maria: have a great weekend, everybody. dagen, joseph, stephen, great to see you. >> love you! maria: love you back. that does it for us. "varney & company" begins right now. stu, take it away. we love you, too, stu. stuart: i think dagen's comment was directed at me and i will take it as directed at me. maria: there you go. take it. stuart: thank you, everybody. good morning, everyone. all right. april, yeah, the best month for stocks in decades. may has not started out well at all. perhaps it's because there's so much bad economic news out there that there's some doubt about how strong the comeback can be later in the year, maybe. clearly, we've got a selloff to start the month of may. here we go. the dow is off about 400 to 450 points. that is the best part of 1.8%.

a similar loss on the s&p. big loss on the nasdaq composite. why the nasdaq down so much? well, just look at this. big tech being taken to the cleaners this morning. start with apple. look at that. it's still a trillion dollar company, way down this morning after its financial report late yesterday. i've got more on all this. amazon, huge drop, down $120. they are plowing their profit into coping with the virus. microsoft, not much impact from the virus but it's caught in the downdraft. microsoft is down nearly 2%, $3.46. next case, the political news. topping that this morning is joe biden. he has denied a sexual assault allegation. he says quote, this never happened. i've got more on that in a moment, too. got a big weekend coming up. texas opens up a lot of businesses. who will go to the store, the barbershop, the restaurant? that's going to be a pretty good indicator of the urge to get out

of the house. in california, the governor has re-locked down the beaches. how will that go down? this is a pivotal weekend for the opening up movement. big deal. and today, being may day, some workers are going to walk off the job. they are trying to shut down the people trying to get supplies to us. let's see how that goes. yeah. big news day all round. "varney & company" is about to begin. no, it is not true. i'm saying unequivocally it never, ever happened. i don't remember any type of complaint she may have made. it was 27 years ago. i have not reached out to her. it was 27 years ago. >> i'm confident there's nothing. no one ever brought it to the attention of me 27 years ago, any assertion at all. if there is a complaint, that's where it would be. that's where it would be filed.

if it's there, put it out but i've never seen it. stuart: joe biden speaking out for the first time directly on the sexual assault allegation. "morning joe" cohost was persistent, kept on pushing back. roll tape. >> why, why is it real for dr. ford but not for tara reade? >> because the facts are -- look, she, i'm not suggesting she had no right to come forward, and i'm not saying -- any woman, they should come forward, they should be heard, and then it should be investigated. stuart: all right. fox news contributor lisa booth joins us this morning, right-hand side of the screen. good morning, lisa. i've got to say -- >> hi, stuart. stuart: -- i don't think joe biden looked all that comfortable quite frankly but then what man would look comfortable in that particular situation. what's your reaction?

>> i also found it questionable that he says he will not call on the university of delaware to release documents pertaining to his time in the senate. he even said that he doesn't want to do so because the documents could be used for campaign fodder against him even noting particularly things relating to putin. i find that questionable for him to say he's not going to release documents while simultaneously defending himself against an allegation like this. i will also say i keep asking myself what would be the motivation of tara reade to step forward. she's a life-long democrat. she says she voted for hillary clinton in 2016, or the motivation of her neighbor, her former neighbor, who has stepped forward and said tara reade told me the story in the 1990s and i believe her. she said she's a biden supporter. what would her motivation be to step forward? if you take a step back with the kavanaugh confirmation hearing, with christine ford, she did have a motivation. her attorney, who was a resister, who had even been at

resistance rallies against president trump or then candidate trump, or president trump, rather, said that christine ford's motivation was abortion. if you remember, people like senator gillibrand said that women would die if brett kavanaugh was confirmed to the supreme court. republican senators had to have security and being escorted because they were getting death threats at the time. there was a motivation there for christine ford to step forward but i don't know what the motivation of tara reade would be and i really want to get to that. stuart: okay. understood. lisa, the onus is now on joe biden's vice presidential pick. it's going to be a woman. that woman has to stand up and say i believe joe biden, i don't believe tara reade. that's a difficult situation. >> well, i don't think it's going to be for them because i think for many people with the #metoo movement, particularly some of these individuals we have seen on the left and in the media, t the #metoo movement, they really care about the movement when it

can be weaponized and used as a political weapon, which really, you know, disregards what the movement is supposed to be about and i think actually hurts real victims who are stepping forward. and i also want to say with a caveat, i have been really careful with this #metoo stuff. i have three great brothers, an awesome dad, i have had wonderful male mentors in my life. i don't want us to set up an environment where just because someone steps forward and accuses we automatically say they are telling the truth and the man is to blame. i think we have to be really careful in all of this which again, is why i'm asking the question of what would her motivation be. additionally, the people that she has said would corroborate her story and that she previously told in the 1990s, she said four people and that including or in addition, her mother's phone call to "larry king live" somewhat corroborating what she is saying happened in the 1990s whereas with christine ford, every eyewitness she named including her own friends, childhood friend, denied the allegations,

denied ever being at the event that christine ford said took place. in addition, leland kaiser later told the fbi she had felt threatened by christine ford and her friends to change her story. i think that is also something to take into consideration that the people that tara reade had told previously are now stepping forward. stuart: lisa, thanks for being with us. i think we will get a lot more reaction as the day progresses. lisa booth, thank you very much indeed. now let's get to one of the big stories of the day, which is may day protests are planned all across the country. workers from amazon, whole foods, instacart, some are expected to call out sick. grady trimble is at a whole foods in chicago. can you tell me how many protesters are there already? reporter: well, they are not here, stuart. they are calling out sick. they don't plan to show up. so it's hard to measure that. i will tell you just about every company has said they believe this is a small group of vocal

people protesting for things like hazard pay, better sick leave policies and transparency from their companies when reporting coronavirus cases at warehouses and retail locations. but all of the companies say we have done a lot already to try to help these customers and these employees, including paying them better, giving them better benefits. we are checking their temperatures when they come in to stores, we are even requiring them to wear face masks and making face shields and gloves available to them. they have also handed out bonuses. walmart has handed out $365 million in bonuses since this began and target said directly to us we believe this is a small minority of our employees, most seem to be happy to be helping out. but again, sick-outs planned across the country today. we will see if it actually happens. stuart: we shall indeed. grady trimble in chicago, thanks very much. now, look, we are following the market, obviously. it's going to be down sharply. we are also following what's going to happen this weekend in california, on the beaches, and in michigan, where the governor

has extended the lockdown all the way through until the end of this month, all the way through to the end of may. jonathan hoenig is with us. jonathan, i normally talk to you about the market, but today, put your libertarian hat on, because it seems to me that this weekend, there's a contest between liberty and the safety of people going out and about. where do you come down? >> well, there's so much impact on the market now, as you said. not just the economy but these protests as well. look, the economy cannot return to normal with people quarantined to their house, with people locked down. what's difficult as an economist, as an investor, is try to foresee with all these uneconomic consequences impacting the economy, the protests because of the quarantines and lockdowns and of course, the stimulus, $2 trillion plus in stimulus impacting and buffeting the country. i think the protests are going to help obviously shape policy

and hopefully help freedom reign. this country cannot succeed, we have talked about it for weeks now, there can be no economy without freedom. hopefully our elected officials around the country are starting to listen, to learn from that and understand people can be trusted to act in a safe manner in their own best interest. only then i think can the economy get back on track. stuart: i don't know where you stand on this but i think there's going to be a flood of people getting out and about this weekend. the weather is going to be pretty good. i can see clashes coming between the authorities who want to keep the lockdown going and people who just want to walk on the beach. i think this is a pivotal weekend. last word to you. >> yeah, but stuart, i hope -- i hope people don't go looking for confrontation. it's ideas that move the world, not physical confrontation, not showing up to protest armed to the hilt, for example. let's discuss as americans why we have the right to be free, to take responsibility for our own actions, our own businesses, and

to act in a clever innovative manner. you profiled i don't know how many business people over the last number of weeks who are finding innovative ways to serve their customers and even apple, as we heard this week, is now tailoring their software to be able to recognize people even with a face mask on. this is that entrepreneurial innovative spirit that every american can employ but we have to be free in order to do it. i hope that's what the protests are about. stuart: that's so true. thanks very much for being on the show this morning. always appreciate it. good stuff. okay. we are going to check various companies. first of all, boeing. they've got a $25 billion debt deal going. they say they don't need a federal bailout, they will raise $25 billion themselves. the stock is up three bucks. $144. gilead sciences, they are going to produce 140,000 rounds of remdesivir by the end of may and a million by the end of the year. they will spend $50 million to test and manufacture remdesivir. the stock is down but still at $81 a share. exxon, big oil, they came

out with their earnings earlier. we knew it was going to be rough. revenue down 15% for the quarter. they have cut their capital spending for the year by about $10 billion. the stock is already beaten down. it's down another 50 odd cents. $45 on exxon. similar story from chevron. they also reported today. revenue down 16%. they are going to cut their operating costs about a billion bucks a year. the stock is down 60 cents. an already depressed $91 per share. check futures overall. come back a little bit. we were going to be down 500. now we will be down 400. did you see this? the soaring tribute, i'm sure you did see it, maybe actually in person, that's the soaring first responders operation america strong. that's the flyover, new york, new jersey, pennsylvania. that was impressive. that's from inside the cockpit. they will do it again, by the way. in our 11:00 hour, the thunderbirds director of operations will join me.

i would love to see that. more unsealed documents in the michael flynn case reveal that the fbi agent peter strzok, a vigorous trump hater, he ordered the case to remain open even after it was stated to be closed. in my opinion that was a total injustice. they destroyed a good man. texas congressman dan crenshaw joins me on that in just a moment. ♪ limu emu & doug [ siren ] give me your hand! i can save you... lots of money with liberty mutual! we customize your car insurance so you only pay for what you need! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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visit xfinity.com/prepare. stuart: look at this. there is amazon, down $107, 4%. come in, lauren simonetti. any idea why it's down so much? lauren: amazon is in investment mode. they are spending money, about $4 billion, which is everything they expect to make in the current quarter will be spent on testing their workers.

they are actually even building their own testing lab. and also investing in their delivery operations. this is good news, because in my opinion, it inspires loyalty from the customer and the consumer, but for shareholders, a negative. stuart: you know what, a few years ago when amazon was doing exactly that, every quarter plowing everything back into the company, investors loved it. the stock went up. i guess times have changed a bit. let me move on to apple. lauren: they had a good run. stuart: they had a fabulous run. they really have. susan li is with us. we got the earnings report from apple. you spoke directly to tim cook yesterday. what did he tell you? susan: well, he says he's optimistic about the u.s. economy, didn't give me a letter, whether it's a u or v or w, but he says he's optimistic and i think the take-away is that the quarter came out better than anticipated so sales are not falling off a cliff. they came in more than what analysts had forecast. also earning more money as well and boosting dividends by 6%, buying back $50 billion of stock. how many other companies outside

of silicon valley can do that in these times? not many, i'll tell you that. but the problem with this earnings picture is the fact they didn't give guidance for the first time since 2003 and i asked them about this. he says there's no guidance and i asked him why. he says look, we have lots of confidence and we can bring up this quote, confidence in the long term, he says we have very little visibility in the short term and so because of that, we're not guiding at least which we typically do, but we're not going to do that this particular quarter because it sends a signal that we know what's going on when in reality it's hard to see out the windshield right now. i agree with him. i should point out he says that china's back up and running, since the end of march and also when it comes to u.s. store reopenings, this is part of the reopening theme here in america, one of the biggest companies says they will reopen stores starting in the first part of may. stuart: okay. you've got good connections there at apple. well done. susan: always. stuart: now, i want to bring you the latest on the flynn case. i'm going to start it with an

impassioned opinion piece of my own. here we go. picture this, please. two fbi agents interviewed general flynn about his contacts with russian ambassador. they return from the interview, they tell their bosses that flynn was telling the truth, he was not evasive, drop the investigation. here's what's new this morning. peter strzok, arch trump hater, sends a message don't close down the investigation yet, don't do it. he goes back to flynn, he himself went back to flynn, threatens his son, threatens jail, tries to trap him. eventually, flynn pleads guilty. he's ruined financially, he's got a $6.7 million legal bill, he's got to sell his house and his reputation is shot. lawrence o'donnell on msnbc saying general flynn betrayed his country. what a disgrace. we want to hold china accountable for the virus, let's also hold those top officials accountable. they ruined a good man and tried to undermine a presidential election. here is congressman dan

crenshaw, texas republican. am i going too far, congressman? >> you're really not. americans need to trust these institutions. these are our law enforcement institutions, the premier one being the fbi. if americans can't trust that, it will cause resentment, it will cause division. it's a terrible thing. i come from the national security sector and i know a lot of the people who work in the intelligence community, law enforcement community. the vast majority of which are good people. i have always pushed back against notions that there's kind of a conspiratorial deep state but this proves that totally wrong. not saying there's mass conspiracies, of course, but there are clearly bad actors that are politically driven. in this case potentially, potentially broke the law, you know. this should be investigated in and of itself. stuart: it just gets to me that they ruined a good man. i mean, a man who has fought for his country and they ruin him for political reasons. look, the steam is coming out of

my ears so i will move on, congressman. i will. you are from texas. texas is reopening. a lot of businesses today are reopening. the reopening of texas is about to begin. can you assess kind of the mood in texas? how many people will be out there going to the barbershop, going to the stores and restaurants? >> well, right now, we are reopening to 25% capacity and i have a feeling that most places will fill up to 25% capacity pretty quickly. i think people are ready. you know, listen, for instance, this is how i know that. one, i see people walking around. i hear from people constantly. and you know, people are ready to get back to work. people understand the risks and they want the freedom to be able to mitigate those risks themselves. we have to trust the american people. here's another thing. we know more about the virus now. we know who is vulnerable and who isn't. we know what kind of ppe supplies we need, we know what our hospital capacity needs to be. our testing has ramped up rapidly. we have more capacity than

people even taking the test at this point. in texas, at least. and you know, we are ready to get back, ready to risk mitigate. we have to tune our mindset to risk mitigation. we understand the risk is out there. we understand that lockdowns were never going to eliminate the virus and i hope people understand that. but we have to live with risk and we have the freedom to be able to do that. stuart: congressman, it was a pleasure having ou the show this morning. sorry i took so long with my preamble on general flynn. good to see you. hope we see you again real soon. >> great to be with you. thanks. stuart: look at that market. we have come back a bit. we will be down about 380 at the opening bell. we will take you to wall street after this. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile-

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i've been 'round long enough to know what's what. i'm proud to be a part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. so you can... retire better. right now, we're kind of in a pause mode, all right. maybe the next 20 or 30 days. let's see what happens with this latest tranche of help. stuart: okay. that latest tranche of help is going to help the economy. you got $9 trillion going into the economy in various ways. larry kudlow thinks that's going to give us a fair sized boost in the second half of the year. okay. i've got some positive signs of the recovery. first of all, remember that field hospital set up in new york city's javits center? supposed to cover literally 2500

patients, maybe. it's closing. as soon as the remaining eight patients are discharged. we have that hospital ship, it has now left new york. it was brought here to cope with overflow patients. hardly used. it's gone. sailed away yesterday. now, back to specifically on the markets, looking at big tech again. apple, amazon, facebook, alphabet, microsoft, all of them on the downside. susan, one more time, what's wrong with big tech this morning? susan: nothing's wrong with big tech. it just came off the best month since 2000 for the tech-heavy nasdaq which was the year before the dot-com bubble burst. the fact you are making $75, $78 billion a record number for amazon in just one month's time, people are just taking a breather. the stock hit a record, by the way, when markets were falling so i think it's time to just take some money off the table. as for apple, it was a better quarter than anticipated. things are stabilizing in april. you had a rash of upgrades and by the way, apple's stock is

just 15%, 17% away from record highs once again. i think it's a bit of a breather as you saw with the earnings report, silicon valley doing better than most. stuart: susan, look, it's may 1st. start of a new month. what do you say to the idea that there may be good old-fashioned profit taking in big tech? susan: as i said, yes, probably, because at the end of the month, that's when you do window dressing as well to make your monthly gains look better. so after the end of the month you also take sol monme money oe table which is pretty typical. stuart: all right, susan, thank you very much indeed. we are about 40 seconds away from the opening bell. this is a friday morning. remember, please, it's may 1st, may day. the weather is turning real nice, by the way. going to be a big weekend. and april was the best month for stocks, april, that month, best month in decades literally decades. it was indeed a v for the market. we went straight down in march and came straight back up again

in april. never seen anything like it. that's an extraordinary performance but you've got to get used to that kind of thing in the age of the virus. there you go. there's the bell. it's a'ringing. in five or six seconds, it will stop ringing and we will start trading. you can see from the bottom right-hand corner of the screen, the futures market predicts a down side move at the opening bell and that's what we've got. there you have it. the dow is off 420 points right from the start. that's 1.7%. okay. the s&p 500, show me that, please. that's also down 1.99%. bigger loss for the s&p. a broader indicator, a sharper loss. the nasdaq composite, i expect that to be down, and it is, 2.25%. that's because of big tech. one more time, how did big tech open? we showed it to you before the market. here's after the market. all of them on the down side, apple, amazon, alphabet, facebook, microsoft, sharply lower this morning.

gilead sciences, very much a company in the news. what's the news this morning, lauren? what's got them down three bucks? lauren: well, they are producing a million doses of the promising covid-19 treatment remdesivir by the end of the year. they will spend $1 billion to do so. but they are not going to charge for it. they expect to donate these doses until at least through the early summer. that could be one of the reasons the stock is down today. also, and this is promising, this would make me think investors would buy some shares today, they are working on developing a form of remdesivir where you can just inhale it. that means you could take it at home. right now it's intravenous, you have to get a dose at the hospital but if they have an inhaled form, you can do that yourself. stuart: it's amazing how the market has moved up and down pretty much in line with our feelings about remdesivir. remdesivir can move the whole market. that's really something. all right, thanks very much, lauren.

susan, i think there's positive news on boeing. they are raising a lot of money. i presume at low interest rates? susan: presumably. i don't think i would presume low interest rates, to be honest, given that it's just one level above junk status according to a lot of ratings agencies. but look, $25 billion in a bond offering that they raised, that's cash, back on the balance sheet and they don't have to take government money, at least for now. i was really surprised because it was oversubscribed, it attracted better pricing than some might have expected for a company that still has its best-selling plane on the ground and it closes on may 4th. this is after boeing reported a second consecutive quarterly loss and it's considered the sixth largest corporate bond offering in history, $25 billion. that's a lot of money. but i guess in these times, we are talking about $300 billion, $2.2 trillion in stimulus plans, it's not a lot of money. however, i was surprised by the oversubscription but i'm also surprised you bought boeing at $330. stuart: yeah, okay. look, let's just say i have confidence in boeing as a long

term investment. susan: got it. stuart: lauren, the airlines. show me the airline stocks, please. all of them down. what's the news? lauren: yeah. okay. so united reported their earnings and they said they saw the biggest loss since the financial crisis and this is a quote, they call coronavirus the worst crisis in the history of aviation. daily cash burn for the second quarter is expected to be $40 to $45 million a day. i was just looking at a letter human resources wrote to employees and they said their annual incentive program and profit sharing is going to be canceled because, well, you have to make a profit in order to do that. their may and june schedule slashed by 90%. sign of the times. american airlines. they rare also making every passenger wear masks starting may 11th. stuart: in june, united -- is it united or american, not sure which, they cut their schedule by 90%. i would have thought some of us would be wanting to get back on

planes a month from now. maybe i'm wrong. but that's a big cut in the schedule. lauren: let me just clarify. they certainly did so for may, according to the letter i'm reading, and they expect to do so for june. they haven't done it yet. that's just the expectation. stuart: thank you. straightened me out. good stuff. thank you. i'm going to run through some indicators for you. first off, the market. there's an indicator. it's down 300 points, a bit better than the way we started. the ten-year treasury yield, where is that? it's at .61%. we have been around that level for some time now. doesn't indicate that much. the price of gold is below $1700 an ounce. look at it, $1689. i think that's a positive indicator for stocks, maybe. oil, we are quoting the june contract and the june contract shows oil at -- up again. i think it's around $18, $19 a barrel. that's interesting. one stock in particular i want to see, mcdonald's. they will reopen 15 restaurants in britain on may 13th with

limited capacity. limited capacity, delivery only. that's what the script says. that's interesting. i will straighten that out for you. mcdonald's is down two bucks. okay. they got 15 -- i'm sorry. that's a little confusing. let's move on to walmart. doubling down on express delivery. all right. so what, susan? susan: well, look at how amazon did yesterday. that's a big so what for walmart thinking we can make $78 billion as well in three months, hopefully. they are looking to expand express delivery and that means two-hour delivery window. they are looking to expand that to 1,000 stores in early may and they are looking to maybe get to 2,000 stores in the following weeks, according to walmart. they feel that they are losing out. express delivery includes 160,000 items, groceries, toys, electronics and other daily essential items as well, which will be available for this two-hour delivery window. if you look at what happened with amazon yesterday, the delivery costs are the reason

why they're spending $4 billion as well and their costs went up. that's what the concern is from if there were some concerns from the analysts this morning, so walmart says look, i think you have to look at the bulge bracket sales numbers, when you make that much money, eventually the cost, you hope, with economies of scale will eventually go down per delivery. stuart: you would hope so. that's for sure. by the way, walmart just turned positive. now they are up seven cents. got that. google has announced their competitor to zoom is free but susan, zoom is now free. right? susan: well, yes. only for the first 45 minutes. you know, they have had a string of errors lately. first of all, there's big silicon valley giants going after video conferencing, you talk about google and google meets, now free for everybody which they announced on this show as well this week. we know that facebook also having earnings this week saying they are going to start their version of zoom called messenger rooms and microsoft says they have teams and skype which they bought in 2011 for $8.5 billion.

zoom security problems that we talked about, but also the fact that they may have overexaggerated how many people actually use zoom. remember they said we have 300 million daily active users? in fact, they have 300 million daily meeting participants. big difference because as i mentioned to you, daily active users can only be counted once whereas daily meeting participants, you are counted each time you join a meeting. microsoft says we have 200 million as well join each and every day and then google meet has 100 million but you can imagine, if silicon valley is pouring that kind of money to get bigger in video conferencing this might be peak zoom. stuart: my number of users is bigger than yours. all right. thanks, susan. look, let's see what we got here. big board is now settling down to a loss of about 400 points. i keep saying this. look at the level. 23,946. as states around the country begin to open, reopen, slowly, residents here in new york and

new jersey starting to lose their patience. i have david asman coming on the show later. he shares a personal story. wait until you hear what he saw on his way to work in new york city, just walking to work. he will tell you what he saw. interesting. nascar is returning to the racetrack this month without fans. we are all -- well, some are desperate for a sports comeback. we will break it all down for you. some sport is coming back. j. crew preparing to file for bankruptcy maybe this weekend. a sign of more store closings to come? it surely is. more on that next. need help like never before

and wells fargo employees are finding ways to do our part.

by helping people stay in their homes, through mortgage payment relief efforts. helping local businesses in their vital role in the american economy. and helping hundreds of local organizations provide food and other critical needs... when you need us, wells fargo is here to help. stuart: all right. friday morning, it is may day and the markets have opened down all across the board. roughly 1.5% to 2%, and a bit more than 2% for the nasdaq. here's a retail ice age story. j. crew. come in, lauren. i believe they are preparing bankruptcy? lauren: they will be reportedly

preparing a filing this weekend. okay. last year's sales $2.5 billion. debt, $1.7 billion so to save themselves, they were trying to go public. j. crew is privately held but take their made well brand public and use those proceeds to help them pay down debt. but then coronavirus happened and it's a mess. so you have niemann marcus, jc penney, now j. crew. i'm making a bet here. i think some stores will be able to survive without the actual store, online only. they got great stuff. i buy so much of my kids' clothes from j. crew online only. they deliver really fast. stuart: i've got a question for jerry storch, who is next. i will deal with amazon first but the question will be there is all these bankruptcies in retail. could they just take that time to go reorganize and then come back again? it's not as if they're gone for good. i will ask him that. and jerry storch is with us right now. let's start with amazon, jerry.

blowout first quarter, $75 billion in revenue. jerry, it seems to me, see what you think about this, seems to me they are becoming a different kind of company. they are going to spend $4 billion pumped into the company to deal with the virus, taking care of their people. they are changing course a little bit, aren't they? >> well, i wouldn't say that. i have been watching them for 25 years, since they were founded, and it may be may day but it feels like groundhog day because they are doing exactly what they have done every time they faced a challenge which is to invest, invest, invest. they are going to spend $4 billion to deal with the coronavirus and to increase their distribution capacity even more. no one else can do that in retail. no one. they are going to strengthen their lead and they are going to deal with one of the biggest complaints they've had about whether they have great working conditions by becoming one of the safer places to work, because no one can spend the kind of money they can spend.

so what i have seen time and time again is that these people will not be beaten. the only thing that's going to challenge them would be the government or regulators, whatever. they continue to take massive market share. think for a second. if they do 28% in north america in the quarter, which was january, february and march, and the lockdown only started the second half of march, what's their growth rate during the lockdown? 50%? something like that. stuart: yeah. fair point. you got it right again. now, come in and talk to me about these bankruptcies because look, we've got j. crew going bankrupt and niemann marcus. i don't think that's totally the end of them, is it? couldn't they reorganize in bankruptcy and come back on the other side stronger? >> well, many of them will try. but a lot of these companies came in incredibly weak. j. crew had gone through not one, but two lbos. you saw the same with niemann marcus, multiple lbos. very leveraged companies. jc penney, years of frankly

failure as -- in performance. these people came in very weak. they are all dependent on apparel sales, which nobody is thinking about right now and won't for a long time. they are going to face very weak customer demand. some of them may survive as brands. you will hear about them, they will be out there, but they will be a tiny sort of fraction of what they were before. greatly downsized, consolidated companies, stores closed. it won't be the same world it was before for these companies. it just can't be. doesn't mean the consumer can't be strong. doesn't mean the economy's not coming back. just means they won't be shopping at these old school places. stuart: i see simon property group, largest operator of malls in the united states, i believe, they are reopening i think it's, what, 49 malls in about ten states. what do you make of that? >> well, look, they are the largest operator and as in many industries, the coronavirus is going to be a significant factor for consolidating the industry. they are the ones that have the

balance sheets and capabilities to survive. they will open these malls, i'm sure knowing the people there, david simon and the whole crew, they are going to do it right. they are going to be really careful because the last thing they want is a problem that emanates from one of their malls. and people are going to come out. it will not -- you will not see the traffic that we have seen and they won't have the capacity to have that traffic for a very long time. but people will start to come back and start shopping again. if you look at the numbers out of china, it's probably the best indicator, traffic is still down 30% to 50% year over year in china, even though they have reopened there. i think that's the kind of thing we are going to see here for some time to come but they are going to be open. stuart: okay. jerry, thank you very much indeed for joining us, as always. we will see you real soon. that's a fact. thanks. all right. better check out jpmorgan and wells fargo. what's the news? they are both down, lauren, substantially, 3%. what's the news? lauren: yeah. well, they are tightening credit. they both told customers they are not accepting applications for home equity lines of credit. they are just not doing it.

that's when you secure credit against your home and use that money for renovation or even to pay down debt. it's considered very risky because in a pandemic, when people are struggling, if you fre foreclosure on your mortgage and don't pay your heloc. stuart: thanks, lauren. president trump considering withholding virus aid to sanctuary cities. acting border patrol commissioner mark morgan is here. i want to know, is there a deal here? yeah, you can get the aid but you've got to drop the sanctuary city business. wonder if there's a deal like that. check big tech again. they are some of the winners in the pandemic. most of them are down today. we will break it all down, go through them one by one with big tech watcher ray wang, next.

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stuart: we are taking a hard look at big tech today, mainly because most of them are sharply lower. for this we need to bring in market watcher ray wang, who has covered the big tech companies for a long time on this program. i'm going to go through them, ray, one at a time. i want you to tell us where you think the stock is going. i'm going to start with facebook. now, they are up today. i've got them at $206 a share. where to from here?

>> happy friday. facebook is doing really well. they had a lot of ads and i think that's really helped them. as we are looking at the digital ad market, it's really between google, facebook and amazon and what's happening is because of the number of ads and the number of people coming back to facebook, especially for a lot of the post-pandemic response, they are actually using it. i think advertisers are taking notice on facebook and we will see ad revenues pick up in q2. stuart: going up from here on facebook. okay. apple, currently at, what is it, $293. they are down only a fraction now. where are they going in the future? >> they are going to pick up as well. i see good news for them. that new price point on the iphone se is actually important. what that's doing is allowing other people to come into the market, it's also allowing them to bring over android users over time. it's also helping them with emerging markets where they have had some problems, being the really expensive option in all those markets. so i think they will do well there. the services revenue was the

interesting piece. it was up, and you will see that continue to be the big piece. stuart: above $300 a share, do you think they will get to $350 a year from now? >> i think so, yes. once we get through the christmas holiday season. stuart: okay. next case, amazon, big drop today. at the moment they are down, what, 152 points. that's a further down side move for amazon. where is that stock going? >> you don't usually see me get excited about a stock. that's the one you got to be in. long term, your earlier guest was completely right about what's happening in retail but it's also amazon prime. prime usage was massively up. they are going head-to-head with netflix and they are going head-to-head with disney plus on streaming. they are winning in the cloud war. some of those wins on the cloud were tremendous. they are going up against google and microsoft and the cloud and more importantly, they've got a subscription model that is unbeatable, if you think about what they can do with just one digital subscriber. they can send them in different directions from physical and retail and also all the other digital areas that they have been pushing.

stuart: okay. we hear you, but they are down $162 per share right now. i hear you. i hear you. microsoft. they this morning are down, not very much, at $177. where are they going? >> microsoft, same thing. they are doing really, really well. they accelerated the cloud. everyone that was in a digital transformation effort, trying to get into the cloud because of work from home, because of remote work, had jumped into microsoft and you are seeing a lot of big companies and even smbs jump into the cloud in terms of their applications that are there. the theme that's going on is you've got to be in the cloud, you got to have big data, got to have ai, got to have a subscription business model and got to have a lot of cash on hand. that's the theme across all the big tech stocks. stuart: four big tech stocks so far. you think all of them are going up from where they are now. last one is netflix. where is it going? >> i like netflix. here's why. a lot of people that are in the

streaming business, they are under lockdown and there's no new content. netflix actually has more content in pipe than everyone else, ready for the next season. because they can do that and because what they are doing at this moment is streaming down their costs in terms of being able to stream out and drive down their technical costs, they are in a really good position and still have international ads that they are going to grow out. stuart: ray wang likes them all. we will bring you back again. thanks very much, ray wang. we are just getting started this friday morning. big show for you. tammy bruce, david asman, mark morgan, steve hilton, all of them coming up. we'll be right back. every financial plan needs a cfp® professional --

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stuart: 10:00 o'clock right here on the east coast, we do have a read on the state of manufacturing. susan, i don't think this is going to be very good is it. >> no it's not expected to be very good, i'm trying to bring this up on maternal but were expecting a low rate since 2008 for the month of april, estimates are calling summer close to 36.9, it looks like we got something a little bit better, 41.5 in the month of april, still that is down from march when we saw 41.1 and anything below 50 contraction which kinda makes sense because we know the factory floors have been closed. stuart: we know the numbers are going to be bad especially for april and the second quarter. that was a bad reading.

stuart: we just got the numbers there how about is that lauren. >> not bad at all. this is the number for march, i'm going to give you an expectation and i apologize, expected to be down 3.5%, you know why but it came up positive, .9% in the month of march. so obviously this is a little bit before the lockdown -- coronavirus, middle of the month but look at that construction spending gaining. stuart: so far no impact on the overall market but i'm staying with you lord for a second because my script, my teleprompter says you have a bright spot in housing. tell me another one. >> it's a positive and a fresh number common april number, they say the demand for homes fell 15% if you look at the last week of april, the week ending april 26. demand is down but is not

falling off a cliff. so they do expected to get better because the economy is starting to reopen. stuart: thanks lauren, i call these mild positives. not such a bad reading on manufacturing. not such a bad rating on the construction spending and the dow has come back a bit. we were down over 400 points and now were down 380. were still down, i still see a lot of red ink, there you go pray to have a gilead sciences, they can move the whole market, the news there is there going to produce 140,000 rounds or doses is more accurate of remdesivir by the end of may, the end of this month. and maybe a million by the end of the year. the stock is down nearly 6%. boeing has raised $25 billion in a bond offering, they sold more and brought it in with a very low interest-rate they don't need finance under federal financing, they got below $140

per share. the oil industry, we know it shrinking big time and lauren, you have some numbers for me. >> jan the oil industry is expected to lose $1 trillion in revenue this year. losing 1 trillion, they look at the s&p 500 sectors, it is now that second smallest, just 3% of the entire index. so this used to be such a major part of the economy, it is shrinking intricate fast. stuart: look at those oil stocks, every single one of them getting plummeted. we are paying a lot of money for oil that we cannot sell. all right lauren, let me see apple please, you are to follow apple closely despite store closures for the app store, apple tv helping fuel cells. it is turned around we were down at the opening of the market, now we are up, $2.43 at 296. that is a check of apple, market down now 400 points and now th

this. >> china just can't handle criticism of any kind. look what's happening right now at the world questions beijing response to the virus. the pushback from china is intense is not really pushback, is lashing out, it's threatening and bullying into codex. i'm going to give you an example that you probably did not hear much about but is coming to light now. there was a report from the european union and it said china has conducted a worldwide disinformation campaign denying any blame for the virus outbreak. that was a report from the europeans. politico broke the news, and then the financial times reported that chinese diplomats have threatened the european, knock it off or else. it worked. the europeans caved. the new york times report that the critical report was revised, dropping the records to global disinformation campaign.

with europeans the bullying worked. australia however, they have a backbone, they demanded a virus investigation in china threatened them with an economic boycott. at this point and very pleased to say th they have not back don her back home from both sides of the aisle, strong demands to hold china accountable. in the response from beijing, foreign ministry official said american politicians are lying through their teeth. the communist party of china is brittle. if it takes a hit, and might crack and then it's authority shatters. so they counter any challenge with belligerents and threats. they may succeed and they may be able to exploit that position first to get back to work but there has been a massive shift in beijing's position in the world. trust and respect and admiration i think they are gone.

in america will hold them accountable, yes they will, they will get a bill from us, they will threatened, they will bluster but one way or another after shutting down the whole world, they will pay a steep price. and look who is here, an expert on foreign policy kt mcfarland. welcome back kt. i am saying that they will behold accountable, they will pay by america. i don't think growing to back down on this, what do you say. >> i think just the opposite. the chinese publicly and privately have gone to the united states and said let's stop criticizing us, were not going to let you have penicillin per we will withhold supplies on the essential medical needs and pharmaceuticals from the united states unless you back down. which trumps response, he said we will investigate. he's not backing down for one minute. i think the chinese are doing this for a couple reasons. they intend to come out of this crisis as the world leader, they want to put america incompetent, can project together, the economy is gone, the business

model is broken it does not work. they also want to avoid having to settle pray they want to avoid having to pay the terms of the trade agreement between the united states and china and they don't want to have lawsuits coming their way. and frankly this is been a wake-up call. there are a lot of lawsuits coming their way. stuart: you think we will persist and will get some satisfaction, can we put it like that? do you think in the end we will get some satisfaction? >> yeah but maybe not in the way that's most obvious. as you anoint very close to the people in the national security council in the white house even though i'm no longer there. what the first thing will do, then we will start bring in the supply chain home. not only first armor under pharmaceuticals but technology and et cetera. let's say we get a u.s. uk agreement pretty soon, not only will he be great for the market but something that we can build on to go to other countries that respect democracy, respect the rule of law, however, premarket and then we can build out so we

don't need china. so we can trade with each other. so we don't need to get into the middle of chinese trader be depended upon china. and finally i think we need to really ramp up our technology in our research and development technology. we need to keep being a commanding height of technology, we need to remain the technology. and then protect that technology, don't let the chinese begged for, borrow it or steal it. keep it. stuart: nice phraseology there. i got that. kt, i want to raise the issue of general flynn, before we get to your opinion on it, i want to show you what president trump said about michael flynn. role that take place. >> it looks to me like michael flynn would be exonerated based on everything that i see. not to judge but i have a different type of power but i don't know that anybody would have to use that power. i think he's exonerated. [inaudible question] >> i would certainly consider it. yeah i would.

i think he is a fine man, i think he has a great family. stuart: i just want to add to that kt because this morning we found out that it was the trump hater peter strzok who insisted that the prosecution, i used out word, the persecution of general flynn will be kept going. i think the brexit eu in the same way. >> absolutely. we were supposed to be a one shoe punch, they went after flynn, they went after me, they tried to blackball flynn, they tried to blackmail me, they tried to bankrupt both of us, then they threatened flynn's son and he sacrificed himself for his side, pled guilty to a crime he did not commit. i refuse to plead guilty to a crime i did not commit. what was their goal, they needed to get at flynn because flynn, we talked about it during the transition, flynn and the president wanted the reorganization intelligence committee to reform it, streamline in 16 agencies which were less than effective so they needed to get to them to protect

their own sinecures. and secondly they needed to get to him and me and others in hopes that we would turn against trump and accuse trump of committing char crimes that trud not commit. stuart: we could talk about the legal-isms in the constitution and the position of the fbi and the justice department all day long but what comes out of this to me is that they attempted and did ruin financially integrated the reputation of a fine public servant, i think they tried to do the same thing with you and i think they owe you an apology and i think they owe general flynn $6 million. last word to you. >> i think they should be held accountable. i would like the apology like to have my hundreds of thousands of dollars of legal fees restored to me, but i think those people need to be held accountable and they should pay for their own

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so one compromise would be to play in front of crowds of 50,000 instead of 80,000 and segregated them.

>> you could live with that, just get them back because we all want it. >> the first stages 300 million people at home who just watched the twentieth thing of tiger king on netflix and they want programming. stuart: you are right, we want to see some sport. interesting story, tsa screening more passengers as april moves along. >> numerous states across the country, a number of airports coming back in. they recorded 154,695 passengers screens on april 30th. across the increase from the

previous day they are very far from normal because we have a tsa screening 2 million passengers on their way, traveling for another day. stuart: i find that an interesting indicator because if people are willing to travel on a plane they are willing to open up america a bit more and that is the trend. >> you are hearing this from corporate america. restaurant chains are reopening their stores, apple reopening in the us, retail stores which have been shut since march and they will do that in early may so you see the easing and trickle back affect from corporate america. stuart: i lost my phone and i thought how can i get to an apple store to get a new one but i found it.

there will be a crush of people going to the apple store. californians pushing back on governor newsom's crackdown, two cities pursuing legal action. steve hilton is our guy and he's on the show coming up. you will hear how joe biden responded to the sexual assault allegation. more varney after this. - [narrator] soon, lights will come on.

soon, people will be walking back through your door. soon, life will move forward. we'll welcome back old colleagues, get to know new ones some things may change, but we'll still be here, right here, so you can work on the business of getting your business back. at paycom, our focus will always be you and we'll see you soon.

stuart: i regret to say there is a serious selloff, down one.7% on the dow and we are below the 120,000 level. amazon, a selloff going there, $150 despite a $75 billion revenue in 13 weeks. they poured profits back into the business, $4 billion worth to account for virus expenses. the market doesn't approve of that. they will come back strong on the other side of the virus. joe biden did address the sexual assault allegations on msnbc, roll tape. >> it is not true, i say unequivocally it never never happened. i don't remember any type of

complaint she may have made. 27 years ago, i'm confident there's nothing, no one brought it to the attention of me 27 years ago. if there is a complaint that is where it would be and filed. i have never seen it. stuart: he says go to the national archives, see if the report is there. he has never seen it. he's not allowing to go to the university of delaware, i don't think this is over. >> this interview was meant to burnish his image but the only person who came out of this with a better image is nika burzynski. she did a good job. it was very scripted in a way but as she continued asking questions in a different way she

continued to press him, about the delaware situation, if there is no report. he began to disassemble at that point, when asking certain questions or stay on that question. there was more damage, or any benefit for him, we knew he would deny it, the campaign has been denying this. in terms of why he didn't want to wear papers to be looked at, they were policy papers and records of conversations, people like vladimir putin. and during the campaign. >> >> the vice president will pick

has to be a woman. and i don't believe tara reid. that is quite a situation to be in. >> how the me too movement was farce, whether gillibrand or harris or elizabeth warren. or all of them. amy klobuchar who was so gung ho against brett kavanaugh, all said they are for joe biden. whether it is alyssa milano saying she can't imagine he would ever do it that is not the standard. this is an issue about the hypocrisy, these people have a completely different standard. the condition, is a man on the cues democrat or republican, that harms all women, nonpartisan crime and abuse and

all of this being handled fairly. stuart: let's bring nancy pelosi into this. we will roll tape about the biden allegation. >> here is the thing. i have 4 daughters and one son. the idea that women will be heard and listened to. there is also due process, the highest regard for joe biden. stuart: no response? >> to protest hypocrisy. the house and senate during the brett kavanaugh hearing, the end to do process for men who are accused, the burden of proof of their innocence was on them and that was the case that was less

credible, the accusers, accusing joe biden and this is a changing kind of chameleon dynamic for women who has gone through this, you make the me too movement a farce with the standard of something you agreed with politically. that is what nancy pelosi -- stuart: a bipartisan challenge, that is what it is. i like this headline. we are hoarding cash during the virus crisis. >> 2.17 trillion american savings rate, the highest it has

been since 1981. the positive is it is good to save. the negative is you are not spending it, the most on record last month. stuart: but you can't. businesses are closed. you can't spend it on vacation or travel, we are building up a cash court which we can spend. >> the only thing, with money stashed in the bank you are earning this much. it is great we are saving. interest rates are low. we need them to be low. stuart: to build up cash, like a

good rate of return on whatever i put my money on but in these times, these extraordinary times i am very happy to build up a horde of cash to spend it later. i lost my shirt on boeing, let's not forget that. we were rolling out a monthly subscription service. you pay x number of dollars per month and have a new car whenever you like. only the full self driving mode. that costs $7,000 in an upgrade. it will go up in price on july 1st. what about a subscription service? the full self driving, not autopilot because it is not full self driving, you have to watch the roads, it makes sense,

service is doing very well, spotify, someone would say with netflix, we heard elon musk say this before, some aggressive autopilot and self driving, and the transportation department says that is not the case. los angeles to new york and self driving mode in 2020. stuart: i don't think you can compare a subscription service for self driving car. you know how i am. >> you need innovative money to make money. stuart: good luck with that. the s&p is down 52 in the nasdaq down 168.

at least 20 states easing restrictions as of today. in wyoming salons and gyms can open their doors, watch the plan to keep everybody safe. the great senator from wyoming joins us in the next hour. florida beaches and hotels are open. jacksonville, the mayor is coming up later on the show. more varney after this. (music)

>> this will be a tv event, jeff bezos has been called to justify before congress. >> this was something we reported on last week, that amazon abused its position and extrapolating the data so sellers could make their own private label good. josh holly sending a letter to doj, to look at a criminal

investigation. the house judiciary committee investigating giant tech firms, they want jeff bezos to testify on capitol hill and this would let lawmakers investigate amazon and jeff bezos but given that he doesn't even make an appearance on earnings calls i doubt he will take up this request unless there is something more serious. stuart: so it is just a request, not we will send the cops to arrest you. it is a request. >> it is a request. voluntary. stuart: i will be interested to see if jeff bezos appears. we will see about that and stock is down by the way. now this. >> we were supposed to be a 1-2 punch, they went after franco went after me, tried to

blackmail flynn, back mail me, then they threatened flynn's son. he sacrificed himself or his son for a crime he didn't commit. flynn and the president want a reorganization to reform it and streamline those. stuart: they tried to stop him doing that. look who is here now, judge andrew napolitano. it was peter stzrok who kept the persecution of general flynn going which is an outrage, way and please. >> it is a gross abuse of power. between peter struck ordering the investigation to continue after the fbi agents who interrogated general flynn four days into donald trump's

presidency concluded that he had not lied to them decided to shut the investigation down and the notes released yesterday by a formerly high-ranking fbi official of the meeting with jim comey weighing the pros and cons of getting flynn, getting fired and targeting him and prosecuting him shows what k t mcfarland articulated, 100% in the fbi that they can go after and get whatever they want spouting 1-liner, show me the man and i will find you the crime. that culture is alive or was alive as recently as 2017. why did he plead guilty to a crime they didn't commit, they destroyed him politically, destroyed him professionally and destroyed him financially and he had no choice but to give up the ghost and say let's end this. stuart: gross miscarriage of justice.

judge napolitano: people who believe in the rule of law should be scandalized this happened to a 3 star general, they could do this to anyone. stuart: a different subject and a good one. a restaurant owner in maine told tucker carlson it is time to defile lock towns. >> time to open back up. we have gone to other parts of maine, people are everywhere. i have a restaurant that seats 250 people inside, 2200 square foot patio. i could put space everywhere and get open for business. if each person taylor's their business to what works and people feel comfortable coming in come in. if they don't feel comfortable we will deliver to your car. stuart: so what is his legal standing? he is defined the lockdown. judge napolitano: the lockdown

in maine like everywhere else is without legal authority. it may be wise, it may be scientific, it may be the right thing to do, i cooperate with it, you cooperate with it, the overwhelming majority of americans are cooperating with it but it is not the law. governors don't write the law. only state legislatures do. what this restaurant is railing against is an executive order written by the governor of maine without legal authority to do so and also arguing in favor of the free market and the right of consumers to make their own choices and landowners to make their own decisions. supermarket keep you out if you don't wear a mask? of course they can. they run the place, it is their choice. the government has the authority to keep you out if you don't wear a mask? it doesn't. he defies the governor of maine and brings us to a head and if it ends up in court he should prevail. did you expect anything different from that? stuart: i'm so pleased to have you and i aligned on so many

subjects recently. that warms my heart. judge napolitano: i hope the cockles of your heart have a fine weekend. stuart: the markets come back a bit, we are down 380 points for the dow industrials. look at dollar general, we will pay bonuses to their workers, no impact on stock. tyson foods doubled bonuses, increased health benefits for frontline workers, they had to in the face of closing meat processing plants. walmart launching the 2-hour express delivery service with 160,000 items including groceries and general products like toys and electronics, to our delivery, no impact on the stock, it is down $0.50. exxon mobil plans a slow recovery and a challenging summer.

stock is down to $44 a share. earlier this week the blue angels and thunderbirds flying over new york and philadelphia, terrific tribute to healthcare workers. we will tell you where they are headed next because the thunderbirds director of operations is on the show in the next hour. more of us are buying cars online. one of those online dealerships is prodigy. you can choose the color, the financial operations, all of it online and the ceo or cofounder of the company is on the show next. we will be back. 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: virus took hold more of us are buying cars online. prodigy, a digital car buying platform, you can pick the color, the financing operations. that is what we will do, my kayak, thank you for coming on the show. tell me, how much has your business gone up since the

lockdown began six weeks ago. >> great question. our business, selling our software dealerships is gone at 135%. what is more exciting for us is what is happening with our dealers. from three weeks ago the low point of car sales in the us we have seen dealer sales go up 92% in the last few weeks. stuart: the actual dealerships, i will call them brick and mortar dealerships are closed. >> they are closed on a state-by-state, only if they can sell cars digitally online. for many dealerships using a platform like ours is the only way to stay in business. stuart: perfect time perfect placement if i go online and i can pick the color, whether it is a 6 shifter automatic, i can choose everything, is that

right? >> absolutely everything. you can video chat with the dealership, they can give you a tour of the car, if you have bluetooth it is like being in the dealership only we are chatting the way we are now over video. stuart: thanks for being on the show. you are perfectly positioned, prodigy ceo, thanks for joining us. earlier on the program we said the mayor of jacksonville would be on, he can't make it but john barrasso from wyoming will be with us. in wyoming they plan to open jim's and salons today. the reopening clashes, i think they are coming, more states he's regulations, more people will challenge the rules, you will have my take on that next. . and ready to help you find opportunity. so. let's talk. edward jones. it's time for investing to feel individual. from anyone else. so why accept it from your allergy pills?

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aag bringing stability to your retirement. stuart: we have an atomic clock, it is exactly 11:00 here in new york city. the markets have been in business for 90 minutes. we got a selloff going on. dow down 1.6%. that equates to a minus 400 points. on your screens, a number, 41.5. that is the number on manufacturing. any number below 50 means that manufacturing is contracting. that's a pretty sharp contraction for the month of april. here's a surprise. construction spending up by 0.9%. the fact that it's up at all is a surprise and a welcome surprise, too. there are at least 20 states easing lockdown restrictions as of today. more than half of all the states will have at least partially

reopen as of monday. okay. it's a big deal. now this. it's going to be a big weekend. the reopening of the economy gets rolling and there are going to be a lot of people who will challenge the rules already in place. they will demand a faster and broader reopening. there will be protests and perhaps civil disobedience. in california, governor newsom has locked down the beaches. he didn't like the way some folks broke the social distancing rules last weekend when the beaches were open so he's punishing everyone with a new blanket beach closure. lawsuits filed, protests planned and the governor risks ridicule with his list of quote, acceptable outdoor activities. yeah, you can wash your car but you can't walk on the beach. in michigan, protesters jammed the state capitol building again. some of them carried rifles. don't do that. it distracts from the principle of getting back to work as fast

as possible. the legislature in lansing wants to restrict the emergency powers of governor whitmer. will michiganders accept her extension this weekend? question that one. look at texas, where a wide opening up goes into effect today. if you see people flocking to the stores, barber shops and restaurants, you will know how strong is the urge to get back to work and get out of the house. i keep saying it but the weather makes a difference. after six weeks being cooped up, of course we are anxious to get out. one last point. it is largely democrat states that are holding on to the lockdown rules and they are the ones demanding taxpayer bailouts. new york and illinois in particular, think about that, they want the money that's being generated by largely republican states that are getting back to work. blue states stay locked down and demand bailouts.

red states go back to work and generate income. some things never change. los angeles, sunny. naples, florida, sunny. new york city, sunny. lansing, michigan, a little cloud saturday but warming up. it's going to be a very interesting weekend. look who's here right now. my colleague and host of "bulls & bears" david asman. i wanted to bring you on the show because i know you have been walking around new york city recently, since the lockdown began, i know that's what you do. what have you seen? david: i have seen new york opening. it's not civil disobedience as you were describing it precisely. certainly not what they have in michigan. it's quiet opening. i will show you a video i just took moments ago on a rooftop in manhattan. these are construction workers. look at all these construction workers. they have begun work again. this is just a couple of blocks from where we work here at 1211 avenue of the americas. i took this video myself so it's a little shaky. i pulled back so you could see. this is happening all over new

york. yes, it is defiance. yes, it is civil disobedience in a way. i don't know exactly the rules of this particular building. but i'm seeing it all over. i walk to work every day. i have been doing it since the so-called lockdown began. and stores are opening, stuart. i went to a bank that i go to and it was closed, they said we are opening another branch. i went to the other branch which is in midtown manhattan. there were about ten workers working very busily, all had masks on, they were doing social distancing, but they were working. you can't stop new yorkers from working. i went to the floorman, easy to find because he was giving the orders, i said have any police come in to try to stop you? he said we didn't ask. in other words, there's kind of a mild civil disobedience. it's not in your face civil disobedience but it is opening. what's happening here is when the police go in and check on these businesses that are opening, they are just checking to make sure they are doing

things okay. when they ask whether they are breaking the rules, the police won't say. it's clear that both the business community and the police themselves don't agree with the lockdown orders coming from the governor and the mayor that frankly, they don't respect the mayor who doesn't respect the police force so it works both ways, and this is a kind of civil disobedience that is forcing new yorkers to recognize what is at the heart of new york, the reason why you and i are here, stuart, and why so many people flock to new york, which is because we love to work. maybe aoc doesn't think new yorkers do, but most new yorkers love to work and they work hard. you can't stop them from doing it. yes, we have to be careful. yes, we have to change our habits. you adapt to the new situation. we did that after 9/11. we did that after all the other crises we have had in new york. improvise, adapt and overcome to borrow a phrase from the marine corps. that's what new yorkers do and that's what we are doing. stuart: do me a favor. go out and walk around new york

city tomorrow. check out central park. the weather's going to be good. i guarantee a lot of people. david: absolutely. we were there, my wife and i were there last week and who was out there was mayor deblasio himself. remember he got a lot of feedback because he's not following his own orders. stuart: look, so long as you obey the rules, i got no problem with that. mr. asman, you're all right. see you again real soon. thank you. thank you. all right. i'm going to take another check of big tech because they have been taking it on the chin. i see apple has turned around. they are now on the upside. facebook is actually down now. microsoft is still down, amazon is down a whopping $100 a share last time i checked it. big tech down except for apple. how about clorox? that stock's got to be up. yes, it is, 4.5%. all those cleaning products flying off the shelves? the stock's got to be up and it is. boeing raised $24 billion with a debt deal that brought in the money, they don't want money

from the government but the stock has now turned south, down three bucks, $137. gilead sciences say they do have the capability to produce want to call it 140,000 rounds of the virus drug remdesivir. that's by the end of may. a million by the end of the year. that stock actually is down four bucks and it's dropped below $80 a share. then there's co-diagnostics. they've got a virus test which showed positive results in independent field studies. that stock is up 12% this morning. 12 bucks a share. workers across the country are planning -- well, some workers in some parts of the country at some jobs, they're planning to walk off the job today. it's a may day protest. all right. grady trimble is in chicago. a, what are they demanding and do you know how many people have called in sick? reporter: first of all, what they are demanding is hazard pay, although some of the companies that they are protesting against have already raised pay.

they are also calling for better sick leave policies and transparency from companies when reporting coronavirus cases at different fulfillment centers as well as retail locations like this one. it's hard to say, though, how many people are participating in this because it's primarily a sick-out, meaning employees will call in sick and then they just won't show up. so you can't really get a tally. i will tell you, we will follow up with whole foods and all the other companies that are dealing with this today to see how many people have called out sick. i have covered several of these. this is the first time they have called for a mass protest all at once, but each of these companies has had protests individually and every time, just about every company has told me this is a small group of vocal people, it's had no impact on our day-to-day operations that we can see tangibly. in fact, some of the companies like shipt, for example, have told me they have seen near record sales on the days that these protests are staged. there you go. stuart: very interesting. thanks very much. left-hand side of the screen, you can see amazon, now down 7%.

that is a whopping decline for amazon, down $176. lauren, let me just ask you a quick question before you proceed. do you think that this new downturn from amazon has anything to do with the request that jeff bezos appear before congress? lauren: yes. it's selling off a little bit more on that news. however, yesterday the stock closed at a record high. all-time high. then they report earnings, their earnings show bottom line that dealing with covid-19 is expensive. so they are spending all of their expected operating profit in the current quarter for testing of their employees and to make sure that the items that you order, you can get them when you want them. so it's expensive for them to deal with that. that's one of the reasons the stock is down today. stuart: well, it is, i mean, it's a voluntary appearance before congress. it doesn't have to go. but i think the fact that he was

requested to appear, that raises the threat again of some kind of breakup of amazon or some punitive move against them because they are so big. lauren: yep. stuart: you agree with that? lauren: he's also the only executive ceo of a big tech company, amazon, apple, google and facebook, the only out of those who has never testified in congress. stuart: okay. we will leave it there. we've got amazon down 172 right now. back to $2300. wasn't that long ago we were above $2500. all right. take a look at apple, please. now, susan, you spoke to tim cook after the earnings report yesterday afternoon. what did he tell you? susan: that things are not as bad as feared and he's optimistic about the u.s. economy. he didn't give me a letter whether it's a v or u or w but let me bring up the quote we had of our conversation. when it comes to the u.s.

economic recovery, i am optimistic about the recovery in the u.s. because of the stimulus programs that have been signed into law, so i'm optimistic the u.s. can recover. you know how to have a healthy recovery, i'm not an economist, he says, but i'll be the first to admit he isn't an economist but he is an optimist. as i mentioned to you, they came in better with sales, came in better with profit and it was all about services and wearables. those were the two divisions that really helped save things in the first three months of this year but china is back up and running, back up to full production at the end of march. here in the u.s., speaking of reopening, you know, we have stores set to reopen, apple stores, in the middle of may. slowly and city by city, he says. and i counted eight analyst upgrades after those earnings came out because again, not as bad as feared and they are optimistic heading into the end of this year. in fact, april has stabilized as well. jpmorgan probably the highest target price from what i saw was $350 apiece. also, you will be speaking to

dan ives who is pretty bullish as well on apple stock. stuart: that's right. dan ives is coming up and i've got to tell you, when those apple stores reopen, there will be huge pent-up demand for all things apple after the lockdown of six or seven weeks. all right. dan ives still to come. we are going to dive a bit more into apple. that's a bit later on the program. u.s. steel, i'm not surprised they are planning big layoffs but how big are the layoffs? susan: they are expected to send out 6500 layoff notices probably in total, they will only lay off around 2700. still, that's a lot of people and they employ around 27,500. this is coming from u.s. steel which is based in pittsburgh, pennsylvania and there are political ramifications as we head into a presidential vote in november. don't forget, pennsylvania of course went for trump and hopefully again, hopefully with this blue collar boom that he had promised that they will vote for him in november, at least that's what the administration is looking for, but pennsylvania

was also one of the first states in this jobless era, this coronavirus era, that reported a spike in jobless claims. so if someone like u.s. steel is now laying off close to 2700 and they might do more of that since u.s. steel isn't doing as well as it used to, you can be concerned that some of these votes might be going the other way. stuart: that's a tough one. susan, thanks very much indeed. u.s. steel is up a fraction on that. actually 3%, 24 cents higher. i'm sure you remember this. the flyover. thunderbirds. and the blue angels, by the way. they soared over new york and philadelphia. it was a tribute to health care workers. thousands, tens of thousands of people looked up and saw them. in a moment, we will interview the thunderbirds director of operations. he's joining us later this hour. he's going to tell us where they are headed next. another show coming up. start spreading the news. the new york new york casino could be one of the first to reopen on the vegas strip.

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stuart: you know, 30 million people, actually just over 30 million, have filed first-time claims for jobless benefits. that's just in the last six weeks. lauren, can you tell me which states were most affected? lauren: michigan and then the south, stuart. so michigan filed 257,000 claims. numbers about the same, if not higher, in georgia and florida. we are seeing claims spike in a

state that issued the stay-at-home orders a little bit later than the others. so that explains some of the states. but all in, as you know, since the virus began, 30.2 million americans filing for jobless benefits. stuart: but there's weekly numbers showing a down trend, five million, then four million, then three million. i think that's healthy. i think it's mildly positive. terrible news for the people, but the trend can sometimes be your friend. i try to be positive. thanks, lauren. all right. got a new tweet from elon musk. do we have susan on this? tesla's stock price is too high. what else have you got? susan: he goes on to say i'm selling almost all physical possessions, will own no house and he says now give people back their freedom. as we heard, he was going on this expletive-laden rant on the earnings call this week because he's upset that california continues to have this shelter in place order until the end of may and that hurts and closes down his only car producing

factory. the stock is down 7.5%. i did the quick math. that's around, he lost around say $7 billion or so in market cap. i don't think that's a lot for a company that's worth $140 billion which is again, more than -- stuart: wait, why is he selling his personal possessions including his house? why? susan: you're asking me to interpret elon musk for you, right? how many people on this planet do you think actually have the answer? one. stuart: is it linked with the stock price being too high and him wanting to help his workers and reopen for business? susan: wow. very altruistic of you. very charitable this morning. i'm not sure. maybe he had a lot of focus because of the strength of his stock price and the strength of his company over the past year and people are saying well, who are you to tell workers to go back to work, to put themselves under dangerous conditions, according to ilhan omar in these covid times. maybe he's just trying to walk that back maybe to win a little

bit more of the public. stuart: you think he's being facetio facetious? susan: possibly. stuart: selling possessions? susan: yeah. i definitely think he's being a little facetious in that regard. he has a lot of money. he's worth over $40 billion. probably going to get a payday of $750 million if he gets the market cap to stay at $100 billion plus over six months. stuart: facetious, saying my stock price is too high, i've got too much money. susan: possibly. stuart: who could get into the mind of elon musk. maybe we should have him on the show. president trump threatening china with new tariffs because of china's handling of the virus. senator from wyoming, john barrasso, joins us now. mr. senator, i know that we want to hold china accountable but there's something that really troubles me in all of this. one of your colleagues in the senate, along with newt gingrich, they are saying that we, america, should not repay

the trillion dollars that we owe china. they are seriously talking about abrogating the debt. we have never done that before. i think it would be a terrible thing. what do you say? >> first, two words with regard to china. never again. stuart, we should never again be dependent upon china for medicine or materials or products, anything that is in the vital interest of the united states, and we need to take a magnifying glass to reexamine our supply chain, because we know that china eats alive all of those things and now they are trying to rewrite history with regard to the coronavirus. with relation to the debt, larry kudlow has talked clearly about the fact that that's not going to happen. the president is going to continue to hold china accountable. he's done it more than previous republican or democrat candidates or presidents have and i'm going to continue to work with him to hold china

accountable. they are the number one holder of our debt and our debt is a big problem as well, and we've just added to the debt in our dealing with the coronavirus that has been caused by china. stuart: that is true. but let's hope we do not abrogate our debt for the first time ever. mr. senator, wyoming is opening up, i believe as of today, barber shops i think are reopening there. i think you could be a real good indicator of how much people just want to get out and want to get back to work. do you expect a lot of people to be getting out and about and using services in wyoming? >> i do. wyoming is doing it right. people want to get back to work. we are doing it safely as well as smartly. the governor's worked with our health department but you're right, businesses are open, super cuts is doing a big job, as are all the barber shops. i just drove by the realto barbetter shba barber shop outside were three guys with masks.

i'm getting a haircut tomorrow as is my father. people are out and about. they are already out and about. every state has been hit differently. in wyoming, we have been very fortunate. only a little over 400 cases of coronavirus, seven deaths. our economy has been hurt much more by coronavirus than has the health care consequences for wyoming. our agriculture, tourism, all of those things, we are ready to go back to work. stuart: what about a fifth, i have lost track of the number, another rescue package, a big one, at some point in the near future? do you favor that or oppose it? >> we have 30 million americans out of work, as you just reported. those people need our help. all the republicans had a call this week of our conference, i chair the conference. if there is another package that needs to be targeted and it needs to be temporary. needs to be bipartisan. the last cares act passed 96-0 in the senate. but it needs to focus specifically on the coronavirus problems related to it, so i

have said we need to push the pause button on additional spending until we can make sure that the spending being done right now is actually being affected. the states are demanding, as is chuck schumer and nancy pelosi, demanding more money. the states just got $150 billion last tuesday, stuart. let's make sure that money is being used wisely. they may need more flexibility. but the number one thing we need to do is to push the start button on the american economy. that's to get people back to work, get the economy growing again. that's much more important than any stimulus package that can be passed in congress. stuart: mr. senator, if i lived in wyoming, i would be right behind you for a haircut. i have missed two. i haven't got my hair cut in months. it shows. thanks very much -- >> always welcome in wyoming. thanks, stuart. stuart: thanks very much, senator. see you soon, sir. thank you. now this. joe biden denying a sexual

assault allegation this morning. but listen to speaker pelosi on the subject. roll that tape. >> there was never any record of this. there was never any record. there is also due process and the fact that joe biden is joe biden -- stuart: that was before the answering of the charge this morning by joe biden but it's clearly very different to how the speaker handled allegations against supreme court justice now brett kavanaugh. what does steve hilton think about all of that? we will ask him. he's coming up shortly. apple earnings, oeshgs not that great, but the company says u.s. stores could start reopening this month. i think that's a big deal. i think customers will be rushing back there. we will discuss that, top analyst next.

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stuart: we have been open on wall street for exactly two hours and we are now down 500 points. that is pretty close to the low of the day. that's a loss of 2%. it's a loss all across the board today. get back to apple. now they are up a buck at $294. dan ives, wedbush securities guy, is with us. he follows apple very very

closely. here's what i think is big and maybe you will dismiss this, dan, but they are going to open some stores, u.s. stores, this month. i think that's going to be pent-up demand for apple products. we are dying to get out and go buy them. i think it's big. what say you? >> look, i think it's important in terms of the overall demand picture. i think for apple, this is really all part of a process putting pieces back in the puzzle that you could start to see demand recover. if you look at the iphone numbers, much better than feared in terms of the horror show going into this. june is going to be obviously very soft but on the other side of the dark valley, that's what they are prepping for, especially with an iphone 12 that comes out later this year. apple needs to make sure that at least a plan's in place just to sort of reengage with the customer. stuart: i just got to tell you that i lost my phone, i should say misplaced it, for two hours yesterday.

absolute despair. the first thing i thought was can i get to an apple store to get me a new one real fast. the answer was no, i can't, because they're closed. hence my question about reopening the stores. bear with me, dan. let me move on to tesla. we got this new tweet from musk. he says his own company's stock is too high. why did he put that out? and how would you feel if you are a tesla stockholder and the guy in charge says the stock's too high? >> yeah. i think this is musk being more tongue in cheek in terms of taking a shot at the bears, coming off this quarter, obviously the stock higher. i wouldn't read too much into this but musk has massive frustration what's going on in fremont, he talked about that, because if they're closed they continue to burn cash. i wouldn't read too much into this, although right now, there is obviously a bright spotlight on musk and tesla to see how they navigate through this economic storm. stuart: two real fast questions.

back to apple. do you think apple will be $350 a share one year from now? >> oh, yeah. i believe on the other side of this dark valley, this is a stock that's $350, potentially $400 as we look out further. that's what investors are focused on. they're not looking at the next quarter or two in terms of fundamentally, when you look at apple. stuart: okay. tesla, will it be $960 a share a year from now, as some investment firms think? >> i think tesla is lower from here, just because this economic environment i think is going to disproportionately hurt especially automobile manufacturers. you look at tesla, a lot of sort of optimism in there. that's one we are a little more cautious on relative to looking to next year. stuart: apple $350, 12 months hence. dan ives, thank you very much, sir. always appreciate it. see you soon. yes, sir. now this. president trump is considering withholding virus aid to

sanctuary cities. customs and border protection acting commissioner mark morgan is with us. mark, is there a deal coming here? you can get the aid if you withdraw your sanctuary city status? is that kind of deal shaping up? >> look, stuart, i'm not going to be able to talk about specifically the action the president is going to end up taking with respect to this, but this is what i will say. it's been very clear since the president's first day of his administration that his priority was protecting the american people. sanctuary cities and policies do just the opposite. look, every citizen in this country, we want to be safe and secure in the cities that we live in, and any policy that protects a criminal, especially a criminal from a foreign country that we can remove, just doesn't make sense. how many more times are we going to have to have some of us here legally, be arrested for a crime, to only be released again

to reoffend? we have had those individuals murder people, rape people, and commit a whole host of crimes and all of that could have been prevented except for these sanctuary laws. so from a law enforcement perspective, anything that this president does to remove and rescind those policies, i applaud him for it and support it. stuart: so do you think that we can pressure these sanctuary cities to allow i.c.e. agents into the courtroom, into the arresting officer's precincts or wherever it is and say come on, hand him over, hand her over? are we going to be able to do that, do you think, as a result of pressure about this aid? >> i hope pressure will work. this aid is just one element of pressure. but it's really going to take the citizens and these cities that have come up with these unbelievably dangerous policies, these absolutely policies that are endangering the citizens, it's going to take the citizens of those cities to step up and

apply the pressure ultimately that i think is going to result in the change. stuart: i need you to tell us if the flood or the number of people coming across the border illegally, has that just about dried up with this virus? >> so it hasn't completely dried up but the numbers have gone drastically down. it's because again, this administration's covid related policy travel restrictions. again, unprecedented aggressive containment and mitigation strategies has resulted in a dramatic decrease in people entering this country. especially on the illegal side. stuart, think about that for a second. these are people that are undocumented, unveted, we don't know their travel history, their medical history. they are in tractor trailers and safe houses. they don't practice social distancing or use hand sanitizer. they absolutely are a high risk to the american people, the cbp work force and the health care providers in this country. but because of these strategies,

we have dramatically reduced that risk to this country. stuart: mark morgan, thanks very much for being with us. we do appreciate it. really do. thank you. good stuff. >> you bet. stuart: take a look at the stock price of mgm resort. it's down 9%. susan, hasn't mgm said something about new york new york, the casino on the strip, being the first to reopen? anything about that? susan: well, they want to open two or three of its casinos including the flagship bellagio which is a very high end property that mgm has had to shut since the middle of march along with the rest of the las vegas strip. we had that stay-at-home shelter in place order that actually expired on april 30th but nevada's governor doesn't know when he wants to reopen and there hasn't been an issue as to when to reopen the strip. mgm, the sands and the rest of the casino companies want to restart as soon as possible. the nevada resort gaming association says they will lose up to $39 billion in lost

revenues, also jobless could hit 30% in the state if we don't get things up and running once again. but we still haven't had any issues as to when nevada casinos can reopen. stuart: tell me how you are going to reopen the craps table and keep social distance. i have a hard time with that. not that i gamble much. susan: gloves, masks and the like. and maybe testing as well before you get in, temperature checks. there's a lot that needs to be in place. stuart: but they need to reopen fast. it's a terrible situation in nevada. thank you. the space race for the 21st century? jeff bezos' blue origins now competing with elon musk's spacex to build a lunar landing module, i guess, for nasa. who will win the battle of the billionaires? the space battle? we will discuss that with you. california's governor closing parks and beaches totally after people ignored some social distancing rules last weekend. will people listen?

is it really going to keep them safe? steve hilton on that, next. look, this isn't my first rodeo...

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no, it is not true. i'm saying unequivocally, it never, never happened. i don't remember any type of complaint she may have made. it was 27 years ago. i have not reached out to her. it's 27 years ago. i'm confident there's nothing. no one ever brought it to the attention of me 27 years ago. any assertion at all. if there is a complaint, that's where it would be. that's where it would be filed. and if it's there, put it out but i have never seen it. stuart: he dismissed the claim, the sexual assault charge, and he dismissed the idea that he could go to the university of delaware where his papers are lodged to find out if a complaint was made. steve hilton is with us. the guy with the next revolution sort of thing. all right. look, i'm not going to say anything. you saw the interview. just go at it. >> well, look, i think we need

to apply if we are being fair the same standards that the democrats applied when republicans are in a similar situation. of course, brett kavanaugh but others, too. and that standard, that democrat standard is very clear. doesn't matter what joe biden says. doesn't matter how many times he denies it. you don't believe him, you believe the woman making the allegation. that's the standard that they set. so they can't now turn around and say oh, sorry, he's done this interview to try to clean it up so it's all in the past. this will be an albatross around his neck right through to november and rightly so. not so much because of what he may or may not have done. obviously the charges are very serious but we believe in due process. the real reason this will be such an issue is the hypocrisy that it reveals which is something that voters can't stand. stuart: it's also what happens to the vice presidential pick, it's got to be a woman, that woman will have to say, have to say i believe joe biden, i don't

believe the woman, his accuser. that's a problem for the veep. >> exactly. very well put, stuart. and especially since many of the high profile names being considered for that position were the most prominent in that fury over brett kavanaugh, most prominent in those statements that we mustn't believe brett kavanaugh, we must not believe the man despite what he says, always believe the woman. some of those people, kamala harris comes to mind but others, too, who are being considered were right at the front of that pack. stuart: by the way, did you know that during the interview, biden stated, this was a live interview this morning, biden stated there were 600,000 deaths from the virus. he had to be corrected by joe scarborough. that's another flub, isn't it? i mean, just misstating fact right there. >> there are so many. almost every single time he does one of these interviews, he reveals another one of these

mental malfunctions and it's becoming something that they can't just brush aside. i mean, we give it that nice name of a gaffe. it's worse than that, because it's such a consistent problem. stuart: now, you are a california kind of guy. i know you live there. governor newsom has re-locked down the beaches and the parks. i think there's going to be some significant protests about that this coming weekend, because the weather is going to be real good. is that what you're seeing? >> well, it's very interesting, actually. i think that the protests will be there but not nearly as many as you would have seen if the government had gone through with what was the original plan. a memo was leaked on wednesday night before his announcement that said that he, and guidance was given to local governments, for example, the mayor of san diego has confirmed this today, guidance was given on wednesday night that the governor was going to close all beaches in california, the whole lot,

regardless of whether there had been lots of people out on them the previous weekend. that was something dramatically within hours when he made his announcement yesterday to just being the beaches in orange county, where you had a lot of people the previous weekend. now, that makes sense, frankly, because it's such a big state with so many variations. there's a huge difference between the kind of beaches we have here near where i live in the bay area, where you get a handful of people, it's very rural, very remote, you don't get those big crowds ever, compared to orange county, where you do have the risk of thousands and thousands of people in close proximity. i think the answer is localism. leave it to the local governments to take this seriously and that's why i think this is a bit of a punishment for orange county for not doing their job last sunday, last weekend. i think if you asked the local governments to be responsible, they will take responsibility. that's i think the right approach. stuart: i agree entirely. i'm sure you will be -- i don't know whether you will be at the beach or the golf course or the gym or wherever this weekend.

but the weather is going to be good. >> the beach, if we can. we love the beach. it's always great. even when the weather's not good. stuart: the governor says it's okay if you wash your car as well. you might want to get involved in that, too. steve hilton, we will be watching sunday night. that's guaranteed. thank you very much, steve. good stuff. thank you. how about united airlines? look at the stock. i believe it's down, well, they have been taking a beating. they reported their quarterly results, biggest loss, first loss actually since the financial crisis 10, 12 years ago. they say that the virus is the worst crisis in the entire history of aviation. i think they're right. united airlines down 11% this morning. southwest suspending in-flight food and beverage service and they are going to start boarding passengers in smaller groups. they are down 8%. the chief executive at honeywell, they do a lot of aviation business, they say that aviation is just beginning to pick up in china. he also says the biggest thing

for the aerospace industry is people regaining confidence to get back on a plane again. the relationship there is that honeywell is down 4.8%. all right. i hope you saw this. it was fantastic. an amazing show in the sky, the blue angels and the thunderbirds paying tribute to the health heroes of new york and philadelphia. now they are headed somewhere else. we will tell you where they are going because you've got to see this. after the break. technologies advisor. me too. me too. and if you're a small business, we're with you. standing by you every step of the way. bye bye.

[ cheering ] >> so cool! stuart: that was just something else again. the thunderbirds flying over new york city, that was wednesday. it was quite a show. i want to bring in lieutenant colonel kevin defalco, director of operations for the thunderbirds. sir, welcome to the show. i want you to tell our viewers where we can see this show again. >> well, thanks for having me on the show. that was a beautiful sound, the jet noise flying overhead. i think the folks on the ground had a similar experience when they watched the teams fly over and got our message of unity and solidarity. we will extend this mission, we will continue tomorrow, saturday, we are going to baltimore, washington, d.c. and atlanta.

stuart: you've got to be really closely coordinated because it looks like those jets are a matter of a few feet apart. how far apart are you, actually? >> yes, you bet they are extremely close together. they fly very precise formation. we practice quite a bit to make sure those formations are extremely precise and look sharp and a lot of training goes into that effort. stuart: how far are you wing tip to wing tip, how far away are you? >> approximately 18 inches. stuart: how far? >> about 18 inches. stuart: you're kidding. 18 inches apart flying, what, 700 miles an hour? really? >> that's correct. yeah. about 400 miles per hour. yep. stuart: whoa. okay. here's a question. the blue angels are navy. the thunderbirds, you guys, are air force. who's best? >> oh, that's a discussion for another time. right now, we are just extremely focused on bringing both these teams together and providing that unified message.

this is really a once in a lifetime opportunity to bring both these teams together, because you know, there is kind of a little bit of friendly competition but tell you what, these two teams have come together just like we hope to pass the same message of solidarity and unity to folks on the ground. there's no more powerful way to do it than to bring air force and navy demonstrations together in one place. stuart: sir, i don't blame you for ducking the question. you don't want to start a civil war between the navy and air force. i do understand that. last one. are you one of the pilots who is up in the air over new york city? >> so i flew as a seventh thunderbird. we have six in the delta formation. stuart: i'm sorry, officer. i've got the leave it. i'm going to go to black any second. got to leave it. we will talk more after this. 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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don't wait. get started today. call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs oh, and happy birthday... or retirement... in advance. stuart: we are just hearing from new york governor cuomo, he's closing state schools for the rest of the year. just got that in. lauren, you have 30 seconds to tell me about the battle of the billionaires in space. tell me. lauren: nasa has picked two of them. jeff bezos' blue origin and elon musk's spacex and another company to design a lander to get humans to the moon by 2024. they should have a decision on the design in february. stuart: okay. did that very quickly. i should also tell our viewers that elon musk -- lauren: that was under 30. stuart: it was. you did very well. remarkable stuff.

musk is worth $40 billion. bezos is worth $140 billion. that's a genuine battle of the billionaires. my time is up. with the dow off close to 600 points, i will say good-bye for the weekend. see you next week. neil, it's yours. neil: you think these guys keep track of the billions they're worth? stuart: yes. neil: i was thinking of bezos. he's down today but going into today, he's at $140 billion. at what point do you say as long as it's over 100, i'm okay? stuart: if they're anything like me they check every penny, every moment of time. neil: you know down to the last dime. all right. thank you, stuart, very very much. have a great weekend. we are following that but it is true, amazon is in a bit of a free-fall here. it gained yesterday about 4.5%, it's losing about 7% today. i don't think it makes a huge difference to jeff bezos, who has still seen an he noenormousp of his stock this year. the fact it's down about