tv After the Bell FOX Business November 18, 2020 4:00pm-5:00pm EST
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the s&p 500 set to close down for the second straight day. we are closing at the lows of the session for the dow at the momentdown 327, call it 32 points to the downside. [closing bell rings] connell: maybe some big earnings reports could turn this around. stay tuned for "after the bell." that will do it for the "the claman countdown." connell: the selloff accelerated in the final moments of trading. stocks not able to sell off in the early gains with the positive vaccine results. instead of up we closed right at the lows of the session. new restrictions in a number of cities around the country seemed to overshadow news from pfizer and biontech. that their coronavirus vaccine is safe and 95% effective that started us off the right way. we closed down the wrong way, down 345. target hit a new high today. earnings beat. traffic picking up at the store.
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shoppers are spending more during each visit during the pandemic which is good news for target. that is a bright spot in otherwise down day on wall street. i'm connell mcshane. welcome to "after the bell." you know the numbers after the bell. we have time for the news that is happening at this hour. ♪. fox business team coverage, blake burman is in washington, we have jackie deangelis in the new york newsroom, ashley webster coming up as well watching some of the new restrictions on business ahead of the holidays, we'll get to that in a moment, but, blake, let's start with you. what's the latest. reporter: big news out of pfizer today, connell, 95% effective and safe that was the news out of that company as it relates to the covid-19 vaccine candidate with pfizer saying they could apply to the fda for that emergency use authorization here in the coming days. here is what pfizer said this morning about that covid-19 vaccine that they are putting forth. they wrote, quote, to date the data monitoring committee for
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the study has not reported any serious safety concerns related to the vaccine. they go on to say, a review of the at least 8,000 participants 18 years and older in the phase two and three study demonstrates that the vaccine was well-tolerated with most solicited adverse events shortly after vaccination. you pair that with the optimistic news with moderna over the last handful of days. that led to hhs secretary alex azar saying potentially there could be multiple vaccines here in the coming weeks. listen. >> we now have two safe, and highly effective vaccines that could be authorized by the food and drug administration and ready to distribute within weeks. reporter: even if pfizer ends up applying for this eua, connell, within the next couple days or so it will likely take several weeks before it would potentially get out to the marketplace because the fda has said their review process for
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the eua very well could take weeks. they want it to be thorough, transparent and want it to be very tedious, connell? >> still great news from pfizer. even with the market selling off doesn't take away from that. we'll talk about other things going on at the moment around the country n addition to pfizer we heard from johnson & johnson, its ceo today? reporter: we did. the alex gorski, the ceo did a virtual event with david rubenstein from the washington economic club. he sounded hopeful as it relates to the one-shot dose his company is working on. >> we use i had it in both formats, one and two shots and we're going to have to find more information. the early data that we were able to generate both pre-clinically as well as in the clinic our phase one trial suggested that we do have a robust response and that is again how the body responds in producing neutralizing antibodies with one
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shot. reporter: now keep in mind, connell if we end upticking to this time line of there being a vaccine late in december and the first 20 million or so individuals are able to get it shortly after that, that would be at the end of the trump administration into the beginning of biden administration. i bring that up because the johnson & johnson ceo was asked how this could potentially work, he said it was quote, unquote, absolutely critical this is seamless from one administration to the next. connell? connell: we talked a little bit about that yesterday, the importance of the transition with the president still having not conceded. blake, thank you. blake burman in washington. overall today it was a record-setting day in the united states and not a good way by any stretch. hospitals meantime are getting stretched if you look at the numbers. the total number of covid related hospitalizations has topped 76,000, first time we've seen them that high.
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this afternoon we had big news from new york city, the nation's largest school system closing for in person learning tomorrow. we don't know when it might open up again. there was market reaction. zoom, used so much in virtual learning, it spiked. it had been negative prior to the announcement in new york. in michigan a three-week statewide pause is starting today as we continue to keep a very close eye on the upper midwest. fox's garrett tenney reporting live can from lansing. garrett? reporter: connell this, long line of cars at this testing site behind us is an example of why these new restrictions are being put in place as this surge of virus, positive cases of the virus is really sweeping all across the country. here in michigan, starting today, college and high school classes are required to be online. sports are canceled except for pros and some college games. indoor dining is no longer allowed. venues, theaters, casinos, bowling alleys are being closed for the second time this year.
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business owners we've spoken to such as the owner of joey armadillo bowling, while they support the state taking action to stop the spread of the virus, officials are not doing enough to help businesses deal with the consequences. >> we disinfect every night. we wear masks. we do what we can do. we haven't had any but did anyone come to ask us about that? no. just shut it down. just shut it down and cut out everybody's livelihood. it has to be dealt with from both sides of the coin and our state deals unfortunately only one side of the coin. the political side i believe. reporter: other state are enacting new restrictions as well. starting tomorrow ohio will be under a cure view from 10:00 p.m. to 5:00 a.m. maryland houses of worship 50% capacity starting on friday. stores in washington, limiting to 25% of their capacity. in illinois, parties larger than six people will not be allowed a
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at bars and restaurants. what we said for months what is hospital is the hospitalization rate. we've seen that go up a record number today. that is what is key here. all of these restrictions are being put in place to stop more of that from happening. connell? connell: people worried about hospitals and their staffs being overwhelmed. thank you, garrett tenney, lansing, michigan. i want to talk more about the economic restrictions around the country which was mentioned in garrett's report have become increasingly political. there are even questions about how closely people might follow some of the new rules. ashley webster has been looking into some of this red tape which seems to be popping up the most in blue states. ashley joins you us now, what are you seeing? ashley: 20 states ramped up covid restrictions but that number goes up daily just as of course families are trying to figure out their plans for thanksgiving and some people are angry. saying they are just going to ignore the rules, especially
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those limiting number of people who can gather indoors in private residences. even local law enforcement say they will not implement any fines or tickets. a bit of a mess. look at some individual states. in california where more than 90% of the population is living under the most restrictive orders there is a mandatory mask mandate. no indoor dining. businesses that are open have to close by 10:00 p.m. over in illinois, masks also mandatory and the department of health is asking residents to stay home except for essential activities. people in chicago, the surrounding suburbs, also being told to avoid travel and gatherings outside of their own home. which has all proven just a little awkward for illinois governor jb pritzker who dodged questions when asked if he was traveling to florida for thanksgiving. take a listen. >> i don't know exactly what my plans will be but i will certainly be happy to share. i think you already know.
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i mean, that, we have a place in florida. so -- ashley: all very awkward. pritzker said his wife and daughter will be in florida for thanksgiving while he and his son stays in chicago. in we have battle brewing where indoor, outdoor gatherings are tasked with eight people with no indoor dining and some businesses closed. violating of the gathering rule face a fine up to $1250 and 30 days in jail which led to outcry from critics who point out, guess you can be jailed for too many people over for thanksgiving if you want to riot and loot in portland, no problem, connell. connell: they see it as double standard. you cap it six people for indoor gathering. are they enforcing that? what do they plan to do? ashley: that is a good question, how do you do that in a private residence. some states set up hotlines
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leads to the scenario with neighbors itch? ing on neighbors. that can get awkward. number of law enforcement agencies forget it. we're not going to enforce that. inconcludeing a number of sheriffs in upstate new york. there is no way they will enforce that rule on thanksgiving as people gather around the table. so it's tricky. it could become confrontational. a lot of people not happy. connell: right. certainly just want to try you know, change people's behavior even if they're not enforcing it. they figure people hear about it, maybe not have as many people. ashley: exactly. connell: ashley webster for us. move on to hillary vaughn in wilmington, delaware, get the latest on president-elect joe biden today. hillary? reporter: hi, connell. president-elect joe biden sidestepped questions from the press asking if he is had a conversation with senate majority leader mitch mcconnell yet. the press was kept outside of biden's virtual roundtable that
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he held this afternoon with front line workers saying they will talk to the press tomorrow at his event with the workers biden again blamed the gsa delay for the trump administration denying him access to critical information like our stockpile inventory levels like things like ppe. also the timeline for a vaccine rollout. biden teared up at one point when a nurse talked about being on the front lines for months but still not getting access to a covid test. >> very -- >> i'm sorry i'm so emotional. it is just -- >> got me emotional. reporter: biden also said one thing he wants to change is the turn around time between getting a test and getting the result. he said tests that don't give results for several days are essentially no good. connell? connell: let me go back to ashley webster's report for a moment. you probably heard governor
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pritzker in illinois asked about his thanksgiving plans. seems like everybody is asked about that today. did biden speak about? if so what did he say? reporter: he did. his thanksgiving will be much sized down version than normally it is. he is being told they will have only 10 family members. they will have even fewer people over this year. >> i got a big family you heard a lot about. we do everything together. you know, we're just not going to, there is going to be three of us. reporter: so, connell, maybe biden has turkey for three. last year he also had lobsters at his thanksgiving meal. maybe they cut those down from the menu. connell? connell: save a few bucks i guess. thank you, hillary vaughn for us in wilmington. a long-lasting response and the positive new findings from an immunity study could signal brighter days are ahead both for
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patients and doctors. we'll talk about that next. the green light hitting the air. the faa giving boeing the go-ahead for the 737 max to finally fly again. we're live from midway airport in chicago. tourism wave from across the country. the new findings could point us towards a slow and painful economic recovery. stick around.. much more to come. what'd you get, ryan? it's customized home insurance from liberty mutual! what does it do bud? it customizes our home insurance so we only pay for what we need! and what did you get, mike? i got a bike. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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♪. connell: so this could be a breakthrough discovery for coronavirus immunity. there is a new study from the la jolla institute of immunology. i will point out right at the start it has not been peer reviewed or published by a scientific journal but says covid-19 recovered patients could develop a long-lasting immune response to the virus. when we say long-lasting we might be talking about a number of years. let's bring in a doctor who is emergency medicine physician in texas. global outreach for doctors. to talk about this and a little bit more. let's talk about a couple things, whether we should read into it for anyone who has the virus or maybe people thinking about how effective vaccines will be long term? what do you say? >> right. just as you said this is not peer reviewed yet. it is not published in a journal
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yet and also something really important to consider this is a very small sample size. there are only 185 people that they studied who were infected with covid-19 that being said the results are promising and really give us a lot more information what potentially there could be with immunity. we think there is a range. everyone's immune system is different and the immune response is complicated l is antibodies, b-cell immunity and t-cell immunity which they did a great job assessing. everybody's combination is little different. person a and person b may not have the same response. also a mild infection that may be asymptomatic or very low levels of symptoms may not mount the necessary immune response to give that long-term immunity. so while this is long term it is reassuring for the vaccine. we saw smallpox vaccine, pretty
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much strong b-cell immunity, pretty from nominal. the flu vaccine, not the same. you can get reinfected year after year. we think this will be somewhere between the influenza and smallpox vaccine. we're very hopeful for that. we think this is great reassuring evidence that will hopefully get you across the finish line with think, yeah. we've had great news on the vaccine front both from moderna and from pfizer. the way this would work if i'm understanding this correctly, you would get the two shots, essentially, the way those sack scenes work, i guess others might be just one, you get the one shot, then you come in a few weeks later, you get the second booster shot. if this turns out and it's a big if, that would be it for a while then? >> yeah, it could be and they're really showing promising results even in the elderly. pfizer came out showing even in the elderly patients they're seeing 94% efficacy which is really phenomenal. elderly patients, potentially
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immunocompromised patients can have great immunity. we need more data from pregnant patients and compromised patients. there is a lot of questions still needing to be answered but this is really phenomenal rates we're getting for a brand new type of vaccine and groundbreaking research, not just for covid-19 but for the scientific literature in general and the scientific process moving forward with other infectious diseases but this is a finish line that we can see. it is in the future. it's not here yet. just like a marathon runner, when you see the finish line you don't slow down. that is when you really speed up. that is when we have to really do our best this holiday season to get to that finish line so we can make it there and save our health care system. connell: well follow-on that marathon analogy, not like we entered the final stretch in central park in the new york city marathon, we can see it, it is a sprint. it feels like there is a little bit to go. maybe you come in manhattan,
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trying to look for the right analogy, you have run a long way but you still have a decent amount to go so i will ask you the question everybody is been getting, politicians and health experts alike, how should we all handle thanksgiving given all we know right now? >> this is something as a medical provider my first and only priority is keeping people safe. that is the number one priority, keeping as many people alive and healthy as possible. if someone is it able to quarantine two weeks effectively before seeing family members, they can celebrate thanksgiving be safe. if they can't, if they're doing high-risk activities going to bars, indoor dining, friend get-togethers before within that two week period, they're putting their family members at risk. i think that is a conversation families need to start having now already. on the days coming closer, if anyone develops any symptoms, they need to not go regardless of their test results. testing does not clear someone
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to go home for thanksgiving. so being really careful, doing thanksgiving outside if the climate and weather is functional for that, and you can do that, that is always recommended and you know the same things we've been saying, wear a mask, social distance. it is very difficult indoors with family. so limit the amount of people. don't have all of your extended family getting together this year. we got to get through this holiday season. we are potentially seeing another 200,000 deaths. it can collapse our health care system right now. so we really need to do this and be safe right now. connell: that's the thing, we're not there yet. we're getting there. boy, a lot of people have covid fatigue. it's a real thing. your advice hopefully helps out a lot. austin, texas, thank you for coming on today. we appreciate it. here is another thing just like the early days of pandemic, store shelves have that empty
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♪. connell: here is a "fox business alert." we want to take a look at tesla. that stock closing up today more than 10% extending a two-day rally on the announcement it will be added to the s&p 500 in december. tesla now at 486. let's move to boeing, lifting off. the federal aviation administration clearing the way for the boeing 737 max to resume flying ending what had been a 20-month grounding order. grady trimble live at chicago's midway airport. reporter: connell, southwest is the largest operator of 737 max planes but they don't plan to have the planes back in the air until spring of next year. united airlines is shooting for the first three months of 2021.
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american airlines, their target date is december 29th to start a flight on the 737 max between laguardia and miami round-trip once a day. this requires some changes before these planes can return to commercial service. namely their software updates to the flight control system which have been partially to blame for the two crashes as well as other fixes. pilots will have to be retrained as well. boeing waited 20 months for this day. along the way they have lost billions of dollars. now though the company says it is safe and federal regulators are assuring the public the same thing, that this plane is safe. >> based on all the activities that we've undertaken during the past 20 months, my experience al experience flying the -- personal experience flying the aircraft, i can tell you now i'm 100% comfortable with my family flying on it. reporter: boeing and the faa looking to regain public trust
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but the airlines know not everybody will be comfortable flying on a 737 max right away. american airlines sent a letter to employees that included this. if a customer doesn't want to fly on a 737 max they won't have to. our customers will be able to easily identify whether they're traveling on one. if a customer prefers not to fly on this aircraft we'll provide flexibility to insure they can be easily reaccommodated. southwest and united, two other major carriers that fly 737 max planes will have a similar policy in place, connell. connell: that is interesting, grady. for those individual airlines there are financial incentives, right, to reintroduce the planes quickly? reporter: yeah. that was the whole idea behind the 737 max when it was first introduced. it's a more efficient plane. it gets better miles per gallon, if you will especially right now with fewer people flying the airlines are trying to mitigate their losses so they appreciate any way to do that and flying the 737 max would be an example of that but a lot of airlines
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have canceled orders because this process has dragged out for so long. some airlines though like southwest are reportedly looking to buy more 737 maxes. they as mentioned are the largest operator. they might even expand their fleet with planes already produced but were part of canceled orders and weren't delivered. connell: all right. grady, thank you. we're showing boeing's stock price while you were speaking t was an interesting day for bowing. it started up but when the market turned so did boeing. still a hopeful day for boeing finally. a less hopeful day on the high seas, carnival cruise lines canceling all planned sailings in u.s. waters until february. the company says it will focus initially on miami and port canaveral, follow then by galveston, texas, what is a phased in approach to resume some guest operations next year
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in 2021. a "fox business alert" just in from kentucky. the governor of kentucky, andy beshear, all restaurants and bars in the state will close for indoor dining. this starts on friday until december 13th. amid rising covid cases. that is just in. all the bars and restaurants in kentucky, no more indoor bars and restaurants. this could be a make-or-break for many of these institutions. we'll talk about that. persistence paying off for one north carolina couple. how about this story. the husband and wife won nearly $375,000 from the lottery. how did they do it. [they played the same numbers for 26 years. the odds for winning were one in
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network, to find out if you can save on your prescriptions, and to get our free decision guide. humana - a more human way to healthcare. ♪. elizabeth: is has been a long and painful recovery for global tourism hit so hard by the pandemic. a new forecast is out about new york city tourism predicting no rebound until 2025. jackie deangelis in new york with more on all of this. jackie. reporter: good afternoon to you, connell. with thanksgiving travel restrictions already in place in a lot of states the outlook for the holiday season, for tourism
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is pretty grim. consider in new york city, thanksgiving, christmas, shows, shopping, dining hotel stays. the distinct feeling of holiday cheer is not in the air at the moment. before the pandemic struck we were on a good run. the big apple was on its way to beating last year's record of 66.6 million visits. that was according to nyc & company. ture it ares come from everywhere, right, domestic international travelers. international travelers stay longer spend more but global travel issues are the issue here. here is how it impacts dollars and cents. listen. >> tourism is a 72 billion-dollar industry. it is about 46 billion in direct spending. for every dollar spent another dollar 1/2 is generated. so it is critically important industry. it touches 403,000 jobs. reporter: you look at the live shot of sixth avenue,
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connell. traffic is up but not lot of people are walking around. it is tough to see how this will go this winter. connell: yeah, it is a really tough situation for some people. you're right about that. jackie, thank you. it has been a slow and painful situation in new york, somewhat related news as tough times continue for restaurants in new york. there is a new twist on this and the new twist is the mixed messaging about the heating rules for outdoor dining. that is another hurdle for people like marcusware who joins us now. he is a executive chef, part owner at the milling room. can you explain it to us. we know everybody, we did so many stories, wanted to set up outdoor dining in new yorks. they got permits. in some cases the tables in the street and all the rest. when it got cold everybody went out to get a propane tank so it could be warm. but then i guess the fire department got involved? what is going on? >> yeah. so, thank you again for having me on but there is a lot of sort
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of mixed messages between the rules contradict each other and everyone rushed out to buy heaters at the beginning of, or middle of september when the mayor said we could use propane heaters. and then about the middle of october the fire department regulations came out for the use of the propane heaters which makes it basically impossible for the restaurants to use propane heaters outside. the mayor saying we could use them was basically pointless. a lot of restaurants, us included we purchased propane heaters. we've now had to sell them. so we can't use them. connell: wow. >> temperatures are getting colder. you know? connell: yeah they are. it is cold today in new york. colder than it has been.
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from what i read you had to be 10 feet away from the curb on the fdny, under fire department rules. you were told eight feet. you have to be certain distance away from a customer. if i'm eating outdoors, you have that heater a number of feet away from me, it may not even matter, right? >> it is pointless. and you know, it's, it's hard enough, you know, right now. a lot of, where we're struggling. all the restaurants in the city are struggling just to survive, you know? we're spending a lot of money and expenses trying to keep the outdoor dining going and it's really challenging, so. connell: such a strange time or week in some ways because we have great news on vaccines and everybody i think when they see that is excited about you know, from two companies, from moderna
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and the pfizer vaccine but as we were talking to a medical expert who joined us earlier this hour it's almost like you're not running a sprint, you're running kind of a marathon, that you still have a ways to go to get to that finish line. so what does it look like for you businesswise, let -- i don't know how many months, for the sake of argument four our five months? can you make it? what are you doing to try it survive? >> we're trying to do everything that we can. we're doing take-out and to go. there is a still a large portion of guests that don't feel comfortable coming in indoors and as long as they want to eat outside, we've installed electric heating now outside which was a great expense. and we're, i'm optimistic for the next you know, month or two. my real concerns come in january
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and february you know when it gets, after the holidays, you know that peace my real concerns. you know, just, you know right now we're just paying the bills and keeping some staff employed just trying to keep it going. but the real worry from most restaurants in new york is going to come after the holidays, you know, which is normally a tough time of year anyway. connell: probably we'll see, might be a tough time for the virus, freezing cold in new york city at this point and vaccine won't quite be here yet. marcus, we wish you nothing but the best. marcus ware from the grilling room. elon musk says the capability of a spacex starship rocket is designed to make life, multiplanetary before building a city on mars. that is the way this guy is
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thinking these days. the discussion comes after spacex successfully sent astronauts to the international space station. the first operational crew dragon launch, marking a milestone for the private spaceflight. stick around. we'll be right back you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪
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♪. connell: so with big news on the pfizer vaccine. we're told it is 95% effective. senator steve daines helped come to that conclusion. senator daines announcing in his participation in covid vaccines trial. it was a blind trial. he tested for covid-19 antibodies. he joins us right now from the state of montana. senator daines, tell us, there is curiosity in the general public what something like this was like. tell us about it. >> the way i found out about the trial through my mom. we live in bozeman, montana. my parents have been there a long, long time. nearly 60 years. mom was interested in the vaccine. was 78. shesh outnd obout ahehe pfizer l tr weroing doingoin bon.bon. rticipe iatn i ipeo pe to my mnd d and dndot ihehe ey told semysesendseeee c oe.ll oe.
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we wwe we accteccd.tepantticipat oirsfirs testou f cov t t make see y w't wovid sitive bo y wifee aro aroro i i wer wer tive theythdministhtethd are v vne.ci iv actualualne.ive receia ralace y't kw.w. it iit i i stili stl canlanl say s d seli t real r. h h thehe fir vacne, as ias aug i hadad aitf aa a not nike what happens with a flu shot. i had some slight chills. it resolved the next day. i had a booster shot a month later. i similarly had a sore arm, nothing serious. i had slight chills. it went away after a day. i went to have a antibody test in october. the antibody test received i had very strong antibodies there are two kinds of antibodies, a the best kind and better kind. i had the best kind of antibodies.
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i can't say i got the actual vaccine but there is a hint i probably did. the reason my wife and i did this we wanted to make sure we help science to get a vaccine out as quickly as safely as possible. we'll not end this pandemic without great innovation, without great vaccine, and we did all of our small part to help that out. connell: you sure did. we had a lot of good news this week as you know not only from pfizer but moderna which gives us the light at the end of the tunnel feeling in this pandemic. i noticed in your own announcement, senator, you said, while i believe a vaccine is key to getting us back to normal i do not believe in mandateing it. speak a little bit about how you feel about vaccines. that is the next big thing, right, for them to be effective people need to take it. you don't want to mandate it but how do you feel? >> i wouldn't mandate it, i will do all i can to encourage it. you see what happened with polio
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back in 1953. parents were scared to death to take their kids out t was a horrible, horrible pandemic. it wasn't until 1953 when dr. jonas salk announced on the radio then they had a vaccine. the american people cheered. the world cheered but it is not going to be effective unless there is significant adoption of the vehicle seen. so anything i can do to encourage americans, encourage montanans to take the vaccine i will do it by example this is no different from taking a yearly flu shot. i am thankful, looks like i got the actual vaccine based on the antibody test. i encourage all americans to get out to get the vaccine once it becomes available. thank god for these companies an american innovation are working so hard to get their scientists targeted on these vaccines. looks like we're very close now with 95% effectiveness. listen, these vaccines that moderna and pfizer now have
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completed the phase three clinical trials, these effective rates are the high-water marks for vaccines. these are breakthrough, amazing technology, that will frankly save lives, it will insure we get back to normal to get our economy back to normal again. i think we'll all look forward to. connell: it is remarkable how fast it has come about as said a number of times this week. final thought, how we get from now until the point vaccines are available? even in montana, governor bullock has advise on crowd sizes closing restaurants as other states are, what do you get to bridge the gap between now and then. >> the age-old montana saying take care of your neighbor and good ol' montana common sense. think about those most vulnerable. think about my parents, 70-year-old mom, 81-year-old father. my in-laws are 77 and
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88-year-old in montana. we take care of those most ad risk for covid-19. we'll have tough few months, winter months, so-called flu season. there is great optimism. thanks to great science we'll whip this pandemic. it will be ended by these vaccines. connell: yeah. we can see that now even if it is aways away. we can see it now with the vaccines. you did your part as you said. senator, thank you, sir. senator daines, thanks for coming on. we appreciate it. >> thank you. connell: hoping to increase confidence and reassurance in air travel meantime delta will continue to block the middle seats on its flights until the 30th of march, making it the only u.s. airline so far committed to extending its social distancing policy beyond early january. for members like martin. an air force veteran made of doing what's right, ♪.
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this was the theater i came to quite often. the support we've had over the last few months has been amazing. it's not just a work environment. everyone here is family. if you are ready to open your heart and your home, check us out. we thought for sure that we were done. and this town said: not today. ♪ ♪ connell: all right. it's only november, but time to
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start thinking about march madness as the college basketball season is about to tip off. some are already wondering if they can make it to the end because there's a lot of money to be lost if they don't. we're joined now by emily carron, good to have you on today, and, you know, you wrote about this, and it's a really interesting concept. another way to look at business, the basketball season starts 25th of november, that's fine, but the real money is made at the end of the season. go into the numbers on how much is made not only in the big tournament, but these conference tournaments at the end? >> connell, thanks for having me, and you're absolutely right. it is more critical for these conferences to get to the end than anything right now. when you look at the actual conference level are, you look at the big east and, you know, say 20% of their annual conference revenues is coming from that one tournament at madison square garden. you know, you look at a conference like the america east where much smaller, they don't
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have massive football revenue, big tv money coming in, but you are looking for those conference tournaments and championships to make the money. even like the big the ten, you're talking about millions and millions of dollars, and when you talk about march madness, that typical payout is around a billion dollars every year. this past spring that was reduced by 62.5%, almost two-thirds, down to $225 million. and now conferences are still grappling with those short-term losses. but, you know, a wonderfully complicated formula, and a lot of that is paid out over suggestion-year installments -- six-year installments. that's money that is now gone for the next six years. is so if that happens again, you're looking at double the impact there. connell: rlt all the incentives then are to get to that point, right? so i wouldn't be surprised if you see some games canceled in
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november, december, already see some teams that have to step back. i think we remember one of the things, i still remember the big east tournament that was going on, all the other games had been called off, and they had the big east tournament at madison square garden, i think they got to halftime, if i remember correctly, and they said, it's over. they pulled them off the court, and then we said, well, this is real, these covid shutdowns are coming. they're going to affect everything business wise, and obviously, they did. so how do they make it all work? i read they might just put everybody in a bubble for the entire tournament? that's 68 teams. is that what's being talked about? >> indianapolis right now looks like the location that the ncaa is looking at. if that were the case, they have to find four or five different arenas, and then the question becomes, do you have fans? do you do a bubble concept without fans? there's another loss of revenue
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there. they haven't started having the same conversations yet, much, much smaller scale, you're look at 10, 12, 14 teams at the conference level, but you still have to consider how to make that working also. connell: are these schools right on the brink? we have about a minute left, of having to shut down some sports programs? i mean, i know last year that happened at some of the smaller schools and even some of the mid-sized schools. how much is on the line, do you think, if this doesn't work out? >> you've got some of these schools with anywhere from $20-30 million tied up in the ncaa tournament itself, not even counting the $10-15 million they could have from their conference attorney -- tournaments. even if you're looking at one of the massive top tier schools, that's still a substantial amount of money. connell: yeah. emily, thank you. emily caron, thanks for coming on today. all right, big day.
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we had great vaccine news to start it off, not so great virus news throughout the day. hospitalizations continue to go up and economic restrictions are being put in place in many parts of the country. we thank you for watching the news here happening "after the bell." i'm connell mcshane in new york, see you back here same time tomorrow. ♪ lou: good evening, everybody. more positive developments today in the fight against the china virus pandemic. results from pfizer's late-stage trials show their vaccine is also 95% effective and produces no serious side effects. pfizer has plans to apply for an emergency use authorization with the if fda within days. also the battle for the white house taking turns toward president trump. there have been positive legal developments, recounts called for the and the discovery of thousands of previously un
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