we have a long show. plenty of time to get that information. we do have a big show coming up for you. start with our 11:00 hour. pete hegseth is with us and stephen moore. good stuff right there. we also have really stunning new developments in the case against

michael flynn. how a handwritten note could prove that the fbi really just set him up. we will break it down for you with my take after this break. . . economy

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lending facility saying they would start, a coming up a little bit soon. the main street lending facility is one that opened to businesses. it helps big companies there. the main street lending facility will also be up and running. treasury secretary tells me they would add money to it if the federal reserve would like to expand the main street lending facility beyond the 600 billion. three items they have done with the main street lending facility, are one, they have increased the number, increased a third loan option that will allow other businesses with higher leverage to get these loans. it also lowers the minimum amount of loan that can be taken. that is 500,000 t was a million. so it opens it up to smaller businesses. it increases maximum size of the loan to $200 million. it was $100 million. the third thing it does, it expands the pool of businesses that can get these loans. up to now it was companies up to 10,000 employees with annual

revenue of 2.5 billion. it goes to 15,000 employees, with annual revenue of five billion. they expanded number of businesses allowed to get these loans. this is something that is coming because of overwhelming feedback from businesses who are trying to get this loan right now. again this problem will be up and running soon according to the fed chairman. back to you. stuart: i think that is very important. more money going to more businesses and maybe more money in the future. look at market. we have minus 200 to minus 1800 that might have been the fed effect there. reporter: stu, this is something the businesses wanted. thisthis is demand driving this. stuart: all part of the stimulus to get things moving again as fast as possible. well-received on wall street. thank you very much indeed. just after 10 a.m. eastern time on a thursday, we have got big

news, on mortgage rates. lauren? lauren: lowest we have ever seen, the 30-year according to freddie mac, 3.23%. 15 year falling to 2.77%. here is the rub, not helping the housing market. the national association of realtors says housing might not recover this year. in fact they expect sales to fall by 14% on the year. then data analyzed the most vulnerable markets. they are new jersey, our home state and also the state of florida. foreclosures, number of homes underwater as well as wages. unemployment will affect and continue to affect the housing market, stuart. stuart: at this point where ashley and i used to reminisce about the mortgage rates that we paid way back when. i paid 12 1/2% at the end of the 1970s. ashley paid 14, 15%, thought he got a bargain. people of my age, hard to

believe, down to 3.23%. there it is. i wish i was younger again. lauren: i can't imagine paying those rates. i can't imagine it. my father tells me the stories all the time. when i bought this house the rate i paid was this. i don't know, tomorrow, there is it going to be strikes from coast to coast. people saying, forgive our rent and our mortgage payment because we don't have a job to pay them right now. stuart: what a situation. i didn't see it coming. i don't think anybody saw the virus and the lockdown coming. here it is with a big effect too. corporate stories, one of the big stories we try to follow for you reopening of america starting business again, reopening their businesses. we have new developments on that from susan. susan: i would say slowly reopening. five below is reopening 100 of their stores. all employees have to wear masks. mcdonald's reported earnings

today. foot traffic down 3 1/2% first three months of this year. much worse in march than january or february. mcdonald's says they're slowly reopening, south carolina, tennessee, georgia, texas, alaska. some state has might not extend shelter-in-place orders. screening employees into the restaurants. overseas the uk is going to reopen some of their mcdonald's stores. china is 95% reopened. starbucks reopening 90% of their stores by june according to ceo this week. take-out is a main part of starbucks's business. costco, most stores go back to regular hours pretty soon. customers have to wear masks. there will be social distancing. you will not be allowed to have more than two members go in on one membership card. meatballs you usually get when you go to costco?

stuart: dollar, or dollar 50 for big foot long hot dog. best bargain there is. susan: healthy. stuart: whatever you say, susan. mcdonald's is dow stock, taking a few points out of the dow. it is pretty much a down day for the dow. we're 240 off the dow industrials. now this. lieutenant-general michael flynn ruined financially and disgraced publicly. he ran up against the awe some power of the state which in his case appears to be abuse of that power. i'm not a lawyer but i know injustice when i see it. here's the story. goes back to the 2016 election and the very early days of the incoming trump administration. holdovers from the obama team were out to get the new guys. they were contemptuous of president trump and wanted to undermine him t was political. they loved hillary, they hated trump.

this is where michael flynn comes in. he was newly appointed national security advisor and was immediately investigated for contact with russia's ambassador. yes, it was the start of the russia, russia, russia thing. fbi under james comey went after him. what was the goal of the investigation? what was the goal when flynn was questioned? handwritten notes just revealed show this, to get him to lie. so we can prosecute him or get him fired. that is what it says. they pulled the general into a trap. in legal terms it is called a perjury trap. why did they do that? prominent trump haters why in middle of what judge napolitano calls a plot to undermine the presidency of donald trump. well, they did indeed get general flynn. they threatened to prosecute his son. they threatened him with jail and they ruined him financially. that he had to sell his house. according to sources ran up

6 million-dollar legal bill. deliberately ruined by the trump haters for political purposes. finally the truth is coming out. we're told a lot more to come. good. the people responsible for this gross miscarriage of justice should be held accountable. the president should consider a full pardon. general flynn might want to consider suing to get his money back. we might not hear directly from him, but he did tweet this, the flag flying high. speaks volume, doesn't it? here is what former fbi director james comey had to say about it all. roll that tape, please. >> you look at this white house now, hard to imagine two fbi agents ending up in the state room, how did that happen? >> i sent them. [laughter]. something we, i probably wouldn't have done, or maybe gotten away with in a more organized investigation, or more organized administration. in the george w. bush administration for example, or the obama administration, there

was process. so if the fbi wanted to send agents into the white house itself, to interview a senior official, you would work through the white house counsel and there would be discussions and aapprovals, they would be there. i thought it is early enough, let's just send a couple guys over. stuart: james comey right there. did you hear the audience laughing along with minimum? extraordinary stuff. look at this. this is president trump's tweet this morning. what happened to general michael flynn a war hero should never be allowed to happen to a citizen of the united states again. judge napolitano is with us now. take me through this legally, please, judge. where to from here? >> first, stuart, my hat off to your statement you just gave. it is filled with facts well-documented and inferences logical and rational. in law school, law students are taught conspirators don't write

down they have a conspiracy. they don't say ahead of time the crimes they're going to commit. we learn last night from notes by a high-ranking fbi official, of a meeting with james comey that is exactly what he did. he wrote down that their effort was to target, to get, and to entrap general flynn. this is chilling, stuart, to anyone who believes in the rule of law. anyone who believes what we have known, come to accept as the premier law enforcement entity on the planet. fairest, most just, most rational was corrupt to the core because they wanted to get you. you have given very prudent reasons why they wanted to get general flynn but that is really irrelevant. no reason other than evidence of crime should justify the fbi pursuing someone. these fbi agents and these senior people know that and knew it at the time.

stuart: but, judge, i tell you, what gets to me, is that the personal impact on general flynn. the man is ruined and disgraced. falsely disgraced. can you imagine, to which court does he apply to get his reputation back, and his money back? >> well that's why i have been suggesting that, i know the president, or i believe the president is itching to pardon him, it would be better for general flynn and it would be better for history and it would be better for the fbi if federal prosecutors went into the courtroom of judge sullivan today and denounced and renounced the investigation and prosecution and asked a judge sullivan to vacate the guilty plea and dismiss the indictment. if they do that, there will be then the precedent for the department of justice doing the right thing when it was proven to be wrong.

but don't hold your breath. the government hates to admit it did the wrong thing. if the government fails to do that, or if for some bizarre reason, judge flynn, excuse me, judge sullivan, doesn't go along with it, then the president should pardon him. can he sue to get his money back? 6.7 million in legal fees to bring him to destruction and destution. he probably can't, but i would advice him to do it anyway, there is a theory in law that says, even if there is no basis for this lawsuit, the government's behavior so shocks the conscience of the court that i'm going to let the lawsuit go forward and let's have a jury decide what it is worth. stuart: yet again, judge napolitano and i agree in full. we're glad you made time to get on the show today to say it. judge, you're all right. thank you, judge. good stuff. >> all the best. stuart: look at the market. we're still down roughly 200 points. we had news at top.

hour that the federal reserve is about to expand its program of lending both moneywise and to the number of companies eligible, expand lending to business, big time. that initially helped the market. we're still down about 200 points. take a look at twitter. the stock i believe is down. yes it is. 3.6%. this after its saw daily active users, go way, way up. i'm not sure the exact numbers here. up 14 million, up 14 million, to 166 million. now that is quite a number but the stock is down. we'll check into that. see what's wrong. kraft heinz that stock is down 2% all because, they got very high demand for their sales of food, up about 3.3% i believe. because of a lockdown. we like canned food because it keeps. dunkin' sales down 19% in the last three weeks of march. the company also said it is

suspending the quarterly dividend and the share buyback program. nonetheless it is up just a fraction, 29 cents. there is this, dr. anthony fauci says sports might not happen this year. that is not stopping major league baseball or nfl people from plotting a comeback. we have details on the comeback for you. type white house economic advisor larry kudlow said yesterday on the program, a big snap back, what he sees from the virus pandemic. which states are going to lead that charge, steve moore has his list. first the new jersey governor is going to the white house to discuss reopening that state. new jersey city, jersey city, that is the name of the town, jersey city mayor, he is coming up on that in a moment. there is more "varney" after this. life. life. i feel cared about as a member. we're getting a super competitive interest rate on our money. we're able to invest through the same exact platform.

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stuart: florida, utah, new jersey, they're beginning to reopen. what are they doing, lauren? lauren: we'll start with florida. on monday, restaurants and retail, can open at 25% capacity, not included three populace counties, miami, miami-dade and broward. governor says i'm not making you wear a facemask but i'm disappointed more people aren't wearing facemasks. saturday in new jersey, state parks and golf courses will reopen. governor murphy of new jersey is meeting with president trump at the white house today. he will ask tore more money, state aid, financial assistance and to expand testing. let's see if any sort of deal is made between the lawmaker and the president. you want aid. then you got to do this. stuart: if he gets the money for new jersey, there has got to be strings.

you can't have federal taxpayer money going to bailout new jersey's bankrupt pension system. you can't do that. that is fine for taking care of the problems with the virus but not for preexisting conditions, that is my take anyway. by the way, lauren, the governor of new jersey, phil murphy he did indeed announce he will open the parks and golf courses tomorrow. he is indeed going to see the president today. with us now is the mayor of jersey city, stephen fulop who has been i believe on our program before. your honor, thanks for being here again. >> thanks for having me. stuart: i'm sure you saw the flyover the other day, the blue angels, you saw that, the crowds that gathered to watch. not all wearing masks, not keeping social distance, and i'm sure you heard about governor newsom in california closing the beaches again because some people went to the beaches and didn't keep distance. how do i feel about that? i mean, it seems like, if, a couple of people misbehave so to

speak everybody gets punished, how about that? >> well, i think that the reality -- vaccine or treatment, there will not be a real change to normalcy with regard to if somebody has covid and there is the risk of it spreading. with that in mind, given there is not a vaccine or treatment coming tomorrow, we need to trust our residents to make good judgment and good decisions. that will not be everybody making those decisions. but we need to trust, by and large people understand the risks and will do the right thing. stuart: you will face a revolt. i do think you will face a revolt. you try to arrest or cite a mom who is taking her kids to the local playground and not keeping social distance, i think you have got a problem on your hands? >> we try to use a gentle touch.

we have not written people in the park together. we were first to open parks. did them on monday. reality gentle touch is right way to go, when you ask people to do the right thing. the public are more aware than they were seven weeks ago with the risk of them being too close to together and that they will ask responsibly. that is it what we're trying to do -- stuart: in jersey city, are you letting people out? are you letting them go to the park? can kids go to a play ground? >> well, they can go to a park. the playgrounds are not open yet and dog parks are not open. our largest parks are open. we're gradually phasing in additional parks. you have sanitation stations there. we have rec personnel. we're handing out masks for people that don't have them in the park. definitely a different normal, but we are loosening restrictions because we recognize as weather turns, people are inevitably going to need and want to go outside. it is about physical health as much as it is about mental health. stuart: i really do sympathize,

your honor. because tomorrow, rather than saturday, the weather will be really good in jersey city. i think you will see a flood of people getting out and about. i don't envy you trying to keep people at distance. might be a tough weekend. last word to you. >> we know that the residents cooperate with us and we understand the risks we're working in the same direction to get the city eventually open in a safe pay. people enjoy the parks. we want them to be enjoy the parks and be out there and enjoy the weekend in a safe way. i'm optimistic that is what happens. stuart: your honor, steven fulop, you have a tough job. thanks for coming on the show explaining it. thanks very much. >> thank you, sure thing. still down 200 points for the dow. not quite 1% lower. delta air lines, i'm not sure this makes any difference to the stock price, but they

will retire md-88 and md-90 fleet in june. whether they bring them back or not but they retire in june. tyson foods is suspending operations at one of their beef plants for deep cleaning. susan, that is one more plant that brings a total of 20 meat processing plants around the country are closed. are we facing a meat shortage? susan: that is why the president, president trump signed the executive order, part of the defense production act. he wants to make sure that america still has its meat supply. tyson foods is halting operations at beef facility in nebraska ba and dakota city. this is for deep cleaning they say. this facility employs 4300 people. think about the jobs involved and number of closures we've seen at these meat plants. but tyson has voluntarily idled the pork facilities in waterloo iowa a indiana, and washington

state. there are a ton of meat plant closures. iowa has seen numerous ones, missouri, washington state, illinois, minnesota, wisconsin, south dakota, colorado. it goes on and on. there are concerns about meat supplies. stuart: there are. i see stocks running low in the local supermarket near me. that could get worse. they try to deep clean, reopen. we'll see how it goes. get back to mcdonald's, new developments there, a new headline, lauren, mcdonald's what have you got? >> they're doing the fake meat options in time. the ceo says they will have a plant-based something on the menu over time. they tested a plt. it was in canada last year. it was a temporary test. we'll see if it is expanded or put something new plant-based on the menu. they might have to, well, there is issue with getting meat right now. stuart: what did you call it, a plt? plant, lettuce and tomato.

lauren: yes, instead after blt they called it a plt. stuart: i must remember that. lauren, thank you very much indeed. how about this, a virus test, virus test kit gives you a result in ten minutes t has been approved by the fda the company making those tests is thermogenesis. they're on the show next. we'll show you, uv, ultraviolet light disinfection robot. it is first and only technology proven to destroy the virus. we've got the virus, and we've got the robot on the show. sorry about that. life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

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and three: these are the only medicare supplement plans endorsed by aarp. learn more about why you should choose an aarp medicare supplement plan. call today for a free guide. >> this is not going to be a bailout of shareholders but this is going to be supporting the national security issue. we're also exploring potentially having the ability to store another several hundred million barrels. we're in touch with lets of people around the world and the president is determined that we protect the national security interests and the jobs. stuart: that was the treasury secretary referring essentially to the plunging price of oil and its effect on oil companies. this morning oil is actually up 15% at $17 a barrel. they will not get a bailout, the oil companies, but they will be getting some kind of government money to help them out and stop them, all of them going under.

there is a chinese company, here's a headline, they are going to buy giant texas oil fields. susan what is going on? susan: if you're having trouble keeping afloat for a lot of these oil companies, take some chinese oil money? a consortium is offering $1.3 billion to buy giant oil fields near the permian basin in texas. they have cfius, overseas foreign international deals, they have approval from the government to do this. smaller chinese companies are looking to buy overseas because there is tight control in china over oil assets. a lot of the state-owned players actually get, i guess they get, shall we say priority in purchasing assets. they're looking to buy elsewhere in among mongolia, pakistan. stuart: they lock in a supply of very cheap oil from a good

source. i can't see why not. thank you, susan. here is another headline. macy's will reopen 68 stores on monday? lauren, can you tell me how they are going to open? what are the restrictions. lauren: appointment only. if you want to touch a piece of jewelry, you have to sanitize your hands first. workers wearing masks. if you try on clothing in the dressing room that clothing that you did not purchase will be held by an employee, i lost my shot, 24 hours. stuart: i heard you. lauren: am i in the dark, stuart? stuart: all i can see is me. that is a wonderful thing. stuart i'm home. i can't believe you have my mic, just to give you reality here. all the lights just went out and tvs in the room that i'm in. anyway, macy's will hold the clothes for 24 hours for you. they plan in six weeks to have

all 777, 775 stores open. i'm back in the light. can you see me again? amazing what just happened. stuart: maybe one of your children unplugged -- it happens lauren: live tv. stuart: i remember that video from south korea many years ago where a guy was trying to do a serious report on camera, and his young children rushed into the room. he was trying to get them out of the way. i always think that will happen to you. you have got very well-behaved children. lauren: don't jinx me. don't jinx me. stuart: how about this? the fda approved a test kit. the test kit comes from thermogenesis. this kit gives results in ten minutes. it costs less than $30 per test. we're fortunate to have with us the ceo of thermogenesis. dr. chris xiu. doctor, first of all, if you got fda approval for a rapid test

kit. that is wonderful news. is this for individuals or is this for hospitals? >> at this moment it is for hospitals. it is under the emergency -- [inaudible] stuart: now, we're going to need a lot of these tests. can you ramp up production? >> absolutely. currently our production is over 100,000 a day. we can easily triple that. so i think that's easy to meet the demands. stuart: can you get it out across the country real fast, distribute this thing real fast? >> we are receiving lots of phone calls and preorders and we're trying to get it to market as soon as we possibly can. so we're doing our best. stuart: sure. now what's the test like? is it one of those nasty things they poke all the way up your nose and goes down back of your throat? what is it? >> it is a lot easier, a lot

easier than that. you have seen a home pregnancy test. you have probably seen it all. it take as single droplet of blood from the fingertip. you can have the results as fast as three minutes. that's it. you don't need special instruments, no equipment. that's it. stuart: congratulations, dr. xu. that's a wonderful introduction to the whole effort to get rid of this virus. i do notice by the way, you will be pleased to hear this, since you went on the air with this interview, your stock went straight up. you opened a gain of 12%, three minutes ago. you're now up 21%. come on the show more often. i know you would. thank you for joining us, doctor. we appreciate you being here. thank you, sir. >> thank you. stuart: now xenex, this is the name of the company, disinfection services they

created a uv disinfection robot, i believe the uv light is the first and only technology that is proven to destroy the virus where bleach cannot. we're fortunate to have with us morris miller, the ceo of of the xenex disinfection services. sir, i know you have one of the robots with you. i know it takes a few seconds to fire it up. so fire it up to see what it actually does. let me ask you while we're doing this. how long does it take to disinfect a room for example? >> so we're very excited. you're the first place in the world, stuart, to know that we can destroy the sars covid-2 virus in two minutes. we get a four log, which is 99.99% reduction on surfaces. we run it for five minutes against n95 masks this was all proven. this is really important. at the texas biomedical research center, this is led by dr. and

professor, larry schlessinger. this is the leading private, non-profit research lab. this destroys the actual sars cove individual-2 virus this is not a surrogate. this is the real thing. the robot on behind my left shoulder, on related of your screen. i don't want to run on. stuart: you fired it up, our fewers can see what looks like flashing lights on the screen. we have a good demonstration of it. let me turn to my question. if that robot is in ordinary sized room, how long does it have to operate for before the entire room is thoroughly advertised. >> you run it for two minutes on the right side of the bed. run it for two minutes on the left side of the bed. that will destroy the sars cov-2 virus. that is what research shows. that is what we need to make it

happen come under control, not only for hospitals but also for hotel rooms, airlines, schools. this is what people need to do. we felt like it was important to test against the actual coronavirus. that's what we did. stuart: last question, how much for each robot? >> the robots are $100,000. because you can street, 50, 60, more rooms per day. it ends up costing 2 to $3 a room, everyone, patients, or people guests in public places like hotel, a feeling you know what? this is safe place to be. stuart: if you delivered to one of these things for my host at the room, for example, do i need a technician to make the thing work or lights flashing and. >> put it in room. tell it run for two minutes. do it on opposite side of the bed. it would be safe. i met you a few years ago in front of a hotel. i wish we had it back then. stuart: i'm sure you did. i meet a lot of people. >> i can't believe you don't

remember. stuart: but i will remember the robot and that's a fact. morris miller. thank you very much indeed. xenex disinfect services nice to see you. >> nice to see you. stuart: check the market. we've come back. the fed announced at 10:00, we made the announcement for the fed, that they're expanding their loan program for all kinds of businesses, more money, more businesses. that helped the market. we come from a minus 300 to minus 148. president slammed the world health organization, calling them the china's pipe organ. colleges, planning to cancel classes in the fall. brown university's president, opening campus, opening them, should be a national priority. she is on the show the next hour. i want to know, how are you going to do that? we'll be back.

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>> right now they're, they're literal a pipe organ for china. we give $500 million. we have over the years, from 400 to 500 for a long time, many years. china is giving $38 million. yet they seem to work for china. and they should have been in there early. they should have known what was going on and they should have been able to stop it. stuart: you heard it. the president called the w.h.o. china's pipe organ. this is all part of the making china accountable for their actions during and just after the virus. tennessee senator marsha blackburn joins us now. senator, always good to see you. >> indeed. stuart: last time you were on the show you suggested, let's hole china accountable. one of the things you suggested was, let's not repay them the trillion dollars that we owe them.

they have invested in our debt. you're saying, don't repay them. now that is abrogated america's debt. we have never done that before. you want to go that far? >> we have never done that before, but, stuart, i think you have to look at the fact this is already cost us six trillion dollars. there may be another five trillion dollar hit to our economy. the jobless numbers that we are seeing are so distressing. tennessee we have 437,000 tennesseans out of work. today's numbers show another 43,000. tennesseans now out of work. what china has done is of tremendous cost. should we consider doing this? yes, indeed. it is something we should explore how to hold them accountable. stuart: senator, can i ask you to hold on for one second. susan, come in please. wonderful breaking news. what do you have? susan: we do. u.s. top spy agency says covid-19 originated in china.

but was not man made or genetically modified. u.s. spy agencies will what they call rigorously examine new information to determine whether covid-19 begun with contact through infected animals or wuhan laboratory accident, according to a statement. there are multiple theories maybe this started in a wet market and animal to human transfer. there were reports, just in the past few weeks there is increasing confidence possibly within the administration that this may, this virus may have came from the laboratory and it may have gotten out there into the wuhan streets. looks like the top u.s. spy agency says again the virus originated in china but not man made or genetically modified. stuart: thank you, susan. senator, i'm sure you heard that, senator blackburn. >> right, i did. stuart: not man-made. >> right. i think one of the things we have to look at, what was the lab's participation and what was

the chinese communist party's participation in this and what did the world health organization do that emboldened -- you can go back and look at january 14th, tweet from the w.h.o. what they said, stuart, there was no human-to-human transmission in this. so we know that, yes indeed, china knew that this was there in wuhan, going back to before they ever had anything to say. they had the w.h.o. covering from them. they were trying to say it was animal to human. to go getting the reports from our different intelligence agencies and divisions is going to be very helpful to us in nailing down exactly where it came from, how it got started and making it easier for us to hold china accountable. stuart: indeed. indeed. we gave the news a few minutes ago, that china is buying oil

fields in texas and paying more than a billion dollars. do you think we should allow them to buy texas oil fields? >> right now i think we need to be very careful of what we do with china, both domestically and internationally. and china likes investing in the u.s. because they think that we're a, we're a good bargain. we're a safe place for their dollars. that is why we need to look what they're doing with the debt. we need to look at what they're doing with the oil fields in texas. we need to look at what they're feeling with the islands in the south china sea. how they are expanding their belt and road. what they are doing with great power competition. stuart, we have to realize domination is their goal. power is what they are seeking and i think right now we have to realize they did this. the decisions that they made, the sense of omission and

commission caused this pandemic to be be worse. they need to be held accountable for it. now is the time to work with our allies and hold them accountable. indeed, senator rubio, a group of us, sent a letter to the president a few weeks ago encouraging a special envoy to get to the bottom of this. and we think that to keep our economy safe, to get it restarted, to keep our people safe, it is important to do. stuart: okay. be careful about abrogating the debt, however. that would really put cat to the pigeons. >> i -- on that. it is a discussion we should have. china needs to know we're very serious about how we're going to hold them to account. stuart: senator marsha blackburn, thanks for joining us. always a pleasure. >> absolutely. thank you. stay safe. stuart: 233 points to the downside, that is the state of play for the dow.

down about 1%. look at the level, 24,400. that's where we are. amazon workers, they're planning a strike tomorrow. that is may day, may the 1st. in europe a lot of people don't go to work on may day. kind of a socialist holiday. but susan, what's the details on amazon's strike? susan: international day of labor, not just in europe but around the world. not just workers in amazon, whole foods, instacart as well. first time they coordinated their activism. they're upset, they don't feel they were given the right type of equipment after rising cases of covid-19 and deaths reported among the employees. first time we've seen workers in the companies walk off the job. instacart workers walked off the job march 30th. shift, washed off the job. 300 fulfillment center employees in amazon did in chicago and staten island. what do they want? they want more pay obviously.

instacart and shipped employees want five dollars in hazard play. and a tip when it comes to instacart. amazon spent half a billion dollars to hire more employees in order to fulfill some boom orders. there has been a spike of orders online for amazon. also protective gear, extra time to recover over covid-19. stuart: threat of a strike, the stock is up $56, 2.3% at $2428 per share. thanks, susan. dr. anthony fauci says sports just might not happen this year. that is not stopping the baseball or football people from plotting a comeback. we'll tell you all about it after this. let's be honest. quitting smoking is hard. like, quitting every monday hard.

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stuart: dr. anthony fauci, he says sports might not happen this year. you know, that's a vague phrase. exactly what did he say? susan: well, yeah, that's what he said. he says that major sports might be sidelined for the duration of 2020, especially without widespread testing. however, i should point out the mlb, major league baseball league, is hoping to get, maybe start the season in late june, no later than july 2nd. they are looking to play 100 regular games. that means no fans allowed but they will play in three

divisions, ten teams. they only play within the division and hopefully they will get some playoffs as well. i should mention the nfl is starting their schedule in two weeks and releasing its schedule in two weeks. there is some wiggle room but anthony fauci says don't expect any sports for this year which i think would probably hurt american sentiment, don't you think? this is our pasttime. stuart: whatever you say. i don't know. i want more on this. come back to football and baseball. grady trimble, can you fill me in on more details, the comeback time? reporter: i will say that anthony fauci has previously said that he does think sports can happen, albeit with no fans, so as susan said, the mlb aiming for late june, early july. we will see if that happens. meantime, bad news in the sporting world. the national baseball hall of fame canceling its induction ceremony for 2020. that was set for july. that's how far ahead they are looking at this point. the 2020 inductees included derek jeter, larry walker. they will be inducted in next

year's ceremony along with any new members. in the world of football, nfl commissioner roger goodell announcing staff furloughs, salary reductions and pension cuts, according to the "wall street journal." he also said in that memo it is clear the economic effects will be deeper and longer-lasting than anyone anticipated, but the league is still scheduled to start its season later this year. stuart? stuart: grady trimble, thank you very much. coming to the end of the hour, that means there's another hour coming up. we will give it to you after this. i came across sofi and it was the best decision of my life. i feel cared about as a member. we're getting a super competitive interest rate on our money. we're able to invest through the same exact platform. i really liked that they didn't have any hidden or extra fees. sofi has brought me peace of mind. truly thank you for helping me prepare for whatever the future has in store.

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stuart: 11:00 almost. five seconds away here on the east coast. the markets are in modest selloff, despite the breaking news we received an hour ago from the federal reserve. they're expanding the pool of businesses eligible for loans, the main street lending program. more loans, more businesses, more money. initially, that helped the market, but we are back down minus 200. mortgage rates, news there. plunging to an all-time low. look at that. the 30-year fixed rate loan, the mortgage, 3.23%. it's never been as low as this. other numbers that came out this morning, jobless figures. 3.8 million people applied for benefits just over the past week. that brings the total number to 30 million, just over 30 million people without jobs in the last

six weeks. happening this hour, president trump meets the governor of new jersey in the oval office. any news from that meeting, you will get it real fast. now, we've got news on the all-important remdesivir drug from gilead sciences. what's that, lauren? lauren: gilead is saying okay, hold on right now. they released a statement that says this in part. remdesivir is not licensed or approved anywhere and has not been demonstrated to be safe or effective in treating covid-19. yes, there are very positive and encouraging trials, we learned about two yesterday, specifically, one from the government and then one from gilead itself, but it's still early. so they're saying hold on. they do report earnings later today. there will be a conference call. i'm sure we will get more information then. but this is them pumping the brakes a little bit. the stock was up much more than it is right now. stuart: exactly. that note of caution, as you say, pumping the brakes, the

stock is still up but i think that may have been one of the factors in moving the overall market just a little lower. it went straight up on the good news from remdesivir. it came down a bit when we got this cautious approach from them. right now, the dow is down 193 points. we got red arrows pretty much across the board except for big tech. all right, everyone. now this. a public fight over where and how to relax the lockdown rules. it involves elon musk, representative ilhan omar, and california's governor gavin newsom. that's an interesting group. it's a very serious subject. this all started when local authorities would not allow the reopening of the tesla plant in fremont, california. musk tweeted give people their freedom back. also, yes, reopen with care and protection, but don't everyone under de facto house arrest.

he put that out on the day that his net worth went to $40 billion and he was in line to pick up a $750 million bonus. squad member ilhan omar jumped on that one. here's the tweet. billionaires want to continue profiting off your labor, even if it risks millions of lives. they call this freedom. all right. there's the clash number one. the billionaire and the socialist arguing over getting back to work. now here comes the governor of california. he is now closing all california beaches and parks. he was annoyed at the crowds who flocked to some beaches last weekend. not all of them obeyed the social distancing rules. gavin newsom is re-locking down. if some people don't keep their distance, everybody gets punished. how is that going to fly in a state with loads of wide open spaces and literally hundreds of miles of beaches? there are going to be real clashes between the open up people and the stay locked down

people. it's going to play out all across the country and it will be state governors who take the heat. the weather's improving, spring fever has really broken out and of course, we are going to be chomping at the bit to leave the house. you got to pity the poor police officer called upon to arrest or cite a mom for allowing her children to mingle at the playground or the sunbather who lies on a towel on the beach. that's verboten, you know. this morning, elon musk has gone further than his don't put everyone under de facto house arrest tweet. now he's saying the stay-at-home orders are fascist. if you think the argument is heating up now, just wait until the weekend when cabin fever meets spring fever meets warm weather, when millions want to bust loose and some state governors are saying no, you can't. now listen to elon musk sounding off on that fascism quote. watch this. >> -- people's freedoms in ways that are horrible and wrong and

not why people came to america or built this country. [ bleep ] excuse me me. it's outrageous. if somebody wants to stay in the house, that's great. they should be allowed to stay in their house. they should not be compelled to leave but to say they cannot leave their house and they will be arrest iffed if they do, thi fascist. stuart: well, i can't wait to hear what our old friend pete hegseth has to say, "fox & friends" weekend cohost. he's got a smile on his face. the gist of my editorial was here come the clashes and this weekend we will really see clashes between the stay-at-home people and the let me bust loose people. i think it's going to be pretty serious. >> oh, you're right, as it gets warmer, as the sun comes out, people want to go out. they have been told sunlight, heat, humidity is a good thing. you can very responsibly social distance outside. that's also not where people are contracting covid-19.

it's inside, in close spaces, mostly with their family or in nursing homes and hospital. so what we have right now, i wouldn't use the word fascism. there's a lot of historical connotation with that. people on the left use that ridiculously. forget that word. this is about freedom versus fear, about authoritarian governors who use every moment of possible fear or speculation to lock down, because that's easier for them than trusting free people to make decisions for themselves. ultimately, the more we know about this, we know who's affected and how they're affected and who can responsibly go back and live their lives. hand the power back to the people, give them freedom instead of capitalizing on fear and the media mob which is -- look at the pictures of the beach, look at all the people on the beach, somebody's got to do something about that. well, these are people exercising freedom on a warm day in california in a state which doesn't have anywhere near the amount of cases that california

has and most of it is in l.a. county. so you can -- california's a huge state. i don't know how the governor can say we are going to lock the whole thing down. this is only going to get more contentious and you will see the way the left and conservatives view government's role. is it empowering people or is it shutting them down like, you know, one misbehaves and now you're all stuck. stuart: i want to get back to ilhan omar and how she responded to musk on twitter. i read it earlier. i will read it again. this is interesting stuff. billionaires want to continue profiting off your labor even if it means risking millions of lives. they call this freedom. all right, pete, have at it. what do you make of that? >> listen, she hates american capitalism and she hates america so of course if you are pro-socialism, you believe billionaires are ultimately evil. here's the problem. you could dissect this 15,000 ways. the problem is i have never been hired by a poor person, okay? it is wealthy people who achieve

a lot of things, who provide opportunity to other people. yes, they make more money, they achieve the american dream in different ways but they empower thousands of people to go to their jobs in middle management, in administration, in blue collar jobs, and provide for their families. yet ilhan omar, the socialist, ultimately, she also tweeted a couple days ago, i think i talked about it on your show, don't go back to work. only in america are you liberated by going back to work. my answer to that is of course only in america, the free enterprise system which has enriched and empowered more people in human history, so again, if you are ilhan omar and hate america and hate american style capitalism, then of course you are going to reject the idea that people are chomping at the bit to go back to work, because you have grievances for everything and you think everyone is a victim of capitalism. so i just dismiss what she has to say but you have to take it on because unfortunately, young people and others are seduced by it. stuart: got to take it on. got to meet it. got to face it and talk about

it. pete hegseth, author of "american crusade." i don't yet have my copy of that book, by the way. i'm quite willing to pay for it, but you know, send it when you can. >> i don't have my copy yet, either. it comes out on may 19th. as soon as i have one, you will have one, sir. in fact, i say the whole book is about this dynamic, freedom versus fear, what the left wants to do here domestically, i break it down how much the left has crippled our country and what we have to do to win it back. i think you'll like it. stuart: i know i will. may 19th. i want to see it on my desk when i walk in my office. all right. thank you very much indeed. that's the american salute. this is the british. we will figure it out. thanks, pete. still on california and the re-closing of beaches and parks. david bahnsen is with us. wait, wait. i think of you as a market watcher. you are filing a lawsuit? tell me more. >> i am a market watcher. i'm a market watcher because i love free enterprise and freedom

and this is one of the most egregious assaults on freedom that i have seen. as you know, i live in newport beach half the time, when i'm not there in new york city with you, and we are watching a national narrative play out that is categorically false and untrue, the governor is exploiting and we are going to do something about it. this cannot stand up. stuart: what is categorically untrue? what? >> well, first of all, the beaches have been open in newport beach, huntington beach, orange county beaches, for a month. we have a third or a fourth of the cases of coronavirus that the beaches in l.a. county do, where they had their beaches closed for over a month. orange county right now has 40 deaths, every one of which we mourn, from coronavirus. out of three and a half million people. one of the lowest per capita cases of corona mortality in the country. what the governor is doing is taking a false narrative that people are not properly

distancing last weekend. you had people that want to get outside. you had a warm weekend, there are pictures after pictures from the fire department, from the police chief, from lifeguards, showing a very very safe process. now, i believe that there are people that maybe in certain pockets, were not necessarily practicing all protocols but for him to come in with this unconstitutional order is such an egregious overstep, we have to do something about it. stuart: david bahnsen, thanks for joining us on a very important subject and particularly important time. thank you very much indeed. see you again real soon. honest. apple and amazon, huge trillion dollar companies. they report their earnings after the bell today. come in, susan. will these reports reflect the impact of the virus? susan: yes. because we know that apple went through it first and assemble more than 50% of their iphones in china, one of the first companies to say we won't meet our sales target because of closures in factories in china.

it will be interesting to see what they guide forward, if we will get any guidance, but the expectations are yes, that matters in terms of how the stock performs, it's going to be a tough quarter for apple. we know they will probably sell less handsets. will they see a pickup in services to make up for it? that's a wild card out there since we know they want to make services including streaming, apple tv plus and the like, a bigger component of their sales contribution. also, about share buy-backs as well, they have $200 billion on the balance sheet, i tell you that over and over again and we are hoping that they will announce maybe $100 billion in stock repurchases, very strategic when it comes to picking up their stock on the cheap and hoping to increase their dividend to 7%, whereas by the way, other companies like the big banks, chevron, intel, mcdonald's this morning, says we can't pay out our dividends, canceling their dividends, or they don't have the money and are canceling the stock buy-backs. as for amazon, i would say i think everyone is expecting deliveries to spike, right, everyone is ordering online. but what about costs? since we know they are spending

half a billion dollars to hire more workers, pay them an extra $2 more and i think also, it will be about amazon web services because you can see it in two different ways. people will probably need more cloud computing since they are stuck working from home but then companies want to preserve cash so they might cancel their contract. stuart: i just checked. both apple and amazon are worth $1.2 trillion. apple is worth maybe $100 million more but that's it. $1.2 trillion. susan: what's microsoft worth? stuart: hold on a second. i can tell you. 1.3 trillion. thank you, susan. thank you. to my rescue one more time. i didn't realize, i thought apple was still the most valuable. i guess it's now microsoft. you're so good, susan. pointing these things out to me. thank you. big smile. tomorrow, international workers day or mayday. it's a socialist holiday by any other name. workers from a number of

companies will be walking off the job. who is protesting, lauren? lauren: workers at amazon and whole foods and instacart and target and walmart and fed ex. they are uniting and striking tomorrow because they are on the front lines, essential workers, for the coronavirus. they want adequate protection at work in terms of gear. they also want higher pay. some workers have even asked customers to not go into these stores tomorrow in solidarity with them. they say in general their work was never supposed to be about life and death and now it is. as for the companies, they have increased pay and they do provide gear. stuart: yeah. exploiting what they think is leverage which may be valid leverage but exploitation nonetheless. thank you, lauren. it's happening now. president trump meeting with the governor of new jersey, phil murphy. we always say this. any news we get, you will get it real fast. promise.

many colleges canceling in-person classes. this is months ahead of the fall semester. later this hour, we will speak with brown university president who says opening campuses to face-to-face classes, that should be a national priority. we will talk to him the. a sign of recovery in miami as golf courses reopen. by the end of the week, more than half the states will have begun to reopen a little bit. so which areas will lead the recovery? we will ask economist stephen moore. he's next. you wouldn't accept an incomplete job from anyone else.

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will create incentives to grow in the medium and longer term, things like small business regulatory relief, things like liability protection so we can get these businesses open and have some confidence. stuart: i like that word, big snap back. there you have larry kudlow. he was on the show just the other day saying snap back big-time second half of the year. stephen moore's with us. stephen, you've got a prediction about which states will lead the recovery. forgive me, but i'm going to tell the audience what they are. forgive me for this. i will get right at it. arizona, colorado, florida, georgia, nebraska, nevada, south carolina, utah, and washington state. you say they will lead the recovery. you know, most of those are republican states, apart from washington. is there a correlation here? >> you better believe there is, stuart. a big correlation. so what you're seeing now, this is really the story of the

recovery that's happening. it's a red state/blue state divide and you see governors like ron desantis who has been a superstar here in florida, governors like abbott in texas and the governor lee in tennessee and in georgia, and south carolina, utah, idaho, those states are all opening up very quickly and the blue states, by the way, where you are in new york and in new jersey, connecticut, my home state of illinois, california, are the laggards. they are not opening up their economies. what we find in our study is not surprisingly, states that get their economy up and running in a safe and health-conscious way are going to lead the nation out of this terrible recession and the states unfortunately in the northeast and on the west coast are likely to be a bit laggards and the midwest doesn't look good either right now. you've got these governors in michigan and wolf in pennsylvania, the new wisconsin

governor who is keeping his economy shut down, so you're not going to see the kind of recovery unfortunately in those states unless they change their policies and start to open up as quickly as these red states. stuart: stephen, there's one thing i don't understand. you don't have texas on your list of states leading the recovery. texas has opened up pretty good. what's wrong? >> you know what's wrong, stuart, and it's really sad to say but this oil in america is so hurt and texas is a big, big oil state. it's diversified but it is still highly dependent on oil and gas development. the sad thing about that, stuart, is you look at states like north dakota and oklahoma and texas and pennsylvania and ohio, and they really led us out of the last recession through the shale oil and gas revolution. now they're just getting killed because of the low prices. we don't see texas as a high growth -- they'll do okay but

they're not going to sprint out of this the way florida and georgia and utah and some of these or states will. stuart: last one. real fast. i think you contest larry kudlow's view that we have a big snap back in the second half of this year. why do you contest that? >> well, i don't think i disagree too much with what larry said. i agree with him totally on his policy prescriptions. we see the economy being very weak through the end of the summer and then in august or so, you are going to start to see a nice recovery in these red states, and then in the fall, i think you will see a real speed up in the economy. but look, we have done substantial damage to our economy by keeping the businesses shut down for six, eight, ten weeks. it has done real damage. a lot of those businesses may never come back. so by the way, i hope i'm wrong about that and i think larry probably is a little bit more optimistic than i am, but the

main point is, we can get this economy up and running by the fall so we can see that kind of v-shaped recovery. i just think it's going to happen a little later than larry does. stuart: i will just take a recovery of whatever level, whatever time. i just want a recovery. stephen, thank you very much. >> if you are in a blue state, move to a red state. stuart: but i'm locked into new york, am i not. that's life. life in tv news. thanks very much. see you again real soon. thank you, sir. have a look at facebook. i believe it's still -- yes, it is a big winner today, big winner yesterday, big winner this morning, up another 5%. $204 on facebook right now. twitter, what's their stock doing? their daily users, number of daily users increased by 24% in the last quarter. the stock is down 6%. they declined to give any outlook. maybe that's the problem for the stock. american airlines posted a 20% drop in revenue compared to a year ago.

their biggest loss since 2008. they say they are burning through $70 million in cash a day. the stock is down 5%, 11 bucks for american. boeing, their debt rating cut to one level above junk by s&p. nonetheless, the stock is up $2.32. the level is way down there. zoom getting hammered. look at that, down 6% today. what's the problem, susan? susan: they don't have 300 million daily active users. instead they had to correct this, remove this post, this blog post, that they put up just a few weeks ago which actually helped lift the stock price and said they don't have daily active users, not 300 million of them. they have 300 million daily meeting participants. there's a big difference. a meeting participant can be counted however many times you sign on to a meeting where the daily active users, you only get counted once. they have to retract that. meantime, we have a lot of companies going after their lunch. yesterday we talked to google

meet and making it free for everybody. google meet actually had 100 million daily meeting participants. in fact, the users have gone up just in the past month or so and they are signing up three million per day. microsoft also yesterday said they have 200 million meeting participants. so you know, some say this might be the peak for zoom. stuart: again, i just can't get used to the size of this global market. teleconferencing, all of a sudden here it comes, virus means lockdown, you have zoom going to the moon, you have microsoft, you have all these, i mean, i find it extraordinary. i really do. susan: this is the wave of the future. work from home. i think it's starting to stay active. everyone understands you don't have to be in the office and meet face-to-face. stuart: you don't but it's nice when you do. thanks, susan. mortgage rates, all-time low. is this a buyer's market? are there any buyers coming back into the market now, with mortgage rates at 3.23%? we will ask a realtor later this

hour. pressure mounting on joe biden to respond to the allegation of sexual assault. his accuser is speaking out about the police report. we will ask wall street guy dan henninger, "wall street journal" guy, i should say. i will ask him about it after this break. economy

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stuart: where are we now? two hours into the trading session, we are down just over 1% on the dow industrials, almost 1% down on the s&p and the nasdaq composite, a very tiny loss of just .25%. citron research's andrew left makes a welcome return to the program. i know that you are cautious about the current rally. are you expecting a selloff from where we are now? >> i think we sell off over the next 12 weeks. it's been a bit, maybe as much as we were overcooked on the down side a month ago, i think we are a bit overcooked on the upside right now. stuart: okay. so are you selling? >> i'm selling some, i only own stock that i want to own lower. so i'm not speculating, thinking this will survive, this won't survive. i have been a long-time buyer of amazon. i think it wins either way. they report earnings tonight. if amazon goes down, i'm fine owning it.

if this company slips into a bit of a recession, i'm very fine owning amazon. i think this is not a time to speculate what's going to recovery fully what is lost, or not time to look for a v-shape, but rather own something you are comfortable owning in any environment. stuart: okay. tell me about overstock. i think you are referring to at times the mini amazon? tell me. >> you know, it's -- what we have learned over the past 12 weeks is e-commerce has put themselves into hyper-speed. so it's a small company, overstock, but they came out this morning and imagine, april was up 120% over last april. that's pretty spectacular. i think now -- i think the stock this year quite possibly could be acquired. i think maybe someone like tj maxx. i think anyone who is involved in retail has to have an e-commerce presence. if you look at the chart on amazon, wayfair, anything regarding e-commerce has completely shot up and it's

probably not going to look back, the amount of usage that we have. overstock is the only full-scale e-commerce platform, i think the market cap is still $500 million with distribution logistics. i own a fair amount of that stock as well. stuart: i think, i want to talk about inovio, you think they are going down, right? >> this is what i would not be doing as an investor. i would not be chasing whoever puts out the next great thing about some form of vaccine. the vaccine in my opinion is going to be found by one of the larger pharmaceutical makers, it's not going to be distributed to massive profit and it will come not tomorrow, but it will come in time. so what we are seeing right now is people are sitting at home, they are chasing the next hot stock. you see a stock that's up 50%, 60%, it says we are going to come out with a vaccine or do phase one, it's not good investment advice to buy these stocks. there's a better chance than not, probably 99% chance they are going to go down 80% when

the hype dies off. so yes, i'm short inovio. they got carried away with retail traders, people who now think the stock market is the new casino. stuart: that's very true, isn't it. don't do that kind of -- leave that to the big guys who are trading other people's money. andrew, thanks for joining us. always a pleasure. see you again soon. andrew left. thank you. the pressure is on for joe biden to at least respond to the accusation of sexual assault. dan henninger is with us, "wall street journal" deputy editorial page editor. dan, this is a real problem for the democrats, because an allegation has been made, there is some corroborating evidence, we have heard nothing directly from joe biden and we have heard from some of the women who may be his vice presidential candidates who are saying i believe joe biden. it's such a difference from the brett kavanaugh hearings.

what's going on? >> well, what's going on here is a famous old saying, what goes around comes around, right? they, democrats, created this standard, the kavanaugh standard, during the confirmation hearings for brett kavanaugh, and what they raised was an allegation that basically could not be proven or disproven, but nonetheless, their standard was that justice kavanaugh, judge kavanaugh then, should be removed from consideration simply because of the accusation. you know what i have kind of been wondering about here is these are professional politicians, nancy pelosi, kirsten gillibrand. you would have thought back then they would have realized that what they were doing is setting a standard that eventually would come back to bite a democrat of some sort, and lo and behold, who has it happened to, their nominee for the presidency. their presidential candidate.

there is no way for them to get out from under this because it's simply going to hang out there as an unprovable allegation. stuart: you're right. i don't see how they do get out of this, especially when it comes to the choice of a vice presidential candidate. joe biden says it's got to be a woman. so that woman, whomsoever is picked, has to make a choice. do you believe the accuser, do you believe joe biden, how do you square this? do you think joe biden will indeed be the nominee or will be the presidential candidate to oppose donald trump? could he be out because of this? >> i don't know whether he could be out because of this. i mean, it's hard to imagine them changing horses in the middle of the stream. i wouldn't bet the ranch on joe biden making it to the end but even now, when he talks about this or he's asked in interviews about hunter biden, his answers are always really quite tangled up and he's now going to have to run a presidential campaign in which he has all these

unresolved issues. the involvement of his son hunter in ukraine. now these allegations against him by tara reade. what we learned during the democratic debates is that joe biden doesn't do very well when he has to address issues like this that he doesn't fully understand or doesn't want to talk about. so it's going to just i think erode the biden candidacy as it rolls forward. people are going to ask this question. his vice presidential nominee is undoubtedly for sure going to be a woman and wherever they campaign, someone is going to bring up the issue of tara reade and whether there was any truth to it. their responses are simply not going to be credible. if they were going to target independent women, say, living in the suburbs who are supposedly concerned about donald trump's personality or the kavanaugh nomination, those people are going to have to decide for themselves whether joe biden is making a credible

presidential candidate. it is a really significant blow to the whole idea that the democratic party is somehow of higher moral alternative to the status quo. stuart: what a year. >> who would have thought? stuart: dan henninger, thank you, sir. see you again soon. google and apple taking a big step forward as they work on a system to track the spread of the virus. we will tell you where that project stands. it's very important. we have it for you. real estate taking a beating in new york city. this is the epicenter of the outbreak of the virus. can it bounce back when things get -- when and if things get back to normal? that's next. - did you know that americans that bought gold in 2005

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fairest, most just, most rational, was corrupt to the core. don't hold your breath. the government hates to admit that it did the wrong thing. stuart: judge napolitano in our last hour called the fbi corrupt over its handling of the case against former national security adviser michael flynn. new handwritten notes shows the agency discussed getting flynn to lie. okay. check the markets. we are down 250 points, just over 1%. that is the dow industrials. 24,379. mcdonald's, their revenue dropped 17% last quarter. it was the virus, of course. their ceo, plant-based items appearing on their menu not helping. the stock down 2%. dunkin brands, same store sales down 19%. in the last three weeks of the quarter. they are suspending the dividend. the stock is down 3%. kellogg, you know, cereals, their sales grew 3% last quarter because of strong demand from

people homebound. kellogg's makes cereal and cereal is an easy breakfast when you are stuck at home. mortgage rates at an all-time low. well, look at that, 3.23%. dotty herman, ceo of douglas elliman joins us now. great to see you back again. how are you? >> i'm good. i'm good, considering the circumstances we're in. stuart: well said, considering the circumstances. well said indeed. now, i want you to refer please to new york city real estate. it's taking a real pounding. do you expect it to make any kind of serious rebound when the stay-at-home rules are relaxed and when we get through this thing? can you see a serious rebound for new york city? >> listen, i have been in real estate my whole life. i put my money on new york. it's resilient. we have been through god knows, recession of the early '90s, we went through 9/11, the recession

in 2007-08 and i watched, especially 9/11, new yorkers were like fighting and they weren't leaving. they are strong. they are going to get through this. we are going to have some tough times but at the end of the day, new york, they said it never would come back after 9/11 and look at downtown now. it's vibrant, it's the number one place for people to go, for tourists. do i think we are really going to have to go through a little hell first, yes, but i am confident that new york will get out of this as they always do. we're fighters. stuart: you also deal with suburban areas. i am told there is a move out of cities, especially for young folks with very young children, to go out to the suburbs so they've got some space, they've got a backyard. they don't like being hemmed in with the stay-at-home rules. have you seen that? >> absolutely. i have seen actually the hamp n

hamptons [ inaudible ] the summer started in march. people were trying to get short-term rentals and whatever they could get. we have no inventory to begin with, so inventory was always low so this made it worse because a lot of people were nervous to put their properties on the market now. but you're going to see that, i saw it after 9/11, i saw families come out and maybe the husband kept an apartment in the city and came on the weekend. we saw that and i think we will see that again. then, you know, as soon as we [ inaudible ] go back to the way it was. but i don't see older people, i just see maybe young families, connecticut might be another spot they head to. stuart: i'm looking at all-time low mortgage rate on the 30-year fixed. 3.23%. some of my colleagues are reminiscing. i got a mortgage in the late

1970s in california at 12.5%. one of my colleagues got a mortgage in the early '80s at 14%, i think it was. have you ever seen anything like 3.2% before? >> no. i'm like you, i have an adjustable mortgage probably in the '80s that adjusted to like 12%. i thought that was great. so no, we have the best mortgage rates going and they have been low for awhile now. so those people that are really looking for a house and first-time buyers, it's a great time to buy. as soon as people get a little confidence that things are safe, i think you're going to see a pent-up demand, especially on the first-time buyer thing. stuart: you've got to get 20% down. i see your point. you got to get that 20% down if you want that kind of mortgage. dottie, thanks for joining us.

come again soon, okay? good stuff. >> thank you. stay safe. stuart: yes, ma'am. thank you. a strike is planned for tomorrow to protest rent payments. lauren, tell me more. lauren: it's may 1st. rent is due on may 1st. who is going to pay? we know about a third of apartment renters did not pay the april rent. this strike in some of the biggest and most expensive cities, new york, los angeles, philadelphia, they are saying don't pay your rent and they are also calling on lawmakers to protect the landlords, too, here. because if you don't have a job, how are you going to pay your rent? joe biden tweeting on it. he says this. with rent due in a few days and folks across the country worried they won't be able to make their payment, he continues we need to freeze rent immediately. there's a trickle down effect of all this. there will be pain for a lot of people. stuart: i heard him and i hear you. thanks very much, lauren. i want to go back to what we showed you last hour.

we showed you new virus test kits. you get the results in just ten minutes. these test kits came from the company thermogenesis. they have been approved by the fda. that is the wrong tape. we will get the right one at some point. thermogenesis stock was up 12% when we started the interview with the ceo. look at it now. it's up 40%. that's what you get when you've got results in ten minutes virus test. good stuff. tomorrow, national decision day, deadline for most high school seniors to pick a college. lot of students are not planning on leaving home, because more and more universities are actually planning on digital classes for the fall. however, the president of brown university says that's a problem. she joins us next. 49...50!

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stuart: so many students, they're facing not face to face classing in the fall but online classes for so many people. i want to bring in the president of brown university, christina paxson. welcome to the program. great to see you with us today. can i first of all, i know you want to go back to face-to-face classes.

are you going to do that at brown this fall semester? >> well, thank you for having me on the show by the way. i'm delighted to be here and i would like nothing better than to bring students back to campus in the fall safely and what we're doing right now is developing plans so that we can do that. obviously if the pandemic doesn't cooperate, it is just impossible, we don't do anything to jeopardize the health of our students and you are employees. we think if we really try, we have a good shot doing it. when i was a student, okay, many, many years ago, i enjoyed the university experience. and the university experience was rubbing my brain against the brains of other people. that is what we do. that was an education i thought, but you have to be at the college. i think you feel the same way? >> i do. you know, right now students, they're online, they are learning, i think, you know, the value of their degrees has, has not been eroded but what i hear

from students is, they're just aching to get back to campus. they want to be talking to professors. they want to be talking with each other and that's really what the college experience is all about. so we want to try to make that happen for them. neil: you want to try to make it happen. i guess you have to separate people out in class? you have to have rules binter action on the campus, that kind of thing, but it is possible, isn't it, it is possible to do it? >> i think it is provided there are some key things in place we really, really need. testing is incredibly important. we have to be able to figure out which students are ill and then separate them from other students. certainly separate them from faculty and staff working at the university. so you know, i'm very, looking very closely tracking the innovations in testing. i think in your previous episode you talked a little bit about some new tests that are rapid

which is great. neil: stuart: that's good news. over time the testing capacity is developing. if that continues to move forward by -- stuart: cries tina, i'm terribly sorry i have to go. one of these hard break things in television. come back please. i want to hear more about your plans for brown in the fall. promise, more "varney" after this. things can get a bit cloudy for you. but now, there's the dell technologies cloud, powered by vmware. a single hub for a consistent operating experience across all your clouds. that should clear things up.

stuart: president trump has been speaking in the white house, answering some reporter questions. i have got time for one headline and that is, he expects general flynn to be exonerated. the says the general was attacked by dirty cops, the general, will come back bigger and better. that's it from me. neil, it's yours. neil: stuart, thank you very, very much. something caught our attention with the president meeting there with governor murphy, the push he has to speed up coronavirus testing. he is calling it operation warp speed. we have a little bit of excitement for that. two minute warning is in. we'll get the tape very shortly. blake burman what can we expect to hear from the president? reporter: hi, there, neil. yes we just got some of the notes between president trump and governor murphy. two minute warning as you said. so i will keep it short. there were a lot of pleasantries back and forth between the two. the governor said earlier today he wanted to talk to the president about three things. one, thanks the president for