least another week we have survived, jack and rebecca, thanks to both of you. appreciate it. i have survived a few bumps and bruises during this hour of "making money". i'm going to send it over to my good friend liz claman. have fun. [laughter] liz: happy friday. i will tell you something, i'm wondering, you look at the red numbers on the screen, you're asking yourself is it profit taking after literally just an amazing month of april for the markets, or is the sell-off reality kind of setting in on how ugly the economic carnage from the pandemic really might very well be for several months to come? well, as georgia and texas now swing open their doors to restaurants and movie theaters and a whole bunch of businesses, is this game of reopening leapfrog too risky for your investments, or is it really a green light for you to make money? top economist live with his advice that he's giving his own

clients. got to hear mohammed, one of the smartest in the business. what if there were a tool, work with me here, that identified where in the air around your town coronavirus might be hovering? drone company dragon fly says its drones can now just do that. the ceo is here on how they work, but also on the privacy controversy now swirling around his wild-looking aircraft right there on the screen. in this work from home world, there's a real lifeline between millions of employees, their coworkers and their clients, the ceo of slack is here on what happens to his company's dominance as the world reopens. an important question here. breaking at this hour, protest against governor newsom's beach closures are heating up in california. we have helicopter video in. we will take you there. plus which stocks warren

buffett might refuse to discuss during his annual meeting tomorrow and why that should matter to you the investor even if you don't own shares. plus charlie breaks it on round two of the ppp rescue funds. they are about to run dry any moment now. we're less than an hour to the closing bell on this friday. let's start the "the claman countdown". ♪ liz: breaking news out of the white house's first formal press briefing in more than a year. white house press secretary addressed comments by president trump where he had threatened to impose in the last 24 hours new tariffs on china, suggesting china may have been responsible for the creation of covid-19. she says she would not get ahead of the president by making any kind of official announcement on tariffs, but the president did kind of muse about this and threaten it. she also announced that the

administration would be sending 12 billion dollars to the 395 hospitals that have been hardest hit by the coronavirus. that will definitely be welcome money. the construction giant pulled the rip cord on its dividend. it says that the 40 cent per share annualized payout will stop because of weak commodity prices and of course economic disruption that's been caused by the coronavirus. the stock is down 13 1/2%, real punishment there. casino operators are landing on red after april gross gaming revenue plunged more than an expected 97% in the gambling mecca of macau, one of the worst months on record for the world's biggest gambling hub. all casino stocks down but mgm is getting hit the hardest down 10 1/2%. wynn follows down 5%. you guys knew that it was tough to be in apparel stocks these days. now, here's an indication too,

even after bank of america reiterated its buy rating on columbia sportswear, shares are falling 7 3/4 percent on a first quarter earnings miss, but bank of america insists the company's innovation and pricing will keep it going even as consumers pull back on spending. plus you know, we didn't have a single day of snow on the east coast from december till may. that didn't help with the outer wear. if you are wondering what's so fiercefully dragging the entire nasdaq down, you could look at amazon and apple. earnings in the rearview mirror, came out yesterday. both of the companies in case you didn't hear have indicated that their futures look kind of murky at this point. apple ceo tim cook passed on putting out guidance for the current quarter saying you know what? not only can't we see till june, we can't even see beyond the windshield right now, so we don't want to give an indication that we somehow have x-ray vision. as for amazon, it warned it

might post its first loss in the current quarter, first one in five years. amazon ceo jeff bezos is facing a little bit of heat at this hour. lawyer makers on the -- lawmakers on the house judiciary committee are asking bezos to testify on the company's private label practices after the "wall street journal" did an investigation and reported that amazon employees used data about the independent sellers on the site to then develop competing products under the amazon label. okay. dow jones industrials check it here, down 607 point ts right now. april was just a month for stocks. markets rebounded sharply from the official market bottom recent market bottom which hit on march 23rd. so you look at this. the yellow line is the nasdaq. the s&p is the blue line. both look absolutely incredible for this month, but after such an amazing april, you know, we know some of you are asking, would it kind of make sense for

investors to watch today's sell-off and then hold your fire while we all wait to see what happens as states begin to loosen all their stay at home orders? i'm bringing in one of wall street's finest. he is the most closely followed economist. the chief economic advisor, happy friday, mohammed. we know a torrent of data will come out revealing what's in the rearview mirror, how bad the virus hit the economy, but how are you advising investors, and is it sort of sell in may or stay in this game right now? >> so what i tell myself, let alone other people, with my own money is how to best retain the claim on the upside, while protecting against the down side. that's the key issue. just like you said about apple, amazon saying that anything beyond the windshield is uncertain, that's certainly true for the market as a whole. my preference is to pick on the attributes that allow you to

navigate the journey and benefit from the destination. very strong balance sheet, positive cash flow generation, and being on the sunny side of where the world is going to, and there are a number of companies, liz, that meet those criteria. liz: yeah, okay, that's what i want to know because all you could do is look at even just the hardest-it sectors. -- hardest-hit sectors. i'm thinking the cruise lines, certainly the airlines, even they have come up well off the floor. are the pickings really slim at this point? where do you see that opportunity as we show you -- look at norwegian cruise lines already up 44% since the march 23rd low there. >> yeah, and part of april was let's go to the most beaten up sectors and buy them. and that's fine, if you believe that we are going to have a quick return. we don't know that. we are about to run an amazing

natural experiment in this country. you're going to have three sets of states, some ahead of the federal guidelines, some that are behind the federal guidelines and some that are in line with federal guidelines. we're going to have plenty of data in the next few weeks about the rate of infection, about consumer behavior, about corporate behavior, so we're going to find out a lot. in the meantime -- liz: yeah. >> so i think the deals are in names like still microsoft. look at its earnings release. it told you we were not impacted by the coronavirus. think of that. they were not impacted. profits, cash generation, you know what? the world is coming to them as we navigate through this crisis. we're going to live much more in virtual space than we will in physical space. this is really a stock picker environment and you have to do your homework. liz: i'm looking at microsoft right now. you know, the 52-week range was 190 all the way down to 119.

we're at 175 right now. so it's come back a long way. i do want to ask you a question about boeing and not specifically about that stock, but, you know, boeing was able to raise about 25 billion dollars in bonds, and in doing so, was able to dodge having to ask for a government bailout. then you also hear, you know, we've got carnival corp. they did not get a bailout. the ceo was on yesterday, but they also were able to raise billions in debt. are bonds the new bailout for corporate america? how do you view them? >> so the fed has opened the doors wide open, wide open, liz, to issuance by investment grade companies and also by high yield. we had over 30 billion issuance by high yield companies because investors believe that they have the backstop of the fed. the fed has gone a very long way in buying not just investment grade names, but in saying i'm ready to buy certain, certain

high yield bonds, and that has given confidence to the market as a whole. look, how you feel about this ultimately depends on where the economy comes out. if we end up coming out quickly, then this is a good thing. you have stopped liquidity problems from becoming solvency problems. if, however, it takes us a long time to restore normal operations, whatever that looks like, we're going to come out with a lot more debt and a lot less market -- the marketability will be a lot less to differentiate between good and bad. that's not a good thing for capitalism. liz: i have heard from a lot of our viewers, and they're worried about unintended consequences of the fed sort of extending beyond the margins of what their actual mandate is supposed to be, and they're buying just below investment grade bonds of companies that maybe struggled post covid but were doing fine

beforehand. do you see unintended consequences that we need to worry about beyond just look at the debt clock, it looks horrific? >> i worry a lot. already, already and we're hardly into this response. people are raising questions about wall street versus main street. markets have done so well. main street is suffering. is the fed corrupted by wall street? that's the first set. second we are seeing companies who shouldn't be issuing debt issuing debt. why not? the fed has opened a huge door for you to do so, so, yes, i worry about these consequences. now others will say that you can't help it. there's no perfect response. by i think that we should -- but i think we should be more selective when we go to the credit side. when we go to the marketing functioning side, they should be all in. on the credit side, they should be a little bit more careful. liz: got ya. mohammed, try and relax this weekend. you've been working 24/7, like a lot of us, watching this story

unfold. see you next week. thank you very much for joining us. >> thank you. liz: a pandemic beach boom boosting profits. closing bell ringing in 49 minutes. the dow is still down 594 points, off its lows. clorox cleaning up on disinfectant demand, posting its biggest rise in quarterly sales in a decade. it is claiming segments clorox bleach, wipes, saw sales growth of 32%. clorox also confident enough to raise its 2020 forecast. not something a lot of other companies can do these days. the stock responding in kind, up about 4%. but how about wiping out germs via drone? next we've got the company taking on covid, but controversy is already swirling, causing one city to ground these futuristic aircraft before they even let them into their skies. the ceo of dragon fly answers

the critics when "the claman countdown" comes right back. how do they work? stay tuned. i love audible because it's a lot of stress relief, it's a great escape. so many great stories from amazing people... it makes me want to be better. it changes your perspective. it makes you a different person. see what listening to audible can do for you. many of life's moments in thare being put on hold. are staying at home, (music) at carvana, we understand that, for some, getting a car just can't wait.

to help, we're giving our customers up to 90 days to make their first payment. shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. and for even greater peace of mind, all carvana cars come with a seven-day return policy. so, if you need to keep moving, we're here for you. at carvana-- the safer way to buy a car.

liz: businesses left, right and

above are going touchless amid the coronavirus. you don't want to get the germs. well an automotive company in china is taking to delivering keys to customers brand new cars they bought from the company, taking them and delivering the keys via drone as part of a contactless handoff of its autos to these customers. but take a look at dragon fly. this is a drone company that says its aircraft can actually detect coughs and sneezes in crowds, even fevers, and the heart and respiratory rates. westport connecticut police were ready to unveil it but had to scrap it before they even tried it out because of a concern from privacy advocates. yes, they did not like that at all. we thought let's get this company in here. we want to hear about this. dragon fly's ceo is joining us live from california. first of all, your drones as i understand it were originally developed for rescue missions

and things like that. tell us how they work right now and how you anticipate they would work in detecting coughs and sneezes. >> yeah, sounds great, thanks for having me today. dragon fly, we're a public company. we're the oldest commercial drone manufacturer in the world. we have a history of public safety. in fact, dragon fly had the first drone credited with saving a human life using a thermal camera in rescue operation. that drone sits in a smithsonian today. we have a history of working in public service, public safety and search and rescue. this technology was originally developed to be able to put cameras on helicopters and fly over disaster relief zones to assess the vital science of survivors and be able to give efficient triage, put boots on the ground, understand understand how to resource property and save lives. that's what this technology is used for. in fact, the technology then

migrated to be able to be used for doing the vital sign detection in migrating herds or populations of animals that may be in danger because of wildfires or drought. the university of australia -- yeah, it is amazing technology built for the right reason. the university of south australia brought their first drone from dragon fly in 99. we have a long relationship with them and a trusted relationship. as what we're looking to do is take this incredible technology and apply it to the pandemic scenario where we can get population measurement and determine if the curve is flattening and determine if there's an opportunity to reopen the economy. liz: listen, great intentions for sure. before i get to the privacy issue, our show, "the claman countdown" actually airs in australia. good on the university of south australia. but i want to know you got approval from the faa to fly over people?

i mean, isn't there that 107.39 flights over waiver, did you have to get a waiver to be able do this and try it out? >> oh, yeah, for sure. everything that's done has to fit within all the appropriate regulations, and so any flights adhered to 107 and anything else that needs to be done by the appropriate pilots. liz: yeah. okay. now i want to ask you about the controversy. the police in westport were ready to put this out there, put it over the town and it was grounded before it even happened. we understand they are worried that suddenly you would be pinpointed because you have a fever, maybe it has nothing to do with the coronavirus. can you assure people in other cities that are actually interested in using your technology that it would be very private and that it's just i guess meta data? >> yeah, i think it is important to understand that the technology can't profile somebody. it can't identify somebody. what it does is it provides a

population sample. for example, you can take it down. you can fly it over a beach, and there might be 44 people there. you can measure all the social distancing, the percentage and time that social distancing has been happening, if masks have been worn, if they haven't been worn. it doesn't do -- in fact, it can't do facial recognition. it can measure heart rate, respiratory rate, o 2 saturation, body temperatures, all that combined provides a picture of population health. the video feed on the health data -- first of all, it doesn't recognize people. it's not tied to a database that would, but the data goes back to our officials now who can now start to piece together information based on real world data to say hey, you know, our social distancing is working. and there's only .2 -- there's only likelihood of .2 infections at this time right now. but next weekend as you might be flying or you might notice a spike of 3% but you also might be noticing the social

distancing or mask wearing or whatever the case is is dropping so now you can implement some public awareness campaigns or take some proactive action. the real challenge i think the public officials may have is that they don't have data to make decisions with. liz: i understand. i understand. we've got to run, but next city that you're going to try and roll this out in? >> yeah, there's dozens of pilots that are in the works right now, and we had the unfortunate scenario in westport, but it's actually spurned interest throughout the rest of the country. liz: we'd like to follow this story, cameron. if you would let us do, that i would appreciate it because i think dragon fly is something that's going to be in the news. cameron of dragon fly. >> thank you very much. liz: the viral meeting takeover, with the closing bell -- my pleasure -- 38 minutes away. and the dow jones industrials is down 539 points after a great april.

microsoft virtual collaboration platform announced during yesterday's earnings call that it logged more than 200 million meeting participants in a single day in april. despite that huge bump and a price target hike from raymond james, microsoft can't really find liftoff here. it is down about 1.8%. team's rival slack also finding huge success during this work from home movement. what happens when we begin to return to the office? slack ceo and cofounder stewart butterfield joins us next on how this company will fare post covid. he's next. don't go away.

liz: breaking news, we have just gotten this video in from huntington beach where protesters are making their voices heard in california. they are lashing out against governor newsom's order to temporarily close all orange

county beaches and state parks, after noticing and witnessing the crowds did not practice social distancing last weekend. two california cities threatening legal action against the governor at this hour, arguing that the decision should be made by local leaders. not a lot of social distancing happening in that crowd right now, although you can see that the beaches are empty. they are keeping people off. breakfast giants taking a beating as commuters stay home. tim horton's parent company restaurant brands international reporting a revenue drop. the coffee and donut chain, canadian donuts, very good, they're falling by more than a third in recent weeks. this just one day after dunkin reported a drop in comparable sales. the breakfast staples price target has been raised, saying everything now hinges on the success of reopening the economy and increasing traffic as dunkin's drive-thrus giving the importance of morning commuters

to the chain sales. restaurant brands down 1.8%. dunkin down 2.4%. you know, dunkin's ceo dave hoffman was here yesterday telling us that digital sales and green chutes for april were really impressing him and he's hopeful sales will soon recover versus later, right? so as we look at dunkin struggling just a bit, we also check qsr and we showed you that already. so let's talk right now to jackie deangelis in the fox business newsroom with today's fox business brief. hi, jackie. >> thanks, liz, gad to see you. -- good to see you. intel is rolling out what it calls the world's fastest gaming processor. the new chip reaches speeds up to 5.3 giga and will be available for most intel desk top models. exxonmobil reporting a loss in first quarter, first loss in decades due to nearly 3 billion dollars in writedowns tied to

falling oil prices. chevron announcing spending cuts despite a strong first quarter citing the collapse of global oil demand. and elon musk caught in another twitter scandal. the innovator saying on twitter his electric empire stock price was too high. but when asked by the "wall street journal" if his comment was vetted or in jest, tesla's ceo replying quote no. tesla shares are down 9% today. up next, slack ceo stewart butterfield tells us the work ahead for his messaging giant. "the claman countdown" is coming right back. stay with us. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these.

powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. edward jones is it'swell aware of that.et. which is why we're ready to listen. and ready to help you find opportunity. so. let's talk. edward jones. it's time for investing to feel individual. you may not be thinking about blood donation, but blood is needed to save the lives of people who are sick with a range of illnesses. it's easy and safe to give. if you are in good health, please donate. we need heroes now. visit red cross blood dot org

to schedule an appointment.

liz: i don't know what your

company is planning, but quite a few out there are talking about the great june return, but amazon kind of shocked managers across the country after the e-commerce giant told employees today that any workers who have a role that can be done from home can stay at home until at least october 2nd. i mean, five months away? although some companies may be pushing their work from home dates back, lockdowns throughout the nation are being lifted. you know this, state by state. what does the social distancing tug-of-war mean for companies like slack who have been one of the key messaging platforms fuelling the work from home movement? stewart butterfield is slack ceo and co founder. good to see you. how have you modelled how your business might change as the world emerges from lockdown? what are you seeing there? >> i think any leader who tells you they have a good idea about where we are going to end up about 12 months now is fooling

themselves. if i was right about it, i would be lucky rather than smart. so, you know, definitely a big positive impact for the business, which i talked about in an extended tweet storm a little while ago, but we saw many more signups, new teams, many become pay customers, increased number of users, user level, people using slack more. that historically has kind of tended to be a one-way street for us. people tend to never stop using it once they use it. that benefit is going to stick around. on the other hand, we have 110,000 customers; right? obviously most of those are going to be small and medium businesses, and it's too early to know what the downstream impact is going to be for a lot of those businesses. so kind of very cloudy future for us, like everyone else, when you have a 12 or 18 month time line in mind. liz: i get that, but just from the past experience that you've had, what kind of subscriber

retention do you see usually after, i don't know if you guys give initial discounts or door buster type of deals, but do people then retain it? do companies hold on to their subscriptions, and you know, if they are staying in the untraditional workplaces or going back to traditional workplaces, you've got to figure that there might be some changes? >> oh absolutely. you know, at the enterprise scale, it is high 90 percent retention rates op an annual basis -- on an annual basis, even for small business it is about 90% which is unusually high. we have customers in hospital y hospitality, travel, other industries which are pretty affected, and we again, have a lot of small business customers and the layoffs, the kind of downsizing, the bankruptcies, sadly, i think are going to hit them as well, and that's the part that's hard for us to figure out.

we feel good about the people who are using it already. liz: yeah. you know, i'm glad you brought that up, the bankruptcies. there are a lot of companies who are still waiting on that ppp money or they never got approved for it. i predict, and this is not, you know, any news breaking but i predict a lot of companies are not going to be able to hang on there. what do you foresee? what are you hearing from your smaller customers? have they been able to make their bills? what kind of rate are you seeing of people who are missing paying their bills to you guys? >> we haven't seen a lot of delinquencies. we have been proactively reaching out to some of the companies that we know are pretty seriously affected and trying to figure out solutions that work for them, you know, whether it's shorter term or longer term. we have also been kind of experimenting reaching out to customers who cancelled and cite the pan em d -- pandemic as the reason and extend them some additional free service. in the worst case, they have an

easier time winding down and they're thankful and give us a good impression and the best case is they are able to survive and we retain them as a customer. i'm one of those people who are kind of sappy. i drove past a restaurant for a small business retailer that shut down. i find it heart breaking because i know -- no one opens up a restaurant because they think they are going to make a lot of money, it was because their mom's food was good, they have a creative idea, they have this vision, not only the loss of that, but often devastating impact for these families and this is just going to be brutal. i haven't been out and about that much, but some of the times i have, i see five blocks from my house a mexican restaurant, you know, they're out of business, you know, clothing store out of business, so it's -- i'm pretty -- i think pragmatic, but a little worried

about the effect on a lot of small businesses. liz: yeah yeah, i get it. you know, but your stock as we switch to what the business network viewer is very interested in hearing about as well, doing very well year to date, you are up about 16%. as you look toward -- you put it on the calendar, about 18 months from now, what do you expect to see? and how do you get people to pick your stock versus some of the competitors out there? whether it be the video conferencing or the actual chat messaging from microsoft, zoom, to even verizon just bought blue jeans which was apparently very hot. >> yes, it is a great question. we have had three earnings, june 20th of last year, so obviously tumultuous start, you know, with the events. i think what will happen is quarter by quarter we'll demonstrate, whether that's on the enterprise size or the

self-service, we're going to demonstrate continued product innovation, and for investors to gain confidence and understanding, we have tried to be, you know, as kind of forth right and direct with the investment community as we can. earnings on march 12th, the morning after the tom hanks, the travel ban, the nba cancellation, we were one of the first companies to go out and say we really don't know what's -- how the impact of this is going to be at the end of the year. and that was at that time, you know, kind of controversial or people were concerned about it. but i think demonstrated continued execution. you know what's happening today, we have like -- showing up everywhere, fbi, secret service, interpol, collaborating, security experts, trying to combat the wave of cybercrime they are seeing in the back of the pandemic. one of our bigger customers,

t-mobile helped them switch 12,000 customer care employees to work from home environment, obviously very challenging viacom, those two companies, keep going down the list, but the one that i would want to make sure i touch on is the department of veterans' affairs. they are the operator of the nation's largest integrated healthcare provider, the population they are caring for, disproportionately elderlily and economically vulnerable, and it feels great to be able to support them in this transition when their work is going to have such an impact on the lives of so many people. liz: stewart, thank you -- hey, listen, we use you at fox. slack is really embraced at fox. it is good to see you. please come back on the show. great to have you, thanks. >> thanks so much, liz. liz: of course. 18 minutes to go before the

closing bell rings. we are heading back down to session lows. we are down about 643 points. i do believe that is 10 points -- 16 points away from the session low. we are also hours, maybe even minutes away from the second round of small business rescue loans running out of funds. we are about to take you to the front lines of the battle to deliver the money. charlie breaks that story next.

so i listen to audible almost any time that i can. it's my own thing that i can do for me. since i don't have time to read, i mean i might as well listen. if i want to catch up on the news, or history, or learn what's going on in the world,

i can download a book and listen to it. i listen to spanish lessons sometimes to and from work. yea, it makes me want to be better. audible reintroduced this whole world to me. it changes your perspective. it makes you a different person. see what listening to audible can do for you. seeing the break in the clouds before anyone else. together, we'll weather this storm. daddy, i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room.

stream live tv, on demand shows and movies, even your dvr recordings. download the xfinity stream app today to stream the entertainment you love.

liz: breaking news, we are getting word right now that gilead ceo is speaking at the white house with the president

at this moment. president trump has just said apparently that gilead now has received emergency authorization for from the fda for remdesivir, the anti-viral that could be a therapy for coronavirus victims and is donating 1 million vials of this drug. gilead science stock down 4.6%. while as companies like gilead work to help flatten the virus curve, charlie gasparino is joining us right now to tackle flattening the economic curve. we're bringing in adam cohen, the ceo of a technology company that helps financial simplify small business loans. adam, charlie, welcome. and, you know, adam, we're about to run out of the ppp money, the second tranche of it, how do you do what you do to help sort of simplify the situation? >> well, we use ai to ensure safety and soundness and it's

really a banking term. the banks are up against an incredible challenge i think is a monumental challenge in that they don't really have the capacity from the standpoint of human labor to on board new customers, and we've seen banks focus on their existing customer base and be criticized for it. our technology, what we do is we leverage ai to very quickly and efficiently ensure that banks are protected from fraud, terrorism, as they on board new customers. so what would normally take 14 days from the standpoint of almost background checking, so to speak, any business, we do it in milliseconds, and with that, we're able to on board that 1.2 million customers per hour, not

just on board them, but also underwrite them and get them funds, so it's a solution that is potentially a way that the government could deploy these funds with responsibility, by protecting the financial system from potential bad actors and simultaneously getting the capital in the hands of these small businesses, which need it so badly to help us flatten the unemployment curve. liz: charlie? >> liz, let me just get to three headlines here, and, you know, and this will probably give a little more background on what adam is saying about the need, why it was so fraught, the process of big banks getting the money to small businesses. what we hear as of now, and i'm getting this from small business lobby groups, they are advocacy

groups, is that many -- one group told me half of its members still have not received the ppp checks. they have been approved, gone through the system and still haven't gotten whatever they applied for, either the first or second round. okay? that's one problem. and what they are saying is simply this, not getting these checks fast enough is contributing to the sharp declines in gdp that we're seeing right now. that's coming from the small business groups who are monitoring this. gdp was down i believe 5% in the last quarter, and a lot of that is because of small businesses not getting their money. here's what another sort of issue here, banks are really worried about being -- they're under investigation already, under congressional scrutiny, then the government is going to turn to them again and basically say help us figure out who gets the loan forgiveness, this is what they are worried about, who complied with the rules. that's going to be another sort

of insane issue, another bureaucratic mess because again banks are not equipped to do what the government wants to do right now, hand loans to everybody, not just their best customers. remember, their best customers have been vetted. what adam is saying that, you know, because of his technology, it could vet the customers faster, but i guess the question to me, to you, adam, is if you have this technology, that banks are just slip right in their system, why doesn't jpmorgan just hire you guys? you have the magic bullet that you can know their customer in 35 seconds. why aren't they turning to you guys? >> well, we're early on as, you know, as a company, and we're just getting market penetration. we've been in business for quite a while. we'll solved this problem with ai. and i think the key point is the bigger banks, they have a slow

adoption hurdle when it comes to onboarding new technologies, compliance, risk, you figure citi bank has 19,000 people in a department who are performing bsa which is sort of the protection mechanisms which is required under the ppp program to onboard a new customer. so that process in and of itself is slowing down the small business's ability to get capital. liz: got you. >> on the other side, banks do things manually. they are underwriting manually. so you figure if you -- liz: [inaudible]. >> if you have a distributed workforce, and you can't really control policy and the rules around how the capital gets deployed, and it isn't prescribed well -- liz: adam, i have got to interrupt you there because

we've got to run because we're up against what we call a hard break before a commercial, but i hope that somebody at the big banks is watching you and what you do now. charlie, adam cohen, thank you. by the way, for those of you who are still having questions on the future of the economy and your finances, go ahead and send them to fox business ahead of our next town hall, thursday may 7th, with neil cavuto. he will be hosting alongside special guests home depot co founders ken langone and bernie marcus. up next, what the oracle of omaha may say during his first ever virtual town hall. "the claman countdown" is coming right back, and maybe it's what he won't say. you wouldn't accept an incomplete job from anyone else.

why accept it from your allergy pills? flonase sensimist. nothing stronger. nothing gentler. nothing lasts longer. flonase sensimist. 24 hour non-drowsy allergy relief

and wells fargo employees are finding ways to do our part. need help like never before 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. and people you can rely on. i'm a dell technologies advisor. me too. me too. me too. and if you're a small business, we're with you. we are with you. we're with you. we want to help. so we'll be right here. at home. answering your calls. providing support. and standing by you every step of the way. bye bye.

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. liz: hate to say it, but the dow is now at session lows with just three minutes left before the closing bell rings. down 676 points. stocks are dropping, fewer than

24 hours ahead of warren buffett's first ever virtual berkshire hathaway shareholder meeting, and instead of being stuck in that massive -- you can join me, i will be live tweeting tomorrow beginning the moment warren begins 4:00 eastern time, you can follow me @ liz claman. major buffett investor is here. larry, i will begin with this. it's been put out there that buffett won't be answering questions, quote, about current investments. what's going on there? why wouldn't he talk about things that he's invested in or that he's had to sell, like the airlines recently? >> you know, liz, we made berkshire our biggest holding recently because we like the risk reward from here. mr. buffett has gotten away from speaking in more detail about specific public market investments over the last couple of years. i think what you'll hear from him is -- and i'm reminded of the quote by the guy who won the

indy 500 four times who said to finish first you must first finish. i think mr. buffett will go out of his way to make sure to remind shareholders that berkshire is built for any storm, with a large pile of cash, and he thinks very much he's speaking to an audience of people who have a majority of their net worth in the company as he has historically. i think that will be his initial main focus. liz: what will you be listening to? what are you dying to hear from him? >> i think it will be interesting to hear what his views are on the operating earnings and some of the big subsidiaries and how he thinks about them in a downturn. i think it will be very interesting to hear some of his views on the insurance industry today and on a go forward basis. i think any hints of how berkshire might be able to deploy some of the 120 odd billion dollars of cash sitting

on the balance sheet, waiting for great opportunities. i think those will be some of the -- [bell ringing] liz: larry, i hope you will be watching me live tweet on twitter @ liz claman. folks, we do close very close to or at session lows on this 1st day of may. that will do it for "the claman countdown". i will see you monday. president trump takes aim at china over the coronavirus, plus disapointing results from tech titans apple and amazon and at the white house the president just wrapped up a meeting with the ceo of gilead. the fda has authorized the company for emergency use of its possible coronavirus treatment drug, remdesivir. we will bring you the remarks from the meeting, just as soon as we get them. i'm melissa francis. this is after the bell. connell? connell: i'm connell mcshane. reporting today from the villagers perk which is