liability of reopening. cheryl: i hear you. i hear you. rebecca walser, you are fabulous. it was great to hear from you. thank you so much for your passion, especially about these markets and getting the country back on track. as you can see, the dow is down. we are at session lows and i just want to apologize to liz claman for giving her the markets at these levels. i don't know what to say, liz. i couldn't do it. you got one more hour. liz: let's fix this. let's try and fix this. we got 59 minutes left. cheryl, thank you very much. indeed, we are at session lows right now for the dow jones industrials, down about 618, a second ago. pandemic pandemonium on wall street as federal reserve chair jerome powell warns of a prolonged recession due to the coronavirus outbreak aftermath. the selloff has pretty much been an all-day affair but as we head into this final hour, the nasdaq has turned negative for the year.

it's down 207 but the russell 2000 has the biggest percentage loss. the small and midcaps are getting creamed, down about 3% right now for the russell. powell tying an economic recovery to a covid vaccine and therapies that can cure horrific symptoms including a disturbing new life-threatening clotting disorder like the blood clots that cost a broadway star his leg. enter the biopharma ceo mike sherman, here in a fox business exclusive on his new anti-clotting covid drug that's on the fda fast track. boy, are they moving fast. plus as the covid outbreak destroys huge retail names, it's actually bringing back one from a near coma, at least the stock. speaking of stock, it's overstock.com, not just alive but actually thriving with triple digit sales increases. overstock ceo jonathan johnson here in a fox business exclusive on the steps he's taken to fill

a leadership vacuum left by the controversial former ceo, patrick byrne, and the problems of coronavirus. plus bring on the quarantinis. alcohol sales surging as lockdown orders keep most bars and restaurants closed. wait until you see the numbers. rum giant bacardi is here on consumers clinicing gla iclinki home. the one tweet that may have frightened california authorities into granting tesla ceo elon musk's wish to reopen the factory. less than an hour to the closing bell. at session lows or close to it. let's start "the claman countdown." liz: breaking news. forklifts are moving teslas at the electric vehicle's northern california plant at this hour. a clear sign that ceo elon musk

has won his battle to reopen the fremont factory. early this morning, the alameda county public health department which had previously banned musk from reopening even as the governor of california said manufacturing can begin, announced that it has granted him approval to go fully operational once again. all california manufacturers were forced to shut back on march 23rd, as the coronavirus spread. monday, musk defied the county order to remain closed and said he was fine with risking arrest and threatened to move his plant elsewhere. so what turned the tide, making them make that announcement this morning? well, at 1:00 a.m. monday, colorado governor jumped into action, tweeting we want you here at elon musk, in colorado. we are the best of all worlds. we are very pro-business, low taxes, also pro-immigration, pro-lgbt, bright, smart, motivated people love to live

here. all right. he wants the cyber-giga factory headquarters right there. look no further than colorado, he said. polis was not the only one who started asking elon musk. texas governor greg abbott issued a statement saying i've had the opportunity to talk to elon musk, he's genuinely interested in texas and general l genuinely frustrated with california. we have to see how things play out. before the sun came up in california this morning, the county said as long as tesla follows worker safety protocols, it can begin churning out cars this coming monday. tesla's stock was higher earlier. it's reversed a bit, it's down 3.3% but it spiked 116% since the march 18th low and has jumped 86% since the closure. tesla. that is one way to really negotiate. we're leaving. it's 10,000 jobs in california. in an effort to keep the

financial system from clogging, the federal reserve has dived into the corporate bond market and corporate debt etfs, buying them. lqd, hyg, kind of reflect what's going on here. three of these are moving higher, one which is hyg, is moving lower but data are showing that investors got very smart and began shifting their money last week. etfs, investing in credit, saw about a 2.4 billion inflow in just the past week, but stock funds here in the united states saw outflows of 9.3 billion in the period ending may 6th. let's check real estate. real estate changes traded funds down 25% year to date as workers stay home during the covid-19 crisis, leaving many to wonder if they will ever come back. yesterday, twitter said you know what, stay home forever if you want. you can work from home forever. we don't need the office space. former google ceo eric schmidt

told cbs news this weekend office space he believes will do the opposite, it will be in demand as more footprint, wider space, is needed to move workers aside, right, six feet in between. we are watching it right now. the ishares real estate etf is not responding, down about 2.5%. to some chinese stock names. tencent blasting through a 52-week high even though the u.s. banned chinese equities from the federal retirement savings funds or at least they are moving to do that. gaming helped the company weather covid-19 crisis as players stuck at home latched on to tencent's mobile game titles including the big investment in fortnite. tencent up 3.9%. now stands at $57.53. look at the low, back in late 2018. all right. checking retail in this final hour of trade. jc penney surging on news that it may line up a $450 million

loan ahead of a bankruptcy filing. but the container store is plunging, 19% as it predicts more than just a drop in the bucket in quarterly sales. stay tuned. we have the ceo of actually one of the surprise big winners in retail. e-commerce superstar overstock. jonathan johnson, he took over last year, he's going to join us later in the show. wait until you see the numbers that overstock is posting in just the month of april. big moves for the dot-com company. all right. the markets are off the session lows right now. i guess i blanked but we were down about 619 points, now we are down 566 which is actually not much better, but their initial drop was sparked by fed chair jerome powell. he basically warned that he was concerned of a quote, prolonged recession due to the coronavirus, yet there is one tool in the fed toolkit he says he will not consider, and none of the people on the federal

open market committee will either and that is negative rates. he says forget it, they're not interested. listen. >> the evidence on the effectiveness of negative rates is very mixed, it's very mixed. there's no -- there's research that says they have been effective, it's an unsettled area, i would call it. i know that there are fans of the policy, but for now, it's not something that we're considering. we think we have a good toolkit and that's the one we'll be using. liz: okay. so when he said fans of the policy, he meant president trump but according to data from google trends, searches for the word recession nearly doubled in just the first three weeks of march. this is more than any month from the fall of 2008 to the spring of 2009 when of course, the financial crisis was at its peak. let's bring in the floor show traders. scott bauer, we have a selloff across the board. small and midcaps getting

crushed down 3% but the dow's not far behind. nasdaq has turned negative for the year. in this final hour, is it possible the fed would change its tune if the recession lasts longer than expected and is deeper than anybody expected? >> let me first say it's great to see you again. is it possible, sure, anything is possible. is it probable, not at this point right now. you know, what jerome powell was referring to is look back in recent history here. you got the ecb back in 2014 that went to negative rates, you got the bank of japan in 2015. not much help in either one of those economies. i believe that the fed, as he said, has the quote unquote, toolbox, what they can do in terms of buying more bonds and maybe looking into the equity markets here to have other tools at their disposal rather than go to negative rates. the big concern for them, and it's a very very valid concern, you are going to get a lot of

people, lot of pundits saying banks are not too big to fail, is that this can really harm the banking system. not so much harming it to the fact that they're not making money because we all know banks make money by lending out, not by having to pay the fed to hold their money but this may completely restrict credit, meaning the banks will then not be able to make loans, even tightening things up further so is it possible, yes. is it probable, in my book, no, it's not. liz: well, the one thing the fed has done is added -- he came in with a stunning statistic that i immediately wrote down. he said this morning that 40% of households making less than $40,000 have lost their jobs. i'm just not sure there's

anything at this point and you know the democrats floated their idea yesterday of more stimulus, but there are no free lunches. he did say now is not the time to be scaling back that kind of help, though. >> listen, i think on balance, the fed has done a lot more things right than wrong. i mean, you know, they are doing everything they can. i think the problem is we are dealing with something now that none of us really have ever dealt with before. i mean, we have seen bad markets, '73, '74, '08, '09 and we sort of understood what was going on and the pictures were the benefit of 20/20 hindsight were put in place and slowly we climbed out of the hole. undoubtedly we will climb out of this hole -- liz: let me jump in. all i will say, though, is he had an underlying message. we missed the window in paying down the deficit and trying to

figure out the finances of this country. the time to do it is during seven years of feast, not famine. >> well, that's not only true for the fed but it's also true for all of us as individuals. the problem is with the benefit of 20/20 hindsight, there's a lot we all could have done as individuals and certainly the fed could have done, but we have to deal with the reality of today. i think they are doing an awful lot to help, but you know, it's like all the king's horses and all the king's men are doing everything they can to put hu humpty-dumpty back together again. it's going to be tough because this economy and the world's economies have been put to their knees here and we need to get things moving again, and we are trapped between the medical issues, the very real medical issues and the virus and getting the economy going, the politics are more toxic than ever.

it's really difficult and the markets in general, as we all know, just can't deal with a lot of unknowns. we have a lot of unknowns here. yes, eventually we are going to climb out of this hole. but it's a timing issue. how much time, how long is it going to take. i suspect the one sector we haven't talked about sectors, but the one sector we need to keep looking at are the transports and the airlines in particular, and perhaps the cruise lines and travel companies. they are the canaries in the cage. they continue to be pounded which tells us that we're not anywhere close to climbing out of this hole yet. those sectors need to get -- when those sectors start to get a little better, i think you are going to see a much better tone in the market but until then, we are going to have two steps forward, two steps backwards. sorry. liz: yeah. sounds like -- don't apologize.

it's called treading water. teddy, scott, we've got to run. i'm so sorry. teddy, meantime, dude, i like the fire in you. closing bell ringing in 47 minutes. the dow down 599, make that 600 points right now. gilead has struck a deal with mylan and four other generic drug makers for production of its covid-19 game changer remdesivir. pfizer is testing four variations of its vaccine ahead of human trials set to kick off in september. just as dr. fauci said, there are a lot of shots on goal for pharmaceutical companies and biopharma but broadway actor nick cordero has become one of the most well-known coronavirus victims. what once was a healthy 41-year-old tony nominee has lost his leg. that was nearly a month ago, due to a severe blood clot blamed on the deadly pathogen.

coming up, we have the biopharma company whose phase two drug trial might have been able to prevent that life-threatening clot. chimerix are looking ahead to all the other blood clotting problems doctors are noticing in coronavirus victims. the story is next. don't go away. it's a fox business exclusive. in my line of work,

i come face to face with a lot of behinds. so i know there's a big need for gas-x maximum strength. it works fast. relieving pressure, bloating, and discomfort before you know it. so no one needs to know you've got gas. gas-x avoid sick people... and touching your face. there are everyday actions to help prevent the spread of respiratory diseases. visit cdc.gov/covid19. brought to you by the national association of broadcasters and this station. 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.

the story where the chances are low, and the cost is high. the sacrifice is real. it's all around us. but this isn't a story about how tougher times beat us. this is our comeback story. the time when we rally and come from behind. the time when we defy the odds and get back to work while the whole world watches. yeah, this is your comeback story. and when it's time to come back, we'll be ready. yeah, this is your comeback story. our retirement plan with voya gives us confidence... ...we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement.

liz: breaking news. we have an a-list team of medical experts speaking right now to a virtual house subcommittee. steve scalise of louisiana is currently speaking at the moment. they are talking about reopening the economy and how to do it safely during this covid-19 pandemic. talk about timing. from reopening to reawakening. after weeks of a medically induced coma, broadway actor nick cordero, star of "waitress" has awakened. this after weeks of yes, being unconscious during a horrific battle with the coronavirus, during which he suffered blood clots in his leg which eventually had to be amputated. enter biopharma chimerix. it says it's in phase two of three studies of a drug that helps patients with blood clots related to covid-19.

this is crucial because suddenly in the past couple of weeks, autopsies of covid-19 patients have shown lots of blood clots. here to discuss it is ceo of chimerix, mike sherman, here in a fox business exclusive. mike, tell us about this drug which i understand is a repurposed drug that had been in the works for cancer treatment, correct? >> yeah. we are prepared for a phase three study in acute leukemia and we started getting calls from physicians who asked the possibility of using this drug in covid-19, as they were seeing really two phenomena happen in the most severe cases. this extreme immune response or cytokine storm, i'm sure you reported on, but also this serious coagulation disorder that's emerging. this drug is actually a derivative of heparin which is often used for anticoagulation, but in this case, it's been adapted such that we can dose it

at a much higher level, trigger these anti-inflammatory properties that perhaps calm down that immune response and prevent coagulation disorders that we're starting to see in patients really of all ages. liz: now, let's talk about that. "journal of american medical association" suddenly started writing up pieces on this because in the past couple of weeks, these autopsies are showing not just tiny embolisms but very large i guess they're called thrombi, these larger visible clots, and they can cause obviously life-threatening strokes and things like that, but also in children. it's very worrisome. tell us exactly how dstat, your drug, works. >> well, it targets a protein that is involved in both this broad inflammatory process that's primarily impacting the lungs initially. this protein is hmgb1.

it interferes with that or inhibits that protein and essentially knocks down the cytokines that will rush to the site of inflammation downstream. but the other thing it does, it interferes with, in some ways, a natural process whereby the body will send these inflammatory or immune cells to the location of a pathogen and essentially trap it, and that can be helpful but in this case, it also can create an environment where clots can form. by targeting this protein, we believe we can interfere and interrupt that process. liz: when we need to know when it will be available to start using on patients. people are so desperate for everything from therapies to vaccines. >> yeah. so we're moving as quickly as we

can. for a company of 50, it's really phenomenal what the team has been able to accomplish. i also would give kudos to the fda. they have worked very rapidly to help us through this process. they just gave us the go ahead, the clearance to initiate that trial. we have about a dozen sites that will conduct the trial. the end point for it will come fairly quickly. we'll look within 28 days of that final patient enrolled in order to assess the activity of the drug. this is a disease where you'll know pretty quickly whether the drug is having an effect or not. so we are hopeful that we will be able to look at that phase two data, confirm it's working the way we anticipate it should, and then launch seamlessly into the phase three trial and get this drug to patients quickly if, in fact, it proves to be safe and effective. liz: well, we are cheering you on. please keep us posted on dstat

and we will take any help we can get. mike sherman, thank you very much. the company is called chimerix. the dow jones industrials are now at a new session low. we do see some real erosion in the stock market right now, down about 670 points at the moment. when we come back, we will look at the deeper metrics of the markets. they don't look good. what happened daddy? well, see this handsome man, his name was william. and william fell in love with rose and they had a kid. his name was charles and charles met martha... isn't she pretty? yeah.

hold on one second... sure. okay... okay! safe drivers save 40%!!! guys! guys! check it out. safe drivers save 40%!!! safe drivers save 40%! safe drivers save 40%!!! that's safe drivers save 40%. it is, that's safe drivers save 40%. - he's right there. - it's him! he's here. he's right here. - hi! - hi. hey!

- that's totally him. - it's him! that's totally the guy. safe drivers do save 40%. click or call for a quote today. happy birthday! so, it goes... ♪ hold up your answers. how is mickey doing today? ♪ you're just a really hard worker. ♪ ♪ ♪ ♪

liz: breaking news. we are very close to session lows and we have seen as i said earlier, an erosion in just the last about 17 minutes. if you take a look at the ten-year treasury yield, we are now at .64% and falling. so we are down about 3.4 basis points. just the other day we were at .67 so we're looking right now at a flight to quality. gold is up, by the way, and let me show you what's getting hit the hardest. i was just scanning through some

of these etfs and sectors. energy, the xle, the energy etf that is very widely traded, is down five full percentage points right now, or $1.88. clearly it was triggered by the federal reserve this morning, in essence answering the questions saying yes, we are concerned that there is a longer tail to what could be a recession. disney. let's get to that. it's falling after offering details of its $11 billion debt offering but it's the cruise lines making waves right now. disney cruises, they are got exposure to some nasty stuff right now. cheryl: it's funny because the cruise industry may not be in the middle of a death knell like we have talked about. i was just looking at headlines on carnival cruise lines. they are going to come back august 1st. bookings are up 600%. the people that like to cruise are booking cruises. yeah. but i want to talk about the $3.3 billion debt offering. that is as you can see, the stock is down more than 8.5% but

they are trying to come back, they are trying to raise pretty much about $6 billion in debt and equity, but they have got this private offering, this $3 billion offering. now i want to look at norwegian cruise line holdings. they are scheduled to report earnings tomorrow, may 14th, for the first quarter. analysts are looking for a loss of 52 cents. the estimates, though, have been falling. they keep racheting them down. revenue likely to decline year over year. not a surprise, but there's going to be a decline in passenger tickets, likely, on board revenue is expected to show weakness, also all the cancellations. but again, it's about the forecast for these cruise lines. there's norwegian. at least the year to date chart. take a look at royal caribbean right now. that stock, i want to take a look at this one, this one is actually year to date under pressure. this cruise operator launching a private offering, $3.3 billion in senior secured notes. they expect to use those proceeds from that offering to repay $2.35 billion in debt, that 364 day term loan agreement they got. they disclosed that on march 23rd, in the middle of the

pandemic. even though there's a lot of pressure on these cruise lines, liz, again, it's going to be the forecast we are going to be getting from them that they report to us and again, the 600% jump for carnival cruise bookings, wow. that's all i got to tell you is wow. people, they are committed to cruises, they are ready to get back on those ships. that's going to be august 1st. back to you. liz: let me give you some context, some context with the 600% number. it was up 600% in the three days after they announced that they would be starting cruises once again in august. either way, year over year, they are actually up. we will be watching all of it and more. cheryl, we are watching these markets at the moment. as we continue to look at everything from the ten-year yield which is falling to the dow jones industrials down 649, nasdaq down 209, we did earlier have an upside move to the s&p. it had been up four points but now, the s&p is down 69.

closing bell, we've got 29 minutes to try and gussy this up and make it look a little better than it is. china e-commerce competitor jd.com has been upgraded to a buy as demand for essentials and pharmacy products shifts online in the original epidemic epicenter. those shares are up 1%. speaking of online, here at home, one e-commerce retailer already reporting its sales have more than doubled in just the current quarter. we're not even halfway through it yet. overstock ceo jonathan johnson is here. what he says people are really buying in the lockdown and what the future for this company which kind of has a split personality, what it is. is it fintech? block chain? or online sales? we are coming right back. (soothing music)

- did you know that americans that bought gold in 2005 quadrupled their money by 2012?

and even now many experts predict the next gold rush is just beginning. so don't wait another day physical coins are easy to buy and sell and one of the best ways to protect your life savings from the next financial meltdown. - [announcer] today u.s. money reserve announces the immediate release of us government issued 1/10 ounce gold american eagle coins for the incredible price shown on your screen. these gold american eagles are minted at the united states mint, and right now they are being sold at cost for the price shown on your screen. - pick up the phone and call america's gold authority u.s. money reserve. with nearly two decades in business, over a billion dollars in transactions and more than a half a million clients worldwide, u.s. money reserve is one of the most dependable gold distributors in america. - [announcer] today u.s. money reserve is releasing official gold american eagle coins at cost. for the incredible price shown on your screen.

these government-issued gold coins are official us legal tender made from solid gold mined right here in america and fully backed by the united states government for their gold weight purity and content. do not delay, call now to purchase your gold american eagles for the amazing price shown on your screen. gold is now on sale at prices unseen in years and this year could be one of the greatest gold buying opportunities of all time. call now while vault inventory remains. as one of the largest us gold coin distributors in the country. us money reserve has proudly served hundreds of thousands of clients worldwide. don't wait another minute, call now to purchase 1/10 ounce gold american eagles for the amazing price shown on your screen.

liz: we've got some breaking news on uber. uber is indeed, there was a report on this just yesterday, is discussing paying 1.9 of its shares, just about $60 a share, for grub hub. sources are saying that uber, grub hub and the two together have real synergies here because uber eats and grub hub equals yay. more than $300 million from combining. sources are also saying uber's ceo dara khosrowshahi and grub hub's ceo maloney will negotiate directly with each other. grub hub down about 3% after a huge runup yesterday. uber is up just under 1%. the dow, however, still struggling, down 622. new low of the session, a loss of 697. while the covid-19 pandemic has basically slain some names from j. crew to neiman marcus, one tech-driven online retailer's sales have actually increased

130% year over year as new customers rose more than twice over the same period. okay. new customers. people who had never gone on the site. overstock has evolved from a fledgling startup in 1999 to a billion dollar online retailer that oddly, after a very rough period last year, is now thriving under the pandemic. what is it about this particular company and is it now giving us the clearest vision into what the post-pandemic consumer will want and will look like. we are joined live now in a fox business exclusive by overstock ceo jonathan johnson. jonathan, welcome. from bulk buying to online shopping, people are changing how and what they're buying. how are consumers that approach you guys during this period of isolation and uncertainty when it comes to their shopping, how are they exhibiting their behavior? give us a window into that.

>> well, since the stay-at-home mandate has begun, at first, what we saw were purchases related to hunkering down at home. they could be office chairs as people needed a new place to work. we sold a lot of elastic string as people were trying to make face masks. but over the last month and a half, it's been our bread and butter product, it's been home furnishings. people are buying area rugs and couches, swing sets for the backyard and trampolines. i think people are viewing home as the place where they are going to be and home furnishings are no longer a discretionary purchase. they are part of what we do and where we live for longer periods of the time than we ever have before. liz: well, i can tell you a little secret. a lot of the fox anchors have

bought a full sized mirror from you guys because it's a skinny mirror. it works really well, let me tell you. but i get it. i get that overall, we are looking at retail sales that have fallen sharply from february to march as all these stores are forced to close, but the online picture is not sort of equally bright across all of the names. you at overstock have seen what kind of numbers in just the second quarter so far? >> so in the second quarter, we've seen sales go up over 130% year over year. we've seen doubling of our new customers. people are shopping with us that never have before. it's really a tremendous time, particularly in the home furnishing space, which is our bread and butter. pre-pandemic, about 23% of the

home furnishings market was online. that's grown to be 32% or more now, as many of the brick and mortars are closed. and we think that a lot of that's going to stick even when stores open back up. people have become much more comfortable purchasing online. we hope that bodes really well for us. liz: yeah, i would think. e-commerce versus brick and mortar has been a story that's gone on for more than a decade now. everybody looks at amazon and says it has killed so many names off. not you guys. what sets you apart from amazon? >> well, i think there's a lot of things. we have been in business as long as amazon and we are clearly not as big as amazon, but our suppliers love working with us. we don't call them suppliers. we call them partners and that's on purpose, because we treat them like business partners. we work hard to make our customers happy. at the end of the day, you need

happy suppliers, you need happy employees and you need happy customers. to have a successful business. that's really what we have been focused on from the beginning, but particularly over the last nine months as we have been trying to right a ship, then sail a ship. that's what we're doing now, even in the choppy waters of the coronavirus sea we're in now. liz: well, speaking of righting ships, the previous captain, patrick byrne, listen, he used to come on the show all the time. he's currently i guess overseas in bali. that was a very controversial moment last year and it hurt the company's shareholders, certainly. what do you expect will ever happen with that? are you concerned there will be some s.e.c. type of investigation into him or any kind of charges, and you know, do you ever envision him coming back to the united states? >> look, patrick and i are

long-term friends. we worked shoulder to shoulder for almost two decades. i have the greatest respect for patrick. i think that the stories that he was trying to expose will see the light of day sometime. i don't know if the s.e.c. will look at him or not. i trust patrick that he's done the right thing and that won't impact the company. what i'm really focused on now is making sure our employees are safe and understand what's going on during this pandemic, that our customers have product to buy and then we do the best we can to deliver those on time in a way that makes them happy, satisfied customers, particularly all these new customers that we have never seen before on overstock.com. liz: yeah. well, thank you very much, jonathan, for giving us the story of at least one company that has done extraordinarily

well during a very difficult time in retail. good to see you. thank you so much. >> thank you, liz. talk to you again. liz: absolutely. closing bell, we've got 17 minutes to go before we hear that bell ring. off the lows by about call it 100 points off the lows but we are still down 583 for the dow jones industrials. coming up, charlie breaks it on the major move that he says could shake up morgan stanley and the entire banking industry? that's a tease. make sure you check out this week's everyone talks to liz podcast. featuring two guys who lost both their jobs during the financial crisis in 2008 and are now known as the beekman boys. dr. brent ridge and josh kilmer purcell. they are sitting home, what are we going to do, got a big mortgage on this farm in upstate new york. they created a lifestyle brand because they had goats on their property. let's make goat milk soap and have oprah go nuts over it and

qvc and hsn. it's a very empowering, inspirational story. if you are around and have some time, download it on spotify, apple, google. we are coming right back. (vo) since our beginning, our business has been people. and their financial well-being. it's evident in good times, with decisions focused on the long-term. and crucial when circumstances become difficult. that continued emphasis on people - our advisors, associates, clients and communities gives us purpose, strength and a way forward. today. and always.

♪

gimme two minutes. eligible for medicare. and i'll tell you some important things to know about medicare. first, it doesn't pay for everything. say this pizza... [mmm pizza...] is your part b medical expenses. this much - about 80 percent... medicare will pay for. what's left... this slice here... well... that's on you. and that's where an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company comes in. this type of plan helps pay some of what medicare doesn't.

and these are the only plans to carry the aarp endorsement. that's because they meet their high standards of quality and service. wanna learn more? it's easy. call unitedhealthcare insurance company now and ask... for this free decision guide. inside you'll find the range of aarp medicare supplement plans and their rates. apply any time, too. oh. speaking of time... about a little over half way and there's more to tell. like, how... with this type of plan, you'll have the freedom to choose any doctor who accepts medicare patients. great for staying with the one you know... or finding... somebody new, like a specialist. there are no networks and no referrals needed. none. and when you travel, your plan will go with you anywhere in the country. so, if you're in another state visiting the grandkids, stay awhile... enjoy... and know that you'll still be able to see any doctor who accepts medicare patients. so call unitedhealthcare today.

they are committed to being there for you. tick, tick, tick, time for a wrap up. a medicare supplement plan helps pay some of what medicare doesn't. you know, the pizza slice. it allows you to choose any doctor, who accepts medicare patients... and these are the only plans of their kind endorsed by aarp. whew! call unitedhealthcare today and ask for this free decision guide. liz: breaking news. president trump is expected to meet with the governors of colorado and north dakota, this will be at the top of the hour, so let's call it about 11 minutes away. one is a democrat, one is a republican. they are expected to discuss their state's handling of the coronavirus pandemic. we will take you straight to the white house as soon as the president emerges. now i need you to direct your attention to why we are thinking as we look through a

lot of different screens here, that we do have this pretty significant selloff right now in stocks. crude oil is down, yes, by 1.25% in the aftermarket session, but the energy sector is getting crushed. we already showed you some of the spdrs that involve energy but look at the oih, the vanek oil services holders trust, it's down 8.3%. this is oil and gas equipment makers. so clearly, a lot of this drag at the moment in this final ten minutes of trade is coming from the energy sector. the financials don't look much better, either, but for some wall street firms, the post-pandemic makeup may begin to look very different. charlie gasparino with that story. charlie, morgan stanley taking some unique steps. charlie: maybe. i want to just posit this that the firm is denying they have any plans to do this major restructuring but i have been told this by senior brokers and branch managers at morgan stanley. it's clearly being discussed at

a senior level at the executive broker level. so these are not brokers that have been there three weeks. these are long-time brokers, managers, clearly discussing this. if it goes through, it would be a major restructuring. it would also fit into the plans of james gorman to reduce the real estate footprint because what they -- what the talk is now is that brokers, i believe there's 14,000 brokers at morgan stanley, that many of them, most of them, maybe all of them, i don't know, but clearly, the ones in new york city, that those brokers will become independent contractors. they would not be employees of morgan stanley. morgan stanley would largely shift to a model that charles schwab has with independent financial advisers handling brokerage accounts for small investors, helping them, giving them advice and taking a fee. the positive thing for the firm on this, as you know, liz, would be a lot less employees, a lot less real estate, a lot of these brokers as you know are working from home. i believe they all are, right now, working from home. not a lot of people in the new

york offices at morgan stanley. so they could continue to work from home, they would keep much more of their money, the firm would be able to reduce expenses on everything from real estate to their insurance costs. it would be a radical move. there are negatives to this as well, as you know. the firm would essentially be farming out its research to independent contractors, not employees, and there's a synergy that occurs when you do work for a firm like this and everything is in house, but this is being discussed at the brokerage level at morgan stanley and would be a huge shift. we should point out the firm denies any plans. we do have a spokeswoman comment from morgan stanley, we should put it up there. she says there are no plans right now of doing this but i'm telling you, i'm getting this from senior people and it does fit into the broader message of james gorman to cut real estate costs. now, liz, whenever there's something that's going on right now, we have a pandemic, a

lockdown, economic distress, wall street has taken hits, there is cost cutting. there is also consolidation. i want to mention one other thing. purely market speculation but i'm getting this from very good bankers. they say that one of the mergers that could come out of this whole thing is to merge wells fargo and goldman sachs. i'm not saying there's talk. i'm saying there's high level speculation going on about this. why would that be? goldman sachs clearly has a business model problem. we knew about that even before the pandemic occurred. they were getting crushed because they can't do proprietary trading which was their bread and butter. they are moving into kind of retail banking model, high level, it really wasn't working out. investment banking fees which they do very well, investment banking have gone down. wells, as you know, has some image problems. it would be interesting to merge the two. it would fit pretty well. wells doesn't have a big investment bank. goldman sachs does. the synergies would be there. wells has a new ceo, charlie

sharp, a guy i have known for years, senior executive at jpmorgan, one of jamie dimon's right hand men. we know david solomon runs goldman sachs. goldman would want to run it. i'm sure charlie would want to run it. maybe they would both run it. but clearly at high levels, this deal is being discussed and i'll tell you, goldman sachs, people believe goldman sachs has to do something. they have to -- their business model is unsustainable long term to make as much money as some of these other big banks. wells, goldman sachs business model would be able to compete with jamie dimon's jpmorgan chase, which is the king of banks and has that business model. so be prepared, watch goldman and wells, and again, watch morgan stanley. this is being discussed internally about a radical shift in their business model, and it will be interesting to see if they do it. if there's one guy that might do it on wall street, i know james gorman, it would be him. back to you.

liz: charlie, thank you very much. look at the volatility index, the fear index is spiking right now. about 6%. it had been up 11% but you can see the market starting to come back. when we come back, the top wall street parlor game and it's a guessing game. 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. it makes you a different person. their medicare options...ere people go to learn about before they're on medicare. come on in. you're turning 65 soon? yep. and you're retiring at 67? that's the plan! well, you've come to the right place. it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why... medicare part b doesn't pay for everything. only about 80% of your medical costs. this part is up to you... yeah, everyone's a little surprised to learn that one. a medicare supplement plan helps pay for some of what medicare doesn't. that could help cut down on those out-of-your-pocket medical costs. call unitedhealthcare

insurance company today... to request this free, and very helpful, decision guide. and learn about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards of quality and service. this type of plan lets you say "yes" to any doctor or hospital that accepts medicare patients. there are no networks or referrals to worry about. do you accept medicare patients? i sure do! see? you're able to stick with him. like to travel? this kind of plan goes with you anywhere you travel in the country. so go ahead, spend winter somewhere warm. if you're turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. thumbs up to that! remember, the time to prepare is before you go on medicare! 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. >> i been wrong before, i've been wrong again on things and i pray i'm wrong on this but i just think the v out is a fantasy. liz: the v is a fantasy, so says stander camilla jumping into the top parlor game on wall street during the webinar during the club of new york appearance. guessing the letter in the alphabet that defines the shape of becoming economic recovery, he said that won't be of the but what does private banks director chad say, give us your letter, i've heard l, i've heard v, i've

heard bathtubs shaped what is your thesis. >> thank you, were talking about in a long gated w shape, for gonna put a letter it'll be w, the market for the last two days have shown some concern over v shapes or even the idea of a square root shape recovery. we've been saying w because is not just about reopening the economy, it's about rehiring and some other things that are yet to come that we just don't know how they will go. liz: you like crown castle, international, home depot, procter & gamble, with the common thread in these three names. >> a couple of things amongst these names, first of all we think they stand to benefit from shipping consumer behaviors but more importantly the names of their portfolios tend to share three key themes and that is stability of the brand, stability of the balance sheet and where they pay dividends,

were looking for stability of the dividends as well. liz: honestly, that was some companies dumping their dividend but chad i like your thinking and your theories, we'll see if it's a w, square root or some other symbol but no recovery today for the market, the dow closing down about 494 points. connell: fox business alert, were gonna take alive look at the white house, president trump is going to be with the governors of colorado and north dakota at this hour, that's one of many things will be monitoring for you, good to be with them, sharing. melissa: i'm ... francis, this is "after the bell", stocks plummeting today but off session lows after the federal reserve warned of lasting damage from the pandemic, fox business team coverage, blake burman with the latest from the president, lauren simonetti is watching the

et