tv The Claman Countdown FOX Business May 6, 2020 3:00pm-4:00pm EDT
looking forward to having you and your colleagues back in washington. congressman hice, thank you very much, sir. we have got a market right now that is mixed. we are looking at the nasdaq and the s&p 500, a little stronger. the dow, well, we have had rough economic news and probably more to come. i send it over to my buddy liz claman. how are you? liz: where were you a decade ago? i know you were actually right there. cheryl: here, with you. liz: the rest of the fox business team, right? well, we were right here, but hopefully our viewers were watching me and my then co-anchor david asman. do you remember this? the 2010 flash crash, ten years ago today, a trillion dollars worth of equities vaporized in just minutes. this is video from then. oh, boy, look at my hair back then. oh, my gosh. remember, there were protests and there was this bizarre glitch. what a day. the dow was only at 10,472 but
we're not seeing anything like that today. we have tech stocks that are lifting the nasdaq right now. dow is down about 44 points but the nasdaq looking nice and strong here, up 94 points. the coronavirus pandemic of course is still causing not glitches but massive disruptions in particularly the u.s. meat supply. shortages are now upon us, as stores now limit purchases of beef and pork and chicken to prevent hoarding. that has beyond meat surging after the plant-based meat giant reported better than expected quarterly earnings. that stock up 23%. but its biggest competitor, one-upping beyond's good news. impossible foods and its ceo pat brown are here in a fox business exclusive on his huge deal that he just announced with kroger and how virus hot zones are popping up in meat plants and spurring consumers to make a big change in what they are putting on their dinner table.
and as lockdowns linger, more companies are realizing that keeping employees working from home might actually improve their bottom line. that bodes really well for a company which creates work spaces needed to get the job done at the home office. the citrix ceo joins us exclusively. as countless businesses close with colleges on hold, how two business majors who saw their colleges close up shop, teamed up to launch a small business in the middle of this outbreak. meet the buddies behind popup pantry. the car just named the united kingdom's best-selling most popular auto, you've got to see that. and the one tourism company whose stock is out of this world on a big announcement. less than an hour to the closing bell, let's start "the claman countdown."
liz: breaking news. we want to let you know that president trump is about to meet with -- in the oval office with iowa governor kim reynolds at any moment now. one topic that will definitely come up is the nation's meat supply crisis, as her state is home to many processing plants that have been absolutely swamped by covid cases. the pandemic has just turned many of these meat processing plants into a hot zone. we are waiting for the tape. as soon as we get it, we will let it on air and put it right there in front of you so you can hear what was said. we do have, though, a sense of f foreboding as friday's jobs report looms. the adp private sector report showed that the private sector jobs number came in at a loss of
20.2 million jobs. it plunged. that is the worst that we have ever seen in the survey's history. now, ahead of friday, this is what economists expect. what we expect to see from the labor department is that the unemployment rate will spike to 16.1%. that is never before seen. yeah, a loss of 22 million non-farm payroll jobs. investors are putting a pin in pinterest stock at this final hour of trade after the social media firm warned of weak advertising due to the covid-19 virus and a drop in revenue last month. the stock is plummeting 14.5%. you've got chopping price targets right and left from researchers on the company that allows users to pin their ideas on to virtual bulletin boards. on the flipside, look at office depot. profit and sales got a boost in the first quarter as workers loaded up on everything from office supplies to all kinds of connectors. yeah. cords. i have been there about 50 times and staples as well.
the stock is jumping 15.5%, even as the company withdrew its full year guidance. we are seeing a lot of that, right. tesla's ceo elon musk names his new baby boy something i guess he would name a droid. we can't even pronounce this. the model 3, there it is on your screen. i can't pronounce that. we can promouns tnounce the mod. it's been named april's number one selling automobile in the united kingdom by motor trend and the first time an electric vehicle has topped monthly sales. the stock is jumping 2.33%. nice move. reaching for the stars, virgin galactic gaining at this hour after the space tourism firm announced that it has signed a space act agreement with nasa to help develop high speed technologies. there's no money that's been mentioned, no financial terms, but the stock is getting a nice financial turn to the upside of
about 12.33% here. as we mentioned, we are waiting on the details of the president's meeting that is expected to happen at any moment with the iowa governor. this as the hawkeye state's meat plants have morphed into worrisome hot zones of sickened workers and havoc in the meat supply chains. just an absolutely devastating for the workers. approximately 60% of the workers at iowa's tyson foods plant in perry, iowa have now tested positive for the coronavirus. they're not the only ones experiencing this horrific situation. meat plants nationwide are experiencing mass cases of the virus, sparking a 35% reduction in the production of all kinds of meat. that's led to shortages that are forcing names like costco and shop-rite, kroger, albertson's and more to limit customers' meat purchases to avoid hoarding. wendy's has had to temporarily pull burgers off their menu. so is it any surprise that
kroger has moved to close a major deal to put impossible foods' plant-based meat in 1700 of their stores. but maybe the bigger question is, can impossible foods meet and fill this new demand? impossible foods ceo pat brown joins us now in a fox business exclusive. great to have you here. this is a massive deal. >> thank you. liz: by the way, i know the deal was in the works before the pandemic hit. you got to tell us what kind of demand was kroger seeing for your product then versus now, since the pandemic has hit? >> yeah. so, well, they don't have data from their own sales before yesterday, which was the very first day of the launch, but the publicly available data from the 150 or so stores that we launched in last fall, i think gave them a preview that, you
know, our product in that store was outselling all other plant-based products combined and double digit fraction of all ground beef sales in those stores. so i think they were expecting this to be a success and so are we. we'll see. a couple weeks ago we launched with safeway albertson's so just in the past month, we have had an 18-fold increase in retail availability across the country and so we'll see. we have a lot more -- we will be able to answer the question better then. liz: sure. you know, in january, you were in wegman's grocery stores but adding these names, this is like going from zero to 180 in five seconds. can you meet the new demand? >> well, we'll find out what the demand is. i hope so. we have been really working hard
to be able to scale production both at our own production facility and with our co-packer, and i think we're ready for it. we have really pivoted a lot of our production from food service products to retail products and when we look at our forward product pipeline, it's also switched quite a bit to retail channels so we are getting ready for it. liz: yeah. well, not just processing plants. we have seen mass closures of slaughterhouses in the united states due to the coronavirus situation. you know, you obviously supply burger king, white castle, a whole bunch of other names there. you got to tell me what you're hearing from those retail partners on the ground right now, as far as demand is concerned. >> well, we know that the retailers have had not just from
meat supply but you know, really been struggling with supply chain issues because, of course, with the restaurant industry sort of in the doldrums in the past couple of months, a lot of the demand has shifted to retailers and they have been scrambling to keep up, and of course, dealing with worker safety for their own workers and et cetera, but the particular, the biggest problem has been in the meat supply chain for sure. and we certainly have seen outages there in their stores. i really feel like this is an opportunity for them and a real opportunity for their consumers to try something different and you know, we expect a lot of meat consumers, animal-based meat consumers to give the impossible burger a try not just because the meat supply has been disrupted but because really,
there's more and more interest, has been for a long time, among consumers in plant-based products. i think once those consumers try our product, it will blow them out of the water. liz: yeah. exactly. to pricing. beyond meat's ceo has said that they are going to start discounting their prices and offering these value packs, sort of like a doorbuster type of offering to land new customers who maybe have not yet adopted or even tried plant-based meat. what are you going to do with your pricing? >> yeah. it's a really good question. it's definitely something that we're talking about. we just recently in february lowered our prices across the board on all our products by 15%, basically, you know, as we have been scaling up obviously, the economies [ inaudible ] and we are transferring that to
kouf customers and consumers. what you are talking about is an interesting point, which is this is a real opportunity for -- to encourage customers to try our products. one thing that i think is really interesting to us about our product is that 90% of all the consumers have ever bought impossible burgers are meat lovers who are still eating meat regularly, but a large majority of them, once they try our product, a majority of them, we have good data on this, become repeat customers. so just what you're saying, inducing trial is critical for us. yeah. liz: all right. i know. and that's why you want to make it at least cost-conscious for people. one last question, then we've got to run. does what we have seen, does this crisis move up or push back i guess you could say a future ipo of impossible foods?
>> well, kind of neither, because you know, we get asked about ipo all the time. we have never made any specific plans for an ipo, nor have we any right now. so we're just focusing on just as you're saying, just gearing up production and you know, dealing with running the business and getting our product out there for consumers and you know, some day maybe. liz: i understand. listen, i always got to ask, right? when's the ipo? pat brown of impossible foods. >> it's your job. i don't blame you. thank you. liz: good to see you. thank you very much. we really appreciate you coming on. by the way, an md and a ph.d. in biochemistry. great to have you. thank you so much. closing bell ringing in 47
minutes. we've got the dow jones industrials down about 44 points but the nasdaq holding on to some green here. uber delivering a blow this morning to its workers, cutting 14% of its work force, but not before ceo dara khosrowshahi waived his own salary. the stock is down just over 1%. as the ride hailing giant adds another 3700 people to the unemployment lines, what the white house is saying ahead of what could be one of the ugliest jobs reports ever coming this friday. "the claman countdown" is coming right back. you wouldn't accept an incomplete job from anyone else. why accept it from your allergy pills? flonase sensimist.
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coronavirus task force. it was at around this time yesterday where the white house was saying that task force would be winding down over the couple weeks. instead, putting the agencies in charge going forward toward the end of may, the beginning of june. but the president this morning changed his mind on that or at least signaled a different direction, saying that the task force would be going forward indefinitely, as he's putting it. the president even saying they would be adding a couple different members to it while maybe some others would be trailing off, with the focus being on reopening up the country again. when the president was asked about this just a little while ago, he made this acknowledgment right here. watch. >> i told them they can wind it down sooner but i had no idea how popular the task force is until actually yesterday, when i started talking about winding it down, i got calls from very respected people saying i think it would be better to keep it going, it's done such a good job, it's a respected task force.
reporter: president trump also said that he would like to see schools reopen in august, though as it relates to teachers or employees over 60 years old, maybe they would not make their way back into the schools. one of the most prominent members of that task force, of course, is dr. birx. she was standing next to the president and she was asked the question that i'm sure you are wondering, i'm wondering, parents all cross the country are wondering, might schools be able to reopen in august. while the president said he wants them open, birx was noncommittal. listen. >> we're hoping and we're asking all of the states to have a very, very great data system so that every community member can see what's happening in their community, both with hospitalizations and testing and unfortunately, any mortalities, so these decision can be continuously updated. reporter: by the way, in other policy news, the president also announced that his administration when it goes before the supreme court later this year will continue to make
the argument that the affordable care act should be repealed in its entirety. there was some question as to whether the administration might modify that and say only parts of it should be taken away. the president, though, saying all of it should go and that will be their case before the supreme court. los lots of issues. we expect to hear from the president shortly and another press briefing this afternoon, 4:00 hour, kayleigh mcenany at the podium. liz: we will be watching for it. blake, thank you very much. blake burman. we've got that closing bell ringing in 39 minutes now. we are paring some of the losses for the dow. it's down 24 points at the moment. s&p is up. we have green on the screen there. nasdaq adding to gains, up 102 points. general motors has its engines revving. the stock is moving higher by about 4% on stronger than expected quarterly profits. gm plans to restart most of its north american plants may 18th. and as you drive your car to pick up pandemic essentials,
thanks to a biz born out of the outbreak, you can even make this an easier process. the college buddy cofounders of a company called popup pantry, it's brand new. they were pushed out of college because the doors closed, they started a business while waiting for college to reopen. you will meet them next when "the claman countdown" comes right back. (announcer) in this world where people are staying at home,
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liz: let's look at peloton's stock. it is popping right now ahead of its third quarter results which come out right after the bell. listen, the stock is up 7.25%. i personally attribute it to my favorite instructor, cody. get some water and get your life together. actually, peloton has been on a tear over the last two months, up nearly 38% as consumers look to home fitness solutions after gyms were forced to shutter when the pandemic hit.
analysts are expecting a loss of 17 cents per share and revenue of $487.7 million for p-ton. peloton is not the only company reporting today. there are major names. bring them to us. cheryl: after i work out, i'm hungry. how about you? liz: yeah. oh, yeah. cheryl: right? okay. let's talk about grub hub. yep, they are coming out after the bell. management's already stated that overall growth has been hurt by the coronavirus, especially here in the city of new york. they have lost some of their biggest big corporate clients and had significant exposure to small and medium businesses. earnings per share estimate, loss of four cents. revenue, $357.37 million. those are the estimates. then we will hear from lyft. uber first quarter results, going to give people their first look at the coronavirus effect. there are the estimates. earnings per share, 62 cents, a
loss, revenue, $892.76 million. unlike uber, lyft has been pretty quiet about the dropoff in ride sharing. it's going to be interesting to see what they say on the call. they are the number two ride hailing company. you can see lyft right now, the stock is down almost 2% going into the earnings. we've got peloton, we've got food and we've got car services. what am i missing? liz: okay. chocolate? i need it in a special sector of its own. cheryl: wine. liz: cheryl casone. all right, my friend, thank you. grocery delivery startup instacart has seen business absolutely skyrocket since the pandemic hit because it's made life a lot easier for especially elderly people, but now a new report finds that although instacart has hired 55,000 new workers, the company remains pretty much overwhelmed.
the surge in demand forced instacart to kwquintuple its capacity with some workers working seven-day work weeks. each day for them is equivalent to black friday, retail's busiest shopping of the day, because they are seeing so much business. from one business like that booming in a pandemic to one that has been born out of it. listen to this story that we found. two college seniors majoring in business and marketing using their current down time, knowledge and experience, to help their local community pick up pandemic essentials without ever stepping out of their car. joining me now are the co-founders of pop-up pantry in oklahoma city. we welcome chandler goodman. give me a sense of how this business began. we are seeing a lot of businesses close versus open. >> yes. this began when our family
business, an automotive window tinting shop, unfortunately had to close due to our governor's nonessential business closures. with my open location and john crawford's knowledge of the food industry, with his father working for cisco foods, we decided to put our brains together and kind of created this over the weekend, talked about it on a friday and it was up and running that following tuesday. liz: that quickly? john crawford, tell me about your side of it. chandler just said he was working in this auto business so that works out with the car situation, then you know the business of food, especially big food packaging, thanks to cisco, that's the s-y-s sysco. tell us how you made this come together so quickly. >> can you hear me? so my dad -- liz: yep. >> i saw popup shops going around across the country,
especially our state, and you know, i haven't been super deep into the food business world, but i have worked as a waiter and been on the inside of it before, and i asked my dad how can i get this started, and that's when i reached out to chandler and his family and we got on top of things like he said that weekend, and we just hit the ground running that next day. or that next tuesday when we opened. liz: okay. you're not doing this out of the goodness of your heart. you are both business majors. we are looking at incredible video of how you basically just put it together. you got tables, you got stuff, you got printed signs on what's what. i see meat there. tell me what are you selling? what is in most demand here? >> so number one, obviously the idea, why we are called pop up pantry is so that you can come and get your pantry essentials
so your dry goods, cleaning supplies, some meat, other little things but tell you what was really in hot demand is that luckily, we were able to get in contact with the family friend who was able to make homemade face masks, so we were able to sell those out to the public right as everything was starting to shut down and as people were needing to protect themselves if they were to get out in public. face masks, gloves, paper towels, toilet paper, all of that was in high demand and of course, whenever people would come through for that they would also stock up on some groceries as well. liz: i'm sure, john crawford, you have both learned a lot, almost on the ground experience, versus what you would learn in a classroom. will you go back to school, or will you continue this business? >> as of right now, i play college golf and with everything happeni happening, i still have another
year of eligibility so i think i have decided to go back and get my master's. so then hopefully we can take this on into the future and just see what it holds but right now, i think i'll go back and get my master's and play golf one more year. then once i get back to oklahoma city, chandler and i will get together and see what we want to do in the future with this. but we're both looking forward to that, i think. liz: you guys have made lemonade out of lemons. you started a business. congratulations. it's called pop up pantry. we will wait to see. i like the dog. did you see that? that was interesting. dog in the back. fabulous job, gentlemen. john crawford, chandler. the company is called pop up pantry. if you are in oklahoma, go check them out. i hope you expand. good luck to you. small business. >> thank you very much. liz: popping up in a very difficult time. we appreciate it.
of course. as much of the world of retail gets upended by the pandemic, what do the cofounders of retail behemoths see for the future? i will be joining neil cavuto and the men who built home depot. this is tomorrow, ken langone and bernie marcus, for a fox business virtual town hall. do us a favor, submit your questions by facebook and instagram or e-mail them to firstname.lastname@example.org. you may be featured in the special, america works together tomorrow 1:00 p.m. eastern only on fox business. i'm excited to be part of that. definitely tune in. then stay for "the claman countdown." closing bell ringing in 26 minutes. dow is increasing its losses. we do have it down about 112 points. nasdaq still holding on to 69 points of gains. lockdowns giving a boom to zoom. microsoft, slack, all those work-at-home companies but they are not the only ones that are seeing a quarantine surge. up next, the david-size
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liz: breaking news. we are getting some headlines out of the oval office right now. president trump is apparently saying dr. anthony fauci and dr. deborah birx will continue to hold the same roles on the coronavirus task force. he had said earlier that the task force would continue, but there had been word that maybe they might switch out some people. well, now it appears that dr.
fauci and birx will remain. we are also hearing that u.s. agriculture secretary sonny perdue has just said that meat processing plants in the united states will be fully back up in a week to ten days. that is, of course, sparking a lot of concern because they have become hot zones for mass coronavirus outbreaks among the workers. president trump apparently then followed up just minutes after that by saying he has asked the justice department, and let me just put it how the president put it, he's asked the justice department to quote, look into disparities related to the meat supply. we need to wait on getting more context of what that actually means, but he also said the fast food chain wendy's is going to be quote, okay, in regard to its beef supply. we just reported when we talked to pat brown of impossible foods that wendy's for a time has temporarily had to, of all things, take burgers off the
menu because they didn't have enough ground beef. every day, companies are now revealing, in some cases updating how long their work-from-home arrangements for their employees will last. microsoft has just announced it will now allow employees to work remotely until october, unless local authorities deem otherwise. the stock is up 1%. but that's on the heels of capital one finance saying it will have its staff work from home until september. that stock is down 3.8%. goldman sachs, we mentioned yesterday on the show, has started bringing people back in asia but not yet back here in new york. goldman's down about .66%. citrix creates the workplaces, virtual workplaces, that allow people to work remotely from home, and it has seen revenue and its stock skyrocket. it's up 35% year to date. now citrix is working on a plan to bring back its 8600 employees based in 70 offices around the
world, and they say they will do it in a safe manner. we said let's bring in david henshall, president and ceo of citrix. explain to us this not mixed message, but you guys are in the business of helping people work from home, but you are ready to bring people back? what's going on there? >> well, thanks, liz. we have been focused on delivering the future of work for nearly 30 years, so remote work is what we do. at any given time, we have probably 30%, 40% of our teams are working remotely. so think about our offices, they are in about 40 countries. we have a four phase plan that's going to start with safety and security of our teams, health and safety guidance from medical experts, federal, local and state government input, then we will start back and i think that's going to run everywhere from when initial work from home guidance is lifted by whatever locale we are talking about all the way through global vaccinations being in place. it's going to be quite some time. we were thinking about it,
though, as more ethical, if they can work remotely and are continuing to be fully productive like us and many of our customers should continue to be remote. that gives all the local governments and resources to focus on those areas of the economy that really can't be as effective remotely, get those parts restarted again and allow that to be the primary focus. liz: okay. let me spin it over to asia, specifically china. you are already at phase three, as i understand it, in china. tell us what's happening on the ground there that you see and what your employees see. >> we've got 700 people that operate in mainland china right now. phase three for us is once there is availability of schools and day care options, the things that are really forcing people to have challenges working remotely, so we are bringing back people in phases to make sure we are ensuring social distancing, providing the right level of ppe and other capabilities to make sure that they feel safe. they are still able to collaborate and work with their
teammates on an as-needed basis but we will do that on a very phased approach. most people will continue to work remotely for quite some time because it is citrix and we are business as usual at this point in time. liz: yeah. you know, you have seen a real spike in business. that's certainly boding well for the company. what do you see as the future of the workplace now, as you see yes, your stock do well but other companies, able to continue functioning because they have been able to use your product or the products of some of your competitors? >> it's a great question. i will tell you, a lot of the conversations i'm having with customers and other ceos is really surprising in how effective many people have been on a remote basis. we do external surveying and we just ran one that came back with a punchline that basically said 70% to 80% of people believe they are as productive or more so working remotely. obviously there are extenuating circumstances at play in some
cases where they are now also having to be very adequate at home schooling or caring for a sick family member. but if you put that aside, i think it's really going to help reimagine the way that people work. we have been talking for a long time about whether these forces are driven by a medical pandemic, an extreme weather event or just the changing dynamics of our work force around the globe. having that level of flexibility to be able to be productive, secure, engaged wherever somebody is, is incredibly important moving forward. i think those are the businesses that will be most effective long term. liz: david henshall of citrix, what a pretty one-year chart. we don't see too many of those these days. thank you very much for joining us. the president just now saying that he is not sure if china will adhere to the trade deal that was struck, where it was supposed to buy 194 billion in u.s. goods during this year. dow is down 156. we'll be right back.
which is why we're ready to listen. and ready to help you find opportunity. so. let's talk. edward jones. it's time for investing to feel individual. 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.
liz: i can remember this day a decade ago like it was yesterday, because it was absolutely stunning. ten years ago, i was on the air with david asman, who was my co-anchor back then, as we watched the dow jones industrials plummet abruptly nearly 1,000 points in just a matter of minutes. it sent traders and investors -- i looked so much better back then. what happened to me? all right. you know, everybody was in a panic. it turned out to be what they call a fat finger trade during what was the horrific sort of protests in greece during the financial crisis. while the markets did recover very quickly, it helped reshape the electronic trading system that we all know and see today, because today, this system has
upheld during the pandemic which has been very, very tough on the entire market system. but the electronic system's handling paycheck protection and the program attached to it and the loan requests, boy, they have had their own problems and successes, but now the focus is turning to financial manipulation, is that a fancy word for fraud? that may be downright criminal. let's get to charlie gasparino. what are they finding? i don't even want to know. charlie: this is interesting. we are breaking news. we reported earlier today that the doj is looking at financial fraud involved in the ppp program, mainly applicants filing fraudulent applications, basically saying that they own a restaurant when they didn't, they have x amount of employees when they didn't, that there is some belief among federal officials that there is rampant fraud from the person, from the individual standpoint, there are
fraudsters out there trying to rip off the system and because the rules written by treasury were so obtuse, because the treasury department was trying to flood the zone with money, a lot of these people got loans. they often got it not from the big banks, again, everybody wants to beat up on jpmorgan and bank of america. the big banks used the know your customer rules. these loans probably and most likely came from smaller community banks that did not have the checks and balances of the big banks. this is part of the problem, we reported this earlier. what we know now, this is fascinating, is that the small business administration on top of the justice department is getting in the act. what they are doing is they are essentially on a hiring spree, from what we understand, to find people who could investigate the loans, because as you know, the small business administration along with the treasury, were the two government agencies involved in ppp loans, and other small business loans designed to help small businesses get -- at
least have a bridge loan through the pandemic and through the shutdown. so now small business administration's getting in on the act. they are investigating. on top of all that, you have several congressional committees, they are looking at the big banks. wells fargo came out with a disclosure today but i can tell you every single bank is getting subpoenas from the major committees, for example, run by maxine waters, the congresswoman from los angeles, and many others. marco rubio is involved as well. so this is a sweeping investigation involving all parts of the ppp loan application process from the big banks to the individual applying. one other thing i want to sort of clear up from last night. we reported yesterday exclusively on "the claman countdown" that the nyse was holding a meeting with floor traders to give them some idea when they might open or basically saying they don't know. we reported that they would likely say they don't know. stacy cunningham, president of
the new york stock exchange, confirmed our reporting that they still have no idea when the floor of the stock exchange is going to open. the new york stock exchange thinks that's an integral part of their business model. electronic trading is going fine right now. the floor is integral but they still don't know when it's going to open. interesting enough, she's confirmed another fox business story, even -- remember the first one we did, they might close, we were the first to say that. she mentioned me in her remarks to floor traders. can you imagine that? she was saying don't listen, you know, get the information from us, but not charlie gasparino even though i get the information to them before she releases it. think about that. liz: i knew it was coming. here it comes. by the way, you guys, he will still be going in the commercial break. thank you very much. we'll be right back.
that's why i bought gold. it's not for my insurance, but it's for my daughters and the grandchildren's' insurance that i felt like that generational aspect of passing down gold is securing them a future. of course, nothing is without risk. and that being said, i feel that by diversifying with precious metals, that i am covering my bases. it's a hard asset. you can turn it back into cash. whereas keeping a lot of cash in your bank account can really almost end up being nothing. you have these dollars over here sitting in a bank drawing practically zero interest. i think gold and silver has a greater potential for increasing in value. i mean, you have to keep cash. but you don't have to keep everything in cash, and you don't have to put everything in the stock market, and you don't have to put it all in a bond market.
you do a little bit of everything. and then you sleep at night and don't worry about it. in fact, i sleep better with gold than i do with the stock market. because it's tangible, it's there. - if you've bought gold in the past, or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone and call to receive the complete guide to buying gold, which will provide you important, never seen before facts you should know about making gold, silver, and platinum purchases. - 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. ♪. liz: three minutes to go before the closing bell rings. if you notice some of the losses
here, we just hit session lows a second ago. the dow fell 221 points. we're off it down 196 but this after we got this headline from president trump within the last eight minutes from the oval office meeting with the iowa governor. he basically indicated that china may or may not ad here to the trade deal that was struck last year which would require them to buy 194 billion in u.s. goods and agriculture. but it comes in the wake needless to say that mike pompeo the secretary of state, has accused china creating the coronavirus pandemic situation in a lab and not being up front about the news. let's bring in for the final couple minutes of trade robo global president cio, bill studebaker. in this new world you like a.i., artificial intelligence. talk about why you like it and why? >> i certainly do. the recent market volatility levels we've not seen since the
financial crisis. whatever the shape of the recovery, whether it is a u, v, w, l, whatever the let is, it is going to include robotics, automation, artificial intelligence. we sort of see right now artificial intelligence, robotics coming in a couple waves. the first wave, if it is supporting and allowing us to have business continuity. that is e-commerce fulfillment, right? that might be a luxury a few years ago, now it is a necessity. we have institutional liesing new ways of working. think about telemedicine, needs, technology, mainstream in a matter of months. another wave we have coming that is going to benefit robotics and a.i., having to prioritize technology transformation. whereas a couple years ago 5g might have been a luxury a necessity, new world we move into especially we're going into more mobil workforce.
we see these trend only accelerating. [closing bell rings] liz: bill, great to see you. your ideas are illumina, teledock. the dow closes near session lows with niece out of the oval office. "after the bell" starts right now. connell: we're going to start with a "fox business alert." the president taking questions from the oval office. this is moments ago. the dow at the close, sitting next to iowa governor kim reynolds. some comments coming up we're listening for on china trade moments ago at the white house. >> working through the department of agriculture, employing cdc personnel to these meat processing plants, we're doing that. this president, you talk to a great heartland governor like governor kim reynolds, one of the great stories of the coronavirus o