cheryl: interesting. okay. okay. well, i appreciate all your time. wish i had more of it with you. thanks to all of you. once again, we are waiting on president trump. he's set to arrive at any moment, sky harbor international, phoenix, arizona as he tours the honeywell facility. there's a live shot. i will hand it over to liz claman. it's all you. liz: all right. we will take it. nice to see green on the screen as we wait for this. we should tell you markets are celebrating cinco de mayo with lots of arrows upward. dow jones industrials up about 1.5%. nice move for the nasdaq, up 2.25%. this as president trump has landed and we are awaiting him to de-plane in phoenix, arizona. that will happen at any moment. he's there to hold a roundtable discussion at a honeywell plant that's churning out one of the most coveted items right now,

the n95 mask. will he or won't he sport one? that's the least of our interest here. we will take you there as soon as it begins, because there may be some big news. as wall street looks at a second straight day of gains, investors are ignoring what we all know has been a pretty stunning economic slowdown. as american businesses, though, begin to crack the door open amid the coronavirus, will that bring fresh oxygen to u.s. growth? glenn hubbard is the dean emeritus at the columbia business school. he's here in a fox business exclusive. we will ask him when he thinks america's economic engine will begin to hum once again. and the buffett blowoff is still grounding the airline stocks. the major carriers, certainly. as the oryacle of omaha's exit from the sector brings cloudy skies for major carriers, it's opening a clear runway for private jet companies of all different kinds.

okay, don't roll your eyes until you hear what the membership fee is for setjet. the ceo, tom smith, is here in a fox business exclusive to tell you. ahead of disney earnings after the bell, we have the top investor who got his first share of disney at the age of 13. on what he says is the key to reopening the magic kingdom. less than an hour to the closing bell on this tuesday, let's start "the claman countdown." liz: just as the president lands, we have this breaking news. one of wall street's very top firms is easing its staff back in. reuters is reporting right now that it's goldman sachs. goldman will gradually return workers to its offices but here's where. hong kong, sweden and israel. what about here? well, the bank will wait to

start reopening offices in financial hubs like london and new york, which are still battling coronavirus outbreaks on larger scales. goldman is up 2.6% right now. the report does cite a company memo which also says goldman is looking into the feasibility of testing all staff and visitors for the coronavirus. separately, bloomberg reporting that capital one financial is planning to keep most of its employees in the u.s., canada and the uk at home, working from home, until september. so obviously, we've got conflicting moves here, but we do know that here in the u.s., goldman and capital one are waiting just a few more months. let's get to norwegian caribbean cruise line. the stock is plunging after warning, not a good warning at all, that with ships docked due to the coronavirus, there is substantial doubt that the company can continue operating. to stave off bankruptcy, it has laurened e launched a $1.6 cash and debt

offering. investors are selling this, down 21.8%. your kids may really hate online classes, but shed, the investors absolutely love it. look at this stock, up 35% right now. it's an e-textbook and online education service stock and it is jumping because it passed its quarterly earnings test with flying colors thanks to students shifting to remote and virtual school. let's look at gilead and abbott. we know they have been grabbing all the attention but check out diagnostic test maker chem bio. it was already up 196% year to date coming into today and is surging another 16% right now. not only did it win certifications needed for covid testing in europe but stonybrook medicine in new york selected it to identify covid-19 survivors for a plasma study. nice move. we've got stocks that are whetting investors' appetites.

restaurant brands, after pershing square took a 9.6% stake in the company, that move is about a 1% gain. starbucks is moving up 3.25% after announcing plans to reopen 85% of its u.s. stores by the end of this week. good news, if you are a half caf double cup extra hot chai latte fan. shake shack causing indigestion. the stock moving lower by 5.8%. the burger chain says it cannot estimate the impact of covid-19 and bloomin brands, the parent of outback steak house and fleming steak house, is moving lower by 11%. it's an earnings miss even as the ceo announced that by the end of today, 336 of its restaurant dining rooms will have reopened. not helping the company right now. all right. to president trump. he is making his first official trip since the covid outbreak

began here in the u.s. he just touched down in phoenix, arizona in air force one. he's heading for honeywell's n95 mask plant and as we await for him to speak, the bulls are sprinting toward the session finish line. should you join the buyers on a day like this? andy brenner, let's get a couple perspectives here, put out a note this morning remarking that led by apple, the 23 billion of investment grade corporate bonds priced just yesterday shows that the market looks strong and that's putting a floor into stocks and pushing them higher. then you got warren buffett who complimented the fed for saving a quote, near frozen market from the pandemic, but he also said that intervention ruined his shot at buying stocks at much cheaper valuations, because it stopped the slide in equities. just last friday right here on "countdown" mohammed el-erian told us the fed's moves may actually be creating zombie companies and cautioned investors should only buy names that have a very strong balance sheet. always good advice.

but let's bring in our floor show traders. sarge, is it time to back off, beware or buy? >> well, liz, i told my readers back in early april that the s&p 500 and then the nasdaq, neither of us have given a true sell signal so i have to go with buy. that's what i'm doing. i'm still adding. now, i'm careful. i'm focused. i'm certainly maintaining high test levels so i'm not crazy buying equities when there is no macro economic support but there's been extremely impressive monetary and fiscal policy. this pushes people into equities, into less than investment grade debt, weaker municipals, that sort of thing. i think you have to focus. you have to focus on health care, the cloud, e-commerce, semiconductors. there are permanently damaged parts of this market i don't want to touch. you can do whatever you want but i don't want to touch lodging, travel, recreation, retail,

entertainment. or the restaurant biz. i think they will all be much smaller going forward. liz: all right. you just said that there are still some deals. i was looking at some of the big name tech and streaming stocks. netflix, year to date, has scratched back nearly all of the 35% losses that it's had. let me go to chris robinson. the pickings are a lot slimmer than they were a month or two ago. they weren't slim enough, certainly, at least when it came to some of the big moves downward for warren buffett. what are you, buy, beware or back off? >> i think you back off. especially if, you know, six weeks ago, if you were frozen, sitting in the corner of your bedroom rocking back and forth, because you were watching the dow at 18,000, we had a tremendous rally back. the s&p where it is right now, we are only 15% off the highs. i think for 90% of people out there who are professional investors, if you were really,

really upset on the lows, this is the time you want to be rebalancing. sarge is right. be very selective of what you're looking at and this is the time where you say okay, we have had some good profits, how do we protect that and how do we drum up some cash so that if we do double dip, that's been the last two weeks, we are going to retest the lows, going to retest the lows and i don't know if we will or not but if we do, it sure would be nice to have some dough to put to work if we go back down there. liz: well, sarge, do you think we will retest the lows? that is the number one question because people who missed it the first time around are kicking themselves. how do you even look for something like that? is it on data that will be very unattractive, so to speak? >> well, the data will be unattractive. i think you have to be prepared to retest the lows. i don't think we are going to, but i certainly would be a much wealthier man if i knew the answer to that question. so i am prepared -- liz: i know. i know. >> that's why i maintain these higher than usual cash levels.

but you know what, i think as an investor, i still say as a trader, that's what i really am these days, a trader has to pull in their time horizon. i'm not looking out a year or two years. i'm trying to make money -- liz: i understand. >> i'm trying to make money on wednesday. but the technicals are the only truth right now. i would love to be a fundamental analyst, i would love to be an economist and maybe the economist is truth but i don't want to look at that truth and the fundamentals are not truth because they are historical. liz: okay. well, thanks for nothing. i'm kidding. sarge, we love you. chris, great to see you. chris, it's the first time i have ever seen you without your trading jacket on. >> ni know, right? liz: great to see you both. thank you so much. see you next time. the closing bell ringing in 55 minutes and look at the dow, up 369. high of the session, 419. not too far from it. wayfair investors are thrilled right now. look at the online retailer.

it is spiking 26.5% after reporting a 29% increase in active customers and a nearly 20% jump in sales in the first quarter. coming into today, the record for the stock was about $166. we have already been at $170 and higher today. we are at $168 right now. e-commerce certainly a lockdown winner but will reopenings across the country reignite brick and mortar retail, and the rest of the economy with it? former chief economic adviser to president george w. bush, glenn hubbard, who also ran columbia's business school, games out just how long it might take to recover from the covid-19 crisis. "the claman countdown" is coming right back.

liz: and the doors are now about to open as they push the stairs up to air force one for president trump to de-plane. he is in arizona, specifically phoenix, as he just touched down. he will make his way to the honeywell plant where they are making n95 face masks. those are the very crucial ones

that medical workers have been trying to get their hands on. they are really ramping up the production here. the president will go there and when he makes remarks, which we are definitely expecting him to do, there will be a roundtable discussion and you know, what he's done this time around is he has left sort of the d.c. bubble, as about half the states in the united states slowly and gingerly begin to reopen. but we are waiting and we are watching for whether that triggers the economy to get back on track sooner rather than later. as we keep the picture up of president trump about to de-plane, glenn hubbard joins us. he is the former chairman of the u.s. council of economic advisers and columbia university graduate school of business dean emeritus here in a fox business exclusive. dean hubbard, great to see you. the country is suffering economically. we all know that. the first print of gdp showed a stunning contraction of about 4.8%. when we get the final q1 number, do you expect it to be the same, better or worse?

>> well, i think it's hard to know. i expect it probably would be slightly worse but the real issue is q2, because that's where the damage really will take root. and there, the numbers are going to be quite terrible, both for gdp and the knock-on effects as we are already seeing unemployment. then comes the real question, which is how fast the recovery. liz: the president's trip to arizona coincides with some states across the nation very tentatively or some just very confidently reopening, or even just easing the lockdowns. do you expect to see perhaps, i don't know, a correlation, a positive one between that and perhaps an improvement in second quarter gdp, you know, the president is out there now, he's taking his first trip in the past couple of months. what's your q2 gdp estimate? >> well, i'm not sure it will take us past q2 gdp. i think many conventional

forecasters are looking at between 25% and 40% declines of an annualized rate and i don't dispute that. i think the president is right to focus on reopening, but the question is less when we legally reopen and when -- more when people feel comfortable. there, the mistake we're making is not enough testing, not enough tracing. we're not giving states and local governments and individuals and businesses the comfort they need to work and open again. that's what we've got to do first. liz: okay. you just said 20% to 40% contraction in q2 gdp and you would not dispute that. i know it's kind of a broad stratosphere there, but i will tell you, either one is horrible. but even with the cares act, the $2 trillion plus that the u.s. government and federal reserve are just pumping into this system, we still have about 30 million people who are unemployed right now, they have lost their jobs, which is so sad

considering it had been so strong for the past several years. so you know, with all of this, will the stimulus bazooka hit its target in a way that we can save some of these people shortly after they have already lost their jobs? >> i think it definitely can. the structure of the cares act, the paycheck protection program, to the extent when recovery starts and reopening starts, that we give personal subsidies to employees, to businesses, i think that will help a lot. but to go back to what i said before, if we don't start with a regime of testing and tracing and making people feel comfortable about working and opening a business again, we're not going to get very far, very fast. liz: okay. well, that's your economic hat. i don't know if you just heard one of our traders saying that he could wear his economic hat or his investment hat and it's just easier and less painful to wear his investor hat because the economy right now is very murky and quite frankly, very

dark. but that said, i want you to now put on your other hat and that is having been the former dean of columbia business school, now the dean emeritus. what is going to happen with at least on the ground at columbia come the fall? will the business school be having regular classes? will they start that back up again in person? >> well, i expect we will have some in person classes in the fall but i don't think it will be like february of this year. i think we will have some people on campus, some by technology. columbia like all universities is experimenting here. i think there's a lot of good things about the technology but also a lot of good from face-to-face. like everything else in the economy, we are going to have to muddle through. liz: i'm not sure the students love it. they are paying a lot of money. i know that there are petitions at stanford, yale business school, wharton, ucla business school. people are really unhappy. many of them are going to defer. would there be any wiggle room

on cutting the tuition if it is back to zoom classrooms? >> the good news about being a former dean is that's not something i have to decide. from where i sit as a teacher, the thing is to deliver the best possible product. the leaders will make whatever decisions they make. liz: we'll be waiting and watching. i feel for anybody who is paying a lot. my daughter is going into college in september. it's a lot of money to pay. expensive proposition. we will wait to see what happens. dean hubbard, thank you so much for joining us. the president has just de-planed. he is on the ground in phoenix, arizona. we will see you next time. we do have the president about to get into his limousine and he will head right to this very important plant. it matters a lot to the nation right now. the honeywell n95 mask making plant. there will be a roundtable. we've got cameras there. we will bring that to you the

second it happens. he's journeying not too far from the airport right now, so as soon as we get that picture up, we will bring it to you. by the way, we know you have so many questions about what is going to happen and what about the job prospects in the future. on thursday, what an important broadcast. i will be joining neil cavuto and special guests ken langone and bernie marcus, two of the founders of home depot. billionaires, successful, brilliant men. it's the next america works together on fox business. it's a virtual town hall. send us your video questions. we will answer them. send it via facebook, instagram or e-mail them to investedinyou@ foxbusiness.com. maybe featured in the special. thursday, 1:00 p.m., only on fox business. all right. closing bell, we are now 38 minutes away. the dow is up 278 right now. coming up, why top gun star tom cruise's need for speed might just be jetting him to elon

musk's doorstep. plus the big payday coming to the silicon valley titan courtesy of his self-proclaimed too high-priced tesla stock. elon's empire lighting up when "the claman countdown" comes right back. 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.

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. it makes you a different person. here's the thing about managing for your business.s when you've got public clouds, and private clouds, and hybrid clouds- things can get a bit cloudy for you. but now, there's the dell technologies cloud, powered by vmware. a single hub for a consistent operating experience across all your clouds. that should clear things up.

liz: the actor known for pulling off his own gravity-defying stunts now wants to take his skills out of this world. tom cruise reportedly plotting with tesla billionaire and spacex ceo elon musk, the rocket man, to shoot the very first feature film in outer space. cruise and musk are reportedly working on this project with nasa and plan to film it aboard a real spacex vessel. but it's elon musk's other company that has his own salary about to blast off. to cheryl casone on the musk

story now. what now? cheryl: okay. maybe not as exciting, liz, but tesla could provide elon musk a $700 million payday. the stock jump of 8% yesterday triggered a gain of $100 billion in market cap over the past six months for the company. that means it's another milestone in the pay package. that total pay package is $50 billion. he has the option now to buy 1.69 million shares at $350 apiece. cofl he could flip the shares, giving him the $700 million total but no word if he's going to do that. we reached out. he hasn't responded to us. but if he takes tesla to a market cap of $650 billion by 2028, he would hit that $50 billion payout he's due thanks to tesla's board which signed off on the compensation package. he doesn't take a salary as of now so performance-based rewards potentially are big bucks for him. we will see what he decides to

do. that and make a movie in outer space. i don't know. which do you want? liz: i will tell you, i love those, yeah, i love those tom cruise movies. "mission impossible." let's do it. good to see you. thank you very much, cheryl casone. tesla's stock up 2.2% as u.s. airline shares still getting slashed. you want to see an airline stock that's actually in the green? we've got 31 minutes before the closing bell rings. alaska air, alaska air is moving higher by just over 1% right now. why? even as it's going cold and hovering 90% below normal levels, a smaller than expected first quarter loss and decent pile of cash, dry powder on the balance sheet. that's what mohammad el-erian talks about when he says make sure you buy companies with strong balance sheets. do they have enough cash to

withstand pretty ugly storms? people say alaska air does. shares are moving higher right now. but demand nose-dives for traditional commercial airline flights. could a boom be in store for all kinds of private aviation? and are private jets really any safer from the virus? a company called setjet, the ceo, tom smith, is here on the heights his company is going to and the lower prices he's offering to keep high flyers in the skies and protected. he's next. ♪

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. ♪ liz: so the buffett rebuff and coronavirus have really wreaked havoc on airline stocks. look at them today. everybody is down anywhere from 3% to 4%. these are the u.s. carriers, as travel restrictions and social distancing take their toll on

the major carriers, but those losses at the big names could be real gains for one private aviation company. arizona-based set jet has found a way to stay in the air and stay healthy. this is the first private flight company they say to test all crew and passengers for covid-19 antibodies before taking any flights, and the monthly fee that might very well be cheaper than your monthly cable bill. set jet cofounder and ceo tom smith, who is also a pilot, joins us in a fox business exclusive. look at you. you're right there on a plane in arizona. by the way, so is the president. he's heading right now to, we want to mention to our viewers, we just got the shot popped up, the honeywell plant where they are making the n95 masks right there in arizona. it will be the president's first trip and you can see some activity right now. tom, to your company, is the flying private industry at a complete standstill now?

what are you seeing among customers and bookings? >> yeah, it's a great question. we are seeing a lot of our customers starting to book again. obviously the month of april with the stay-at-home, the nice thing is our members set our pace. for our company, we are doing very well and we dispatched 100% of our flights. we are flying as needed for the members and getting a lot of activity now with members that want to start traveling again that are starting to book. as you mentioned we are offering the antibody test so we are testing our crew, our members, as well as the community. we partnered with an institute locally to lend testing and giving them the opportunity to travel if they have to, and you can sfree tee from the interior a luxury experience. the seats are so far apart you don't have to sit next to someone. liz: you just mentioned testing. this is amazing to me. you are doing finger prick testing of passengers and crew members. there are hospitals in new york who are struggling to get enough testing for the tertiary workers

there. how are you doing this? >> as i mentioned, we partnered with the core institute and we had some forward-thinking executives that looked at how we could get testing in here so for our members, we are doing a very small number of testing. obviously it's a small company. but the institute is working here locally to provide non-members the ability to get testing. they can go to antibody results.com and get the testing here and so by that partnership, we have been able to, our membership and passengers are able to get tested in addition to all the cleaning steps we now take to ensure that the environment is disinfected and then we make sure passengers are being tested before they fly with us. liz: i was on your website and i was really stunned by the prices. there's a one-time security fee of about $100 and then depending on where you go, it's about $100 per month? this pricing, how are you able to sustain it, and where does that get me?

>> right. so it's $100 security fee, that's a one-time check. then it's $100 a month to be a member. when you book a flight, it's about $450 each way. so we do have you pay for the flights that you use but through being a member, you are only charged the flight fee when you actually fly and we go from scottsdale to las vegas, los angeles, orange county, san diego, van nuys, burbank. it's kind of the southwest region right now. we do have plans to expand to other markets, including l.a. to new york market. liz: what would it cost me to go say l.a.-san francisco, one way? >> the same. it would be l.a. to san francisco would be roughly $450 each way. it's roughly the same price as first class, which you have to be a member. you can join for just one month. you can have a family member come in and join for a month. then you pay $450 each way and you get the experience of flying private, but you're not in a commercial aircraft and not paying those thousands of dollars that you would normally

pay for that same flight, flying by yourself in a small private aircraft. liz: we could compare to what other companies are doing. there's net jets, i know of wheels up, these are spanning the different price ranges here. these are private -- we are looking at pictures. do they all look like this? these are gorgeous. >> yeah. they are basically like, for those who are familiar from the aviation industry, it's a bombardier 850 or the crj that they use on a lot of short hop routes. instead of 60 people, it's a $5 million plus interior and roughly 16 people inside the aircraft. the social distancing is already set just by the spacing and it's a much more luxurious experience, as you can see behind me. but it's the same jet the airlines use in a large configuration that we use for private flight and are able to do this to our membership at a reasonable price. liz: we like entrepreneurs like

you. you are co-founder of taser. it's sgo good to see you. we wish you the best of luck at a time like this, where you are offering a very high end product for certainly less than what most people have soen in the past. good luck to you. thank you so much. the company is set jet. you got it. tom smith is the co-founder and ceo. closing bell ringing in about 20 minutes. we are still up about 150 points but we were up 419. the nasdaq high of the session, up 195. that one is middling around just a little bit, too. up next, could fake meat be the savior in getting beyond beef, pork and chicken shortage fears? beyond meat set to tell all in just minutes after the bell. we have your plant-based preview next. breaking news on spotify. fox news media just announced you can listen to my everyone talks to liz podcast on spotify beginning today.

yes, fox has struck a deal finally with spotify. in addition to apple and fox news podcasts and alexa, you can find it right there on spotify. everyone talks to liz. that announcement comes as trey gowdy launches his first ever episode podcast. it is available now on spotify, apple, google and fox news podcasts.com. "the claman countdown" is coming right back. save hundreds on your wireless bill

without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you'll only have to pay for the data you need- saving you up to $400 a year. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. it's the most reliable wireless network.

and it could save you hundreds. xfinity mobile.

and now for their service to the community, we present limu emu & doug with this key to the city. [ applause ] it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. and now we need to get back to work. [ applause and band playing ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ liz: we have this breaking news. according to sources close to the matter, airbnb is reportedly going to lay off 25% of its work force. i understand that equals about 1,900 of its employees.

a lot of airbnb hosts have really struggled as many people have canceled a lot of the reservations. we are watching that story. airbnb was supposed to go public this year. so far as we know, they say that's still on track. we shall see. beyond meat, let's take a look at that stock. it is in the green at the moment ahead of first quarter numbers due out after the bell. the faux meat maker set to announce how much restaurant closures have cut into its bottom lines. half of the company's sales normally come from the dining industry. the stock is up 4.33% but beyond plant-based competition in the grocery aisle is heating up and getting more expensive, we should mention that impossible foods has struck a deal to sell its burgers in 1700 kroger stores now, as meat shortages, we are talking about beef and chicken and ground beef and pork, spur talk of an increase

in demand and pricing. the demand for vegan substitutes. in a fox business exclusive tomorrow, we will dig into all of this with impossible foods' founder and ceo pat brown. he will be live with me here on "the claman countdown" at 3:00 p.m. eastern on the fox business network. we can't wait to hear how business is going. pat brown, impossible foods ceo and fox business exclusive tomorrow. breaking news, let's take you inside right now live. the honeywell plant where they are now manufacturing these very important and in-demand n95 face masks. we are waiting to hear from the president. he has arrived. president trump will be appearing before the cameras in a roundtable discussion and of course, this as states begin making moves to reopen their particular economies. of course, we are looking at institutional stock exchanges, also possibly looking to get back into the in-person business. but not necessarily business as usual. to charlie gasparino, as we await the president.

charlie? charlie: yeah, couple of headlines here from the nasdaq and the new york stock exchange. new york stock exchange will hold a meeting with the trading community today at 4:30 so any talk about when, if, how the reopening will occur on the floor of the stock exchange, we are going to probably get some insight into that later today. 4:30. i don't know if there will be any grand announcement. no announce tment might be a bi story in the sense the stock exchange still doesn't have any clarity when it could get back to business as usual. the second thing is, interestingly, last week, nasdaq not doing much better. they had a huge misfunction that hurt the listing of a public company. the company debuted on the exchange on friday. the stock was priced at $10, opened at $3 and all the trades were canceled for a couple hours. the nasdaq is not doing so great either. i want to switch now gears to illinois. this is a huge story, liz.

if there is one troubled municipality that may shake the municipal bond market going forward, it's illinois. they have a bond deal, a billion dollars short-term notes, that are scheduled to be priced tomorrow. they have another billion next week of tax-exempt and taxable muni bonds for illinois. if the market balks at those deals, it will be an indication that illinois, one of the more fiscally distressed states going into this, is even worse now with massive pension fund liabilities and budget deficits, that illinois is one of those states that mitch mcconnell said may have to declare bankruptcy. that would be the indication. we should point out that the municipal bond market in the past has pressed the button on troubled municipalities. puerto rico, as you know, couldn't roll over a lot of its debt. new york city back in the '70s, the reason why the city went into a technical default in the financial crisis of the '70s is because the muni bond market, investors stopped buying its debt. no more until you get your house

in order. illinois may be in that position. what we understand, the state is likely to be speaking with the federal reserve. the federal reserve opened up some sort of credit facility for states -- for states who can't access the markets and access some debt. it is a big lift if they go there. it will be essentially a black mark on illinois. it will show that they really couldn't tap the public markets. they are also going to have to pay up to tap the fed facility. again, watch illinois, liz. if there is one state and municipality in this process that is -- that could be the sort of symbol of the whole pandemic, financial meltdown, how it affected main street and local governments, it really could be illinois and the reception that -- liz: charlie -- charlie: -- they get in the bond market tomorrow and next week will tell a lot. yes. liz: jennifer shonberger in washington, d.c. was just able to ask st. louis fed president ji james bullard whether the fed

will stay near zero rates for months or years. he said years. charlie: you know, i will tell you this. when you keep interest rates this low, you create bad behavior. there has never been a time in financial history that i have covered that when the central bank kept rates too low, it hasn't led to something, like the dot-com crisis, like the housing crisis. we should point out that a lot of companies went into this pandemic highly leveraged in a lot of states like illinois. guess why? because they can borrow cheaply. then you have an economic, you know, this is a big economic problem but even a smaller economic problem, we had a mild recession. those businesses and municipalities will pay the price. when you have interest rates this low, it creates bad behavior, it creates moral hazard, means there's no consequence to your risk or you think there's no consequence to your risk until the consequence

comes. these guys are playing with fire with this stuff, if they are telling the markets that we're going to have zero interest rates and cheap money for the end of time. they really are crazy. now, maybe they're just not looking to get on trump's bad side but let me tell you something, that is a recipe for fiscal disaster. liz: well, yeah. dislocation certainly. charlie, thank you very much. thanks for flagging us on what could be news after the bell on the nyse or exchanges along with the situation in illinois. closing bell, we are eight minutes away. the coronavirus taking a magic out of the magic kingdom. today's "countdown" closer tellstells us if the mouse house is still worth the investment. we'll be right back. what happened daddy?

well, you see here... there's a photo of you and there's a photo of your mommy and then there's a picture of me. but before our story it goes way, way, way back with your great, great, great grandparents. see this handsome man, his name is william. . . isn't she pretty? yeah.

find a stock basedtech. on your interests isn't she pretty? or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

♪. liz: closing bell five minutes away. markets are off session highs. we're up 169 for the dow. we had been up more than 400 points. maybe it is a little profit-taking. we're waiting for the president to make remarks at the honeywell plant in phoenix, arizona. where they make the n95 masks. they're very much in demand as you know it. he appears to be running a little bit behind. we'll bring it to you. happiest place on earth not exactly the happiest, a little quiet now. disney parks around the world are still shut due to the coronavirus. the parks, this is why it matters, make up 37% of the revenue last year that walt disney company made. as they prepare to announce their earnings in just a few minutes from now, we bring in a guy who bought his first share of disney when was 13 years old. gerber kawasaki ceo, ross gerber. now, 10, 15 years later.

ross, thank you for joining us. tell us about why we should take a chance on disney when we know, a, the theme parks are not close to opening entirely, and b, the stock is at $101. it is well off the highs but off its lows. >> that is why you have to buy it. what worse could happen to disney, you know? other than shutting every park and theater. that is baked into the stock. it is only down 30% or something. so when you think about what i get when things get back to, what we will call the new normal, what an opportunity because this has been a gift to disney because even though they have had to shut down two very important parts of the company, those will open again but they have been able to capitalize on direct to consumer streaming which is the future of disney. and because of the pandemic they have been able to ramp subscriber growth of not just disney plus but hulu as well.

we'll see blow out numbers from them on the quarter. while everybody is salivating over netflix, you know, 10 times revenue and several hundred times earnings, you know, disney has got three streaming service and eventually, trust me, all the parks will be open again. liz: okay. i get that and i'm an optimist. i'm big on buying low certainly but, we got to look at one of their biggest networks. the network of espn. there are no live sports, albeit except for korean baseball. they brought back live korean baseball this morning. my son wasn't too excited. he kind of wants to see the yankees. i want to see the indians, we adopt know how this is going to end. there isn't any hockey right now. there's no football, at least for the moment. it is just, no tennis, is there even going to be wimbledon? espn carries that?

[inaudible] liz: okay. >> just you know automatically, so it is going to take until next year. think about live sports. pent-up demand for live sports. look at this, success they have had with the last dance, with the michael jordan story, it was off the charts rating. people want the content. when you're talking about sports and when it is come back the demand will be twice what it used to be. there is no asset i would rather own than espn when sports comes back. you have to buy low when things look really bad, like now. in a year when we're watching baseball again, going to theme parks again, trust me, you will be like wow, what an opportunity to have bought disney. that is now. liz: year-to-date it is down about 29%. i'm just looking, 52-week range.

the high was 153. still buying it at a discount, everybody. 101.30. [closing bell rings] we're seeing green across the board. everything from silver, to the dow, nasdaq. see you tonight 6:00 p.m. on twitter for futures trading. connell: president on the ground in phoenix at this hour making his first major trip out of washington since the pandemic began. he is about to tour a honeywell facility producing n95 masks. so we're watching that. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." stocks in the green as more states reopen but closing off the highs of the day as we wait for results from disney. the company set to report earnings at any moment. we will bring them to you live. we have fox business team coverage. blake burman with the latest on the president's trip and lauren simonetti is watching the

market.